8-K

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) February 26, 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 February 26, 2020, Washington Prime Group Inc. (the “Company” or “Registrant”) issued a news release regarding its results of operations for the three and twelve months ended December 31, 2019.

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 and twelve months ended December 31, 2019, 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 “Fourth Quarter 2019 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 February 26, 2020.

99.2 Supplemental Information for the three and twelve months ended December 31, 2019.

99.3 Fourth Quarter 2019 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: February 26, 2020	By:	/s/ Mark E. Yale
		Mark E. Yale Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EX-99.1

Exhibit 99.1

Washington Prime Group Announces Fourth Quarter and Fiscal Year 2019 Results

• The Company announced its dividend policy for 2020 of $0.50 per annum for common share and operating partnership units resulting in an increase in cash availability of nearly $110 millionduring 2020 alone, of which the Company expects to utilize to fund its pipeline of attractive redevelopment projects

• Based upon the Company’s free cash flow projections, the 2020 funds available for distribution (FAD) payout ratio is estimated at 63%

• The Company maintains outlook for growth in 2020 with combined Tier One and Open Air comparable net operating income (NOI) increasing 50 to 150 basis points

• The Company was in compliance with all of its unsecured debt covenants at the end of 2019, and based upon current projections, anticipates remaining in compliance throughout 2020

COLUMBUS, OH - February 26, 2020 - Washington Prime Group Inc. (NYSE: WPG) today reported financial and operating results for the fourth quarter and fiscal year ended December 31, 2019 that reflect continued progress of the execution of the Company’s financial, operating and strategic objectives.

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2019		2018		2019			2018
Net income (loss) per diluted share	$	0.09	$	0.29	$	(0.05	)	$	0.42
FFO per diluted share	$	0.42	$	0.60	$	1.45		$	1.73
FFO per diluted share, as adjusted	$	0.31	$	0.38	$	1.18		$	1.51

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

Fourth Quarter Financial Results

Net income attributable to common shareholders for the fourth quarter of 2019 was $17.1 million, or $0.09 per diluted share, compared to net income of $55.0 million, or $0.29 per diluted share, a year ago. The year-over-year (YOY) difference relates primarily to lost rental income from retail bankruptcies and related cotenancy. Additionally, results for the fourth quarter of 2019 include a gain on the extinguishment of debt of $24.7 million, and a gain on disposition of interests in properties of $12.3 million, which compares to $55.9 million of such gains during the same quarter a year ago.

Funds from Operations (FFO), as adjusted for the fourth quarter of 2019 was $70.1 million, or $0.31 per diluted share, which compares to $84.0 million, or $0.38 per diluted share, during the same quarter a year ago. The YOY decrease in FFO, as adjusted, relates primarily to lost rental income from retail bankruptcies and related cotenancy along with the increase in general and administrative expenses.

Business Highlights

Significant Leasing Progress

◦ Leasing volume during 2019 exhibited a 6% YOY increase totaling 4.4 million square feet (SF) and the number of lease transactions increased 11% YOY;

◦ This follows leasing volume of 4.2 million SF and 4.0 million SF in 2018 and 2017, respectively, totaling 12.6 million SF during the previous three years;

◦ Of the aforementioned 4.4 million SF in 2019, 57% 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 a 180 signed leases qualifying under various incentive programs during 2019.

Stable Operating Metrics

◦ New leasing spreads increased 1.6% during the trailing 12 months ended December 31, 2019 for Tier One and Open Air assets;

◦ Tier One sales PSF increased 4.0% YOY to $413 as of December 31, 2019;

◦ Tier One occupancy cost improved 60 basis points to a sector leading 11.2% as of December 31, 2019;

◦ As of December 31, 2019, combined Tier One and Open Air occupancy decreased 130 basis points YOY to 93.4%, of which 120 basis points was attributable to the bankruptcies of Charlotte Russe, Gymboree, and Payless ShoeSource;

◦ YOY 2019 comparable NOI increased 2.1% for Open Air and decreased 8.0% for Tier One, resulting in a combined decrease of 5.2%;

◦ This combined decrease in 2019 comparable NOI of $24.5 million is primarily attributable to $14.8 million of cotenancy and rental income loss from 2018 bankruptcies (Bon-Ton Stores, Sears and Toys R Us) and $6.1 million from the aforementioned 2019 bankruptcies.

◦ Excluding the aforementioned cotenancy impact and rental income loss, YOY comparable NOI for combined Tier One and Open Air would have been (2.2%) and (0.8%) for the fourth quarter and full year 2019, respectively; and

◦ Exhibiting sequential improvement from the third quarter, fourth quarter 2019 comparable NOI increased 250 basis points to 5.1% for Open Air, increased 90 basis points to (7.9%) for Tier One, and combined increased 90 basis points to (4.6%).

Activation Activity

◦ During 2019, the Company hosted 3,297 events and activations, digital media campaigns produced 1,454 corporate managed advertisements, and a robust social media initiative resulted in 33,871 and 25,420 additional Instagram and Facebook followers, respectively;

◦ The Company received one ICSC MAXI Award and two MarCom Awards for marketing and social media excellence; and

◦ The Company introduced the first national landlord sponsored TikTok influencer campaign (#SweeTok) which resulted in over 10,000 guest visits and 36 million social media views.

Department Store Adaptive Reuse Progress

◦ The Company resolved 18, or 72%, of the 25 department stores of which the Company has control;

◦ As exhibited within the most recent fourth quarter 2019 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). As of December 31, 2019, five of these department store spaces remained occupied by Sears;

◦ These include the following projects, all of which are situated within Tier One assets:

• The Mall at Johnson City, Johnson City, Tennessee: HomeGoods will anchor the replacement of the former Sears;

• Polaris Fashion Place®, Columbus, Ohio: FieldhouseUSA will anchor the mixed use redevelopment of former Sears;

• Town Center at Aurora®, Aurora, Colorado: FieldhouseUSA will anchor the planned mixed use redevelopment of the former Sears;

• Markland Mall, Kokomo, Indiana: A national retailer has executed a letter of intent to replace the former Carson Pirie Scott (Bon-Ton Stores);

• 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;

• 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;

• Port Charlotte Town Center, Port Charlotte, Florida: A national entertainment concept has executed a letter of intent to replace Sears;

• Longview Mall, Longview, Texas: National retailers have executed letters of intent to replace the former Sears;

• 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;

• 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;

• 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;

• 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;

• Morgantown Mall, Morgantown, West Virginia: The Company has executed a lease with Dunham’s Sports replacing space previously occupied by Elder Beerman (Bon-Ton Stores). A national discount retailer and an entertainment concept have provided letters of intent to replace the former Belk department store and the former Sears will be replaced with outdoor greenspace for athletic and entertainment use;

• Lincolnwood Town Center, Lincolnwood, Illinois: The RoomPlace opened August 2019 replacing Carson Pirie Scott (Bon-Ton Stores); and

• 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.

Mixed Use Progress

◦ Clay Terrace, Carmel, Indiana: Predevelopment is underway and will be comprised of an approximately 290 unit multifamily rental project, an approximately 140 guest room hotel, new office space totaling 200,000 SF and an additional approximately 70,000 SF of space intended for lifestyle and food and beverage;

◦ WestShore Plaza, Tampa, Florida: The Company is underway regarding the process of obtaining necessary entitlements and discussions continue regarding a joint venture of this mixed use redevelopment replacing the Sears space. In conjunction, the Company also purchased an outparcel which is to be included as part of the entitlement process; and

◦ Westminster Mall, Westminster, California: The Company is in the process of obtaining necessary entitlements and discussions are underway regarding the planned mixed use predevelopment project. The Company is working with several local landowners and all other stakeholders to explore mixed use opportunities, including residential, office and hotel components, as well as ground level retail. On the site owned by Washington Prime Group alone, the Company anticipates the potential for up to 1,000 multifamily residential units.

Financial Transactions

◦ The Company recently executed a letter of intent with Spirit Realty Capital, Inc. (SRC) for the sale of the fee or leasehold interest in eight outparcels for a combined purchase price of $14.2 million equating to an approximately 6.5% capitalization rate; and

◦ The Company anticipates an additional $50 million of disposition proceeds from various transactions, of which the majority are expected to close by year end, with resulting proceeds to be utilized for redevelopment;

◦ The Company completed several financial transactions in 2019 and has demonstrated continued ability to access new strategic capital including:

• The Company proactively retired $29.1 million of outstanding principal related to the Senior Notes due 2024 recording a $1.2 million gain on extinguishment;

• The Company repaid the $47.6 million mortgage loan previously secured by four Open Air assets, which was scheduled to mature on October 16, 2019 at a fixed rate of 7.5%. Simultaneously, the Company closed on a new $117.0 million loan secured by the same four assets. The interest-only loan bears interest at a fixed rate of 3.67%. The loan will mature on October 1, 2029;

• Approximately $68.1 million of net loan proceeds from the aforementioned transaction, as well as proceeds from the previously executed $180 million nonrecourse mortgage loan secured by Waterford Lakes Town Center, will provide the necessary liquidity to address the upcoming $250 million senior unsecured note maturing April 2020;

• Mortgage loans secured by three noncore assets were extinguished upon property transitions to the respective lender during 2019, resulting in extinguishment of $94.7 million in mortgage loans;

• The Company completed the sale leaseback of fee interest in land at of four enclosed assets; and

• The Company signed a definitive agreement for sale of 20 additional outparcels to FCPT Acquisitions, LLC ("Four Corners") for $38 million.

Louis Conforti, CEO and Director, Commentary: “My colleagues and I have worked hard and smart to differentiate our Company by diversifying tenancy, activating common area and undertaking value added adaptive reuse. In addition, we have made sound financial and strategic decisions as well as demonstrating the ability to access traditional as well as more resourceful capital.

“Take for instance our decision during the previous four years to dispose of seventeen assets (not including outparcel sales) which we considered incongruous to our dominant town center objective. Regardless of short term dilution, this action has proved more than prudent allowing us to devote our time and money to those assets most able to benefit from focused adaptive reuse. Our progress to date illustrates we’ve made the right choices.

“Notwithstanding, there continues to exist skepticism as it relates to the necessary capital required to accomplish this adaptive reuse mandate. The reset of the dividend is intended to alleviate any such doubt whatsoever. As opposed to acting out of weakness, the Board proactively made this decision at our earliest available opportunity. Our fiduciary responsibility is to allocate capital accordingly and this decision to enhance our liquidity was only logical.

“The simple table below clearly illustrates this improved free cash flow. Several relevant factors should be noted including $70 million of tenant allowance and Cap-Ex deducted from FAD, nor does it need any additional credit facility borrowing. In addition to the six projects commenced in 2019, we anticipate starting twelve, four and eight department store adaptive reuse projects during 2020, 2021 and 2022, respectively. Simple extrapolation illustrates plenty of free cash flow during these years to deliver these projects.”

(Dollars in thousands)
	Midpoint of 2020 Guidance
Estimated funds available for distribution (FAD)¹	$177,700
Estimated common share and operating partnership unit dividend distribution	(111,700)
Estimated free cash flow	66,000
Estimated proceeds from outparcel and other non-income producing sales	50,000
Estimated cash available for department store adaptive reuse and redevelopment	116,000
Planned spend on department store adaptive reuse	(80,000)
Estimated net cash surplus	$36,000
Estimated FAD payout ratio	63%
¹A reconciliation for the expected range of estimated net loss attributable to common shareholders per diluted share to estimated Funds Available for Distribution (FAD) per diluted share included within this press release.

