June 2019 June 2019 June 2019 June 2019 1 Safe Harbor Some of - PowerPoint PPT Presentation

June 2019 June 2019 June 2019 June 2019 1

Safe Harbor Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward looking statements. Investors should consult the Company’s filings with the Securities and Exchange Commission (SEC) for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest. This presentation also contains non GAAP financial measures and comparable net operating income (NOI). Reconciliation of this non GAAP financial measure to the most directly comparable GAAP measure can be found within the Company’s quarterly supplemental information package and in filings made with the SEC, which are available on the investor relations section of its website at www.washingtonprime.com. 2

Washington Prime Group: National Footprint with Local Flavor Satisfying Shoppers across Demographic Continuums Satisfying Shoppers across Demographic Continuums Satisfying Shoppers across Demographic Continuums Satisfying Shoppers across Demographic Continuums National Footprint with Local Flavor National Footprint with Local Flavor National Footprint with Local Flavor National Footprint with Local Flavor With 103 town centers throughout the US, we are as American as apple pie. Catering from the aspirant to the affluent and Middle America to metropolis, As a matter of fact, we are also as American as deep dish pizza in Chicago, WPG assets capture the socioeconomic continuum via one of the nation’s Hawaiian poke salad, vegan spring rolls in Malibu, El Paso Tex-Mex, Maryland largest retail portfolios. crab cakes, kimchi in Orange County, Memphis barbeque and a Kansas City porterhouse. In fact, the demographic constituency of WPG is a representative microcosm of the American consumer. Our 55M SF is comprised of Tier One Enclosed and Open Air venues 103 103 103 103 including Lifestyle, Factory Outlet and increasingly a hybrid format which Town Centers Town Centers Town Centers Town Centers includes a diversified mix of products, goods and services. This fluidity allows WPG to beta test across demographic, socioeconomic and geographic constituencies in order to better provide our guests with the practical and relevant as well as the frivolous and exciting whether it be 55M 55M 55M 55M Square Feet Square Feet Square Feet Square Feet fashion, food or furniture. Our well regarded national infrastructure, from Hawaii to Connecticut and everywhere in between, allows our tenant and sponsor partners to benefit from corporate operating efficacy and local management who possesses comprehensive knowledge of the specific locale within which they reside. 3 Satisfying consumers across demographic continuums

Critical Mass of Dominant Town Centers within Robust Secondary Catchments Company Snapshot Company Snapshot Company Snapshot Company Snapshot National portfolio of Enclosed and Open Air retail venues o Comprised of 103 core assets consisting of 55M SF as of MAR 31 2019 o Tier One and Open Air assets account for 93% of total NOI as a result of Noncore assets having been reduced by 20% o Diversified by product, size, geography and tenancy o Increasing mixed use component (lodging, residential, office and medical) component via adaptive reuse o Recognized as innovation leader within industry regarding events, activities and installations o Experienced leadership team incorporating financial, operational and strategic expertise o Readily available corporate resources allow for real time decision making by General Managers and local management o Current corporate credit ratings as follows: Moody’s Ba2, S&P BB and Fitch BB- o Tier One Enclosed Tier One Enclosed Tier One Enclosed Tier One Enclosed GLA GLA GLA GLA Assets Assets Assets Assets Total NOI (%) Total NOI (%) Total NOI (%) Total NOI (%) Mixed Use Percentage Mixed Use Percentage Mixed Use Percentage Mixed Use Percentage by Tenancy by Tenancy by Tenancy by Tenancy by Region by Region by Region by Region 1Q 2019 1Q 2019 1Q 2019 1Q 2019 9% 7% 50% 50% 50% 50% 9% 27% 26% 36% 40% 40% 40% 40% 34% 15% 30% 30% 30% 30% 7% 64% 66% 31% 20% 20% 20% 20% 3% 10% 10% 10% 10% 0% 0% 0% 0% Northeast West Southwest Open Air Tier One Tier Two National Local Regional Anchor >25,000 SF Southeast Midwest 4 Combining Open Air and Enclosed components results in a hybrid town center format

