EX-99.2 3 a2021q2ex992supplemental.htm SUPPLEMENTAL REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021

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

        

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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						8
Operational Data
			Operating metrics						9
			Leasing results and base rent psf						10
			Releasing spreads						11
			Top 10 tenants						12
			Lease expirations						13
Development Activity
			Capital expenditures						14
			Redevelopment projects						15
			Department store repositioning status						16
Property Information
			Property information						17-19
Other
			Non-GAAP pro-rata financial information						20
			Proportionate share of unconsolidated properties - statements of operations (unaudited)						21
			Proportionate share of unconsolidated properties - balance sheet (unaudited)						22
			Glossary of terms						23

        

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CONSOLIDATED STATEMENTS OF OPERATIONS
Washington Prime Group Inc.
(Unaudited, dollars in thousands, except per share data)
						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
			Revenue:
			Rental income (see components on page 4)			$	134,134					$	96,757					$	261,925					$	244,168
			Other income (see components on page 4)			4,263						2,007						8,405						7,196
			Total revenues			138,397						98,764						270,330						251,364
			Expenses:
			Property operating			(36,567)						(28,109)						(76,017)						(65,389)
			Real estate taxes			(18,885)						(18,437)						(37,702)						(38,689)
			Advertising and promotion			(1,747)						(1,300)						(3,396)						(3,104)
			Total recoverable expenses			(57,199)						(47,846)						(117,115)						(107,182)
			Depreciation and amortization			(55,059)						(55,380)						(107,314)						(115,084)
			General and administrative			(12,954)						(11,350)						(26,878)						(23,614)
			Prepetition charges (1)			(38,078)						—						(52,529)						—
			Ground rent			(204)						(209)						(410)						(331)
			Impairment loss			—						(23,800)						—						(25,119)
			Total operating expenses			(163,494)						(138,585)						(304,246)						(271,330)
			Interest expense, net			(52,503)						(37,445)						(104,054)						(76,080)
			Impairment on note receivable			—						(11,237)						—						(11,237)
			Reorganization items (2)			(24,389)						—						(24,389)						—
			Gain on disposition of interests in properties, net			—						437						2,462						27,192
			Income and other taxes			(544)						(593)						(263)						24
			Loss from unconsolidated entities, net			(873)						(4,754)						(3,080)						(5,786)
			Net loss			(103,406)						(93,413)						(163,240)						(85,853)
			Net loss attributable to noncontrolling interests			(1,396)						(14,871)						(11,784)						(14,194)
			Net loss attributable to the Company			(102,010)						(78,542)						(151,456)						(71,659)
			Less: Preferred share dividends declared			—						(3,508)						—						(7,016)
			Less: Preferred share dividends undeclared			(3,508)						—						(7,016)						—
			Net loss attributable to common shareholders			$	(105,518)					$	(82,050)					$	(158,472)					$	(78,675)
			Loss per common share, basic and diluted			$	(4.26)					$	(3.88)					$	(6.77)					$	(3.73)
(1) Prepetition charges are expenses that were realized or incurred prior to the Petition date in relation to the Company's efforts to restructure its corporate-level debt and consist of legal, professional and transaction success fees.
(2) Reorganization items are any expenses, gains and losses that are realized or incurred as of or subsequent to the Petition date, and as a direct result of the Chapter 11 cases. These costs include the write off of debt issuance costs and discounts, as well as legal and professional fees.

    SUPPLEMENTAL INFORMATION | 1

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CONSOLIDATED BALANCE SHEETS
Washington Prime Group Inc.
(Unaudited, dollars in thousands)
						June 30,						December 31,
						2021						2020
			Assets:
			Investment properties at cost			$	5,748,501					$	5,688,526
			Construction in progress			171,607						185,275
						5,920,108						5,873,801
			Less: accumulated depreciation			2,623,765						2,539,745
						3,296,343						3,334,056
			Cash and cash equivalents			91,318						92,618
			Tenant receivables and accrued revenue, net (see components on page 3)			97,430						132,610
			Investment in and advances to unconsolidated entities, at equity			414,665						416,339
			Deferred costs and other assets (see components on page 3)			131,737						129,724
			Total assets			$	4,031,493					$	4,105,347
			Liabilities:
			Mortgage notes payable			$	1,029,308					$	1,101,653
			Notes payable			—						710,476
			Term loans			—						681,563
			Revolving credit facility			—						639,976
			Debtor in possession financing			50,000						—
			Other Indebtedness			91,406						87,807
			Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3)			145,875						276,086
			Distributions payable			—						3,323
			Total liabilities not subject to compromise			1,316,589						3,500,884
			Total liabilities subject to compromise (see components on page 3)			2,259,109						—
			Total liabilities			3,575,698						3,500,884
			Redeemable noncontrolling interests			3,385						3,265
			Equity:
			Stockholders' equity
			Series H Cumulative Redeemable Preferred Stock			108,001						104,251
			Series I Cumulative Redeemable Preferred Stock			101,591						98,325
			Common stock			2						2
			Capital in excess of par value			1,310,353						1,262,524
			Accumulated deficit			(1,071,600)						(913,128)
			Accumulated other comprehensive loss			—						(12,124)
			Total stockholders' equity			448,347						539,850
			Noncontrolling interests			4,063						61,348
			Total equity			452,410						601,198
			Total liabilities, redeemable noncontrolling interests and equity			$	4,031,493					$	4,105,347

    SUPPLEMENTAL INFORMATION | 2                                    

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SUPPLEMENTAL BALANCE SHEET DETAIL
Washington Prime Group Inc.
(unaudited, dollars in thousands)
			June 30,						December 31,
			2021						2020
Tenant receivables and accrued revenue, net:
Straight-line receivable, net of reserve			$	42,455					$	41,870
Tenant receivable			59,556						82,290
Deferred receivable			10,846						17,993
Unbilled receivables and other			39,381						45,294
Allowance for doubtful accounts, net			(54,808)						(54,837)
Total			$	97,430					$	132,610
Deferred costs and other assets:
Deferred leasing and corporate improvements, net			$	34,431					$	38,690
In place lease intangibles, net			17,493						19,173
Acquired above market lease intangibles, net			7,951						9,232
Right of use asset			10,311						11,244
Mortgage and other escrow deposits			38,084						37,614
Prepaids, notes receivable and other assets, net			23,467						13,771
Total			$	131,737					$	129,724
Accounts payable, accrued expenses, intangibles and deferred revenues:
Accounts payable and accrued expenses			$	77,071					$	194,892
Below market lease intangibles, net			38,457						41,773
Lease liability			10,311						11,244
Deferred revenues and deposits			20,036						28,177
Total			$	145,875					$	276,086
Liabilities subject to compromise:
Senior notes			$	720,900					$	—
Revolver			647,000						—
Term loan			350,000						—
December 2015 term loan			340,000						—
Weberstown term loan			65,000						—
Unpaid accrued interest			50,311						—
Prepetition unsecured or undersecured claims			85,898						—
Total			$	2,259,109					$	—

