WPG - Thoughts On Washington Prime Debt Preferred And Common Stock In 2021

• From the 11% yield of the preferred stock to the 17% YTM of the unsecured debt, high yield investors are likely enamored by WPG.
• Leverage runs high at 11.3 times debt to EBITDA.
• WPG will likely need to invest heavily in redevelopment projects over the next several years.
• I comment on the "compensation change" for 2021.
• Despite the high yields, investors aren't being compensated for the ever-growing risk of restructuring.

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