WASHINGTON PRIME GROUP INC. (Exact Name of Registrant As Specified in Its Charter)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 7, 2020 WASHINGTON PRIME GROUP INC. (Exact name of Registrant as specified in its Charter)

Indiana 001-36252 46-4323686 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.)

180 East Broad Street Columbus Ohio 43215 (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code (614) 621-9000

N/A

(Former name or former address, if changed since last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below): [☐] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [☐] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [☐] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [☐] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbols Name of each exchange on which registered Common Stock, $0.0001 par value per share WPG New York Stock Exchange 7.5% Series H Cumulative Redeemable Preferred Stock, par value $0.0001 per share WPGPRH New York Stock Exchange 6.875% Series I Cumulative Redeemable Preferred Stock, par value $0.0001 per share WPGPRI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [☐] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] Item 2.02 Results of Operations and Financial Condition. On May 7, 2020, Washington Prime Group Inc. (the “Company” or “Registrant”) issued a news release regarding its results of operations for the three months ended March 31, 2020.

A copy of the news release is furnished with this report as Exhibit 99.1. A copy of the Company's supplemental information for the three months ended March 31, 2020, which is referenced in the news release and available on the Company's website, is furnished with this report as Exhibit 99.2. The information in this Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure. A copy of the “First Quarter 2020 Update” presentation is available on the Registrant’s website (www.washingtonprime.com) and is furnished with this Form 8-K as Exhibit 99.3. The information provided under this Item 7.01 of this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act nor shall it be deemed incorporated by reference into any filing under the Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits. (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Shell company transactions. Not applicable. (d) Exhibits 99.1 News Release of Washington Prime Group Inc., dated May 7, 2020. 99.2 Supplemental Information for the three months ended March 31, 2020. 99.3 First Quarter 2020 Update 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Washington Prime Group Inc. (Registrant)

Date: May 7, 2020 By: /s/ Mark E. Yale Mark E. Yale Executive Vice President and Chief Financial Officer (Principal Financial Officer) Exhibit 99.1

Washington Prime Group Announces First Quarter 2020 Results

COLUMBUS, OH - May 7, 2020 - Washington Prime Group Inc. (NYSE: WPG) today reported financial and operating results for the first quarter ended March 31, 2020. As previously announced, and due to the coronavirus (COVID-19) pandemic, the Company has withdrawn its full-year 2020 guidance issued on February 26, 2020. The Company is not providing updated guidance at this time.

Three Months Ended March 31, 2020 2019 Net income (loss) per diluted share $0.02 $(0.03) FFO per diluted share $0.22 $0.31

A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure are provided in this press release.

First Quarter Financial Results

Net income attributable to common shareholders for the first quarter of 2020 was $3.4 million, or $0.02 per diluted share, compared to a net loss of $5.2 million, or ($0.03) per diluted share, a year ago. The year-over-year (YOY) difference relates primarily to net gains on disposition of interests in properties of $26.8 million, which compares to $10.0 million of such gains during the same quarter a year ago. Offsetting this difference was lower rental income recognized during the first quarter of 2020, due primarily to the negative impact of the 2019 retail bankruptcies of Charlotte Russe, Gymboree, and Payless ShoeSource, as the timing of the store closures occurred towards the end of the first quarter of 2019, in addition to $0.7 million in lower first quarter 2020 percentage and overage rents due to temporary store closures by tenants in March due to COVID-19.

Funds from Operations (FFO) for the first quarter of 2020 was $49.7 million, or $0.22 per diluted share, which compares to $70.1 million, or $0.31 per diluted share, during the same quarter a year ago. The YOY decrease in FFO is primarily attributed to lower gains from sales of outparcels from a year ago of $8.7 million, reductions in comparable net operating income (NOI) of $4.0 million for the portfolio, primarily from the negative impact of retailer bankruptcies, and a $5.0 million reduction in straight-line revenues and mark-to-market amortization, including share of joint venture properties, and higher interest expense of $1.8 million. Included in the aforementioned impact to straight-line revenues in the first quarter of 2020 is a non-cash reserve of $2.6 million associated with the elevated credit risk due to the impact from COVID-19.

Business Highlights

Significant Leasing Progress Prior to COVID-19 Pandemic

◦ Leasing volume during the first quarter of 2020 exhibited a 12% YOY increase totaling 1.4 million square feet (SF); ◦ This follows annual leasing volume of 4.4 million SF, 4.2 million SF, and 4.0 million SF in 2019, 2018 and 2017, respectively, totaling 14 million SF since 2017; ◦ Of the aforementioned 1.4 million SF in the first quarter of 2020, 48% of new leasing was attributable to lifestyle tenancy which includes food, beverage, entertainment, home furnishings, fitness, and professional services; and ◦ The Company continues to incent its leasing and property management professionals in order to further diversify tenancy as illustrated by 40 signed leases qualifying under various incentive programs during the first quarter.

Stable Operating Metrics Prior to COVID-19 Pandemic

◦ Tier One sales PSF increased 5.5% YOY to $423 for the twelve months ending February 29, compared to the prior year; ◦ Tier One occupancy cost improved 50 basis points to a sector leading 11.2% in the first quarter of 2020 from the prior year; ◦ As of March 31, 2020, combined Tier One and Open Air occupancy decreased 90 basis points YOY to 92.9%; ◦ Tier One releasing spreads increased 4.2% in the first quarter of 2020, reflecting the strongest quarterly releasing spread results for Tier One properties with increases of 14.8% and 0.8% for new deals and renewals, respectively; and ◦ First quarter 2020 comparable NOI increased 7.6% for Open Air and decreased 7.2% for Tier One, resulting in a combined decrease of 3.0%, a sequential quarterly improvement of 160 basis points from the fourth quarter of 2019.

Progress, Actions and Initiatives During the COVID-19 Pandemic

◦ While 57% of the Company’s assets have remained fully or partially open during COVID-19, a robust effort has been underway to ensure an optimal transition for the full reopening of all assets. Such efforts include tenant discussion forums as well as a comprehensive Reopening Processes and Best Practices Manual which addresses every aspect of the business including leasing, property management, operations, marketing, technology, social media, etc.; ◦ Of the Company’s 99 properties, 43 enclosed assets were temporarily closed due to COVID-19, of which 23 properties are scheduled to be reopened by the middle of May 2020; ◦ The remaining 56 properties are categorized as Open Air or have an open air lifestyle format and have remained open to provide essential goods and services to the extent permitted by law; ◦ The Company recently drew ~$120M from its credit facility in order to further buttress our cash position; ◦ Of the 18 adaptive reuse projects addressed, the Company has held discussions with the respective tenancy and every single one is committed to open, albeit six have been delayed to 4Q 20 or into 2021; ◦ Illustrating continued tenant demand of the Company’s town centers, during the months of March and April of 2020, 85 leases were signed totaling 624,852 SF; ◦ Through May 7, 2020, the Company has collected ~30% of contractual base rent and charges for April 2020. This is comprised of a ~25% collection rate for Enclosed properties and ~50% for Open Air properties. Based upon ongoing conversations with tenants that have yet to pay April rent, the Company expects the collection percentage to improve for the month of April 2020; ◦ As of May 4, 2020, the Company has addressed ~11% of the total amount of contractual rent for 2Q 20 through lease modifications. Based upon these modifications, the Company expects to collect ~45% of contractual base rent and charges for 2Q 20, while deferring ~45% and abating the remaining ~10% for these specific deals; ◦ The Company recently launched Fulventory (view here), a proprietary initiative which allows tenants to utilize space within Washington Prime Group assets for last mile fulfilment and BOPIS (buy online and pickup in store), as well as inventory clearance; and ◦ Such industry leading initiatives as WPG Cares (view here) and Open for Small Business (view here) have been exemplary regarding the Company serving as a community and tenant resource. WPG Cares has participated in over 175 community service projects; Open for Small Business has hosted over 15 complimentary webinars attended by hundreds of participants; and Well Picked Goods has benefitted the Company’s tenancy during asset closures via digital merchandise curation and an in store gift card promotion when reopening occurs.

Lou Conforti, CEO and Director of Washington Prime Group, Commentary:

“We’re going to skip the usual practice of an earnings conference call this quarter for the simple reason we’re too busy doing what we’re supposed to be doing. For all of those who look forward to my few well-placed swear words and a musical reference or two I promise we’ll be back next quarter with a vengeance.

“The coronavirus pandemic, beyond the devastating global health consequences, has inflicted unprecedented, social, psychological and economic hardship upon all of us. While nearly impossible to glean any positive consequences, I’ve actually witnessed acts which serve as a testament to the compassion of my WPG colleagues. Whether those on the front line or support from their corporate counterparts, the collective response to this national emergency has been a source of inspiration. This has manifested itself via philanthropic, operational and financial measures all of which exhibit our singularly focused objective of serving our demographic constituencies. As such, we have demonstrated our commitment to act as a vital resource in ways which transcend beyond the selling of goods and services.

“While this exogenous shock has been dramatic to say the least… there will be a return to normalcy. In this regard, we’re preparing for business as usual…and don’t forget, our usual is anything but. With this in mind, I thought it’d be helpful to summarize what we’re doing from an operational, financial and philanthropic perspective.”

Operational Activities

“Prior to COVID-19 fully rearing its ugly head in March, we continued to materially improve upon our Tier One and Open Air operating metrics such as comparable NOI growth, sales PSF, occupancy cost and leasing volume. Take a look at the statistics presented above, all of which point to the foundational underpinning upon which will inure to our benefit as marketplace stabilization occurs.

“Just to remind everybody for the umpteenth time, our open air ‘plus’ assets (when including nine Tier One properties with an open air lifestyle format) comprise ~40% of total NOI. Take a look at these in our most recent investor presentation and calculate for yourselves the standalone valuation of this one segment of our NOI. Furthermore, ~75% of what we report as enclosed in our supplemental operating metrics has an open air component. This is the hybrid format objective we have been fulfilling over the previous four years and our continually improving operating metrics evidences its success.

“While the Company maintains its commitment to complete announced redevelopment projects, we have deferred a portion of the capital spend into 2021 due to tenants’ decisions to open locations later than originally planned. We anticipate our share of redevelopment costs to be ~$80M for the remainder of 2020, which includes additions such as FieldhouseUSA, HomeGoods, Ross Dress for Less, SCHEELS All Sports and T.J. Maxx among others. Further, we have resolved 18, or 64%, of the 28 department stores of which we have control. To repeat myself, every one of these tenants remains committed to opening.

“We have recognized the importance of having a robust fulfillment component for merchandise as well as food and beverage and have for the previous quarter or so been working to provide this amenity to our guests. As such, we are pleased to announce a collaboration with City Storage Systems, LLC to provide a turnkey solution of in house dining, pickup and delivery. We have three initial locations under letter of intent and have a dozen or so more assets which will benefit from their innovative approach with respect to eat in and delivery dining options.

“As it relates to fulfillment of merchandise, we have just announced Fulventory (view here), our proprietary initiative which allows tenants to utilize space within our assets for local and regional last mile fulfillment as well as for inventory clearance. As BOPIS and BORIS (buy online and return in store) continue to gain traction with our guests, Fulventory captures the nexus between physical space and eCommerce and advances the symbiotic relationship which exists between the two.”

Financial and Liquidity Measures

“As stated previously, even when taking into account the reality of dramatically reduced rental collection during the second and third quarters of 2020, WPG anticipates having the ability to self fund its current financial obligations during 2020 and assumptions are more fully discussed in our Form 10-Q . We’ve stress tested cash flow projections for a variety of tenant ‘ramp up’ and deferred payment scenarios. Note, these include delivery of projects currently under construction to the extent a tenant still anticipates opening during the latter half of the year.

“Notwithstanding this self-funding capability, we deemed it prudent to recently draw ~$120M from our revolving credit facility in order to further buttress our cash position. As the preservation of cash is of utmost importance, we previously announced several proactive steps taken to preserve liquidity including the Board’s decision to temporarily suspend the quarterly cash dividend for common shares and operating partnership units throughout the remainder of the year with a potential true up dividend payment during the fourth quarter of 2020 in order to address the Company’s REIT taxable income distribution requirements.

“When factoring in our April drawdown of the credit facility, as of May 1, 2020, we had ~$150M of cash on hand including our share of joint venture cash. Our base cash flow scenario assumes significant disruption in terms of revenue collections during the second quarter of this year with our assets either closed or operating at low levels through May with a ramp up starting in June. This results in a 35% to 40% collection rate of budgeted revenue for the full quarter supported by a nearly 30% actual collection rate across our portfolio in April. Partially offsetting these shortfalls are lower cash property and corporate expenses of just under 60% of budget for the quarter.

“In terms of the second half of the year, we have addressed key variables including rent collection rates and cash operating expenses along with assumptions for property capex, redevelopment and non-core asset sales. We have also factored in contractual debt service for the remainder of the year. Our base case has us finishing 2020 with $150M to $175Mof cash on hand, thus giving the Company ample cushion to address any downside scenarios.”

Cost Saving Actions

“The national emergency we all face has prompted WPG to take necessary measures regarding corporate overhead and other cost saving measures. This has translated into a combination of furloughs and layoffs impacting ~20% of our workforce, field and corporate. This belt tightening also includes a temporary freeze on hiring, terminating third party vendor contracts when applicable, and suspending WPG’s paid internship program for 2020. In addition, executive and senior management temporarily reduced their base salary compensation in a range of 5% to 25%.”