        SUPPLEMENTAL INFORMATION | 3

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COMPONENTS OF RENTAL INCOME, OTHER INCOME AND CORPORATE OVERHEAD
Washington Prime Group Inc.
(unaudited, dollars in thousands)
						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
			Components of Rental Income:
			Base rent			$	97,185					$	76,334					$	190,573					$	180,022
			Mark-to-market adjustment			1,073						1,712						2,035						2,818
			Straight-line rents, net			216						128						414						(1,493)
			Temporary tenant rents, net			3,294						865						6,667						4,077
			Overage rent			1,830						308						3,547						2,590
			Tenant reimbursements			30,702						36,787						63,588						77,851
			Lease termination income			918						27						1,472						106
			Change in estimate of collectibility of rental income			(1,084)						(19,404)						(6,371)						(21,803)
			Total Rental Income			$	134,134					$	96,757					$	261,925					$	244,168
			Components of Other Income:
			Sponsorship and other ancillary property income			$	1,254					$	342					$	2,447					$	1,856
			Fee income			2,562						1,230						5,043						3,417
			Other			447						435						915						1,923
			Total Other Income			$	4,263					$	2,007					$	8,405					$	7,196
			Components of Corporate Overhead:
			General & administrative - other, excluding corporate debt restructuring costs			$	12,954					$	11,350					$	26,878					$	23,614
			Internal corporate overhead allocated to operating expense			6,049						5,790						12,250						12,188
			Total Corporate Overhead			$	19,003					$	17,140					$	39,128					$	35,802

    SUPPLEMENTAL INFORMATION | 4

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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 June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Funds from Operations ("FFO"):
Net loss			$	(103,406)					$	(93,413)					$	(163,240)					$	(85,853)
Less: Preferred dividends and distributions on preferred operating partnership units			(3,568)						(3,568)						(7,136)						(7,136)
Real estate depreciation and amortization, including joint venture impact			63,262						63,732						124,226						133,501
Impairment loss, including (gain) on disposition of interests in properties, net			—						23,817						(1,304)						(293)
FFO			$	(43,712)					$	(9,432)					$	(47,454)					$	40,219
Adjusted Funds from Operations:
FFO			$	(43,712)					$	(9,432)					$	(47,454)					$	40,219
Impairment on note receivable			—						11,237						—						11,237
Prepetition charges			38,078						—						52,529						—
Reorganization items (2)			24,389						—						24,389						—
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting			—						—						12,124						—
Adjusted FFO			$	18,755					$	1,805					$	41,588					$	51,456
Weighted average common shares outstanding - diluted			25,121						25,003						25,161						24,931
FFO per diluted share			$	(1.74)					$	(0.38)					$	(1.89)					$	1.61
Total adjustments			$	2.49					$	0.45					$	3.54					$	0.45
Adjusted FFO per diluted share			$	0.75					$	0.07					$	1.65					$	2.06
Non-cash items included in FFO:
Non-cash stock compensation expense			$	1,193					$	1,898					$	2,504					$	3,764
Straight-line adjustments, net of bad debt, as an increase (decrease) to minimum rents (1)			$	609					$	462					$	1,112					$	(1,484)
Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1)			$	479					$	477					$	953					$	956
Fair value of debt amortized as a decrease to interest expense (1)			$	454					$	786					$	908					$	1,711
Loan fee amortization and bond discount (1)			$	2,385					$	1,662					$	5,674					$	3,524
Mark-to-market/inducement adjustment as a net increase to base rents (1)			$	1,473					$	2,402					$	2,902					$	4,640
Non-real estate depreciation (1)			$	2,064					$	2,281					$	4,045					$	4,605
(1) Includes the pro-rata share of the joint venture properties.
(2) Included in reorganization items are $21,331 of costs related to the write off of debt issuance costs and discounts.

    SUPPLEMENTAL INFORMATION | 5

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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 June 30,																								Six Months Ended June 30,
			2021						2020						Variance $												2021						2020						Variance $
Reconciliation of Comp NOI to Net Loss:
Net loss			$	(103,406)					$	(93,413)					$	(9,993)											$	(163,240)					$	(85,853)					$	(77,387)
Loss from unconsolidated entities			873						4,754						(3,881)												3,080						5,786						(2,706)
Income and other taxes			544						593						(49)												263						(24)						287
Impairment on note receivable			—						11,237						(11,237)												—						11,237						(11,237)
Gain on disposition of interests in properties, net			—						(437)						437												(2,462)						(27,192)						24,730
Reorganizational items			24,389						—						24,389												24,389						—						24,389
Interest expense, net			52,503						37,445						15,058												104,054						76,080						27,974
Operating Loss			(25,097)						(39,821)						14,724												(33,916)						(19,966)						(13,950)
Depreciation and amortization			55,059						55,380						(321)												107,314						115,084						(7,770)
Impairment loss			—						23,800						(23,800)												—						25,119						(25,119)
General and administrative			12,954						11,350						1,604												26,878						23,614						3,264
Prepetition charges			38,078						—						38,078												52,529						—						52,529
Fee income			(2,562)						(1,230)						(1,332)												(5,043)						(3,417)						(1,626)
Management fee allocation			96						36						60												147						36						111
Pro-rata share of unconsolidated joint ventures in comp NOI			15,466						10,577						4,889												30,300						27,936						2,364
Property allocated corporate expense			5,343						4,727						616												10,766						10,106						660
Non-comparable properties and other (1)			367						(237)						604												339						(1,474)						1,813
NOI from sold properties			(36)						(4)						(32)												—						(100)						100
Termination income			(918)						(27)						(891)												(1,472)						(106)						(1,366)
Straight-line rents, net of change in assessment of collectibility			(216)						(128)						(88)												(414)						1,493						(1,907)
Ground lease adjustments for straight-line and fair market value			13						5						8												20						10						10
Fair market value and inducement adjustments to base rents			(1,057)						(1,647)						590												(1,990)						(2,632)						642
Less: Tier 2 and noncore properties (2)			(10,359)						(5,729)						(4,630)												(18,866)						(22,415)						3,549
Comparable NOI - Tier 1 and Open Air properties			$	87,131					$	57,052					$	30,079											$	166,592					$	153,288					$	13,304
Comparable NOI percentage change - Tier 1 and Open Air properties															52.7		%																						8.7		%
(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 and from unmanaged properties.
(2) NOI from the Tier 2 and noncore properties held in each period presented.
			Three Months Ended June 30,																								Six Months Ended June 30,
			2021						2020						Variance $						Variance %						2021						2020						Variance $						Variance %
Comparable Property Net Operating Income (Comp NOI)
Revenue:
Minimum rent			$	98,386					$	78,251					$	20,135					25.7		%				$	192,903					$	179,077					$	13,826					7.7		%
Overage rent			1,828						368						1,460						396.7		%				3,453						2,648						805						30.4		%
Tenant reimbursements			32,371						35,998						(3,627)						-10.1		%				65,821						76,605						(10,784)						-14.1		%
Change in estimate of collectibility of rental income			(956)						(19,231)						18,275						95.0		%				(3,237)						(21,383)						18,146						84.9		%
Other			1,659						1,367						292						21.4		%				2,963						3,565						(602)						-16.9		%
Total revenue			133,288						96,753						36,535						37.8		%				261,903						240,512						21,391						8.9		%
Expenses:
Recoverable expenses - operating			(27,235)						(19,793)						(7,442)						-37.6		%				(56,087)						(47,176)						(8,911)						-18.9		%
Recoverable expenses - real estate taxes			(17,775)						(18,778)						1,003						5.3		%				(36,937)						(37,801)						864						2.3		%
Ground rent			(1,147)						(1,130)						(17)						-1.5		%				(2,287)						(2,247)						(40)						-1.8		%
Total operating expenses			(46,157)						(39,701)						(6,456)						-16.3		%				(95,311)						(87,224)						(8,087)						-9.3		%
Comp NOI - Excluding Tier 2 and Noncore properties			$	87,131					$	57,052					$	30,079					52.7		%				$	166,592					$	153,288					$	13,304					8.7		%
Comp NOI - Tier 1 enclosed retail properties			$	56,183					$	33,155					$	23,028					69.5		%				$	106,922					$	96,670					$	10,252					10.6		%
Comp NOI - Open Air properties			$	30,948					$	23,897					$	7,051					29.5		%				$	59,670					$	56,618					$	3,052					5.4		%

