Washington Prime Group, Inc.

Symbol: WPG
CIK: 1594686
Exchange: NYSE
Founded: 2014 (5 years)
HQ: Columbus, OH, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Retail

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See WPG on SEC.gov

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Rating Dividend Section - Analysis Description Avg. Rating
3 Dividend Payment Growth: Analysis of how the REIT’s dividend payments have performed during the last 3 years. 4.9
2 Dividend Payment Consistency: Analysis of how many periods the REIT’s dividends have been paid consistently without a gap in payment. 4.1
9 Dividend to AFFO Payout Ratio Health: Analysis of the REIT’s Dividend to AFFO Payout Ratios during the last four quarters. 5.4
9 Dividend to AFFO Payout Ratio Trend: Analysis of the REIT’s Dividend to AFFO Payout Ratios trend during the last two years. 4.5
7 AFFO Trend: Analysis of the REIT’s AFFO trend during the last two years. 5.6
6.0 Overall Dividend Section Rating: The REIT’s total dividend score from the compilation of the below dividend analysis. 4.2

REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The REIT’s score for each analysis is out of ten points, with ten being the best score and zero being the worst. A score of zero can be assigned if the REIT does not meet the criteria for that specific analysis. N/A is assigned if insufficient data is available for a particular analysis. Our REITRating logic is continuously improving, so a REIT’s rating and ranking may change over time. Important Note: REITRating is not a predictor of a REIT’s future performance, it is an evaluation of its past results. Additionally, the REITRating system is for informational purposes only and does not represent financial or investment advice or a recommendation of which REITs to acquire. Learn more.

Stock Chart

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Hightlights of Previous Trading Day 2019-04-24


Closing Price: $4.56
Price Change: -0.08 (-1.724%)
Lowest Price: $4.523
Highest Price: $4.72

52-Week Low: $4.52
52-Week High: $8.44

5 Day Price Change: -4.60%
1 Month Price Change: -12.14%
3 Month Price Change: -11.90%
1 Year Price Change: -20.48%
2 Year Price Change: -35.13%
5 Year Price Change: -61.88%

See historical stock prices for WPG

Dividend of Previous Trading Day 2019-04-24

See complete list of dividend paymemts for WPG

Dividend Yield: 21.552%*
Annualized Dividend: $1*
Ex Dividend Date: 2019-03-01
Dividend Frequency: Quarterly

*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes.

Funds From Operations (FFO)


Dividend to FFO & AFFO Payout Ratio
REITNotes' Dividend to FFO Payout Ratio graph is based on the REIT's Funds From Operation (FFO) per diluted share informed in the REIT’s Quarterly Earning Reports and its announced dividend per diluted share. For some REITs, we also display the Adjusted Funds From Operations (AFFO), Core FFO, Normalized FFO (NFFO), Modified FFO (MFFO), Operating FFO as provided by the REIT. REITNotes calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. This is because although paid in Q3, the dividend value is usually declared during the previous quarter.
FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. FFO is not meant to be an indicator of the REIT’s capacity to pay current or future dividends nor to be a substitute to the REIT's cash flow from operations. It is recommended to check the REIT's website, Earning Reports and dividend announcements for the latest and updated information.

Stock Price to FFO & AFFO Multiples (TTM)
REITNotes' Price to FFO (P/FFO) Multiples graph is calculated by dividing the REIT’s closing stock price for the day by the Trailing Twelve Month (TTM) Funds from Operations (FFO). For some REITs we also display the Price-to-Adjusted Funds From Operations (P/AFFO), Price-to-Core FFO (P/CFFO), Price-to-Normalized FFO (P/NFFO), Price-to-Modified FFO (P/MFFO), Price-to-Operating (P/FFO), depending on the data provided in the REIT’s Quarterly Earning Reports.

As you may be familiar with, the price-to-earnings ratio (P/E ratio) is a useful tool for investors to gauge the market's valuation of a company’s stock price. The price-to-FFO ratio (or multiple) is a comparable measure used in the REIT industry that compares the REIT’s stock price to its FFO per share instead of its earnings per share (EPS).