Conforti added: “Take a hard look at the following financial metrics and see how we stack up against our sector peers. Furthermore, when it comes to leasing volume and resolving department store vacancy, while it’s difficult to glean comparable information from some of our peers, I’d take the over we are leaders on a relative size basis in both endeavors.”

Representative Financial Metrics:
Unencumbered NOI: Total NOI	56%
Open Air NOI: Total NOI	27%
EBITDA: Interest Expense (including share of unconsolidated entities)	2.61x
Combined Tier One and Open Air NOI: Total NOI	93%
Occupancy Cost	11.2%

Conforti continued: “One other point, as it relates to Open Air NOI of 27%, when you include nine assets we classify as Tier One but have an open air format (Arbor Hills, The Arboretum, Bowie Town Center, Clay Terrace, Malibu Lumber Yard, Oklahoma City Properties, Scottsdale Quarter, Town Center Plaza & Crossing, and Waterford Lakes Town Center) our open air portfolio increases to 40% of total NOI.

“During last quarter’s earnings release and conference call, we provided a summary of incremental Net Asset Value (NAV) potential of ~$2.00 per share for three redevelopment assets. This analysis assumes we sell fully entitled land parcels to developers of residential, lodging and office productwhile retail remains the responsibility of WPG. Note, the capital investment required to deliver this fully entitled land parcels is deducted from NAV.

“In this light, we are pleased to announce the first of the three redevelopments is underway at Clay Terrace. This redevelopment will be comprised of a ~290 unit multifamily rental project, a ~140 guest room hotel, new office space totaling 200,000 SF and an additional ~70,000 SF of space intended for lifestyle and food and beverage tenancy.

“In closing, Washington Prime Group will continue to improve its assets via differentiated tenancy and dynamic activations. Our Company is also increasingly embracing the fact we are an essential participant regarding the logistics, distribution and delivery of goods and services, which speak to an omnichannel perspective. As the dominant town center within our respective trade areas, it is imperative we provide convenience in addition to interesting alternatives where our guests can eat, shop, work, play and live. With this in mind, my colleagues and I are going to get back to our jobs and continue to grind it out.”

Financial Activity

Dispositions

On January 21, 2020, the Company executed a letter of intent with Spirit Realty Capital, Inc. (SRC) for the sale of the fee interest or leasehold interest in eight outparcels for a combined purchase price of approximately $14.2 million. This pricing reflects a mid-six percent capitalization rate on in-place net operating income. Washington Prime Group and Spirit Realty Capital anticipate closing on the majority of the outparcel sale in 2020, subject to due diligence and closing conditions.

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.

On December 19, 2019, The Company completed the sale of Charles Towne Square in North Charlestown, South Carolina to an unaffiliated private real estate investor for a purchase price of $5.0 million.

The Company announced in September 2017 the sale of multiple tranches of outparcels to Four Corners with a combined purchase price of approximately $70 million, of which the Company closed on $27.8 million of restaurant outparcels in 2018. In addition, the Company signed during the third quarter of 2019 a definitive agreement for the sale of 20 additional outparcels to Four Corners for a combined purchase price of approximately $38 million. The Company completed approximately $41.1 million of outparcel sales during 2019. The Company anticipates closing on most of the approximately $4.6 million of remaining outparcel sales from the 2017 transaction and the majority of the remaining approximately $29.0 million from the 2019 transaction in 2020, subject to due diligence and closing conditions.

Additionally, during the year ended December 31, 2019, the Company sold certain undeveloped land parcels and developed outparcels for an aggregate purchase price of $8.8 million.

The net proceeds from the disposition activities were generally used to fund ongoing redevelopment efforts and for general corporate purposes. In connection with the 2019 dispositions, the Company recorded a net gain of $38.4 million which is included in gain on disposition of interests in properties, net in the accompanying consolidated statements of operations and comprehensive (loss) income for the year ended December 31, 2019.

Mortgage Loans

On December 20, 2019, the Company completed the extension of the mortgage loan on The Mall at Johnson City, located in Johnson City, Tennessee. The extension is effective May 6, 2020 and will extend the maturity of the mortgage loan to May 6, 2023, with two additional one-year extension options available to this unconsolidated property. The extension requires a $5.0 million principal prepayment on May 6, 2020, in addition to funding of $10.0 million for certain reserve accounts.

On December 18, 2019, the mortgage loans secured by West Ridge Mall and Plaza, located in Topeka, Kansas, were extinguished upon the property transitions to the lender. The Company recognized a gain on debt extinguishment, net of default interest, of approximately $23.1 million related to the transitions during the fourth quarter of 2019.

Washington Prime Group Board of Directors Declares Quarterly Dividend

The Company’s Board of Directors declared a quarterly cash dividend on its common shares and operating partnership units. A cash dividend of $0.125 per common share and operating partnership unit was declared. The dividend is payable on March 16, 2020 to shareholders and operating partnership unit holders of record on March 9, 2020.

In addition, the Board of Directors declared quarterly cash dividends of $0.4688 per Series H preferred share of beneficial interest, $0.4297 per Series I preferred share of beneficial interest, and $0.4563 per Series I-1 preferred unit of Preferred Limited Partnership Interest. Each of the cash dividends on these preferred shares and preferred units is payable on April 15, 2020 to shareholders and operating partnership unit holders of record on March 30, 2020.

2020 Guidance

The Company is introducing guidance for fiscal 2020 net loss attributable to common shareholders in the range of $(0.33) to $(0.25) per diluted share and expects FFO in a range of $0.99 to $1.07 per diluted share. The 2020 guidance indicates a decrease in FFO over the prior year. Declines from 2019 include nearly $0.12 due to dispositions, lower outparcel sales and the full year impact from the Perennial ground lease transaction.

Key guidance assumptions for 2020 include the following:

◦ Total comparable NOI for the Company’s Tier One and Open Air portfolios (core properties) of $434.9 million - $439.1 million which represents growth of 0.5% to 1.5% over 2019.

◦ Total comparable NOI of $28.0 million - $30.0 million for the Company’s Tier Two properties and a center that has been reclassified for redevelopment,;

◦ Total comparable NOI of approximately $2 million - $4 million from the Company’s Noncore properties;

◦ Transition of one to three Noncore assets to the lender in 2020 with any potential gain from the transfer being excluded from the earnings guidance;

◦ Tier classifications for enclosed properties, as well as the list of Noncore properties, can be found in the fourth quarter 2019 supplemental information report available on the Company’s website;

◦ Corporate overhead and general and administrative expense (excluded from property net operating income) of $70 million - $74 million;

◦ Fee income (including lease termination and management fees) of $13 - $16 million

◦ Interest expense (excluding interest on the unconsolidated properties) of $153 - $155 million

◦ Redevelopment spending, including the pro rata share of joint venture properties, of approximately $100 million, inclusive of approximately $80 million related to adaptive reuse of former department stores;

◦ Recurring Cap-Ex spending and deferred external leasing costs, including the pro rata share of joint venture properties, of $65 million - $75 million;

◦ Net revenue related to non cash adjustments for purchase accounting and straight line rents, including the pro rata share of joint venture properties, of $10 million - $12 million;

◦ Gain from sale of outparcels of $10 million - $14 million;

◦ No change in preferred share dividends; and

◦ 2020 annual dividend per common share and operating partnership unit of $0.50.

The following table provides the reconciliation for the expected range of estimated net loss attributable to common shareholders per diluted share to estimated FFO per diluted share, as adjusted, as well as the reconciliation for the expected range of the Company’s estimated Funds Available for Distribution (FAD) per diluted share for the year ending December 31, 2020:

	Low End			High End
Estimated net loss attributable to common shareholders      per diluted share	$	(0.33	)	$	(0.25	)
Depreciation and amortization including share of unconsolidated entities	1.32			1.32
Estimated FFO per diluted share	$	0.99		$	1.07
Capital expenditures and tenant improvements	(0.33		)	(0.29		)
Non-cash items	0.06			0.08
Estimated FAD per diluted share	$	0.72		$	0.86
Estimated annual dividend per common share and operating partnership unit	$	0.50		$	0.50
Estimated Payout Ratio	69		%	58		%

The following table provides a reconciliation of the expected range of net loss from GAAP financial statements to the Company’s NOI projections for the year ending December 31, 2020:

(Dollars in thousands)
	Low End			High End
Net loss	$	(73,600	)	$	(55,600	)
Depreciation and amortization	260,000			255,000
General and administrative and corporate overhead	74,000			70,000
Interest expense	155,000			153,000
Gains from sales of outparcels	(10,000		)	(14,000		)
Pro-rata share of unconsolidated joint venture in comp NOI	70,000			72,000
Non-comparable properties and other (1)	2,500			8,700
Fee income	(13,000		)	(16,000		)
Tier Two, redevelopment and noncore properties	(30,000		)	(34,000		)
Projected comparable NOI - Tier One and Open Air	$	434,900		$	439,100
Projected comparable NOI year-over-year growth (2)	0.5		%	1.5		%
(1) Includes income from unconsolidated entities, straight line rents, fair market adjustments and non-comparable properties.
(2) Reported 2019 comparable NOI for Tier One and Open Air properties adjusted for actual and projected property dispositions was $432.7 million.

For the first quarter of 2020, the Company estimates net loss attributable to common shareholders to be in the range of $(0.12) to $(0.08) per diluted share and FFO to be in the range of $0.20 to $0.24 per diluted share.

A reconciliation of the range of estimated net loss per diluted share to estimated FFO per diluted share for the first quarter of 2020 follows:

	Low End			High End
Estimated net loss attributable to common shareholders per diluted share	$	(0.12	)	$	(0.08	)
Depreciation and amortization including share of unconsolidated entities	0.32			0.32
Estimated FFO per diluted share	$	0.20		$	0.24

Earnings Call and Webcast on February 27

The Company will host its quarterly earnings conference call and an audio webcast on Thursday, February 27, 2020 at 11:00 a.m. Eastern Time.

The live webcast will be available in listen-only mode from the investor relations section of the Company’s website at www.washingtonprime.com. Listeners can also access the call by dialing 833.235.7642 (or +647.689.4163 for international callers), and the participant passcode is 8198659.

A replay of the call will be available on the Company’s website, or by calling 800.585.8367 (or +1.416.621.4642 for international callers), passcode is 8198659, beginning on Thursday, February 27, 2020, at approximately 1:00 p.m. Eastern Time through midnight on Thursday, March 12, 2020.

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®, Polaris Fashion Place®, and Town Center at Aurora® are registered trademarks of the Company. Learn more at www.washingtonprime.com.

Contacts

Lisa A. Indest, CAO & EVP, Finance, 614.887.5844 or lisa.indest@washingtonprime.com

Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or kim.green@washingtonprime.com

Non-GAAP Financial Measures

This press release includes FFO, FAD 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, FAD 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.

FAD is a useful supplemental measure of the Company’s liquidity used by industry analysts and investors. The Company computes FAD by subtracting recurring tenant improvements, leasing commissions and capital expenditures and adjusting for non-cash items such as amortization of deferred financing costs, debt discounts and premiums, amortization of above (below) market rents for acquisition properties, non-cash executive compensation expense and straight-line rents. FAD provides useful information to the investment community about the Company’s financial position since FAD is a liquidity measure used by other REITs. However, other REITs may use different methodologies for calculating FAD and, accordingly, the Company’s FAD may not be comparable to other REITs.

