Washington Prime Group Provides COVID-19 Related Liquidity Enhancement Update

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Washington Prime Group Inc. (NYSE: WPG) today announced that due to the heightened uncertainty relating to the duration and potential impact of the coronavirus (COVID-19) pandemic with respect to consumer facing sectors including our own, the Company is taking proactive measures to enhance its overall liquidity position. This includes a further reduction of the Companys cash dividend for common shares and operating partnership units.

In terms of the dividend reset, the Company intends to pay a quarterly dividend of $0.0625 for common shares and operating partnership units throughout the remainder of the year with a potential true up (in either direction) as part of the fourth quarter 2020 dividend payment in order to address the Companys REIT taxable income distribution requirements. This compares to a quarterly dividend of $0.125 for the first quarter of 2020 and should result in additional cash savings of approximately $40 million for the remainder of the year and over $150 million compared to the Companys cumulative dividend payments in 2019, exclusive of any aforementioned true up.

Lou Conforti, CEO and Director of Washington Prime Group, stated:

This action further illustrates the proactive measures we are enacting whether they be operational or financial. In other words, its all about common sense. Reducing the common dividend is only logical given the current situation.

Remember, Washington Prime Group possessed the ability to internally fund our adaptive reuse mandate prior to this announcement with an additional ~$40M of surplus cash. This temporary liquidity enhancement is being undertaken not because we have to¦it is a measure by which to ensure we maintain the financial flexibility to emerge as unscathed as possible from this situational (as opposed to systemic) crisis.

Please take care of yourself.

About Washington Prime Group

Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group is a registered trademark of the Company. Learn more at www.washingtonprime.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which represent the current expectations and beliefs of management of Washington Prime Group Inc. (WPG) concerning the proposed transactions, the anticipated consequences and benefits of the transactions and the targeted close date for the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to anticipated financial and operating results, the Companys plans, objectives, expectations and intentions, cost savings and other statements, including words such as anticipate, believe, confident, plan, estimate, expect, intend, will, should, may, and other similar expressions. Such statements are based upon the current beliefs and expectations of WPGs management, and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WPG to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, without limitation: changes in asset quality and credit risk; ability to sustain revenue and earnings growth; changes in political, economic or market conditions generally and the real estate and capital markets specifically; the impact of increased competition; the availability of capital and financing; tenant or joint venture partner(s) bankruptcies; the failure to increase store occupancy and same-store operating income; risks associated with the acquisition, disposition, (re)development, expansion, leasing and management of properties; changes in market rental rates; trends in the retail industry; relationships with anchor tenants; risks relating to joint venture properties; costs of common area maintenance; competitive market forces; the level and volatility of interest rates; the rate of revenue increases as compared to expense increases; the financial stability of tenants within the retail industry; the restrictions in current financing arrangements or the failure to comply with such arrangements; the liquidity of real estate investments; the impact of changes to tax legislation and WPGs tax positions; losses associated with closures, failures and stoppages associated with the spread and proliferation of the COVID -19 (coronavirus) outbreak; to qualify as a real estate investment trust; the failure to refinance debt at favorable terms and conditions; loss of key personnel; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; possible restrictions on the ability to operate or dispose of any partially-owned properties; the failure to achieve earnings/funds from operations targets or estimates; the failure to achieve projected returns or yields on (re)development and investment properties (including joint ventures); expected gains on debt extinguishment; changes in generally accepted accounting principles or interpretations thereof; terrorist activities and international hostilities; the unfavorable resolution of legal or regulatory proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; changes in LIBOR reporting practices or the method in which LIBOR is determined; and other risks and uncertainties, including those detailed from time to time in WPGs statements and periodic reports filed with the Securities and Exchange Commission, including those described under Risk Factors. The forward-looking statements in this communication are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG undertakes no obligation to update or revise any forward-looking statements to reflect new information, subsequent events or circumstances. Actual results may differ materially from current projections, expectations, and plans, if any. Investors, potential investors and others should give careful consideration to these risks and uncertainties.

Lisa A. Indest, CAO & EVP, Finance, 614.887.5844 or [email protected]

Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or [email protected]