Site Centers Corp.

10/25/2021 | Press release | Distributed by Public on 10/25/2021 04:46

QUARTERLY FINANCIAL SUPPLEMENT FOR THE PERIOD ENDED SEPTEMBER 30, 2021 SITE - Form 8-K

QUARTERLY FINANCIAL SUPPLEMENT FOR THE PERIOD ENDED SEPTEMBER 30, 2021 SITE

SITE Centers Corp.

Table of Contents

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-

looking statements, including, among other factors, the impact of the COVID-19 pandemic on the Company's ability to manage its properties, finance its operations and on tenants' ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay ongoing and deferred rents; the Company's ability to pay dividends; local conditions such as the supply of, and demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and the Company's ability to satisfy conditions to the completion of these arrangements; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditionsor natural disasters; any change in strategy;our ability to maintain REIT status; and the finalization of the financial statements for the period ended September30, 2021. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Form 10-K and Form 10-Q. The impacts of the COVID-19 pandemic may also exacerbate the risks described therein, any of which could have a material effect on the Company. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SITE Centers Corp.

For additional information:

3300 Enterprise Parkway

Conor Fennerty, EVP and

Beachwood, OH 44122
216-755-5500

Chief Financial Officer

FOR IMMEDIATE RELEASE:

SITE Centers Reports Third Quarter 2021 Operating Results

BEACHWOOD, OHIO, October 25, 2021-- SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers located in suburban, high household income communities, announced today operating results for the quarter ended September 30, 2021.

"Third quarter results and recent activity highlight SITE Centers' continued success and momentum on multiple fronts: new leasing volume was the highest for any quarter in over two years, the Company met 2021 investment goals with the acquisition of Hammond Springs, and in October Retail Value Inc. declared and paid $190 million of preferred dividends to SITE Centers," commented David R. Lukes, President and Chief Executive Officer. "We believe continued operational and investment momentum, along with the distribution on our preferred investment in RVI, position SITE Centers for a multi-year period of sustainable growth."

Results for the Quarter

Third quarter net income attributable to common shareholders was $25.3 million, or $0.12 per diluted share, as compared to net income of $2.2 million, or $0.01 per diluted share, in the year-ago period. The year-over-year increase in net income was primarily attributable to lower uncollectible revenue related to the COVID-19 pandemic, lower general and administrative expenses, gains reported from asset sales and higher disposition fees earned from Retail Value Inc. ('RVI"), partially offset by lower interest income and the valuation allowance related to the Company's former preferred investments in the BRE DDR ventures, which were terminated in the fourth quarter of 2020.

Third quarter operating funds from operations attributable to common shareholders ("Operating FFO" or "OFFO") was $61.4 million, or $0.29 per diluted share, compared to $43.5 million, or $0.23 per diluted share, in the year-ago period. The year-over-year increase was primarily attributable to lower uncollectible revenue related to the COVID-19 pandemic and lower general and administrative expenses, partially offset by lower interest income. Third quarter results included $1.6 million of net revenue at SITE Centers' share related to prior periods primarily from cash basis tenants.

Significant Third Quarter and Recent Activity

In September 2021, acquired Hammond Springs (Atlanta, GA) for $31.0 million.

Sold one unconsolidated shopping center and two wholly-owned land parcels for an aggregate sales price of $34.2 million, totaling $21.1 million at SITE Centers' share.

In the third quarter of 2021, the Company offered and sold 720,076 common shares on a forward basis under its $250 million ATM program at a weighted-average price of $15.89 per share generating expected gross proceeds before issuance costs of $11.4 million. The shares may be settled at any time before the settlement date, September 9, 2022. Year to date, the Company has offered and sold 1,700,472 shares on a forward basis under its ATM program at a weighted average price of $15.43 per share before issuance costs generating expected gross proceeds of $26.2 million with no shares settled to date.

On October 6, 2021, SITE Centers received a distribution of $190 million on the RVI Series A Preferred Shares which represents the full amount expected to be paid by RVI on account of the Company's preferred investment.

In October 2021, the Company repaid $87.6 million of mortgage debt, which was scheduled to mature in January 2022.

Key Quarterly Operating Results

Reported an increase of 21.6% in SSNOI on a pro rata basis for the third quarter of 2021, including redevelopment, as compared to the year-ago period. The third quarter 2021 results were favorably impacted by lower year-over-year uncollectible revenue and prior period rent collections from cash basis tenants.

1

Generatednew leasing spreads of 7.3% and renewal leasing spreads of 0.6%, both on a pro rata basis, for the trailing twelve-month period ended September 30, 2021 and new leasing spreads of 18.1% and renewal leasing spreads of 2.6%, both on a pro rata basis, for the thirdquarter of 2021.

Reported a leased rate of 92.3% at September 30, 2021 on a pro rata basis, compared to 91.6% on a pro rata basis at December 31, 2020 and 91.9% at September 30, 2020.

As of September 30, 2021, the signed but not opened spread was 210 basis points representing $11.9 million of annualized base rent on a pro rata basis.

Annualized base rent per occupied square foot on a pro rata basis was $18.44 at September 30, 2021, compared to $18.53 at September 30, 2020.

COVID-19 Update

As of October 15, 2021, all of the Company's properties remain open and operational with 100% of tenants, at the Company's share and based on average base rents open for business.

As of October 15, 2021, the Company's tenants had paid approximately 99% of third quarter 2021 rents. The payment rates for the Company's tenants, at the Company's share and based on average base rents are reflected as follows:

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

As of October 15, 2021

91%

96%

97%

98%

99%

99%

As of July 21, 2021

89%

93%

97%

97%

98%

N/A

As of April 16, 2021

84%

89%

95%

96%

N/A

N/A

As of February 12, 2021

79%

88%

94%

N/A

N/A

N/A

As of October 23, 2020

70%

84%

N/A

N/A

N/A

N/A

As of July 24, 2020

64%

N/A

N/A

N/A

N/A

N/A

As of October 15, 2021, agreed upon rent deferral arrangements with tenants that remain unpaid represented approximately 1% of 2020 rents. Agreed upon rental deferral arrangements for the first quarter of 2021 through third quarter of 2021 are immaterial.

Guidance

The Company has updated its 2021 full year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the third quarter operating results. RVI disposition and refinancing fees, impairment charges, gains on sale of assets and debt extinguishment are excluded from guidance. The guidance update is as follows:

Reconciliation of Net Income Attributable to Common Shareholders to FFO and Operating FFO estimates:

FY 2021E (prior)

Per Share - Diluted

FY 2021E (revised)

Per Share - Diluted

Net income attributable to Common Shareholders

$0.15 - $0.20

$0.28 - $0.30

Depreciation and amortization of real estate

0.83 - 0.86

0.83 - 0.86

Equity in net (income) of JVs

(0.05)

(0.06)

JVs' FFO

0.08 - 0.10

0.09 - 0.11

Gain on sale of joint venture interest, net (reported actual)

(0.07)

(0.10)

Impairment of real estate (reported actual)

0.03

0.03

FFO (NAREIT)

$1.00 - $1.04

$1.10 - $1.11

Disposition fees (reported actual)

-

(0.03)

Mark-to-market adjustment (PRSUs) and other (reported actual)

0.03

0.03

Write-off of Class K Preferred Share original issuance costs

0.03

0.03

Operating FFO

$1.06 - $1.10

$1.13 - $1.14

Other key assumptions for 2021 guidance include:

FY 2021E (prior)

FY 2021E (revised)

Joint Venture fee income

$12 - $14 million

$13 - $14 million

RVI fee income (excluding disposition fees) (1)

$15 - $17 million

$16 - $17 million

SSNOI (2)

10.5% - 13.0%

12.5% - 14.0%

(1)

Consistent with 2019 and 2020, guidance excludes impact of disposition and refinancing fees from RVI for the full year.

(2)

Including redevelopment.

2

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company's e-mail distributions for press releases and other investor news, please click here.

Conference Call and Supplemental Information

The Company will hold its quarterly conference call today at 8:00 a.m. Eastern Time. To participate with access to the slide presentation, please visit the Investor Relations portion of SITE's website, ir.sitecenters.com, or for audio only, dial 888-317-6003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) using pass code 8760189 at least ten minutes prior to the scheduled start of the call. The call will also be webcast and available in a listen-only mode on SITE Centers' website at ir.sitecenters.com. If you are unable to participate during the live call, a replay of the conference call will also be available at ir.sitecenters.com for further review. You may also access the telephone replay by dialing 877-344-7529 (U.S.), 855-669-9658 (Canada) or 412-317-0088 (international) using passcode 10158874 through November 25, 2021. Copies of the Company's Supplemental package and earnings slide presentation are available on the Company's website.

Non-GAAP Measures

Funds from Operations ("FFO") is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust ("REIT") performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States ("GAAP")), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments, including reserve adjustments of preferred equity interests, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company's proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company's calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

In calculating the expected range for or amount of net (loss) income attributable to common shareholders to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gain and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs, certain transaction costs or certain fee income. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

The Company also uses net operating income ("NOI"), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

The Company presents NOI information herein on a same store basis or "SSNOI." The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income (including reimbursements) and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI includes assets owned in comparable periods (15 months for quarter comparisons). In addition, SSNOI is presented both including and excluding activity associated with development and major redevelopment. SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at its effective ownership interest provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

3

FFO, Operating FFO, NOI and SSNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company's operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein. Reconciliation of the 2021 SSNOI projected growth target to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, the impact of the COVID-19 pandemic on the Company's ability to manage its properties and finance its operations and on tenants' ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay ongoing and deferred rents; the Company's ability to pay dividends; local conditions such as the supply of, and demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and the Company's ability to satisfy conditions to the completion of these arrangements; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; our ability to maintain REIT status; and the finalization of the financial statements for the period ended September 30, 2021. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The impacts of the COVID-19 pandemic may also exacerbate the risks described therein, any of which could have a material effect on the Company. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

4

SITE Centers Corp.

Income Statement: Consolidated Interests

in thousands, except per share

3Q21

3Q20

9M21

9M20

Revenues:

Rental income (1)

$120,569

$95,874

$366,689

$306,482

Other property revenues

514

70

1,095

1,804

121,083

95,944

367,784

308,286

Expenses:

Operating and maintenance

18,562

15,775

58,200

50,774

Real estate taxes

19,160

16,542

58,359

51,547

37,722

32,317

116,559

102,321

Net operating income

83,361

63,627

251,225

205,965

Other income (expense):

Fee income (2)

13,358

9,610

30,264

34,149

Interest expense

(19,170)

(18,089)

(57,701)

(58,487)

Depreciation and amortization

(44,669)

(41,148)

(137,446)

(125,014)

General and administrative (3)

(11,727)

(13,664)

(41,547)

(38,542)

Other expense, net (4)

(524)

3,259

(1,214)

(7,727)

Impairment charges

0

0

(7,270)

0

Income before earnings from JVs and other

20,629

3,595

36,311

10,344

Equity in net income of JVs

1,824

250

11,059

908

Adjustment (reserve) of preferred equity interests

0

3,542

0

(19,393)

Gain on sale of joint venture interests

35

82

13,943

45,635

Gain on disposition of real estate, net

5,871

218

6,069

993

Tax expense

(202)

(284)

(1,057)

(859)

Net income

28,157

7,403

66,325

37,628

Non-controlling interests

(93)

(116)

(384)

(621)

Net income SITE Centers

28,064

7,287

65,941

37,007

Write-off of preferred share original issuance costs

0

0

(5,156)

0

Preferred dividends

(2,789)

(5,133)

(10,867)

(15,399)

Net income Common Shareholders

$25,275

$2,154

$49,918

$21,608

Weighted average shares - Basic - EPS

211,048

193,203

206,918

193,366

Assumed conversion of diluted securities

1,143

162

1,156

0

Weighted average shares - Basic & Diluted - EPS

212,191

193,365

208,074

193,366

Earnings per common share - Basic

$0.12

$0.01

$0.24

$0.11

Earnings per common share - Diluted

$0.12

$0.01

$0.24

$0.11

(1)

Rental income:

Minimum rents

$79,256

$75,158

$236,362

$225,627

Ground lease minimum rents

6,547

5,418

19,407

16,319

Percentage and overage rent

1,016

806

3,349

1,770

Straight-line rent, net

687

551

456

(269)

Amortization of (above)/below-market rent, net

897

1,026

2,771

3,058

Recoveries

29,441

25,833

90,518

80,371

Uncollectible revenue

1,083

(14,188)

8,268

(27,918)

