Retail REIT Washington Prime Group Diversifying Tenant Base

01/08/2018 | by Sarah Borchersen-Keto

Louis Conforti, CEO and director of retail REIT Washington Prime Group Inc. (NYSE: WPG), joined Nareit for a video interview at REITworld 2017.

Washington Prime was formed in 2014 following a spin-off from Simon Property Group (NYSE: SPG). The company acquired Glimcher Realty Trust in 2015.

Conforti explained that his focus is on “rectifying long-standing ills of the industry” by reversing the over-concentration on certain types of retailers, such as junior fashion and accessories stores.

The goal, according to Conforti, is to “optimize and diversify” Washington Prime’s tenant base. At the same time, activating a mall’s common area is “the holy grail for enclosed assets,” he added.

Companies:

Company name

Simon Property Group, Inc.

Retail

1 Year Total Return

56.35% As of market close 11/06/2024

Stock price

$173.61

You Might Also Like...

What's a REIT?

REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. These real estate companies have to meet a number of requirements to qualify as REITs. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors.

Why Invest in REITs

REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. Their comparatively low correlation with other assets also makes them an excellent portfolio diversifier that can help reduce overall portfolio risk and increase returns. These are the characteristics of real estate investment.

About Nareit

Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. Nareit’s members are REITs and other real estate companies throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses.