Why Washington Prime Group's Stock Is Trading Lower Today

Washington Prime Group Inc WPG shares are trading lower by 13.4% at $1.45 after the company reported second-quarter earnings results.

Washington Prime Group Inc is a self-managed real estate investment trust that invests in, manages and develops retail properties. The company's portfolio consists of community shopping centers and malls across the United States, with most properties located in Texas, Ohio, Indiana, Illinois and Florida.

Washington Prime Group stated in the report: "During the quarter, the company commenced a voluntary Chapter 11 financial restructuring with a restructuring support agreement (the "RSA") supported by over 70% of its holders of secured and unsecured corporate debt. Due to the pending Chapter 11 cases, the Company is not providing 2021 guidance and will not host an earnings conference call this quarter."

Washington Prime Group has a 52-week high of $16.55 and a 52-week low of $1.25.