Intrinsic value of Washington Prime Group - WPG

Previous Close

$7.69

  Intrinsic Value

$2.06

stock screener

  Rating & Target

str. sell

-73%

Previous close

$7.69

 
Intrinsic value

$2.06

 
Up/down potential

-73%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as WPG.

We calculate the intrinsic value of WPG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  773
  791
  811
  834
  859
  887
  917
  950
  985
  1,023
  1,064
  1,107
  1,153
  1,202
  1,253
  1,308
  1,366
  1,428
  1,493
  1,561
  1,634
  1,710
  1,791
  1,875
  1,965
  2,059
  2,158
  2,262
  2,371
  2,486
Variable operating expenses, $m
  414
  423
  433
  444
  457
  471
  486
  502
  520
  539
  532
  554
  577
  602
  627
  655
  684
  715
  747
  782
  818
  856
  896
  939
  984
  1,031
  1,080
  1,132
  1,187
  1,245
Fixed operating expenses, $m
  211
  215
  220
  225
  230
  235
  240
  245
  251
  256
  262
  267
  273
  279
  286
  292
  298
  305
  311
  318
  325
  332
  340
  347
  355
  363
  371
  379
  387
  396
Total operating expenses, $m
  625
  638
  653
  669
  687
  706
  726
  747
  771
  795
  794
  821
  850
  881
  913
  947
  982
  1,020
  1,058
  1,100
  1,143
  1,188
  1,236
  1,286
  1,339
  1,394
  1,451
  1,511
  1,574
  1,641
Operating income, $m
  149
  153
  158
  165
  173
  181
  191
  202
  215
  228
  269
  285
  302
  321
  340
  361
  384
  408
  434
  461
  491
  521
  554
  589
  626
  665
  707
  751
  797
  846
EBITDA, $m
  693
  709
  728
  750
  774
  801
  832
  865
  900
  939
  981
  1,025
  1,073
  1,124
  1,178
  1,236
  1,298
  1,363
  1,432
  1,506
  1,583
  1,665
  1,752
  1,843
  1,940
  2,042
  2,149
  2,263
  2,383
  2,509
Interest expense (income), $m
  126
  124
  124
  124
  124
  123
  123
  123
  123
  123
  123
  123
  123
  123
  123
  123
  122
  122
  122
  122
  122
  122
  121
  121
  121
  121
  121
  120
  120
  120
  120
Earnings before tax, $m
  25
  29
  35
  41
  49
  58
  68
  79
  91
  105
  146
  162
  179
  198
  218
  239
  262
  286
  312
  340
  369
  400
  433
  468
  505
  545
  586
  630
  677
  726
Tax expense, $m
  7
  8
  9
  11
  13
  16
  18
  21
  25
  28
  40
  44
  48
  53
  59
  65
  71
  77
  84
  92
  100
  108
  117
  126
  136
  147
  158
  170
  183
  196
Net income, $m
  18
  21
  25
  30
  36
  42
  50
  58
  67
  77
  107
  118
  131
  145
  159
  175
  191
  209
  228
  248
  269
  292
  316
  342
  369
  398
  428
  460
  494
  530

