WASHINGTON PRIME GROUP INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL REPORT FOR THE THREE MONTHS ENDED MARCH 31, 2021

Attached files

file	filename
EX-99.1 - NEWS RELEASE DATED MAY 10, 2021 - WASHINGTON PRIME GROUP INC.	exhibit991-1q21.htm
8-K - CURRENT REPORT - WASHINGTON PRIME GROUP INC.	wpg-20210510.htm

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


Table of Contents



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

Debt Information
	Summary of debt	7
	EBITDAre	8

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

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

Property Information
	Property information	17-19

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


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

		Three Months Ended March 31,
		2021		2020

	Revenue:
	Rental income (see components on page 4)	$	127,544	$	147,233
	Other income (see components on page 4)	4,389		5,367
	Total revenues	131,933		152,600

	Expenses:
	Property operating	(39,450)		(37,280)
	Real estate taxes	(18,817)		(20,252)
	Advertising and promotion	(1,649)		(1,804)
	Total recoverable expenses	(59,916)		(59,336)
	Depreciation and amortization	(52,255)		(59,704)
	General and administrative (1)	(28,375)		(12,264)
	Ground rent	(206)		(122)
	Impairment loss	—		(1,319)
	Total operating expenses	(140,752)		(132,745)

	Interest expense, net	(51,551)		(38,635)
	Gain on disposition of interests in properties, net	2,462		26,755
	Income and other taxes	281		617
	Loss from unconsolidated entities, net	(2,207)		(1,032)

	Net (loss) income	(59,834)		7,560
	Net (loss) income attributable to noncontrolling interests	(7,965)		677
	Net (loss) income attributable to the Company	(51,869)		6,883
	Less: Preferred share dividends declared	—		(3,508)
	Less: Preferred share dividends undeclared	(3,508)		—
	Net (loss) income attributable to common shareholders	$	(55,377)	$	3,375

	(Loss) income per common share, basic and diluted	$	(2.52)	$	0.16


(1) General and administrative for the quarter ended March 31, 2021 includes $14,451 of corporate debt restructuring costs.

SUPPLEMENTAL INFORMATION | 1


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

		March 31,		December 31,
		2021		2020
	Assets:
	Investment properties at cost	$	5,728,929	$	5,688,526
	Construction in progress	162,943		185,275
		5,891,872		5,873,801
	Less: accumulated depreciation	2,580,504		2,539,745
		3,311,368		3,334,056

	Cash and cash equivalents	57,074		92,618
	Tenant receivables and accrued revenue, net (see components on page 3)	102,561		132,610
	Investment in and advances to unconsolidated entities, at equity	415,134		416,339
	Deferred costs and other assets (see components on page 3)	142,779		129,724
	Total assets	$	4,028,916	$	4,105,347

	Liabilities:
	Mortgage notes payable	$	1,097,908	$	1,101,653
	Notes payable	711,174		710,476
	Term loans	682,428		681,563
	Revolving credit facility	640,742		639,976
	Other Indebtedness	89,588		87,807
	Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3)	248,737		276,086
	Distributions payable	331		3,323
	Total liabilities	3,470,908		3,500,884

	Redeemable noncontrolling interests	3,325		3,265

	Equity:
	Stockholders' equity
	Series H Cumulative Redeemable Preferred Stock	106,126		104,251
	Series I Cumulative Redeemable Preferred Stock	99,958		98,325
	Common stock	2		2
	Capital in excess of par value	1,310,220		1,262,524
	Accumulated deficit	(968,505)		(913,128)
	Accumulated other comprehensive loss	—		(12,124)
	Total stockholders' equity	547,801		539,850
	Noncontrolling interests	6,882		61,348
	Total equity	554,683		601,198
	Total liabilities, redeemable noncontrolling interests and equity	$	4,028,916	$	4,105,347

SUPPLEMENTAL INFORMATION | 2


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

	March 31,		December 31,
	2021		2020

Tenant receivables and accrued revenue, net:
Straight-line receivable, net of reserve	$	42,239	$	41,870
Tenant receivable	54,182		82,290
Deferred receivable	15,056		17,993
Unbilled receivables and other	45,840		45,294
Allowance for doubtful accounts, net	(54,756)		(54,837)
Total	$	102,561	$	132,610

Deferred costs and other assets:
Deferred leasing and corporate improvements, net	$	36,422	$	38,690
In place lease intangibles, net	18,277		19,173
Acquired above market lease intangibles, net	8,584		9,232
Right of use asset	10,777		11,244
Mortgage and other escrow deposits	38,595		37,614
Prepaids, notes receivable and other assets, net	30,124		13,771
Total	$	142,779	$	129,724

Accounts payable, accrued expenses, intangibles and deferred revenues:
Accounts payable and accrued expenses	$	177,916	$	194,892
Below market lease intangibles, net	40,163		41,773
Lease liability	10,777		11,244
Deferred revenues and deposits	19,881		28,177
Total	$	248,737	$	276,086

