Washington Prime Group Announces Well Picked Goods Initiative to Support Retailers

COLUMBUS, Ohio--()--Washington Prime Group Inc. (NYSE: WPG) today announced Well Picked Goods, a weekly digital curation of merchandise selected by the General Manager of the featured town center. Comprised of offerings from our local, regional and national tenants, expect to see the practical as well as whimsical.

Available to purchase online while many of the Company’s assets are closed as a result of the Coronavirus (COVID-19) pandemic, participating guests are eligible to earn gift cards provided by WPG and available to use in person when our assets are once again open for business.

To kick off the campaign, the Company is highlighting retailers at Polaris Fashion Place®, in Columbus, Ohio.

Lou Conforti, CEO and Director of Washington Prime Group, stated: “While I understand how eCommerce is such an awfully poor substitute and pales in comparison to the dynamic sensory exploration we offer our guests when they visit our assets, during this national emergency it is important to follow advice of our medical professionals. As a result we’ll provide you the link to these highlighted products as well as how to qualify for the in store gift card promotion (pretty easy…just buy stuff).

“Rest assured…this will end soon. Pretty soon no more caressing your iPhone in order to imagine how soft that James Perse cashmere hoodie is or having your roommate catch you scratch and sniff your laptop just to experience the olfactory delights of Eleventh Candle Co. or your partner completely disgusted because he has to disinfect the iPad after you saw an image of an Auntie Anne's' cinnamon Sugar Pretzel and licked the screen.

“I’m also certain you’ll find my city and product descriptions both entertaining.

Betcha didn’t know Columbus is also the fourteenth largest city in the United States; a law forbids women from wearing patent leather shoes in public; actor Woody Harrelson was once arrested here in 1982 for ‘dancing in the street’; it ranks in the top five US cities for craft beer production; it’s the third leading fashion design city in the country; and it’s one of the ten youngest cities in the country.

“So click this link to view and purchase handpicked products available online from our tenants at Polaris Fashion Place in Columbus.

“Social distancing is really important, and when we do get back to normalcy, we want you to come see us. So, if our guests spend $100 online (kinda pains me to say this) at any of the featured local and national partners of ours, from April 10 through April 17, we’ll give you a $25 gift card to use when it’s safe to visit Polaris Fashion Place once again. Gift cards will be available for pick up once the Center reopens for a 30 day period while supplies last. You will simply present proof of purchase at the Polaris Fashion Place mall management office to receive the gift card. Some conditions apply. See website for Well Picked Goods offer terms and conditions.

“Stay strong. Stay healthy.”

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® and Polaris Fashion Place® are registered trademarks 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 Company’s 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 WPG’s 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 WPG’s 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 WPG’s 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.

Contacts

Lisa A. Indest, CAO & EVP, Finance, 614.887.5844 or lisa.indest@washingtonprime.com
Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or kim.green@washingtonprime.com

Contacts

Lisa A. Indest, CAO & EVP, Finance, 614.887.5844 or lisa.indest@washingtonprime.com
Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or kim.green@washingtonprime.com