Ancillary and other rental income

1,586

1,194

4,427

4,260

Lease termination fees

56

76

1,131

3,264

(2)

Fee Income:

JV and other fees

3,846

4,037

10,817

15,416

RVI fees

4,012

4,717

13,355

16,111

RVI disposition fees

5,500

856

6,092

2,622

(3)

Mark-to-market adjustment (PRSUs)

0

(289)

(5,589)

1,617

Executive separation charge

0

(1,650)

0

(1,650)

(4)

Other income (expense), net:

Transaction and other expense, net

(356)

(186)

(707)

(1,021)

Interest income

(168)

3,445

(492)

10,480

Debt extinguishment costs, net

0

0

(15)

(17,186)

5

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

in thousands, except per share

3Q21

3Q20

9M21

9M20

Net income attributable to Common Shareholders

$25,275

$2,154

$49,918

$21,608

Depreciation and amortization of real estate

43,283

39,812

133,279

120,889

Equity in net income of JVs

(1,824)

(250)

(11,059)

(908)

JVs' FFO

5,659

4,388

17,065

14,529

Non-controlling interests

17

0

49

28

Impairment of real estate

0

0

7,270

0

(Adjustment) reserve of preferred equity interests

0

(3,542)

0

19,393

Gain on sale of joint venture interests

(35)

(82)

(13,943)

(45,635)

Gain on disposition of real estate, net

(5,871)

(218)

(6,069)

(993)

FFO attributable to Common Shareholders

$66,504

$42,262

$176,510

$128,911

RVI disposition fees

(5,500)

(856)

(6,092)

(2,622)

Mark-to-market adjustment (PRSUs)

0

289

5,589

(1,617)

Executive separation charge

0

1,650

0

1,650

Debt extinguishment, transaction, net

356

186

722

18,207

Joint ventures - debt extinguishment, other

1

0

32

42

Write-off of preferred share original issuance costs

0

0

5,156

0

Total non-operating items, net

(5,143)

1,269

5,407

15,660

Operating FFO attributable to Common Shareholders

$61,361

$43,531

$181,917

$144,571

Weighted average shares & units - Basic: FFO & OFFO

211,189

193,343

207,059

193,507

Assumed conversion of dilutive securities

1,143

21

1,156

0

Weighted average shares & units - Diluted: FFO & OFFO

212,332

193,364

208,215

193,507

FFO per share - Basic

$0.31

$0.22

$0.85

$0.67

FFO per share - Diluted

$0.31

$0.22

$0.85

$0.67

Operating FFO per share - Basic

$0.29

$0.23

$0.88

$0.75

Operating FFO per share - Diluted

$0.29

$0.23

$0.87

$0.75

Common stock dividends declared, per share

$0.12

$0.00

$0.35

$0.20

Capital expenditures (SITE Centers share):

Redevelopment costs (major and tactical)

6,143

3,289

12,698

17,431

Maintenance capital expenditures

3,153

3,394

9,449

10,989

Tenant allowances and landlord work

9,763

2,655

27,540

18,246

Leasing commissions

1,838

786

4,406

2,412

Construction administrative costs (capitalized)

805

715

2,220

2,195

Certain non-cash items (SITE Centers share):

Straight-line rent

727

739

559

(390)

Straight-line fixed CAM

149

155

416

450

Amortization of (above)/below-market rent, net

993

1,230

3,082

3,780

Straight-line ground rent expense

(25)

(45)

(97)

(167)

Debt fair value and loan cost amortization

(1,261)

(1,233)

(3,717)

(3,587)

Capitalized interest expense

200

234

462

792

Stock compensation expense

(1,947)

(2,710)

(11,323)

(5,088)

Non-real estate depreciation expense

(1,319)

(1,270)

(3,971)

(3,938)

6

SITE Centers Corp.

Balance Sheet: Consolidated Interests

$ in thousands

At Period End

3Q21

4Q20

Assets:

Land

$962,872

$953,556

Buildings

3,533,242

3,488,499

Fixtures and tenant improvements

544,374

509,866

5,040,488

4,951,921

Depreciation

(1,536,248)

(1,427,057)

3,504,240

3,524,864

Construction in progress and land

42,143

37,467

Real estate, net

3,546,383

3,562,331

Investments in and advances to JVs

72,684

77,297

Investment in and advances to affiliate (1)

190,121

190,035

Cash

61,924

69,742

Restricted cash

3,414

4,672

Receivables and straight-line (2)

59,910

73,517

Intangible assets, net (3)

97,474

111,022

Other assets, net

20,383

19,668

Total Assets

4,052,293

4,108,284

Liabilities and Equity:

Revolving credit facilities

0

135,000

Unsecured debt

1,451,229

1,449,613

Unsecured term loan

99,767

99,635

Secured debt

241,561

249,260

1,792,557

1,933,508

Dividends payable

28,251

14,844

Other liabilities (4)

213,018

215,109

Total Liabilities

2,033,826

2,163,461

Preferred shares

175,000

325,000

Common shares

21,110

19,400

Paid-in capital

5,942,466

5,705,164

Distributions in excess of net income

(4,123,534)

(4,099,534)

Deferred compensation

4,590

5,479

Other comprehensive income

0

(2,682)

Common shares in treasury at cost

(4,815)

(11,319)

Non-controlling interests

3,650

3,315

Total Equity

2,018,467

1,944,823

Total Liabilities and Equity

$4,052,293

$4,108,284

(1)

Preferred investment in RVI

$190,000

$190,000

Receivable from RVI

121

35

(2)

SL rents (including fixed CAM), net

31,178

30,552

(3)

Operating lease right of use assets

19,469

$20,604

(4)

Operating lease liabilities

38,889

39,794

Below-market leases, net

54,802

57,348

7

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

3Q21

3Q20

3Q21

3Q20

SITE Centers at 100%

At SITE Centers Share

(Non-GAAP)

GAAP Reconciliation:

Net income attributable to SITE Centers

$28,064

$7,287

$28,064

$7,287

Fee income

(13,358)

(9,610)

(13,358)

(9,610)

Interest expense

19,170

18,089

19,170

18,089

Depreciation and amortization

44,669

41,148

44,669

41,148

General and administrative

11,727

13,664

11,727

13,664

Other expense (income), net

524

(3,259)

524

(3,259)

Impairment charges

0

0

0

0

Equity in net income of joint ventures

(1,824)

(250)

(1,824)

(250)

Adjustment of preferred equity interests

0

(3,542)

0

(3,542)

Tax expense

202

284

202

284

Gain on sale of joint venture interests

(35)

(82)

(35)

(82)

Gain on disposition of real estate, net

(5,871)

(218)

(5,871)

(218)

Income from non-controlling interests

93

116

93

116

Consolidated NOI

83,361

63,627

83,361

63,627

SITE Centers' consolidated JV

0

0

(284)

(320)

Consolidated NOI, net of non-controlling interests

83,361

63,627

83,077

63,307

Net income (loss) from unconsolidated joint ventures

4,863

(4,748)

1,756

59

Interest expense

10,980

14,700

2,706

2,937

Depreciation and amortization

16,605

23,901

3,805

4,250

Impairment charges

0

0

0

0

Preferred share expense

0

4,626

0

231

Other expense, net

2,832

3,246

700

694

Loss (gain) on disposition of real estate, net

455

(319)

91

(43)

Unconsolidated NOI

$35,735

$41,406

9,058

8,128

Total Consolidated + Unconsolidated NOI

92,135

71,435

Less: Non-Same Store NOI adjustments

(516)

3,923

Total SSNOI including redevelopment

91,619

75,358

Less: Redevelopment Same Store NOI adjustments

(3,643)

(2,338)

Total SSNOI excluding redevelopment

$87,976

$73,020

SSNOI % Change including redevelopment

21.6%

SSNOI % Change excluding redevelopment

20.5%

8

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

9M21

9M20

9M21

9M20

SITE Centers at 100%

At SITE Centers Share

(Non-GAAP)

GAAP Reconciliation:

Net income attributable to SITE Centers

$65,941

$37,007

$65,941

$37,007

Fee income

(30,264)

(34,149)

(30,264)

(34,149)

Interest expense

57,701

58,487

57,701

58,487

Depreciation and amortization

137,446

125,014

137,446

125,014

General and administrative

41,547

38,542

41,547

38,542

Other expense, net

1,214

7,727

1,214

7,727

Impairment charges

7,270

0

7,270

0

Equity in net income of joint ventures

(11,059)

(908)

(11,059)

(908)

Reserve of preferred equity interests

0

19,393

0

19,393

Tax expense

1,057

859

1,057

859

Gain on sale of joint venture interests

(13,943)

(45,635)

(13,943)

(45,635)

Gain on disposition of real estate, net

(6,069)

(993)

(6,069)

(993)

Income from non-controlling interests

384

621

384

621

Consolidated NOI

251,225

205,965

251,225

205,965

SITE Centers' consolidated JV

0

0

(958)

(1,200)

Consolidated NOI, net of non-controlling interests

251,225

205,965

250,267

204,765

Net income (loss) from unconsolidated joint ventures

53,525

(36,455)

9,943

366

Interest expense

32,898

47,555

8,113

9,251

Depreciation and amortization

50,309

77,580

11,480

13,665

Impairment charges

0

33,240

0

1,890

Preferred share expense

0

13,710

0

685

Other expense, net

8,806

10,844

2,186

2,250

Gain on disposition of real estate, net

(36,132)

(9,229)

(4,387)

(1,778)

Unconsolidated NOI

$109,406

$137,245

27,335

26,329

Total Consolidated + Unconsolidated NOI

277,602

231,094

Less: Non-Same Store NOI adjustments

490

9,705

Total SSNOI including redevelopment

278,092

240,799

Less: Redevelopment Same Store NOI adjustments

(11,071)

(7,478)

Total SSNOI excluding redevelopment

$267,021

$233,321

SSNOI % Change including redevelopment

15.5%

SSNOI % Change excluding redevelopment

14.4%

9

SITE Centers Corp.

Portfolio Summary

GLA in thousands

9/30/2021

6/30/2021

3/31/2021

12/31/2020

9/30/2020

Shopping Center Count

Operating Centers - 100%

137

137

138

138

147

Wholly Owned

81

80

78

78

69

JV Portfolio

56

57

60

60

78

Gross Leasable Area (GLA)

Owned and Ground Lease - Pro Rata Share

24,356

24,327

24,370

24,429

22,587

Wholly Owned

21,677

21,605

21,580

21,639

19,600

JV Portfolio - Pro Rata Share

2,679

2,722

2,790

2,790

2,987

Unowned - 100%

10,475

10,475

10,617

10,562

12,408

Quarterly Operational Overview

Pro Rata Share

Base Rent PSF

$18.44

$18.39

$18.39

$18.50

$18.53

Base Rent PSF < 10K

$29.20

$29.17

$28.91

$29.10

$29.17

Base Rent PSF > 10K

$15.36

$15.35

$15.39

$15.46

$15.52

Commenced Rate

90.2%

89.7%

88.6%

88.7%

89.7%

Commenced Rate < 10K SF

80.0%

79.7%

80.1%

80.4%

81.1%

Commenced Rate > 10K SF

93.6%

93.0%

91.3%

91.4%

92.4%

Leased Rate

92.3%

91.8%

91.4%

91.6%

91.9%

Leased Rate < 10K SF

83.9%

82.9%

82.8%

82.8%

83.3%

Leased Rate > 10K SF

95.1%

94.6%

94.1%

94.3%

94.6%

Wholly Owned SITE

Base Rent PSF

$18.67

$18.61

$18.62

$18.75

$18.89

Leased Rate

92.9%

92.3%

91.9%

91.9%

92.0%

Leased Rate < 10K SF

83.9%

82.7%

82.7%

82.7%

83.3%

Leased Rate > 10K SF

95.7%

95.4%

94.7%

94.7%

94.6%

Joint Venture at Pro Rata Share

Base Rent PSF

$16.59

$16.62

$16.57

$16.62

$16.25

Leased Rate

87.6%

87.2%

87.4%

89.0%

91.3%

Leased Rate < 10K SF

83.5%

84.0%

83.2%

83.6%

83.3%

Leased Rate > 10K SF

89.2%

88.5%

89.1%

91.1%

94.4%

Operational Statistics

% of Aggregate Property NOI - Wholly Owned

89.8%

89.3%

89.1%

88.7%

87.0%

% of Aggregate Property NOI - Joint Venture - Pro Rata Share

10.2%

10.7%

10.9%

11.3%

13.0%

Quarterly SITE SSNOI at share including Redevelopment

21.6%

29.9%

(1.4%)

(12.0%)

(16.5%)

Quarterly SITE SSNOI at share excluding Redevelopment

20.5%

28.7%

(2.1%)

(11.8%)

(17.8%)

TTM Total Leasing - at pro rata share (GLA in 000's)

3,528

3,331

2,954

2,808

2,491

TTM Blended New and Renewal Rent Spreads - at pro rata share

1.6%

1.7%

1.9%

3.4%

5.5%

10

SITE Centers Corp.

