Washington Prime Group (WPG) suspends common stock dividend.

In response to the COVID-19 pandemic, Washington Prime Group (WPG) announced today that it has suspended its $0.25 quarterly dividend, effective with the second quarter.  WPG also said it may declare "a potential true up of the fourth quarter dividend payment in order to address the Company's REIT taxable income distribution requirements."  Today's press release also noted that WPG has drawn the remaining $130 million on its bank lines to increase cash, as it anticipates "the reality of dramatically reduced rental collections during the next quarter or so."

WPG's portfolio includes a mix of open air centers and enclosed regional malls.  The mall properties are currently closed, but a portion of the open air centers (40% of NOI) "remain open to offer essential goods and services."

Washington Prime Group Inc. (WPG) is an owner of Class-B regional malls and open-air centers in secondary markets throughout the U.S. As of December 31, 2019, the company's portfolio included interests in 107 properties in 29 states with 37 million square feet of owned GLA.