Washington Prime Group Board of Directors Forms a Sustainability Committee

COLUMBUS, Ohio–(BUSINESS WIRE)–Washington Prime Group Inc. (NYSE: WPG) today announced that the
Company’s Board of Directors formed a Sustainability Committee to
further establish sustainability as a key business driver as it relates
to how the Company redevelops and operates its retail properties,
conducts business with its guests, engages with its communities and
creates a productive and positive work environment for its associates.

Lou Conforti, CEO and Director, stated: “We believe that reducing the
Company’s carbon footprint is plain and simple the right thing to do
from an environmental standpoint. It is our objective to incorporate
such practices while making certain the financial base case provides for
a suitable ROIC. Several of my Board members and colleagues have focused
upon the efficient use of energy, and I thank them for getting me up to
speed regarding this important mandate.”

The Sustainability Committee will review, assess, monitor and evaluate
the Company’s sustainability efforts. Sheryl von Blucher will chair this
new standing committee, with J. Taggart (Tag) Birge and John Dillon III
also appointed to serve as members.

Sheryl von Blucher, Director, stated: “The formation of the
Sustainability Committee will allow Washington Prime Group to innovate
even more so in the future. Some examples of the Company’s focus on
sustainable investments in its retail properties include energy
efficient LED lighting projects, charging stations for electric cars,
exploring potential opportunities for solar energy and many more
innovations. We know sustainability is important to our stakeholders,
and it is important to Washington Prime Group.”

As it relates to new projects, the Company will initially be focused on
the area of energy reduction. The Company is currently working with
local and state municipalities to expand the Property Assessed Clean
Energy (PACE) model promulgated by the U.S. Department of Energy to help
finance energy efficiency projects at its retail properties.

The Company continues to install efficient LED lighting at approximately
27 of its retail properties in 2017 and intends to expand the
installations across other properties in the future.

In addition, the Company is currently working with a third party to
implement operational and technology improvements at the property level.
This initiative includes technical communications, Wi-Fi design and
implementation, as well as analytics and reporting in order to make
informed future energy management decisions.

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
an investment grade balance sheet, leveraging 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. A trademark application has been filed
with the U.S. Patent and Trademark Office for the name “Washington Prime
Group”. 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 offering of
the notes, the anticipated consequences and benefits of the offering of
the notes and the targeted close date for the offering of the notes, and
other future events and their potential effects on WPG, including, but
not limited to, statements relating to anticipated financial and
operating results, WPG’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 enclosed retail store
occupancy and same-store operating income; risks associated with
acquisitions, dispositions, 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; failure 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 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; 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
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

Washington Prime Group Inc.
Kimberly A. Green, VP, Investor
Relations & Corporate Communications, 614-887-5647
[email protected]