Capital Structure

$, shares and units in thousands, except per share

September 30, 2021

December 31, 2020

December 31, 2019

Capital Structure

Market Value Per Share

$15.44

$10.12

$14.02

Common Shares Outstanding

211,071

193,363

193,821

Operating Partnership Units

141

141

141

Total Outstanding Common Shares

211,211

193,504

193,962

Common Shares Equity

$3,261,100

$1,958,258

$2,719,342

Perpetual Preferred Stock - Class K (1)

0

150,000

150,000

Perpetual Preferred Stock - Class A

175,000

175,000

175,000

Total Perpetual Preferred Stock

$175,000

$325,000

$325,000

Unsecured Credit Facilities

0

135,000

5,000

Unsecured Term Loan

100,000

100,000

100,000

Unsecured Notes Payable

1,456,672

1,456,031

1,656,156

Mortgage Debt (includes JVs at SITE share)

458,360

473,576

372,498

Total Debt (includes JVs at SITE share)

2,015,032

2,164,607

2,133,654

Less: Cash (including restricted cash)

65,338

74,414

19,133

Net Debt

$1,949,694

$2,090,193

$2,114,521

Total Market Capitalization

$5,385,794

$4,373,451

$5,158,863

Leverage / Public Debt Covenants

Average Consolidated Net Effective Debt

1,721,002

1,842,053

1,848,801

Consolidated Adjusted EBITDA - TTM

335,735

300,012

361,517

Average Consolidated Net Debt / Adjusted EBITDA (2)

5.1X

6.1X

5.1X

Average Pro-Rata Net Effective Debt

1,947,530

2,089,916

2,158,288

Pro-Rata Adjusted EBITDA - TTM

346,911

312,708

378,942

Average Pro-Rata Net Debt / Adjusted EBITDA (2)

5.6X

6.7X

5.7X

Outstanding Debt & Obligations

1,811,087

1,953,194

1,868,599

Undepreciated Real Estate Assets

5,345,437

5,256,719

5,194,413

Total Debt to Real Estate Assets Ratio (3)

34%

37%

36%

Covenant

65%

65%

65%

Secured Debt & Obligations

241,165

248,917

94,196

Total Assets

5,583,897

5,529,204

5,374,643

Secured Debt to Assets Ratio

4%

5%

2%

Covenant

40%

40%

40%

Unencumbered Real Estate Assets

4,738,696

4,624,168

4,500,271

Unsecured Debt & Obligations

1,569,922

1,704,277

1,774,404

Unencumbered Assets to Unsecured Debt (3)

302%

271%

254%

Covenant

135%

135%

135%

Net Income Available for Debt Service

313,112

264,148

336,137

Maximum Annual Service Charge

80,585

80,913

89,365

Fixed Charge Coverage Ratio

3.9X

3.3X

3.8X

Covenant

1.5X

1.5X

1.5X

Net Income Available for Debt Service Excluding Other Expenses

313,112

280,716

336,304

Fixed Charge Coverage Ratio Excluding Other Expenses

3.9X

3.5X

3.8X

Credit Ratings (Outlook)

Moody's

Baa3 (Stable)

Baa3 (Stable)

Baa3 (Stable)

S&P

BBB- (Stable)

BBB- (Stable)

BBB- (Stable)

Fitch

BBB (Stable)

BBB (Stable)

BBB (Stable)

(1) Redeemed on April 7, 2021.

(2) Excludes Perpetual Preferred Stock. See definition in the Non-GAAP Measures section.

(3) Real Estate Assets and Unencumbered Assets exclude consolidated cash and cash equivalents.

11

SITE Centers Corp.

Same Store Metrics (1)

$ in thousands

Same Store at 100%

Same Store at SITE Share

SITE at share

3Q21

3Q20

Change

3Q21

3Q20

Change

Leased rate

92.0%

92.4%

(0.4%)

92.7%

92.6%

0.1%

Commenced rate

90.0%

90.4%

(0.4%)

90.7%

90.9%

(0.2%)

Revenues:

Minimum rents

$114,038

$117,337

$88,561

$90,894

Recoveries

38,427

37,929

30,431

29,485

Uncollectible revenue

1,417

(20,283)

1,295

(15,964)

Percentage and overage rent

1,277

972

1,107

877

Ancillary and other rental income

2,291

1,696

1,653

1,293

157,450

137,651

14.4%

123,047

(2)

106,585

15.4%

Expenses:

Operating and maintenance

(20,512)

(19,787)

(15,506)

(15,007)

Real estate taxes

(24,182)

(23,197)

(19,565)

(18,558)

(44,694)

(42,984)

4.0%

(35,071)

(33,565)

4.5%

Total SSNOI excluding Redevelopment

$112,756

$94,667

19.1%

$87,976

$73,020

20.5%

Redevelopment SSNOI (3)

$3,643

$2,338

$3,643

$2,338

Total SSNOI including Redevelopment

$116,399

$97,005

20.0%

$91,619

$75,358

21.6%

Non-Same Store NOI

2,697

8,028

516

(3,923)

Total Consolidated + Unconsolidated NOI

$119,096

$105,033

$92,135

$71,435

SSNOI Operating Margin - Ex Redevelopment

71.6%

68.8%

71.5%

68.5%

SSNOI Recovery Rate - Ex Redevelopment

86.0%

88.2%

86.8%

87.8%

(1) See calculation definition in the Non-GAAP Measures section.

(2) Includes $0.5 million of accrued Minimum rents not collected.

(3) See Redevelopments section for detail on major redevelopment activity. Represents 4.0% of 3Q21 total NOI at SITE share.

12

SITE Centers Corp.

Same Store Metrics (1)

$ in thousands

Same Store at 100%

Same Store at SITE Share

YTD SITE at share

9M21

9M20

Change

9M21

9M20

Change

Leased rate

92.0%

92.4%

(0.4%)

92.7%

92.6%

0.1%

Commenced rate

90.0%

90.4%

(0.4%)

90.7%

90.9%

(0.2%)

Revenues:

Minimum rents

$341,716

$350,620

$265,026

$271,810

Recoveries

117,622

116,454

92,931

91,710

Uncollectible revenue

13,844

(41,595)

9,465

(32,289)

Percentage and overage rents

4,089

2,142

3,472

1,938

Ancillary and other rental income

6,659

6,336

4,752

4,744

483,930

433,957

11.5%

375,646

(2)

337,913

11.2%

Expenses:

Operating and maintenance

(66,340)

(62,138)

(50,428)

(47,547)

Real estate taxes

(72,455)

(71,381)

(58,197)

(57,045)

(138,795)

(133,519)

4.0%

(108,625)

(104,592)

3.9%

Total SSNOI excluding Redevelopment

$345,135

$300,438

14.9%

$267,021

$233,321

14.4%

Redevelopment SSNOI (3)

$11,071

$7,478

$11,071

$7,478

Total SSNOI including Redevelopment

$356,206

$307,916

15.7%

$278,092

$240,799

15.5%

Non-Same Store NOI

4,425

35,294

(490)

(9,705)

Total Consolidated + Unconsolidated NOI

$360,631

$343,210

$277,602

$231,094

SSNOI Operating Margin - Ex Redevelopment

71.3%

69.2%

71.1%

69.0%

SSNOI Recovery Rate - Ex Redevelopment

84.7%

87.2%

85.6%

87.7%

(1) See calculation definition in the Non-GAAP Measures section.

(2) Includes $0.8 million of accrued Minimum rents not collected.

(3) See Redevelopments section for detail on major redevelopment activity. Represents 4.0% of YTD total NOI at SITE share.

13

SITE Centers Corp.

Leasing Summary

At pro rata share except for count

Leasing Activity

Comparable Pool

Total Pool

Count

GLA

New

Rent

PSF

Prior

Rent

PSF

Rent

Spread

Wtd Avg

Term

(Years)

Count

GLA

New

Rent

PSF

Wtd Avg

Term

(Years)

New Leases

3Q21

25

96,921

$18.97

$16.06

18.1%

8.8

57

237,270

$20.27

8.7

2Q21

31

90,838

$21.24

$20.17

5.3%

8.4

60

167,312

$22.17

8.8

1Q21

28

70,219

$25.26

$21.98

14.9%

7.7

59

219,005

$21.32

8.5

4Q20

27

141,570

$15.52

$16.14

(3.8%)

8.1

45

229,332

$16.23

9.2

111

399,548

$19.37

$18.06

7.3%

8.2

221

852,919

$19.83

8.8

Renewals

3Q21

100

763,907

$17.45

$17.00

2.6%

5.4

100

763,907

$17.45

5.4

2Q21

88

706,137

$14.16

$13.46

5.2%

5.3

88

706,137

$14.16

5.3

1Q21

86

490,103

$16.78

$17.52

(4.2%)

5.3

86

490,103

$16.78

5.3

4Q20

82

715,371

$15.08

$15.37

(1.9%)

4.4

82

715,371

$15.08

4.4

356

2,675,518

$15.83

$15.73

0.6%

5.1

356

2,675,518

$15.83

5.1

New + Renewals

3Q21

125

860,828

$17.62

$16.89

4.3%

5.8

157

1,001,177

$18.12

6.3

2Q21

119

796,975

$14.97

$14.23

5.2%

5.8

148

873,449

$15.69

6.3

1Q21

114

560,322

$17.84

$18.08

(1.3%)

5.8

145

709,108

$18.18

6.5

4Q20

109

856,941

$15.15

$15.50

(2.3%)

5.1

127

944,703

$15.36

5.7

467

3,075,066

$16.29

$16.03

1.6%

5.6

577

3,528,437

$16.79

6.2

Net Effective Rents

Avg

Capex PSF

NER

Wtd Avg

% of GLA

GLA

Rent PSF

TA

LL Work

LC

Total

PSF

Term (Years)

>10K SF

<10K SF

New Leases (1)

3Q21

232,547

$20.59

$4.38

$4.38

$0.84

$9.60

$10.99

8.8

57%

43%

2Q21

144,844

$24.22

$1.95

$4.69

$1.16

$7.80

$16.42

8.7

34%

66%

1Q21

156,137

$21.22

$2.24

$4.51

$0.90

$7.65

$13.57

8.0

51%

49%

4Q20

225,132

$16.36

$2.07

$3.15

$0.77

$5.99

$10.37

8.6

72%

28%

758,660

$20.16

$2.81

$4.10

$0.89

$7.80

$12.36

8.5

56%

44%

Renewals

3Q21

763,907

$17.65

$0.30

$0.00

$0.04

$0.34

$17.31

5.4

85%

15%

2Q21

706,137

$14.31

$0.05

$0.01

$0.00

$0.06

$14.25

5.3

85%

15%

1Q21

490,103

$16.93

$0.42

$0.00

$0.00

$0.42

$16.51

5.3

77%

23%

4Q20

715,371

$15.18

$0.11

$0.00

$0.02

$0.13

$15.05

4.4

76%

24%

2,675,518

$15.98

$0.21

$0.00

$0.02

$0.23

$15.75

5.1

81%

19%

New + Renewals

3Q21

996,454

$18.33

$1.63

$1.44

$0.30

$3.37

$14.96

6.2

78%

22%

2Q21

850,981

$16.00

$0.50

$1.14

$0.28

$1.92

$14.08

6.1

76%

24%

1Q21

646,240

$17.96

$0.99

$1.43

$0.29

$2.71

$15.25

6.1

71%

29%

4Q20

940,503

$15.46

$0.85

$1.19

$0.30

$2.34

$13.12

5.5

75%

25%

3,434,178

$16.90

$1.02

$1.29

$0.29

$2.60

$14.30

6.0

76%

24%

(1) New Leases exclude redevelopment activity.

14

SITE Centers Corp.

