WPG - Washington Prime Earnings: Another Mall REIT Stumbles Through the Pandemic
Earlier this month, two struggling mid-tier mall owners declared bankruptcy after failing to clean up their balance sheets adequately outside of Chapter 11.
Many investors are wondering whether Washington Prime Group (NYSE: WPG) is next. Like other mall owners, the REIT 's financial metrics have deteriorated rapidly this year. Furthermore, high dividend payments and redevelopment expenditures over the past few years have caused its balance sheet to become overextended. As a result, Washington Prime stock has plunged 85% year to date and 95% over the past five years.
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Washington Prime Earnings: Another Mall REIT Stumbles Through the Pandemic