SUPPLEMENTAL INFORMATION | 3


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

		Three Months Ended March 31,
		2021		2020

	Components of Rental Income:
	Base rent (1)	$	93,389	$	103,689
	Mark-to-market adjustment	962		1,106
	Straight-line rents, net	198		(1,621)
	Temporary tenant rents, net	3,372		3,212
	Overage rent	1,717		2,281
	Tenant reimbursements	32,886		41,064
	Lease termination income	554		79
	Change in estimate of collectibility of rental income	(5,534)		(2,577)
	Total Rental Income	$	127,544	$	147,233

	Components of Other Income:
	Sponsorship and other ancillary property income	$	1,440	$	1,692
	Fee income	2,481		2,186
	Other	468		1,489
	Total Other Income	$	4,389	$	5,367

	Components of Corporate Overhead:
	General & administrative - other, excluding corporate debt restructuring costs	$	13,924	$	12,264
	Internal corporate overhead allocated to operating expense	6,201		6,398
	Total Corporate Overhead	$	20,125	$	18,662


	(1) For the three months ended March 31, 2021, Base rent is net of $6.5 million of executed abatements as well as an accrual for abatements not yet processed.

SUPPLEMENTAL INFORMATION | 4


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

	Three Months Ended March 31,
	2021		2020
Funds from Operations ("FFO"):
Net (loss) income	$	(59,834)	$	7,560
Less: Preferred dividends and distributions on preferred operating partnership units	(3,568)		(3,568)
Real estate depreciation and amortization, including joint venture impact	60,964		69,769
(Gain) on disposition of interests in properties, net including impairment loss	(1,304)		(24,110)
FFO	$	(3,742)	$	49,651

Adjusted Funds from Operations:
FFO	$	(3,742)	$	49,651
Restructuring costs related to corporate debt	14,451		—
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting	12,124		—
Adjusted FFO	$	22,833	$	49,651

Weighted average common shares outstanding - diluted	25,201		24,950

FFO per diluted share	$	(0.15)	$	1.99
Total adjustments	$	1.05	$	—
Adjusted FFO per diluted share	$	0.90	$	1.99


Non-cash items included in FFO:
Non-cash stock compensation expense	$	1,311	$	1,866
Straight-line adjustments, net of bad debt, as an increase (decrease) to minimum rents (1)	$	503	$	(1,991)
Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1)	$	474	$	479
Fair value of debt amortized as a decrease to interest expense (1)	$	454	$	925
Loan fee amortization and bond discount (1)	$	3,289	$	1,862
Mark-to-market/inducement adjustment as a net increase to base rents (1)	$	1,429	$	2,238
Non-real estate depreciation (1)	$	1,981	$	2,324



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

SUPPLEMENTAL INFORMATION | 5


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

	Three Months Ended March 31,
	2021		2020		Variance $

Reconciliation of Comp NOI to Net (Loss) Income:
Net (loss) income	$	(59,834)	$	7,560	$	(67,394)

Loss from unconsolidated entities	2,207		1,032		1,175
Income and other taxes	(281)		(617)		336
Gain on disposition of interests in properties, net	(2,462)		(26,755)		24,293
Interest expense, net	51,551		38,635		12,916
Operating (Loss) Income	(8,819)		19,855		(28,674)

Depreciation and amortization	52,255		59,704		(7,449)
Impairment loss	—		1,319		(1,319)
General and administrative	28,375		12,264		16,111
Fee income	(2,481)		(2,186)		(295)
Management fee allocation	51		—		51
Pro-rata share of unconsolidated joint ventures in comp NOI	14,834		17,360		(2,526)
Property allocated corporate expense	5,423		5,379		44
Non-comparable properties and other (1)	12		(1,235)		1,247
NOI from sold properties	(4)		(100)		96
Termination income	(554)		(79)		(475)
Straight-line rents, net of change in assessment of collectibility	(198)		1,621		(1,819)
Ground lease adjustments for straight-line and fair market value	7		5		2
Fair market value and inducement adjustments to base rents	(933)		(985)		52
Less: Tier 2 and noncore properties (2)	(8,507)		(16,686)		8,179

Comparable NOI - Tier 1 and Open Air properties	$	79,461	$	96,236	$	(16,775)
Comparable NOI percentage change - Tier 1 and Open Air properties					-17.4		%

(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 March 31,
	2021		2020		Variance $			Variance %
Comparable Property Net Operating Income (Comp NOI)
Revenue:
Minimum rent	$	94,517	$	100,825	$	(6,308)		-6.3	%
Overage rent	1,624		2,280		(656)			-28.8	%
Tenant reimbursements	33,451		40,607		(7,156)			-17.6	%
Change in estimate of collectibility of rental income	(2,280)		(2,152)		(128)			-5.9	%
Other	1,304		2,198		(894)			-40.7	%
Total revenue	128,616		143,758		(15,142)			-10.5	%

Expenses:
Recoverable expenses - operating	(28,852)		(27,382)		(1,470)			-5.4	%
Recoverable expenses - real estate taxes	(19,163)		(19,023)		(140)			-0.7	%
Ground rent	(1,140)		(1,117)		(23)			-2.1	%
Total operating expenses	(49,155)		(47,522)		(1,633)			-3.4	%