WPG Cares: Proactively serving as a Community Resource

“I recently sent a letter offering up our assets and services to over 600 local, state, federal as well as nonprofit agencies combating COVID-19. To date, Washington Prime Group has performed ~175 community service projects (view highlights here) including serving as distribution centers for medical supplies, the hosting of COVID-19 testing stations, providing space for food depository as well as other important immediate response actions. I’m pleased to report participation of assets with onsite management is nearly one hundred percent.”

Open for Small Business Initiative

“Small business not only is a major driver of the US economy and a meaningful percentage of our Company’s revenue, these local entrepreneurs provide flavor, literally and figuratively. It’s important we work with them regarding such measures as standardization of lease modification agreements; education via webinar on how to access SBA as well as other agency and nonprofit programs; as well as providing continuing education to improve upon their business once they reopen.

“With these objectives in mind, we created Open for Small Business (view website here) in conjunction with the University of Chicago’s Institute for Justice Clinic on Entrepreneurship and University of Chicago faculty including Nobel Laureate Richard Thaler, Freakonomics author Steven Levitt and Institute Director Elizabeth Kregor. This resource is being made available to all small businesses whether or not they are a WPG tenant simply because it’s the right thing to do.”

Corporate Financial Assistance

“We are also exploring every possible manner by which we as well as our tenants, sponsors and guests are able to benefit from current and prospective economic stimulus packages, e.g. CARES Act. We’ve addressed relevant issues with government officials, lobbyists, et. al. and have written numerous letters explaining (and quantifying) the local and regional economic contribution of our assets. In many instances, property and sales tax revenue generated from a WPG asset is essential to the municipality where it’s located. There’s also the second order GDP impact relating to revenue repatriation from our tenant’s employees as these folks generally eat, shop, play and reside where they work.”

Tenant, Sponsor and Guest Communication

“We are in constant contact with our tenants, sponsors and guests regarding everything from closure updates to reopening procedures when the time comes. In this regard we are hosting tenant forums whereby ideas are exchanged as we appreciate reopening is going to be an incremental process as it is imperative we safeguard the health of all those who contribute to the dynamic nature of our assets. This transition must also assuage the psychological concerns which will surely exist as a result of the national emergency resulting from COVID-19. We have made our comprehensive Reopening Processes and Best Practices Guide available to all of our tenants. The objective is to prepare for the reopening of our assets whereby every aspect is addressed including leasing, property management, operations, marketing, technology, social media, etc.

“In order to make certain our tenancy remains front and center with respect to the consumer, we have also introduced Well Picked Goods (view examples here, here, here and here), a weekly digital curation of local and national merchandise selected by the local management of a featured town center which includes an in store gift card promotion when tenants reopen.

“Stay healthy and strong, and we’ll continue to grind it out and serve as sector leaders as we proactively transform our assets as well as deal with COVID-19. By the way, have I mentioned our open air ‘plus’ assets comprise ~40% of total NOI and the vast majority are considered high quality?”

Unsecured Debt

On March 2, 2020, the Company repaid in full the $250 million senior unsecured notes that was scheduled to mature in April 2020. The senior unsecured notes reflected the Company’s only unsecured debt maturity through the end of 2022.

While in compliance with the Company’s unsecured debt covenants as of March 31, 2020, with the continued uncertainty regarding how quickly tenants will be able to stabilize after the unprecedented temporary store closures, there is a heightened risk regarding the Company’s ability to remain compliant with financial covenants in several of its unsecured debt arrangements going forward. Based upon recent conversations with the Company’s unsecured creditors, the Company believes that, to the extent that the impact of COVID-19 results in potential non-compliance, the Company will be able to remain compliant with such covenants through some combination of waivers, modifications or other amendments to the related agreements. However, no assurances can be made in this regard, and if the Company is unable to agree on the terms of such waivers or changes, this could create substantial doubt about its ability to continue as a going concern through May 7, 2021. Mortgage Loans

On April 3, 2020, the Company exercised the third of three options to extend the maturity of the $65.0 million term loan secured by Weberstown Mall, located in Stockton, California, for one year. The extended maturity date is June 8, 2021.

On March 13, 2020, the mortgage loan secured by Seminole Towne Center, located in Sanford, Florida, was extinguished upon the asset being transitioned to the lender pursuant to the terms within a deed-in-lieu of foreclosure agreement. Upon transition, all involvement between the Company and the property ceased, and the Company recognized a gain of approximately $15.4 million due to the unconsolidated investment being carried on the Company’s balance sheet in a credit position, which is included in gain on disposition of interests in properties, net in the accompanying consolidated statements of operations and comprehensive loss for the first quarter of 2020.

When looking at the remaining 2020 secured debt maturities involving Grand Central Mall, located in Vienna, West Virginia, and Port Charlotte Town Center, in Port Charlotte, Florida, the Company believes, based upon current conversations with the respective servicers, that it will be able to execute short term extensions on each mortgage allowing the Company to address longer term solutions once the current level of uncertainty has cleared.

Dispositions

On January 31, 2020, the Company completed the sale of DeKalb Plaza in King of Prussia, Pennsylvania to an unaffiliated private real estate investor for a purchase price of $13.6 million.

On January 14, 2020, The Company completed the sale of Matteson Plaza in Matteson, Illinois to an unaffiliated private real estate investor for a purchase price of $1.1 million.

The net proceeds from the disposition activities were used for ongoing redevelopment and general corporate purposes. In connection with the first quarter 2020 dispositions the Company recorded a net gain of $11.3 million, which is included in gain on disposition of interests in properties, net in the accompanying consolidated statements of operations and comprehensive loss for the quarter.

Earnings Call and Webcast

Due to the unprecedented uncertainty from the COVID-19 pandemic, the Company will not hold a first quarter earnings conference call. However, the Company expects to resume hosting its earnings conference call in subsequent quarters.

Supplemental Information

For additional details on the Company’s results and properties, please refer to the Supplemental Information report on the investor relations section of the Company’s website. This release as well as the supplemental information have been furnished to the Securities and Exchange Commission (SEC) in a Form 8-K.

About Washington Prime Group

Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group® is a registered trademark of the Company. Learn more at www.washingtonprime.com.

Contacts

Lisa A. Indest, CAO & EVP, Finance, 614.887.5844 or [email protected] Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or [email protected]

Non-GAAP Financial Measures

This press release includes FFO and NOI, including same property NOI growth, which are financial performance measures not defined by generally accepted accounting principles in the United States (GAAP). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release. FFO and comparable NOI growth are financial performance measures widely used by securities analysts, investors and other interested parties in the evaluation of REITs. The Company believes that FFO provides investors with additional information regarding operating performance and a basis to compare the Company’s performance with that of other REITs.

The Company uses FFO in addition to net income to report operating results. We determine FFO based on the definition set forth by the National Association of Real Estate Investment Trusts (NAREIT) as net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items and cumulative effects of accounting changes, excluding gains and losses from the sales or disposals of previously depreciated retail operating properties, excluding impairment charges of depreciable real estate, plus the allocable portion of FFO of unconsolidated entities accounted for under the equity method of accounting based upon economic ownership interest.

NOI is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. NOI represents total property revenues less property operating and maintenance expenses. Accordingly, NOI excludes certain expenses included in the determination of net income such as corporate general and administrative expense and other indirect operating expenses, interest expense, impairment charges and depreciation and amortization expense. These items are excluded from NOI in order to provide results that are more closely related to a property’s results of operations. In addition, the Company’s computation of same property NOI excludes termination income and income from outparcel sales. The Company also adjusts for other miscellaneous items in order to enhance the comparability of results from one period to another. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property’s performance. Real estate asset related depreciation and amortization, as well as impairment charges, are excluded from NOI for the same reasons that they are excluded from FFO pursuant to NAREIT’s definition.

Non-GAAP financial measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental to financial results presented in accordance with GAAP. Investors should understand that the Company’s computation of these non-GAAP measures might not be comparable to similar measures reported by other REITs and that these non-GAAP measures do not represent cash flow from operations as defined by GAAP, should not be considered as alternatives to net income determined in accordance with GAAP as a measure of operating performance and are not alternatives to cash flows as a measure of liquidity. Investors are cautioned that items excluded from these measures are significant components in understanding and addressing financial performance. Reconciliations of these measures are included in the press release.

Regulation Fair Disclosure (FD)

The Company routinely posts important information online on the investor relations section of the corporate website. The Company uses this website, press releases, SEC filings, conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. The Company encourages members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through the Company’s website is not incorporated by reference into, and is not a part of, this document.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 which represent the current expectations and beliefs of management of Washington Prime Group Inc. (“WPG”) concerning the proposed transactions, the anticipated consequences and benefits of the transactions and the targeted close date for the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to anticipated financial and operating results, the Company’s plans, objectives, expectations and intentions, cost savings and other statements, including words such as “anticipate,” “believe,” “confident,” “plan,” “estimate,” “expect,” “intend,” “will,” “should,” “may,” and other similar expressions. Such statements are based upon the current beliefs and expectations of WPG’s management, and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WPG to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, without limitation: changes in asset quality and credit risk; ability to sustain revenue and earnings growth; changes in political, economic or market conditions generally and the real estate and capital markets specifically; the impact of increased competition; the availability of capital and financing; tenant or joint venture partner(s) bankruptcies; the failure to increase store occupancy and same-store operating income; risks associated with the acquisition, disposition, (re)development, expansion, leasing and management of properties; changes in market rental rates; trends in the retail industry; relationships with anchor tenants; risks relating to joint venture properties; costs of common area maintenance; competitive market forces; the level and volatility of interest rates; the rate of revenue increases as compared to expense increases; the financial stability of tenants within the retail industry; the restrictions in current financing arrangements or the failure to comply with such arrangements; the liquidity of real estate investments; the impact of changes to tax legislation and WPG’s tax positions; losses associated with closures, failures and stoppages associated with the spread and proliferation of the coronavirus (COVID-19) pandemic; to qualify as a real estate investment trust; the failure to refinance debt at favorable terms and conditions; loss of key personnel; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; possible restrictions on the ability to operate or dispose of any partially-owned properties; the failure to achieve earnings/funds from operations targets or estimates; the failure to achieve projected returns or yields on (re)development and investment properties (including joint ventures); expected gains on debt extinguishment; changes in generally accepted accounting principles or interpretations thereof; terrorist activities and international hostilities; the unfavorable resolution of legal or regulatory proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; changes in LIBOR reporting practices or the method in which LIBOR is determined; and other risks and uncertainties, including those detailed from time to time in WPG’s statements and periodic reports filed with the Securities and Exchange Commission, including those described under “Risk Factors”. The forward-looking statements in this communication are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG undertakes no obligation to update or revise any forward-looking statements to reflect new information, subsequent events or circumstances. Actual results may differ materially from current projections, expectations, and plans, if any. Investors, potential investors and others should give careful consideration to these risks and uncertainties.

### CONSOLIDATED STATEMENTS OF OPERATIONS Washington Prime Group Inc. (Unaudited, dollars in thousands, except per share data)

Three Months Ended March 31,

2020 2019 Revenue: Rental income $ 147,233 $ 163,273 Other income 5,367 5,550 Total revenues 152,600 168,823

Expenses: Property operating (37,280) (39,429) Real estate taxes (20,252) (22,114) Advertising and promotion (1,804) (1,893) Total recoverable expenses (59,336) (63,436) Depreciation and amortization (59,704) (66,378) General and administrative (12,264) (14,125) Ground rent (122) (203) Impairment loss (1,319) — Total operating expenses (132,745) (144,142)

Interest expense, net (38,635) (36,830) Gain on disposition of interests in properties, net 26,755 9,990 Income and other taxes 617 (356) Loss from unconsolidated entities, net (1,032) (48) Net income (loss) 7,560 (2,563) Net income (loss) attributable to noncontrolling interests 677 (896) Net income (loss) attributable to the Company 6,883 (1,667) Less: Preferred share dividends (3,508) (3,508) Net income (loss) attributable to common shareholders $ 3,375 $ (5,175)

Earnings (loss) per common share, basic and diluted $ 0.02 $ (0.03)

CONSOLIDATED BALANCE SHEETS Washington Prime Group Inc. (Unaudited, dollars in thousands)

March 31, December 31, 2020 2019 Assets: Investment properties at cost $ 5,766,124 $ 5,787,126 Construction in progress 152,509 115,280 5,918,633 5,902,406 Less: accumulated depreciation 2,411,754 2,397,736 3,506,879 3,504,670

Cash and cash equivalents 39,614 41,421 Tenant receivables and accrued revenue, net 81,271 82,762 Investment in and advances to unconsolidated entities, at equity 416,949 417,092 Deferred costs and other assets 202,081 205,034 Total assets $ 4,246,794 $ 4,250,979

Liabilities: Mortgage notes payable $ 1,111,344 $ 1,115,608 Notes payable 708,420 957,566 Unsecured term loans 686,926 686,642 Revolving credit facility 524,430 204,145 Other indebtedness 97,907 97,601 Accounts payable, accrued expenses, intangibles, and deferred revenues 242,904 260,904 Distributions payable 3,323 3,252 Cash distributions and losses in unconsolidated entities, at equity — 15,421 Total liabilities 3,375,254 3,341,139

