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Despite Washington Prime Group (WPG) trading at a steep discount to net asset value today and offering investors a mouth-watering dividend yield of 27%, we remain on the sidelines for two reasons:
(1) We believe there are other opportunitiesthat offer a better risk-reward proposition in the beaten-down retail REIT sector.
(2) The combined uncertain macroeconomic outlook, retail sector headwinds, and strained cash flow situation at WPG will likely lead to a dividend cut in the near term
In the remainder of this article, we will discuss our