    SUPPLEMENTAL INFORMATION | 6

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SUMMARY OF DEBT
Washington Prime Group Inc.
(dollars in thousands)
									Total Debt as of 6/30/2021						Total Debt, Including WPG Share of Unconsolidated Entities as of 6/30/2021						Total Debt as of 12/31/2020						Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2020									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						$	982,391					$	982,391					$	1,039,375					$	1,039,375								2021						$	264,262					6.2		%				$	2,172,900					6.3%						$	2,437,162					5.8%
			Variable						50,250						50,250						65,000						65,000									2022						125,514						5.0		%				—												125,514						5.0%
			Debt issuance costs						(4,392)						(4,392)						(4,407)						(4,407)									2023						62,612						4.6		%				—												62,612						4.6%
			Fair value debt adjustments						1,059						1,059						1,685						1,685									2024						279,765						4.0		%				—												279,765						4.0%
			Total mortgage debt						1,029,308						1,029,308						1,101,653						1,101,653									2025						361,398						3.9		%				—												361,398						3.9%
																																				2026						62,214						3.3		%				—												62,214						3.3%
			Corporate debt																																	2027						191,257						4.3		%				—												191,257						4.3%
			DIP Financing						50,000						50,000						—						—									2028						—												—												—
			Credit facility						647,000						647,000						647,000						647,000									2029						291,478						4.4		%				—												291,478						4.4%
			Term loans (5)						755,000						755,000						690,000						690,000									2030						—												—												—
			Bonds payable						720,900						720,900						720,900						720,900									2031						—												—												—
			Debt issuance costs & discounts						—						—						(25,885)						(25,885)									Thereafter						1,892						4.7		%				—												1,892						4.7%
			Total corporate debt (4)						2,172,900						2,172,900						2,032,015						2,032,015									Fair value,debt issuance cost, and debt discount adjustments						(2,239)												—												(2,239)
			Total mortgage and corporate debt						3,202,208						3,202,208						3,133,668						3,133,668									Total debt						$	1,638,153					3.9		%				$	2,172,900					6.3%						$	3,811,053					5.3%
			Other indebtedness, net of issuance costs & future accretion (2)						91,406						91,406						87,807						87,807
			Total consolidated debt						$	3,293,614					$	3,293,614					$	3,221,475					$	3,221,475
																																				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
Unconsolidated debt:
			Mortgage loans payable						$	1,206,033					$	607,751					$	1,212,218					$	610,682
			Debt issuance costs						(3,446)						(1,758)						(3,683)						(1,877)
			Fair value debt adjustments						5,593						2,852						6,144						3,133									Total consolidated debt excluding other indebtedness:
			Total unconsolidated debt						$	1,208,180					$	608,845					$	1,214,679					$	611,938
																																				2021						$	229,280					6.3%						$	2,172,900					6.4%						$	2,402,180					5.9%
Total debt:									$	4,501,794					$	3,902,459					$	4,436,154					$	3,833,413								2022						125,514						5.0%						—												125,514						5.0%
																																				2023						56,354						4.8%						—												56,354						4.8%
									% of Total Debt as of 6/30/21						Our Share of Total Debt as of 6/30/21						Weighted Avg. Interest Rate						Weighted Avg. Years to Maturity									2024						279,765						4.0%						—												279,765						4.0%
																																				2025						—												—												—
																																				2026						50,250						3.1%						—												50,250						3.1%
			Consolidated debt excluding other indebtedness:																																	2027						—												—												—
			Fixed						53%						$	1,699,958					4.9		%				2.0									2028						—												—												—
			Variable						47%						1,502,250						6.2		%				0.4									2029						291,478						4.4%						—												291,478						4.4%
			Total Consolidated (3)						100%						$	3,202,208					5.5		%				1.3									2030						—												—												—
																																				2031						—												—												—
			Unconsolidated debt:																																	Thereafter						—												—												—
			Fixed						99%						$	602,587					4.1		%				4.3									Fair value,debt issuance cost, and debt discount adjustments						(3,333)												—												(3,333)
			Variable						1%						6,258						2.6		%				1.5									Total debt						$	1,029,308					3.7%						$	2,172,900					6.4%						$	3,202,208					5.5%
			Total Unconsolidated						100%						$	608,845					4.1		%				4.2
			Total debt excluding other indebtedness:
			Fixed						60%						$	2,302,545					4.7		%				2.6
			Variable						40%						1,508,508						6.2		%				0.4
			Total debt						100%						$	3,811,053					5.3		%				1.7
			(1) Includes available extension options
			(2) This represents the financial liability associated with our failed sale and master ground leaseback of land at Edison Mall, Great Lakes Mall, Irving Mall, and Jefferson Valley Mall. The master ground lease has a 99-year term and includes fixed annual payments at an initial annualized rate of 7.4%, with annual rent escalators over the aforementioned term. The anticipated settlement amount represents the year 30 repurchase option price of $109.3 million to reacquire the fee interest in the land. The difference between the $91.4 million net carrying value and the $109.3 million repurchase option is being accreted through interest expense over the repurchase option period.
			(3) Excluded is other indebtedness of $91,406 with a weighted average interest rate of 8.5% and weighted average years to maturity of approximately 28.3 years.
			(4) Corporate debt includes $485,250 of secured credit facility and $517,500 of secured term loans.
			(5) The $65,000 Weberstown term loan was reclassified from mortgage notes payable as of June 30, 2021 due to the Company's bankruptcy filing.

            SUPPLEMENTAL INFORMATION | 7

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EBITDAre
Washington Prime Group Inc.
(dollars in thousands)
									Three Months Ended June 30,												Six Months Ended June 30,
									2021						2020						2021						2020
			Calculation of EBITDAre:
			Net loss						$	(103,406)					$	(93,413)					$	(163,240)					$	(85,853)
			Interest expense, net						52,503						37,445						104,054						76,080
			Income and other taxes						544						593						263						(24)
			Depreciation and amortization						55,059						55,380						107,314						115,084
			Loss (gain) on disposition of interests in properties, net						—						18						(1,304)						(24,767)
			Impairment loss						—						23,800						—						25,119
			Impairment on note receivable						—						11,237						—						11,237
			Pro-rata share of unconsolidated entities, net						16,382						15,707						33,114						34,139
			EBITDAre (1)						21,082						50,767						80,201						151,015
			Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting						—						—						12,124						—
			Prepetition charges						38,078						—						52,529						—
			Reorganization items (non-cash)						21,331						—						21,331						—
			Adjusted EBITDAre						$	80,491					$	50,767					$	166,185					$	151,015
			(1) EBITDAre is calculated consistent with the NAREIT definition.