Top 50 Tenants

$ and GLA in thousands

Number of Units

Base Rent

Owned GLA

Credit Ratings

Tenant

WO

JV

Total

Pro Rata

% of Total

At 100%

Pro Rata

% of Total

At 100%

(S&P/Moody's/Fitch)

1

TJX Companies (1)

49

14

63

$22,400

5.9%

$25,507

1,583

6.5%

1,864

A/A2/NR

2

Dick's Sporting Goods (2)

15

4

19

10,463

2.8%

12,148

700

2.9%

846

NR

3

PetSmart

24

6

30

9,802

2.6%

11,149

572

2.3%

661

B/B2/NR

4

Michaels

23

9

32

9,071

2.4%

10,973

601

2.5%

762

B/B1/NR

5

Ulta

27

8

35

7,572

2.0%

8,926

303

1.2%

366

NR

6

Gap (3)

22

11

33

7,566

2.0%

9,519

393

1.6%

503

BB/Ba2/NR

7

Bed Bath & Beyond (4)

18

2

20

7,360

2.0%

7,872

610

2.5%

659

B+/Ba3/NR

8

Nordstrom Rack

10

0

10

7,108

1.9%

7,108

362

1.5%

362

BB+/Ba1/BBB-

9

Best Buy

9

3

12

7,024

1.9%

8,570

437

1.8%

550

BBB+/A3/NR

10

Ross Stores (5)

16

17

33

6,940

1.8%

10,373

579

2.4%

953

BBB+/A2/NR

11

Kohl's

7

7

14

6,673

1.8%

10,646

748

3.1%

1,221

BBB-/Baa2/BBB-

12

Kroger (6)

7

4

11

6,436

1.7%

7,736

459

1.9%

632

BBB/Baa1/NR

13

AMC Theatres

2

3

5

5,912

1.6%

9,842

215

0.9%

400

CCC+/Caa3/NR

14

Burlington

8

4

12

5,634

1.5%

7,121

360

1.5%

487

BB+/NR/NR

15

Five Below

26

13

39

5,291

1.4%

6,827

257

1.1%

341

NR

16

Whole Foods

3

2

5

5,026

1.3%

5,771

208

0.9%

259

AA/A1/AA-

17

Barnes & Noble

9

2

11

4,917

1.3%

5,453

232

1.0%

261

NR

18

Designer Brands Inc. (DSW)

12

1

13

4,401

1.2%

4,686

265

1.1%

281

NR

19

Home Depot

5

0

5

3,809

1.0%

3,809

600

2.5%

600

A/A2/A

20

Petco

12

6

18

3,769

1.0%

4,971

178

0.7%

242

B/B2/NR

21

Office Depot (7)

12

2

14

3,669

1.0%

4,144

267

1.1%

305

NR

22

Party City

14

5

19

3,605

1.0%

4,532

184

0.8%

237

CCC+/Caa1/CCC+

23

Jo-Ann

9

4

13

3,506

0.9%

4,268

300

1.2%

381

B/B2/NR

24

Cost Plus

10

3

13

3,505

0.9%

4,909

190

0.8%

263

NR

25

Staples

9

4

13

3,302

0.9%

3,971

209

0.9%

253

B/B2/NR

26

Total Wine & More

6

1

7

3,244

0.9%

3,437

165

0.7%

177

NR

27

Cinemark

2

2

4

3,111

0.8%

4,231

200

0.8%

266

B/NR/B+

28

Publix

3

13

16

2,988

0.8%

7,352

269

1.1%

786

NR

29

Ahold Delhaize (8)

2

5

7

2,952

0.8%

5,785

180

0.7%

385

BBB/Baa1/NR

30

Cineworld (Regal Cinemas)

3

0

3

2,940

0.8%

2,940

138

0.6%

138

CCC/NR/NR

31

Dollar Tree Stores

20

10

30

2,886

0.8%

3,721

250

1.0%

329

BBB/Baa2/NR

32

CGV Cinemas

1

0

1

2,849

0.8%

2,849

74

0.3%

74

NR

33

LA Fitness

3

1

4

2,379

0.6%

2,966

144

0.6%

175

BB-/B1/NR

34

Giant Eagle

2

1

3

2,330

0.6%

2,624

197

0.8%

253

NR

35

Macy's (9)

4

0

4

2,293

0.6%

2,293

183

0.8%

183

BB-/Ba2/BB+

36

AT&T

19

10

29

2,276

0.6%

2,793

64

0.3%

84

BBB/Baa2/BBB+

37

Mattress Firm

13

7

20

2,031

0.5%

2,755

66

0.3%

93

NR

38

Caleres Inc.

10

3

13

1,992

0.5%

2,498

95

0.4%

119

B+/B1/NR

39

Hobby Lobby

5

0

5

1,943

0.5%

1,943

267

1.1%

267

NR

40

JPMorgan Chase

10

3

13

1,936

0.5%

2,115

44

0.2%

53

A-/NR/AA-

41

Lowe's

2

2

4

1,918

0.5%

3,608

322

1.3%

531

BBB+/Baa1/NR

42

Carter's Childrenswear

13

7

20

1,868

0.5%

2,273

62

0.3%

80

BB+/NR/NR

43

Target

3

1

4

1,839

0.5%

2,118

502

2.1%

570

A/A2/A

44

T-Mobile (10)

21

9

30

1,742

0.5%

2,086

51

0.2%

64

BB+/NR/BBB-

45

Panera

11

2

13

1,729

0.5%

1,897

56

0.2%

63

NR

46

America's Best Contacts

16

5

21

1,668

0.4%

1,989

62

0.3%

76

NR

47

Darden (11)

8

2

10

1,592

0.4%

1,823

61

0.3%

73

BBB-/Baa3/BBB-

48

Albertsons Companies (12)

2

0

2

1,564

0.4%

1,564

116

0.5%

116

BB/Ba2/NR

49

Tailored Brands (13)

9

3

12

1,520

0.4%

1,759

76

0.3%

86

NR

50

Beall's (14)

5

3

8

1,462

0.4%

2,262

195

0.8%

294

NR

Top 50 Total

551

224

775

$219,813

58.3%

$272,512

14,651

60.2%

19,024

Total Portfolio

$377,041

100.0%

$479,548

24,356

100.0%

32,347

(1) T.J. Maxx (17) / Marshalls (22) / HomeGoods (15) / Sierra Trading (5) / HomeSense (3) / Combo Store (1)

(8) Stop & Shop (4) / Food Lion (2) / Martin's (1)

(2) Dick's Sporting Goods (15) / Golf Galaxy (4)

(9) Macy's Furniture Gallery (3) / Bloomingdale's the Outlet Store (1)

(3) Gap (3) / Old Navy (28) / Banana Republic (1) / Athleta (1)

(10) T-Mobile (27) / Metro PCS (2) / Sprint (1)

(4) Bed Bath (13) / buybuy Baby (7)

(11) Longhorn Steakhouse (6) / Olive Garden (4)

(5) Ross Dress For Less (31) / dd's Discounts (2)

(12) Safeway (1) / ACME (1)

(6) Kroger (6) / Harris Teeter (2) / King Soopers (1) / Mariano's (1) / Lucky's (1)

(13) Men's Wearhouse (10) / Jos. A. Bank (1) / K&G Fashion Superstore (1)

(7) Office Depot (6) / OfficeMax (8)

(14) Beall's (2) / Beall's Outlet (6)

15

SITE Centers Corp.

Lease Expirations

At pro rata share except for count; $ and GLA in thousands

Assumes no exercise of lease options

Greater than 10K SF

Less than 10K SF

Total

Year

# of

Leases

Expiring

SF

% of SF

> 10K

ABR

% of ABR

> 10K

Rent

PSF

# of

Leases

Expiring

SF

% of SF

< 10K

ABR

% of ABR

< 10K

Rent

PSF

# of

Leases

Expiring

SF

% of SF

Total

ABR

% of ABR

Total

Rent

PSF

MTM

0

0

0.0%

$0

0.0%

$0.00

39

39

0.8%

$980

0.7%

$25.13

39

39

0.2%

$980

0.3%

$25.13

2021

5

97

0.6%

1,462

0.6%

$15.07

57

81

1.7%

2,334

1.7%

$28.81

62

178

0.8%

3,796

1.0%

$21.33

2022

46

1,225

7.2%

16,154

6.8%

$13.19

362

723

15.0%

20,717

14.9%

$28.65

408

1,948

8.9%

36,871

9.8%

$18.93

2023

113

2,686

15.7%

36,018

15.1%

$13.41

334

682

14.2%

19,404

13.9%

$28.45

447

3,368

15.4%

55,422

14.7%

$16.46

2024

111

2,683

15.7%

35,911

15.1%

$13.38

359

687

14.3%

20,236

14.5%

$29.46

470

3,370

15.4%

56,147

14.9%

$16.66

2025

99

2,435

14.2%

35,098

14.8%

$14.41

302

666

13.9%

18,164

13.1%

$27.27

401

3,101

14.1%

53,262

14.1%

$17.18

2026

92

2,080

12.1%

26,204

11.0%

$12.60

263

541

11.3%

15,514

11.1%

$28.68

355

2,621

11.9%

41,718

11.1%

$15.92

2027

70

1,772

10.3%

26,515

11.1%

$14.96

125

333

6.9%

9,485

6.8%

$28.48

195

2,105

9.6%

36,000

9.5%

$17.10

2028

36

699

4.1%

9,361

3.9%

$13.39

103

266

5.5%

8,553

6.1%

$32.15

139

965

4.4%

17,914

4.8%

$18.56

2029

31

801

4.7%

12,257

5.2%

$15.30

96

237

4.9%

7,780

5.6%

$32.83

127

1,038

4.7%

20,037

5.3%

$19.30

2030

33

767

4.5%

10,556

4.4%

$13.76

92

219

4.6%

6,936

5.0%

$31.67

125

986

4.5%

17,492

4.6%

$17.74

Thereafter

64

1,883

11.0%

28,334

11.9%

$15.05

115

334

6.9%

9,068

6.5%

$27.15

179

2,217

10.1%

37,402

9.9%

$16.87

Total

700

17,128

100.0%

$237,870

100.0%

$13.89

2,247

4,808

100.0%

$139,171

100.0%

$28.95

2,947

21,936

100.0%

$377,041

100.0%

$17.19

Signed Not Open

15

315

$4,672

$14.83

115

253

$7,219

$28.53

130

568

$11,891

$20.93

Vacant

50

906

404

970

454

1,876

Assumes all lease options are exercised

Greater than 10K SF

Less than 10K SF

Total

Year

# of

Leases

Expiring

SF

% of SF

> 10K

ABR

% of ABR

> 10K

Rent

PSF

# of

Leases

Expiring

SF

% of SF

< 10K

ABR

% of ABR

< 10K

Rent

PSF

# of

Leases

Expiring

SF

% of SF

Total

ABR

% of ABR

Total

Rent

PSF

MTM

0

0

0.0%

$0

0.0%

$0.00

35

33

0.7%

$910

0.7%

$27.58

35

33

0.2%

$910

0.2%

$27.58

2021

2

40

0.2%

752

0.3%

$18.80

47

66

1.4%

1,961

1.4%

$29.71

49

106

0.5%

2,713

0.7%

$25.59

2022

15

278

1.6%

4,236

1.8%

$15.24

228

396

8.2%

11,010

7.9%

$27.80

243

674

3.1%

15,246

4.0%

$22.62

2023

15

186

1.1%

4,135

1.7%

$22.23

204

322

6.7%

8,984

6.5%

$27.90

219

508

2.3%

13,119

3.5%

$25.82

2024

14

229

1.3%

3,612

1.5%

$15.77

207

333

6.9%

10,428

7.5%

$31.32

221

562

2.6%

14,040

3.7%

$24.98

2025

16

277

1.6%

3,857

1.6%

$13.92

179

305

6.3%

8,411

6.0%

$27.58

195

582

2.7%

12,268

3.3%

$21.08

2026

9

105

0.6%

1,525

0.6%

$14.52

139

212

4.4%

5,921

4.3%

$27.93

148

317

1.4%

7,446

2.0%

$23.49

2027

17

290

1.7%

4,794

2.0%

$16.53

126

241

5.0%

7,539

5.4%

$31.28

143

531

2.4%

12,333

3.3%

$23.23

2028

23

348

2.0%

5,894

2.5%

$16.94

119

263

5.5%

7,882

5.7%

$29.97

142

611

2.8%

13,776

3.7%

$22.55

2029

23

416

2.4%

5,720

2.4%

$13.75

126

236

4.9%

6,786

4.9%

$28.75

149

652

3.0%

12,506

3.3%

$19.18

2030

24

442

2.6%

7,281

3.1%

$16.47

105

221

4.6%

6,260

4.5%

$28.33

129

663

3.0%

13,541

3.6%

$20.42

Thereafter

542

14,517

84.8%

196,064

82.4%

$13.51

732

2,180

45.3%

63,079

45.3%

$28.94

1,274

16,697

76.1%

259,143

68.7%

$15.52

Total

700

17,128

100.0%

$237,870

100.0%

$13.89

2,247

4,808

100.0%

$139,171

100.0%

$28.95

2,947

21,936

100.0%

$377,041

100.0%

$17.19

Note: Includes ground leases

16

SITE Centers Corp.