Comp NOI - Excluding Tier 2 and Noncore properties	$	79,461	$	96,236	$	(16,775)		-17.4	%

Comp NOI - Tier 1 enclosed retail properties	$	50,739	$	63,514	$	(12,775)		-20.1	%
Comp NOI - Open Air properties	$	28,722	$	32,722	$	(4,000)		-12.2	%

SUPPLEMENTAL INFORMATION | 6


SUMMARY OF DEBT
Washington Prime Group Inc.
(dollars in thousands)

		Total Debt as of 3/31/2021		Total Debt, Including WPG Share of Unconsolidated Entities as of 3/31/2021		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	$	1,035,515	$	1,035,515	$	1,039,375		$	1,039,375	2021	$	380,613	4.5%	$	—		$	380,613	4.5%
	Variable	65,000		65,000		65,000			65,000		2022	126,080		5.0%	997,000		4.6%	1,123,080		4.7%
	Debt issuance costs	(3,979)		(3,979)		(4,407)			(4,407)		2023	62,679		4.5%	340,000		4.9%	402,679		4.8%
	Fair value debt adjustments	1,372		1,372		1,685			1,685		2024	280,484		4.0%	720,900		6.5%	1,001,384		5.8%
	Total mortgage debt	1,097,908		1,097,908		1,101,653			1,101,653		2025	362,233		3.9%	—			362,233		3.9%
											2026	12,028		4.3%	—			12,028		4.3%
	Corporate debt										2027	191,596		4.3%	—			191,596		4.3%
	Credit facility	647,000		647,000		647,000			647,000		2028	—			—			—
	Term loans	690,000		690,000		690,000			690,000		2029	292,158		4.4%	—			292,158		4.4%
	Bonds payable	720,900		720,900		720,900			720,900		2030	—			—			—
	Debt issuance costs & discounts	(23,556)		(23,556)		(25,885)			(25,885)		2031	—			—			—
	Total corporate debt (4)	2,034,344		2,034,344		2,032,015			2,032,015		Thereafter	1,920		4.7%	—			1,920		4.7%
	Total mortgage and corporate debt	3,132,252		3,132,252		3,133,668			3,133,668		Fair value,debt issuance cost, and debt discount adjustments	(1,386)			(23,556)			(24,942)
	Other indebtedness, net of issuance costs & future accretion (2)	89,588		89,588		87,807			87,807		Total debt	$	1,708,405	4.3%	$	2,034,344	5.4%	$	3,742,749	4.9%
	Total consolidated debt	$	3,221,840	$	3,221,840	$	3,221,475		$	3,221,475

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	$	1,209,240	$	609,276	$	1,212,218		$	610,682
	Debt issuance costs	(3,475)		(1,772)		(3,683)			(1,877)
	Fair value debt adjustments	5,868		2,993		6,144			3,133
	Total unconsolidated debt	$	1,211,633	$	610,497	$	1,214,679		$	611,938	Total consolidated debt excluding other indebtedness:

Total debt:		$	4,433,473	$	3,832,337	$	4,436,154		$	3,833,413	2021	$	345,414	4.4%	$	—		$	345,414	4.4%
											2022	126,080		5.0%	997,000		4.6%	1,123,080		4.7%
		% of Total Debt as of 3/31/21		Our Share of Total Debt as of 3/31/21		Weighted Avg. Interest Rate			Weighted Avg. Years to Maturity		2023	56,379		4.7%	340,000		4.9%	396,379		4.8%
											2024	280,484		4.0%	720,900		6.5%	1,001,384		5.8%
											2025	—						—
	Consolidated debt excluding other indebtedness:										2026	—						—
	Fixed	56%		$	1,744,082	5.3		%	3.4		2027	—						—
	Variable	44%		1,388,170		4.6		%	1.7		2028	—						—
	Total Consolidated (3)	100%		$	3,132,252	5.0		%	2.6		2029	292,158		4.4%				292,158		4.4%
											2030	—						—
	Unconsolidated debt:										2031	—						—
	Fixed	99%		$	604,197	4.1		%	4.5		Thereafter	—						—
	Variable	1%		6,300		2.6		%	1.8		Fair value,debt issuance cost, and debt discount adjustments	(2,607)			(23,556)			(26,163)
	Total Unconsolidated	100%		$	610,497	4.1		%	4.5		Total debt	$	1,097,908	4.4%	$	2,034,344	5.4%	$	3,132,252	5.0%

	Total debt excluding other indebtedness:
	Fixed	63%		$	2,348,279	5.0		%	3.7
	Variable	37%		1,394,470		4.6		%	1.7
	Total debt	100%		$	3,742,749	4.9		%	2.9

	(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 $89.6 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 $89,588 with a weighted average interest rate of 8.5% and weighted average years to maturity of approximately 28.8 years.
	(4) Corporate debt includes $485,250 of secured credit facility and $517,500 of secured term loans.

