- 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.
For further details see:
Washington Prime: Game Over After Weak Q1