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; failure 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  December 31,						Twelve Months Ended December 31,
	2019			2018			2019			2018
Revenue:
Rental income	$	159,519		$	173,123		$	633,633		$	690,432
Other income	10,504			9,826			27,851			27,047
Total revenues	170,023			182,949			661,484			717,479
Expenses:
Property operating	(39,460		)	(38,237		)	(154,328		)	(148,433		)
Real estate taxes	(21,133		)	(21,385		)	(82,139		)	(86,665		)
Advertising and promotion	(3,272		)	(3,184		)	(9,513		)	(9,070		)
Total recoverable expenses	(63,865		)	(62,806		)	(245,980		)	(244,168		)
Depreciation and amortization	(62,178		)	(61,696		)	(271,320		)	(257,796		)
General and administrative	(11,728		)	(9,121		)	(51,187		)	(39,090		)
Ground rent	(224		)	(197		)	(837		)	(789		)
Impairment loss	(6,320		)	—			(35,256		)	—
Total operating expenses	(144,315		)	(133,820		)	(604,580		)	(541,843		)
Interest expense, net	(38,576		)	(36,360		)	(153,382		)	(141,987		)
Gain on disposition of interests in properties, net	12,317			4,494			38,373			24,602
Gain on extinguishment of debt, net	24,747			51,395			63,660			51,395
Income and other taxes	(831		)	(673		)	(1,296		)	(1,532		)
Income (loss) from unconsolidated entities, net	503			851			(1,499		)	541
Net income	23,868			68,836			2,760			108,655
Net income (loss) attributable to noncontrolling interests	3,260			10,321			(1,514		)	15,051
Net income attributable to the Company	20,608			58,515			4,274			93,604
Less: Preferred share dividends	(3,508		)	(3,508		)	(14,032		)	(14,032		)
Net income (loss) attributable to common shareholders	$	17,100		$	55,007		$	(9,758	)	$	79,572
Earnings (loss) per common share, basic and diluted	$	0.09		$	0.29		$	(0.05	)	$	0.42

CONSOLIDATED BALANCE SHEETS

Washington Prime Group Inc.

(Unaudited, dollars in thousands)

	December 31, 2019			December 31, 2018
Assets:
Investment properties at cost	$	5,787,126		$	5,879,637
Construction in progress	115,280			35,068
	5,902,406			5,914,705
Less: accumulated depreciation	2,397,736			2,283,764
	3,504,670			3,630,941
Cash and cash equivalents	41,421			42,542
Tenant receivables and accrued revenue, net	82,762			85,463
Investment in and advances to unconsolidated entities, at equity	417,092			433,207
Deferred costs and other assets	205,034			169,135
Total assets	$	4,250,979		$	4,361,288
Liabilities:
Mortgage notes payable	$	1,115,608		$	983,269
Notes payable	957,566			982,697
Unsecured term loans	686,642			685,509
Revolving credit facility	204,145			286,002
Other indebtedness	97,601			—
Accounts payable, accrued expenses, intangibles, and deferred revenues	260,904			253,862
Distributions payable	3,252			2,992
Cash distributions and losses in unconsolidated entities, at equity	15,421			15,421
Total liabilities	3,341,139			3,209,752
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	1,254,771			1,247,639
Accumulated deficit	(655,492		)	(456,924		)
Accumulated other comprehensive (loss) income	(5,525		)	6,400
Total stockholders' equity	796,349			999,710
Noncontrolling interests	110,226			148,561
Total equity	906,575			1,148,271
Total liabilities, redeemable noncontrolling interests and equity	$	4,250,979		$	4,361,288

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 December 31,						Twelve Months Ended December 31,
	2019			2018			2019			2018
Funds from Operations ("FFO"):
Net income	$	23,868		$	68,836		$	2,760		$	108,655
Less: Preferred dividends and distributions on preferred operating partnership units	(3,568		)	(3,568		)	(14,272		)	(14,272		)
Real estate depreciation and amortization, including joint venture impact	71,370			70,821			310,430			295,900
Noncontrolling interests portion of depreciation and amortization	(67		)	(35		)	(67		)	(35		)
Net income attributable to noncontrolling interest holders in properties	(45		)	(76		)	(45		)	(76		)
Impairment loss, including (gain) on disposition of interests in properties, net	1,594			(1,598		)	26,586			(3,353		)
FFO	$	93,152		$	134,380		$	325,392		$	386,819
Adjusted Funds from Operations:
FFO	$	93,152		$	134,380		$	325,392		$	386,819
Gain on extinguishment of debt, net of default interest	(23,098		)	(50,422		)	(62,011		)	(50,422		)
Adjusted FFO	$	70,054		$	83,958		$	263,381		$	336,397
Weighted average common shares outstanding - diluted	224,228			223,145			223,811			223,004
FFO per diluted share	$	0.42		$	0.60		$	1.45		$	1.73
Total adjustments	$	(0.11	)	$	(0.22	)	$	(0.27	)	$	(0.22	)
Adjusted FFO per diluted share	$	0.31		$	0.38		$	1.18		$	1.51

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 December 31,									Twelve Months Ended December 31,
	2019			2018			Variance $			2019			2018			Variance $
Reconciliation of Comp NOI to Net Income:
Net Income	$	23,868		$	68,836		$	(44,968	)	$	2,760		$	108,655		$	(105,895	)
(Income) loss from unconsolidated entities	(503		)	(851		)	348			1,499			(541		)	2,040
Income and other taxes	831			673			158			1,296			1,532			(236		)
Gain on extinguishment of debt, net	(24,747		)	(51,395		)	26,648			(63,660		)	(51,395		)	(12,265		)
Gain on disposition of interests in properties, net	(12,317		)	(4,494		)	(7,823		)	(38,373		)	(24,602		)	(13,771		)
Interest expense, net	38,576			36,360			2,216			153,382			141,987			11,395
Operating Income	25,708			49,129			(23,421		)	56,904			175,636			(118,732		)
Depreciation and amortization	62,178			61,696			482			271,320			257,796			13,524
Impairment loss	6,320			—			6,320			35,256			—			35,256
General and administrative	11,728			9,121			2,607			51,187			39,090			12,097
Fee income	(3,013		)	(2,483		)	(530		)	(11,682		)	(9,527		)	(2,155		)
Management fee allocation	17			152			(135		)	140			157			(17		)
Pro-rata share of unconsolidated joint ventures in comp NOI	18,022			18,483			(461		)	70,463			72,348			(1,885		)
Property allocated corporate expense	4,195			3,833			362			16,870			14,591			2,279
Non-comparable properties and other (1)	190			(2,555		)	2,745			423			(5,512		)	5,935
NOI from sold properties	(695		)	(2,782		)	2,087			(2,482		)	(12,720		)	10,238
Termination income	(118		)	(1,236		)	1,118			(1,630		)	(3,457		)	1,827
Straight-line rents	(1,040		)	(475		)	(565		)	(4,695		)	(3,629		)	(1,066		)
Ground lease adjustments for straight-line and fair market value	4			12			(8		)	20			50			(30		)
Fair market value and inducement adjustments to base rents	(894		)	(991		)	97			(6,194		)	(8,952		)	2,758
Less: Tier 2 and noncore properties (2)	(8,342		)	(12,137		)	3,795			(32,131		)	(47,646		)	15,515
Comparable NOI - Tier 1 and Open Air properties	$	114,260		$	119,767		$	(5,507	)	$	443,769		$	468,225		$	(24,456	)
Comparable NOI percentage change - Tier 1 and Open Air properties							-4.6		%							-5.2		%

(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.

EBITDAre

Washington Prime Group Inc.

(Unaudited, dollars in thousands)

	Twelve Months Ended December 31, 2019
Calculation of EBITDAre:
Net income	$	2,760
Interest Expense, net	153,382
Income and other taxes	1,296
Depreciation and amortization	271,320
Gain on disposition of interests in properties, net	(8,670		)
Impairment loss	35,256
Pro-rata share of unconsolidated entities, net	72,634
EBITDAre (1)(2)	527,978
Gain on extinguishment of debt, net	(63,660		)
Adjusted EBITDAre	$	464,318
Interest expense, consolidated	$	153,382
Interest expense, pro-rata share of unconsolidated	24,194
Total	$	177,576
Adjusted EBITDAre to interest expense	2.61			x

(1) EBITDAre is calculated consistent with the NAREIT definition.

(2) EBITDAre includes the expensing of internal leasing costs of $16,321 for the twelve months ended December 31, 2019.

EX-99.2

SAFEHARBOR: 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
	Key guidance assumptions	9
Operational Data
	Operating metrics	10
	Leasing results and base rent psf	11
	Releasing spreads	12
	Top 10 tenants	13
	Lease expirations	14
Development Activity
	Capital expenditures	15
	Redevelopment projects	16
	Department store repositioning status	17
Property Information
	Property information	18-20
Other
	Non-GAAP pro-rata financial information	21
	Proportionate share of unconsolidated properties - statements of operations (unaudited)	22
	Proportionate share of unconsolidated properties - balance sheet (unaudited)	23
	Glossary of terms	24

CONSOLIDATED STATEMENTS OF OPERATIONS
Washington Prime Group Inc.
(Unaudited, dollars in thousands, except per share data)
		Three Months Ended December 31,						Twelve Months Ended December 31,
		2019			2018			2019			2018
	Revenue:
	Rental income (see components on page 4)	$	159,519		$	173,123		$	633,633		$	690,432
	Other income (see components on page 4)	10,504			9,826			27,851			27,047
	Total revenues	170,023			182,949			661,484			717,479
	Expenses:
	Property operating	(39,460		)	(38,237		)	(154,328		)	(148,433		)
	Real estate taxes	(21,133		)	(21,385		)	(82,139		)	(86,665		)
	Advertising and promotion	(3,272		)	(3,184		)	(9,513		)	(9,070		)
	Total recoverable expenses	(63,865		)	(62,806		)	(245,980		)	(244,168		)
	Depreciation and amortization	(62,178		)	(61,696		)	(271,320		)	(257,796		)
	General and administrative	(11,728		)	(9,121		)	(51,187		)	(39,090		)
	Ground rent	(224		)	(197		)	(837		)	(789		)
	Impairment loss	(6,320		)	—			(35,256		)	—
	Total operating expenses	(144,315		)	(133,820		)	(604,580		)	(541,843		)
	Interest expense, net	(38,576		)	(36,360		)	(153,382		)	(141,987		)
	Gain on disposition of interests in properties, net	12,317			4,494			38,373			24,602
	Gain on extinguishment of debt, net	24,747			51,395			63,660			51,395
	Income and other taxes	(831		)	(673		)	(1,296		)	(1,532		)
	Income (loss) from unconsolidated entities, net	503			851			(1,499		)	541
	Net income	23,868			68,836			2,760			108,655
	Net income (loss) attributable to noncontrolling interests	3,260			10,321			(1,514		)	15,051
	Net income attributable to the Company	20,608			58,515			4,274			93,604
	Less: Preferred share dividends	(3,508		)	(3,508		)	(14,032		)	(14,032		)
	Net income (loss) attributable to common shareholders	$	17,100		$	55,007		$	(9,758	)	$	79,572
	Earnings (loss) per common share, basic and diluted	$	0.09		$	0.29		$	(0.05	)	$	0.42