Redeemable noncontrolling interests 3,265 3,265

Equity: Stockholders' equity Series H cumulative redeemable preferred stock 104,251 104,251 Series I cumulative redeemable preferred stock 98,325 98,325 Common stock 19 19 Capital in excess of par value 1,257,040 1,254,771 Accumulated deficit (675,935) (655,492) Accumulated other comprehensive loss (18,588) (5,525) Total stockholders' equity 765,112 796,349 Noncontrolling interests 103,163 110,226 Total equity 868,275 906,575 Total liabilities, redeemable noncontrolling interests and equity $ 4,246,794 $ 4,250,979 RECONCILIATION OF FUNDS FROM OPERATIONS INCLUDING PRO-RATA SHARE OF UNCONSOLIDATED PROPERTIES Washington Prime Group Inc. (Unaudited, dollars in thousands, except per share data)

Three Months Ended March 31, 2020 2019 Funds from Operations ("FFO"): Net income (loss) $ 7,560 $ (2,563) Less: Preferred dividends and distributions on preferred operating partnership units (3,568) (3,568) Real estate depreciation and amortization, including joint venture impact 69,769 76,214 Gain on disposition of interests in properties, net including impairment loss (24,110) — FFO $ 49,651 $ 70,083

Weighted average common shares outstanding - diluted 224,550 223,208

FFO per diluted share $ 0.22 $ 0.31 RECONCILIATION OF NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES INCLUDING PRO-RATA SHARE OF UNCONSOLIDATED PROPERTIES Washington Prime Group Inc. (Unaudited, dollars in thousands)

Three Months Ended March 31, 2020 2019 Variance $

Reconciliation of Comp NOI to Net Income (Loss): Net Income (loss) $ 7,560 $ (2,563) $ 10,123

Loss from unconsolidated entities 1,032 48 984 Income and other taxes (617) 356 (973) Gain on disposition of interests in properties, net (26,755) (9,990) (16,765) Interest expense, net 38,635 36,830 1,805 Operating Income 19,855 24,681 (4,826)

Depreciation and amortization 59,704 66,378 (6,674) Impairment loss 1,319 — 1,319 General and administrative 12,264 14,125 (1,861) Fee income (2,186) (2,747) 561 Management fee allocation — 5 (5) Pro-rata share of unconsolidated joint ventures in comp NOI 17,402 17,452 (50) Property allocated corporate expense 4,754 4,124 630 Non-comparable properties and other (1) 2,589 (52) 2,641 NOI from sold properties (93) (1,481) 1,388 Termination income (79) (786) 707 Straight-line rents (915) (1,132) 217 Ground lease adjustments for straight-line and fair market value 5 5 — Fair market value and inducement adjustments to base rents (985) (2,900) 1,915 Less: Tier 2 and noncore properties (2) (10,251) (11,137) 886 Comparable NOI - Tier 1 and Open Air properties $ 103,383 $ 106,535 $ (3,152) Comparable NOI percentage change - Tier 1 and Open Air properties -3.0 %

(1) Represents an adjustment to remove the NOI amounts from properties not owned and operated in all periods presented, certain non-recurring expenses (such as hurricane related expenses), as well as material insurance proceeds and other non-recurring income received in the periods presented. This also includes adjustments related to the rents from the outparcels sold to Four Corners.

(2) NOI from the Tier 2 and noncore properties held in each period presented.

SAFE HARBOR: Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. Investors should consult the Company's filings with the Securities and Exchange Commission for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest.

Table of Contents

Page Financial Statement Data Consolidated statements of operations (unaudited) 1 Consolidated balance sheets (unaudited) 2 Supplemental balance sheet detail 3 Components of rental income, other income and corporate overhead 4 Reconciliation of funds from operations - including pro-rata share of unconsolidated properties 5 Reconciliation of net operating income growth for comparable properties - including pro-rata share of unconsolidated properties 6

Debt Information Summary of debt 7 EBITDAre and key balance sheet metrics 8

Operational Data Operating metrics 9 Leasing results and base rent psf 10 Releasing spreads 11 Top 10 tenants 12 Lease expirations 13

Development Activity Capital expenditures 14 Redevelopment projects 15 Department store repositioning status 16

Property Information Property information 17-19

Other Non-GAAP pro-rata financial information 20 Proportionate share of unconsolidated properties - statements of operations (unaudited) 21 Proportionate share of unconsolidated properties - balance sheet (unaudited) 22 Glossary of terms 23

CONSOLIDATED STATEMENTS OF OPERATIONS Washington Prime Group Inc. (Unaudited, dollars in thousands, except per share data)

Three Months Ended March 31, 2020 2019

Revenue: Rental income (see components on page 4) $ 147,233 $ 163,273 Other income (see components on page 4) 5,367 5,550 Total revenues 152,600 168,823

Interest expense, net (38,635) (36,830) Gain on disposition of interests in properties, net 26,755 9,990 Income and other taxes 617 (356) Loss from unconsolidated entities, net (1,032) (48)

Net income (loss) 7,560 (2,563) Net income (loss) attributable to noncontrolling interests 677 (896) Net income (loss) attributable to the Company 6,883 (1,667) Less: Preferred share dividends (3,508) (3,508) Net income (loss) attributable to common shareholders $ 3,375 $ (5,175)

Earnings (loss) per common share, basic and diluted $ 0.02 $ (0.03)

SUPPLEMENTAL INFORMATION | 1 CONSOLIDATED BALANCE SHEETS Washington Prime Group Inc. (Unaudited, dollars in thousands)

Cash and cash equivalents 39,614 41,421 Tenant receivables and accrued revenue, net (see components on page 3) 81,271 82,762 Investment in and advances to unconsolidated entities, at equity 416,949 417,092 Deferred costs and other assets (see components on page 3) 202,081 205,034 Total assets $ 4,246,794 $ 4,250,979

Liabilities: Mortgage notes payable $ 1,111,344 $ 1,115,608 Notes payable 708,420 957,566 Unsecured term loans 686,926 686,642 Revolving credit facility 524,430 204,145 Other Indebtedness 97,907 97,601 Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3) 242,904 260,904 Distributions payable 3,323 3,252 Cash distributions and losses in unconsolidated entities, at equity — 15,421 Total liabilities 3,375,254 3,341,139

Redeemable noncontrolling interests 3,265 3,265

Equity: Stockholders' equity Series H Cumulative Redeemable Preferred Stock 104,251 104,251 Series I Cumulative Redeemable Preferred Stock 98,325 98,325 Common stock 19 19 Capital in excess of par value 1,257,040 1,254,771 Accumulated deficit (675,935) (655,492) Accumulated other comprehensive loss (18,588) (5,525) Total stockholders' equity 765,112 796,349 Noncontrolling interests 103,163 110,226 Total equity 868,275 906,575 Total liabilities, redeemable noncontrolling interests and equity $ 4,246,794 $ 4,250,979

SUPPLEMENTAL INFORMATION | 2 SUPPLEMENTAL BALANCE SHEET DETAIL Washington Prime Group Inc. (unaudited, dollars in thousands)

March 31, December 31, 2020 2019

Tenant receivables and accrued revenue, net: Straight-line receivable, net of reserve $ 40,235 $ 42,061 Tenant receivable 13,393 10,227 Unbilled receivables and other 40,177 41,988 Allowance for doubtful accounts, net (12,534) (11,514) Total $ 81,271 $ 82,762

Deferred costs and other assets: Deferred leasing and corporate improvements, net $ 48,927 $ 53,729 In place lease intangibles, net 25,359 27,538 Acquired above market lease intangibles, net 12,334 13,419 Right of use asset 12,497 12,915 Mortgage and other escrow deposits 35,202 34,054 Seller financing receivable (1) 55,000 55,000 Prepaids, notes receivable and other assets, net 12,762 8,379 Total $ 202,081 $ 205,034

Accounts payable, accrued expenses, intangibles and deferred revenues: Accounts payable and accrued expenses $ 162,180 $ 165,469 Below market lease intangibles, net 52,694 54,885 Lease liability 12,497 12,915 Deferred revenues and deposits 15,533 27,635 Total $ 242,904 $ 260,904

(1) Relates to loan provided to Mall Ground Portfolio, LLC for the Perennial ground lease of Edison Mall, Great Lakes Mall, Irving Mall, and Jefferson Valley Mall on October 10, 2019.

SUPPLEMENTAL INFORMATION | 3 COMPONENTS OF RENTAL INCOME, OTHER INCOME AND CORPORATE OVERHEAD Washington Prime Group Inc. (unaudited, dollars in thousands)

Three Months Ended March 31, 2020 2019

Components of Rental Income: Base rent $ 103,689 $ 109,793 Mark-to-market adjustment 1,106 2,906 Straight-line rents 915 1,132 Temporary tenant rents 3,390 3,804 Overage rent 2,281 2,378 Tenant reimbursements 41,064 45,454 Lease termination income 79 786 Change in estimate of collectibility of rental income (5,291) (2,980) Total Rental Income $ 147,233 $ 163,273

Components of Other Income: Sponsorship and other ancillary property income $ 1,692 $ 1,755 Fee income 2,186 2,747 Other 1,489 1,048 Total Other Income $ 5,367 $ 5,550

Components of Corporate Overhead: General & administrative - other, inclusive of internal leasing costs $ 12,264 $ 14,125 Internal corporate overhead allocated to operating expense 6,398 5,653 Total Corporate Overhead $ 18,662 $ 19,778

SUPPLEMENTAL INFORMATION | 4 RECONCILIATION OF FUNDS FROM OPERATIONS Including Pro-Rata Share of Unconsolidated Properties Washington Prime Group Inc. (unaudited, dollars in thousands, except per share data)

Weighted average common shares outstanding - diluted 224,550 223,208

FFO per diluted share $ 0.22 $ 0.31

Non-cash items included in FFO: Non-cash stock compensation expense $ 1,866 $ 1,815 Straight-line adjustment as an increase to minimum rents (1) $ 590 $ 1,487 Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1) $ 479 $ 484 Fair value of debt amortized as a decrease to interest expense (1) $ 925 $ 924 Loan fee amortization and bond discount (1) $ 1,862 $ 1,787 Mark-to-market/inducement adjustment as a net increase to base rents (1) $ 2,238 $ 4,291 Non-real estate depreciation (1) $ 2,324 $ 2,405

(1) Includes the pro-rata share of the joint venture properties.

SUPPLEMENTAL INFORMATION | 5 RECONCILIATION OF NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES Including Pro-Rata Share of Unconsolidated Properties Washington Prime Group Inc. (unaudited, dollars in thousands)

Three Months Ended March 31,

2020 2019 Variance $

Reconciliation of Comp NOI to Net Income (Loss):

Net Income (loss) $ 7,560 $ (2,563) $ 10,123

Loss from unconsolidated entities 1,032 48 984

Income and other taxes (617) 356 (973)

Gain on disposition of interests in properties, net (26,755) (9,990) (16,765)

Interest expense, net 38,635 36,830 1,805

Operating Income 19,855 24,681 (4,826)

Depreciation and amortization 59,704 66,378 (6,674)

Impairment loss 1,319 — 1,319

General and administrative 12,264 14,125 (1,861)

Fee income (2,186) (2,747) 561

Management fee allocation — 5 (5)

Pro-rata share of unconsolidated joint ventures in comp NOI 17,402 17,452 (50)

Property allocated corporate expense 4,754 4,124 630

Non-comparable properties and other (1) 2,589 (52) 2,641

NOI from sold properties (93) (1,481) 1,388

Termination income (79) (786) 707

Straight-line rents (915) (1,132) 217

Ground lease adjustments for straight-line and fair market value 5 5 —

Fair market value and inducement adjustments to base rents (985) (2,900) 1,915

Less: Tier 2 and noncore properties (2) (10,251) (11,137) 886

Comparable NOI - Tier 1 and Open Air properties $ 103,383 $ 106,535 $ (3,152)

Comparable NOI percentage change - Tier 1 and Open Air properties -3.0 %

(2) NOI from the Tier 2 and noncore properties held in each period presented.

