Dunham’s Sports Joins Markland Mall Demonstrating Anchor Repositioning Progress

COLUMBUS, Ohio–(BUSINESS WIRE)–Washington Prime Group Inc. (NYSE: WPG) recently celebrated the grand opening of Dunham’s Sports, one of the nation’s largest sporting goods chains, at Markland Mall, located in Kokomo, Indiana. Dunham’s Sports relocated within the Kokomo area, replacing a former Elder Beerman department store (Bon-Ton Stores) at Markland Mall and bringing new retail options to the well-located property.

“We are excited to be reopening this bigger store, which will allow us to better serve the sporting goods needs of Kokomo and shows our continued commitment to the area,” said Jeff Lynn, chairman and chief executive officer of Dunham’s Athleisure Corporation. “Dunham’s prides itself on providing our customers with a wide variety of top-quality, value-oriented, name-brand merchandise at everyday low prices.”

Washington Prime Group previously announced new anchors at Markland Mall including ALDI, Party City, PetSmart and Ross Dress for Less – which replaced a former Sears department store. The successful anchor repositioning projects at Markland Mall are representative of the Company’s efforts to renovate traditional enclosed retail centers into a hybrid format which incorporates both enclosed and open air formats.

Markland Mall is the only regional enclosed center within a 40-mile radius, solidifying its position as the dominant retail destination in the area.

Lou Conforti, CEO and Director of Washington Prime Group stated: “First and foremost, make sure not to miss the archery sale (ends today, Thursday September 24th) at Dunham’s. I’m a recurve traditionalist myself and let me tell you, if you want to partake in an amazing daddy/daughter (son) experience take up archery. My oldest and I started shooting arrows about ten years ago…she had the cutest little pink compound bow. My apologies for the sentimental reminiscence.

“I can’t tell you how happy all of Washington Prime Group is to have Dunham’s Sports partner up with us at Markland Mall in Kokomo. They are a great bunch of folks and truly understand the demographics surrounding their stores and as a result know how to select the optimal mix of sporting goods for a particular location.

“So in honor of our new partners at Markland Mall, here’s my very own Dunham’s Sports list especially curated for Kokomo’s active lifestyle:

  1. Pelican Venture 100XP Sit-On-Top Angler Kayak for an excursion along Wildcat Creek and of course an Onyx MoveVent Dynamic Flotation Vest;
  2. Spalding SFA Pro 54 6A746 Portable Backboard System, Spalding Super Flite Basketball and Adidas Men’s Run The Game Basketball Shoes…really don’t have to say much more other than if there’s any question about the most basketball loving state just watch Hoosiers; and
  3. Barnett Vertigo Youth Bow Set, Barnett DRT 405 Crossbow Package With Crank and a Yellow Jacket CXP2 FP Bag Target.

“So hightail on over to Dunham’s and tell them Louie sent you.”

About Washington Prime Group

Washington Prime Group: National footprint with local flavor. With about 100 town centers throughout the US, we’re as American as apple pie. As a matter of fact, we are also as American as deep dish pizza in Chicago, Hawaiian poke salad, vegan spring rolls in Malibu, El Paso Tex-Mex, Maryland crab cakes, kimchi in Orange County, Memphis barbeque and a Kansas City porterhouse. Our well regarded infrastructure, from Hawaii to Connecticut, and pretty much everywhere else in between, allows our tenant and sponsor partners to benefit from the operating efficacy and economies of scale at a large national real estate company, alongside local management who possess comprehensive knowledge of the specific locale within which they reside. 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 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 coronavirus (COVID-19) pandemic; 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

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

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