SUPPLEMENTAL INFORMATION | 1

CONSOLIDATED BALANCE SHEETS
Washington Prime Group Inc.
(Unaudited, dollars in thousands)
		December 31,			December 31,
		2019			2018
	Assets:
	Investment properties at cost	$	5,787,126		$	5,879,637
	Construction in progress	115,280			35,068
		5,902,406			5,914,705
	Less: accumulated depreciation	2,397,736			2,283,764
		3,504,670			3,630,941
	Cash and cash equivalents	41,421			42,542
	Tenant receivables and accrued revenue, net (see components on page 3)	82,762			85,463
	Investment in and advances to unconsolidated entities, at equity	417,092			433,207
	Deferred costs and other assets (see components on page 3)	205,034			169,135
	Total assets	$	4,250,979		$	4,361,288
	Liabilities:
	Mortgage notes payable	$	1,115,608		$	983,269
	Notes payable	957,566			982,697
	Unsecured term loans	686,642			685,509
	Revolving credit facility	204,145			286,002
	Other Indebtedness	97,601			—
	Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3)	260,904			253,862
	Distributions payable	3,252			2,992
	Cash distributions and losses in unconsolidated entities, at equity	15,421			15,421
	Total liabilities	3,341,139			3,209,752
	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	1,254,771			1,247,639
	Accumulated deficit	(655,492		)	(456,924		)
	Accumulated other comprehensive (loss) income	(5,525		)	6,400
	Total stockholders' equity	796,349			999,710
	Noncontrolling interests	110,226			148,561
	Total equity	906,575			1,148,271
	Total liabilities, redeemable noncontrolling interests and equity	$	4,250,979		$	4,361,288

SUPPLEMENTAL INFORMATION | 2

SUPPLEMENTAL BALANCE SHEET DETAIL
Washington Prime Group Inc.
(unaudited, dollars in thousands)
	December 31,			December 31,
	2019			2018
Tenant receivables and accrued revenue, net:
Straight-line receivable, net of reserve	$	42,061		$	38,874
Tenant receivable	10,227			13,430
Unbilled receivables and other	41,988			42,365
Allowance for doubtful accounts, net	(11,514		)	(9,206		)
Total	$	82,762		$	85,463
Deferred costs and other assets:
Deferred leasing and corporate improvements, net	$	53,729		$	74,260
In place lease intangibles, net	27,538			38,453
Acquired above market lease intangibles, net	13,419			18,827
Right of use asset (1)	12,915			—
Mortgage and other escrow deposits	34,054			18,542
Seller financing receivable (2)	55,000			—
Prepaids, notes receivable and other assets, net	8,379			19,053
Total	$	205,034		$	169,135
Accounts payable, accrued expenses, intangibles and deferred revenues:
Accounts payable and accrued expenses	$	165,469		$	156,685
Below market lease intangibles, net	54,885			66,651
Lease liability (1)	12,915			—
Deferred revenues and deposits	27,635			30,526
Total	$	260,904		$	253,862
(1) The new lease accounting standard effective January 1, 2019 required recognition on the balance sheet, of certain leases, which primarily relate to our corporate offices and property ground leases.
(2) 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 December 31,						Twelve Months Ended December 31,
		2019			2018			2019			2018
	Components of Rental Income:
	Base rent	$	107,551		$	114,559		$	428,808		$	460,764
	Mark-to-market adjustment	957			995			6,382			8,971
	Straight-line rents	1,040			475			4,695			3,629
	Temporary tenant rents	6,098			7,192			17,207			18,805
	Overage rent	3,879			4,062			9,501			9,313
	Tenant reimbursements	41,530			45,976			172,948			191,319
	Lease termination income	118			1,236			1,630			3,457
	Change in estimate of collectibility of rental income	(1,654		)	(1,372		)	(7,538		)	(5,826		)
	Total Rental Income	$	159,519		$	173,123		$	633,633		$	690,432
	Components of Other Income:
	Sponsorship and other ancillary property income	$	4,892		$	4,707		$	11,016		$	10,275
	Fee income	3,013			2,483			11,682			9,527
	Other	2,599			2,636			5,153			7,245
	Total Other Income	$	10,504		$	9,826		$	27,851		$	27,047
	Components of Corporate Overhead:
	General & administrative - other	$	8,004		$	8,353		$	34,866		$	35,984
	General & administrative - internal leasing costs (1)	3,724			768			16,321			3,106
	Internal corporate overhead allocated to operating expense	6,197			5,707			23,792			21,541
	Total Corporate Overhead	$	17,925		$	14,828		$	74,979		$	60,631
	(1) Certain internal leasing costs that were previously deferred are expensed to general and administrative costs under the new lease accounting standard that became effective January 1, 2019.

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)
	Three Months Ended December 31,						Twelve Months Ended December 31,
	2019			2018			2019			2018
Funds from Operations ("FFO"):
Net income	$	23,868		$	68,836		$	2,760		$	108,655
Less: Preferred dividends and distributions on preferred operating partnership units	(3,568		)	(3,568		)	(14,272		)	(14,272		)
Real estate depreciation and amortization, including joint venture impact	71,370			70,821			310,430			295,900
Noncontrolling interests portion of depreciation and amortization	(67		)	(35		)	(67		)	(35		)
Net income attributable to noncontrolling interest holders in properties	(45		)	(76		)	(45		)	(76		)
Impairment loss, including (gain) on disposition of interests in properties, net	1,594			(1,598		)	26,586			(3,353		)
FFO	$	93,152		$	134,380		$	325,392		$	386,819
Adjusted Funds from Operations:
FFO	$	93,152		$	134,380		$	325,392		$	386,819
Gain on extinguishment of debt, net of default interest	(23,098		)	(50,422		)	(62,011		)	(50,422		)
Adjusted FFO	$	70,054		$	83,958		$	263,381		$	336,397
Weighted average common shares outstanding - diluted	224,228			223,145			223,811			223,004
FFO per diluted share	$	0.42		$	0.60		$	1.45		$	1.73
Total adjustments	$	(0.11	)	$	(0.22	)	$	(0.27	)	$	(0.22	)
Adjusted FFO per diluted share	$	0.31		$	0.38		$	1.18		$	1.51
Non-cash items included in FFO:
Non-cash stock compensation expense	$	1,915		$	2,012		$	7,837		$	8,322
Straight-line adjustment as an increase to minimum rents (1)	$	1,492		$	791		$	6,167		$	4,945
Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1)	$	485		$	556		$	1,938		$	2,232
Fair value of debt amortized as a decrease to interest expense (1)	$	926		$	952		$	3,700		$	3,971
Loan fee amortization and bond discount (1)	$	1,821		$	1,798		$	7,558		$	8,436
Mark-to-market/inducement adjustment as a net increase to base rents (1)	$	1,437		$	1,647		$	10,257		$	12,173
Non-real estate depreciation (1)	$	2,267		$	2,402		$	9,106		$	9,814
(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 December 31,											Twelve Months Ended December 31,
	2019			2018			Variance $					2019			2018			Variance $
Reconciliation of Comp NOI to Net Income:
Net Income	$	23,868		$	68,836		$	(44,968	)			$	2,760		$	108,655		$	(105,895	)
(Income) loss from unconsolidated entities	(503		)	(851		)	348					1,499			(541		)	2,040
Income and other taxes	831			673			158					1,296			1,532			(236		)
Gain on extinguishment of debt, net	(24,747		)	(51,395		)	26,648					(63,660		)	(51,395		)	(12,265		)
Gain on disposition of interests in properties, net	(12,317		)	(4,494		)	(7,823		)			(38,373		)	(24,602		)	(13,771		)
Interest expense, net	38,576			36,360			2,216					153,382			141,987			11,395
Operating Income	25,708			49,129			(23,421		)			56,904			175,636			(118,732		)
Depreciation and amortization	62,178			61,696			482					271,320			257,796			13,524
Impairment loss	6,320			—			6,320					35,256			—			35,256
General and administrative	11,728			9,121			2,607					51,187			39,090			12,097
Fee income	(3,013		)	(2,483		)	(530		)			(11,682		)	(9,527		)	(2,155		)
Management fee allocation	17			152			(135		)			140			157			(17		)
Pro-rata share of unconsolidated joint ventures in comp NOI	18,022			18,483			(461		)			70,463			72,348			(1,885		)
Property allocated corporate expense	4,195			3,833			362					16,870			14,591			2,279
Non-comparable properties and other (1)	190			(2,555		)	2,745					423			(5,512		)	5,935
NOI from sold properties	(695		)	(2,782		)	2,087					(2,482		)	(12,720		)	10,238
Termination income	(118		)	(1,236		)	1,118					(1,630		)	(3,457		)	1,827
Straight-line rents	(1,040		)	(475		)	(565		)			(4,695		)	(3,629		)	(1,066		)
Ground lease adjustments for straight-line and fair market value	4			12			(8		)			20			50			(30		)
Fair market value and inducement adjustments to base rents	(894		)	(991		)	97					(6,194		)	(8,952		)	2,758
Less: Tier 2 and noncore properties (2)	(8,342		)	(12,137		)	3,795					(32,131		)	(47,646		)	15,515
Comparable NOI - Tier 1 and Open Air properties	$	114,260		$	119,767		$	(5,507	)			$	443,769		$	468,225		$	(24,456	)
Comparable NOI percentage change - Tier 1 and Open Air properties							-4.6		%									-5.2		%
(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.
	Three Months Ended December 31,											Twelve Months Ended December 31,
	2019			2018			Variance $			Variance %		2019			2018			Variance $			Variance %
Comparable Property Net Operating Income (Comp NOI)
Revenue:
Minimum rent	$	119,024		$	122,357		$	(3,333	)	-2.7	%	$	464,819		$	478,773		$	(13,954	)	-2.9	%
Overage rent	4,799			4,957			(158		)	-3.2	%	11,531			10,742			789			7.3	%
Tenant reimbursements	45,245			46,359			(1,114		)	-2.4	%	182,487			191,488			(9,001		)	-4.7	%
Change in estimate of collectibility of rental income	(1,924		)	(1,887		)	(37		)	-2.0	%	(6,655		)	(5,768		)	(887		)	-15.4	%
Other	5,055			4,482			573			12.8	%	12,269			11,460			809			7.1	%
Total revenue	172,199			176,268			(4,069		)	-2.3	%	664,451			686,695			(22,244		)	-3.2	%
Expenses:
Recoverable expenses - operating	(35,282		)	(34,114		)	(1,168		)	-3.4	%	(132,062		)	(127,309		)	(4,753		)	-3.7	%
Recoverable expenses - real estate taxes	(21,418		)	(21,238		)	(180		)	-0.8	%	(83,713		)	(86,624		)	2,911			3.4	%
Ground rent	(1,239		)	(1,149		)	(90		)	-7.8	%	(4,907		)	(4,537		)	(370		)	-8.2	%
Total operating expenses	(57,939		)	(56,501		)	(1,438		)	-2.5	%	(220,682		)	(218,470		)	(2,212		)	-1.0	%
Comp NOI - Excluding Tier 2 and Noncore properties	$	114,260		$	119,767		$	(5,507	)	-4.6	%	$	443,769		$	468,225		$	(24,456	)	-5.2	%
Comp NOI - Tier 1 enclosed retail properties	$	82,035		$	89,118		$	(7,083	)	-7.9	%	$	311,923		$	339,044		$	(27,121	)	-8.0	%
Comp NOI - Open Air properties	$	32,225		$	30,649		$	1,576		5.1	%	$	131,846		$	129,181		$	2,665		2.1	%

