EX-99.2 3 a2020q3ex992supplement.htm SUPPLEMENTAL REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020

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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 September 30,												Nine Months Ended September 30,
						2020						2019						2020						2019
			Revenue:
			Rental income (see components on page 4)			$	120,138					$	154,611					$	363,421					$	474,114
			Other income (see components on page 4)			3,544						6,593						11,625						17,347
			Total revenues			123,682						161,204						375,046						491,461
			Expenses:
			Property operating			(36,067)						(39,007)						(101,456)						(114,868)
			Real estate taxes			(19,611)						(19,014)						(58,300)						(61,006)
			Advertising and promotion			(1,811)						(2,323)						(4,915)						(6,241)
			Total recoverable expenses			(57,489)						(60,344)						(164,671)						(182,115)
			Depreciation and amortization			(58,063)						(70,948)						(173,147)						(209,142)
			General and administrative			(11,107)						(12,210)						(34,721)						(39,459)
			Ground rent			(243)						(215)						(574)						(613)
			Impairment loss			(1,067)						(28,936)						(26,186)						(28,936)
			Total operating expenses			(127,969)						(172,653)						(399,299)						(460,265)
			Interest expense, net			(39,725)						(38,833)						(115,805)						(114,806)
			Impairment on note receivable			—						—						(11,237)						—
			Gain on disposition of interests in properties, net			1,620						9,825						28,812						26,056
			Gain on extinguishment of debt, net			—						38,913						—						38,913
			Income and other taxes			(154)						120						(130)						(465)
			Loss from unconsolidated entities, net			(5,515)						(241)						(11,301)						(2,002)
			Net loss			(48,061)						(1,665)						(133,914)						(21,108)
			Net loss attributable to noncontrolling interests			(7,832)						(752)						(22,026)						(4,774)
			Net loss attributable to the Company			(40,229)						(913)						(111,888)						(16,334)
			Less: Preferred share dividends			(3,508)						(3,508)						(10,524)						(10,524)
			Net loss attributable to common shareholders			$	(43,737)					$	(4,421)					$	(122,412)					$	(26,858)
			Loss per common share, basic and diluted			$	(0.23)					$	(0.02)					$	(0.64)					$	(0.14)

    SUPPLEMENTAL INFORMATION | 1

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CONSOLIDATED BALANCE SHEETS
Washington Prime Group Inc.
(Unaudited, dollars in thousands)
						September 30,						December 31,
						2020						2019
			Assets:
			Investment properties at cost			$	5,777,708					$	5,787,126
			Construction in progress			177,895						115,280
						5,955,603						5,902,406
			Less: accumulated depreciation			2,499,937						2,397,736
						3,455,666						3,504,670
			Cash and cash equivalents			95,328						41,421
			Tenant receivables and accrued revenue, net (see components on page 3)			119,472						82,762
			Investment in and advances to unconsolidated entities, at equity			411,923						417,092
			Deferred costs and other assets (see components on page 3)			135,182						205,034
			Total assets			$	4,217,571					$	4,250,979
			Liabilities:
			Mortgage notes payable			$	1,104,800					$	1,115,608
			Notes payable			709,785						957,566
			Term loans			683,475						686,642
			Revolving credit facility			641,874						204,145
			Other Indebtedness			86,062						97,601
			Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3)			257,252						260,904
			Distributions payable			3,323						3,252
			Cash distributions and losses in unconsolidated entities, at equity			—						15,421
			Total liabilities			3,486,571						3,341,139
			Redeemable noncontrolling interests			3,265						3,265
			Equity:
			Stockholders' equity
			Series H Cumulative Redeemable Preferred Stock			104,251						104,251
			Series I Cumulative Redeemable Preferred Stock			98,325						98,325
			Common stock			19						19
			Capital in excess of par value			1,260,677						1,254,771
			Accumulated deficit			(801,722)						(655,492)
			Accumulated other comprehensive loss			(14,885)						(5,525)
			Total stockholders' equity			646,665						796,349
			Noncontrolling interests			81,070						110,226
			Total equity			727,735						906,575
			Total liabilities, redeemable noncontrolling interests and equity			$	4,217,571					$	4,250,979

    SUPPLEMENTAL INFORMATION | 2                                    

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SUPPLEMENTAL BALANCE SHEET DETAIL
Washington Prime Group Inc.
(unaudited, dollars in thousands)
			September 30,						December 31,
			2020						2019
Tenant receivables and accrued revenue, net:
Straight-line receivable, net of reserve			$	42,099					$	42,061
Tenant receivable			86,509						10,227
Deferred receivable			15,098						248
Unbilled receivables and other			32,141						41,740
Allowance for doubtful accounts, net			(56,375)						(11,514)
Total			$	119,472					$	82,762
Deferred costs and other assets:
Deferred leasing and corporate improvements, net			$	41,621					$	53,729
In place lease intangibles, net			20,321						27,538
Acquired above market lease intangibles, net			10,210						13,419
Right of use asset			11,661						12,915
Mortgage and other escrow deposits			35,745						34,054
Seller financing receivable (1)			—						55,000
Prepaids, notes receivable and other assets, net			15,624						8,379
Total			$	135,182					$	205,034
Accounts payable, accrued expenses, intangibles and deferred revenues:
Accounts payable and accrued expenses			$	182,943					$	165,469
Below market lease intangibles, net			44,027						54,885
Lease liability			11,661						12,915
Deferred revenues and deposits			18,621						27,635
Total			$	257,252					$	260,904
(1) Relates to loan provided to Mall Ground Portfolio, LLC for the Perennial ground lease of Edison Mall, Great Lakes Mall, Irving Mall, and Jefferson Valley Mall on October 10, 2019, which was repaid in Q2 2020.

