Washington Prime Group Inc. (WPG), a retail Real Estate Investment Trust (REIT), has seen a decline of 3.92% in the premarket trading session. Consequently, WPG stock is changing hands at $0.98 at the time of this reason. There seems to be no specific reason for this decline in WPG stock. On Thursday, WPG stock closed the day at $1.02 after increasing 3.99%. For the moment, let’s discuss some recent developments of WPG stock.
Delisting of stocks
On the 7th of September, WPG announced that it intends to delist some of its stocks from the NYSE. Those included common stock, 7.5% Series H Preferred Stock and 6.875% Series I Preferred Stock. The company said that common stock was listed on NYSE under the symbol WPG. The series H preferred stock was listed on NYSE under the symbol WPG-H. The series I preferred stock was listed under the symbol WPG-I. WPG said that on the 20th of September, the company intends to file a notification of removal from listing. The company would file notification on form-25 with US SEC. WPG expects that the last day of trading of common and preferred stock on NYSE would be September 29th. From 30th onwards, the company’s preferred and common stock won’t be listed and registered on NYSE. The company believed that the costs associated with the continued listing of common and preferred stock on NYSE were not economically justifiable. Furthermore, the company said that it does not intend to list or register its common and preferred stock on another stock exchange. It also did plan to take action for the facilitation of trading on an over-the-counter market.
WPG partnership with Landmark Theaters
On 24th of August, WPG announced that Landmark Theaters would become the premier movie theatre operator at Scottsdale Quarter®. Landmark Theatre is a specialized theater chain dedicated to independent cinema Scottsdale Quarter® is an open air lifestyle center and mixed-use property. The company said that the addition of landmark theaters would further strengthen Scottsdale Quarter® as a premium gathering place. The company further announced that the 8 screen venue is expected to open in fall 2021. The opening of the venue would match perfectly with the onslaught of pictures released during the award season cycle. It would offer the local community with the chance to see the films in a luxury environment. The theatre is designed by TK Architects. Lou Conforti, CEO and Director of Washington Prime, stated that Landmark Theaters offer the most beautifully designed luxury theaters. He expressed his pleasure over partnership with Landmark at Scottsdale center.
What’s ahead for WPG stock?
Recent past performance of WPG has not been up to the mark. The stock has declined by 59% during last one quarter. During the last one month, WPG has declined by 28% during last one month. But there does exist a glimmer of hope for the future. Analysts have estimated that the EPS of the company is expected to rise by 26% during the current fiscal year. So, based on these stats, potential investors should keep a close watch on WPG stock.