SUPPLEMENTAL INFORMATION | 6

SUMMARY OF DEBT
Washington Prime Group Inc.
(dollars in thousands)
		Total Debt as of 12/31/2019			Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2019			Total Debt as of 12/31/2018			Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2018			Schedule of Maturities by Year (1)	Mortgage Debt Maturities			Weighted Avg. Interest Rate	Unsecured Maturities			Weighted Avg. Interest Rate	Total Debt Maturities			Weighted Avg. Interest Rate
Consolidated debt:														Total debt, including WPG share of unconsolidated entities but excluding other indebtedness:
	Mortgage debt
	Fixed	$	1,052,242		$	1,052,242		$	915,276		$	915,276		2020	$	79,955		5.7%	$	250,000		3.9%	$	329,955		4.3%
	Variable	65,000			65,000			65,000			65,000			2021	305,380			4.6%	—				305,380			4.6%
	Debt issuance costs	(5,097		)	(5,097		)	(2,771		)	(2,771		)	2022	129,579			4.4%	557,000			4.2%	686,579			4.2%
	Fair value debt adjustments	3,463			3,463			5,764			5,764			2023	62,585			4.6%	340,000			4.1%	402,585			4.1%
	Total mortgage debt	1,115,608			1,115,608			983,269			983,269			2024	286,942			4.7%	720,900			6.5%	1,007,842			6.0%
														2025	367,872			3.9%	—				367,872			3.9%
	Unsecured debt													2026	12,339			4.3%	—				12,339			4.3%
	Credit facility	207,000			207,000			290,000			290,000			2027	193,227			4.3%	—				193,227			4.3%
	Term loans	690,000			690,000			690,000			690,000			2028	—			0.0%	—				—			0.0%
	Bonds payable	970,900			970,900			1,000,000			1,000,000			2029	295,526			4.4%	—				295,526			4.4%
	Debt issuance costs & discounts	(19,547		)	(19,547		)	(25,792		)	(25,792		)	2030	—			0.0%	—				—			0.0%
	Total unsecured debt	1,848,353			1,848,353			1,954,208			1,954,208			Thereafter	1,912			4.7%	—				1,912			4.7%
	Total mortgage and unsecured debt	2,963,961			2,963,961			2,937,477			2,937,477			Fair value,debt issuance cost, and debt discount adjustments	134				(19,547		)		(19,413		)
	Other indebtedness, net of issuance costs (2)	97,601			97,601			—			—			Total debt	$	1,735,451		4.4%	$	1,848,353		5.0%	$	3,583,804		4.8%
	Total consolidated debt	$	3,061,562		$	3,061,562		$	2,937,477		$	2,937,477
														(1) Includes extension options
Unconsolidated debt:														Schedule of Maturities by Year (1)	Mortgage Debt Maturities			Weighted Avg. Interest Rate	Unsecured Maturities			Weighted Avg. Interest Rate	Total Debt Maturities			Weighted Avg. Interest Rate
	Mortgage loans payable	$	1,278,946		$	618,075		$	1,287,229		$	624,964
	Debt issuance costs	(4,432		)	(2,206		)	(4,962		)	(2,451		)
	Fair value debt adjustments	7,793			3,974			10,534			5,372
	Total unconsolidated debt	$	1,282,307		$	619,843		$	1,292,801		$	627,885		Total consolidated debt excluding other indebtedness:
Total debt:		$	4,343,869		$	3,681,405		$	4,230,278		$	3,565,362		2020	$	79,955		5.7%	$	250,000		3.9%	$	329,955		4.3%
	(2) The Company has a seller financing receivable of $55 million with Mall Ground Portfolio, LLC that offsets the $97.6 million indebtedness for a total of $42.6 million.													2021	269,120			4.5%	—				269,120			4.5%
		% of Total Debt as of 12/31/19			Our Share of Total Debt as of 12/31/19			Weighted Avg. Interest Rate			Weighted Avg. Years to Maturity			2022	129,579			4.4%	557,000			4.2%	686,579			4.2%
														2023	56,120			4.7%	340,000			4.1%	396,120			4.1%
														2024	286,942			4.7%	720,900			6.5%	1,007,842			6.0%
	Consolidated debt excluding other indebtedness:													2025	—								—
	Fixed	88%			$	2,598,174		5.0		%	3.9			2026	—								—
	Variable	12%			365,787			3.8		%	2.8			2027	—								—
	Total Consolidated (3)	100%			$	2,963,961		4.9		%	3.7			2028	—								—
														2029	295,526			4.4%					295,526			4.4%
	Unconsolidated debt:													2030	—								—
	Fixed	99%			$	613,378		4.1		%	5.7			Thereafter	—								—
	Variable	1%			6,465			4.3		%	3.0			Fair value,debt issuance cost, and debt discount adjustments	(1,634		)		(19,547		)		(21,181		)
	Total Unconsolidated	100%			$	619,843		4.1		%	5.7			Total debt	$	1,115,608		4.6%	$	1,848,353		5.0%	$	2,963,961		4.9%
	Total debt:													(1) Includes extension options
	Fixed	90%			$	3,211,552		4.9		%	4.2
	Variable	10%			372,252			3.8		%	2.8
	Total debt	100%			$	3,583,804		4.8		%	4.1
	(3) Excluded is other indebtedness of $97,601 with a weigted average interest rate of 8.7% and weighted average years to maturity of approximately 30 years.

SUPPLEMENTAL INFORMATION | 7

EBITDAre AND KEY BALANCE SHEET METRICS
Washington Prime Group Inc.
(dollars in thousands)
		Three Months Ended December 31,						Twelve Months Ended December 31,
		2019			2018			2019			2018
	Calculation of EBITDAre:
	Net income	$	23,868		$	68,836		$	2,760		$	108,655
	Interest expense, net	38,576			36,360			153,382			141,987
	Income and other taxes	831			673			1,296			1,532
	Depreciation and amortization	62,178			61,696			271,320			257,796
	Gain on disposition of interests in properties, net	(4,726		)	(1,598		)	(8,670		)	(3,353		)
	Impairment loss	6,320			—			35,256			—
	Pro-rata share of unconsolidated entities, net	17,360			17,457			72,634			72,501
	EBITDAre (1)(2)	144,407			183,424			527,978			579,118
	Gain on extinguishment of debt, net	(24,747		)	(51,395		)	(63,660		)	(51,395		)
	Adjusted EBITDAre	$	119,660		$	132,029		$	464,318		$	527,723
		Bond Covenant Requirement (3)			As of December 31, 2019
	Key Balance Sheet Metrics:				Ratio
	Total indebtedness to Total assets	≤ 60%			56.9%
	Secured indebtedness to Total assets	≤ 40%			21.8%
	Consolidated EBITDA / Annual service charge	≥ 1.5x			2.43x
	Total unencumbered assets / Total unsecured indebtedness	> 150%			190%
	(1) EBITDAre is calculated consistent with the NAREIT definition.
	(2) EBITDAre includes the expensing of internal leasing costs of $3,724 and $768 for the quarter ended December 31, 2019 and 2018, respectively and $16,321 and $3,106 for the twelve months ended December 31, 2019 and 2018, respectively.
	(3) The covenants detailed are from the August 2017 Bond Offering.

SUPPLEMENTAL INFORMATION | 8

KEY GUIDANCE ASSUMPTIONS
Washington Prime Group Inc.
2020 Guidance
		Fiscal Year 2020
		Guidance
	Earnings Expectations:
	FFO per share, as adjusted - diluted (1)	$0.99 to $1.07
	FFO per share, as adjusted - diluted - first quarter	$0.20 to $0.24
	Underlying Assumptions to 2020 Guidance (1):
	Comparable NOI growth for Tier 1 and Open Air (Core) properties- fiscal year 2020 (2) (3)	approximately 0.5% to 1.5%
	Corporate overhead and general and administrative expenses (excluded from property NOI)	$70-$74 million
	Non-cash adjustments for purchase accounting and straight line rents (3)	$10-$12 million
	Fee income and lease termination fees	$13-$16 million
	Interest expense	$153-$155 million
	Assumed property sales	2 (Matteson Plaza/ Dekalb)
	Assumed joint venture transactions	None
	Assumed acquisition	None
	Assumed lender transitions (guidance excludes any related gain from debt extinguishment)	1 to 3 properties
	Gain from sale of outparcels (primarily relates to Four Corners transactions)	$10 to $14 million
	Redevelopment spend (3)	$90 to $110 million
	Recurring capital expenditures and deferred leasing costs	$65 to $75 million
	Distributions per common share and units	$0.125 per diluted share quarterly
	(1) Guidance excludes gains from debt extinguishment.
	(2) Excludes NOI of approximately $30 to $34 million related to Tier 2 and noncore properties.
	(3) Includes pro-rata share of joint venture properties

SUPPLEMENTAL INFORMATION | 9

OPERATING METRICS

Washington Prime Group Inc.

As of December 31, 2019

PORTFOLIO SUMMARY

Property Count

Leased Occupancy % (1)

Store Sales Per Square Foot for 12 Months Ended (1)

Store Occupancy Cost % (1)

% of Total Comp NOI for 12 Months Ended 12/31/19

NOI Growth for 3 Months Ended 12/31/19

Releasing Spreads Trailing Twelve Months Ended 2019

12/31/19

12/31/18

12/31/19

12/31/18

12/31/19

12/31/18

Open Air Properties

49

95.7%

95.5%

27.3%

5.1%

6.1%

Tier 1 Enclosed Retail Properties

42

91.4%

94.0%

$

413

$

397

11.2%

11.8%

65.6%

-7.9%

-5.8%

Tier 1 and Open Air

91

93.4%

94.7%

92.9%

-4.6%

-3.2%

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

Irving Mall

Southern Hills Mall

NONCORE

Jefferson Valley Mall

Southern Park Mall

Charlottesville Fashion Square

Lincolnwood Town Center

Southgate Mall

Muncie Mall

Lindale Mall

The Outlet Collection | Seattle

Seminole Towne Center

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

Westminster Mall (2)

Melbourne Square

WestShore Plaza

(1) Metrics include properties owned and managed as of December 31, 2019, and exclude Tier 2 and Noncore properties.

(2) Due to major planned redevelopment, Westminster Mall will be reclassed from Tier 1 in 2020 until stabilized.

