|Bid||4.6800 x 2900|
|Ask||4.6900 x 1800|
|Day's Range||4.6300 - 4.8434|
|52 Week Range||4.5400 - 8.4370|
|Beta (3Y Monthly)||1.31|
|PE Ratio (TTM)||11.00|
|Forward Dividend & Yield||1.00 (17.30%)|
|1y Target Est||N/A|
Investors are treating PREIT like it's about to be devastated by the retail apocalypse, but its efforts to drive more traffic to its malls are already bearing fruit.
Washington Prime Group Inc NYSE:WPGView full report here! Summary * ETFs holding this stock are seeing positive inflows * Bearish sentiment is high * Economic output in this company's sector is expanding Bearish sentimentShort interest | NegativeShort interest is high for WPG with between 15 and 20% of shares on loan. This means that investors who seek to profit from falling equity prices are currently targeting WPG. However, the last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding WPG are favorable with net inflows of $72.56 billion. This was the highest net inflow seen over the last one-year.Error parsing the SmartText Economic sentimentPMI by IHS Markit | PositiveAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is strong relative to the trend shown over the past year. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
"We've seen a tremendous amount of disruption," said Lisa Indest, executive vice president and chief accounting officer for the malls and shopping center holding company. This past year, the company has repeatedly sought to reassure investors amid major retailer bankruptcies – including Sears, Bon-Ton, Toys 'R Us and others – in each case releasing a public rundown of how these big-box retailer shutdowns impact its business. Vacancies at U.S. shopping centers hit 9.3 percent last month, the highest level in eight years, reports the Financial Times, citing an affiliate of Moody's Analytics.
Want to participate in a research study? Help shape the future of investing tools and earn a $60 gift card! While not a mind-blowing move, it is good to see that the Washington Prime Group Inc. (NYSE:WPG) share price has gained 12...
"The word 'mall' in this day and age is obsolete, and we know that. It's why we have to be extremely diverse in our tenant mix, create awesome events, [and attract] local eateries."
Retail real estate investment trust Washington Prime Group Inc. said it did not expect that any of the stores J.C. Penney Co. Inc. will close are within its portfolio. Earlier, J.C. Penney said it was closing 18 full-line stores and 9 ancillary home and furniture stores this year. According to Washington Prime's 10-K filing with the SEC last week, J.C. Penney stores act as an anchor in 31 of its properties. Washington Prime's stock rose 2.6% in midday trade. It has shed 8.8% over the past three months, while the SPDR Real Estate Select Sector ETF has gained 4.5% and the S&P 500 has tacked on 1.7%.
Windstream Holdings Inc., the rural broadband provider, filed for bankruptcy protection Monday after losing a legal battle with hedge fund Aurelius Capital Management.
It is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be remiss not to mention that insider sales haveRead More...
Inc. on Friday over concerns about the retail industry, becoming the third credit agency this year to cut the owner of 108 shopping centers to junk status. The ratings agency lowered Washington’s rating to BB from BBB-, the cutoff for investment grade. “The negative outlook reflects our view that Washington Prime’s operating environment will continue to be pressured over the next year as tenant bankruptcies and store closures could further deteriorate its business prospects,” S&P analyst Kristina Koltunicki wrote.
Washington Prime Group Inc. is making plans to redevelop the Sears at the Polaris Fashion Place mall.
COLUMBUS, Ohio (AP) _ Washington Prime Group Inc. (WPG) on Wednesday reported a key measure of profitability in its fourth quarter. The real estate investment trust, based in Columbus, Ohio, said it had funds from operations of $84 million, or 38 cents per share, in the period. Funds from operations is a closely watched measure in the REIT industry.
Moody's Investors Service ("Moody's") downgraded all of Washington Prime Group Inc. (Washington Prime)'s ratings, including the ratings of its operating subsidiary, Washington Prime Group, L.P.'s senior unsecured debt to Ba2 from Baa3. In the same rating action, Moody's withdrew Washington Prime Group, L.P.'s issuer rating and assigned a Ba2 corporate family rating and a speculative grade liquidity rating of SGL-3 to the same entity.