        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 September 30,												Nine Months Ended September 30,
						2020						2019						2020						2019
			Components of Rental Income:
			Base rent			$	97,042					$	104,768					$	277,064					$	321,257
			Mark-to-market adjustment			4,831						975						7,649						5,425
			Straight-line rents, net			1,429						1,036						(64)						2,943
			Temporary tenant rents, net			2,306						3,493						6,383						10,674
			Overage rent			908						1,989						3,498						5,622
			Tenant reimbursements			37,623						43,654						115,474						131,418
			Lease termination income			172						100						278						1,512
			Change in estimate of collectibility of rental income			(24,173)						(1,404)						(46,861)						(4,737)
			Total Rental Income			$	120,138					$	154,611					$	363,421					$	474,114
			Components of Other Income:
			Sponsorship and other ancillary property income			$	1,282					$	3,068					$	4,023					$	7,107
			Fee income			2,087						3,242						5,504						8,669
			Other			175						283						2,098						1,571
			Total Other Income			$	3,544					$	6,593					$	11,625					$	17,347
			Components of Corporate Overhead:
			General & administrative - other, inclusive of internal leasing costs			$	11,107					$	12,210					$	34,721					$	39,459
			Internal corporate overhead allocated to operating expense			5,796						5,991						17,984						17,595
			Total Corporate Overhead			$	16,903					$	18,201					$	52,705					$	57,054

    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 September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Funds from Operations ("FFO"):
Net loss			$	(48,061)					$	(1,665)					$	(133,914)					$	(21,108)
Less: Preferred dividends and distributions on preferred operating partnership units			(3,568)						(3,568)						(10,704)						(10,704)
Real estate depreciation and amortization, including joint venture impact			67,183						81,155						200,684						239,060
Impairment loss, including (gain) on disposition of interests in properties, net			1,067						24,992						774						24,992
FFO			$	16,621					$	100,914					$	56,840					$	232,240
Adjusted Funds from Operations:
FFO			$	16,621					$	100,914					$	56,840					$	232,240
Impairment on note receivable			—						—						11,237						—
Gain on extinguishment of debt, net			—						(38,913)						—						(38,913)
Adjusted FFO			$	16,621					$	62,001					$	68,077					$	193,327
Weighted average common shares outstanding - diluted			225,670						224,176						224,814						223,676
FFO per diluted share			$	0.07					$	0.45					$	0.25					$	1.04
Total adjustments			$	—					$	(0.17)					$	0.05					$	(0.17)
Adjusted FFO per diluted share			$	0.07					$	0.28					$	0.30					$	0.86
Non-cash items included in FFO:
Non-cash stock compensation expense			$	1,841					$	2,142					$	5,605					$	5,922
Straight-line adjustment as an increase (decrease) to minimum rents (1)			$	1,162					$	1,558					$	(500)					$	3,702
Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1)			$	477					$	484					$	1,433					$	1,453
Fair value of debt amortized as a decrease to interest expense (1)			$	454					$	925					$	2,165					$	2,774
Loan fee amortization and bond discount (1)			$	2,258					$	2,154					$	5,782					$	5,737
Mark-to-market/inducement adjustment as a net increase to base rents (1)			$	5,523					$	2,171					$	10,162					$	8,820
Non-real estate depreciation (1)			$	2,301					$	2,256					$	6,906					$	6,839
(1) Includes the pro-rata share of the joint venture properties.

    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 September 30,																								Nine Months Ended September 30,
			2020						2019						Variance $												2020						2019						Variance $
Reconciliation of Comp NOI to Net Loss:
Net loss			$	(48,061)					$	(1,665)					$	(46,396)											$	(133,914)					$	(21,108)					$	(112,806)
Loss from unconsolidated entities			5,515						241						5,274												11,301						2,002						9,299
Income and other taxes			154						(120)						274												130						465						(335)
Impairment on note receivable			—						—						—												11,237						—						11,237
Gain on disposition of interests in properties, net			(1,620)						(9,825)						8,205												(28,812)						(26,056)						(2,756)
Gain on extinguishment of debt, net			—						(38,913)						38,913												—						(38,913)						38,913
Interest expense, net			39,725						38,833						892												115,805						114,806						999
Operating (Loss) Income			(4,287)						(11,449)						7,162												(24,253)						31,196						(55,449)
Depreciation and amortization			58,063						70,948						(12,885)												173,147						209,142						(35,995)
Impairment loss			1,067						28,936						(27,869)												26,186						28,936						(2,750)
General and administrative			11,107						12,210						(1,103)												34,721						39,459						(4,738)
Fee income			(2,087)						(3,242)						1,155												(5,504)						(8,669)						3,165
Management fee allocation			79						39						40												115						124						(9)
Pro-rata share of unconsolidated joint ventures in comp NOI			11,412						17,619						(6,207)												39,391						52,443						(13,052)
Property allocated corporate expense			4,269						4,342						(73)												13,216						12,675						541
Non-comparable properties and other (1)			1,471						(15)						1,486												2,740						(888)						3,628
NOI from sold properties			30						(1,137)						1,167												(62)						(4,681)						4,619
Termination income			(172)						(100)						(72)												(278)						(1,512)						1,234
Straight-line rents, net			(1,429)						(1,036)						(393)												64						(2,943)						3,007
Ground lease adjustments for straight-line and fair market value			5						5						—												15						15						—
Fair market value and inducement adjustments to base rents			(4,776)						(915)						(3,861)												(7,407)						(5,302)						(2,105)
Less: Tier 2 and noncore properties (2)			(2,422)						(8,907)						6,485												(17,357)						(29,616)						12,259
Comparable NOI - Tier 1 and Open Air properties			$	72,330					$	107,298					$	(34,968)											$	234,734					$	320,379					$	(85,645)
Comparable NOI percentage change - Tier 1 and Open Air properties															-32.6		%																						-26.7		%
(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.
(2) NOI from the Tier 2 and noncore properties held in each period presented.
			Three Months Ended September 30,																								Nine Months Ended September 30,
			2020						2019						Variance $						Variance %						2020						2019						Variance $						Variance %
Comparable Property Net Operating Income (Comp NOI)
Revenue:
Minimum rent			$	105,612					$	111,150					$	(5,538)					-5.0		%				$	301,320					$	336,069					$	(34,749)					-10.3		%
Overage rent			977						2,336						(1,359)						-58.2		%				3,762						6,676						(2,914)						-43.6		%
Tenant reimbursements			40,436						45,548						(5,112)						-11.2		%				123,909						133,590						(9,681)						-7.2		%
Change in estimate of collectibility of rental income			(23,832)						(1,600)						(22,232)						-1,389.5		%				(48,959)						(4,609)						(44,350)						-962.2		%
Other			1,141						2,841						(1,700)						-59.8		%				5,152						7,013						(1,861)						-26.5		%
Total revenue			124,334						160,275						(35,941)						-22.4		%				385,184						478,739						(93,555)						-19.5		%
Expenses:
Recoverable expenses - operating			(30,029)						(32,251)						2,222						6.9		%				(83,916)						(93,888)						9,972						10.6		%
Recoverable expenses - real estate taxes			(20,752)						(19,511)						(1,241)						-6.4		%				(62,868)						(60,804)						(2,064)						-3.4		%
Ground rent			(1,223)						(1,215)						(8)						-0.7		%				(3,666)						(3,668)						2						0.1		%
Total operating expenses			(52,004)						(52,977)						973						1.8		%				(150,450)						(158,360)						7,910						5.0		%
Comp NOI - Excluding Tier 2 and Noncore properties			$	72,330					$	107,298					$	(34,968)					-32.6		%				$	234,734					$	320,379					$	(85,645)					-26.7		%
Comp NOI - Tier 1 enclosed retail properties			$	42,976					$	73,315					$	(30,339)					-41.4		%				$	148,914					$	224,496					$	(75,582)					-33.7		%
Comp NOI - Open Air properties			$	29,354					$	33,983					$	(4,629)					-13.6		%				$	85,820					$	95,883					$	(10,063)					-10.5		%

