wpg3q19earningspresentat

Third Quarter 2019 Update 1

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

3Q 2019 Recap o Reaffirming both 2019 AFFO and dividend guidance of $1.20 at the midpoint and $1.00 per diluted share, respectively; o Maintaining 2020 comparable NOI growth forecast of at least 2.0%; o Leased 3.2M SF of space YTD; o Of the 3.2M SF, lifestyle tenancy accounted for 56% of new leasing volume; o Combined Tier One and Open Air occupancy was 92.9%; o Tier One occupancy cost decreased 90 basis points to 11.2%; o Tier One Sales PSF increased 4.6% to $413; o Leasing spreads for new Tier One and Open Air transactions increased 1.6%; o WPG properties hosted 776 events, activities, installations and tenant activations during the quarter, with a total of 2,163 YTD; o Third quarter comparable NOI growth for Tier One and Open Air was (5.5%); o Excluding cotenancy and rental income loss impact from bankruptcies, comparable NOI was flat; o Addressed two more vacant department stores during the quarter; o Including the two above, 17 of the 23 department store spaces identified for repositioning, or 74%, have been addressed; o Proactively retired at a discount $29.1M of outstanding principal on Senior Notes due 2024; o $68.1M of net loan proceeds raised from the refinancing of four Open Air properties; and o $42.4M of net proceeds raised from the sale leaseback of fee interest in land at four Tier One assets. 3 Financial flexibility provides ample liquidity to execute redevelopment

Robust and Diversified Leasing Progress Robust Leasing Volume and Tenant Diversification ObjectiveObjective o 2019 leasing continues to be strong exhibited by a 13% year-over-year (YOY) increase totaling 3.2M SF, and the number of lease transactions increased 9% YOY; o Of the aforementioned 3.2M SF, 56% of new leasing volume 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 143 leases qualifying under various incentive programs during the first nine months of 2019. New Renewal Renewal Total Total Square Feet Total Leasing Activity New Portfolio Square Lease Square Lease Square Change YOY YTD as of SEPT 30 2019 Lease Count Size Feet Count Feet Count Feet (%) 213 1,184,689 595 2,062,849 808 3,247,538 13% 56.2M 4 Leasing is the litmus test for success

Maintaining Stability as Town Center Mandate and Department Store Adaptive Reuse Measures Proceed Stable Operating Metrics o Combined Tier One and Open Air occupancy decreased 110 basis points to 92.9%, all of which was attributable to the bankruptcies of Charlotte Russe, Gymboree, and Payless ShoeSource; o Tier One sales PSF increased 4.6% to $413 during the trailing 12 months ended SEPT 30, 2019; o Tier One occupancy cost decreased 90 basis points to 11.2% as of SEPT 30, 2019; and o Leasing spreads for Tier One and Open Air new transactions increased 1.6% during the trailing 12 months ended SEPT 30, 2019. Net Operating Income Performance o Third quarter 2019 Tier One comparable net operating income (NOI) decreased 8.8% YOY while Open Air comparable NOI increased 2.6%, resulting in a combined decrease of 5.5% or $6.4M; and o The aforementioned decrease is primarily due to a $4.3M negative impact of cotenancy and rental income from 2018 anchor bankruptcies (Bon-Ton Stores, Sears, Toys R Us), and $2.1M was attributable to 2019 inline bankruptcies (Charlotte Russe, Gymboree and Payless ShoeSource). 5 Concentrating upon improving Tier One and Open Air assets (93% of NOI) which possess upside greatest potential

Addressing Vacant Department Store Space a Priority WPG Department Store Repositioning Snapshot –––Tier One and Open Air 29 Department Stores $300M-$350M 5YR Anticipated Capital Spend Under Announced Completed Evaluating Active Construction 333 999 111111 444 222 Excludes seven (7) department store repositioning projects in Tier One portfolio completed since 2015. Redevelopment and Department Store Progress o The Company recently satisfied an additional three anchor spaces and has now addressed 17, or 74%, of the 23 spaces previously occupied by Bon-Ton Stores and Sears within Tier One and Open Air assets; o As exhibited within the most recent third quarter 2019 supplemental, the Company continues to provide real time updates relating to the 29 department stores within its Tier One and Open Air properties identified for repositioning (excluding space owned by third parties such as Seritage Growth Properties); 6 The demise of non differentiated department stores should be regarded as an opportunity to further our dominant town center objective