Redevelopments

$ in thousands

Redevelopment - Major (1)

Shopping Center

MSA

SITE

Own %

Est.

Yield (%)

Est.

Net Costs

Costs

to Date

Est. Remain.

Costs

Placed In

Service

CIP

Initial

Occ.

Est.

Stabilize

Key Tenants

West Bay Plaza - Phase II

Cleveland, OH

100%

$9,102

$2,972

$6,130

$0

$2,972

2Q22

2Q23

Sierra Trading Post

Woodfield Village Green

Chicago, IL

100%

-

663

-

-

663

TBD

TBD

Costco

Perimeter Pointe

Atlanta, GA

100%

-

1,252

-

-

1,252

TBD

TBD

-

Total Redevelopment - Major

8%

$9,102

$4,887

$6,130

$0

$4,887

Redevelopment - Tactical (2)

Shopping Center

MSA

SITE

Own %

Est.

Yield (%)

Est.

Net Costs

Costs

to Date

Est. Remain.

Costs

Placed In

Service

CIP

Initial

Occ.

Est.

Stabilize

Key Tenants

Shoppers World

Boston, MA

100%

$6,672

$164

$6,508

$0

$164

4Q22

4Q23

-

University Hills

Denver, CO

100%

4,589

519

4,070

-

519

3Q22

4Q23

-

Hamilton Marketplace

Trenton, NJ

100%

3,843

2,769

1,074

-

2,769

2Q22

4Q22

Mission BBQ, Mezeh Grill

Carolina Pavilion

Charlotte, NC

100%

2,339

167

2,172

-

167

4Q22

4Q23

Visionworks, Smoothie King

West Bay Plaza

Cleveland, OH

100%

335

100

235

55

45

4Q21

1Q22

Chase

Other Tactical Projects

N/A

100%

13,549

12,971

578

10,766

2,205

Total Redevelopment - Tactical

10%

$31,327

$16,690

$14,637

$10,821

$5,869

Other (3)

-

27,226

-

-

27,226

Undeveloped land (4)

-

4,161

-

-

4,161

Total Redevelopment Costs

$40,429

$52,964

$20,767

$10,821

$42,143

(5)

(1) Non-stabilized portion of projects excluded from same store NOI. Includes large-scale shopping center expansion and repurposing projects.

(2) Projects included in same store NOI. Includes outparcels, first generation space and small-scale shopping center expansions and other capital improvements.

(3) Includes predevelopment and retenanting expenditures.

(4) Balance is in addition to owned land adjacent to existing centers with an estimated value of $5 million (decrease in value is due to Q3 non-operating land sales) and cost basis of the headquarters (non-income producing portion) of $32 million.

(5) Balance is in addition to SITE's pro rata share of joint venture CIP of $2 million.

17

SITE Centers Corp.

Transactions

$ and GLA in thousands

Acquisitions

SITE

Total

Owned

At 100%

At SITE Share

Property Name

City, State

Own %

GLA

Price

Debt

Price

Debt

05/12/21

Shoppes at Addison Place

Delray Beach, FL

100%

52

$40,000

$17,862

$40,000

$17,862

05/25/21

Emmet Street Station

Charlottesville, VA

100%

11

8,750

-

8,750

-

2Q 2021 Total

63

$48,750

$17,862

$48,750

$17,862

09/13/21

Hammond Springs

Atlanta, GA

100%

69

$31,000

-

$31,000

-

3Q 2021 Total

69

$31,000

$0

$31,000

$0

Total YTD 2021

132

$79,750

$17,862

$79,750

$17,862

Dispositions

SITE

Total

Owned

At 100%

At SITE Share

Property Name

City, State

Own %

GLA

Price

Debt

Price

Debt

02/02/21

Richmond Hill Land

Toronto, CAN

10.0%

$83,294

-

$22,123

-

03/19/21

Merriam Village-Hobby Lobby Parcel

Merriam Village, KS

100.0%

55

9,250

-

9,250

-

03/31/21

Non-operating land sales

100.0%

2,200

-

2,200

-

1Q 2021 Total

55

$94,744

$0

$33,573

$0

04/27/21

Cofer Crossing (DDRM Properties)

Tucker, GA

20.0%

136

$20,000

$9,273

$4,000

$1,855

05/13/21

Shoppes at Golden Acres (DDRM Properties)

New Port Richey, FL

20.0%

131

8,500

9,609

1,700

1,922

05/19/21

Heather Island (DDRM Properties)

Ocala, FL

20.0%

71

8,500

5,399

1,700

1,080

Non-operating land sales

100.0%

1,865

-

1,865

-

2Q 2021 Total

338

$38,865

$24,281

$9,265

$4,857

09/24/21

Harundale Plaza (Other)

Glen Burnie, MD

20.0%

218

$16,375

-

$3,275

-

Non-operating land sales

100.0%

17,860

-

17,860

-

3Q 2021 Total

218

$34,235

$0

$21,135

$0

Total YTD 2021

611

$167,844

$24,281

$63,973

$4,857

18

SITE Centers Corp.

Debt Summary

$ in thousands

Consolidated Debt

Unconsolidated Debt

Total Debt

Debt Composition

100%

SITE Share

Interest Rate

100%

SITE Share

Interest Rate

SITE Share

Interest Rate

Unsecured Credit Facilities

$0

$0

0.98%

$0

0.98%

Unsecured Term Loan

100,000

100,000

1.08%

100,000

1.08%

Unsecured Public Debt

1,456,672

1,456,672

4.27%

1,456,672

4.27%

Fixed Rate Mortgage Loans

153,517

144,376

4.35%

$757,050

$177,575

4.75%

321,951

4.57%

Variable Rate Mortgage Loans

87,649

87,649

2.39%

243,798

48,760

3.18%

136,409

2.67%

Subtotal

$1,797,838

$1,788,697

4.01%

$1,000,848

$226,335

4.41%

$2,015,032

4.05%

Fair Market Value Adjustment

1,268

1,268

0

0

1,268

Unamortized Loan Costs, Net

(6,549)

(6,545)

(3,880)

(847)

(7,392)

Total

$1,792,557

$1,783,420

4.01%

$996,968

$225,488

4.41%

$2,008,908

4.05%

Consolidated Maturity Schedule (1)

Principal

Payments

Secured

Maturities

Unsecured

Maturities

Total

100%

Total

SITE Share

Interest Rate

2021

$436

$0

$0

$436

$436

-

2022

1,921

149,460

0

151,381

142,240

3.13%

2023

1,260

35,177

187,209

223,646

223,646

2.60%

2024

749

27,059

65,614

93,422

93,422

4.18%

2025

46

25,058

457,142

482,246

482,246

3.80%

2026

0

0

400,000

400,000

400,000

4.43%

2027

0

0

450,000

450,000

450,000

4.80%

2028

0

0

0

0

0

-

2029

0

0

0

0

0

-

2030 and beyond

0

0

0

0

0

-

Unsecured debt discount

(3,293)

(3,293)

(3,293)

Total

$4,412

$236,754

$1,556,672

$1,797,838

$1,788,697

4.01%

Unconsolidated Maturity Schedule (1)

Principal

Payments

Secured

Maturities

Unsecured

Maturities

Total

100%

Total

SITE Share

Interest Rate

2021

$611

$96,460

$0

$97,071

$34,119

5.81%

2022

1,672

462,528

0

464,200

93,085

3.66%

2023

1,735

0

0

1,735

600

-

2024

1,799

364,320

0

366,119

73,486

4.97%

2025

1,867

0

0

1,867

644

-

2026

1,936

0

0

1,936

668

-

2027

2,009

0

0

2,009

692

-

2028

514

65,397

0

65,911

23,041

3.69%

2029

0

0

0

0

0

-

2030 and beyond

0

0

0

0

0

-

Total

$12,143

$988,705

$0

$1,000,848

$226,335

4.41%

% of Total (2)

Consolidated

Interest Rate

Unconsolidated

Interest Rate

Total

Interest Rate

Fixed

89.5%

4.3%

78.5%

4.7%

88.3%

4.3%

Variable

10.5%

1.7%

21.5%

3.2%

11.7%

2.0%

Recourse to SITE

87.0%

4.1%

0.0%

0.0%

77.3%

4.1%

Non-recourse to SITE

13.0%

4.4%

100.0%

4.4%

22.7%

4.4%

(1) Assumes borrower extension options are exercised.

(2) Calculations based on SITE share.

Note: Interest rate is GAAP at SITE Share.

19

SITE Centers Corp.

Consolidated Debt Detail

$ in thousands

Balance

100%

Balance

SITE Share

Maturity

Date (1)

GAAP Interest

Rate (2)

Bank Debt (3)

Unsecured Term Loan ($200m)

$100,000

$100,000

01/23

L + 100

Unsecured Revolver ($950m)

0

0

01/25

L + 90

Unsecured Revolver ($20m)

0

0

01/25

L + 90

$100,000

$100,000

Public Debt

Unsecured Notes

87,123

87,123

05/23

3.52%

Unsecured Notes

65,534

65,534

08/24

4.07%

Unsecured Notes

456,014

456,014

02/25

3.79%

Unsecured Notes

398,468

398,468

02/26

4.43%

Unsecured Notes

449,533

449,533

06/27

4.80%

$1,456,672

$1,456,672

Mortgage Debt

January 2022 Loan Pool (3 Assets) (4)

87,649

87,649

01/22

2.39%

Paradise Village Gateway, AZ (SITE 67%)

27,700

18,559

01/22

4.90%

White Oak Village

34,250

34,250

09/22

4.05%

Midtowne Park, SC

15,736

15,736

01/23

5.04%

Millenia Crossing, FL

20,159

20,159

01/23

4.32%

Concourse Village, FL

12,797

12,797

02/24

4.86%

Larkin's Corner, PA

16,074

16,074

06/24

4.09%

Shoppes at Addison Place (North), FL

9,090

9,090

02/25

4.08%

Shoppes at Addison Place (South), FL

7,225

7,225

02/25

4.11%

Shoppes at Addison Place (Outlot), FL

1,386

1,386

02/25

4.08%

Southtown Center, FL

9,100

9,100

05/25

3.51%

$241,166

$232,025

Consolidated Debt Subtotal

$1,797,838

$1,788,697

FMV Adjustment - Assumed Debt

1,268

1,268

Unamortized Loan Costs, Net

(6,549)

(6,545)

Total Consolidated Debt

$1,792,557

$1,783,420

Rate Type

Fixed

$1,610,189

$1,601,048

4.0 years

4.28%

Variable

187,649

187,649

0.8 years

1.69%

$1,797,838

$1,788,697

3.7 years

4.01%

Perpetual Preferred Stock

Class A

175,000

175,000

June 2022 (5)

6.38%

(1) Assumes borrower extension options are exercised.

(2) L = LIBOR

(3) Excludes loan fees and unamortized loan costs.

(4) Loan was repaid on October 8, 2021.

(5) Earliest redemption date.

20

SITE Centers Corp.

Unconsolidated Debt Detail

$ in thousands

Joint Venture

Balance

100%

Balance

SITE Share

Maturity

Date (1)

GAAP Interest

Rate

Mortgage Debt

October 2021 Loan Pool (4 assets) (2)

SAU

13,211

2,642

10/21

4.74%

Flat Shoals Crossing, GA (2)

SAU

3,407

681

10/21

4.65%

Sun Center Limited, OH (SITE 79%)

Other

18,703

14,859

11/21

6.48%

RVIP IIIB, Deer Park, IL (SITE 26%)

Other

61,342

15,795

11/21

5.41%

July 2022 Loan Pool (13 assets)

DDRM

218,730

43,746

07/22

4.21%

July 2022 Loan Pool (11 assets)

DDRM

148,486

29,697

07/22

2.98%

July 2022 Loan Pool (7 assets)

DDRM

95,312

19,063

07/22

3.48%

April 2024 Loan Pool (10 assets)

DTP

364,320

72,864

04/24

4.97%

Lennox Town Center Limited, OH (SITE 50%)

Other

38,400

19,200

04/28

3.49%

May 2028 Loan Pool (6 assets)

SAU

38,937

7,788

05/28

4.20%

Unconsolidated Debt Subtotal

$1,000,848

$226,335

Unamortized Loan Costs, Net

(3,880)

(847)

Total Unconsolidated Debt

$996,968

$225,488

Rate Type

Fixed

$757,050

$177,575

2.2 years

4.75%

Variable

243,798

48,760

0.8 years

3.18%

$1,000,848

$226,335

1.9 years

4.41%

(1) Assumes borrower extension options are exercised.

(2) Loan was extended for 6 months on October 18, 2021.

21

SITE Centers Corp.

Debt/Adjusted EBITDA

$ in thousands

Twelve months ended

September 30, 2021

Twelve months ended

September 30, 2020

Consolidated

Consolidated net income to SITE

$64,655

$61,009

Interest expense

76,818

79,236

Income taxes, net

1,329

691

Depreciation and amortization

183,101

166,700

Adjustments for non-controlling interests

(727)

(733)

EBITDA

325,176

306,903

Impairments

12,470

0

Reserve of preferred equity interests

0

22,831

Gain on sale of joint venture interests

(13,772)

(45,635)

Gain on disposition of real estate, net

(6,145)

(1,286)

EBITDAre

317,729

282,813

Separation charges

0

1,650

Equity in net income of JVs

(11,667)

(6,981)

Other expense, net

7,433

15,852

JV OFFO (at SITE Share)

22,240

23,876

Adjusted EBITDA (1)

335,735

317,210

Consolidated debt-average

1,784,770

1,805,133

Partner share of consolidated debt-average

(9,230)

(9,402)

Loan costs, net-average

6,952

8,357

Face value adjustments-average

(911)

(679)

Cash and restricted cash-average

(60,579)

(41,198)

Average net effective debt

$1,721,002

$1,762,211

Debt/Adjusted EBITDA - Consolidated (2)

5.1x

5.6x

Pro rata including JVs

EBITDAre

328,269

299,719

Adjusted EBITDA

346,911

330,890

Consolidated net debt-average

1,721,002

1,762,211

JV debt (at SITE Share)-average

240,442

282,085

Cash and restricted cash-average

(13,915)

(13,259)

Average net effective debt

$1,947,530

$2,031,037

Debt/Adjusted EBITDA - Pro Rata (2)

5.6x

6.1x

(1) See definition in the Non-GAAP Measures section.

(2) Excludes perpetual preferred stock.

22

SITE Centers Corp.

Unconsolidated Joint Ventures

$ and GLA in thousands

Joint Venture

SITE

Own %

Number of Properties

Owned

GLA

Leased Rate

ABR

3Q21 NOI

at 100% (1)

Gross

RE Assets

Debt Balance

at 100% (2)

Madison International

DDRM

20%

31

5,026

89.7%

$14.25

$15,238

$917,749

$462,528

Chinese Institutional Investors

DTP

20%

10

3,397

92.8%

14.52

11,347

580,599

364,320

State of Utah

SAU

20%

11

906

87.3%

13.32

2,213

128,759

55,555

Various Investors

Other (3)

Various

3

1,046

89.1%

24.62

5,008

161,151

118,445

Total (4)

55

10,375

90.4%

$15.06

$33,806

$1,788,258

$1,000,848

Property management fees

1,540

(1)

Assets sold in 3Q2021

389

(1)

Net operating income

$35,735

(5)

(1) Property management fees charged by SITE to the joint venture are included as an expense in NOI, although presented in the combined income statement on the next page in the Other Expense line item.

(2) Excludes unamortized loan costs, net of $3.9 million or $0.8 million at SITE's Share.

(3) Other Joint Venture properties include Lennox Town Center (50%), Deer Park Town Center (50%) and Sun Center (79%).

(4) Excludes one consolidated joint venture asset in which the Company has an effective 67% interest. All others presented at 100%.

(5) Amount agrees to the combined income statement of the joint ventures which includes a reconciliation of the Non-GAAP measure to the applicable GAAP measure. See calculation definition in the Non-GAAP Measures section.

23

SITE Centers Corp.

Unconsolidated Joint Ventures

Combined SITE JV Pro Rata Adjustments (1)

Income Statement Pro Rata Adjustments 3Q21

Balance Sheet Pro Rata Adjustments 3Q21

Revenues:

Assets:

Rental Income (2)

$11,622

Land

$92,394

Other income (3)

624

Buildings

263,526

12,246

Improvements

33,044

Expenses:

388,964

Operating and maintenance

1,572

Depreciation

(116,247)

Real estate taxes

1,616

272,717

3,188

Construction in progress and land

1,744

Net Operating Income

9,058

Real estate, net

274,461

Investment in JVs

(2,011)

Other Income (expense):

Cash and restricted cash

15,971

Fee income

(641)

Receivables, net

4,703

Impairment charges

0

Other assets, net

10,974

Interest expense

(2,706)

Total Assets

$304,098

Depreciation and amortization

(3,805)

Other income (expense), net

(59)

Liabilities and Equity:

Income before earnings from JVs

1,847

Mortgage debt

$225,488

Equity in net income of JVs

(1,824)

Notes payable to SITE

789

Basis differences of JVs

68

Other liabilities

13,043

Loss on disposition of real estate

(91)

Total Liabilities

239,320

Net income

$0

JVs share of equity

66,789

Distributions in excess of net income

(2,011)

FFO Reconciliation 3Q21

Total Equity

64,778

Income before earnings from JVs

$1,847

Total Liabilities and Equity

$304,098

Depreciation and amortization

3,805

Basis differences of JVs

7

FFO at SITE's Ownership Interests

$5,659

OFFO at SITE's Ownership Interests

$5,660

(1) Information provided for SITE's share of JV investments and can be combined with SITE's consolidated financial statements for the same period.

(2) Rental Income:

Minimum rents

$8,133

Ground lease minimum rents

412

Percentage and overage rent

101

Straight-line rent, net

40

Amortization of (above) below market rent, net

95

Recoveries

2,660

Uncollectible revenue

181

(3) Other Income:

Ancillary and other rental income

194

Lease termination fees

430

24

SITE Centers Corp.

Unconsolidated Joint Ventures at 100%

$ in thousands

Combined Income Statement

3Q21

3Q20

9M21

9M20

Revenues:

Rental income (1)

$46,074

$59,276

$145,880

$196,017

Other income (2)

2,592

743

4,743

2,889

48,666

60,019

150,623

198,906

Expenses:

Operating and maintenance

6,682

8,776

21,876

29,419

Real estate taxes

6,249

9,837

19,341

32,242

12,931

18,613

41,217

61,661

Net operating income

35,735

41,406

109,406

137,245

Other income (expense):

Interest expense

(10,980)

(14,700)

(32,898)

(47,555)

Depreciation and amortization

(16,605)

(23,901)

(50,309)

(77,580)

Impairment charges

0

0

0

(33,240)

Preferred share expense

0

(4,626)

0

(13,710)

Other expense, net

(2,832)

(3,246)

(8,806)

(10,844)

5,318

(5,067)

17,393

(45,684)

(Loss) gain on disposition of real estate, net

(455)

319

36,132

9,229

Net income (loss) attributable to unconsolidated JVs

4,863

(4,748)

53,525

(36,455)

Depreciation and amortization

16,605

23,901

50,309

77,580

Impairment of real estate

0

0

0

33,240

Gain on disposition of real estate, net

455

(319)

(36,132)

(9,229)

FFO

$21,923

$18,834

$67,702

$65,136

FFO at SITE's ownership interests

$5,659

$4,388

$17,065

$14,529

Operating FFO at SITE's ownership interests

$5,660

$4,388

$17,097

$14,571

(1) Rental Income:

Minimum rents

$32,498

$46,003

$98,635

$149,231

Ground lease minimum rents

1,511

2,624

4,634

8,618

Percentage and overage rent

262

182

849

662

Straight-line rent, net

263

770

558

(1,080)

Amortization of (above) below market rent, net

476

1,509

1,553

4,795

Recoveries

10,705

15,900

33,307

50,709

Uncollectible revenue

359

(7,712)

6,344

(16,918)

(2) OtherIncome:

Ancillary and other rental income

811

713

2,568

2,839

Lease Termination fees

1,781

30

2,175

50

Combined Balance Sheet

At Period End

3Q21

4Q20

Assets:

Land

$428,167

$441,412

Buildings

1,212,771

1,258,879

Improvements

138,876

137,663

1,779,814

1,837,954

Depreciation

(501,506)

(492,288)

1,278,308

1,345,666

Construction in progress and land

8,444

58,201

Real estate, net

1,286,752

1,403,867

Cash and restricted cash

61,797

35,212

Receivables, net

19,513

25,719

Other assets, net

53,415

61,381

Total Assets

1,421,477

1,526,179

Liabilities and Equity:

Mortgage debt

996,968

1,029,579

Notes and accrued interest payable to SITE

3,789

4,375

Other liabilities

59,890

57,349

Total Liabilities

1,060,647

1,091,303

Accumulated equity

360,830

434,876

Total Equity

360,830

434,876

Total Liabilities and Equity

$1,421,477

$1,526,179

25

SITE Centers Corp.

Top 20 MSA Exposure

$ and GLA in thousands

# of

Pro Rata

% of

Leased

Pro Rata

% of

PRS

MSA

Properties

GLA

PRS GLA

Rate %

ABR

PRS ABR

ABR PSF

1

Atlanta-Sandy Springs-Roswell, GA

19

2,353

9.7%

90.7%

$30,768

8.2%

$14.52

2

Chicago-Naperville-Elgin, IL-IN-WI

6

1,165

4.8%

80.2%

23,738

6.3%

$25.86

3

Columbus, OH

7

1,582

6.5%

94.6%

23,346

6.2%

$16.17

4

Orlando-Kissimmee-Sanford, FL

7

1,325

5.4%

96.3%

23,004

6.1%

$19.47

5

Boston-Cambridge-Newton, MA-NH

2

1,421

5.8%

97.0%

22,426

5.9%

$25.37

6

Miami-Fort Lauderdale-West Palm Beach, FL

10

1,238

5.1%

96.2%

21,897

5.8%

$22.25

7

Charlotte-Concord-Gastonia, NC-SC

4

1,384

5.7%

95.5%

21,677

5.7%

$16.56

8

Denver-Aurora-Lakewood, CO

4

1,367

5.6%

91.3%

20,594

5.5%

$17.91

9

Trenton, NJ

2

1,153

4.7%

93.9%

20,006

5.3%

$19.91

10

Los Angeles-Long Beach-Anaheim, CA

3

896

3.7%

96.4%

14,942

4.0%

$23.43

11

San Antonio-New Braunfels, TX

3

1,048

4.3%

87.0%

13,251

3.5%

$17.08

12

Phoenix-Mesa-Scottsdale, AZ

4

885

3.6%

84.9%

13,143

3.5%

$18.96

13

New York-Newark-Jersey City, NY-NJ-PA

8

793

3.3%

93.5%

11,990

3.2%

$18.41

14

Tampa-St. Petersburg-Clearwater, FL

7

663

2.7%

94.4%

10,200

2.7%

$17.95

15

Cincinnati, OH-KY-IN

2

588

2.4%

87.5%

9,256

2.5%

$17.82

16

Washington-Arlington-Alexandria, DC-VA-MD-WV

2

430

1.8%

98.7%

9,255

2.5%

$21.61

17

Richmond, VA

3

591

2.4%

93.1%

9,232

2.4%

$20.49

18

Portland-Vancouver-Hillsboro, OR-WA

2

414

1.7%

88.4%

8,202

2.2%

$22.64

19

Cleveland-Elyria, OH

2

553

2.3%

96.0%

7,011

1.9%

$14.58

20

San Francisco-Oakland-Hayward, CA

3

229

0.9%

90.9%

6,562

1.7%

$31.64

Other

37

4,278

17.6%

91.9%

56,541

15.0%

$15.53

Total

137

24,356

100.0%

92.3%

$377,041

100.0%

$18.44

26

SITE Centers Corp.

