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NYSE:WPG

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COMMENT

Is the yield sustainable? Its properties are not prime, but they are renovating them. The stock is trading at less than 5X earnings, ridiculously cheap. Over this last quarter, it has shown some sharp declines. The current yield is over 11%. The yield is safe, because they have the money to pay it out, but they could cut it. He is holding this as a long-term hold. Over time, this property could be liquidated and value will matter at some point.

REAL ESTATE
DON'T BUY

This is retail in secondary markets in the US. This is ‘B’ and ‘C’ quality properties. The challenges around the retail industry apply to these properties more so than the ‘A’ type properties. He prefers Simon Properties (SPG-N).

REAL ESTATE
COMMENT

Secondary malls in the US, as well as some good grocery anchored strips. It hasn’t done great, but thinks it will get taken out at some point. The whole question is, is retail dead and are malls dead? Being in suburban locations, is mid-American going to pick up? If you think Trump is going to increase employment in Mid-America, and people will be shopping again, this is a good way to participate. The stock is exceedingly cheap, but with not a lot of growth going forward. The dividend of around 10% is fully covered.

REAL ESTATE
PAST TOP PICK

(A Top Pick June 23/15. Down 5.43%.) As a value investor, he buys discounted names. Bought this at a 30% discount to the value of the properties, and it then went to a 50% discount, so he added more. Comparing it to Simon Properties (SPG-N), the finest mall REIT in the US, which trades at 22X earnings, this one is trading at 8X. Cheap by every single metric. There have been some recent changes in the executive suite with the CEO leaving in a huff, along with rumours that the company is for sale, and it is 30%-40% below analysts’ NAV, so he thinks there is a really good chance here.

REAL ESTATE
BUY

Chart shows a long downward slope, and he is not bothered in the least. The entire US REIT market has been declining. There is a lot of irrationality. This is now trading at values that are so excessively cheap, that he finds it very compelling. He is looking at adding to his holdings, and will eventually be doubling his position. They buy secondary malls, but US unemployment is going to be 4% and wage growth is coming up. Very good yield of nearly 8%.

REAL ESTATE
TOP PICK

A US REIT that owns malls with grocery anchors, spun out from Simon properties. They are a misunderstood company because they are so new. They were beat up too much and have a 7% yield.

REAL ESTATE
SELL

A spin off from Simon Property Group (SPG-N) which he owns by default, and is currently selling. These assets represent the lower quality assets. Can’t see any reason to own it.

REAL ESTATE
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Washington Prime Group(WPG-N) Rating

Ranking : 1 out of 5

Bullish - Buy Signals / Votes : 0

Neutral - Hold Signals / Votes : 0

Bearish - Sell Signals / Votes : 0

Total Signals / Votes : 0

Stockchase rating for Washington Prime Group is calculated according to the stock experts' signals. A high score means experts mostly recommend to buy the stock while a low score means experts mostly recommend to sell the stock.

Washington Prime Group(WPG-N) Frequently Asked Questions

What is Washington Prime Group stock symbol?

Washington Prime Group is a American stock, trading under the symbol WPG-N on the New York Stock Exchange (WPG). It is usually referred to as NYSE:WPG or WPG-N

Is Washington Prime Group a buy or a sell?

In the last year, there was no coverage of Washington Prime Group published on Stockchase.

Is Washington Prime Group a good investment or a top pick?

Washington Prime Group was recommended as a Top Pick by on . Read the latest stock experts ratings for Washington Prime Group.

Why is Washington Prime Group stock dropping?

Earnings reports or recent company news can cause the stock price to drop. Read stock experts’ recommendations for help on deciding if you should buy, sell or hold the stock.

Is Washington Prime Group worth watching?

In the last year, there was no coverage of Washington Prime Group published on Stockchase.

What is Washington Prime Group stock price?

On 2021-09-29, Washington Prime Group (WPG-N) stock closed at a price of $0.8323.