Real estate investment trusts (REITs) have proven to be an attractive investment among many investors and one of the major gainers in the sector yesterday was the Washington Prime Group (NYSE: WPG) stock.
The Washington Prime Group stock is involved in malls and although the stock tanked by as low as 88% in January, it has recovered strongly. On Tuesday, the stock rallied by as much as 86% as investors returned to the stock in a big way. While the stock rebounded, it is important to note that in February the company had made a filing with the SEC in which it revealed that it was going to withhold an interest payment of as huge as $23.2 million.
That may have proven to be a negative trigger for the stock since it indicates that Washington Prime might be in some financial strife. Considering that update and the state of the real estate business, it might be a good idea for investors to sit on the sidelines with regards to the Washington Prime stock at this point.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.