Key Stats of Previous Trading Day 2019-04-24


52-Week Low: $4.52
52-Week High: $8.44 [Compare]
P/E Ratio: 3.02 [Compare]
P/E Ratio High: N/A [Compare]
P/E Ratio Low: N/A [Compare]
Market Cap: $850,229,743 [Compare]
Shares Outstanding: 186,453,891 [Compare]
Float: N/A [Compare]
Latest Volume: 3,357,354 [Compare]
Avg. Total Volume: 2,836,449 [Compare]
Beta: 1.05 [Compare]
Return On Equity (ROE): N/A [Compare]
Return On Assets (ROA): N/A [Compare]
Number Of Estimates: 1.0
Revenue Per Share: N/A [Compare]
Revenue Per Employee: N/A [Compare]
Profit Margin: N/A
Price To Sales: N/A [Compare]
Price To Book: 1.130 [Compare]
Short Ratio: 14.590 [Compare]
Latest EPS Date: N/A
Consensus EPS: 0.290
TTM EPS: 1.510
50-Day Moving Avg.: $5.30
200-Day Moving Avg.: $5.93
Held by Insiders: N/A
Held by Institution: N/A

*Percentage held by top 15 institutions.

Fundamental Ratios of Previous Quarter Results 2018-12-31


Book Value per Share: *Please Login [Compare]
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Free Cash Flow: *Please Login [Compare]
Free Cash Flow per Share: *Please Login [Compare]
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Properties Owned by WPG


Properties owned:
106
Types:
1
States:
29
Counties:
1
Sample of REIT’s Properties (Image Source - REIT’s website) | See more pictures
WPG Sample Property
Website Logo See list of properties owned by WPG
Please visit this REIT’s official webpage to learn more.

Dividend History


Below are the most recent cash dividends paid by WPG, and the Ex-Dividend Date of the dividend. The percent difference from one dividend payment to the next has also been calculated for your convenience. See complete list of dividend payments for WPG.


Symbol Quarter Ex Date Cash Amount Change in Dividend

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Financial Statements Overview

Balance Sheet (Quarterly)

See Annual Balance Sheet | See Quarterly Balance Sheet

Amounts in USD ($)

Balance Sheet 2018-12-31 2018-09-30 2018-06-30 2018-03-31
Total Assets 4,361,288,000.00 4,474,938,000.00 4,472,068,000.00 4,417,519,000.00
Cash and Equivalents 42,542,000.00 73,107,000.00 53,987,000.00 45,871,000.00
Investments 433,207,000.00 446,301,000.00 443,963,000.00 441,580,000.00
Investments Current 0.00 0.00 0.00 0.00
Investments Non-Current 0.00 0.00 0.00 0.00
Deferred Revenue 0.00 0.00 0.00 0.00
Deposit Liabilities 0.00 0.00 0.00 0.00
Property, Plant & Equipment Net 5,914,705,000.00 5,945,252,000.00 5,913,473,000.00 5,820,287,000.00
Inventory 0.00 0.00 0.00 0.00
Tax Assets 0.00 0.00 0.00 0.00
Trade and Non-Trade Receivables 85,463,000.00 78,265,000.00 79,363,000.00 86,650,000.00
Trade and Non-Trade Payables 256,854,000.00 236,485,000.00 254,414,000.00 235,665,000.00
Goodwill and Intangible Assets 0.00 0.00 0.00 0.00
Total Liabilities 3,209,752,000.00 3,325,387,000.00 3,271,927,000.00 3,176,733,000.00
Shareholders Equity 999,710,000.00 998,051,000.00 1,040,737,000.00 1,074,876,000.00
Accumulated Retained Earnings (Deficit) -456,924,000.00 -464,971,000.00 -418,472,000.00 -381,597,000.00
Accumulated Other Comprehensive Income 6,400,000.00 14,484,000.00 12,403,000.00 11,900,000.00
Current Assets 0.00 0.00 0.00 0.00
Assets Non-Current 0.00 0.00 0.00 0.00
Current Liabilities 0.00 0.00 0.00 0.00
Liabilities Non-Current 0.00 0.00 0.00 0.00
Tax Liabilities 0.00 0.00 0.00 0.00
Total Debt 2,937,477,000.00 3,073,481,000.00 3,002,092,000.00 2,925,647,000.00
Debt Current 0.00 0.00 0.00 0.00
Debt Non-Current 0.00 0.00 0.00 0.00

Income Statement (Quarterly)

See Annual Income Statement | See Quarterly Income Statement

Amounts in USD ($)

Income Statement 2018-12-31 2018-09-30 2018-06-30 2018-03-31
Revenues 184,321,000.00 179,916,000.00 178,728,000.00 180,340,000.00
Cost of Revenue 59,622,000.00 60,030,000.00 57,039,000.00 58,407,000.00
Selling, General and Administrative Expense 12,305,000.00 10,999,000.00 13,431,000.00 11,425,000.00
Research and Development Expense 0.00 0.00 0.00 0.00
Operating Expenses 74,198,000.00 82,206,000.00 77,425,000.00 72,916,000.00
Interest Expense 36,360,000.00 36,582,000.00 34,701,000.00 34,344,000.00
Income Tax Expense 673,000.00 -227,000.00 601,000.00 485,000.00
Net Income from Discontinued Operations 0.00 0.00 0.00 0.00
Consolidated Income 68,836,000.00 4,115,000.00 15,519,000.00 20,185,000.00
Net Income to Non-Controlling Interests 10,321,000.00 144,000.00 1,925,000.00 2,661,000.00
Net Income 58,515,000.00 3,971,000.00 13,594,000.00 17,524,000.00
Preferred Dividends Income Statement Impact 3,508,000.00 3,508,000.00 3,508,000.00 3,508,000.00
Net Income Common Stock 55,007,000.00 463,000.00 10,086,000.00 14,016,000.00
Earnings per Basic Share 0.29 0.00 0.05 0.07
Earnings per Diluted Share 0.29 0.00 0.05 0.07
Weighted Average Shares 186,074,461.00 186,050,048.00 185,990,500.00 185,791,421.00
Weighted Average Shares Diluted 0.00 0.00 0.00 0.00

Cash Flow

See Annual Cash Flow | See Quarterly Cash Flow

Amounts in USD ($)

Cash Flow 2018-12-31 2018-09-30 2018-06-30 2018-03-31
Capital Expenditure -30,475,000.00 -47,793,000.00 -20,471,000.00 -15,899,000.00
Net Cash Flow - Business Acquisitions and Disposals -3,051,000.00 -5,073,000.00 -82,114,000.00 -10,048,000.00
Net Cash Flow - Investment Acquisitions and Disposals 11,740,000.00 433,000.00 3,039,000.00 19,884,000.00
Net Cash Flow from Financing -110,412,000.00 11,127,000.00 16,158,000.00 -33,407,000.00
Issuance (Repayment) of Debt Securities -51,131,000.00 70,346,000.00 75,390,000.00 25,776,000.00
Issuance (Purchase) of Equity Shares 25,000.00 0.00 -14,000.00 -11,000.00
Payment of Dividends & Other Cash Distributions -59,217,000.00 -59,219,000.00 -59,218,000.00 -59,167,000.00
Net Cash Flow from Investing -21,786,000.00 -52,433,000.00 -99,546,000.00 -6,063,000.00
Net Cash Flow from Operations 95,436,000.00 56,038,000.00 92,111,000.00 43,660,000.00
Effect of Exchange Rate Changes on Cash 0.00 0.00 0.00 0.00
Net Cash Flow / Change in Cash & Cash Equivalents -36,762,000.00 14,732,000.00 8,723,000.00 4,190,000.00
Share Based Compensation 0.00 0.00 0.00 0.00
Depreciation, Amortization & Accretion 63,344,000.00 69,133,000.00 65,141,000.00 61,404,000.00

About Washington Prime Group, Inc.


Washington Prime Group Inc. (NYSE: WPG) is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with an investment grade balance sheet, leveraging its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S.

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Member Opinions on Washington Prime Group, Inc. *Login to write an opinion


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REITFocused is Neutral about WPG

Summary: Neutral Hold Overvalued Owns this stock
I'm neutral on Washington Prime Group. I own some share for the long term, but only a small position, which doesn't put my portfolio at risk. It's great to receive a 12% dividend yield, but I try not to be too attached to it. I’m still bearish about WPG's performance during the next few years and their ability to continue to maintain the current dividend value, but bullish on the long-term. I would like to believe their redevelopment initiatives will yield returns within a few years, but I think they have many challenges which will put pressure on their cash flow. WPG's 2018 second quarter dividend payout rates are within conservative payout levels. However, in my opinion, their dividends are not guaranteed in the following years as they need to continue to invest in redevelopment, in replacing risky anchor tenants, renewing leases, and disposing of low-performing assets. If they do need to cut their dividends on the path to reinventing themselves, I imagine their low share price will drop even further. This will present an opportunity to invest in WPG at even better Price-to-AFFO multiples. So I will remain on the sidelines for now and see which direction their payout-ratios and dividends head. - REITFocused - 2018-09-20 22:22:40 PDT

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