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The stock of Washington Prime Group (WPG) has been beaten down to very depressed levels, standing recently below $5. When WPG was spun out of Simon Property Group (SPG) in 2014, it initially fetched $20.
The behavior of key operating metrics has driven this decline. For example, Net Operating Income (NOI) has been flat to down, depending how one looks at the numbers. It has not been up.
Figure 1. Comparable NOI from WPG. Source: REITweekpresentation.
WPG is well known for its collection of so-called "B malls", having annual