    SUPPLEMENTAL INFORMATION | 8

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OPERATING METRICS

Washington Prime Group Inc.

As of June 30, 2021

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 3 Months Ended 6/30/21

NOI Growth for 3 Months Ended 6/30/21

Releasing Spreads Trailing Twelve Months Ended 2021

6/30/21

6/30/20

6/30/21

6/30/19 (7)

6/30/21

6/30/19 (7)

Open Air Properties

47

95.0%

95.9%

31.7%

29.5%

-3.3%

Tier 1 Enclosed Retail Properties

36

89.1%

88.9%

$

433

$

424

11.0%

11.5%

57.6%

69.5%

-13.0%

Tier 1 and Open Air

83

92.1%

92.4%

89.3%

52.7%

-8.9%

ENCLOSED RETAIL PROPERTY TIERS

TIER 1

TIER 2

NONCORE

Arbor Hills

Morgantown Mall

Boynton Beach Mall

Anderson Mall (4)

Arboretum, The

Northtown Mall

Chautauqua Mall

Brunswick Square

Ashland Town Center

Northwoods Mall

Indian Mound Mall

Charlottesville Fashion Square (2)

Bowie Town Center

Oklahoma City Properties

Lima Mall

Cottonwood Mall

Clay Terrace

Orange Park Mall

Maplewood Mall

Dayton Mall

Edison Mall

Paddock Mall

New Towne Mall

Lincolnwood Town Center (5)

Grand Central Mall

Pearlridge Center

Rolling Oaks Mall

Muncie Mall (3)

Great Lakes Mall

Polaris Fashion Place

Sunland Park Mall

Oak Court Mall (6)

Irving Mall

Scottsdale Quarter

Westminster Mall

Port Charlotte Town Center

Jefferson Valley Mall

Southern Hills Mall

Lindale Mall

Southern Park Mall

Longview Mall

Southgate Mall

Malibu Lumber Yard

The Outlet Collection | Seattle

Mall at Fairfield Commons, The

Town Center at Aurora

Mall at Johnson City, The

Town Center Crossing & Plaza

Markland Mall

Waterford Lakes Town Center

Melbourne Square

Weberstown Mall

Mesa Mall

WestShore Plaza

(1) Metrics include properties owned and managed as of June 30, 2021, and exclude Tier 2 and Noncore properties.

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

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

(4) On March 8, 2021, the Company received notification that a receiver was appointed to manage and lease Anderson Mall. An affiliate of the Company still holds title to the property.

(5) On April 8, 2021, the Company received notification that a receiver was appointed to manage and lease Lincolnwood Town Center. An affiliate of the Company still holds title to the property.

(6) On May 25, 2021, the Company received notification that a receiver was appointed to manage and lease Oak Court Mall. An affiliate of the Company still holds title to the property.

(7) For Q2 2020, the annual sales and occupancy cost % were not being reported as most of the stores were temporarily closed for approximately 2 months, resulting in incomplete data during the trailing 12 months. Therefore Q2 2019 is shown for comparative purposes. Comp sales for Q2 2021 compared to Q2 2019 increased 21% for the Tier 1 properties.

    SUPPLEMENTAL INFORMATION | 9

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LEASING RESULTS AND BASE RENT PSF
Washington Prime Group Inc.
Year-to-date through June 30, 2021
Leasing Results- Comparable Properties
No Exclusions
			2021 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			71						591,556						253						1,269,381						324						1,860,937						67%						59%
Open Air Properties			32						251,081						56						561,215						88						812,296						24%						30%
Total Tier 1 and Open Air			103						842,637						309						1,830,596						412						2,673,233						55%						49%
Tier 2 and Noncore Properties			10						48,585						77						349,895						87						398,480						45%						27%
Grand Total			113						891,222						386						2,180,491						499						3,071,713						54%						46%
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			166						141,611						332,559						474,170						$	35.50					$	28.49					$	30.58					6.8						3.2						4.5						$	5,996					$	2,284					$	42.34					$	6.87
Open Air Properties			82						251,081						543,079						794,160						$	16.29					$	14.45					$	15.03					7.6						4.6						5.8						$	4,568					$	2,103					$	18.19					$	3.87
Total Tier 1 and Open Air			248						392,692						875,638						1,268,330						$	23.22					$	19.78					$	20.84					7.1						3.6						4.9						$	10,564					$	4,387					$	26.90					$	5.01
Tier 2 and Noncore Properties			40						16,404						88,048						104,452						$	18.44					$	17.57					$	17.71					5.4						2.5						3.2						$	90					$	—					$	5.47					$	—
Total			288						409,096						963,686						1,372,782						$	23.03					$	19.58					$	20.60					7.0						3.4						4.7						$	10,654					$	4,387					$	26.04					$	4.55
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 June 30, 2021.
Average Base Rent PSF
			Base Minimum Rent PSF As of June 30,
			2021												2020
Tier 1 Enclosed Retail Properties			$	27.97											$	29.84
Open Air Properties			$	13.80											$	13.85
Total Tier 1 and Open Air Properties			$	20.15											$	21.24

                        SUPPLEMENTAL INFORMATION | 10

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RELEASING SPREADS
Washington Prime Group Inc.
For the trailing 12 months ended June 30, 2021
									Square Footage of Signings						New Rate PSF						Prior Rate PSF						Re-leasing Spread
																											$						%
			Open Air Properties:
			New						209,866						$	18.26					$	19.36					$	(1.10)					-5.7		%
			Renewal						1,022,524						$	16.25					$	16.71					$	(0.46)					-2.8		%
			All Deals						1,232,390						$	16.59					$	17.16					$	(0.57)					-3.3		%
			Tier 1 Enclosed Retail Properties:
			New						117,889						$	41.12					$	42.81					$	(1.69)					-3.9		%
			Renewal						556,188						$	37.57					$	44.13					$	(6.56)					-14.9		%
			All Deals						674,077						$	38.19					$	43.90					$	(5.71)					-13.0		%
			Total Open Air and Tier 1 Properties:
			New						327,755						$	26.48					$	27.80					$	(1.32)					-4.7		%
			Renewal						1,578,712						$	23.76					$	26.37					$	(2.61)					-9.9		%
			All Deals						1,906,467						$	24.23					$	26.61					$	(2.38)					-8.9		%
			Note: The Company's Tier 2 and noncore properties are excluded from these metrics.