Three Months Ended March 31,

2020 2019 Variance $ Variance %

Comparable Property Net Operating Income (Comp NOI)

Revenue:

Minimum rent $ 110,913 $ 113,464 $ (2,551) -2.2 %

Overage rent 2,414 2,806 (392) -14.0 %

Tenant reimbursements 44,201 45,009 (808) -1.8 %

Change in estimate of collectibility of rental income (2,877) (2,278) (599) -26.3 %

Other 2,408 1,770 638 36.0 %

Total revenue 157,059 160,771 (3,712) -2.3 %

Expenses:

Recoverable expenses - operating (31,346) (31,462) 116 0.4 %

Recoverable expenses - real estate taxes (21,115) (21,568) 453 2.1 %

Ground rent (1,215) (1,206) (9) -0.7 %

Total operating expenses (53,676) (54,236) 560 1.0 %

Comp NOI - Excluding Tier 2 and Noncore properties $ 103,383 $ 106,535 $ (3,152) -3.0 %

Comp NOI - Tier 1 enclosed retail properties $ 70,737 $ 76,186 $ (5,449) -7.2 %

Comp NOI - Open Air properties $ 32,646 $ 30,349 $ 2,297 7.6 %

SUPPLEMENTAL INFORMATION | 6 SUMMARY OF DEBT Washington Prime Group Inc. (dollars in thousands)

Total Debt, Including Total Debt, Including WPG Share of Weighted Total Debt WPG Share of Total Debt Unconsolidated Mortgage Weighted Weighted Avg. as of Unconsolidated Entities as of Entities as of Schedule of Debt Avg. Unsecured Avg. Interest Total Debt Interest 3/31/2020 as of 3/31/2020 12/31/2019 12/31/2019 Maturities by Year (1) Maturities Interest Rate Maturities Rate Maturities Rate

Consolidated debt: Total debt, including WPG share of unconsolidated entities but excluding other indebtedness:

Mortgage debt

Fixed $ 1,048,242 $ 1,048,242 $ 1,052,242 $ 1,052,242 2020 $ 79,476 5.7% $ — $ 79,476 5.7%

Variable 65,000 65,000 65,000 65,000 2021 304,261 4.4% — 304,261 4.4%

Debt issuance costs (4,785) (4,785) (5,097) (5,097) 2022 128,881 4.4% 877,000 3.4% 1,005,881 3.5%

Fair value debt adjustments 2,887 2,887 3,463 3,463 2023 62,519 4.5% 340,000 4.1% 402,519 4.1%

Total mortgage debt 1,111,344 1,111,344 1,115,608 1,115,608 2024 285,718 4.7% 720,900 6.5% 1,006,618 6.0%

2025 367,650 3.9% — 367,650 3.9%

Unsecured debt 2026 12,279 4.3% — 12,279 4.3%

Credit facility 527,000 527,000 207,000 207,000 2027 192,909 4.3% — 192,909 4.3%

Term loans 690,000 690,000 690,000 690,000 2028 — 0.0% — — 0.0%

Bonds payable 720,900 720,900 970,900 970,900 2029 294,864 4.4% — 294,864 4.4%

Debt issuance costs & discounts (18,124) (18,124) (19,547) (19,547) 2030 — 0.0% — — 0.0%

Total unsecured debt 1,919,776 1,919,776 1,848,353 1,848,353 Thereafter 1,885 4.7% — 1,885 4.7% Fair value,debt issuance cost, and debt Total mortgage and unsecured debt 3,031,120 3,031,120 2,963,961 2,963,961 discount adjustments (386) (18,124) (18,510)

Other indebtedness, net of issuance costs (2) 97,907 97,907 97,601 97,601 Total debt $ 1,730,056 4.4% $ 1,919,776 4.7% $ 3,649,832 4.6%

Total consolidated debt $ 3,129,027 $ 3,129,027 $ 3,061,562 $ 3,061,562

(1) Includes extension options

Unconsolidated debt: Weighted Mortgage loans payable $ 1,224,505 $ 617,200 $ 1,278,946 $ 618,075 Mortgage Weighted Weighted Avg. Schedule of Debt Avg. Unsecured Avg. Interest Total Debt Interest Debt issuance costs (4,145) (2,113) (4,432) (2,206) Maturities by Year (1) Maturities Interest Rate Maturities Rate Maturities Rate

Fair value debt adjustments 7,107 3,625 7,793 3,974

Total unconsolidated debt $ 1,227,467 $ 618,712 $ 1,282,307 $ 619,843 Total consolidated debt excluding other indebtedness:

Total debt: $ 4,356,494 $ 3,747,739 $ 4,343,869 $ 3,681,405 2020 $ 79,476 5.7% $ — $ 79,476 5.7% (2) The Company has a seller financing receivable of $55 million with Mall Ground Portfolio, LLC that offsets the $97.9 million indebtedness for a net balance of $42.9 million. 2021 268,208 4.3% — 268,208 4.3%

2022 128,881 4.4% 877,000 3.4% 1,005,881 3.5% % of Total Debt Weighted Avg. Weighted 2023 56,095 4.7% 340,000 4.1% 396,095 4.1% as of Our Share of Total Debt Interest Avg. Years 3/31/20 as of 3/31/20 Rate to Maturity 2024 285,718 4.7% 720,900 6.5% 1,006,618 6.0%

Consolidated debt excluding other indebtedness: 2025 — —

Fixed 77% $ 2,344,764 5.2% 4.0 2026 — —

Variable 23% 686,356 2.9% 2.6 2027 — —

Total Consolidated (3) 100% $ 3,031,120 4.7% 3.7 2028 — —

2029 294,864 4.4% 294,864 4.4%

Unconsolidated debt: 2030 — —

Fixed 99% $ 612,288 4.1% 5.5 Thereafter — — Fair value,debt issuance cost, and debt Variable 1% 6,424 3.5% 2.8 discount adjustments (1,898) (18,124) (20,022)

Total Unconsolidated 100% $ 618,712 4.1% 5.5 Total debt $ 1,111,344 4.6% $ 1,919,776 4.7% $ 3,031,120 4.7%

Total debt: (1) Includes extension options

Fixed 81% $ 2,957,052 4.9% 4.3

Variable 19% 692,780 2.9% 2.6

Total debt 100% $ 3,649,832 4.6% 4.0

(3) Excluded is other indebtedness of $97,907 with a weighted average interest rate of 8.6% and weighted average years to maturity of approximately 29.5 years.

SUPPLEMENTAL INFORMATION | 7 EBITDAre AND KEY BALANCE SHEET METRICS Washington Prime Group Inc. (dollars in thousands)

Three Months Ended March 31, 2020 2019 Calculation of EBITDAre: Net income (loss) $ 7,560 $ (2,563) Interest expense, net 38,635 36,830 Income and other taxes (617) 356 Depreciation and amortization 59,704 66,378 Gain on disposition of interests in properties, net (24,785) — Impairment loss 1,319 — Pro-rata share of unconsolidated entities, net 18,432 18,409 EBITDAre (1) $ 100,248 $ 119,410

As of Bond Covenant March 31, 2020 Key Balance Sheet Metrics: Requirement (2) Ratio Total indebtedness to Total assets ≤ 60% 51.8% Secured indebtedness to Total assets ≤ 40% 19.4% Consolidated EBITDA / Annual service charge ≥ 1.5x 2.36x Total unencumbered assets / Total unsecured indebtedness > 150% 199%

(1) EBITDAre is calculated consistent with the NAREIT definition. (2) The covenants detailed are from the August 2017 Bond Offering.

SUPPLEMENTAL INFORMATION | 8 OPERATING METRICS Washington Prime Group Inc. As of March 31, 2020

PORTFOLIO SUMMARY

Store Sales Per Square Foot for Store % of Total Leased Occupancy % (1) 12 Months Ended (1) Occupancy Cost % (1) Comp NOI NOI Growth Releasing Spreads for 3 Months for 3 Months Ended Trailing Twelve Months Property Count 3/31/20 3/31/19 3/31/20 (5) 3/31/19 3/31/20 (5) 3/31/19 Ended 3/31/20 3/31/20 Ended 2020

Open Air Properties 47 96.6% 95.4% 28.7% 7.6% -0.1%

Tier 1 Enclosed Retail Properties 41 89.7% 92.4% $ 423 $ 401 11.2% 11.7% 62.3% -7.2% -4.0%

Tier 1 and Open Air 88 92.9% 93.8% 91.0% -3.0% -2.7%

ENCLOSED RETAIL PROPERTY TIERS

TIER 1 TIER 2 / NONCORE

TIER 2

Arbor Hills Mesa Mall Anderson Mall

Arboretum, The Morgantown Mall Boynton Beach Mall

Ashland Town Center Northtown Mall Chautauqua Mall

Bowie Town Center Northwoods Mall Indian Mound Mall

Brunswick Square Oklahoma City Properties Lima Mall

Clay Terrace Orange Park Mall Maplewood Mall

Cottonwood Mall Paddock Mall New Towne Mall

Dayton Mall Pearlridge Center Oak Court Mall

Edison Mall Polaris Fashion Place Rolling Oaks Mall

Grand Central Mall Port Charlotte Town Center Sunland Park Mall

Great Lakes Mall Scottsdale Quarter Westminster Mall (2)

Irving Mall Southern Hills Mall

Jefferson Valley Mall Southern Park Mall NONCORE

Lincolnwood Town Center Southgate Mall Charlottesville Fashion Square (3)

Lindale Mall The Outlet Collection | Seattle Muncie Mall (4)

Longview Mall Town Center at Aurora

Malibu Lumber Yard Town Center Crossing & Plaza

Mall at Fairfield Commons, The Waterford Lakes Town Center

Mall at Johnson City, The Weberstown Mall

Markland Mall WestShore Plaza

Melbourne Square

(1) Metrics include properties owned and managed as of March 31, 2020, and exclude Tier 2 and Noncore properties. (2) Due to major planned redevelopment, Westminster Mall was reclassed from Tier 1 until stabilized. (3) On March 17, 2020, the Company received notification that a receiver was appointed to manage and lease Charlottesville Fashion Square. An affiliate of the Company still holds title to the property. (4) On April 14, 2020, the Company received notification that a receiver was appointed to manage and lease Muncie Mall. An affiliate of the Company still holds title to the property. (5) For 2020, the sales and occupancy cost % are based on trailing twelve months through February as most of our tenants were closed the last two to three weeks of March, resulting in a comparable sales decline of 34% for the month of March 2020 from March 2019.

SUPPLEMENTAL INFORMATION | 9 LEASING RESULTS AND BASE RENT PSF Washington Prime Group Inc. Year-to-date through March 31, 2020

Leasing Results- Comparable Properties No Exclusions

Q120 Deal Volume by Month 2020 Year-to-Date Change from Prior YTD January 2020 February 2020 March 2020 New Renewal Total Total # of # of # of # of Deals Sqft # of Deals Sqft Deals Sqft Deals Sqft # of Deals Sqft # of Deals Sqft Deals Sqft Tier 1 Enclosed Retail Properties 48 182,098 60 320,984 35 175,056 35 258,155 108 419,983 143 678,138 -26% -19% Open Air Properties 18 133,695 18 128,164 22 316,854 21 179,121 37 399,592 58 578,713 81% 216% Total Tier 1 and Open Air 66 315,793 78 449,148 57 491,910 56 437,276 145 819,575 201 1,256,851 -10% 23%

Tier 2 and Noncore Properties 13 65,753 14 62,709 5 18,996 3 12,596 29 134,862 32 147,458 -27% -36%

Grand Total 79 381,546 92 511,857 62 510,906 59 449,872 174 954,437 233 1,404,309 -13% 12% Percentage Change from prior year 13% 93% 6% 10% -44% -14%

Leasing Results Small Shop Deals for Enclosed Properties; Anchor and Small Shop Deals for Open Air

Number Square Feet Base Rent PSF Average Term Tenant Allow.$(000)s Tenant Allow. PSF of Leases New Renewal Total New Renewal Total New Renewal Total New Renewal New Renewal Tier 1 Enclosed Retail Properties 78 91,322 141,177 232,499 $ 28.78 $ 25.78 $ 26.96 8.0 3.3 5.1 $ 4,336 $ 995 $ 47.48 $ 7.05 Open Air Properties 51 179,121 371,441 550,562 $ 15.05 $ 12.67 $ 13.44 9.0 5.1 6.7 $ 3,388 $ 649 $ 18.92 $ 1.75 Total Tier 1 and Open Air 129 270,443 512,618 783,061 $ 19.69 $ 16.28 $ 17.46 8.4 4.0 5.8 $ 7,724 $ 1,644 $ 28.56 $ 3.21

Tier 2 and Noncore Properties 12 2,042 27,979 30,021 $ 40.16 $ 27.96 $ 28.79 4.0 3.2 3.3 $ — $ 50 $ — $ 1.79

Total 141 272,485 540,597 813,082 $ 19.84 $ 16.88 $ 17.87 8.2 3.9 5.6 $ 7,724 $ 1,694 $ 28.35 $ 3.13

Note: The table above includes leasing results for enclosed properties for stores of 10,000 SF or less, also anchors and office leases are excluded. For open air properties, office leases are excluded. Only new leases and renewals with terms in excess of 12 months are included. These results include properties owned and managed at March 31, 2020.

Average Base Rent PSF Base Minimum Rent PSF As of March 31, 2020 2019 Tier 1 Enclosed Retail Properties $ 28.53 $ 29.15 Open Air Properties $ 13.87 $ 13.91 Total Tier 1 and Open Air Properties $ 21.35 $ 21.78

SUPPLEMENTAL INFORMATION | 10 RELEASING SPREADS Washington Prime Group Inc. For the trailing 12 months ended March 31, 2020

Square Footage of New Re-leasing Spread Signings Rate PSF Prior Rate PSF $ %

Open Air Properties:

New 356,504 $ 15.68 $ 16.52 $ (0.84) -5.1 % Renewal 688,387 $ 19.68 $ 19.29 $ 0.39 2.0 % All Deals 1,044,891 $ 18.32 $ 18.34 $ (0.02) -0.1 %

Tier 1 Enclosed Retail Properties:

New 222,298 $ 34.47 $ 34.53 $ (0.06) -0.2 % Renewal 757,472 $ 42.31 $ 44.47 $ (2.16) -4.9 % All Deals 979,770 $ 40.53 $ 42.21 $ (1.68) -4.0 %

Total Open Air and Tier 1 Properties:

New 578,802 $ 22.90 $ 23.43 $ (0.53) -2.3 % Renewal 1,445,859 $ 31.54 $ 32.48 $ (0.94) -2.9 % All Deals 2,024,661 $ 29.07 $ 29.89 $ (0.82) -2.7 %

Note: The Company's Tier 2 and noncore properties are excluded from these metrics.