1Q 2019 Highlights WPG leased 1.4M square feet of space; o Lifestyle tenancy attributed for 52% of new leasing volume; o Tier One and Open Air occupancy was 93.3%; o Tier One occupancy cost was 11.7%; o Tier One sales PSF were $399; o Tier One and Open Air leasing spreads for new deals were 13.2% in 1Q 19; o Tier One comparable net operating income (NOI) decreased YOY 5.7% and Open Air comparable NOI increased 0.6%; o Excluding ~$4.5M negative impact of cotenancy from anchor liquidations, 1Q 19 comparable NOI for Tier One and Open Air basically flat; o Company held 674 events, activities and installations during three months ended MAR 31; o Addressed ~50% of department store vacancy for Tier One and Open Air; o Placed a $180M mortgage loan with an all in coupon of 4.86% of which Waterford Lakes served as collateral; o Maintained 2019 FFO guidance and 2020 comparable NOI growth forecast of between 2.0 and 3.0%; and o 2019 dividend policy remained unchanged. o 5 Financial flexibility provides ample liquidity to execute redevelopment

Stability Best Illustrated by Minimal Variance of Historical Operating Metrics As I have mentioned repeatedly, the focus is upon cash flow stability as we diversify tenancy, activate common area, aesthetically improve and, when warranted, redevelop (primarily department store boxes). In spite of significant inline retailer and department store bankruptcies, cash flow stability is best illustrated by comparable NOI growth of 90 basis points during a five year period for Tier One and Open Air assets. In addition, during the past four years comparable occupancy has actually increased 20 basis points for the core portfolio and tenant allowances have generally decreased for total enclosed assets as of DEC 31 2018. Segment YE 2014 Occupancy % YE 2015 Occupancy % YE 2016 Occupancy % YE 2017 Occupancy % YE 2018 Occupancy % as of DEC 31 as of DEC 31 as of DEC 31 as of DEC 31 as of DEC 31 Tier One 94.0% 93.7% 93.9% 93.1% 94.0% Open Air 95.3% 95.9% 95.8% 95.8% 95.6% Total Core 94.6% 94.7% 94.8% 94.4% 94.8% FY 2014 Comp NOI FY 2015 Comp NOI FY 2016 Comp NOI FY 2017 Comp NOI FY 2018 Comp NOI FY 2019 Comp NOI Forecasted 5YR Segment ($000) ($000) ($000) ($000) ($000) Budget ($000) Comp NOI Growth Tier One $333,163 $333,716 $337,531 $340,838 $331,716 - - Open Air $114,919 $119,485 $127,481 $132,950 $130,752 - - Total Core $448,082 $453,201 $456,012 $473,788 $462,468 $452,000 0.9% Total Enclosed FY 2015 FY 2016 FY 2017 FY 2018 Core TTM 2015 TTM 2016 TTM 2017 TTM 2018 TTM MAR 31 Enclosed Releasing Spread Releasing Spread Releasing Spread Releasing Spread Releasing Spread AVG Lease Term (New) 7.0 7.5 6.9 6.5 Tier One 1.5% -1.3% -0.4% -8.0% -7.4% AVG Lease Term (Renewal) 4.0 4.5 4.3 3.5 Open Air 19.3% 3.7% 3.6% -0.1% 2.9% Tenant Allowance PSF (New) $43.99 $40.61 $37.10 $37.25 Total Core 5.1% 0.5% 0.6% -6.3% -5.2% AVG Rent PSF (New) $23.46 $31.00 $31.03 $28.12 6 Note: Includes assets currently classified as Tier One and Open Air held during each period reported. Accordingly, Fairfield Town Center, Pearlridge Center Uptown II and Southgate Mall are excluded. Exhibiting operational stability as we undertake measures necessary to buttress our secondary catchment leadership

Maintaining Stability as Town Center Mandate and Department Store Adaptive Reuse Measures Proceed Net Operating Income Performance Net Operating Income Performance Net Operating Income Performance Net Operating Income Performance o 1Q 19 Tier One and Open Air comparable net operating income (NOI) decreased 5.7% and increased 0.6%, respectively; o When excluding ~$4.5M negative impact of cotenancy and rental income resulting from anchor liquidations, 1Q 19 comparable NOI for Tier One and Open Air was basically flat; and o While operating expenses related to snow removal and insurance were slightly higher than anticipated, NOI was in line with internal estimates as discussed during the previous quarter conference call. Adjusted Adjusted 1Q 2019 1Q 2018 1Q 2019 1Q 2019 1Q 2019 Difference 1Q 2019 1Q 2019 Comparable Comparable Comparable Cotenancy Lost Rent YOY Comparable Comparable NOI NOI NOI Growth % Impact Impact NOI NOI Growth % Combined $109,322 $113,883 ($4,561) -4.0% ($1,563) ($3,107) $113,992 0.1% Tier One and Open Air 7 Concentrating upon improving Tier One and Open Air assets (93% of NOI) which possess upside greatest potential