    SUPPLEMENTAL INFORMATION | 6

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SUMMARY OF DEBT
Washington Prime Group Inc.
(dollars in thousands)
									Total Debt as of 9/30/2020						Total Debt, Including WPG Share of Unconsolidated Entities as of 9/30/2020						Total Debt as of 12/31/2019						Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2019									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						$	1,042,498					$	1,042,498					$	1,052,242					$	1,052,242								2020						$	40,868					9.3%						$	—											$	40,868					9.3%
			Variable						65,000						65,000						65,000						65,000									2021						290,689						5.1%						—												290,689						5.1%
			Debt issuance costs						(4,696)						(4,696)						(5,097)						(5,097)									2022						178,793						4.6%						997,000						3.5%						1,175,793						3.7%
			Fair value debt adjustments						1,998						1,998						3,463						3,463									2023						62,430						4.5%						340,000						4.7%						402,430						4.6%
			Total mortgage debt						1,104,800						1,104,800						1,115,608						1,115,608									2024						283,179						4.7%						720,900						6.5%						1,004,079						6.0%
																																				2025						366,673						3.9%						—												366,673						3.9%
			Corporate debt																																	2026						12,185						4.3%						—												12,185						4.3%
			Credit facility						647,000						647,000						207,000						207,000									2027						192,433						4.3%						—												192,433						4.3%
			Term loans						690,000						690,000						690,000						690,000									2028						—						0.0%						—												—						0.0%
			Bonds payable						720,900						720,900						970,900						970,900									2029						293,563						4.4%						—												293,563						4.4%
			Debt issuance costs & discounts						(22,766)						(22,766)						(19,547)						(19,547)									2030						—						0.0%						—												—						0.0%
			Total corporate debt (4)						2,035,134						2,035,134						1,848,353						1,848,353									Thereafter						1,982						4.7%						—												1,982						4.7%
			Total mortgage and corporate debt						3,139,934						3,139,934						2,963,961						2,963,961									Fair value,debt issuance cost, and debt discount adjustments						(1,406)												(22,766)												(24,172)
			Other indebtedness, net of issuance costs & future accretion (2)						86,062						86,062						97,601						97,601									Total debt						$	1,721,389					4.6%						$	2,035,134					4.8%						$	3,756,523					4.7%
			Total consolidated debt						$	3,225,996					$	3,225,996					$	3,061,562					$	3,061,562
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						$	1,221,510					$	615,297					$	1,278,946					$	618,075
			Debt issuance costs						(3,889)						(1,982)						(4,432)						(2,206)
			Fair value debt adjustments						6,420						3,274						7,793						3,974
			Total unconsolidated debt						$	1,224,041					$	616,589					$	1,282,307					$	619,843								Total consolidated debt excluding other indebtedness:
Total debt:									$	4,450,037					$	3,842,585					$	4,343,869					$	3,681,405								2020						$	40,868					9.3%						$	—											$	40,868					9.3%
																																				2021						255,049						5.0%						—												255,049						5.0%
									% of Total Debt as of 9/30/20						Our Share of Total Debt as of 9/30/20						Weighted Avg. Interest Rate						Weighted Avg. Years to Maturity									2022						178,793						4.6%						997,000						3.5%						1,175,793						3.7%
																																				2023						56,046						4.7%						340,000						4.7%						396,046						4.7%
																																				2024						283,179						4.7%						720,900						6.5%						1,004,079						6.0%
			Consolidated debt excluding other indebtedness:																																	2025						—																								—
			Fixed						75%						$	2,339,585					5.5		%				3.6									2026						—																								—
			Variable						25%						800,349						2.8		%				2.2									2027						—																								—
			Total Consolidated (3)						100%						$	3,139,934					4.8		%				3.2									2028						—																								—
																																				2029						293,563						4.4%																		293,563						4.4%
			Unconsolidated debt:																																	2030						—																								—
			Fixed						99%						$	610,205					4.1		%				5.0									Thereafter						—																								—
			Variable						1%						6,384						2.6		%				2.3									Fair value,debt issuance cost, and debt discount adjustments						(2,698)												(22,766)												(25,464)
			Total Unconsolidated						100%						$	616,589					4.1		%				5.0									Total debt						$	1,104,800					4.8%						$	2,035,134					4.8%						$	3,139,934					4.8%
			Total debt excluding other indebtedness:
			Fixed						79%						$	2,949,790					5.2		%				3.9
			Variable						21%						806,733						2.8		%				2.2
			Total debt						100%						$	3,756,523					4.7		%				3.5
			(1) Includes extension options
			(2) The Company had a seller financing receivable of $55 million with Mall Ground Portfolio, LLC that offset the $97.6 million net indebtedness at December 31, 2019. During the quarter ended June 30, 2020, the Company settled the seller financing receivable with a combination of cash and reduced future monthly payments. The present value of the reduced payments was reclassified to other indebtedness. The difference between the $86.1 million net carrying value and the $109.3 milliion repurchase option is being accreted through interest expense over the repurchase option period.
			(3) Excluded is other indebtedness of $86,062 with a weighted average interest rate of 8.5% and weighted average years to maturity of approximately 29.0 years.
			(4) Corporate debt includes $487,500 of secured credit facility and $517,500 of secured term loans.