SUPPLEMENTAL INFORMATION | 11 TOP 10 TENANTS Washington Prime Group Inc. As of March 31, 2020

Non-Anchor Stores (Ranked by Percent of Total Minimum Rents) Percent of Total Number GLA of Percent of Total Annualized Base National Tenant Name Tenant DBA's in Portfolio of Stores Stores GLA in Portfolio Minimum Rent

Body by Pagoda, Gordon's Jewelers, Jared's, J.B. Robinson Jewelers, Kay Jewelers, Leroy's Jewelers, Mark's & Signet Jewelers, Ltd. Morgan, Piercing Pagoda, Plumb Gold, Rogers Jewelers, Silver and Gold Connection, Totally Pagoda, Zales Jewelers 113 154,620 0.3% 2.6% L Brands, Inc. Bath & Body Works, Pink, Victoria's Secret, White Barn Candle 107 555,829 1.0% 2.5% Footlocker, Inc. Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker 76 329,912 0.6% 1.9% American Eagle Outfitters, Inc. aerie, American Eagle 41 232,396 0.4% 1.3% The Gap, Inc. Athleta, Banana Republic, Banana Republic Outlet, Gap, Gap Kids, Gap Outlet, Intermix, Janie and Jack, Old Navy 32 330,819 0.6% 1.2% Arby's, Auntie Anne's, Buffalo Wild Wings, Cinnabon, Corner Bakery, Drybar, Fitness Connection, Hardee's, Jamba Roark Capital Group Juice, Jimmy John's, Massage Envy, McAlister's Deli, Miller's Ale House, Moe's Southwest Grill, Sonic, Waxing the City 86 154,156 0.3% 1.1% Luxottica Group Apex, Lenscrafters, Oakley, Pearle Vision, Sunglass Hut, Watch Station 64 169,261 0.3% 1.1% Ulta Salon, Cosmetics & Fragrance, Inc. Ulta Beauty 24 254,205 0.5% 1.1% The Finish Line, Inc. Finish Line, JD Sports 33 194,352 0.4% 1.0% Ascena Retail Group Inc. Ann Taylor, Catherine's, Justice, Lane Bryant, Loft 70 317,949 0.6% 1.0%

Anchor Stores (Ranked by Total GLA) Number of Percent of Total WPG Number GLA of Percent of Total Annualized Base Owned National Tenant Name Tenant DBA's in Portfolio of Stores Stores GLA in Portfolio Minimum Rent Stores

Macy's, Inc. Macy's 25 4,419,870 8.2% 0.2% 4 JCPenney Company, Inc. JCPenney 34 4,368,952 8.1% 1.1% 19 Dillard's, Inc. Dillard's 21 2,747,904 5.1% 0.1% 2 Target Corporation Target, Super Target 10 1,419,100 2.6% 0.0% 1 Kohl's Corporation Kohl's 13 1,186,302 2.2% 1.0% 10 Sears Holding Corporation (1) Sears 6 1,062,268 2.0% 0.3% 2 Dick's Sporting Goods, Inc. Dick's Sporting Goods, Field & Stream, Golf Galaxy 16 970,096 1.8% 2.1% 14 Best Buy Co. Inc. Best Buy 16 708,102 1.3% 1.6% 15 Wal-Mart Stores, Inc. Wal-Mart 4 618,061 1.1% 0.0% 0 TJX Companies Home Goods, Marshalls, TJ Maxx 18 563,956 1.0% 1.1% 18

(1) Of the 6 stores, one is owned by Seritage Properties. Prior to the COVID-19 pandemic store closures, 3 of the Sears stores remained open. Note: Schedule above includes properties owned and managed at March 31, 2020.

SUPPLEMENTAL INFORMATION | 12 LEASE EXPIRATIONS (1) Washington Prime Group Inc. As of March 31, 2020

Enclosed Retail Properties % of Annualized Base Rents Number of Leases Anchor Square Feet of GLA Store Square Feet of Total Square Feet of GLA Anchor Annualized Base Store Annualized Base Represented by Expiring Expiring Expiring GLA Expiring Expiring Rents PSF Expiring Rents PSF Expiring Leases Year Month To Month Leases 214 — 678,957 678,957 $ — $ 26.82 3.2% 2020 255 546,522 575,304 1,121,826 $ 3.88 $ 30.87 3.5% 2021 694 758,512 2,255,460 3,013,972 $ 7.12 $ 26.75 11.3% 2022 563 868,117 1,740,947 2,609,064 $ 7.08 $ 28.73 10.3% 2023 462 1,175,696 1,542,032 2,717,728 $ 8.64 $ 29.82 9.9% 2024 327 698,314 1,090,544 1,788,858 $ 6.67 $ 29.90 6.8% 2025 251 1,502,037 1,102,192 2,604,229 $ 7.79 $ 27.94 7.9% 2026 196 466,303 1,094,736 1,561,039 $ 6.28 $ 28.48 5.9% 2027 169 429,380 783,914 1,213,294 $ 7.98 $ 29.96 4.5% 2028 131 251,005 569,813 820,818 $ 14.03 $ 28.34 3.5% 2029 97 486,385 429,748 916,133 $ 7.08 $ 31.77 3.0% 2030 and Thereafter 81 702,328 463,125 1,165,453 $ 10.23 $ 23.99 3.3% Specialty Leasing Agreements w/ terms in excess of 11 months 693 — 1,620,072 1,620,072 $ — $ 9.76 2.8%

Open Air Properties % of Annualized Base Rents Number of Leases Anchor Square Feet of GLA Store Square Feet of Total Square Feet of GLA Anchor Annualized Base Store Annualized Base Represented by Expiring Expiring Expiring GLA Expiring Expiring Rents PSF Expiring Rents PSF Expiring Leases Year Month To Month Leases 19 66,936 46,480 113,416 $ 13.89 $ 17.54 0.3% 2020 84 165,392 241,274 406,666 $ 6.81 $ 21.91 1.2% 2021 159 1,140,017 428,049 1,568,066 $ 8.82 $ 19.95 3.6% 2022 159 857,927 494,147 1,352,074 $ 10.00 $ 18.72 3.4% 2023 149 1,051,124 464,554 1,515,678 $ 10.67 $ 19.79 3.9% 2024 111 749,684 324,745 1,074,429 $ 9.29 $ 21.45 2.6% 2025 87 649,894 200,773 850,667 $ 12.49 $ 24.96 2.5% 2026 63 338,995 203,244 542,239 $ 12.89 $ 24.67 1.8% 2027 61 405,018 186,023 591,041 $ 10.58 $ 22.99 1.6% 2028 30 197,123 95,888 293,011 $ 14.46 $ 19.88 0.9% 2029 45 119,030 210,109 329,139 $ 15.31 $ 22.23 1.3% 2030 and Thereafter 22 307,027 108,250 415,277 $ 10.36 $ 18.85 1.0% Specialty Leasing Agreements w/ terms in excess of 11 months 11 — 33,715 33,715 $ — $ 5.52 0.0%

(1) Does not consider the impact of renewal options that may be contained in leases, and this only considers landlord owned GLA. Schedule includes leases for properties owned and managed at March 31, 2020.

SUPPLEMENTAL INFORMATION | 13 CAPITAL EXPENDITURES Washington Prime Group Inc. (dollars in thousands)

Consolidated Total Consolidated Total Three Months Three Months Three Months Unconsolidated Joint Three Months Ended Unconsolidated Joint Ended Ended Venture Proportionate Ended March 31, 2020 Venture Proportionate Share March 31, 2020 March 31, 2019 Share March 31, 2019

New Developments $ — $ — $ — $ — $ — $ — Redevelopments, Renovations, and Expansions $ 40,129 $ 4,214 $ 44,343 $ 15,623 $ 4,109 $ 19,732 Internal Leasing Costs $ 130 $ 214 $ 344 $ 337 $ 118 $ 455

Property Capital Expenditures: Non-anchor stores tenant improvements and allowances $ 7,643 $ 1,561 $ 9,204 $ 9,918 $ 1,036 $ 10,954 Operational capital expenditures 7,718 431 8,149 6,958 755 7,713 Total Property Capital Expenditures $ 15,361 $ 1,992 $ 17,353 $ 16,876 $ 1,791 $ 18,667

SUPPLEMENTAL INFORMATION | 14 REDEVELOPMENT PROJECTS Washington Prime Group Inc. As of March 31, 2020 (dollars in thousands)

Projects under construction or approved for construction with an estimated investment of $5 million or more Estimated WPG Costs Estimated Ownership Estimated Project Yield Incurred Completion Property Name City St Opportunity % Total Costs (1)(3) (1) (2) to Date (3) (1)

Final phase of development to add 130,000 SF to add a theater, value fashion apparel as well as Fairfield Town Center Houston TX big box and small shop stores. 100% $26,000 - $30,000 7% - 8% $ 10,086 2020/2021

Replaced Elder-Beerman with H&M, replaced Toys R Us with Big Lots, replaced hhgregg with Ulta and Five Below, planned replacement of former Sears with Home Goods, PetSmart, Ross Dress for Grand Central Mall Parkersburg WV Less, and TJ Maxx 100% $31,000 - $33,000 6% - 8% $ 18,354 2019/ 2021

Dillard's will build new store to replace former Sears. Costs reflect demolition of building and parking lot and delivery of new pad and utilities as well as landscaped and upgraded parking field to Mesa Mall Grand Junction CO Dillard's. 100% $7,000 - $8,000 n/a (5) $ 5,785 2021

Replace former Sears with retail development anchored by Home Goods. Replace former Sears Mall at Johnson City Johnson City TN auto center with multi-tenant building for new restaurants. 51% $7,000 - $8,000 (4) 5% - 6% $ 689 (4) 2021

Morgantown Mall Morgantown WV Replace former Belk store with a new value retailer and a new entertainment tenant 100% $8,000 - $9,000 7% - 9% $ 443 2020/ 2021

Replace former Sam's Club with FieldhouseUSA, a community based multi-purpose indoor sports Outlet Collection | Seattle Seattle WA facility specializing in leagues, events and tournaments. 100% $11,000 - $13,000 9% - 10% $ 3,433 2020

Polaris Fashion Place Columbus OH Replace former Sears with FieldhouseUSA and mixed use component including hospitality 51% $12,000 - $14,000 (4) 4% - 5% $ 1,278 (4) 2020/ 2021

Phase I of redevelopment: Replace former Sears with new entertainment, dining, retail, and Southern Park Mall Youngstown OH community green space 100% $16,000 - $18,000 (6) 7% - 8% $ 5,957 2021

Town Center at Aurora Aurora CO Replace former Sears with FieldhouseUSA and mixed use component including hospitality 100% $21,000 - $23,000 5% - 6% $ 1,483 2021

(1) Estimated total costs, project yield, and completion are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process. (2) The project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment other than near-term renewals, although each project does benefit other aspects of the property. The incremental yield does not consider prior rent paid by bankrupt tenants and does include the impact of co-tenancy cures as applicable. (3) Project costs exclude the allocation of internal costs such as labor, interest, and taxes. (4) Amounts shown represent 51% of the project spend. (5) Dillard's will construct and own the building and provide a 10-year operating covenant. (6) Does not include unallocated portions of the planned interior renovation. Estimated Costs are shown net of the approved public incentives package.

SUPPLEMENTAL INFORMATION | 15 DEPARTMENT STORE REPOSITIONING STATUS Washington Prime Group Inc. Plans as of March 31, 2020

Count Property City Former Department Store Owner Closing Date Planned Replacement Status Department Stores formerly occupied by Sears / BonTon / Belk - March 31, 2020 Department Stores Addressed Home Goods, PetSmart, Ross Dress for Less, and TJ 1 Grand Central Mall Parkersburg, WV Sears Lease Dec-18 Maxx Leases executed, Under construction 2 Lincolnwood Town Center Lincolnwood, IL Carsons Pirie Scott Lease Aug-18 RoomPlace RoomPlace opened August 2019 3 Longview Mall Longview, TX Sears Lease Jan-19 Conn's HomePlus/ Other Lease signed/ LOI 4 Mall at Fairfield Commons Dayton, OH Sears Lease Dec-18 Morris Home Furniture / Round1 Morris Home under construction/ Round1 opened Q419 5 Mall at Johnson City Johnson City, TN Sears Lease 2020 Home Goods/ Other/ Dining Home Goods lease executed 6 Markland Mall Kokomo, IN Carsons Pirie Scott Lease Aug-18 Dunham's Sports Lease executed 7 Mesa Mall Grand Junction, CO Sears Lease Nov-18 Dillard's LOI executed 8 Mesa Mall Grand Junction, CO Herberger's Lease Aug-18 National sporting goods retailer LOI received 9 Morgantown Mall Morgantown, WV Belk Lease Mar-18 Ollie's Bargain Outlet/ Entertainment Lease executed/ LOI executed 10 Morgantown Mall Morgantown, WV Elder-Beerman Lease Aug-18 Dunham's Sports Dunham's opened April 2020 11 Morgantown Mall Morgantown, WV Sears Lease Jan-19 Outdoor greenspace Plans finalized 12 Polaris Fashion Place Columbus, OH Sears Lease Mar-19 FieldhouseUSA / Mixed Use Proactive termination, Lease executed 13 Port Charlotte Town Center Port Charlotte, FL Sears Lease Mar-19 Entertainment Lease out for signature 14 Southern Hills Mall Sioux City, IA Sears Lease Mar-19 Retail concepts Proactive termination, LOI received 15 Southern Park Mall Youngstown, OH Sears Lease Jul-18 Entertainment / Outdoor greenspace Proactive termination, Under construction 16 Southgate Mall Missoula, MT Herberger's Lease Aug-18 Dillard's Dillard's opened June 2019 17 Town Center at Aurora Aurora, CO Sears Lease Dec-19 FieldhouseUSA / Mixed use Proactive termination, Lease executed 18 WestShore Plaza Tampa, FL Sears Lease Mar-19 Mixed use Proactive termination, Obtaining Entitlements

Active Planning / Evaluating Options 19 Cottonwood Mall Albuquerque, NM Sears Sears Aug-18 Sears owns box Evaluating Options Formerly owned 20 Dayton Mall Dayton, OH Elder-Beerman by Third Party Aug-18 Purchased from third party in Q419 Active Planning 21 Lindale Mall Cedar Rapids, IA Younkers Lease Aug-18 Retail concepts Active Planning 22 Mall at Fairfield Commons Dayton, OH Elder-Beerman Lease Aug-18 Retail concepts Active Planning 23 Northtown Mall Blaine, MN Herberger's Lease Aug-18 Retail concepts Active Planning 24 Northwoods Mall Peoria, IL Sears Sears Feb-20 Sears owns box Active Planning 25 Orange Park Mall Orange Park, FL Sears Sears Apr-20 Sears owns box Evaluating Options 26 Southern Hills Mall Sioux City, IA Younkers Lease Aug-18 Retail concepts Active Planning 27 Southgate Mall Missoula, MT Herberger's Men Lease Aug-18 Dining Active Planning 28 Whitehall Mall Whitehall, PA Sears Lease Feb-20 Big box and small shop retail Active Planning

Stores Occupied by Sears as of March 31, 2020 29 Pearlridge Center Aiea, HI Sears Lease Entertainment / Dining Evaluating Options 30 Weberstown Mall Stocktown, CA Sears Ground lease Mixed use Active Planning

Note that the Company plans to spend up to $300M over the next three to four years to redevelop these 30 department store locations. This report is for the Company's Tier 1 and Open Air properties and excludes those owned by third parties such as Seritage properties.