SUPPLEMENTAL INFORMATION | 10

LEASING RESULTS AND BASE RENT PSF
Washington Prime Group Inc.
Year-to-date through December 31, 2019
Leasing Results- Comparable Properties
No Exclusions
	2019 Year-to-Date										Change from Prior YTD
	New			Renewal			Total				Total
	# of Deals		Sqft	# of Deals		Sqft	# of Deals		Sqft		# of Deals		Sqft
Tier 1 Enclosed Retail Properties	185		1,063,909	563		1,768,744	748		2,832,653		9%		-3%
Open Air Properties	61		534,323	112		470,827	173		1,005,150		12%		44%
Total Tier 1 and Open Air	246		1,598,232	675		2,239,571	921		3,837,803		9%		6%
Tier 2 and Noncore Properties	28		92,948	149		507,794	177		600,742		21%		2%
Grand Total	274		1,691,180	824		2,747,365	1,098		4,438,545		11%		6%
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	515		415,910	924,303		1,340,213	$	29.23	$	36.11	$	33.97	6.8	3.8	4.7	$	19,782	$	7,259	$	47.56	$	7.85
Open Air Properties	152		534,323	410,312		944,635	$	13.28	$	22.89	$	17.46	8.2	5.3	6.4	$	10,303	$	4,421	$	19.28	$	10.77
Total Tier 1 and Open Air	667		950,233	1,334,615		2,284,848	$	20.26	$	32.05	$	27.14	7.2	4.1	5.1	$	30,085	$	11,680	$	31.66	$	8.75
Tier 2 and Noncore Properties	110		52,863	205,614		258,477	$	23.69	$	24.65	$	24.45	5.3	3.2	3.6	$	295	$	62	$	5.58	$	0.30
Total	777		1,003,096	1,540,229		2,543,325	$	20.44	$	31.06	$	26.87	7.0	3.9	4.9	$	30,380	$	11,742	$	30.29	$	7.62
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 December 31, 2019.
Average Base Rent PSF
	Base Minimum Rent PSF As of December 31,
	2019			2018
Tier 1 Enclosed Retail Properties	$	28.71		$	29.48
Open Air Properties	$	13.83		$	13.81
Total Tier 1 and Open Air Properties	$	21.52		$	22.04

SUPPLEMENTAL INFORMATION | 11

RELEASING SPREADS
Washington Prime Group Inc.
For the trailing 12 months ended December 31, 2019
		Square Footage of Signings	New Rate PSF		Prior Rate PSF		Re-leasing Spread
							$			%
	Open Air Properties:
	New	287,042	$	16.12	$	14.43	$	1.69		11.7	%
	Renewal	376,194	$	26.17	$	25.23	$	0.94		3.7	%
	All Deals	663,236	$	21.82	$	20.56	$	1.26		6.1	%
	Tier 1 Enclosed Retail Properties:
	New	212,449	$	36.35	$	37.69	$	(1.34	)	-3.6	%
	Renewal	888,093	$	42.95	$	45.83	$	(2.88	)	-6.3	%
	All Deals	1,100,542	$	41.68	$	44.26	$	(2.58	)	-5.8	%
	Total Open Air and Tier 1 Properties:
	New	499,491	$	24.72	$	24.32	$	0.40		1.6	%
	Renewal	1,264,287	$	37.96	$	39.70	$	(1.74	)	-4.4	%
	All Deals	1,763,778	$	34.21	$	35.35	$	(1.14	)	-3.2	%
	Note: The Company's Tier 2 and noncore properties are excluded from these metrics.

SUPPLEMENTAL INFORMATION | 12

TOP 10 TENANTS
Washington Prime Group Inc.
As of December 31, 2019
	Non-Anchor Stores (Ranked by Percent of Total Minimum Rents)
	National Tenant Name	Tenant DBA's in Portfolio	Number of Stores	GLA of Stores	Percent of Total GLA in Portfolio	Percent of Total Annualized Base Minimum Rent
	Signet Jewelers, Ltd.	Body by Pagoda, Gordon's Jewelers, Jared's, J.B. Robinson Jewelers, Kay Jewelers, Leroy's Jewelers, Mark's & Morgan, Piercing Pagoda, Plumb Gold, Rogers Jewelers, Silver and Gold Connection, Totally Pagoda, Zales Jewelers	123	165,947	0.3%	2.6%
	L Brands, Inc.	Bath & Body Works, Pink, Victoria's Secret, White Barn Candle	112	583,897	1.0%	2.6%
	Footlocker, Inc.	Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker	79	340,692	0.6%	1.8%
	American Eagle Outfitters, Inc.	aerie, American Eagle	45	252,973	0.5%	1.2%
	The Gap, Inc.	Athleta, Banana Republic, Banana Republic Outlet, Gap, Gap Kids, Gap Outlet, Intermix, Janie and Jack, Old Navy	33	342,347	0.6%	1.2%
	Ascena Retail Group Inc.	Ann Taylor, Catherine's, Dress Barn, Justice, Lane Bryant, Loft	84	412,216	0.7%	1.1%
	Luxottica Group	Apex, Lenscrafters, Oakley, Pearle Vision, Sunglass Hut, Watch Station	69	185,107	0.3%	1.1%
	Roark Capital Group	Arby's, Auntie Anne's, Buffalo Wild Wings, Cinnabon, Corner Bakery, Drybar, Fitness Connection, Hardee's, Jamba Juice, Jimmy John's, Massage Envy, McAlister's Deli, Miller's Ale House, Moe's Southwest Grill, Sonic, Waxing the City	90	158,067	0.3%	1.0%
	Ulta Salon, Cosmetics & Fragrance, Inc.	Ulta Beauty	24	254,205	0.5%	1.0%
	The Finish Line, Inc.	Finish Line, JD Sports	34	199,396	0.4%	1.0%
	Anchor Stores (Ranked by Total GLA)
	National Tenant Name	Tenant DBA's in Portfolio	Number of Stores	GLA of Stores	Percent of Total GLA in Portfolio	Percent of Total Annualized Base Minimum Rent	Number of WPG Owned Stores
	JCPenney Company, Inc.	JCPenney	36	4,589,660	8.2%	1.1%	19
	Macy's, Inc.	Macy's	26	4,579,870	8.2%	0.3%	5
	Dillard's, Inc.	Dillard's	22	2,958,834	5.3%	0.1%	2
	Target Corporation	Target, Super Target	10	1,419,100	2.5%	0.0%	1
	Sears Holding Corporation (1)	Sears	8	1,286,331	2.3%	0.3%	3
	Kohl's Corporation	Kohl's	13	1,186,302	2.1%	0.9%	10
	Dick's Sporting Goods, Inc.	Dick's Sporting Goods, Field & Stream, Golf Galaxy	17	1,020,114	1.8%	2.1%	15
	Belk, Inc.	Belk, Belk for Her, Belk Home Store	11	879,058	1.6%	0.3%	7
	Best Buy Co. Inc.	Best Buy	16	708,102	1.3%	1.5%	15
	Wal-Mart Stores, Inc.	Wal-Mart	4	618,061	1.1%	0.0%	0
	(1) Of the 8 stores that remained open at December 31, 2019, one is owned by Seritage Properties.
	Note: Schedule above includes properties owned and managed at December 31, 2019.

SUPPLEMENTAL INFORMATION | 13

LEASE EXPIRATIONS (1)
Washington Prime Group Inc.
As of December 31, 2019
	Enclosed Retail Properties
		Number of Leases Expiring	Anchor Square Feet of GLA Expiring	Store Square Feet of GLA Expiring	Total Square Feet of GLA Expiring	Anchor Annualized Base Rents PSF Expiring		Store Annualized Base Rents PSF Expiring		% of Annualized Base Rents Represented by Expiring Leases
	Year
	Month To Month Leases	131	284,166	317,339	601,505	$	1.27	$	27.76	1.5	%
	2020	557	594,238	1,636,753	2,230,991	$	5.60	$	27.73	8.1	%
	2021	683	1,148,470	2,126,406	3,274,876	$	5.46	$	27.24	10.9	%
	2022	580	898,117	1,797,917	2,696,034	$	7.21	$	28.40	9.9	%
	2023	455	1,235,469	1,476,136	2,711,605	$	8.99	$	30.28	9.5	%
	2024	339	739,997	1,137,201	1,877,198	$	6.45	$	30.01	6.8	%
	2025	235	1,523,047	1,061,694	2,584,741	$	8.13	$	27.20	7.2	%
	2026	195	197,974	1,088,254	1,286,228	$	7.91	$	28.86	5.4	%
	2027	173	429,380	795,056	1,224,436	$	7.98	$	29.62	4.3	%
	2028	134	251,005	585,491	836,496	$	14.03	$	28.02	3.5	%
	2029	104	595,520	457,070	1,052,590	$	6.64	$	31.33	3.2	%
	2030 and Thereafter	58	593,193	369,232	962,425	$	11.92	$	22.25	2.5	%
	Specialty Leasing Agreements w/ terms in excess of 11 months	771	—	1,828,052	1,828,052	$	—	$	12.22	3.9	%
	Open Air Properties
		Number of Leases Expiring	Anchor Square Feet of GLA Expiring	Store Square Feet of GLA Expiring	Total Square Feet of GLA Expiring	Anchor Annualized Base Rents PSF Expiring		Store Annualized Base Rents PSF Expiring		% of Annualized Base Rents Represented by Expiring Leases
	Year
	Month To Month Leases	24	—	72,438	72,438	$	—	$	19.15	0.3	%
	2020	121	413,096	363,822	776,918	$	8.08	$	20.73	2.0	%
	2021	164	1,166,459	461,576	1,628,035	$	9.03	$	19.31	3.5	%
	2022	160	853,217	487,184	1,340,401	$	10.64	$	18.88	3.2	%
	2023	155	1,080,476	482,208	1,562,684	$	10.63	$	19.86	3.8	%
	2024	113	779,655	333,779	1,113,434	$	9.64	$	21.41	2.6	%
	2025	78	652,975	175,017	827,992	$	12.02	$	24.38	2.2	%
	2026	58	291,053	188,959	480,012	$	13.02	$	24.51	1.5	%
	2027	61	380,018	192,555	572,573	$	10.52	$	22.43	1.5	%
	2028	29	167,771	95,888	263,659	$	15.42	$	19.85	0.8	%
	2029	45	119,030	210,109	329,139	$	15.31	$	22.01	1.2	%
	2030 and Thereafter	10	191,507	39,163	230,670	$	10.55	$	15.51	0.7	%
	Specialty Leasing Agreements w/ terms in excess of 11 months	8	—	28,283	28,283	$	—	$	6.81	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 December 31, 2019.

SUPPLEMENTAL INFORMATION | 14

CAPITAL EXPENDITURES
Washington Prime Group Inc.
(dollars in thousands)
		Consolidated Three Months Ended December 31, 2019		Unconsolidated Joint Venture Proportionate Share		Total Three Months Ended December 31, 2019		Consolidated Three Months Ended December 31, 2018		Unconsolidated Joint Venture Proportionate Share		Total Three Months Ended December 31, 2018
	New Developments	$	—	$	—	$	—	$	333	$	—	$	333
	Redevelopments, Renovations, and Expansions	$	31,625	$	5,526	$	37,151	$	15,555	$	3,223	$	18,778
	Internal Leasing Costs	$	1,292	$	446	$	1,738	$	4,674	$	300	$	4,974
	Property Capital Expenditures:
	Non-anchor stores tenant improvements and allowances	$	6,330	$	1,530	$	7,860	$	7,328	$	1,412	$	8,740
	Operational capital expenditures	12,715		1,392		14,107		14,173		729		14,902
	Total Property Capital Expenditures	$	19,045	$	2,922	$	21,967	$	21,501	$	2,141	$	23,642
		Consolidated Twelve Months Ended December 31, 2019		Unconsolidated Joint Venture Proportionate Share		Total Twelve Months Ended December 31, 2019		Consolidated Twelve Months Ended December 31, 2018		Unconsolidated Joint Venture Proportionate Share		Total Twelve Months Ended December 31, 2018
	New Developments	$	—	$	—	$	—	$	1,435	$	—	$	1,435
	Redevelopments, Renovations, and Expansions (1)	$	87,058	$	15,507	$	102,565	$	95,440	$	20,089	$	115,529
	Internal Leasing Costs	$	2,516	$	1,395	$	3,911	$	17,658	$	1,211	$	18,869
	Property Capital Expenditures:
	Non-anchor stores tenant improvements and allowances	$	26,089	$	5,354	$	31,443	$	23,464	$	5,867	$	29,331
	Operational capital expenditures	33,500		3,178		36,678		37,052		2,050		39,102
	Total Property Capital Expenditures	$	59,589	$	8,532	$	68,121	$	60,516	$	7,917	$	68,433
	(1) The twelve months ended 2018 includes the acquisition, through a sale-leaseback, of four Sears department stores.