    SUPPLEMENTAL INFORMATION | 11

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TOP 10 TENANTS
Washington Prime Group Inc.
As of June 30, 2021
			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 (2)
			Signet Jewelers, Ltd.						Body by Pagoda, Jared's, Kay Jewelers, Piercing Pagoda, Plumb Gold, Silver and Gold Connection, Zales Jewelers						89						125,665						0.2%						2.5%
			Footlocker, Inc.						Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker						65						291,100						0.6%						1.8%
			Ulta Salon, Cosmetics & Fragrance, Inc.						Ulta Beauty						24						254,205						0.5%						1.2%
			American Eagle Outfitters, Inc.						aerie, American Eagle						36						202,311						0.4%						1.2%
			Regal Entertaimment Group (1)						Regal Cinema						5						224,179						0.4%						1.1%
			Luxottica Group						Apex, Lenscrafters, Oakley, Pearle Vision, Sunglass Hut, Watch Station						60						158,541						0.3%						1.1%
			L Brands, Inc.						Bath & Body Works, Pink, Victoria's Secret, White Barn Candle						91						471,132						0.9%						1.0%
			Sycamore Properties						Ann Taylor, Ann Taylor Factory Store, Belk, Box Lunch, Hot Topic, Lane Bryant, Loft, Talbots, Torrid						96						304,945						0.6%						1.0%
			Gap Inc.						Athleta, Banana Republic, Baby Gap, Gap, Gap Kids, Gap Outlet, Intermix, Janie & Jack, Old Navy						32						328,723						0.6%						0.9%
			The Finish Line, Inc.						Finish Line, JD Sports						38						210,213						0.4%						0.9%
			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 (2)			Number of WPG Owned Stores
			JCPenney Company, Inc.						JCPenney						31						4,072,316						7.9%						0.7%			17
			Macy's, Inc.						Macy's						22						3,720,098						7.3%						0.2%			4
			Dillard's, Inc.						Dillard's						18						2,473,872						4.8%						0.0%			1
			Target Corporation						Target, Super Target						10						1,419,100						2.8%						0.0%			1
			Kohl's Corporation						Kohl's						12						1,083,988						2.1%						1.0%			9
			Dick's Sporting Goods, Inc.						Dick's Sporting Goods, Field & Stream, Golf Galaxy						17						1,019,185						2.0%						2.2%			15
			Best Buy Co. Inc.						Best Buy						16						708,102						1.4%						1.7%			15
			TJX Companies						Home Goods, Marshalls, TJ Maxx						21						635,048						1.2%						1.4%			21
			Wal-Mart Stores, Inc.						Wal-Mart						4						618,061						1.2%						0.0%			0
			Sycamore Properties						Belk, Belk for Her, Belk Home Store, Staples						9						587,313						1.1%						0.3%			7
			Note: Schedule above includes properties owned and managed at June 30, 2021.
			(1) Excludes theaters that are categorized as anchors.
			(2) Calculation includes fixed charges only.

                    SUPPLEMENTAL INFORMATION | 12

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LEASE EXPIRATIONS (1)
Washington Prime Group Inc.
As of June 30, 2021
			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			124						—						395,399						395,399						$	—					$	26.82					2.2		%
			2021			191						391,158						369,180						760,338						$	1.18					$	26.98					2.0		%
			2022			701						452,934						2,412,133						2,865,067						$	10.58					$	26.14					11.3		%
			2023			512						811,141						1,660,860						2,472,001						$	11.33					$	30.96					10.7		%
			2024			370						313,656						1,193,834						1,507,490						$	11.32					$	29.82					7.6		%
			2025			255						803,574						1,097,550						1,901,124						$	12.70					$	28.22					8.5		%
			2026			255						2,821,743						1,293,087						4,114,830						$	2.99					$	29.99					9.3		%
			2027			158						537,034						722,383						1,259,417						$	7.84					$	30.77					4.6		%
			2028			124						251,005						565,568						816,573						$	14.25					$	28.09					3.7		%
			2029			94						401,918						423,148						825,066						$	7.13					$	32.74					3.1		%
			2030			89						376,780						346,627						723,407						$	7.70					$	27.64					2.7		%
			2031 and Thereafter			68						929,088						470,467						1,399,555						$	9.92					$	21.13					3.8		%
			Specialty Leasing Agreements w/ terms in excess of 11 months			815						—						2,086,458						2,086,458						$	—					$	8.42					3.6		%
			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			36						58,278						100,589						158,867						$	4.67					$	21.23					0.5		%
			2021			50						228,370						133,074						361,444						$	1.58					$	18.16					0.6		%
			2022			141						524,333						444,672						969,005						$	9.74					$	18.60					2.9		%
			2023			159						959,702						481,133						1,440,835						$	10.68					$	20.56					4.4		%
			2024			125						953,702						366,814						1,320,516						$	8.19					$	21.52					3.3		%
			2025			117						760,120						263,001						1,023,121						$	12.54					$	25.54					3.4		%
			2026			112						903,360						312,573						1,215,933						$	10.94					$	22.51					3.7		%
			2027			75						555,392						225,762						781,154						$	10.84					$	22.02					2.4		%
			2028			33						262,450						106,489						368,939						$	14.33					$	19.84					1.3		%
			2029			44						119,030						206,836						325,866						$	15.96					$	22.27					1.4		%
			2030			33						211,781						143,137						354,918						$	11.50					$	19.53					1.1		%
			2031 and Thereafter			39						427,047						188,160						615,207						$	10.67					$	20.36					1.8		%
			Specialty Leasing Agreements w/ terms in excess of 11 months			21						—						62,471						62,471						$	—					$	7.44					0.1		%
			(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 June 30, 2021.

                                        SUPPLEMENTAL INFORMATION | 13

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CAPITAL EXPENDITURES
Washington Prime Group Inc.
(dollars in thousands)
									Consolidated Three Months Ended June 30, 2021			Unconsolidated Joint Venture Proportionate Share			Total Three Months Ended June 30, 2021						Consolidated Three Months Ended June 30, 2020			Unconsolidated Joint Venture Proportionate Share			Total Three Months Ended June 30, 2020
			New Developments						$	—		$	—		$	—					$	—		$	—		$	—
			Redevelopments, Renovations, and Expansions						$	21,040		$	3,466		$	24,506					$	30,116		$	2,898		$	33,014
			Internal Leasing Costs						$	206		$	319		$	525					$	263		$	167		$	430
			Property Capital Expenditures:
			Non-anchor stores tenant improvements and allowances						$	8,228		$	3,397		$	11,625					$	2,885		$	1,190		$	4,075
			Operational capital expenditures						5,551			383			5,934						3,300			275			3,575
			Total Property Capital Expenditures						$	13,779		$	3,780		$	17,559					$	6,185		$	1,465		$	7,650
									Consolidated Six Months Ended June 30, 2021			Unconsolidated Joint Venture Proportionate Share			Total Six Months Ended June 30, 2021						Consolidated Six Months Ended June 30, 2020			Unconsolidated Joint Venture Proportionate Share			Total Six Months Ended June 30, 2020
			New Developments						$	—		$	—		$	—					$	—		$	—		$	—
			Redevelopments, Renovations, and Expansions						$	39,326		$	7,275		$	46,601					$	70,245		$	7,112		$	77,357
			Internal Leasing Costs						$	513		$	677		$	1,190					$	393		$	381		$	774
			Property Capital Expenditures:
			Non-anchor stores tenant improvements and allowances						$	15,905		$	4,546		$	20,451					$	10,528		$	2,751		$	13,279
			Operational capital expenditures						8,244			611			8,855						11,018			706			11,724
			Total Property Capital Expenditures						$	24,149		$	5,157		$	29,306					$	21,546		$	3,457		$	25,003