            SUPPLEMENTAL INFORMATION | 7

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EBITDAre
Washington Prime Group Inc.
(dollars in thousands)
									Three Months Ended September 30,												Nine Months Ended September 30,
									2020						2019						2020						2019
			Calculation of EBITDAre:
			Net loss						$	(48,061)					$	(1,665)					$	(133,914)					$	(21,108)
			Interest expense, net						39,725						38,833						115,805						114,806
			Income and other taxes						154						(120)						130						465
			Depreciation and amortization						58,063						70,948						173,147						209,142
			Gain on disposition of interests in properties, net						—						(3,944)						(24,767)						(3,944)
			Impairment loss						1,067						28,936						26,186						28,936
			Impairment on note receivable						—						—						11,237						—
			Pro-rata share of unconsolidated entities, net						17,624						18,646						51,763						55,274
			EBITDAre (1)						68,572						151,634						219,587						383,571
			Gain on extinguishment of debt, net						—						(38,913)						—						(38,913)
			Adjusted EBITDAre						$	68,572					$	112,721					$	219,587					$	344,658
			(1) EBITDAre is calculated consistent with the NAREIT definition.

    SUPPLEMENTAL INFORMATION | 8

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OPERATING METRICS

Washington Prime Group Inc.

As of September 30, 2020

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 9/30/20

NOI Growth for 3 Months Ended 9/30/20

Releasing Spreads Trailing Twelve Months Ended 2020

9/30/20

9/30/19

9/30/20 (5)

9/30/19

9/30/20 (5)

9/30/19

Open Air Properties

47

95.7%

97.0%

39.3%

-13.6%

-0.5%

Tier 1 Enclosed Retail Properties

41

87.5%

90.4%

not reported

$

415

not reported

11.2%

57.6%

-41.4%

-0.1%

Tier 1 and Open Air

88

91.2%

93.5%

96.9%

-32.6%

-0.3%

ENCLOSED RETAIL PROPERTY TIERS

TIER 1

TIER 2 / NONCORE

TIER 2

Arbor Hills

Mesa Mall

Anderson Mall

Arboretum, The

Morgantown Mall

Boynton Beach Mall

Ashland Town Center

Northtown Mall

Chautauqua Mall

Bowie Town Center

Northwoods Mall

Indian Mound Mall

Brunswick Square

Oklahoma City Properties

Lima Mall

Clay Terrace

Orange Park Mall

Maplewood Mall

Cottonwood Mall

Paddock Mall

New Towne Mall

Dayton Mall

Pearlridge Center

Oak Court Mall

Edison Mall

Polaris Fashion Place

Rolling Oaks Mall

Grand Central Mall

Port Charlotte Town Center

Sunland Park Mall

Great Lakes Mall

Scottsdale Quarter

Westminster Mall (2)

Irving Mall

Southern Hills Mall

Jefferson Valley Mall

Southern Park Mall

NONCORE

Lincolnwood Town Center

Southgate Mall

Charlottesville Fashion Square (3)

Lindale Mall

The Outlet Collection | Seattle

Muncie Mall (4)

Longview Mall

Town Center at Aurora

Malibu Lumber Yard

Town Center Crossing & Plaza

Mall at Fairfield Commons, The

Waterford Lakes Town Center

Mall at Johnson City, The

Weberstown Mall

Markland Mall

WestShore Plaza

Melbourne Square

(1) Metrics include properties owned and managed as of September 30, 2020, and exclude Tier 2 and Noncore properties.

(2) Due to major planned redevelopment, Westminster Mall was reclassed from Tier 1 until stabilized.

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

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

(5) For Q3 2020, the annual sales and occupancy cost % are not being reported as most of the stores were closed for more than half of the quarter, resulting in incomplete data for the quarter. For the third quarter, comparable quarterly sales year-over-year were -8% for those stores open the entire quarter of 2020 for our Tier 1 properties.

    SUPPLEMENTAL INFORMATION | 9

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LEASING RESULTS AND BASE RENT PSF
Washington Prime Group Inc.
Year-to-date through September 30, 2020
Leasing Results- Comparable Properties
No Exclusions
			2020 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			75						576,948						369						1,393,293						444						1,970,241						-17%						2%
Open Air Properties			36						262,674						77						742,325						113						1,004,999						-9%						17%
Total Tier 1 and Open Air			111						839,622						446						2,135,618						557						2,975,240						-16%						7%
Tier 2 and Noncore Properties			5						16,015						92						373,364						97						389,379						-7%						10%
Grand Total			116						855,637						538						2,508,982						654						3,364,619						-15%						7%
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			216						187,095						286,607						473,702						$	28.16					$	34.05					$	31.72					7.5						3.1						4.3						$	7,699					$	2,159					$	41.15					$	7.53
Open Air Properties			98						259,880						667,078						926,958						$	15.12					$	14.53					$	14.69					8.3						5.2						6.3						$	6,948					$	1,684					$	26.74					$	2.53
Total Tier 1 and Open Air			314						446,975						953,685						1,400,660						$	20.58					$	20.39					$	20.45					7.8						3.7						4.9						$	14,647					$	3,843					$	32.77					$	4.03
Tier 2 and Noncore Properties			36						5,461						63,496						68,957						$	22.89					$	23.51					$	23.47					4.0						3.1						3.2						$	—					$	57					$	—					$	0.91
Total			350						452,436						1,017,181						1,469,617						$	20.60					$	20.59					$	20.59					7.6						3.6						4.7						$	14,647					$	3,900					$	32.37					$	3.83
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 September 30, 2020.
Average Base Rent PSF
			Base Minimum Rent PSF As of September 30,
			2020												2019
Tier 1 Enclosed Retail Properties			$	28.14											$	28.55
Open Air Properties			$	14.16											$	13.73
Total Tier 1 and Open Air Properties			$	21.02											$	21.28