Healthy Activity Further Illustrates Dominant Town Center Positioning Redevelopment and Department Store Progress (Continued)(Continued) The aforementioned 17 repositioning projects include the following all of which all are situated within Tier One assets: ° FieldhouseUSA will anchor the planned mixed use redevelopment of the former Sears location at Polaris Fashion Place, in Columbus, Ohio; ° At Town Center at Aurora, in Aurora, Colorado, FieldhouseUSA will anchor the planned mixed use redevelopment of Sears slated to close in JAN 2020; ° A national retailer has provided a letter of intent to replace the former Carson Pirie Scott (Bon-Ton Stores) at Markland Mall, in Kokomo, Indiana; ° The demolition of the former Sears is underway at Southern Park Mall, in Youngstown, Ohio, and is to be replaced by DeBartolo Commons, an athletic and entertainment greenspace and event venue. Adjacent to DeBartolo Commons, Southern Park Mall will feature a new entertainment hub with plans to include an indoor golf entertainment center, additional entertainment uses, and new food and beverage offerings. The renovation plans also include a permanent DeBartolo- York family installation in the common area; ° A national entertainment concept has executed a letter of intent to replace the former Sears at Port Charlotte Town Center, located in Port Charlotte, Florida; ° National retailers have finalized letters of intent to replace the Sears at Longview Mall, in Longview, Texas; ° A national sporting goods retailer has provided a letter of intent to replace a former Herberger’s (Bon-Ton Stores). In addition, to-be-constructed Dillard’s will replace the Sears space based on terms of a letter of intent at Mesa Mall, located in Grand Junction, Colorado; ° At Southern Hills Mall, in 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 retailer to replace the former Sears location; ° Dillard’s opened a second location in JUN 2019 replacing the former Herberger’s (Bon-Ton Stores) within Southgate Mall, in Missoula, Montana; ° The Company announced Home Goods, PetSmart, Ross Dress for Less and T.J. Maxx will collectively replace the former Sears at Grand Central Mall located in Parkersburg, West Virginia; ° The Company has executed a lease with Dunham’s Sports at Morgantown Mall, in Morgantown, West Virginia, to replace 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 Company is actively planning to transform the former Sears location into an outdoor greenspace; ° The Company is in the process of obtaining necessary entitlements for WestShore Plaza, in Tampa, Florida, and discussions are underway regarding a joint venture of this mixed use redevelopment replacing the Sears space. In conjunction, the Company also purchased an outparcel located in a high visibility corner of the asset, currently occupied by office tenancy to be included s part of the entitlement process; ° The RoomPlace opened in AUG 2019, replacing a former Carson Pirie Scott (Bon-Ton Stores) at Lincolnwood Town Center, in Lincolnwood, Illinois; and ° The RoomPlace and Round1 Entertainment will replace the former Sears at The Mall at Fairfield Commons, in Dayton, Ohio. 7 Big box retail recognizes the merits of locating in a Washington Prime Group asset

Department Store Repositioning Status Addressed asof of ofSEP 30 2019 Count Property CityCity City Former Department Store Owner Closing Date Planned Replacement Status Home Goods, PetSmart, Ross 1 Grand Central Mall Parkersburg, WV Sears Lease DEC-18 Dress for Less, T.J. Maxx Leases executed, Under construction 2 Lincolnwood Town Center Lincolnwood, IL Carsons Pirie Scott Lease AUG-18 RoomPlace RoomPlace opened AUG 2019 Proactive termination, Letters of Intent 3 Longview Mall Longview, TX Sears Lease JAN-19 Retail concepts (LOI) finalized Replacement leases executed, Under 4 Mall at Fairfield Commons Dayton, OH Sears Lease DEC-18 RoomPlace / Round1 construction 5 Markland Mall Kokomo, IN Carson Pirie Scott Lease AUG-18 Retail concept Lease out for signature 6 Mesa Mall Grand Junction, CO Sears Lease NOV-18 Dillard's LOI executed 7 Mesa Mall Grand Junction, CO Herberger's Lease AUG-18 National sporting goods retailer LOI received 8 Morgantown Mall Morgantown, WV Belk Lease MAR-18 Retail concepts Leases out for signature 9 Morgantown Mall Morgantown, WV Sears Lease JAN-19 Outdoor greenspace Plans finalized 10 Morgantown Mall Morgantown, WV Elder-Beerman Lease AUG-18 Dunham's Sports Lease executed, Under construction 11 Polaris Fashion Place Columbus, OH Sears Lease MAR-19 FieldhouseUSA / Mixed use Proactive termination, LOI received 12 Port Charlotte Town Center Port Charlotte, FL Sears Lease MAR-19 Entertainment LOI received 13 Southern Hills Mall Sioux City, IA Sears Lease MAR-19 National off price retailer Proactive termination, LOI received Entertainment / Outdoor Proactive termination, Under 14 Southern Park Mall Youngstown, OH Sears Lease JUL-18 greenspace construction 15 Southgate Mall Missoula, MT Herberger's Lease AUG-18 Dillard's Dillard's opened June 2019 16 Town Center at Aurora Aurora, CO Sears Lease AUG-18 FieldhouseUSA / Mixed Use Proactive termination, LOI received Proactive termination, Obtaining 17 WestShore Plaza Tampa, FL Sears Lease MAR-19 Mixed use Entitlements Active Planning / Evaluating Options as of SEP 30 2019 18 Cottonwood Mall Albuquerque, NM Sears Sears AUG-18 Sears owns box Evaluating Options 19 Lindale Mall Cedar Rapids, IA Younkers Lease AUG-18 Retail concepts Active Planning 20 Mall at Fairfield Commons Dayton, OH Elder-Beerman Lease AUG-18 Retail concepts Active Planning 21 Northtown Mall Blaine, MN Herberger’s Lease AUG-18 Entertainment / Retail Active Planning 22 Southern Hills Mall Sioux City, IA Younkers Lease AUG-18 Retail concepts Active Planning 23 Southgate Mall Missoula, MT Herberger's Men Lease AUG-18 Dining Active Planning Store Occupied by Sears as of SEP 30 2019 24 Mall at Johnson City Johnson City, TN Sears Lease Big box retail Proactive termination, Active Planning 25 Northwoods Mall Peoria, IL Sears Sears Sears owns box Active Planning 26 Orange Park Mall Orange Park, FL Sears Sears Sears owns box Evaluating Options 27 Pearlridge Center Aiea, HI Sears Lease Entertainment / Dining Evaluating Options 28 Weberstown Mall Stocktown, CA Sears Ground lease Mixed use Active Planning 29 Whitehall Mall Whitehall, PA Sears Lease Big box and small shop retail Active Planning 8 Continued progress has resulted in increased visibility