                        SUPPLEMENTAL INFORMATION | 14

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REDEVELOPMENT PROJECTS
Washington Prime Group Inc.
As of June 30, 2021
(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)
			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%						$7,000 - $8,000						n/a (5)						$	7,391					2021
			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%						$	4,905		(4)			2021
			Morgantown Mall						Morgantown						WV						Replace former Belk store with Ollie's Bargain Outlet and Burke's Home Outlet						100%						$7,000 - $8,000						5.5% - 6.5%						$	4,930					2020/ 2021
			Polaris Fashion Place						Columbus						OH						Replace former Sears with FieldhouseUSA and hospitality						51%						$10,000 - $11,000			(4)			4% - 5%						$	9,761		(4)			2021/ 2022
			Southern Hills Mall						Sioux City						IA						Replace former Sears with Tilt Entertainment						100%						$5,000 - $6,000						9% - 10%						$	3,711					2022
			Southern Park Mall						Youngstown						OH						Phase I of redevelopment: Replace former Sears with new entertainment, dining, retail, and community green space						100%						$15,000 - $16,000			(6)			7.5% - 8.5%						$	13,346					2021
			Town Center at Aurora						Aurora						CO						Replace former Sears with FieldhouseUSA with addition of restaurants and hospitality						100%						$23,500 - $24,500						4.5% - 5.5%						$	17,853					2021/ 2022
			(1) Estimated total costs, project yield, and completion are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process.
			(2) The project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment other than near-term renewals, although each project does benefit other aspects of the property. The incremental yield does not consider prior rent paid by bankrupt tenants and does include the impact of co-tenancy cures as applicable.
			(3) Project costs exclude the allocation of internal costs such as labor, interest, and taxes.
			(4) Amounts shown represent 51% of the project spend.
			(5) Dillard's will construct and own the building and provide a 10-year operating covenant.
			(6) Does not include unallocated portions of the planned interior renovation. Estimated Costs are shown net of the approved public incentives package.

        SUPPLEMENTAL INFORMATION | 15

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DEPARTMENT STORE REPOSITIONING STATUS

Washington Prime Group Inc.

Plans as of June 30, 2021

Count

Property

City

Former Department Store

Owner

Closing Date

Planned Replacement

Status

Department Stores formerly occupied by Sears / BonTon / Belk - June 30, 2021

Department Stores Addressed

1

Grand Central Mall

Parkersburg, WV

Sears

Lease

Dec-18

Home Goods, PetSmart, Ross Dress for Less, and TJ Maxx

All opened by Q2 2021

2

Longview Mall

Longview, TX

Sears

Lease

Jan-19

Conn's HomePlus/ Other

Conn's opened January 2021

3

Mall at Fairfield Commons

Dayton, OH

Sears

Lease

Dec-18

Morris Home Furniture / Round1

Morris Home opened Q220/ Round1 opened Q419

4

Mall at Fairfield Commons

Dayton, OH

Elder-Beerman

Lease

Aug-18

150,000 sf single user office

Lease executed

5

Mall at Johnson City

Johnson City, TN

Sears

Lease

2020

Home Goods/ Other/ Dining

Home Goods lease executed, Under Construction

6

Markland Mall

Kokomo, IN

Carsons Pirie Scott

Lease

Aug-18

Dunham's Sports

Store opened September 2020

7

Mesa Mall

Grand Junction, CO

Sears

Lease

Nov-18

Dillard's

Under Construction

8

Mesa Mall

Grand Junction, CO

Herberger's

Lease

Aug-18

Dick's Sporting Goods

Lease executed, Under Construction

9

Morgantown Mall

Morgantown, WV

Belk

Lease

Mar-18

Ollie's Bargain Outlet/ Burke's Home Outlet

Ollie's opened Oct. 2020/ Burke's Home Outlet lease executed, Under Construction

10

Morgantown Mall

Morgantown, WV

Elder-Beerman

Lease

Aug-18

Dunham's Sports

Dunham's opened April 2020

11

Morgantown Mall

Morgantown, WV

Sears

Lease

Jan-19

WVU Medical fulfillment center

WVU Medical fulfillment center opened July 2020

12

Polaris Fashion Place

Columbus, OH

Sears

Lease

Mar-19

FieldhouseUSA / Mixed Use

FieldhouseUSA opened in March 2021

13

Southern Hills Mall

Sioux City, IA

Sears

Lease

Mar-19

Tilt Entertainment

Lease executed

14

Southern Park Mall

Youngstown, OH

Sears

Lease

Jul-18

Entertainment / Outdoor greenspace

Proactive termination, Under 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

Dec-19

FieldhouseUSA / Mixed use

Lease executed, Under construction

17

WestShore Plaza

Tampa, FL

Sears

Lease

Mar-19

Mixed use

Proactive termination, Obtaining Entitlements

Active Planning / Evaluating Options

18

Lindale Mall

Cedar Rapids, IA

Younkers

Lease

Aug-18

Retail concepts

Active Planning

19

Northtown Mall

Blaine, MN

Herberger's

Lease

Aug-18

Retail concepts

Active Planning

20

Pearlridge Center

Aiea, HI

Sears

Lease

Apr-21

Sears announced closure in April 2021

Evaluating Options

21

Southern Hills Mall

Sioux City, IA

Younkers

Lease

Aug-18

Retail concepts

Active Planning

22

Southgate Mall

Missoula, MT

Herberger's Men

Lease

Aug-18

Dining

Active Planning

23

Whitehall Mall

Whitehall, PA

Sears

Lease

Feb-20

Big box and small shop retail

Active Planning

Stores Occupied by Sears as of June 30, 2021

24

Weberstown Mall

Stocktown, CA

Sears

Ground lease

Mixed use

Active Planning

Note that the Company plans to spend up to $105M to $115M over the next two to three years to redevelop these 24 department store locations, in addition to the $119 million spent through June 30, 2021. This report is for the Company's Tier 1 and Open Air properties and excludes vacant department store boxes owned by Sears (3) and Macy's (1) as well as those owned by third parties such as Seritage.