SUPPLEMENTAL INFORMATION | 16 PROPERTY INFORMATION

Washington Prime Group Inc.

As of March 31, 2020

Debt Information

Indebtedness Total Financial Center Total Total WPG Property Name St City (Major Metropolitan Area) Interest (1) Square Feet WPG Owned Square Feet Tenant Owned Square Feet Maturity Date (2) Interest Rate Type Total Share

Enclosed Retail Properties

Anderson Mall SC Anderson 100% 670,742 315,553 355,189 12/01/22 4.61% Fixed $17,156 $17,156

Arbor Hills MI Ann Arbor 51% 86,939 86,939 0 01/01/26 4.27% Fixed $24,076 $12,279

Arboretum, The TX Austin 51% 195,338 195,338 0 06/01/27 4.13% Fixed $59,400 $30,294

Ashland Town Center KY Ashland 100% 434,525 331,135 103,390 07/06/21 4.90% Fixed $35,729 $35,729

Bowie Town Center MD Bowie (Wash, D.C.) 100% 583,043 281,745 301,298

Boynton Beach Mall FL Boynton Beach (Miami) 100% 869,756 428,402 441,354

Brunswick Square NJ East Brunswick (New York) 100% 764,384 293,088 471,296 03/01/24 4.80% Fixed $69,370 $69,370

Charlottesville Fashion Square (4)(6) VA Charlottesville 100% 0 0 0 04/01/24 4.54% Fixed $45,068 $45,068

Chautauqua Mall NY Lakewood 100% 435,415 427,885 7,530

Chesapeake Square Theater VA Chesapeake (VA Beach) 100% 42,248 42,248 0

Clay Terrace IN Carmel (Indianapolis) 100% 577,614 558,738 18,876

Cottonwood Mall NM Albuquerque 100% 1,048,428 568,199 480,229 04/06/24 4.82% Fixed $94,786 $94,786

Dayton Mall OH Dayton 100% 1,447,659 775,878 671,781 09/01/22 4.57% Fixed $78,748 $78,748

Edison Mall (5) FL Fort Myers 100% 1,049,982 567,689 482,293

Grand Central Mall WV Parkersburg 100% 646,735 640,227 6,508 07/06/20 6.05% Fixed $38,526 $38,526

Great Lakes Mall (5) OH Mentor (Cleveland) 100% 1,249,868 658,181 591,687

Indian Mound Mall OH Newark 100% 556,779 384,118 172,661

Irving Mall (5) TX Irving (Dallas) 100% 1,051,952 488,407 563,545

Jefferson Valley Mall (5) NY Yorktown Heights (New York) 100% 583,037 417,345 165,692

Lima Mall OH Lima 100% 745,042 545,220 199,822

Lincolnwood Town Center IL Lincolnwood (Chicago) 100% 422,997 422,996 1 04/01/21 4.26% Fixed $47,339 $47,339

Lindale Mall IA Cedar Rapids 100% 713,659 476,967 236,692

Longview Mall TX Longview 100% 646,518 347,721 298,797

Malibu Lumber Yard CA Malibu 51% 31,514 31,514 0

Mall at Fairfield Commons, The OH Beavercreek 100% 1,037,943 857,162 180,781

Mall at Johnson City, The TN Johnson City 51% 567,892 567,892 0 05/06/25 6.76% Fixed $47,846 $24,401

Maplewood Mall MN St. Paul (Minneapolis) 100% 903,985 323,229 580,756

Markland Mall IN Kokomo 100% 390,013 367,768 22,245

Melbourne Square FL Melbourne 100% 716,993 420,383 296,610

Mesa Mall CO Grand Junction 100% 803,762 431,741 372,021

Morgantown Mall WV Morgantown 100% 555,350 555,350 0

Muncie Mall (4)(7) IN Muncie 100% 637,795 387,995 249,800 04/01/21 4.19% Fixed $33,071 $33,071

New Towne Mall OH New Philadelphia 100% 497,435 497,435 0

Northtown Mall MN Blaine 100% 644,535 644,535 0

Northwoods Mall IL Peoria 100% 669,597 360,605 308,992

Oak Court Mall TN Memphis 100% 847,427 361,610 485,817 04/01/21 4.76% Fixed $36,069 $36,069

Oklahoma City Properties OK Oklahoma City 51% 324,180 321,934 2,246 06/01/27 3.90% Fixed $52,779 $26,917

01/01/23 3.49% Variable $12,597 $6,424

Orange Park Mall FL Orange Park (Jacksonville) 100% 952,320 555,140 397,180

Outlet Collection | Seattle, The WA Seattle 100% 924,305 924,305 0

Paddock Mall FL Ocala 100% 555,310 324,753 230,557

Pearlridge Center HI Aiea 51% 1,301,985 1,248,708 53,277 06/01/25 3.53% Fixed $225,000 $114,750

05/01/25 4.07% Fixed $42,537 $21,694

Polaris Fashion Place OH Columbus 51% 1,372,972 735,457 637,515 03/01/25 3.90% Fixed $225,000 $114,750

03/01/25 4.46% Fixed $15,500 $7,905

Port Charlotte Town Center (3) FL Port Charlotte 100% 777,382 493,173 284,209 11/01/20 5.30% Fixed $40,950 $40,950

Rolling Oaks Mall TX San Antonio 100% 883,071 286,763 596,308

SUPPLEMENTAL INFORMATION | 17 PROPERTY INFORMATION

Washington Prime Group Inc.

As of March 31, 2020

Debt Information

Indebtedness Total Total Total Financial Center WPG Owned Square Tenant Owned Square WPG Property Name St City (Major Metropolitan Area) Interest (1) Square Feet Feet Feet Maturity Date (2) Interest Rate Type Total Share Enclosed Retail Properties

Scottsdale Quarter AZ Scottsdale 51% 739,639 739,639 0 06/01/25 3.53% Fixed $165,000 $84,150

04/01/27 4.36% Fixed $55,000 $28,050

Southern Hills Mall IA Sioux City 100% 774,024 669,435 104,589

Southern Park Mall OH Youngstown 100% 1,019,687 832,123 187,564

Southgate Mall MT Missoula 100% 578,393 435,860 142,533 09/27/23 4.48% Fixed $35,000 $35,000

Sunland Park Mall TX El Paso 100% 918,475 332,638 585,837

Town Center at Aurora CO Aurora (Denver) 100% 1,081,541 495,043 586,498 04/01/21 4.92% Fixed $51,000 $51,000

Town Center Crossing & Plaza KS Leawood 51% 670,622 534,061 136,561 02/01/27 4.25% Fixed $32,605 $16,629

02/01/27 5.00% Fixed $65,969 $33,644

Waterford Lakes Town Center FL Orlando 100% 967,212 692,712 274,500 05/06/29 4.86% Fixed $177,864 $177,864

Weberstown Mall CA Stockton 100% 846,915 263,245 583,670 06/08/21 3.29% Variable $65,000 $65,000

Westminster Mall CA Westminster (Los Angeles) 100% 1,216,905 444,213 772,692 04/01/24 4.65% Fixed $76,494 $76,494

WestShore Plaza FL Tampa 100% 1,093,693 865,231 228,462

Enclosed Retail Properties Total 40,125,532 26,255,671 13,869,861 $1,965,479 $1,464,057

Open Air Properties

Bloomingdale Court IL Bloomingdale (Chicago) 100% 675,988 385,543 290,445

Bowie Town Center Strip MD Bowie (Wash, D.C.) 100% 106,636 40,974 65,662

Canyon View Marketplace CO Grand Junction 100% 199,815 43,053 156,762 11/06/23 5.47% Fixed $5,095 $5,095

Chesapeake Center VA Chesapeake (Virginia Beach) 100% 279,581 128,972 150,609

Concord Mills Marketplace NC Concord (Charlotte) 100% 240,769 234,387 6,382 11/01/23 4.82% Fixed $16,000 $16,000

Countryside Plaza IL Countryside (Chicago) 100% 403,455 203,994 199,461

Dare Centre NC Kill Devil Hills 100% 168,613 109,094 59,519

Empire East SD Sioux Falls 100% 301,438 167,616 133,822

Fairfax Court VA Fairfax (Wash, D.C.) 100% 239,483 239,483 0

Fairfield Town Center TX Houston 100% 364,533 185,533 179,000

Forest Plaza IL Rockford 100% 433,816 413,519 20,297 10/01/29 3.67% Fixed $30,250 $30,250

Gaitway Plaza (3) FL Ocala 96% 197,435 196,635 800

Gateway Centers TX Austin 51% 513,571 404,568 109,003 06/01/27 4.03% Fixed $112,500 $57,375

Greenwood Plus IN Greenwood (Indianapolis) 100% 152,123 146,091 6,032

Henderson Square PA King of Prussia (Philadelphia) 100% 107,368 53,612 53,756

Keystone Shoppes IN Indianapolis 100% 36,457 36,457 0

Lake Plaza IL Waukegan (Chicago) 100% 215,590 124,961 90,629

Lake View Plaza IL Orland Park (Chicago) 100% 364,548 309,139 55,409

Lakeline Plaza TX Cedar Park (Austin) 100% 386,198 355,761 30,437 10/01/29 3.67% Fixed $49,710 $49,710

Lima Center OH Lima 100% 233,878 173,878 60,000

Lincoln Crossing IL O'Fallon (St. Louis) 100% 303,526 98,061 205,465

MacGregor Village NC Cary 100% 139,802 139,802 0

Mall of Georgia Crossing GA Buford (Atlanta) 100% 440,774 317,639 123,135 10/06/22 4.28% Fixed $21,544 $21,544

Markland Plaza IN Kokomo 100% 84,727 80,977 3,750

Martinsville Plaza VA Martinsville 100% 102,105 94,760 7,345

Muncie Towne Plaza IN Muncie 100% 171,621 171,621 0 10/01/29 3.67% Fixed $10,550 $10,550

North Ridge Shopping Center NC Raleigh 100% 171,492 166,092 5,400 12/01/22 3.41% Fixed $11,433 $11,433

Northwood Plaza IN Fort Wayne 100% 204,956 76,727 128,229

Palms Crossing TX McAllen 51% 389,618 389,618 0 08/01/21 5.49% Fixed $33,185 $16,924

Plaza at Buckland Hills, The CT Manchester 100% 309,503 254,489 55,014

SUPPLEMENTAL INFORMATION | 18 PROPERTY INFORMATION

Washington Prime Group Inc.

