WPG - Washington Prime: Game Over After Weak Q1

• Washington Prime reported another quarter of plunging NOI, weak FFO, falling occupancy rates, and negative leasing spreads.
• The struggling REIT also designated another seven of its malls as non-core properties, including five that were considered "Tier 1" assets a quarter earlier.
• Washington Prime now plans to hand the vast majority of its enclosed malls covered by non-recourse mortgages back to lenders.
• On average, the remaining Tier 1 malls are of similar or worse quality to those recently designated as non-core.
• Washington Prime's asset value barely covers its debt, if at all. Avoid both common and preferred shares.

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