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -358
  -366
  -375
  -386
  -397
  -410
  -424
  -439
  -456
  -473
  -492
  -512
  -533
  -556
  -580
  -605
  -632
  -660
  -690
  -722
  -756
  -791
  -828
  -867
  -909
  -952
  -998
  -1,046
  -1,097
  -1,150
Adjusted assets (=assets-cash), $m
  -358
  -366
  -375
  -386
  -397
  -410
  -424
  -439
  -456
  -473
  -492
  -512
  -533
  -556
  -580
  -605
  -632
  -660
  -690
  -722
  -756
  -791
  -828
  -867
  -909
  -952
  -998
  -1,046
  -1,097
  -1,150
Revenue / Adjusted assets
  -2.159
  -2.161
  -2.163
  -2.161
  -2.164
  -2.163
  -2.163
  -2.164
  -2.160
  -2.163
  -2.163
  -2.162
  -2.163
  -2.162
  -2.160
  -2.162
  -2.161
  -2.164
  -2.164
  -2.162
  -2.161
  -2.162
  -2.163
  -2.163
  -2.162
  -2.163
  -2.162
  -2.163
  -2.161
  -2.162
Average production assets, $m
  5,170
  5,289
  5,425
  5,578
  5,747
  5,932
  6,134
  6,353
  6,589
  6,841
  7,112
  7,401
  7,708
  8,034
  8,381
  8,748
  9,137
  9,548
  9,983
  10,441
  10,925
  11,436
  11,974
  12,541
  13,138
  13,766
  14,428
  15,124
  15,856
  16,627
Working capital, $m
  -3,244
  -3,319
  -3,404
  -3,500
  -3,606
  -3,722
  -3,849
  -3,986
  -4,134
  -4,293
  -4,463
  -4,644
  -4,837
  -5,042
  -5,259
  -5,489
  -5,733
  -5,991
  -6,264
  -6,552
  -6,855
  -7,176
  -7,513
  -7,869
  -8,244
  -8,638
  -9,053
  -9,490
  -9,950
  -10,433
Total debt, $m
  445
  445
  444
  444
  444
  444
  443
  443
  443
  442
  442
  442
  441
  441
  440
  440
  439
  439
  438
  437
  437
  436
  435
  434
  434
  433
  432
  431
  430
  429
Total liabilities, $m
  -7
  -7
  -8
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Total equity, $m
  -350
  -359
  -368
  -378
  -390
  -402
  -416
  -431
  -447
  -464
  -482
  -502
  -522
  -545
  -568
  -593
  -619
  -647
  -677
  -708
  -741
  -775
  -812
  -850
  -891
  -933
  -978
  -1,025
  -1,075
  -1,127
Total liabilities and equity, $m
  -357
  -366
  -376
  -386
  -398
  -410
  -424
  -440
  -456
  -473
  -492
  -512
  -533
  -556
  -580
  -605
  -632
  -660
  -691
  -722
  -756
  -791
  -829
  -867
  -909
  -952
  -998
  -1,046
  -1,097
  -1,150
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  21
  25
  30
  36
  42
  50
  58
  67
  77
  107
  118
  131
  145
  159
  175
  191
  209
  228
  248
  269
  292
  316
  342
  369
  398
  428
  460
  494
  530
Depreciation, amort., depletion, $m
  544
  556
  569
  585
  601
  620
  640
  662
  686
  711
  711
  740
  771
  803
  838
  875
  914
  955
  998
  1,044
  1,093
  1,144
  1,197
  1,254
  1,314
  1,377
  1,443
  1,512
  1,586
  1,663
Funds from operations, $m
  562
  577
  595
  615
  637
  662
  690
  720
  752
  788
  818
  859
  902
  948
  997
  1,049
  1,105
  1,164
  1,226
  1,292
  1,362
  1,436
  1,514
  1,596
  1,683
  1,774
  1,871
  1,973
  2,080
  2,193
Change in working capital, $m
  -64
  -75
  -85
  -96
  -106
  -116
  -127
  -137
  -148
  -159
  -170
  -181
  -193
  -205
  -217
  -230
  -244
  -258
  -273
  -288
  -304
  -320
  -338
  -356
  -375
  -394
  -415
  -437
  -460
  -483
Cash from operations, $m
  626
  652
  680
  711
  743
  779
  817
  857
  900
  946
  988
  1,040
  1,095
  1,153
  1,215
  1,280
  1,349
  1,422
  1,499
  1,580
  1,666
  1,756
  1,851
  1,952
  2,057
  2,169
  2,286
  2,410
  2,540
  2,676
Maintenance CAPEX, $m
  -507
  -517
  -529
  -542
  -558
  -575
  -593
  -613
  -635
  -659
  -684
  -711
  -740
  -771
  -803
  -838
  -875
  -914
  -955
  -998
  -1,044
  -1,093
  -1,144
  -1,197
  -1,254
  -1,314
  -1,377
  -1,443
  -1,512
  -1,586
New CAPEX, $m
  -101
  -119
  -136
  -153
  -169
  -186
  -202
  -219
  -236
  -253
  -271
  -289
  -307
  -327
  -347
  -367
  -389
  -411
  -434
  -459
  -484
  -510
  -538
  -567
  -597
  -629
  -662
  -696
  -732
  -770
Cash from investing activities, $m
  -608
  -636
  -665
  -695
  -727
  -761
  -795
  -832
  -871
  -912
  -955
  -1,000
  -1,047
  -1,098
  -1,150
  -1,205
  -1,264
  -1,325
  -1,389
  -1,457
  -1,528
  -1,603
  -1,682
  -1,764
  -1,851
  -1,943
  -2,039
  -2,139
  -2,244
  -2,356
Free cash flow, $m
  18
  16
  15
  15
  17
  19
  21
  25
  29
  34
  33
  40
  47
  56
  65
  74
  85
  97
  109
  123
  137
  153
  170
  187
  206
  226
  248
  271
  295
  320
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Issuance/(repurchase) of shares, $m
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
Cash from financing (excl. dividends), $m  
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
Total cash flow (excl. dividends), $m
  11
  8
  6
  5
  5
  6
  7
  10
  13
  17
  14
  20
  26
  33
  41
  49
  58
  68
  79
  91
  104
  118
  132
  148
  165
  183
  202
  222
  244
  267
Retained Cash Flow (-), $m
  7
  8
  9
  10
  11
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  36
  38
  40
  43
  45
  47
  50
  52
Prev. year cash balance distribution, $m
  344
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  362
  16
  15
  15
  16
  18
  21
  25
  29
  34
  33
  39
  47
  55
  64
  74
  85
  96
  109
  122
  137
  152
  169
  187
  205
  225
  247
  270
  294
  319
Discount rate, %
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
  312
  12
  9
  8
  7
  6
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Washington Prime Group Inc. (WPG Inc.), formerly WP Glimcher Inc., operates as a self-administered and self-managed real estate investment trust (REIT). The Company's primary business is the ownership, development and management of retail real estate within the United States. The Company owns, develops and manages enclosed retail properties and community centers. As of December 31, 2016, its assets consisted of material interests in 114 shopping centers in the United States, consisting of approximately 63 million square feet of gross leasable area. The Company also owns parcels of land, which can be used for either the development of new shopping centers or the expansion of existing properties. Washington Prime Group, L.P. is the Company's majority-owned partnership subsidiary that owns, develops and manages, through its affiliates, all of WPG Inc.'s real estate properties and other assets. Its properties include Irving Mall, Lindale Mall, Markland Plaza and Royal Eagle Plaza.

