5.84 +0.01 (0.17%)
After hours: 5:47PM EST
|Bid||0.00 x 1000|
|Ask||6.00 x 1200|
|Day's Range||5.63 - 5.86|
|52 Week Range||4.63 - 8.44|
|Beta (3Y Monthly)||1.41|
|PE Ratio (TTM)||14.69|
|Earnings Date||Feb 19, 2019 - Feb 25, 2019|
|Forward Dividend & Yield||1.00 (18.15%)|
|1y Target Est||4.65|
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.
Total leasing volume of 4.2M SF highlighted by a 14% increase for Enclosed PropertiesReplacements announced for seven of 24 department store boxes deemed active by the.
Washington Prime Group Inc. (WPG) today announced transactions with Dillard’s (DDS) at two of its Tier One assets, further evidencing the Company’s anchor repositioning objectives. Dillard’s has agreed to open and/or expand within two Tier One assets. Mesa Mall will receive a newly constructed Dillard’s which will be their first location within Grand Junction, Colorado and will replace Sears which formerly occupied the site.
Washington Prime Group Inc. (WPG) today announced that demolition of the former Sears location will begin in early March at Grand Central Mall, a Tier One property located in Parkersburg, West Virginia. The Company’s redevelopment plans for the former Sears space will add an exciting exterior facing element to the mall featuring dynamic first to market national big box retailers. This new open air component will further the transformation of Grand Central Mall from a traditional enclosed mall into a hybrid town center.
Washington Prime Group Inc. (WPG) today announced that FieldhouseUSA will join The Outlet Collection | Seattle, a Tier One asset situated in Auburn, Washington. Lou Conforti, CEO and Director of Washington Prime Group stated: “FieldhouseUSA exemplifies the tenant diversification mandate we at Washington Prime Group believe is our primary objective.
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.
COLUMBUS, Ohio, Feb. 12, 2019 -- Washington Prime Group Inc. (NYSE: WPG) today announced that the Company’s Board of Directors declared a quarterly cash dividend on its common.
# Washington Prime Group Inc ### NYSE:WPG View full report here! ## Summary * ETFs holding this stock have seen outflows over the last one-month * Bearish sentiment is high ## Bearish sentiment Short interest | Negative Short 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 flow ETF/Index ownership | Negative ETF activity is negative. Over the last one-month, outflows of investor capital in ETFs holding WPG totaled $520 million. Additionally, the rate of outflows appears to be accelerating. ## Economic sentiment PMI by IHS Markit | Neutral According to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however. ## Credit worthiness Credit default swap CDS data is not available for this security. Please send all inquiries related to the report to firstname.lastname@example.org. 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.
If you're interested in Washington Prime Group Inc. (NYSE:WPG), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock Read More...
COLUMBUS, Ohio, Jan. 18, 2019 -- Washington Prime Group Inc. (NYSE:WPG) today announced the 2018 tax reporting information (Federal Form 1099) for distributions as shown below..
Washington Prime Group Inc. (WPG) today announced that the Company will hold a conference call on Thursday, February 21, 2019 at 11:00 a.m. Eastern Time to discuss the Company’s fourth quarter and full year 2018 financial and operating results. The dial-in number for the conference call is 844.646.4463 (or +1.615.247.0256 for international callers), and the participant passcode is 1855527. The live audio webcast of the call will be available on the investor relations section of the Company’s website at www.washingtonprime.com. A replay of the call will be available on the Company’s website, or by calling 855.859.2056 (or +1.404.537.3406 for international callers), passcode is 1855527, beginning on Thursday, February 21, 2019, at approximately 1:00 p.m. Eastern Time through midnight on Thursday, March 7, 2019.
In 2016 Lou Conforti was appointed CEO of Washington Prime Group Inc. (NYSE:WPG). This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of Read More...
Jim Cramer rattles off his responses to callers' stock questions, including one on a high-profile pharmaceutical stock.
The following real estate stocks are thrashing the S&P 500 index with regard to the dividend yield. The forward dividend yields of the following stocks are based on their share prices at market close on Friday. The share price declined 59% over the 52 weeks through Dec. 14, pushing the forward dividend yield up to 22.43%.
The ownership of WestShore Plaza wants to replace Sears and a sea of surface parking with multiple buildings — including a few high rises — that could be home to anything from condos and apartments to office space to a grocery store. Washington Prime Group (NYSE: WPG) is asking the city rezone the entire mall from regional mall, mall anchor and restaurant uses to more specific uses to make way for a massive redevelopment on the northeast corner of the property. Sears' bankruptcy, WestShore Plaza says in its filing, has "created an opportunity for WPG to ensure the long-term viability of WestShore Plaza by embarking on a redevelopment of not only the Sears retail footprint but also the adjacent parking fields and restaurant outparcels." The redevelopment includes the Sears department store and surface parking that stretches from south of Gray Street almost to Kennedy Boulevard (the Bank of America office and gas station that front Kennedy are not owned by Washington Prime and are not part of the rezoning, but Seasons 52 is).
A city-initiated rezoning could lead to the redevelopment of the struggling Boynton Beach Mall. While many malls in South Florida have weathered the e-commerce storm hitting retailers fairly well, the Boynton Beach Mall has experienced challenges with vacancies, such as the Sears there that is slated to close after the holiday season. On Dec. 17, the city’s Planning and Development Board will consider a city staff-initiated land use change to rezone the 108.3-acre mall site from Development of Regional Impact to mixed-use low.
NEW YORK, Dec. 10, 2018 -- In new independent research reports released early this morning, Market Source Research released its latest key findings for all current investors,.
A building rendering name at Scottsdale Quarter is causing some confusion since it is the name is a tech-focused Valley company that has two big projects announced and underway.