Property List

GLA in thousands

#

Center

MSA

Location

ST

SITE Own %

JV

Owned

GLA

Total

GLA

ABR

PSF

Anchor Tenants

1

Ahwatukee Foothills Towne Center

Phoenix-Mesa-Scottsdale, AZ

Phoenix

AZ

20%

DTP

691

706

$17.52

AMC Theatres, Best Buy, Big Lots, Burlington, HomeGoods, Jo-Ann, Lina Home Furnishing, Marshalls, Michaels, OfficeMax, Ross Dress for Less, Sprouts Farmers Market

2

Arrowhead Crossing

Phoenix-Mesa-Scottsdale, AZ

Phoenix

AZ

100%

352

423

$15.91

DSW, Golf Galaxy, Hobby Lobby, HomeGoods, Nordstrom Rack, Savers (U), Staples, T.J. Maxx

3

Deer Valley Towne Center

Phoenix-Mesa-Scottsdale, AZ

Phoenix

AZ

100%

197

460

$20.81

AMC Theatres (U), Michaels, PetSmart, Ross Dress for Less, Target (U)

4

Paradise Village Gateway

Phoenix-Mesa-Scottsdale, AZ

Phoenix

AZ

67%

OTHER

295

295

$28.20

PetSmart, Ross Dress for Less

5

Buena Park Place

Los Angeles-Long Beach-Anaheim, CA

Buena Park

CA

100%

213

244

$17.45

Aldi, Kohl's, Michaels

6

Falcon Ridge Town Center

Los Angeles-Long Beach-Anaheim, CA

Fontana

CA

100%

291

438

$23.55

24 Hour Fitness, Michaels, Ross Dress for Less, Stater Bros Markets, Target (U)

7

The Pike Outlets

Los Angeles-Long Beach-Anaheim, CA

Long Beach

CA

100%

392

392

$22.54

Cinemark, H & M, Nike, Restoration Hardware

8

Ridge at Creekside

Sacramento-Roseville-Arden-Arcade, CA

Roseville

CA

100%

275

289

$22.20

Bed Bath & Beyond, buybuy BABY, Cost Plus World Market, Macy's Furniture Gallery, REI

9

Whole Foods at Bay Place

San Francisco-Oakland-Hayward, CA

Oakland

CA

100%

57

57

$46.39

Whole Foods

10

Hilltop Plaza

San Francisco-Oakland-Hayward, CA

Richmond

CA

20%

DDRM

246

246

$17.34

99 Cents Only, Century Theatre, City Sports Club, dd's Discounts, Ross Dress for Less

11

1000 Van Ness

San Francisco-Oakland-Hayward, CA

San Francisco

CA

100%

122

122

$29.51

CGV Cinemas, The Studio Mix

12

Centennial Promenade

Denver-Aurora-Lakewood, CO

Centennial

CO

100%

443

827

$20.42

Conn's, Golf Galaxy, HomeGoods, IKEA (U), Michaels, Ross Dress for Less, Stickley Furniture, Total Wine & More

13

Chapel Hills

Denver-Aurora-Lakewood, CO

Colorado Springs

CO

100%

450

544

$13.58

Barnes & Noble, Best Buy, Burlington Coat Factory, DSW, Michaels (U), Nordstrom Rack, North Academy Fitness, Old Navy, Pep Boys, PetSmart, Ross Dress for Less, Whole Foods

14

University Hills

Denver-Aurora-Lakewood, CO

Denver

CO

100%

241

258

$19.86

King Soopers, Marshalls, Michaels

15

FlatAcres MarketCenter/Parker Pavilions

Denver-Aurora-Lakewood, CO

Parker

CO

100%

233

642

$19.04

24 Hour Fitness, Bed Bath & Beyond, Home Depot (U), Kohl's (U), Michaels, Office Depot, Walmart (U)

16

Guilford Commons

Hartford-West Hartford-East Hartford, CT

Guilford

CT

100%

127

127

$18.04

Bed Bath & Beyond, The Fresh Market

17

Connecticut Commons

Hartford-West Hartford-East Hartford, CT

Plainville

CT

20%

DTP

561

561

$13.47

AMC Theatres, Dick's Sporting Goods, DSW, Kohl's, Lowe's, Marshalls, Old Navy, PetSmart

18

Windsor Court

Hartford-West Hartford-East Hartford, CT

Windsor

CT

100%

79

276

$19.62

HomeGoods (U), Stop & Shop, Target (U)

19

Shoppes at Paradise Pointe

Crestview-Fort Walton Beach-Destin, FL

Fort Walton Beach

FL

20%

DDRM

84

84

$12.62

Publix

20

Melbourne Shopping Center

Palm Bay-Melbourne-Titusville, FL

Melbourne

FL

100%

210

210

$8.77

Big Lots, Indian River Antique Mall, Publix

21

Village Square at Golf

Miami-Fort Lauderdale-West Palm Beach, FL

Boynton Beach

FL

20%

DDRM

135

135

$16.05

Publix

22

Sheridan Square

Miami-Fort Lauderdale-West Palm Beach, FL

Dania

FL

20%

DDRM

67

67

$11.59

Walmart Neighborhood Market

23

Shoppes at Addison Place

Miami-Fort Lauderdale-West Palm Beach, FL

Delray Beach

FL

100%

56

56

$44.45

-

24

Concourse Village

Miami-Fort Lauderdale-West Palm Beach, FL

Jupiter

FL

100%

134

134

$17.43

Ross Dress for Less, T.J. Maxx

25

The Shops at Midtown Miami

Miami-Fort Lauderdale-West Palm Beach, FL

Miami

FL

100%

467

467

$20.22

Dick's Sporting Goods, HomeGoods, Marshalls, Nordstrom Rack, Ross Dress for Less, Target, west elm

26

River Run

Miami-Fort Lauderdale-West Palm Beach, FL

Miramar

FL

20%

DDRM

94

107

$14.17

Publix

27

Northlake Commons

Miami-Fort Lauderdale-West Palm Beach, FL

Palm Beach Gardens

FL

20%

DDRM

124

245

$15.79

Home Depot (U), Jo-Ann, Ross Dress for Less

28

Flamingo Falls

Miami-Fort Lauderdale-West Palm Beach, FL

Pembroke Pines

FL

20%

DDRM

108

148

$23.70

LA Fitness (U), The Fresh Market

29

The Fountains

Miami-Fort Lauderdale-West Palm Beach, FL

Plantation

FL

100%

430

489

$16.20

Dick's Sporting Goods, Jo-Ann, Kohl's, Marshalls/HomeGoods, Total Wine & More, Urban Air Trampoline & Adventure Park

30

Midway Plaza

Miami-Fort Lauderdale-West Palm Beach, FL

Tamarac

FL

20%

DDRM

228

228

$14.53

Publix, Ross Dress for Less

31

Carillon Place

Naples-Immokalee-Marco Island, FL

Naples

FL

100%

265

281

$15.90

Bealls Outlet, DSW, OfficeMax, Ross Dress for Less, T.J. Maxx, Walmart Neighborhood Market

32

Countryside Shoppes

Naples-Immokalee-Marco Island, FL

Naples

FL

20%

DDRM

73

73

$12.31

Aldi, Athletica Health & Fitness

33

Casselberry Commons

Orlando-Kissimmee-Sanford, FL

Casselberry

FL

20%

DDRM

246

249

$16.25

Publix, Ross Dress for Less, T.J. Maxx

34

Chickasaw Trail Shopping Center

Orlando-Kissimmee-Sanford, FL

Orlando

FL

20%

DDRM

75

81

$11.33

Presidente Supermarket

35

Lee Vista Promenade

Orlando-Kissimmee-Sanford, FL

Orlando

FL

100%

311

311

$17.99

Academy Sports, Bealls Outlet, Epic Theatres, HomeGoods, Michaels, Ross Dress for Less

27

SITE Centers Corp.

Property List

GLA in thousands

#

Center

MSA

Location

ST

SITE Own %

JV

Owned

GLA

Total

GLA

ABR

PSF

Anchor Tenants

36

Millenia Crossing

Orlando-Kissimmee-Sanford, FL

Orlando

FL

100%

100

100

$26.45

Nordstrom Rack

37

Skyview Plaza

Orlando-Kissimmee-Sanford, FL

Orlando

FL

20%

DDRM

264

264

$13.51

Badcock Home Furniture &more, dd's Discounts, Presidente Supermarket, Ross Dress for Less

38

Oviedo Park Crossing

Orlando-Kissimmee-Sanford, FL

Oviedo

FL

20%

DDRM

186

321

$11.03

Bed Bath & Beyond, Lowe's (U), Michaels, OfficeMax, Ross Dress for Less, T.J. Maxx

39

Winter Garden Village

Orlando-Kissimmee-Sanford, FL

Winter Garden

FL

100%

759

1,129

$19.91

Bealls, Bed Bath & Beyond, Best Buy, Burlington, Forever 21, Havertys, Jo-Ann, LA Fitness, Lowe's (U), Marshalls, PetSmart, Ross Dress for Less, Staples, Target (U)

40

Creekwood Crossing

North Port-Sarasota-Bradenton, FL

Bradenton

FL

20%

DDRM

235

397

$11.86

Bealls, Bealls Outlet, Big Lots, Circustrix, Lowe's (U)

41

Lake Brandon Plaza

Tampa-St. Petersburg-Clearwater, FL

Brandon

FL

100%

178

198

$13.71

Jo-Ann, Nordstrom Rack, Publix, Total Wine & More

42

Lake Brandon Village

Tampa-St. Petersburg-Clearwater, FL

Brandon

FL

100%

114

258

$15.64

buybuy BABY, Lowe's (U), PetSmart, Sprouts Farmers Market

43

The Collection at Brandon Boulevard

Tampa-St. Petersburg-Clearwater, FL

Brandon

FL

100%

222

222

$13.18

Bealls Outlet, Chuck E. Cheese's, Crunch Fitness, Kane Furniture

44

The Shoppes of Boot Ranch

Tampa-St. Petersburg-Clearwater, FL

Palm Harbor

FL

100%

52

229

$27.15

Publix (U), Target (U)

45

North Pointe Plaza

Tampa-St. Petersburg-Clearwater, FL

Tampa

FL

20%

DDRM

108

226

$14.98

Publix, Walmart (U)

46

Southtown Center

Tampa-St. Petersburg-Clearwater, FL

Tampa

FL

100%

44

44

$35.83

-

47

The Shoppes at New Tampa

Tampa-St. Petersburg-Clearwater, FL

Wesley Chapel

FL

20%

DDRM

159

188

$15.32

Office Depot (U), Publix, Ross Dress for Less

48

Brookhaven Plaza

Atlanta-Sandy Springs-Roswell, GA

Atlanta

GA

20%

SAU

70

70

$23.48

-

49

Cascade Corners

Atlanta-Sandy Springs-Roswell, GA

Atlanta

GA

20%

SAU

67

67

$7.90

Kroger

50

Cascade Crossing

Atlanta-Sandy Springs-Roswell, GA

Atlanta

GA

20%

SAU

63

63

$10.46

Publix

51

Hammond Springs

Atlanta-Sandy Springs-Roswell, GA

Atlanta

GA

100%

69

69

$28.53

-

52

Perimeter Pointe

Atlanta-Sandy Springs-Roswell, GA

Atlanta

GA

100%

360

360

$19.19

Dick's Sporting Goods, HomeGoods, LA Fitness, Regal Cinemas

53

Hickory Flat Village

Atlanta-Sandy Springs-Roswell, GA

Canton

GA

20%

SAU

74

88

$14.40

Publix

54

Riverstone Plaza

Atlanta-Sandy Springs-Roswell, GA

Canton

GA

20%

DDRM

308

335

$12.79

Bealls Outlet, Belk, Michaels, Publix, Ross Dress for Less

55

Cumming Marketplace

Atlanta-Sandy Springs-Roswell, GA

Cumming

GA

100%

310

708

$13.40

Home Depot (U), Lowe's, Marshalls, Michaels, OfficeMax, Walmart (U)

56

Cumming Town Center

Atlanta-Sandy Springs-Roswell, GA

Cumming

GA

100%

311

311

$15.79

Ashley Furniture Homestore, Best Buy, Dick's Sporting Goods, Staples, T.J. Maxx/HomeGoods