    SUPPLEMENTAL INFORMATION | 16

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PROPERTY INFORMATION
Washington Prime Group Inc.
As of June 30, 2021
																																										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 (4)(8)(10)						SC						Anderson						100%						0						0						0						12/01/22						8.61%						Fixed						$16,595						$16,595
Arbor Hills						MI						Ann Arbor						51%						86,939						86,939						0						01/01/26						4.27%						Fixed						$23,459						$11,964
Arboretum, The						TX						Austin						51%						193,835						193,835						0						06/01/27						4.13%						Fixed						$59,400						$30,294
Ashland Town Center						KY						Ashland						100%						434,207						330,817						103,390						07/06/21						4.90%						Fixed						$34,568						$34,568
Bowie Town Center (9)						MD						Bowie (Wash, D.C.)						100%						583,036						281,738						301,298
Boynton Beach Mall						FL						Boynton Beach (Miami)						100%						869,837						428,483						441,354
Brunswick Square (4)						NJ						East Brunswick (New York)						100%						764,232						292,936						471,296						03/01/24						4.80%						Fixed						$67,741						$67,741
Charlottesville Fashion Square (4)(6)						VA						Charlottesville						100%						0						0						0						04/01/24						4.54%						Fixed						$45,068						$45,068
Chautauqua Mall						NY						Lakewood						100%						453,555						446,025						7,530
Chesapeake Square Theater						VA						Chesapeake (VA Beach)						100%						42,248						42,248						0
Clay Terrace (9)						IN						Carmel (Indianapolis)						100%						577,661						558,785						18,876
Cottonwood Mall (4)						NM						Albuquerque						100%						1,048,121						567,892						480,229						04/06/24						4.82%						Fixed						$92,579						$92,579
Dayton Mall (4)						OH						Dayton						100%						1,447,821						776,040						671,781						09/01/22						4.57%						Fixed						$76,986						$76,986
Edison Mall (5)						FL						Fort Myers						100%						1,050,147						567,854						482,293
Grand Central Mall						WV						Parkersburg						100%						731,883						725,375						6,508						07/06/21						6.05%						Fixed						$37,452						$37,452
Great Lakes Mall (5)						OH						Mentor (Cleveland)						100%						1,249,445						657,758						591,687
Indian Mound Mall						OH						Newark						100%						520,925						348,264						172,661
Irving Mall (5)						TX						Irving (Dallas)						100%						1,051,712						488,167						563,545
Jefferson Valley Mall (5)						NY						Yorktown Heights (New York)						100%						583,063						417,371						165,692
Lima Mall						OH						Lima						100%						745,042						545,220						199,822
Lincolnwood Town Center (4)(8)(11)						IL						Lincolnwood (Chicago)						100%						0						0						0						04/01/21						8.26%						Fixed						$47,252						$47,252
Lindale Mall						IA						Cedar Rapids						100%						709,533						475,699						233,834
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%						1,030,973						850,192						180,781
Mall at Johnson City, The						TN						Johnson City						51%						572,903						572,903						0						05/06/25						6.76%						Fixed						$41,890						$21,364
Maplewood Mall						MN						St. Paul (Minneapolis)						100%						903,835						323,079						580,756
Markland Mall						IN						Kokomo						100%						394,048						371,263						22,785
Melbourne Square						FL						Melbourne						100%						711,025						420,207						290,818
Mesa Mall (9)						CO						Grand Junction						100%						804,034						432,013						372,021
Morgantown Mall						WV						Morgantown						100%						555,147						555,147						0
Muncie Mall (4)(7)						IN						Muncie						100%						0						0						0						04/01/21						4.19%						Fixed						$33,071						$33,071
New Towne Mall						OH						New Philadelphia						100%						497,427						497,427						0
Northtown Mall (9)						MN						Blaine						100%						635,856						635,856						0
Northwoods Mall						IL						Peoria						100%						669,288						360,296						308,992
Oak Court Mall (4)(12)						TN						Memphis						100%						0						0						0						04/01/21						4.76%						Fixed						$36,069						$36,069
Oklahoma City Properties						OK						Oklahoma City						51%						327,494						325,248						2,246						06/01/27						3.90%						Fixed						$52,779						$26,917
																																										01/01/23						2.60%						Variable						$12,270						$6,258
Orange Park Mall (9)						FL						Orange Park (Jacksonville)						100%						952,725						555,545						397,180
Outlet Collection | Seattle, The (9)						WA						Seattle						100%						924,304						924,304						0
Paddock Mall (9)						FL						Ocala						100%						555,310						324,753						230,557
Pearlridge Center						HI						Aiea						51%						1,307,485						1,254,208						53,277						06/01/25						3.53%						Fixed						$225,000						$114,750
																																										05/01/25						4.07%						Fixed						$41,593						$21,212
Polaris Fashion Place						OH						Columbus						51%						1,373,708						736,193						637,515						03/01/25						3.90%						Fixed						$219,936						$112,167
																																										03/01/25						4.46%						Fixed						$15,205						$7,755
Port Charlotte Town Center (3)(4)(8)						FL						Port Charlotte						100%						777,241						493,032						284,209						11/01/20						9.30%						Fixed						$40,868						$40,868
Rolling Oaks Mall						TX						San Antonio						100%						882,095						285,787						596,308

    SUPPLEMENTAL INFORMATION | 17

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PROPERTY INFORMATION
Washington Prime Group Inc.
As of June 30, 2021
																																										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%						764,044						764,044						0						06/01/25						3.53%						Fixed						$165,000						$84,150
																																										04/01/27						4.36%						Fixed						$55,000						$28,050
Southern Hills Mall						IA						Sioux City						100%						773,824						669,235						104,589
Southern Park Mall						OH						Youngstown						100%						1,027,294						839,730						187,564
Southgate Mall						MT						Missoula						100%						552,682						410,149						142,533						09/27/23						4.75%						Fixed						$35,387						$35,387
Sunland Park Mall						TX						El Paso						100%						908,476						332,639						575,837
Town Center at Aurora						CO						Aurora (Denver)						100%						1,081,094						494,596						586,498						04/01/26						3.10%						Variable						$50,250						$50,250
Town Center Crossing & Plaza						KS						Leawood						51%						670,695						534,134						136,561						02/01/27						4.25%						Fixed						$31,506						$16,068
																																										02/01/27						5.00%						Fixed						$63,830						$32,553
Waterford Lakes Town Center						FL						Orlando						100%						967,287						692,787						274,500						05/06/29						4.86%						Fixed						$174,478						$174,478
Weberstown Mall (9)						CA						Stockton						100%						846,915						263,245						583,670
Westminster Mall						CA						Westminster (Los Angeles)						100%						1,216,917						444,225						772,692						04/01/24						4.65%						Fixed						$74,377						$74,377
WestShore Plaza (9)						FL						Tampa						100%						1,093,849						865,387						228,462
Enclosed Retail Properties Total																								37,599,249						24,838,305						12,760,944																								$1,869,609						$1,376,243
Open Air Properties
Bloomingdale Court (9)						IL						Bloomingdale (Chicago)						100%						676,878						385,543						291,335
Bowie Town Center Strip (9)						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						$4,967						$4,967
Chesapeake Center (9)						VA						Chesapeake (Virginia Beach)						100%						276,801						128,972						147,829
Concord Mills Marketplace						NC						Concord (Charlotte)						100%						240,769						234,387						6,382						11/01/23						4.82%						Fixed						$16,000						$16,000
Countryside Plaza (9)						IL						Countryside (Chicago)						100%						403,455						203,994						199,461
Dare Centre						NC						Kill Devil Hills						100%						168,998						109,479						59,519
Empire East (9)						SD						Sioux Falls						100%						301,438						167,616						133,822
Fairfax Court						VA						Fairfax (Wash, D.C.)						100%						239,508						239,508						0
Fairfield Town Center (9)						TX						Houston						100%						448,381						269,381						179,000
Forest Plaza						IL						Rockford						100%						439,556						428,259						11,297						10/01/29						3.67%						Fixed						$30,250						$30,250
Gaitway Plaza (3)(9)						FL						Ocala						96%						197,435						196,635						800
Gateway Centers						TX						Austin						51%						513,524						411,221						102,303						06/01/27						4.03%						Fixed						$112,500						$57,375
Greenwood Plus (9)						IN						Greenwood (Indianapolis)						100%						152,123						146,091						6,032
Henderson Square (9)						PA						King of Prussia (Philadelphia)						100%						107,368						53,612						53,756
Keystone Shoppes (9)						IN						Indianapolis						100%						36,551						36,551						0
Lake Plaza (9)						IL						Waukegan (Chicago)						100%						215,590						124,961						90,629
Lake View Plaza (9)						IL						Orland Park (Chicago)						100%						364,549						309,140						55,409
Lakeline Plaza						TX						Cedar Park (Austin)						100%						386,055						355,618						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 (9)						IL						O'Fallon (St. Louis)						100%						303,526						98,061						205,465
MacGregor Village						NC						Cary						100%						140,028						140,028						0
Mall of Georgia Crossing						GA						Buford (Atlanta)						100%						440,564						317,429						123,135						10/06/22						4.28%						Fixed						$20,845						$20,845
Markland Plaza (9)						IN						Kokomo						100%						84,727						80,977						3,750
Martinsville Plaza						VA						Martinsville						100%						102,105						94,760						7,345
Muncie Towne Plaza						IN						Muncie						100%						171,621						171,621						0						10/01/29						3.67%						Fixed						$10,550						$10,550
North Ridge Shopping Center						NC						Raleigh						100%						171,492						166,092						5,400						12/01/22						3.41%						Fixed						$11,088						$11,088
Northwood Plaza (9)						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						$32,200						$16,422
Plaza at Buckland Hills, The (9)						CT						Manchester						100%						309,474						254,460						55,014