As of March 31, 2020

Debt Information

Indebtedness Total Total Financial Center Total Tenant Owned Square WPG Property Name St City (Major Metropolitan Area) Interest (1) Square Feet WPG Owned Square Feet Feet Maturity Date (2) Interest Rate Type Total Share

Open Air Properties

Richardson Square TX Richardson (Dallas) 100% 516,100 40,187 475,913

Rockaway Commons NJ Rockaway (New York) 100% 229,929 226,179 3,750

Rockaway Town Plaza NJ Rockaway (New York) 100% 306,440 73,158 233,282

Royal Eagle Plaza FL Coral Springs (Miami) 100% 178,769 175,385 3,384

Shops at Arbor Walk, The TX Austin 51% 309,009 280,260 28,749 08/01/21 5.49% Fixed $37,507 $19,129

Shops at North East Mall, The TX Hurst (Dallas) 100% 365,169 365,169 0

St. Charles Towne Plaza MD Waldorf (Wash, D.C.) 100% 388,517 329,675 58,842

Tippecanoe Plaza IN Lafayette 100% 90,522 85,811 4,711

University Center IN Mishawaka 100% 150,441 100,441 50,000

University Town Plaza FL Pensacola 100% 557,538 216,194 341,344

Village Park Plaza IN Carmel (Indianapolis) 100% 506,648 290,009 216,639

Washington Plaza IN Indianapolis 100% 50,107 50,107 0

West Ridge Outlots KS Topeka 100% 3,564 0 3,564

West Town Corners (3) FL Altamonte Springs (Orlando) 100% 379,172 234,554 144,618

Westland Park Plaza (3) FL Orange Park (Jacksonville) 100% 163,259 163,259 0

White Oaks Plaza IL Springfield 100% 385,414 263,231 122,183 10/01/29 3.67% Fixed $26,490 $26,490

Whitehall Mall PA Whitehall 100% 603,475 588,601 14,874

Wolf Ranch TX Georgetown (Austin) 100% 632,102 419,916 212,186

Open Air Properties Total 13,755,594 9,645,192 4,110,402 $354,264 $264,500

Total 53,881,126 35,900,863 17,980,263 $2,319,743 $1,728,557 (8)

Footnotes:

(1) Direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners.

(2) Assumes full exercise of available extension options.

(3) WPG receives approximately 96%-100% of the economic benefit of property due to performance or advance, although legal ownership is less than 100%. Legal ownership is as follows: Port Charlotte Town Center (80%); Gaitway Plaza (88.2%); West Town Corners (88.2%); and Westland Park Plaza (88.2%).

(4) Noncore property.

(5) Land is subject to a ground lease with Perennial. The carrying value of the financial liability at 3/31/20 is $97.9 million and interest is being recognized at an effective rate of 8.7%. The ground lease is subject to a repurchase option in 2049.

(6) On March 17, 2020, the Company received notification that a receiver was appointed to manage and lease Charlottesville Fashion Square. An affiliate of the Company still holds title to the property.

(7) On April 14, 2020, the Company received notification that a receiver was appointed to manage and lease Muncie Mall. An affiliate of the Company still holds title to the property.

(8) Our share of the joint venture debt excludes the $1.9 million indirect 12.5% ownership interest in another real estate project.

SUPPLEMENTAL INFORMATION | 19 NON-GAAP PRO-RATA FINANCIAL INFORMATION

The pro-rata financial information presented on pages 21 and 22 is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates the Company’s proportionate economic ownership of each unconsolidated asset in the property portfolio that the Company does not wholly own. The amounts in the column labeled ‘‘WPG’s Share of Unconsolidated Entities’’ were derived on a per property or entity basis by applying to each line item the ownership percentage interest used to arrive at the Company’s share of the operations for the period consistent with the application of the equity method of accounting to each of the unconsolidated joint ventures.

The Company does not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent the Company’s legal claim to such items.

The Company provides pro-rata financial information because it is believed to assist investors and analysts in estimating the economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP.

SUPPLEMENTAL INFORMATION | 20 NON-GAAP PRO-RATA FINANCIAL INFORMATION PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES - STATEMENTS OF OPERATIONS Washington Prime Group Inc. (Unaudited, dollars in thousands)

Three Months Ended March 31, 2020 WPG's Share of Unconsolidated Entities

Revenue: Minimum rent $ 20,087 Overage rent 448 Tenant reimbursements 8,452 Changes in estimate of collectibility of rental income (322) Other income 316 Total revenues 28,981

Expenses: Property operating (6,054) Real estate taxes (3,639) Advertising and promotion (311) Total recoverable expenses (10,004) Depreciation and amortization (12,396) General and administrative (20) Ground rent (1,557) Total operating expenses (23,977)

Interest expense, net (5,979) Income and other taxes (57) Loss from unconsolidated entities, net $ (1,032)

Note: The amounts above represent the company's pro-rata share based upon the percentage of ownership interest per joint venture entity in each amount indicated, but it should be noted that the company does not control the unconsolidated entities.

SUPPLEMENTAL INFORMATION | 21 NON-GAAP PRO-RATA FINANCIAL INFORMATION PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES - BALANCE SHEET Washington Prime Group Inc. (Unaudited, dollars in thousands)

March 31, 2020 WPG's Share of Unconsolidated Entities Assets: Investment properties at cost $ 1,169,965 Construction in progress 19,996 1,189,961 Less: accumulated depreciation 226,500 963,461

Cash and cash equivalents 17,961 Tenant receivables and accrued revenue, net (see below) 16,280 Deferred costs and other assets (see below) 148,830 Total assets $ 1,146,532

Liabilities and members' equity: Mortgage notes payable $ 618,712 Accounts payable, accrued expenses, intangibles, and deferred revenues (see below) 144,118 Total liabilities 762,830 Members' equity 383,702 Total liabilities and members' equity $ 1,146,532

Supplemental Balance Sheet Detail:

Tenant receivables and accrued revenue, net: Straight-line receivable, net of reserve $ 10,177 Tenant receivable 2,846 Unbilled receivables and other 5,184 Allowance for doubtful accounts, net (1,927) Total $ 16,280

Deferred costs and other assets: Deferred leasing, net $ 12,549 In place lease intangibles, net 18,241 Acquired above market lease intangibles, net 20,258 Right of use asset 88,265 Mortgage and other escrow deposits 6,204 Prepaids, notes receivable and other assets, net 3,313 Total $ 148,830

Accounts payable, accrued expenses, intangibles and deferred revenues: Accounts payable and accrued expenses $ 31,018 Below market leases, net 21,646 Lease liability 88,265 Other 3,189 Total $ 144,118

Note: The amounts above represent the company's pro-rata share based upon the percentage of ownership interest per joint venture entity, but it should be noted that the company does not control the unconsolidated entities.

SUPPLEMENTAL INFORMATION | 22 GLOSSARY OF TERMS

- Average rent PSF Average base minimum rent charge in effect for the reporting period for all tenants that qualify to be included in the occupancy as defined below. - EBITDAre Net income (loss) attributable to the company before interest, depreciation and amortization, gains/losses on sale of operating properties, impairment charges, income taxes and adjustments related to pro-rata share of unconsolidated entities. The calculation is consistent with the definition published by The National Association of Real Estate Investment Trusts ("NAREIT") in a white paper issued in September 2017. - Funds from operations (FFO) Funds From Operations ("FFO") is a supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies. NAREIT defines FFO as net income (loss) attributable to common shareholders computed in accordance with generally accepted accounting principles ("GAAP"), excluding (i) gains or losses from sales of operating real estate assets and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties and (iv) impairment of depreciable real estate and in substance real estate equity investments and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. - Funds from operations, as adjusted (AFFO) AFFO is calculated by adjusting FFO as defined above for non-recurring items such as merger costs, non-recurring debt fee amortization charges, gain on debt extinguishment and similar items. - Gross leasable area (GLA) Measure of the total amount of leasable space in a property. - Net operating income (NOI) Revenues from all rental property less operating and maintenance expenses, real estate taxes and rent expense including the company's pro-rata share of real estate joint ventures. Excludes non-recurring items such as termination income, sales from outparcels, material insurance proceeds, and other noncash items such as straight-line rent and fair value adjustments. - Occupancy Occupancy is the percentage of total owned square footage ("GLA") which is leased as of the last day of the reporting period for tenants with terms of a year or more. For enclosed retail properties, all company owned space except for anchors, majors, office and outlots are included in the calculation. For open air properties, all owned GLA other than office are included in the calculation. - Occupancy cost Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for stores of 10,000 sf or less. - Re-leasing spread Re-leasing Spread is a ‘‘same space’’ measure that compares initial rent for new deals on individual spaces to expiring rents for prior tenants. For enclosed retail properties, majors, freestanding and office tenants are excluded. For open air properties, office tenants are excluded. The new rent is the weighted average of the initial cash Total Rent PSF for spaces leased during the trailing twelve month period, and includes new leases and existing tenant renewals and relocations (including expansions and downsizings). The prior rent is the weighted average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance ("CAM") and base percentage rent. It includes leasing activity on all spaces occupied by tenants as long as the opening and closing dates are within 24 months of one another. - Sales PSF Trailing twelve-month sales for in-line stores of 10,000 SF or less. Excludes freestanding stores and specialty tenants.

SUPPLEMENTAL INFORMATION | 23 1 First Quarter 2020 Update

Safe Harbor Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward looking statements. Investors should consult the Company’s filings with the Securities and Exchange Commission (SEC) for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest. This presentation also contains non GAAP financial measures and comparable net operating income (NOI). Reconciliation of this non GAAP financial measure to the most directly comparable GAAP measure can be found within the Company’s quarterly supplemental information package and in filings made with the SEC, which are available on the investor relations section of its website at www.washingtonprime.com. 2

Significant Leasing Progress and Stable Operating Metrics Prior to COVID-19 Pandemic Significant Leasing Progress o Leasing volume during the first quarter of 2020 exhibited a 12% YOY increase totaling 1.4 million square feet (SF); o This follows annual leasing volume of 4.4 million SF, 4.2 million SF, and 4.0 million SF in 2019, 2018 and 2017, respectively, totaling 14 million SF since 2017; o Of the aforementioned 1.4 million SF in the first quarter of 2020, 48% of new leasing was attributable to lifestyle tenancy which includes food, beverage, entertainment, home furnishings, fitness, and professional services; and o The Company continues to incent its leasing and property management professionals in order to further diversify tenancy as illustrated by 40 signed leases qualifying under various incentive programs during the first quarter. Stable Operating Metrics o Tier One sales PSF increased 5.5% YOY to $423 for the twelve months ending February 29, compared to the prior year; o Tier One occupancy cost improved 50 basis points to a sector leading 11.2% in the first quarter of 2020 from the prior year; o As of March 31, 2020, combined Tier One and Open Air occupancy decreased 90 basis points YOY to 92.9%; o Releasing spreads for Tier One properties increased 4.2% in the first quarter of 2020, reflecting the strongest quarterly spread results for Tier One properties with increases of 14.8% and 0.8% for new deals and renewals, respectively; and o First quarter 2020 comparable NOI increased 7.6% for Open Air and decreased 7.2% for Tier One, resulting in a combined decrease of 3.0%, but a sequential quarterly improvement of 160 basis points from the fourth quarter of 2019. 3

Progress, Actions and Initiatives During the COVID-19 Pandemic Progress, Actions and Initiatives During the COVID-19 Pandemic o While 57% of the Company’s assets have remained fully or partially open during COVID-19, a robust effort has been underway to ensure an optimal transition for the full reopening of all assets. Such efforts include tenant discussion forums as well as a comprehensive Reopening Processes and Best Practices Manual which addresses every aspect of the business including leasing, property management, operations, marketing, technology, social media, etc.; o Of the Company’s 99 properties, 43 enclosed assets were temporarily closed due to COVID-19, of which 23 properties are scheduled to be reopened by the middle of May 2020; o The remaining 56 prosperities are categorized as Open Air or have an open air lifestyle format and have remained open to provide essential goods and services to the extent permitted by law; o The Company recently drew ~$120M from its credit facility in order to further buttress our cash position; o Of the 18 adaptive reuse projects addressed, the Company has held discussions with the respective tenancy and every single one is committed to open, albeit six have been delayed to 4Q 20 or into 2021; o Illustrating continued tenant demand, during the months of March and April of 2020, 85 leases were signed totaling 624,852 SF; o Through May 7, 2020, the Company has collected ~30% of contractual base rent and charges for April 2020. This is comprised of a ~25% collection rate for Enclosed properties and ~50% for Open Air properties. Based upon ongoing conversations with tenants that have yet to pay April rent, the Company expects the collection percentage to improve for the month of April 2020; o As of May 4, 2020, the Company has addressed ~11% of the total amount of contractual rent for 2Q 20 through lease modifications. Based upon these modifications, the Company expects to collect ~45% of contractual base rent and charges for 2Q 20, specifically related to these deals, while deferring ~45% and abating the remaining ~10%; o The Company recently launched Fulventory, a proprietary initiative which allows tenants to utilize space within Washington Prime Group assets for last mile fulfilment and BOPIS (buy online and pickup in store), as well as inventory clearance; and o Such industry leading initiatives as WPG Cares and Open for Small Business have been exemplary regarding the Company serving as a community and tenant resource. WPG Cares has participated in over 175 community service projects; Open for Small Business has hosted over 15 webinars attended by hundreds of participants; and Well Picked 4 Goods has benefitted the Company’s tenancy during asset closures via digital merchandise curation and an in store gift card promotion when reopening occurs.