These days, the retail sector is a cut-throat bloodbath. The rise and continued growth of online shopping and omnichannel operations have completely changed the game for the sector. A number of once top brands and stores have closed or filed for bankruptcy. That's not only hurt retail stocks but the retail REITs that own malls and power centers.And it's going to get worse before it gets better.During their latest conference call, one of the top mall REITs -- Simon Property Group (NYSE:SPG) -- warned that, "there are some retailers out there that we're nervous about" and that they "are concerned about a few [retail bankruptcies] that should shake out in the first quarter."InvestorPlace - Stock Market News, Stock Advice & Trading TipsWhat's scary is that SPG is one of the top mall REITs around and features malls in so-called prime or "A" markets. These places are dominated by high-incomes, steady home prices, and relative economic stability.If Simon is finally starting to get worried, what does that mean for the mall REITs that don't own such prime assets? These REITs are certainly in big trouble as the shift in retail continues. * Should You Buy, Sell, Or Hold These 7 Medical Cannabis Stocks? But which retail REITs are in a precarious position? Here are 3 that could see declines and issues in the quarters ahead.Source: Shutterstock CBL & Associates (CBL)The recession could have been the first punch to CBL & Associates (NYSE:CBL) that staggered the firm in a big way. After the recession, CBL's portfolio of Class B malls were some of hardest hit and full of the chain stores that were in the first wave of retail causalities. Because of that, the mall REIT was faced with the difficult task of filing plenty of empty store frontage in a terrible environment. Unfortunately, it wasn't able to do that. Its core audience of shoppers has simply migrated to discounters like Target (NYSE:TGT) or online.And that continues to hurt its bottom line.During CBL's last earnings report, rising vacancy rates and retailer bankruptcies managed to reduce overall rents per square foot by 10.8% for all leases signed in 2018. That caused a big $41.8 million year-over-year decline in the amount cash CBL can pull in from its tenants. That's a big deal as that directly translates into a REIT's Funds from Operations (FFO) metric. And you know what FFO translates into? Dividends.With a 19.6% year-over-year decline in FFO, CBL was forced to cut its dividend payout to investors. This is now the second cut in about year.With more bankruptcies, store closures and lower consumer demand predicted, CBL is one retail REIT to avoid.Source: Shutterstock Washington Prime (WPG)Back in 2014, Simon could see the writing on the wall and spun-out some of its open-air shopping plazas and less than desirable malls as Washington Prime (NYSE:WPG). WPG later bought Glimcher Realty Trust 0- an owner of mostly Class B and some Class A properties. The problem is, WPG is still very much exposed to the pending retail apocalypse.As of September -- when WPG last reported earnings -- Sears (OTCMKTS:SHLDQ) was one of Washington Prime's largest tenants. As are Macy's (NYSE:M) and J C Penney (NYSE:JCP). The trio of struggling retailers makes up around 102 different locations in WPG's malls. WPG has been proactive in filling locations when they come up vacant -- Bon-Ton was another large tenant in its system. That's great, but it may not be enough.Moody's estimates that the department store sector will contract by a further 3.5% in 2019, while the overall number of store closings is set to surge -- with mall staples like the Gap (NYSE:GPS), Children's Place (NASDAQ:PLCE) and now bankrupt Gymboree all planning on closing hundreds of locations. This is exactly the kinds of stores that dot WPG's malls and shopping centers. * 5 Entertainment Stocks That Can Weather a Market Storm With rents falling slightly and FFO metrics being flat, Washington Primes management has stubbornly kept its dividend high. While WPG isn't in as bad of a shape as CBL -- thanks to some of its A properties -- I'm not sure I'd want to own it in the current environment. Especially when there are other retail REITs out there worthy of attention.Source: Ser Amantio di Nicolao via Wikimedia Pennsylvania REIT (PEI)Truth be told, Pennsylvania REIT (NYSE:PEI) or PREIT as it's commonly called is in the best shape of the retail REITs on this list. The mall owner got smart after the recession and started to purge its assets of underperforming malls. Those asset sales and closures helped PREIT get back on a great footing, improve sales per square foot and rents. Heck, even Sears isn't a problem as the REIT only holds four Sear's stores in its portfolio.The problem is, PEI is still operating in the economically sensitive A/B property range.Sales per square foot at PEI's locations now run about $500. That's a marked improvement over just a few years ago. However, when looking at some of Simon's top malls, that number is kind of low. Top A malls in SPG's portfolio typically pull in $1,000 to $1,200 sales per square feet. The point is, you're still dealing with a customer at PEI's locations that could be impacted during the next recession.Secondly, PREIT has looked to towards experiences -- such as LEGO Discovery Centers and Dave & Buster's Arcades -- to fill empty anchor stores. If the economy goes bad, these are the first things consumers will cut. With the economy showing signs of cracking, it's easy to see why PEI stock now has a 9%+ dividend yield.All in all, PREIT isn't bad per se, but certainly does have plenty of risk behind it. Investors may be better suited in less risky REITs with lower yields.Disclosure: At the time of writing, Aaron Levitt did not have a position in any of the stocks mentioned. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 9 U.S. Stocks That Are Coming to Life Again * The 7 Best Video Game Stocks to Power Up Your Portfolio! * 5 Tips to Become a Better Stock Trader Compare Brokers The post 3 Retail REITs That Are Still in Big Trouble appeared first on InvestorPlace.
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