                        SUPPLEMENTAL INFORMATION | 10

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RELEASING SPREADS
Washington Prime Group Inc.
For the trailing 12 months ended September 30, 2020
									Square Footage of Signings						New Rate PSF						Prior Rate PSF						Re-leasing Spread
																											$						%
			Open Air Properties:
			New						196,715						$	17.55					$	19.20					$	(1.65)					-8.6		%
			Renewal (1)						707,971						$	17.80					$	17.47					$	0.33					1.9		%
			All Deals						904,686						$	17.75					$	17.85					$	(0.10)					-0.6		%
			Tier 1 Enclosed Retail Properties:
			New						148,836						$	33.98					$	33.43					$	0.55					1.6		%
			Renewal (1)						499,496						$	42.95					$	45.70					$	(2.75)					-6.0		%
			All Deals						648,332						$	40.89					$	42.88					$	(1.99)					-4.6		%
			Total Open Air and Tier 1 Properties:
			New						345,551						$	24.63					$	25.33					$	(0.70)					-2.8		%
			Renewal (1)						1,207,467						$	28.21					$	29.14					$	(0.93)					-3.2		%
			All Deals						1,553,018						$	27.41					$	28.30					$	(0.89)					-3.1		%
			Note: The Company's Tier 2 and noncore properties are excluded from these metrics.
			(1) The renewal spreads include rent restructure deals to address COVID-19. If these were excluded, renewal spreads would be +0.6% compared to a -3.2% and total spreads would be -0.3% compared to -3.1% above.

    SUPPLEMENTAL INFORMATION | 11

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TOP 10 TENANTS
Washington Prime Group Inc.
As of September 30, 2020
			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
			L Brands, Inc.						Bath & Body Works, Pink, Victoria's Secret, White Barn Candle						101						522,581						1.0%						2.6%
			Signet Jewelers, Ltd.						Body by Pagoda, Gordon's Jewelers, Jared's, Kay Jewelers, Mark's & Morgan, Piercing Pagoda, Plumb Gold, Silver and Gold Connection, Zales Jewelers						99						136,632						0.3%						2.5%
			Footlocker, Inc.						Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker						75						326,212						0.6%						2.0%
			The Gap, Inc. (1)						Athleta, Banana Republic, Banana Republic Outlet, Gap, Gap Kids, Gap Outlet, Intermix, Janie and Jack, Old Navy						32						330,819						0.6%						1.2%
			The Finish Line, Inc.						Finish Line, JD Sports						32						184,497						0.3%						1.2%
			Ulta Salon, Cosmetics & Fragrance, Inc.						Ulta Beauty						24						254,205						0.5%						1.2%
			Regal Entertaimment Group						Regal Cinema						5						224,179						0.4%						1.1%
			Sycamore Properties						Belk, Box Lunch, Hot Toic, Talbots, Torrid						81						217,420						0.4%						1.0%
			Claire's Inc.						Claire's, Claire's Boutique, Icing						67						85,305						0.2%						1.0%
			Genesco Inc.						Journeys, Journeys Kidz, Underground by Journeys						55						104,382						0.2%						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			Number of WPG Owned Stores
			Macy's, Inc.						Macy's						24						4,299,870						8.1%						0.2%			4
			JCPenney Company, Inc.						JCPenney						32						4,197,336						7.9%						1.2%			18
			Dillard's, Inc.						Dillard's						21						2,747,904						5.2%						0.0%			2
			Target Corporation						Target, Super Target						10						1,419,100						2.7%						0.0%			1
			Kohl's Corporation						Kohl's						13						1,186,302						2.2%						1.0%			10
			Dick's Sporting Goods, Inc.						Dick's Sporting Goods, Field & Stream, Golf Galaxy						16						970,096						1.8%						2.0%			14
			Best Buy Co. Inc.						Best Buy						16						708,102						1.3%						1.7%			15
			Wal-Mart Stores, Inc.						Wal-Mart						4						618,061						1.2%						0.0%			0
			TJX Companies						Home Goods, Marshalls, TJ Maxx						18						563,956						1.1%						1.2%			18
			Sycamore Partners						Belk Home Store, Belk, Belk for Her, Staples						8						522,313						1.0%						0.3%			6
			Note: Schedule above includes properties owned and managed at September 30, 2020.
			(1) Of the 32 Gap, Inc. stores, 5 are Gap stores with the remainder in the other concepts listed.

                    SUPPLEMENTAL INFORMATION | 12

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LEASE EXPIRATIONS (1)
Washington Prime Group Inc.
As of September 30, 2020
			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			142						168,896						417,278						586,174						$	7.98					$	30.95					2.6		%
			2020			114						—						271,083						271,083						$	—					$	27.94					1.2		%
			2021			617						572,668						2,085,336						2,658,004						$	6.07					$	26.44					9.6		%
			2022			596						993,452						1,788,552						2,782,004						$	6.27					$	28.07					10.6		%
			2023			478						1,175,696						1,536,578						2,712,274						$	8.56					$	31.36					10.1		%
			2024			351						698,314						1,095,537						1,793,851						$	6.67					$	29.79					6.9		%
			2025			271						1,396,081						1,160,677						2,556,758						$	8.25					$	27.28					8.5		%
			2026			202						877,786						1,112,531						1,990,317						$	4.84					$	27.88					6.5		%
			2027			166						455,959						767,406						1,223,365						$	7.41					$	30.00					4.6		%
			2028			128						251,005						566,491						817,496						$	14.03					$	27.69					3.5		%
			2029			94						486,385						418,117						904,502						$	7.08					$	32.31					3.0		%
			2030 and Thereafter			117						1,079,768						581,922						1,661,690						$	9.07					$	24.92					4.4		%
			Specialty Leasing Agreements w/ terms in excess of 11 months			711						—						1,696,364						1,696,364						$	—					$	8.68					2.8		%
			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			26						43,971						63,438						107,409						$	12.10					$	18.73					0.4		%
			2020			34						89,975						102,539						192,514						$	6.55					$	22.84					0.6		%
			2021			136						593,759						362,780						956,539						$	10.73					$	20.68					2.8		%
			2022			154						808,314						488,347						1,296,661						$	9.26					$	18.80					3.4		%
			2023			146						1,051,124						458,372						1,509,496						$	10.67					$	19.37					4.1		%
			2024			114						749,684						330,958						1,080,642						$	9.29					$	21.89					2.9		%
			2025			103						675,306						239,126						914,432						$	12.34					$	25.63					3.0		%
			2026			80						578,702						270,586						849,288						$	10.78					$	21.51					2.4		%
			2027			64						465,043						194,883						659,926						$	11.26					$	22.45					2.0		%
			2028			32						269,501						98,765						368,266						$	14.54					$	19.57					1.2		%
			2029			44						119,030						206,966						325,996						$	15.31					$	22.27					1.3		%
			2030 and Thereafter			43						326,409						211,743						538,152						$	11.91					$	19.02					1.6		%
			Specialty Leasing Agreements w/ terms in excess of 11 months			12						—						32,361						32,361						$	—					$	8.24					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 September 30, 2020.

                                        SUPPLEMENTAL INFORMATION | 13

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CAPITAL EXPENDITURES
Washington Prime Group Inc.
(dollars in thousands)
									Consolidated Three Months Ended September 30, 2020			Unconsolidated Joint Venture Proportionate Share			Total Three Months Ended September 30, 2020						Consolidated Three Months Ended September 30, 2019			Unconsolidated Joint Venture Proportionate Share			Total Three Months Ended September 30, 2019
			New Developments						$	—		$	—		$	—					$	—		$	—		$	—
			Redevelopments, Renovations, and Expansions						$	22,725		$	4,214		$	26,939					$	18,875		$	3,048		$	21,923
			Internal Leasing Costs						$	225		$	230		$	455					$	571		$	581		$	1,152
			Property Capital Expenditures:
			Non-anchor stores tenant improvements and allowances						$	4,865		$	1,906		$	6,771					$	4,941		$	1,122		$	6,063
			Operational capital expenditures						4,603			225			4,828						9,063			485			9,548
			Total Property Capital Expenditures						$	9,468		$	2,131		$	11,599					$	14,004		$	1,607		$	15,611
									Consolidated Nine Months Ended September 30, 2020			Unconsolidated Joint Venture Proportionate Share			Total Nine Months Ended September 30, 2020						Consolidated Nine Months Ended September 30, 2019			Unconsolidated Joint Venture Proportionate Share			Total Nine Months Ended September 30, 2019
			New Developments						$	—		$	—		$	—					$	—		$	—		$	—
			Redevelopments, Renovations, and Expansions						$	92,970		$	11,326		$	104,296					$	55,433		$	9,981		$	65,414
			Internal Leasing Costs						$	618		$	611		$	1,229					$	1,224		$	949		$	2,173
			Property Capital Expenditures:
			Non-anchor stores tenant improvements and allowances						$	15,393		$	4,657		$	20,050					$	19,759		$	3,824		$	23,583
			Operational capital expenditures						15,621			931			16,552						20,785			1,786			22,571
			Total Property Capital Expenditures						$	31,014		$	5,588		$	36,602					$	40,544		$	5,610		$	46,154

                        SUPPLEMENTAL INFORMATION | 14

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REDEVELOPMENT PROJECTS
Washington Prime Group Inc.
As of September 30, 2020
(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%						$	19,754					2020/2021
			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%						$	27,156					2019/ 2021
			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)						$	7,345					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%						$	1,280		(4)			2021
			Morgantown Mall						Morgantown						WV						Replace former Belk store with Ollie's Bargain Outlet and a new entertainment tenant						100%						$8,000 - $9,000						7% - 9%						$	3,752					2020/ 2021
			Outlet Collection | Seattle						Seattle						WA						Replaced 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%						$	8,274					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%						$	6,113		(4)			2020/ 2021
			Southern Park Mall						Youngstown						OH						Phase I of redevelopment: Replace former Sears with new entertainment, dining, retail, and community green space						100%						$16,000 - $18,000			(6)			7% - 8%						$	8,529					2021
			Town Center at Aurora						Aurora						CO						Replace former Sears with FieldhouseUSA and mixed use component including hospitality						100%						$21,000 - $23,000						5% - 6%						$	5,913					2021
			(1) Estimated total costs, project yield, and completion are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process.
			(2) The project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment other than near-term renewals, although each project does benefit other aspects of the property. The incremental yield does not consider prior rent paid by bankrupt tenants and does include the impact of co-tenancy cures as applicable.
			(3) Project costs exclude the allocation of internal costs such as labor, interest, and taxes.
			(4) Amounts shown represent 51% of the project spend.
			(5) Dillard's will construct and own the building and provide a 10-year operating covenant.
			(6) Does not include unallocated portions of the planned interior renovation. Estimated Costs are shown net of the approved public incentives package.

        SUPPLEMENTAL INFORMATION | 15

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DEPARTMENT STORE REPOSITIONING STATUS

Washington Prime Group Inc.

Plans as of September 30, 2020

Count

Property

City

Former Department Store

Owner

Closing Date

Planned Replacement

Status

Department Stores formerly occupied by Sears / BonTon / Belk - September 30, 2020

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

Conn's HomePlus/ Other

Lease signed/ LOI

4

Mall at Fairfield Commons

Dayton, OH

Sears

Lease

Dec-18

Morris Home Furniture / Round1

Morris Home opened Q220/ Round1 opened Q419

5

Mall at Johnson City

Johnson City, TN

Sears

Lease

2020

Home Goods/ Other/ Dining

Home Goods lease executed

6

Markland Mall

Kokomo, IN

Carsons Pirie Scott

Lease

Aug-18

Dunham's Sports

Store opened September 2020

7

Mesa Mall

Grand Junction, CO

Sears

Lease

Nov-18

Dillard's

LOI executed

8

Mesa Mall

Grand Junction, CO

Herberger's

Lease

Aug-18

National sporting goods retailer

LOI received

9

Morgantown Mall

Morgantown, WV

Belk

Lease

Mar-18

Ollie's Bargain Outlet/ Entertainment

Opened Oct. 2020/ LOI executed

10

Morgantown Mall

Morgantown, WV

Elder-Beerman

Lease

Aug-18

Dunham's Sports

Dunham's opened April 2020

11

Morgantown Mall

Morgantown, WV

Sears

Lease

Jan-19

WVU Medical fulfillment center

WVU Medical fulfillment center opened July 2020

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

Retail concepts

Active Planning

24

Northwoods Mall

Peoria, IL

Sears

Sears

Feb-20

Sears owns box

Active Planning

25

Orange Park Mall

Orange Park, FL

Sears

Sears

Apr-20

Sears owns box

Evaluating Options

26

Southern Hills Mall

Sioux City, IA

Younkers

Lease

Aug-18

Retail concepts

Active Planning

27

Southgate Mall

Missoula, MT

Herberger's Men

Lease

Aug-18

Dining

Active Planning

28

Whitehall Mall

Whitehall, PA

Sears

Lease

Feb-20

Big box and small shop retail

Active Planning

Stores Occupied by Sears as of September 30, 2020

29

Pearlridge Center

Aiea, HI

Sears

Lease

Entertainment / Dining

Evaluating Options

30

Weberstown Mall

Stocktown, CA

Sears

Ground lease

Mixed use

Active Planning

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

    SUPPLEMENTAL INFORMATION | 16

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PROPERTY INFORMATION
Washington Prime Group Inc.
As of September 30, 2020
																																										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						$17,156						$17,156
Arbor Hills						MI						Ann Arbor						51%						86,939						86,939						0						01/01/26						4.27%						Fixed						$23,892						$12,185
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%						434,359						330,969						103,390						07/06/21						4.90%						Fixed						$35,279						$35,279
Bowie Town Center						MD						Bowie (Wash, D.C.)						100%						583,035						281,737						301,298
Boynton Beach Mall						FL						Boynton Beach (Miami)						100%						869,756						428,402						441,354
Brunswick Square						NJ						East Brunswick (New York)						100%						764,224						292,928						471,296						03/01/24						4.80%						Fixed						$68,640						$68,640
Charlottesville Fashion Square (4)(6)						VA						Charlottesville						100%						0						0						0						04/01/24						4.54%						Fixed						$45,068						$45,068
Chautauqua Mall						NY						Lakewood						100%						435,415						427,885						7,530
Chesapeake Square Theater						VA						Chesapeake (VA Beach)						100%						42,248						42,248						0
Clay Terrace						IN						Carmel (Indianapolis)						100%						577,605						558,729						18,876
Cottonwood Mall						NM						Albuquerque						100%						1,048,428						568,199						480,229						04/06/24						4.82%						Fixed						$93,797						$93,797
Dayton Mall						OH						Dayton						100%						1,442,034						770,253						671,781						09/01/22						4.57%						Fixed						$78,067						$78,067
Edison Mall (5)						FL						Fort Myers						100%						1,050,133						567,840						482,293
Grand Central Mall						WV						Parkersburg						100%						646,701						640,193						6,508						07/06/21						6.05%						Fixed						$38,378						$38,378
Great Lakes Mall (5)						OH						Mentor (Cleveland)						100%						1,249,724						658,037						591,687
Indian Mound Mall						OH						Newark						100%						555,599						382,938						172,661
Irving Mall (5)						TX						Irving (Dallas)						100%						1,051,832						488,287						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 (8)						IL						Lincolnwood (Chicago)						100%						422,997						422,996						1						04/01/21						8.26%						Fixed						$47,252						$47,252
Lindale Mall						IA						Cedar Rapids						100%						713,473						476,781						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%						1,030,828						850,047						180,781
Mall at Johnson City, The						TN						Johnson City						51%						567,446						567,446						0						05/06/25						6.76%						Fixed						$47,689						$24,321
Maplewood Mall						MN						St. Paul (Minneapolis)						100%						903,985						323,229						580,756
Markland Mall						IN						Kokomo						100%						394,048						371,803						22,245
Melbourne Square						FL						Melbourne						100%						716,993						420,383						296,610
Mesa Mall						CO						Grand Junction						100%						803,994						431,973						372,021
Morgantown Mall						WV						Morgantown						100%						555,236						555,236						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%						497,435						497,435						0
Northtown Mall						MN						Blaine						100%						644,294						644,294						0
Northwoods Mall						IL						Peoria						100%						669,596						360,604						308,992
Oak Court Mall						TN						Memphis						100%						845,060						359,243						485,817						04/01/21						4.76%						Fixed						$36,069						$36,069
Oklahoma City Properties						OK						Oklahoma City						51%						327,553						325,307						2,246						06/01/27						3.90%						Fixed						$52,779						$26,917
																																										01/01/23						2.65%						Variable						$12,517						$6,384
Orange Park Mall						FL						Orange Park (Jacksonville)						100%						952,720						555,540						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%						1,307,828						1,254,551						53,277						06/01/25						3.53%						Fixed						$225,000						$114,750
																																										05/01/25						4.07%						Fixed						$42,171						$21,507
Polaris Fashion Place						OH						Columbus						51%						1,374,824						737,309						637,515						03/01/25						3.90%						Fixed						$223,669						$114,071
																																										03/01/25						4.46%						Fixed						$15,438						$7,873
Port Charlotte Town Center (3)(8)						FL						Port Charlotte						100%						777,382						493,173						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 September 30, 2020
																																										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%						759,918						759,918						0						06/01/25						3.53%						Fixed						$165,000						$84,150
																																										04/01/27						4.36%						Fixed						$55,000						$28,050
Southern Hills Mall						IA						Sioux City						100%						774,024						669,435						104,589
Southern Park Mall						OH						Youngstown						100%						1,018,309						830,745						187,564
Southgate Mall						MT						Missoula						100%						582,887						440,354						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						04/01/22						4.92%						Fixed						$51,000						$51,000
Town Center Crossing & Plaza						KS						Leawood						51%						670,662						534,101						136,561						02/01/27						4.25%						Fixed						$32,296						$16,471
																																										02/01/27						5.00%						Fixed						$65,345						$33,326
Waterford Lakes Town Center						FL						Orlando						100%						967,287						692,787						274,500						05/06/29						4.86%						Fixed						$176,563						$176,563
Weberstown Mall						CA						Stockton						100%						846,915						263,245						583,670						06/08/21						2.80%						Variable						$65,000						$65,000
Westminster Mall						CA						Westminster (Los Angeles)						100%						1,216,845						444,153						772,692						04/01/24						4.65%						Fixed						$75,674						$75,674
WestShore Plaza						FL						Tampa						100%						1,093,693						865,231						228,462
Enclosed Retail Properties Total																								39,506,677						25,886,616						13,620,061																								$1,957,078						$1,457,181
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						$5,046						$5,046
Chesapeake Center						VA						Chesapeake (Virginia Beach)						100%						279,581						128,972						150,609
Concord Mills Marketplace						NC						Concord (Charlotte)						100%						240,769						234,387						6,382						11/01/23						4.82%						Fixed						$16,000						$16,000
Countryside Plaza						IL						Countryside (Chicago)						100%						403,455						203,994						199,461
Dare Centre						NC						Kill Devil Hills						100%						168,998						109,479						59,519
Empire East						SD						Sioux Falls						100%						301,438						167,616						133,822
Fairfax Court						VA						Fairfax (Wash, D.C.)						100%						239,483						239,483						0
Fairfield Town Center						TX						Houston						100%						364,533						185,533						179,000
Forest Plaza						IL						Rockford						100%						433,816						413,519						20,297						10/01/29						3.67%						Fixed						$30,250						$30,250
Gaitway Plaza (3)						FL						Ocala						96%						197,435						196,635						800
Gateway Centers						TX						Austin						51%						513,612						411,309						102,303						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%						386,055						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						IL						O'Fallon (St. Louis)						100%						303,526						98,061						205,465
MacGregor Village						NC						Cary						100%						140,133						140,133						0
Mall of Georgia Crossing						GA						Buford (Atlanta)						100%						440,774						317,639						123,135						10/06/22						4.28%						Fixed						$21,272						$21,272
Markland Plaza						IN						Kokomo						100%						84,727						80,977						3,750
Martinsville Plaza						VA						Martinsville						100%						102,105						94,760						7,345
Muncie Towne Plaza						IN						Muncie						100%						171,621						171,621						0						10/01/29						3.67%						Fixed						$10,550						$10,550
North Ridge Shopping Center						NC						Raleigh						100%						171,492						166,092						5,400						12/01/22						3.41%						Fixed						$11,298						$11,298
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						$32,805						$16,731
Plaza at Buckland Hills, The						CT						Manchester						100%						312,502						257,488						55,014