During the COVID-19 pandemic, WPG has been busy to assist those in need as well as benefit our tenants and sponsors when they reopen Initiative Well Picked Goods Purpose Curated online Initiative WPG Cares merchandise in conjunction with Purpose Local philanthropy in store incentive Beneficiary Every individual and Beneficiary Tenants and guests community impacted Initiative Open for Small as a result of COVID- Learn More Link Business 19 pandemic Purpose Streamline lease Learn More Link modification process and host business webcasts Beneficiary Small businesses Learn More Link Initiative #scholarspree Initiative Fulventory Purpose Host virtual Purpose Provide inventory graduation and fulfillment space for WPG related activities tenancy Beneficiary High school and 5 Beneficiary Local, regional and college/university national tenancy seniors Learn More Link Learn More Link

Lou Conforti, CEO and Director, Commentary: What we’re doing from an operational, financial and philanthropic perspective... Operational Activities o Prior to COVID-19 fully rearing its ugly head in March, we continued to materially improve upon our Tier One and Open Air operating metrics such as comparable NOI growth, sales PSF, occupancy cost and leasing volume. Our metrics point to the foundational underpinning upon which will inure to our benefit as marketplace stabilization occurs; o Just to remind everybody for the umpteenth time, our open air ‘plus’ assets (when including nine Tier One properties with an open air lifestyle format) comprise ~40% of total NOI. Take a look at these in our most recent investor presentation and calculate for yourselves the standalone valuation of this one segment of our NOI. Furthermore, ~75% of what we report as enclosed in our supplemental operating metrics has an open air component. This is the hybrid format objective we have been fulfilling over the previous four years and our continually improving operating metrics evidences its success; o While the Company maintains its commitment to complete announced redevelopment projects, we have deferred a portion of the capital spend into 2021 due to tenants’ decisions to open locations later than originally planned. We anticipate our share of redevelopment costs to be ~$80M for the remainder of 2020, which includes additions such as FieldhouseUSA, HomeGoods, Ross Dress for Less, SCHEELS All Sports and T.J. Maxx among others. Further, we have resolved 18, or 64%, of the 28 department stores of which we have control. To repeat myself, every one of these tenants remain committed to opening; o We have recognized the importance of having a robust fulfillment component for merchandise as well as food and beverage and have for the previous quarter or so been working to provide this amenity to our guests. As such, we are pleased to announce a collaboration with City Storage Systems, LLC to provide a turnkey solution of in house dining, pickup and delivery. We have three initial locations under letter of intent and have a dozen or so more assets which will benefit from their innovative approach with respect to eat in and delivery dining options; and o As it relates to fulfillment of merchandise, we have just announced Fulventory, our proprietary initiative which allows tenants to utilize space within our assets for local and regional last mile fulfilment as well as for inventory clearance. As BOPIS and BORIS (buy online and return in store) continue to gain traction with our guests, Fulventory captures the nexus between physical space and eCommerce and advances the symbiotic relationship which exists between the two. 6

Lou Conforti, CEO and Director, Commentary: What we’re doing from an operational, financial and philanthropic perspective... Financial and Liquidity Measures o As stated previously, even when taking into account the reality of dramatically reduced rental collection during the second and third quarters of 2020, WPG anticipates having the ability to self fund its current financial obligations during 2020 and assumptions are more fully discussed in our Form 10-Q . We’ve stress tested cash flow projections for a variety of tenant ‘ramp up’ and deferred payment scenarios. Note, these include delivery of projects currently under construction to the extent a tenant still anticipates opening during the latter half of the year; o Notwithstanding this self-funding capability, we deemed it prudent to recently draw ~$120M from our revolving credit facility in order to further buttress our cash position. As the preservation of cash is of utmost importance, we previously announced several proactive steps taken to preserve liquidity including the Board’s decision to temporarily suspend the quarterly cash dividend for common shares and operating partnership units throughout the remainder of the year with a potential true up dividend payment during the fourth quarter of 2020 in order to address the Company’s REIT taxable income distribution requirements; o When factoring in our April drawdown of the credit facility, as of May 1, 2020, we had ~$150M of cash on hand including our share of joint venture cash. Our base cash flow scenario assumes significant disruption in terms of revenue collections during the second quarter of this year with our assets either closed or operating at low levels through May with a ramp up starting in June. This results in a 35% to 40% collection rate of budgeted revenue for the full quarter supported by a ~30% actual collection rate across our portfolio in April. Partially offsetting these shortfalls are lower cash property and corporate expenses of just under 60% of budget for the quarter; o In terms of the second half of the year, we have addressed key variables including rent collection rates and cash operating expenses along with assumptions for property capex, redevelopment and non-core asset sales. We have also factored in contractual debt service for the remainder of the year. Our base case has us finishing 2020 with approximately $150M to $175M of cash on hand, thus giving the company ample cushion to address any downside scenarios; and o The national emergency we all face has prompted WPG to take necessary measures regarding corporate overhead and other cost saving measures. This has translated into a combination of furloughs and layoffs impacting ~20% of our workforce, field and corporate. This belt tightening also includes a temporary freeze on hiring, terminating third party vendor contracts when applicable, and suspending WPG’s paid internship program for 2020. In addition, executive and senior management temporarily reduced their base 7 salary compensation in a range of 5% to 25%.

Lou Conforti, CEO and Director, Commentary: What we’re doing from an operational, financial and philanthropic perspective... WPG Cares: Proactively serving as a Community Resource o I recently sent a letter offering up our assets and services to over 600 local, state, federal as well as nonprofit agencies combating COVID-19. To date, Washington Prime Group has performed ~175 community service projects including serving as distribution centers for medical supplies, the hosting of COVID-19 testing stations, providing space for food depository as well as other important immediate response actions. I’m pleased to report participation of assets with onsite management is nearly one hundred percent. Open for Small Business Initiative o Small business not only is a major driver of the economy and a meaningful percentage of our Company’s revenue, these local entrepreneurs provide flavor, literally and figuratively. It’s important we work with them regarding such measures as standardization of lease modification agreements; education via webinar on how to access SBA as well as other agency and nonprofit programs; as well as providing continuing education to improve upon their business once they reopen; and o With these objectives in mind, we created Open for Small Business in conjunction with the University of Chicago’s Institute for Justice Clinic on Entrepreneurship and University of Chicago faculty including Nobel Laureate Richard Thaler, Freakonomics author Steven Levitt and Institute Director Elizabeth Kregor. This resource is being made available to all small businesses whether or not they are a WPG tenant simply because it’s the right thing to do. Corporate Financial Assistance o We are exploring every possible manner by which we as well as our tenants, sponsors and guests are able to benefit from current and prospective economic stimulus packages, e.g. CARES Act. We’ve addressed relevant issues with government officials, lobbyists, et. al. and have written numerous letters explaining (and quantifying) the local and regional economic contribution of our assets. In many instances, property and sales tax revenue generated from a WPG asset is essential to the municipality where it’s located. There’s also the second order GDP impact relating to revenue repatriation from our tenant’s employees as these folks generally eat, shop, play and reside where they work. 8

Lou Conforti, CEO and Director, Commentary: What we’re doing from an operational, financial and philanthropic perspective... Tenant, Sponsor and Guest Communication o We are in constant contact with our tenants, sponsors and guests regarding everything from closure updates to reopening procedures when the time comes; o In this regard we are hosting tenant forums whereby ideas are exchanged as we appreciate reopening is going to be an incremental process as it is imperative we safeguard the health of all those who contribute to the dynamic nature of our assets; and o This transition must also assuage the psychological concerns which will surely exist as a result of the national emergency resulting from COVID-19. We have made our comprehensive Reopening Processes and Best Practices Guide available to all of our tenants. The objective is to prepare for the reopening of our assets whereby every aspect is addressed including leasing, property management, operations, marketing, technology, social media, etc. Well Picked Goods o In order to make certain our tenancy remains front and center with respect to the consumer, we have also introduced Well Picked Goods, a weekly digital curation of local and national merchandise selected by the local management of a featured town center which includes an in store gift card promotion when tenants reopen. Stay healthy and strong, and we’ll continue to grind it out and serve as sector leaders as we proactively transform our assets as well as deal with COVID-19. By the way, have I mentioned our open air ‘plus’ assets comprise ~40% of total NOI and the vast majority are considered high quality? LGC 9

Department Store Adaptive Reuse Update WPG Department Store Repositioning Snapshot 30 Department Stores Up to $300M Over the Next Three to Four Years¹ Under Evaluating Completed Active Announced Construction 3 9 6 8 4 18 Projects Addressed (Tier One and Open Air) Mall at Johnson City Southern Park Mall Lincolnwood Town Center Polaris Fashion Place Johnson City, TN Boardman (Youngstown), OH Lincolnwood, IL Columbus, OH 10 ¹In addition to ~$50M spent through December 31, 2019.

Department Store Adaptive Reuse Update o The Company resolved 18, or 64%, of the 28department stores of which the Company has control; o As exhibited within the most recent 1Q 20 supplemental, the Company continues to provide real time updates relating to the 30 department stores within its Tier One and Open Air assets identified for repositioning (excluding space owned by third parties such as Seritage Growth Properties). These include the following projects, all of which are situated within Tier One assets: V The Mall at Johnson City, Johnson City, Tennessee: HomeGoods will anchor the replacement of the former Sears; V Polaris Fashion Place®, Columbus, Ohio: FieldhouseUSA will anchor the mixed use redevelopment of former Sears and is under construction; V Town Center at Aurora®, Aurora, Colorado: FieldhouseUSA will anchor the planned mixed use redevelopment of the former Sears; V Markland Mall, Kokomo, Indiana: Dunham’s has executed a lease to replace the former Carson Pirie Scott (Bon-Ton Stores); V Southern Park Mall, Boardman (Youngstown), Ohio: The demolition of the former Sears is underway and is to be replaced by DeBartolo Commons which includes an athletic green space, an ice skating rink and entertainment venue; V Southern Park Mall, Boardman (Youngstown), Ohio: The redevelopment project will also feature a new entertainment hub anchored by Steel Valley Brew Works as well as an indoor golf facility and several new food and beverage options. The renovation also includes a permanent DeBartolo-York Family installation situated within the common area; V Port Charlotte Town Center, Port Charlotte, Florida: A national entertainment concept has executed a letter of intent to replace Sears; V Longview Mall, Longview, Texas: Two national retailers will replace the former Sears with Conn’s Home Goods under construction and a letter of intent has been executed for the remaining space; V Mesa Mall, Grand Junction, Colorado: Three department store replacements include a national sporting goods retailer replacing the former Herberger’s department store (Bon-Ton Stores), Dillard’s will replace the former Sears and HomeGoods will replace the former Sports Authority all of which have executed letters of intent; V Southern Hills Mall, Sioux City, Iowa: The Company has executed a letter of intent with a national off price retailer and has received a letter of intent from a national home furnishings retailer to replace the former Sears location; V Southgate Mall, Missoula, Montana: Dillard’s opened a second location during June 2019 replacing the former Herberger’s (Bon-Ton Stores). The Company also recently announced SCHEELS All Sports will replace the current JCPenney which is expected to close during the second quarter of 2020 of which the Company proactively gained control of JCPenney to allow for the adaptive reuse; V Grand Central Mall, Parkersburg, West Virginia: The Company announced HomeGoods, PetSmart, Ross Dress for Less and T.J. Maxx will collectively replace the former Sears location; V Morgantown Mall, Morgantown, West Virginia: Dunham’s Sports held their soft opening during the first quarter of 2020, replacing space previously occupied by Elder Beerman (Bon-Ton Stores). Ollie’s Bargain Outlet is under construction and an entertainment concept have provided a lease and a letter of intent to replace the former Belk store, and the former Sears will be replaced with outdoor greenspace for athletic and entertainment use; V Lincolnwood Town Center, Lincolnwood, Illinois: The RoomPlace opened August 2019 replacing Carson Pirie Scott (Bon-Ton Stores); and 11 V The Mall at Fairfield Commons, Dayton, Ohio: Round1 Entertainment opened November 2019 replacing the lower level of the former Sears, and the upper level is currently under construction and will be occupied by Morris Furniture, which is expected to open during the second quarter of this year.

Open Air Snapshot In addition to those assets which comprise the Open Air segment, it should be noted, several other high quality assets exhibit Open Air e.g. shopping center characteristics. If the following are included within the Open Air designation (hereinafter Open Air Plus), the percentage of total NOI increases by 13.0% to 40.0%. YE 2014 Occupancy % YE 2015 Occupancy % YE 2016 Occupancy % YE 2017 Occupancy % YE 2018 Occupancy % YE 2019 Occupancy % Segment as of DEC 31 as of DEC 31 as of DEC 31 as of DEC 31 as of DEC 31 as of DEC 31 Total NOI (%) 4Q 2019 13% Open Air Plus* 94.9% 95.4% 95.3% 95.4% 95.5% 95.0% 27% 7% FY 2014 Comparable FY 2015 Comparable FY 2016 Comparable FY 2017 Comparable FY 2018 Comparable FY 2019 Comparable 5YR Segment NOI ($000) NOI ($000) NOI ($000) NOI ($000) NOI ($000) NOI ($000) NOI Growth 53% Open Air Plus* $163,964 $171,751 $178,737 $188,111 $191,137 $191,817 17.0% Releasing TTM TTM 2016 TTM 2017 TTM 2018 TTM 2019 Spread 2015 Takeaway: 40% of WPG’s total NOI exhibited annual Comparable NOI Open Air Tier One Tier Two Open Air Plus Properties growth of 3.4% over the previous five years Open Air Plus* 13.2% 5.4% 5.1% -0.6% 3.6% *Open Air Plus includes current Open Air portfolio as well as Arbor Hills, The Arboretum, Bowie Town Center, Clay Terrace, Malibu Lumber Yard, Oklahoma City Collection, Scottsdale Quarter, Town Center Plaza and Crossing and Waterford Lakes Town Center Assets not included within current Open Air portfolio: Waterford Lakes Town Center The Arboretum Arbor Hills Malibu Lumber Yard Orlando, FL Austin, TX Ann Arbor, MI Malibu, CA Scottsdale Quarter Oklahoma City Properties Clay Terrace Town Center Plaza and Crossing Bowie Town Center Scottsdale, AZ Oklahoma City, OK Carmel, IN Leawood, KS Bowie, MD 12