SUPPLEMENTAL INFORMATION | 15

REDEVELOPMENT PROJECTS
Washington Prime Group Inc.
As of December 31, 2019
(dollars in thousands)
	Projects under construction or approved for construction with an estimated investment of $5 million or more
	Property Name	City	St	Opportunity	Ownership %	Estimated Total Costs (1)(3)			Estimated Project Yield (1) (2)	WPG Costs Incurred to Date (3)				Estimated Completion (1)
	Fairfield Town Center	Houston	TX	Final phase of development to add 130,000 SF to add a theater, value fashion apparel as well as big box and small shop stores.	100%	$26,000 - $30,000			7% - 8%	$	4,516			2020
	Grand Central Mall	Parkersburg	WV	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 Less, and TJ Maxx	100%	$31,000 - $33,000			6% - 8%	$	14,333			2019/ 2020
	Mesa Mall	Grand Junction	CO	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 Dillard's.	100%	$6,000 - $7,000			n/a (5)	$	3,393			2020
	Mall at Johnson City	Johnson City	TN	Replace former Sears with retail development anchored by Home Goods. Replace former Sears auto center with multi-tenant building for new restaurants.	51%	$7,000 - $8,000	(4	)	5% - 6%	$	8	(4	)	2020
	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%	$	73			2020
	Outlet Collection | Seattle	Seattle	WA	Replace former Sam's Club with FieldhouseUSA, a community based multi-purpose indoor sports facility specializing in leagues, events and tournaments.	100%	$11,000 - $13,000			9% - 10%	$	2,410			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%	$	252	(4	)	2020/ 2021
	Southern Park Mall	Youngstown	OH	Replace former Sears with new entertainment, dining, retail, and community green space	100%	$19,000 - $21,000	(6	)	8% - 9%	$	3,607			2020
	Town Center at Aurora	Aurora	CO	Replace former Sears with FieldhouseUSA and mixed use component including hospitality	100%	$21,000 - $23,000			5% - 6%	$	87			2020/ 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 | 16

DEPARTMENT STORE REPOSITIONING STATUS
Washington Prime Group Inc.
Plans as of December 31, 2019
Count	Property	City	Former Department Store	Owner	Closing Date	Planned Replacement	Status
Department Stores formerly occupied by Sears / BonTon / Belk - December 31, 2019
Department Stores Addressed
1	Grand Central Mall	Parkersburg, WV	Sears	Lease	Dec-18	Home Goods, PetSmart, Ross Dress for Less, and TJ 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	Big Box retail	Proactive termination, Letters of Intent (LOI) finalized
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	Retail concept	Lease out for signature
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	Retail concepts	Leases out for signature
10	Morgantown Mall	Morgantown, WV	Elder-Beerman	Lease	Aug-18	Dunham's Sports	Lease executed
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
20	Dayton Mall	Dayton, OH	Elder-Beerman	Formerly owned 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	Theater/ Other	Active Planning
24	Southern Hills Mall	Sioux City, IA	Younkers	Lease	Aug-18	Retail concepts	Active Planning
25	Southgate Mall	Missoula, MT	Herberger's Men	Lease	Aug-18	Dining	Active Planning
Stores Occupied by Sears as of December 31, 2019
26	Northwoods Mall	Peoria, IL	Sears	Sears		Sears owns box	Active Planning
27	Orange Park Mall	Orange Park, FL	Sears	Sears		Sears owns box	Evaluating Options
28	Pearlridge Center	Aiea, HI	Sears	Lease		Entertainment / Dining	Evaluating Options
29	Weberstown Mall	Stocktown, CA	Sears	Ground lease		Mixed use	Active Planning
30	Whitehall Mall	Whitehall, PA	Sears	Lease		Big box and small shop retail	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 | 17

PROPERTY INFORMATION
Washington Prime Group Inc.
As of December 31, 2019
							Debt Information
										Indebtedness
Property Name	St	City (Major Metropolitan Area)	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WPG Share
Enclosed Retail Properties
Anderson Mall	SC	Anderson	100%	670,742	315,553	355,189	12/01/22	4.61%	Fixed	$17,307	$17,307
Arbor Hills	MI	Ann Arbor	51%	86,939	86,939	0	01/01/26	4.27%	Fixed	$24,195	$12,339
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	$35,954	$35,954
Bowie Town Center	MD	Bowie (Wash, D.C.)	100%	571,243	269,945	301,298
Boynton Beach Mall	FL	Boynton Beach (Miami)	100%	869,936	428,582	441,354
Brunswick Square	NJ	East Brunswick (New York)	100%	764,564	293,268	471,296	03/01/24	4.80%	Fixed	$69,737	$69,737
Charlottesville Fashion Square (4)	VA	Charlottesville	100%	578,206	354,502	223,704	04/01/24	4.54%	Fixed	$45,146	$45,146
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	$95,283	$95,283
Dayton Mall	OH	Dayton	100%	1,447,659	775,878	671,781	09/01/22	4.57%	Fixed	$79,092	$79,092
Edison Mall (5)	FL	Fort Myers	100%	1,049,982	567,689	482,293
Grand Central Mall	WV	Parkersburg	100%	646,741	640,233	6,508	07/06/20	6.05%	Fixed	$38,748	$38,748
Great Lakes Mall (5)	OH	Mentor (Cleveland)	100%	1,245,010	653,323	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	$47,524	$47,524
Lindale Mall	IA	Cedar Rapids	100%	713,708	477,016	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	$48,097	$24,529
Maplewood Mall	MN	St. Paul (Minneapolis)	100%	903,985	323,229	580,756
Markland Mall	IN	Kokomo	100%	390,022	367,777	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)	IN	Muncie	100%	637,795	387,995	249,800	04/01/21	4.19%	Fixed	$33,132	$33,132
New Towne Mall	OH	New Philadelphia	100%	505,029	505,029	0
Northtown Mall	MN	Blaine	100%	644,535	644,535	0
Northwoods Mall	IL	Peoria	100%	669,759	360,767	308,992
Oak Court Mall	TN	Memphis	100%	847,427	361,610	485,817	04/01/21	4.76%	Fixed	$36,260	$36,260
Oklahoma City Properties	OK	Oklahoma City	51%	316,873	314,627	2,246	06/01/27	3.90%	Fixed	$52,779	$26,917
							01/01/23	4.26%	Variable	$12,676	$6,465
Orange Park Mall	FL	Orange Park (Jacksonville)	100%	952,346	555,166	397,180
Outlet Collection | Seattle, The	WA	Seattle	100%	924,304	924,304	0
Paddock Mall	FL	Ocala	100%	555,310	324,753	230,557
Pearlridge Center	HI	Aiea	51%	1,302,419	1,249,142	53,277	06/01/25	3.53%	Fixed	$225,000	$114,750
							05/01/25	4.07%	Fixed	$42,722	$21,788
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%	777,532	493,323	284,209	11/01/20	5.30%	Fixed	$41,207	$41,207
Rolling Oaks Mall	TX	San Antonio	100%	883,096	286,788	596,308

SUPPLEMENTAL INFORMATION | 18

PROPERTY INFORMATION
Washington Prime Group Inc.
As of December 31, 2019
							Debt Information
										Indebtedness
Property Name	St	City (Major Metropolitan Area)	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WPG Share
Enclosed Retail Properties
Scottsdale Quarter	AZ	Scottsdale	51%	736,931	736,931	0	06/01/25	3.53%	Fixed	$165,000	$84,150
							04/01/27	4.36%	Fixed	$55,000	$28,050
Seminole Towne Center (4)	FL	Sanford (Orlando)	0%	1,109,751	596,460	513,291	05/06/21	5.97%	Fixed	$52,514	$—
Southern Hills Mall	IA	Sioux City	100%	774,024	669,435	104,589
Southern Park Mall	OH	Youngstown	100%	1,168,834	981,270	187,564
Southgate Mall	MT	Missoula	100%	578,283	435,750	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	$51,250	$51,250
Town Center Crossing & Plaza	KS	Leawood	51%	670,622	534,061	136,561	02/01/27	4.25%	Fixed	$32,818	$16,737
							02/01/27	5.00%	Fixed	$66,381	$33,854
Waterford Lakes Town Center	FL	Orlando	100%	967,212	692,712	274,500	05/06/29	4.86%	Fixed	$178,526	$178,526
Weberstown Mall	CA	Stockton	100%	846,915	263,245	583,670	06/08/21	4.06%	Variable	$65,000	$65,000
Westminster Mall	CA	Westminster (Los Angeles)	100%	1,216,695	444,003	772,692	04/01/24	4.65%	Fixed	$76,776	$76,776
WestShore Plaza	FL	Tampa	100%	1,093,693	865,231	228,462
Enclosed Retail Properties Total				41,944,457	27,337,601	14,606,856				$2,023,024	$1,468,470
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	$5,120	$5,120
Chesapeake Center	VA	Chesapeake (Virginia Beach)	100%	279,581	128,972	150,609
Concord Mills Marketplace	NC	Concord (Charlotte)	100%	240,720	226,907	13,813	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
DeKalb Plaza	PA	King of Prussia (Philadelphia)	100%	101,915	44,095	57,820
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%	364,469	185,469	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	$21,680	$21,680
Markland Plaza	IN	Kokomo	100%	90,527	80,977	9,550
Martinsville Plaza	VA	Martinsville	100%	102,105	94,760	7,345
Matteson Plaza	IL	Matteson (Chicago)	100%	273,836	182,436	91,400
Muncie Towne Plaza	IN	Muncie	100%	171,621	171,621	0	10/01/29	3.67%	Fixed	$10,550	$10,550

SUPPLEMENTAL INFORMATION | 19

PROPERTY INFORMATION
Washington Prime Group Inc.
As of December 31, 2019
							Debt Information
										Indebtedness
Property Name	St	City (Major Metropolitan Area)	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WPG Share
Open Air Properties
North Ridge Shopping Center	NC	Raleigh	100%	171,492	166,092	5,400	12/01/22	3.41%	Fixed	$11,500	$11,500
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	$33,377	$17,022
Plaza at Buckland Hills, The	CT	Manchester	100%	309,415	254,401	55,014
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%	178,714	175,330	3,384
Shops at Arbor Walk, The	TX	Austin	51%	309,009	280,260	28,749	08/01/21	5.49%	Fixed	$37,722	$19,238
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%	388,325	329,483	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%	512,348	290,009	222,339
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%	379,220	234,602	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				14,142,445	9,863,892	4,278,553				$354,899	$264,935
Total				56,086,902	37,201,493	18,885,409				$2,377,923	$1,733,405	(6)
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 12/31/19 is $97.6 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) Our share of the joint venture debt excludes the $1.9 million indirect 12.5% ownership interest in another real estate project.