SUPPLEMENTAL INFORMATION | 7


EBITDAre
Washington Prime Group Inc.
(dollars in thousands)

		Three Months Ended March 31,
		2021		2020
	Calculation of EBITDAre:
	Net (loss) income	$	(59,834)	$	7,560
	Interest expense, net	51,551		38,635
	Income and other taxes	(281)		(617)
	Depreciation and amortization	52,255		59,704
	Gain on disposition of interests in properties, net	(1,304)		(24,785)
	Impairment loss	—		1,319
	Pro-rata share of unconsolidated entities, net	16,732		18,432
	EBITDAre (1)	59,119		100,248
	Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting	12,124		—
	Adjusted EBITDAre	71,243		100,248

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

SUPPLEMENTAL INFORMATION | 8

OPERATING METRICS

Washington Prime Group Inc.

As of March 31, 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 3/31/21

NOI Growth
for 3 Months Ended 3/31/21

Releasing Spreads Trailing Twelve Months Ended 2021

3/31/21

3/31/20

3/31/21 (6)

3/31/20

3/31/21 (6)

3/31/20

Open Air Properties

93.4%

96.6%

32.7%

-12.2%

-1.4%

Tier 1 Enclosed Retail Properties

88.1%

89.9%

not reported

435

not reported

11.1%

57.7%

-20.1%

-13.6%

Tier 1 and Open Air

90.8%

93.3%

90.4%

-17.4%

-8.6%

ENCLOSED RETAIL PROPERTY TIERS

TIER 1

TIER 2

NONCORE

Arbor Hills

Morgantown Mall

Boynton Beach Mall

Anderson Mall (4)(7)

Arboretum, The

Northtown Mall

Chautauqua Mall

Brunswick Square (7)

Ashland Town Center

Northwoods Mall

Indian Mound Mall

Charlottesville Fashion Square (2)

Bowie Town Center

Oklahoma City Properties

Lima Mall

Cottonwood Mall (7)

Clay Terrace

Orange Park Mall

Maplewood Mall

Dayton Mall (7)

Edison Mall

Paddock Mall

New Towne Mall

Lincolnwood Town Center (5)(7)

Grand Central Mall

Pearlridge Center

Rolling Oaks Mall

Muncie Mall (3)

Great Lakes Mall

Polaris Fashion Place

Sunland Park Mall

Oak Court Mall (7)

Irving Mall

Scottsdale Quarter

Westminster Mall

Port Charlotte Town Center (7)

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 March 31, 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) Since Q2 2020, the annual sales and occupancy cost % are not being reported as most of the stores were temporarily closed for approximately 2 months, resulting in incomplete data during the trailing 12 months. As properties were closed in March 2020, the quarterly comparable sales are not comparable. Comp sales Q121 compared to Q119 increased 8% for the Tier 1 properties.

(7) Property changed Tiers during the quarter ended March 31, 2021.

SUPPLEMENTAL INFORMATION | 9


LEASING RESULTS AND BASE RENT PSF
Washington Prime Group Inc.
Year-to-date through March 31, 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	30		91,077	146		603,719	176		694,796		47%		21%
Open Air Properties	14		102,335	33		274,950	47		377,285		-19%		-35%
Total Tier 1 and Open Air	44		193,412	179		878,669	223		1,072,081		25%		-7%

Tier 2 and Noncore Properties	6		43,280	45		263,878	51		307,158		4%		31%

Grand Total	50		236,692	224		1,142,547	274		1,379,239		21%		-1%


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	82		68,577	164,594		233,171	$	40.68	$	31.15	$	33.95	7.2	3.0	4.5	$	3,652	$	1,178	$	53.25	$	7.16
Open Air Properties	40		102,335	254,657		356,992	$	18.79	$	15.81	$	16.67	8.6	4.2	5.8	$	2,010	$	600	$	19.65	$	2.36
Total Tier 1 and Open Air	122		170,912	419,251		590,163	$	27.57	$	21.83	$	23.50	7.6	3.4	4.9	$	5,662	$	1,778	$	33.13	$	4.24

Tier 2 and Noncore Properties	16		7,614	37,047		44,661	$	17.39	$	18.91	$	18.65	5.3	2.6	3.2	$	53	$	—	$	7.00	$	—

Total	138		178,526	456,298		634,824	$	27.14	$	21.60	$	23.16	7.4	3.3	4.7	$	5,715	$	1,778	$	32.01	$	3.90

Note: The table above includes leasing results for enclosed properties for stores of 10,000 SF or less, also anchors and office leases are excluded. For open air properties, office leases are excluded. Only new leases and renewals with terms in excess of 12 months are included. These results include properties owned and managed at March 31, 2021.

Average Base Rent PSF
	Base Minimum Rent PSF As of March 31,
	2021			2020
Tier 1 Enclosed Retail Properties	$	28.42		$	29.42
Open Air Properties	$	13.93		$	13.87
Total Tier 1 and Open Air Properties	$	20.47		$	21.23

SUPPLEMENTAL INFORMATION | 10


RELEASING SPREADS
Washington Prime Group Inc.
For the trailing 12 months ended March 31, 2021

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


	Open Air Properties:

	New	132,355	$	21.34	$	21.60	$	(0.26)	-1.2	%
	Renewal (1)	761,572	$	17.47	$	17.73	$	(0.26)	-1.5	%
	All Deals	893,927	$	18.04	$	18.30	$	(0.26)	-1.4	%

	Tier 1 Enclosed Retail Properties:

	New	92,776	$	45.34	$	42.87	$	2.47	5.8	%
	Renewal (1)	405,347	$	39.43	$	47.86	$	(8.43)	-17.6	%
	All Deals	498,123	$	40.53	$	46.93	$	(6.40)	-13.6	%

	Total Open Air and Tier 1 Properties:

	New	225,131	$	31.23	$	30.37	$	0.86	2.8	%
	Renewal (1)	1,166,919	$	25.10	$	28.19	$	(3.09)	-11.0	%
	All Deals	1,392,050	$	26.09	$	28.55	$	(2.46)	-8.6	%

	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 -6.5% compared to a -11.0% and total spreads would be -3.7% compared to -8.6% above.

SUPPLEMENTAL INFORMATION | 11


TOP 10 TENANTS
Washington Prime Group Inc.
As of March 31, 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, Gordon's Jewelers, Jared's, Kay Jewelers, Mark's & Morgan, Piercing Pagoda, Plumb Gold, Silver and Gold Connection, Zales Jewelers	97	129,062	0.2%	2.5%
	Footlocker, Inc.	Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker	72	315,386	0.6%	2.0%
	The Finish Line, Inc.	Finish Line, JD Sports	40	219,100	0.4%	1.3%
	American Eagle Outfitters, Inc.	aerie, American Eagle	37	208,444	0.4%	1.3%
	Ulta Salon, Cosmetics & Fragrance, Inc.	Ulta Beauty	24	254,205	0.5%	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	61	161,460	0.3%	1.1%
	Sycamore Properties	Ann Taylor, Ann Taylor Factory Store, Belk, Box Lunch, Hot Topic, Lane Bryant, Loft, Talbots, Torrid	98	310,193	0.6%	1.0%
	L Brands, Inc.	Bath & Body Works, Pink, Victoria's Secret, White Barn Candle	95	489,728	0.9%	1.0%
	Genesco Inc.	Journeys, Journeys Kidz, Underground by Journeys	52	99,810	0.2%	1.0%

	Anchor Stores (Ranked by Total GLA)
	National Tenant Name	Tenant DBA's in Portfolio	Number of Stores	GLA of Stores	Percent of Total GLA in Portfolio	Percent of Total Annualized Base Minimum Rent (2)	Number of WPG Owned Stores

	Macy's, Inc.	Macy's	24	4,299,870	8.2%	0.2%	4
	JCPenney Company, Inc.	JCPenney	31	4,072,316	7.8%	1.2%	17
	Dillard's, Inc.	Dillard's	19	2,571,689	4.9%	0.0%	1
	Target Corporation	Target, Super Target	10	1,419,100	2.7%	0.0%	1
	Kohl's Corporation	Kohl's	13	1,186,302	2.3%	1.1%	10
	Dick's Sporting Goods, Inc.	Dick's Sporting Goods, Field & Stream, Golf Galaxy	17	1,019,185	1.9%	2.1%	15
	Best Buy Co. Inc.	Best Buy	16	708,102	1.4%	1.7%	15
	Wal-Mart Stores, Inc.	Wal-Mart	4	618,061	1.2%	0.0%	0
	Sears Holding Corporation	Sears	4	616,943	1.2%	0.3%	1
	TJX Companies	Home Goods, Marshalls, TJ Maxx	18	563,956	1.1%	1.2%	18

	Note: Schedule above includes properties owned and managed at March 31, 2021.
	(1) Excludes theaters that are categorized as anchors.
	(2) Calculation includes fixed charges only.

SUPPLEMENTAL INFORMATION | 12


LEASE EXPIRATIONS (1)
Washington Prime Group Inc.
As of March 31, 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	200	79,729	730,648	810,377	$	2.25	$	24.47	3.5	%
	2021	300	391,158	671,058	1,062,216	$	1.18	$	29.01	3.8	%
	2022	665	452,934	2,165,524	2,618,458	$	10.58	$	27.83	10.5	%
	2023	513	811,141	1,653,386	2,464,527	$	11.20	$	31.43	10.6	%
	2024	370	415,970	1,208,852	1,624,822	$	9.39	$	29.43	7.6	%
	2025	268	833,574	1,145,380	1,978,954	$	12.63	$	28.13	8.5	%
	2026	234	2,742,014	1,244,553	3,986,567	$	3.64	$	29.34	9.0	%
	2027	164	537,034	755,455	1,292,489	$	7.84	$	31.02	4.5	%
	2028	126	251,005	571,713	822,718	$	14.25	$	28.07	3.6	%
	2029	95	486,385	420,580	906,965	$	7.08	$	32.52	3.1	%
	2030	90	346,780	352,602	699,382	$	7.44	$	27.67	2.6	%
	2031 and Thereafter	50	844,060	374,913	1,218,973	$	9.92	$	20.13	3.1	%
	Specialty Leasing Agreements w/ terms in excess of 11 months	801	—	2,009,740	2,009,740	$	—	$	8.65	3.4	%

	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	40	169,704	89,509	259,213	$	10.71	$	22.58	0.8	%
	2021	71	294,793	197,981	492,774	$	2.38	$	18.72	0.9	%
	2022	150	621,195	463,165	1,084,360	$	10.00	$	18.65	3.1	%
	2023	157	975,925	476,644	1,452,569	$	10.64	$	20.46	4.3	%
	2024	119	862,314	353,665	1,215,979	$	8.88	$	21.74	3.1	%
	2025	115	675,306	263,001	938,307	$	12.54	$	25.45	3.2	%
	2026	98	830,427	271,209	1,101,636	$	10.83	$	22.86	3.2	%
	2027	71	512,458	221,537	733,995	$	10.93	$	22.21	2.2	%
	2028	33	262,450	102,032	364,482	$	14.33	$	20.39	1.2	%
	2029	44	119,030	206,836	325,866	$	15.96	$	22.26	1.4	%
	2030	33	211,781	141,137	352,918	$	11.50	$	19.77	1.1	%
	2031 and Thereafter	29	410,824	151,235	562,059	$	10.59	$	18.63	1.5	%
	Specialty Leasing Agreements w/ terms in excess of 11 months	21	—	63,139	63,139	$	—	$	6.91	0.2	%

	(1) Does not consider the impact of renewal options that may be contained in leases, and this only considers landlord owned GLA. Schedule includes leases for properties owned and managed at March 31, 2021.

SUPPLEMENTAL INFORMATION | 13


CAPITAL EXPENDITURES
Washington Prime Group Inc.
(dollars in thousands)


		Consolidated Three Months Ended March 31, 2021		Unconsolidated Joint Venture Proportionate Share		Total Three Months Ended March 31, 2021		Consolidated Three Months Ended March 31, 2020		Unconsolidated Joint Venture Proportionate Share		Total Three Months Ended March 31, 2020

	New Developments	$	—	$	—	$	—	$	—	$	—	$	—
	Redevelopments, Renovations, and Expansions	$	18,286	$	3,809	$	22,095	$	40,129	$	4,214	$	44,343
	Internal Leasing Costs	$	307	$	358	$	665	$	130	$	214	$	344

	Property Capital Expenditures:
	Non-anchor stores tenant improvements and allowances	$	7,677	$	1,149	$	8,826	$	7,643	$	1,561	$	9,204
	Operational capital expenditures	2,693		228		2,921		7,718		431		8,149
	Total Property Capital Expenditures	$	10,370	$	1,377	$	11,747	$	15,361	$	1,992	$	17,353

SUPPLEMENTAL INFORMATION | 14


REDEVELOPMENT PROJECTS
Washington Prime Group Inc.
As of March 31, 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)	$	7,378		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%	$	3,337	(4)	2021

	Morgantown Mall	Morgantown	WV	Replace former Belk store with Ollie's Bargain Outlet and new first to market retailers	100%	$7,000 - $8,000		5.5% - 6.5%	$	4,816		2020/ 2021

	Polaris Fashion Place	Columbus	OH	Replace former Sears with FieldhouseUSA and hospitality	51%	$10,000 - $11,000	(4)	4% - 5%	$	9,258	(4)	2021

	Southern Hills Mall	Sioux City	IA	Replace former Sears with Tilt Entertainment	100%	$5,000 - $6,000		9% - 10%	$	—		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%	$	10,460		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%	$	14,087		2021


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

SUPPLEMENTAL INFORMATION | 15

DEPARTMENT STORE REPOSITIONING STATUS

Washington Prime Group Inc.

Plans as of March 31, 2021

Count

Property

City

Former Department Store

Owner

Closing Date

Planned Replacement

Status

Department Stores formerly occupied by Sears / BonTon / Belk - March 31, 2021

Department Stores Addressed

Grand Central Mall

Parkersburg, WV

Sears

Lease

Dec-18

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

Home Goods, PetSmart, and TJ Maxx all opened March 2021

Longview Mall

Longview, TX

Sears

Lease

Jan-19

Conn's HomePlus/ Other

Conn's opened January 2021

Mall at Fairfield Commons

Dayton, OH

Sears

Lease

Dec-18

Morris Home Furniture / Round1

Morris Home opened Q220/ Round1 opened Q419

Mall at Johnson City

Johnson City, TN

Sears

Lease

2020

Home Goods/ Other/ Dining

Home Goods lease executed

Markland Mall

Kokomo, IN

Carsons Pirie Scott

Lease

Aug-18

Dunham's Sports

Store opened September 2020

Mesa Mall

Grand Junction, CO

Sears

Lease

Nov-18

Dillard's

Under Construction

Mesa Mall

Grand Junction, CO

Herberger's

Lease

Aug-18

Dick's Sporting Goods

Lease executed

Morgantown Mall

Morgantown, WV

Belk

Lease

Mar-18

Ollie's Bargain Outlet/ Big Box

Ollie's opened Oct. 2020

Morgantown Mall

Morgantown, WV

Elder-Beerman

Lease

Aug-18

Dunham's Sports

Dunham's opened April 2020

Morgantown Mall

Morgantown, WV

Sears

Lease

Jan-19

WVU Medical fulfillment center

WVU Medical fulfillment center opened July 2020

Polaris Fashion Place

Columbus, OH

Sears

Lease

Mar-19

FieldhouseUSA / Mixed Use

FieldhouseUSA opened in March 2021

Southern Hills Mall

Sioux City, IA

Sears

Lease

Mar-19

Retail concepts

Proactive termination, LOI received

Southern Park Mall

Youngstown, OH

Sears

Lease

Jul-18

Entertainment / Outdoor greenspace

Proactive termination, Under construction

Southgate Mall

Missoula, MT

Herberger's

Lease

Aug-18

Dillard's

Dillard's opened June 2019

Town Center at Aurora

Aurora, CO

Sears

Lease

Dec-19

FieldhouseUSA / Mixed use

Lease executed, Under construction

WestShore Plaza

Tampa, FL

Sears

Lease

Mar-19

Mixed use

Proactive termination, Obtaining Entitlements

Active Planning / Evaluating Options

Lindale Mall

Cedar Rapids, IA

Younkers

Lease

Aug-18

Retail concepts

Active Planning

Mall at Fairfield Commons

Dayton, OH

Elder-Beerman

Lease

Aug-18

Retail concepts

Active Planning

Northtown Mall

Blaine, MN

Herberger's

Lease

Aug-18

Retail concepts

Active Planning

Pearlridge Center

Aiea, HI

Sears

Lease

Apr-21

Sears announced closure in April 2021

Evaluating Options

Southern Hills Mall

Sioux City, IA

Younkers

Lease

Aug-18

Retail concepts

Active Planning

Southgate Mall

Missoula, MT

Herberger's Men

Lease

Aug-18

Dining

Active Planning

Whitehall Mall

Whitehall, PA

Sears

Lease

Feb-20

Big box and small shop retail

Active Planning

Stores Occupied by Sears as of March 31, 2021

Weberstown Mall

Stocktown, CA

Sears

Ground lease

Mixed use

Active Planning

Note that the Company plans to spend up to $115M to $125M over the next two to three years to redevelop these 24 department store locations, in addition to the $111 million spent through March 31, 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


PROPERTY INFORMATION
Washington Prime Group Inc.
As of March 31, 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	$23,585	$12,028
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	$34,803	$34,803
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%	764,224	292,928	471,296	03/01/24	4.80%	Fixed	$67,865	$67,865
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%	435,423	427,893	7,530
Chesapeake Square Theater	VA	Chesapeake (VA Beach)	100%	42,248	42,248	0
Clay Terrace (9)	IN	Carmel (Indianapolis)	100%	577,605	558,729	18,876
Cottonwood Mall (4)	NM	Albuquerque	100%	1,048,121	567,892	480,229	04/06/24	4.82%	Fixed	$92,746	$92,746
Dayton Mall (4)	OH	Dayton	100%	1,447,821	776,040	671,781	09/01/22	4.57%	Fixed	$77,341	$77,341
Edison Mall (5)	FL	Fort Myers	100%	1,050,147	567,854	482,293
Grand Central Mall	WV	Parkersburg	100%	646,855	640,347	6,508	07/06/21	6.05%	Fixed	$37,851	$37,851
Great Lakes Mall (5)	OH	Mentor (Cleveland)	100%	1,249,424	657,737	591,687
Indian Mound Mall	OH	Newark	100%	555,445	382,784	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%	422,997	422,996	1	04/01/21	8.26%	Fixed	$47,252	$47,252
Lindale Mall	IA	Cedar Rapids	100%	709,576	475,742	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%	1,030,823	850,042	180,781
Mall at Johnson City, The	TN	Johnson City	51%	567,446	567,446	0	05/06/25	6.76%	Fixed	$42,240	$21,542
Maplewood Mall	MN	St. Paul (Minneapolis)	100%	903,985	323,229	580,756
Markland Mall	IN	Kokomo	100%	394,048	371,263	22,785
Melbourne Square	FL	Melbourne	100%	711,201	420,383	290,818
Mesa Mall (9)	CO	Grand Junction	100%	804,034	432,013	372,021
Morgantown Mall	WV	Morgantown	100%	555,086	555,086	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%	669,312	360,320	308,992
Oak Court Mall (4)	TN	Memphis	100%	845,051	359,234	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	2.61%	Variable	$12,353	$6,300
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%	1,307,567	1,254,290	53,277	06/01/25	3.53%	Fixed	$225,000	$114,750
							05/01/25	4.07%	Fixed	$41,783	$21,309
Polaris Fashion Place	OH	Columbus	51%	1,373,708	736,193	637,515	03/01/25	3.90%	Fixed	$220,968	$112,694
							03/01/25	4.46%	Fixed	$15,270	$7,788
Port Charlotte Town Center (3)(4)(8)	FL	Port Charlotte	100%	777,241	493,032	284,209	01/31/21	9.30%	Fixed	$40,868	$40,868
Rolling Oaks Mall	TX	San Antonio	100%	882,095	285,787	596,308

