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News Release

Washington Prime Group Announces Ulta Beauty and Five Below to Follow H&M as Latest In-Demand Retailers to Join Dynamic Tenant Line-Up at Grand Central Mall

COLUMBUS, Ohio, June 21, 2018 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (NYSE:WPG) today announced that Ulta Beauty and Five Below will join Grand Central Mall’s growing line-up of sought after retail options. 

The addition of Ulta Beauty and Five Below follows the announcement of a 20,000-square-foot H&M opening in the fall of 2018 at Grand Central Mall, which will replace the former Elder-Beerman department store. This will be H&M’s first location in West Virginia. Ulta Beauty and Five Below, which are replacing a former H. H. Gregg anchor space, also expected to open in the fall of 2018, will be located near Old Navy and Panera Bread.

Apart from Ulta Beauty, Five Below and H&M, Grand Central Mall has seen approximately 37,000 square feet of new or remodeled tenants open at the center over the past 24 months including Torrid, Hot Topic, Party City, and Great American Cookie, as well as remodels and expansions of Regal Cinemas, Victoria’s Secret, Bath & Body Works, and American Eagle.

Lou Conforti, CEO and Director stated: “The redevelopment and, as importantly, the tenant diversification of Grand Central Mall illustrates our mandate to focus upon those assets which exemplify our town center approach of combining enclosed and open air formats in order to satisfy the demands of a particular demographic constituency.  Operating metrics from such redevelopment projects are encouraging as both occupancy and sales volume have increased.  Our proactive approach of expanding food, beverage, entertainment, home furnishings, cosmetics, discount retail as well as other unrepresented categories is imperative as we further establish our assets as the dominant retail venue within its catchment.”
                
The dominant retail destination in the area, Grand Central Mall is located in Vienna, West Virginia, just north of Parkersburg and on the eastern side of the Ohio River which separates Ohio and West Virginia. The hybrid town center is situated on Route 14, the most heavily traveled state route in the state. Approximately 36,200 vehicles per day pass in front of the property, which is the only enclosed retail venue within a 77-mile radius.

Jody Hopkins, General Manager of Grand Central Mall: “This is an exciting time for Grand Central Mall and we remain committed to offering our guests in-demand retail, dining and entertainment options, as well as events and activities throughout the year. Together with our more than 100 local and national tenants, we remain committed to delivering the best experience for our guests in a welcoming environment.”

Ulta Beauty is the largest beauty retailer in the U.S. and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services. Ulta Beauty offers more than 20,000 products from over 500 well-established and emerging beauty brands across all categories and price points, including its own private label. Ulta Beauty also offers a full-service salon in every store featuring hair, skin and brow services.

Five Below is a rapidly growing specialty value retailer offering a broad range of trend-right, high-quality merchandise targeted at the teen and pre-teen customer. Five Below offers a dynamic, edited assortment of exciting products in a fun and differentiated store environment, all priced at $5 and below.

As the state’s third largest population center, the Parkersburg/Vienna area is the economic backbone of the Mid-Ohio Valley. Nearby universities and colleges include The University of West Virginia at Parkersburg, Ohio Valley University, Ohio University, Marietta College, Washington State Community College, National College and Mountain State College. The city of Parkersburg is currently working on a dynamic downtown renewal project which includes a riverfront amphitheater, walking paths, bike trails, a farmer’s market and a skate park.

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. Washington Prime Group® is a registered trademark of the Company. Learn more at www.washingtonprime.com.

Contacts
Lisa A. Indest, CAO & Senior VP, 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

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 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,” “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 mall store occupancy and same-mall operating income; risks associated with the acquisition, (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; 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 (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 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.

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