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WPG - Washington Prime: Why The Ground Lease Deal Is A Big Warning Sign
Washington Prime Group Inc.
Washington Prime Group (WPG) reported earnings after the close on Wednesday and held its earnings conference call on Thursday morning. While the quarter showed measured improvement over the previous quarter, particularly in its leasing spreads, details regarding its ground lease were clarified. In this report, I break out the details surrounding this deal and why it has serious ramifications for cost of capital moving forward. I reiterate my strong sell rating.