SUPPLEMENTAL INFORMATION | 17


PROPERTY INFORMATION
Washington Prime Group Inc.
As of March 31, 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%	764,039	764,039	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%	1,019,770	832,206	187,564
Southgate Mall	MT	Missoula	100%	552,554	410,021	142,533	09/27/23	4.48%	Fixed	$35,386	$35,386
Sunland Park Mall	TX	El Paso	100%	908,476	332,639	575,837
Town Center at Aurora	CO	Aurora (Denver)	100%	1,081,451	494,953	586,498	04/01/21	2.65%	Variable	$50,500	$50,500
Town Center Crossing & Plaza	KS	Leawood	51%	670,663	534,102	136,561	02/01/27	4.25%	Fixed	$31,731	$16,183
							02/01/27	5.00%	Fixed	$64,268	$32,777
Waterford Lakes Town Center	FL	Orlando	100%	967,287	692,787	274,500	05/06/29	4.86%	Fixed	$175,158	$175,158
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%	1,216,917	444,225	772,692	04/01/24	4.65%	Fixed	$74,805	$74,805
WestShore Plaza (9)	FL	Tampa	100%	1,093,693	865,231	228,462
Enclosed Retail Properties Total				38,785,950	25,539,188	13,246,762				$1,939,755	$1,445,160

Open Air Properties
Bloomingdale Court (9)	IL	Bloomingdale (Chicago)	100%	675,988	385,543	290,445
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	$4,993	$4,993
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%	239,483	239,483	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%	513,612	411,309	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%	36,507	36,507	0
Lake Plaza (9)	IL	Waukegan (Chicago)	100%	215,590	124,961	90,629
Lake View Plaza (9)	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 (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	$20,986	$20,986
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	$11,158	$11,158
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	$32,400	$16,524
Plaza at Buckland Hills, The (9)	CT	Manchester	100%	309,895	254,881	55,014

SUPPLEMENTAL INFORMATION | 18


PROPERTY INFORMATION
Washington Prime Group Inc.
As of March 31, 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	$36,618	$18,675
Shops at North East Mall, The (9)	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 (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				13,659,545	9,751,145	3,908,400				$351,655	$262,711

Total				52,445,495	35,290,333	17,155,162				$2,291,410	$1,707,871	(12)

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 3/31/21 is $89.6 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.
(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) Our share of the joint venture debt excludes the $1.9 million indirect 12.5% ownership interest in another real estate project.

SUPPLEMENTAL INFORMATION | 19

NON-GAAP PRO-RATA FINANCIAL INFORMATION

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

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

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

SUPPLEMENTAL INFORMATION | 20


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

		Three Months Ended March 31, 2021
		WPG's Share of Unconsolidated Entities

	Revenue:
	Minimum rent (1)	$	18,691
	Overage rent	310
	Tenant reimbursements	6,527
	Changes in estimate of collectibility of rental income	292
	Other income	184
	Total revenues	26,004

	Expenses:
	Property operating	(6,111)
	Real estate taxes	(3,698)
	Advertising and promotion	(187)
	Total recoverable expenses	(9,996)
	Depreciation and amortization	(10,698)
	General and administrative	(12)
	Ground rent	(1,471)
	Total operating expenses	(22,177)

	Interest expense, net	(5,991)
	Income and other taxes	(43)
	Loss from unconsolidated entities, net	$	(2,207)


	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 ended March 31, 2021, Minimum rent is net of $1.4 million of executed rent abatements as well as an accrual for an estimate of abatements not yet processed.

SUPPLEMENTAL INFORMATION | 21


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


		March 31, 2021 WPG's Share of Unconsolidated Entities
	Assets:
	Investment properties at cost	$	1,191,004
	Construction in progress	14,889
		1,205,893
	Less: accumulated depreciation	258,380
		947,513

	Cash and cash equivalents	24,947
	Tenant receivables and accrued revenue, net (see below)	18,356
	Deferred costs and other assets (see below)	145,811
	Total assets	$	1,136,627

	Liabilities and members' equity:
	Mortgage notes payable	$	610,497
	Accounts payable, accrued expenses, intangibles, and deferred revenues (see below)	144,646
	Total liabilities	755,143
	Members' equity	381,484
	Total liabilities and members' equity	$	1,136,627


	Supplemental Balance Sheet Detail:

	Tenant receivables and accrued revenue, net:
	Straight-line receivable, net of reserve	$	10,253
	Tenant receivable	9,049
	Deferred receivable	2,226
	Unbilled receivables and other	4,152
	Allowance for doubtful accounts, net	(7,324)
	Total	$	18,356

	Deferred costs and other assets:
	Deferred leasing, net	$	10,836
	In place lease intangibles, net	15,410
	Acquired above market lease intangibles, net	18,236
	Right of use asset	88,421
	Mortgage and other escrow deposits	10,004
	Prepaids, notes receivable and other assets, net	2,904
	Total	$	145,811

	Accounts payable, accrued expenses, intangibles and deferred revenues:
	Accounts payable and accrued expenses	$	34,729
	Below market leases, net	17,474
	Lease liability	88,421
	Other	4,022
	Total	$	144,646

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

SUPPLEMENTAL INFORMATION | 22


GLOSSARY OF TERMS

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

SUPPLEMENTAL INFORMATION | 23

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