FINANCIAL RATIOS  of  Washington Prime Group (WPG)

Valuation Ratios
P/E Ratio 21.3
Price to Sales 1.7
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 12.3
Growth Rates
Sales Growth Rate -8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.1%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 320.8%
Total Debt to Equity 320.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 5.8%
Return On Equity - 3 Yr. Avg. 3.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 67.6%
Gross Margin - 3 Yr. Avg. 66.9%
EBITDA Margin 58.4%
EBITDA Margin - 3 Yr. Avg. 56.8%
Operating Margin 25.7%
Oper. Margin - 3 Yr. Avg. 24.5%
Pre-Tax Margin 9.5%
Pre-Tax Margin - 3 Yr. Avg. 9.9%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 8.1%
Effective Tax Rate 3.8%
Eff/ Tax Rate - 3 Yr. Avg. 1.2%
Payout Ratio 350.7%

WPG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WPG stock intrinsic value calculation we used $758 million for the last fiscal year's total revenue generated by Washington Prime Group. The default revenue input number comes from 2017 income statement of Washington Prime Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WPG stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.8%, whose default value for WPG is calculated based on our internal credit rating of Washington Prime Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Washington Prime Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WPG stock the variable cost ratio is equal to 53.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $206 million in the base year in the intrinsic value calculation for WPG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 27.8% for Washington Prime Group.

Corporate tax rate of 27% is the nominal tax rate for Washington Prime Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WPG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WPG are equal to 668.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Washington Prime Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WPG is equal to -419.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Washington Prime Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 186 million for Washington Prime Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Washington Prime Group at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Growing co-working space secures a new site at a mall   [Jun-29-18 12:40PM  American City Business Journals]
▶ Who is making money from struggling U.S. malls?   [Jun-26-18 07:00AM  Reuters]
▶ After Bon-Ton, Washington Prime is moving away from department stores   [01:54PM  American City Business Journals]
▶ Washington Prime Group: 1Q Earnings Snapshot   [Apr-25-18 07:16PM  Associated Press]
▶ Bye-Bye, Bon-Ton: Liquidation Is Coming   [Apr-18-18 09:20PM  Motley Fool]
▶ 2 Mall Owners Want to Save Bon-Ton Stores Inc.   [Apr-10-18 09:30PM  Motley Fool]
▶ Washington Prime Group Is Not Ready for Prime Time   [Mar-15-18 01:05PM  TheStreet.com]
▶ Sears Holdings' Real Estate Sales Continue   [Mar-14-18 09:20AM  Motley Fool]
▶ New Strong Sell Stocks for March 13th   [Mar-13-18 07:26AM  Zacks]
▶ Washington Prime Group buys Sears properties including one in Columbus for $28.5M   [Mar-12-18 05:50PM  American City Business Journals]
▶ Correction: Earns-WP Glimcher story   [02:07PM  Associated Press]
▶ Washington Prime Group Inc. to Host Earnings Call   [Feb-22-18 10:25AM  ACCESSWIRE]
▶ [$$] Mall Dividends Soar Above 15%, Tempting Big Investors   [Feb-14-18 01:31AM  The Wall Street Journal]
▶ [$$] Mall Dividends Soar Above 15%, Tempting Big Investors   [Feb-13-18 07:00AM  The Wall Street Journal]
▶ Here are the brands at Polaris' new e-commerce venture (it's not a kiosk) (Video)   [Dec-14-17 01:40PM  American City Business Journals]
▶ 5 Dividend Stocks for Bull and Bear Markets   [Dec-07-17 08:00AM  Investopedia]
▶ Washington Prime CEO on Retail Trends and Consolidation   [Nov-22-17 03:57PM  Bloomberg Video]
▶ 7 Dividend Funds Yielding Over 5.3%   [Nov-13-17 03:16PM  InvestorPlace]
▶ How and why Polaris Fashion Place is tapping into e-commerce   [01:05PM  American City Business Journals]
▶ Cottonwood Mall Macy's space to get multimillion-dollar facelift   [Oct-26-17 01:40PM  American City Business Journals]
▶ WP Glimcher reports 3Q results   [Oct-25-17 07:03PM  Associated Press]
▶ 3 Reasons Why J C Penney Company Inc Stock Will Rebound   [Oct-18-17 01:50PM  InvestorPlace]
▶ Washington Prime Group Announces Strategic Transactions   [Oct-04-17 05:28PM  Business Wire]
▶ Bruce Berkowitz Buys Washington Prime Group Inc   [Aug-22-17 06:38PM  GuruFocus.com]
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