Steps to reproduce:
1. Download and open the attached project
2. Enter Playmode
3. Select the Animator asset
4. Check/uncheck the Wave parameter in the Animator window

Expected result: gameobject's animation transitions properly with exit time
Actual result: exit time is skipped and the next animation is instantly played

Reproduced on 5.4.5p1, 5.5.4p1, 5.6.2p1, 2017.1.0f1, 2017.2.0b1

Notes:
-After selecting the gameobject that is being animated once, exit time is properly applied,
-Selecting another controller and then selecting the original one returns the behaviour again