Conn’s HomePlus to Join Longview Mall Demonstrating Adaptive Reuse Progress

COLUMBUS, Ohio–(BUSINESS WIRE)–Washington Prime Group Inc. (NYSE: WPG) today announced that Conn’s HomePlus, specialty retailer of furniture, mattresses, home appliances and consumer electronics, will join the dynamic tenant lineup at Longview Mall, in Longview, Texas. As the only hybrid shopping center in the market, with both enclosed and open air formats, and situated among Longview’s dynamic retail and entertainment corridor, Longview Mall is the retail powerhouse in East Texas.

Conn’s HomePlus is scheduled to open January 22, 2021 and will be located in the former Sears space at Longview Mall. In addition, Washington Prime Group is continuing discussions with another exciting national retailer to be located adjacent to Conn’s HomePlus.

Lou Conforti, CEO and Director of Washington Prime Group stated: “Refrigerators, washers and dryers, televisions and home theater systems, personal computers, gaming consoles, fitness equipment, mattresses and furniture are just a few of the home related goods offered by our newest member of the Washington Prime Group family at Longview Mall. Conn’s HomePlus has just about everything you need whether you’re looking for a cardiovascular workout or new kitchen appliances to keep your food fresh.”

“The new Conn’s HomePlus location within Longview Mall is part of our continuing momentum in the state of Texas,” said Norm Miller, Conn’s HomePlus Chairman and CEO. “Our loyal customers have helped us Make It Happen for the last 131 years and we look forward to serving the Longview community.”

Longview, situated 120 miles east of Dallas in Gregg and Harrison counties, is a diversified market with a strong economic base serving a densely populated regional area. Not only is Longview Mall the only hybrid regional mall for the Longview market, it enjoys a large trade area that extends far beyond the limits of its namesake city. Due to its accessibility from I-20, the market serves as a regional hub for employment and retail in the East Texas area. Longview is home to LeTourneau University, a private university with enrollment of nearly 3,000 undergraduate and graduate students.

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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