SUPPLEMENTAL INFORMATION | 20

NON-GAAP PRO-RATA FINANCIAL INFORMATION
	The pro-rata financial information presented on pages 22 and 23 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 | 21

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 December 31, 2019			Twelve Months Ended December 31, 2019
		WPG's Share of Unconsolidated Entities			WPG's Share of Unconsolidated Entities
	Revenue:
	Minimum rent	$	20,716		$	83,093
	Overage rent	1,165			2,730
	Tenant reimbursements	7,831			31,891
	Changes in estimate of collectibility of rental income	(230		)	(1,098		)
	Other income	777			2,268
	Total revenues	30,259			118,884
	Expenses:
	Property operating	(6,809		)	(24,954		)
	Real estate taxes	(3,396		)	(14,076		)
	Advertising and promotion	(467		)	(1,609		)
	Total recoverable expenses	(10,672		)	(40,639		)
	Depreciation and amortization	(11,459		)	(48,239		)
	General and administrative	(162		)	(162		)
	Ground rent	(1,562		)	(6,291		)
	Total operating expenses	(23,855		)	(95,331		)
	Interest expense, net	(5,856		)	(24,194		)
	Loss from the sale of property	—			(657		)
	Income and other taxes	(45		)	(201		)
	Income (loss) from unconsolidated entities, net	$	503		$	(1,499	)
	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 | 22

NON-GAAP PRO-RATA FINANCIAL INFORMATION
PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES - BALANCE SHEET
Washington Prime Group Inc.
(Unaudited, dollars in thousands)
		December 31, 2019 WPG's Share of Unconsolidated Entities
	Assets:
	Investment properties at cost	$	1,166,808
	Construction in progress	18,121
		1,184,929
	Less: accumulated depreciation	218,399
		966,530
	Cash and cash equivalents	18,735
	Tenant receivables and accrued revenue, net (see below)	15,701
	Deferred costs and other assets (see below)	151,804
	Total assets	$	1,152,770
	Liabilities and members' equity:
	Mortgage notes payable	$	619,843
	Accounts payable, accrued expenses, intangibles, and deferred revenues (see below)	148,595
	Total liabilities	768,438
	Members' equity	384,332
	Total liabilities and members' equity	$	1,152,770
	Supplemental Balance Sheet Detail:
	Tenant receivables and accrued revenue, net:
	Straight-line receivable	$	10,863
	Tenant receivable	6,460
	Unbilled receivables and other	525
	Allowance for doubtful accounts, net	(2,147		)
	Total	$	15,701
	Deferred costs and other assets:
	Deferred leasing, net	$	12,956
	In place lease intangibles, net	19,732
	Acquired above market lease intangibles, net	20,791
	Right of use asset	88,225
	Mortgage and other escrow deposits	7,502
	Prepaids, notes receivable and other assets, net	2,598
	Total	$	151,804
	Accounts payable, accrued expenses, intangibles and deferred revenues:
	Accounts payable and accrued expenses	$	31,945
	Below market leases, net	23,336
	Lease liability	88,226
	Other	5,088
	Total	$	148,595
	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 | 23

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 | 24

EX-99.3

1 Fourth Quarter 2019 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

Earning Release LGC Quote Excerpt “My colleagues and I have worked hard and smart to differentiate our Company by diversifying tenancy, activating common area and undertaking value added adaptive reuse. In addition, we have made sound financial and strategic decisions as well as demonstrating the ability to access traditional as well as more resourceful capital. Take for instance our decision during the previous four years to dispose of seventeen assets (not including outparcel sales) which we considered incongruous to our dominant town center objective. Regardless of short term dilution, this action has proved more than prudent allowing us to devote our time and money to those assets most able to benefit from focused adaptive reuse. Our progress to date illustrates we’ve made the right choices. Notwithstanding, there continues to exist skepticism as it relates to the necessary capital required to accomplish this adaptive reuse mandate. The reset of the dividend is intended to alleviate any such doubt whatsoever. As opposed to acting out of weakness, the Board proactively made this decision at our earliest available opportunity. Our fiduciary responsibility is to allocate capital accordingly and this decision to enhance our liquidity was only logical. (Dollars in thousands) Midpoint of 2020 The adjacent table clearly illustrates this improved free cash flow. Several Guidance Estimated funds available for distribution (FAD)¹ $177,700 relevant factors should be noted including $70 million of tenant allowance Estimated common share and operating partnership unit dividend distribution (111,700) and Cap-Ex deducted from FAD, nor does it need any additional credit Estimated free cash flow 66,000 facility borrowing. In addition to the six projects commenced in 2019, we Estimated proceeds from outparcel and other non -income producing sales 50,000 anticipate starting twelve, four and eight department store adaptive reuse Estimated cash available for department store adaptive reuse and redevelopment 116,000 projects during 2020, 2021 and 2022, respectively. Simple extrapolation Planned spend on department store adaptive reuse (80,000) illustrates plenty of free cash flow during these years to deliver these 3 Estimated net cash surplus $36,000 projects.” Estimated FAD payout ratio 63%

Earning Release LGC Quote Excerpt “During last quarter’s earnings release and conference call, we provided a summary of incremental Net Asset Value (NAV) potential of ~$2.00 per share for three redevelopment assets. This analysis assumes we sell fully entitled land parcels to developers of residential, lodging and office product while retail remains the responsibility of WPG. Note, the capital investment required to deliver this fully entitled land parcels is deducted from NAV. “In this light, we are pleased to announce the first of the three redevelopments is underway at Clay Terrace. This redevelopment will be comprised of a ~290 unit multifamily rental project, a ~140 guest room hotel, new office space totaling 200,000 SF and an additional ~70,000 SF of space intended for lifestyle and food and beverage tenancy. “In closing, Washington Prime Group will continue to improve its assets via differentiated tenancy and dynamic activations. Our Company is also increasingly embracing the fact we are an essential participant regarding the logistics, distribution and delivery of goods and services, which speak to an omnichannel perspective. As the dominant town center within our respective trade areas, it is imperative we provide convenience in addition to interesting alternatives where our guests can eat, shop, work, play and live. With this in mind, my colleagues and I are going to get back to our jobs and continue to grind it out.” 4

4Q 19 and YE 2019 Highlights Stable Operating Metrics o Tier One sales PSF increased 4.0% YOY to $413 as of December 31, 2019; o New leasing spreads increased 1.6% during the trailing 12 months ended December 31, 2019 for Tier One and Open Air assets; o Tier One occupancy cost improved 60 basis points to sector leading 11.2% as of December 31, 2019; o As of December 31, 2019, combined Tier One and Open Air occupancy decreased 130 basis points YOY to 93.4% of which 120 basis points was attributable to the bankruptcies of Charlotte Russe, Gymboree, and Payless ShoeSource; o Sequentially from the third quarter , Open Air comparable NOI improved by 250 basis points to 5.1%, Tier One comparable NOI improved by 90 basis points to (7.9%) , and combined Tier One and Open Air comparable NOI improved by 90 basis points to (4.6%) for the fourth quarter; o Open Air and Tier One represent 27% and 66%, respectively, of total NOI as of December 31, 2019; o YOY 2019 comparable NOI increased 2.1% for Open Air and decreased 8.0% for Tier One, resulting in a combined decrease of 5.2%; o The combined decrease in YOY 2019 comparable NOI of $24.5M is primarily attributable to $14.8M of cotenancy and rental income loss from 2019 bankruptcies (Bon-Ton Stores, Sears and Toys R Us) and $6.1M from the bankruptcies of Charlotte Russe, Gymboree, and Payless ShoeSource; and o Excluding the aforementioned cotenancy impact and rental income loss, YOY comparable NOI for combined Tier One and Open Air would have been (2.2%) and (0.8%) for the fourth quarter and full year 2019, respectively. 5

4Q 19 and YE 2019 Highlights Robust and Diversified Leasing Progress o Leasing volume during 2019 exhibited 6% YOY increase totaling 4.4M SF and number of lease transactions increased 11% YOY; o This follows leasing volume of 4.2M SF and 4.0M SF in 2018 and 2017, respectively, totaling 12.6M SF during previous three years ; o Of the aforementioned 4.4M SF in 2019, 57% 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 180 leases qualifying under various incentive programs during 2019. Leasing Activity New New Renewal Renewal Total Total Square Feet Portfolio YTD as of DEC 31 19 Lease Count Square Feet Lease Count Square Feet Lease Count Square Feet Change YOY (%) Size 274 1,691,180 824 2,747,365 1,098 4,438,545 6% 56M SF 6

Department Store Adaptive Reuse Update WPG Department Store Repositioning Snapshot 30 Department Stores $300M-$350M 5YR Anticipated Capital Spend Under Evaluating Completed Active Announced Construction 3 9 10 5 3 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 7

Department Store Adaptive Reuse Update o The Company resolved 18, or 72%, of the 25 department stores of which the Company has control; o As exhibited within the most recent 4Q 19 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). As of December 31, 2019, five of these department store spaces remained occupied by Sears; These include the following projects, all of which are situated within Tier One assets:  The Mall at Johnson City, Johnson City, Tennessee: HomeGoods will anchor the replacement of the former Sears;  Polaris Fashion Place®, Columbus, Ohio: FieldhouseUSA will anchor the mixed use redevelopment of former Sears;  Town Center at Aurora®, Aurora, Colorado: FieldhouseUSA will anchor the planned mixed use redevelopment of the former Sears;  Markland Mall, Kokomo, Indiana: A national retailer has executed a letter of intent to replace the former Carson Pirie Scott (Bon-Ton Stores);  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;  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;  Port Charlotte Town Center, Port Charlotte, Florida: A national entertainment concept has executed a letter of intent to replace Sears;  Longview Mall, Longview, Texas: National retailers have executed letters of intent to replace the former Sears;  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;  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;  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;  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;  Morgantown Mall, Morgantown, West Virginia: The Company has executed a lease with Dunham’s Sports replacing space previously occupied by Elder Beerman (Bon-Ton Stores). A national discount retailer and an entertainment concept have provided letters of intent to replace the former Belk department store and the former Sears will be replaced with outdoor greenspace for athletic and entertainment use; 8  Lincolnwood Town Center, Lincolnwood, Illinois: The RoomPlace opened August 2019 replacing Carson Pirie Scott (Bon-Ton Stores); and  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.

9

XML

Document and Entity Information Document	Feb. 26, 2020
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 26, 2020
Entity Registrant Name	WASHINGTON PRIME GROUP INC.
Entity Central Index Key	0001594686
Amendment Flag	false
Entity Incorporation, State or Country Code	IN
Entity File Number	001-36252
Entity Tax Identification Number	46-4323686
Entity Address, Address Line One	180 East Broad Street
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43215
City Area Code	614
Local Phone Number	621-9000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock, $0.0001 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NYSE
Trading Symbol	WPG
7.5% Series H Cumulative Redeemable Preferred Stock, par value $0.0001 per share
Entity Information [Line Items]
Title of 12(b) Security	7.5% Series H Cumulative Redeemable Preferred Stock, par value $0.0001 per share
Security Exchange Name	NYSE
Trading Symbol	WPGPRH
6.875% Series I Cumulative Redeemable Preferred Stock, par value $0.0001 per share
Entity Information [Line Items]
Title of 12(b) Security	6.875% Series I Cumulative Redeemable Preferred Stock, par value $0.0001 per share
Security Exchange Name	NYSE
Trading Symbol	WPGPRI