SUPPLEMENTAL INFORMATION | 18

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PROPERTY INFORMATION
Washington Prime Group Inc.
As of June 30, 2021
																																										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
Richardson Square (9)						TX						Richardson (Dallas)						100%						516,100						40,187						475,913
Rockaway Commons (9)						NJ						Rockaway (New York)						100%						229,929						226,179						3,750
Rockaway Town Plaza (9)						NJ						Rockaway (New York)						100%						306,440						73,158						233,282
Royal Eagle Plaza						FL						Coral Springs (Miami)						100%						178,769						175,385						3,384
Shops at Arbor Walk, The						TX						Austin						51%						309,010						280,261						28,749						08/01/21						5.49%						Fixed						$36,392						$18,560
Shops at North East Mall, The (9)						TX						Hurst (Dallas)						100%						365,920						365,920						0
St. Charles Towne Plaza						MD						Waldorf (Wash, D.C.)						100%						388,517						329,675						58,842
Tippecanoe Plaza						IN						Lafayette						100%						90,522						85,811						4,711
University Center (9)						IN						Mishawaka						100%						150,441						100,441						50,000
University Town Plaza						FL						Pensacola						100%						382,330						216,194						166,136
Village Park Plaza (9)						IN						Carmel (Indianapolis)						100%						501,898						290,009						211,889
Washington Plaza						IN						Indianapolis						100%						50,107						50,107						0
West Town Corners (3)						FL						Altamonte Springs (Orlando)						100%						379,172						234,554						144,618
Westland Park Plaza (3)						FL						Orange Park (Jacksonville)						100%						163,259						163,259						0
White Oaks Plaza						IL						Springfield						100%						385,414						263,231						122,183						10/01/29						3.67%						Fixed						$26,490						$26,490
Whitehall Mall						PA						Whitehall						100%						603,475						588,601						14,874
Wolf Ranch (9)						TX						Georgetown (Austin)						100%						632,025						419,839						212,186
Open Air Properties Total																								13,660,747						9,751,457						3,909,290																								$350,992						$262,257
Total																								51,259,996						34,589,762						16,670,234																								$2,220,601						$1,638,500			(13)
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 net carrying value of the financial liability at 6/30/21 is $91.4 million and interest is being recognized at an effective rate of 8.5%. The ground lease is subject to a repurchase option in 2049 of $109.3 million. The difference between the net carrying value of the financial liability and the repurchase option price is being accreted through interest expense over the applicable term.
(6) On March 17, 2020, the Company received notification that a receiver was appointed to manage and lease Charlottesville Fashion Square. An affiliate of the Company still holds title to the property.
(7) On April 14, 2020, the Company received notification that a receiver was appointed to manage and lease Muncie Mall. An affiliate of the Company still holds title to the property.
(8) The interest rate on the loan is subject to a 4.00% penalty for being in default.
(9) Property is collateral for the credit facility debt. Also during 2Q21, we reclassified the $65.0 million loan balance collateralized by Weberstown Mall into corporate debt.
(10) On March 8, 2021, the Company received notification that a receiver was appointed to manage and lease Anderson Mall. An affiliate of the Company still holds title to the property.
(11) On April 8, 2021, the Company received notification that a receiver was appointed to manage and lease Lincolnwood Town Center. An affiliate of the Company still holds title to the property.
(12) On May 25, 2021, the Company received notification that a receiver was appointed to manage and lease Oak Court Mall. An affiliate of the Company still holds title to the property.
(13) Our share of the joint venture debt excludes the $1.9 million indirect 12.5% ownership interest in another real estate project.

    SUPPLEMENTAL INFORMATION | 19

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NON-GAAP PRO-RATA FINANCIAL INFORMATION

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

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

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

    SUPPLEMENTAL INFORMATION | 20

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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 June 30, 2021									Six Months Ended June 30, 2021
									WPG's Share of Unconsolidated Entities									WPG's Share of Unconsolidated Entities
			Revenue:
			Minimum rent (1)						$	19,135								$	37,826
			Overage rent						475									785
			Tenant reimbursements						6,964									13,491
			Changes in estimate of collectibility of rental income						(230)									62
			Other income						632									816
			Total revenues						26,976									52,980
			Expenses:
			Property operating						(6,285)									(12,396)
			Real estate taxes						(3,282)									(6,980)
			Advertising and promotion						(300)									(487)
			Total recoverable expenses						(9,867)									(19,863)
			Depreciation and amortization						(10,277)									(20,975)
			General and administrative						(21)									(33)
			Ground rent						(1,579)									(3,050)
			Total operating expenses						(21,744)									(43,921)
			Interest expense, net						(6,044)									(12,035)
			Income and other taxes						(61)									(104)
			Loss from unconsolidated entities, net						$	(873)								$	(3,080)
			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.
			(1) For the three months and six months ended June 30, 2021, Minimum rent is net of $0.7 million and $2.1 million, respectively, of executed rent abatements as well as an accrual for an estimate of abatements not yet processed.

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NON-GAAP PRO-RATA FINANCIAL INFORMATION
PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES - BALANCE SHEET
Washington Prime Group Inc.
(Unaudited, dollars in thousands)
									June 30, 2021 WPG's Share of Unconsolidated Entities
			Assets:
			Investment properties at cost						$	1,194,366
			Construction in progress						17,780
									1,212,146
			Less: accumulated depreciation						267,022
									945,124
			Cash and cash equivalents						23,949
			Tenant receivables and accrued revenue, net (see below)						16,959
			Deferred costs and other assets (see below)						146,365
			Total assets						$	1,132,397
			Liabilities and members' equity:
			Mortgage notes payable						$	608,845
			Accounts payable, accrued expenses, intangibles, and deferred revenues (see below)						142,606
			Total liabilities						751,451
			Members' equity						380,946
			Total liabilities and members' equity						$	1,132,397
			Supplemental Balance Sheet Detail:
			Tenant receivables and accrued revenue, net:
			Straight-line receivable, net of reserve						$	10,592
			Tenant receivable						9,485
			Deferred receivable						1,419
			Unbilled receivables and other						2,648
			Allowance for doubtful accounts, net						(7,185)
			Total						$	16,959
			Deferred costs and other assets:
			Deferred leasing, net						$	11,198
			In place lease intangibles, net						14,849
			Acquired above market lease intangibles, net						17,849
			Right of use asset						88,457
			Mortgage and other escrow deposits						10,665
			Prepaids, notes receivable and other assets, net						3,347
			Total						$	146,365
			Accounts payable, accrued expenses, intangibles and deferred revenues:
			Accounts payable and accrued expenses						$	33,818
			Below market leases, net						16,767
			Lease liability						88,457
			Other						3,564
			Total						$	142,606
			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.

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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.

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