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WPG - Washington Prime: Stress Testing For COVID-19 And Thoughts On Preferred Shares
Washington Prime Group Inc.
Washington Prime (WPG) was facing a perfect storm from e-commerce and mass store closures. Then the coronavirus hit. In this report, I estimate how much NOI and rent can decline before breaching unsecured debt covenants. I also give my take on their preferred shares. My findings show that it doesn’t take much to cause WPG to require a renegotiation of the covenants, making it very difficult to express any sort of optimism for either the common nor preferred stock. I reiterate my sell rating for WPG.