SUPPLEMENTAL INFORMATION | 18

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PROPERTY INFORMATION
Washington Prime Group Inc.
As of September 30, 2020
																																										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						TX						Richardson (Dallas)						100%						516,100						40,187						475,913
Rockaway Commons						NJ						Rockaway (New York)						100%						229,929						226,179						3,750
Rockaway Town Plaza						NJ						Rockaway (New York)						100%						306,440						73,158						233,282
Royal Eagle Plaza						FL						Coral Springs (Miami)						100%						178,769						175,385						3,384
Shops at Arbor Walk, The						TX						Austin						51%						309,009						280,260						28,749						08/01/21						5.49%						Fixed						$37,077						$18,909
Shops at North East Mall, The						TX						Hurst (Dallas)						100%						365,169						365,169						0
St. Charles Towne Plaza						MD						Waldorf (Wash, D.C.)						100%						388,517						329,675						58,842
Tippecanoe Plaza						IN						Lafayette						100%						90,522						85,811						4,711
University Center						IN						Mishawaka						100%						150,441						100,441						50,000
University Town Plaza						FL						Pensacola						100%						382,330						216,194						166,136
Village Park Plaza						IN						Carmel (Indianapolis)						100%						501,898						290,009						211,889
Washington Plaza						IN						Indianapolis						100%						50,107						50,107						0
West Ridge Outlots						KS						Topeka						100%						3,564						0						3,564
West Town Corners (3)						FL						Altamonte Springs (Orlando)						100%						379,172						234,554						144,618
Westland Park Plaza (3)						FL						Orange Park (Jacksonville)						100%						163,259						163,259						0
White Oaks Plaza						IL						Springfield						100%						385,414						263,231						122,183						10/01/29						3.67%						Fixed						$26,490						$26,490
Whitehall Mall						PA						Whitehall						100%						603,475						588,601						14,874
Wolf Ranch						TX						Georgetown (Austin)						100%						632,025						419,839						212,186
Open Air Properties Total																								13,579,172						9,655,428						3,923,744																								$352,998						$263,631
Total																								53,085,849						35,542,044						17,543,805																								$2,310,076						$1,720,812			(9)
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 9/30/20 is $86.1 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) 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 September 30, 2020									Nine Months Ended September 30, 2020
									WPG's Share of Unconsolidated Entities									WPG's Share of Unconsolidated Entities
			Revenue:
			Minimum rent						$	19,015								$	55,550
			Overage rent						227									775
			Tenant reimbursements						6,751									22,371
			Changes in estimate of collectibility of rental income						(3,996)									(7,887)
			Other income						1,277									1,763
			Total revenues						23,274									72,572
			Expenses:
			Property operating						(5,531)									(15,668)
			Real estate taxes						(3,715)									(10,820)
			Advertising and promotion						(320)									(865)
			Total recoverable expenses						(9,566)									(27,353)
			Depreciation and amortization						(11,433)									(34,466)
			General and administrative						(20)									(57)
			Ground rent						(1,579)									(4,700)
			Total operating expenses						(22,598)									(66,576)
			Interest expense, net						(6,159)									(18,225)
			Gain on sale of interests in properties						—									1,040
			Income and other taxes						(32)									(112)
			Loss from unconsolidated entities, net						$	(5,515)								$	(11,301)
			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.

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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)
									September 30, 2020 WPG's Share of Unconsolidated Entities
			Assets:
			Investment properties at cost						$	1,175,286
			Construction in progress						21,500
									1,196,786
			Less: accumulated depreciation						242,355
									954,431
			Cash and cash equivalents						16,841
			Tenant receivables and accrued revenue, net (see below)						23,621
			Deferred costs and other assets (see below)						146,214
			Total assets						$	1,141,107
			Liabilities and members' equity:
			Mortgage notes payable						$	616,589
			Accounts payable, accrued expenses, intangibles, and deferred revenues (see below)						146,314
			Total liabilities						762,903
			Members' equity						378,204
			Total liabilities and members' equity						$	1,141,107
			Supplemental Balance Sheet Detail:
			Tenant receivables and accrued revenue, net:
			Straight-line receivable, net of reserve						$	9,991
			Tenant receivable						19,337
			Deferred receivable						2,397
			Unbilled receivables and other						158
			Allowance for doubtful accounts, net						(8,262)
			Total						$	23,621
			Deferred costs and other assets:
			Deferred leasing, net						$	11,647
			In place lease intangibles, net						16,690
			Acquired above market lease intangibles, net						19,093
			Right of use asset						88,345
			Mortgage and other escrow deposits						7,137
			Prepaids, notes receivable and other assets, net						3,302
			Total						$	146,214
			Accounts payable, accrued expenses, intangibles and deferred revenues:
			Accounts payable and accrued expenses						$	35,703
			Below market leases, net						19,169
			Lease liability						88,345
			Other						3,097
			Total						$	146,314
			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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