WPG - Washington Prime: Avoid The Dash For Trash

• Washington Prime stock surged in January, even though NOI plunged in 2020.
• Anchor vacancies are piling up across Washington Prime's portfolio, and the REIT will be hard-pressed to backfill those vacancies as fast as they appear.
• Washington Prime will have to spend all of its cash flow on redevelopment CapEx and debt reduction for the foreseeable future.
• The majority of Washington Prime's corporate-level debt matures within two years. The REIT's high leverage and generally subpar real estate will make it hard to roll over that debt.
• Bankruptcy is the most likely long-term outcome. Sell Washington Prime common and preferred stock.

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