57

Sharon Greens

Atlanta-Sandy Springs-Roswell, GA

Cumming

GA

100%

98

101

$12.22

Kroger

58

Flat Shoals Crossing

Atlanta-Sandy Springs-Roswell, GA

Decatur

GA

20%

SAU

70

70

$10.61

Publix

59

Hairston Crossing

Atlanta-Sandy Springs-Roswell, GA

Decatur

GA

20%

DDRM

58

58

$9.57

Goodwill

60

Market Square

Atlanta-Sandy Springs-Roswell, GA

Douglasville

GA

100%

125

125

$12.35

Aaron's

61

Paradise Shoppes of Ellenwood

Atlanta-Sandy Springs-Roswell, GA

Ellenwood

GA

20%

DDRM

68

68

$12.60

-

62

Towne Center Prado

Atlanta-Sandy Springs-Roswell, GA

Marietta

GA

20%

DTP

287

287

$13.63

Dick's Sporting Goods Warehouse, Publix, Ross Dress for Less

63

Sandy Plains Village

Atlanta-Sandy Springs-Roswell, GA

Roswell

GA

100%

174

174

$13.50

Movie Tavern, Painted Tree Marketplace

64

Presidential Commons

Atlanta-Sandy Springs-Roswell, GA

Snellville

GA

100%

376

376

$12.17

Burlington, buybuy BABY, Home Depot, Jo-Ann, Kroger

65

Deshon Plaza

Atlanta-Sandy Springs-Roswell, GA

Stone Mountain

GA

20%

SAU

64

64

$11.28

Publix

66

Johns Creek Town Center

Atlanta-Sandy Springs-Roswell, GA

Suwanee

GA

100%

303

303

$15.43

Kohl's, Michaels, PetSmart, Sprouts Farmers Market, Staples

67

3030 North Broadway

Chicago-Naperville-Elgin, IL-IN-WI

Chicago

IL

100%

132

132

$32.96

Mariano's, XSport Fitness

68

The Maxwell

Chicago-Naperville-Elgin, IL-IN-WI

Chicago

IL

100%

240

240

$27.18

Burlington, Dick's Sporting Goods, Nordstrom Rack, T.J. Maxx

69

Deer Park Town Center

Chicago-Naperville-Elgin, IL-IN-WI

Deer Park

IL

50%

OTHER

357

407

$32.50

Barnes & Noble (U), Century Theatre, Crate & Barrel, Gap

70

Woodfield Village Green

Chicago-Naperville-Elgin, IL-IN-WI

Schaumburg

IL

100%

490

656

$22.29

Bloomingdale's The Outlet Store, Container Store, Costco (U), HomeGoods, Marshalls, Michaels, Nordstrom Rack, PetSmart, Sierra Trading Post, Trader Joe's

71

Brookside Marketplace

Chicago-Naperville-Elgin, IL-IN-WI

Tinley Park

IL

20%

DTP

317

602

$15.31

Best Buy, Dick's Sporting Goods, HomeGoods, Kohl's (U), Michaels, PetSmart, Ross Dress for Less, T J Maxx, Target (U)

72

Highland Grove Shopping Center

Chicago-Naperville-Elgin, IL-IN-WI

Highland

IN

20%

DDRM

312

541

$15.19

Best Buy (U), Burlington, Dick's Sporting Goods (U), Kohl's, Michaels, Target (U)

73

Merriam Town Center / Merriam Village

Kansas City, MO-KS

Merriam

KS

100%

363

924

$14.41

Bob's Discount Furniture, Cinemark, Dick's Sporting Goods, Home Depot (U), IKEA (U), Marshalls, OfficeMax, PetSmart

28

SITE Centers Corp.

Property List

GLA in thousands

#

Center

MSA

Location

ST

SITE Own %

JV

Owned

GLA

Total

GLA

ABR

PSF

Anchor Tenants

74

Gateway Center

Boston-Cambridge-Newton, MA-NH

Everett

MA

100%

640

640

$17.10

Costco, Dollar Tree, Home Depot, Michaels, Old Navy, Target, Total Wine & More

75

Shoppers World

Boston-Cambridge-Newton, MA-NH

Framingham

MA

100%

782

782

$25.34

AMC Theatres, Barnes & Noble, Best Buy, DSW, Golf Galaxy, Hobby Lobby, HomeSense, Kohl's, Macy's Furniture Gallery, Marshalls, Michaels, Nordstrom Rack, PetSmart, Sierra Trading Post, T.J. Maxx

76

Riverdale Shops

Springfield, MA

West Springfield

MA

20%

DDRM

274

274

$15.15

Kohl's, Stop & Shop

77

Independence Commons

Kansas City, MO-KS

Independence

MO

20%

DTP

386

403

$15.17

AMC Theatres, Best Buy, Bob's Discount Furniture, Kohl's, Marshalls, Ross Dress for Less

78

The Promenade at Brentwood

St. Louis, MO-IL

Brentwood

MO

100%

338

338

$15.49

Burlington, Micro Center, PetSmart, Target, Trader Joe's

79

East Hanover Plaza

New York-Newark-Jersey City, NY-NJ-PA

East Hanover

NJ

100%

98

359

$20.49

Costco (U), HomeGoods, HomeSense, Target (U)

80

Edgewater Towne Center

New York-Newark-Jersey City, NY-NJ-PA

Edgewater

NJ

100%

76

76

$29.90

Whole Foods

81

Freehold Marketplace

New York-Newark-Jersey City, NY-NJ-PA

Freehold

NJ

100%

21

359

$34.14

Sam's Club (U), Walmart (U)

82

Lewandowski Commons

New York-Newark-Jersey City, NY-NJ-PA

Lyndhurst

NJ

20%

SAU

78

78

$24.21

Stop & Shop

83

Route 22 Retail Center

New York-Newark-Jersey City, NY-NJ-PA

Union

NJ

20%

DTP

112

237

$15.90

Big Lots, Dick's Sporting Goods, Target (U)

84

Consumer Centre

New York-Newark-Jersey City, NY-NJ-PA

West Long Branch

NJ

100%

293

293

$13.67

buybuy BABY, Dick's Sporting Goods, DSW, Home Depot

85

West Falls Plaza

New York-Newark-Jersey City, NY-NJ-PA

Woodland Park

NJ

20%

DDRM

91

91

$21.72

andThat!, Cost Plus

86

Echelon Village Plaza

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

Voorhees

NJ

100%

89

89

$12.78

The Edge Fitness Clubs

87

Hamilton Marketplace

Trenton, NJ

Hamilton

NJ

100%

546

974

$19.70

Barnes & Noble, Bed Bath & Beyond, BJ's Wholesale Club (U), Kohl's, Lowe's (U), Michaels, Ross Dress for Less, ShopRite, Staples, Walmart (U)

88

Nassau Park Pavilion

Trenton, NJ

Princeton

NJ

100%

607

1,115

$17.88

Best Buy, Burlington, buybuy BABY, Dick's Sporting Goods, Home Depot (U), HomeGoods, HomeSense, Michaels, PetSmart, Raymour & Flanigan, Target (U), T.J. Maxx, Wegmans Food Markets

89

The Hub

New York-Newark-Jersey City, NY-NJ-PA

Hempstead

NY

100%

249

249

$12.94

Home Depot, Super Stop & Shop

90

Belgate Shopping Center

Charlotte-Concord-Gastonia, NC-SC

Charlotte

NC

100%

289

911

$16.30

Burlington, Cost Plus World Market, Furniture Row (U), Hobby Lobby, IKEA (U), Marshalls, Old Navy, PetSmart, T.J. Maxx, Walmart (U)

91

Carolina Pavilion

Charlotte-Concord-Gastonia, NC-SC

Charlotte

NC

100%

701

846

$13.87

AMC Theatres, American Freight Outlet Stores, Autozone, Bed Bath & Beyond, Big Lots, Burlington, buybuy BABY, Conn's, Floor & Decor, Frontgate Outlet Store, Jo-Ann, Nordstrom Rack, Old Navy, Ross Dress for Less, Target (U), Value City Furniture

92

Cotswold Village

Charlotte-Concord-Gastonia, NC-SC

Charlotte

NC

100%

262

262

$24.61

Harris Teeter, Marshalls, PetSmart

93

The Shops at The Fresh Market

Charlotte-Concord-Gastonia, NC-SC

Cornelius

NC

100%

131

131

$16.52

The Fresh Market

94

Fayetteville Pavilion

Fayetteville, NC

Fayetteville

NC

20%

DDRM

274

274

$13.11

Christmas Tree Shops, Food Lion, Marshalls, Michaels, PetSmart

95

Shoppes at Oliver's Crossing

Greensboro-High Point, NC

Winston Salem

NC

20%

DDRM

77

77

$14.41

Lowes Foods

96

Meadowmont Village

Raleigh, NC

Chapel Hill

NC

20%

DDRM

211

225

$22.58

Harris Teeter

97

Clayton Corners

Raleigh, NC

Clayton

NC

20%

DDRM

126

126

$13.09

Lowes Foods

98

Sexton Commons

Raleigh, NC

Fuquay Varina

NC

20%

DDRM

49

49

$26.51

-

99

Poyner Place

Raleigh, NC

Raleigh

NC

20%

DTP

252

426

$16.09

Cost Plus World Market, Marshalls, Michaels, Ross Dress for Less, Target (U), Urban Air Trampoline & Adventure Park

100

University Centre

Wilmington, NC

Wilmington

NC

20%

DTP

418

525

$10.97

Bed Bath & Beyond, Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less, Sam's Club (U)

101

Kenwood Square

Cincinnati, OH-KY-IN

Cincinnati

OH

100%

427

461

$18.50

Dick's Sporting Goods, Macy's Furniture Gallery, Marshalls/HomeGoods, Michaels, T.J. Maxx, The Fresh Market

102

Waterstone Center

Cincinnati, OH-KY-IN

Mason

OH

100%

161

433

$17.17

Best Buy, Costco (U), Michaels, Target (U)

103

Stow Community Center

Cleveland-Elyria, OH

Stow

OH

100%

406

508

$11.89

Giant Eagle, Hobby Lobby, Kohl's, OfficeMax, Target (U)

104

West Bay Plaza

Cleveland-Elyria, OH

Westlake

OH

100%

147

147

$23.21

Fresh Thyme Farmers Market, HomeSense

105

Easton Market

Columbus, OH

Columbus

OH

100%

502

552

$15.01

Bed Bath & Beyond, buybuy BABY, DSW, HomeGoods, Marshalls, Michaels, Nordstrom Rack, PetSmart, Ross Dress for Less, Sierra Trading Post, T.J. Maxx, Value City Furniture

106

Hilliard Rome Commons

Columbus, OH

Columbus

OH

20%

DDRM

106

106

$14.45

Burlington, HomeGoods

107

Lennox Town Center

Columbus, OH

Columbus

OH

50%

OTHER

374

374

$12.37

Barnes & Noble, Marshalls, Phoenix Theatres, Staples, Target

29

SITE Centers Corp.

Property List

GLA in thousands

#

Center

MSA

Location

ST

SITE Own %

JV

Owned

GLA

Total

GLA

ABR

PSF

Anchor Tenants

108

Polaris Towne Center

Columbus, OH

Columbus

OH

100%

459

730

$16.75

Best Buy, Big Lots, Jo-Ann, Kroger, Lowe's (U), OfficeMax, Target (U), T.J. Maxx

109

Sun Center

Columbus, OH

Columbus

OH

79%

OTHER

316

418

$16.98

Ashley Furniture Homestore, Michaels, PGA Tour Superstore, Staples, Whole Foods

110

Perimeter Center

Columbus, OH

Dublin

OH

100%

136

136

$17.65

Giant Eagle

111

Derby Square

Columbus, OH

Grove City

OH

20%

DDRM

125

134

$10.95

Giant Eagle

112

Springfield Commons

Toledo, OH

Toledo

OH

20%

DDRM

272

272

$11.63

Burlington, Kohl's, Planet Fitness

113

Tanasbourne Town Center

Portland-Vancouver-Hillsboro, OR-WA

Hillsboro

OR

100%

317

579

$19.93

Barnes & Noble, Bed Bath & Beyond, Best Buy (U), Marshalls, Michaels, Nordstrom Rack (U), Office Depot, Ross Dress for Less, Sierra Trading Post, Target (U)

114

The Blocks

Portland-Vancouver-Hillsboro, OR-WA

Portland

OR

100%

97

97

$34.40

-

115

Southmont Plaza

Allentown-Bethlehem-Easton, PA-NJ

Easton

PA

100%

251

386

$16.46

Barnes & Noble, Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Lowe's (U), Michaels, Staples

116

Larkin's Corner

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

Boothwyn

PA

100%

225

225

$9.55

ACME, Walmart

117

Ashbridge Square

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

Downingtown

PA

100%

386

386

$9.37

Christmas Tree Shops, Home Depot, Jo-Ann

118

Ashley Crossing

Charleston-North Charleston, SC

Charleston

SC

20%

DTP

208

217

$10.65

Food Lion, Jo-Ann, Kohl's, Marshalls

119

Wando Crossing

Charleston-North Charleston, SC

Mount Pleasant

SC

100%

214

335

$14.98

Marshalls, Michaels, T.J. Maxx, Total Wine & More, Walmart (U)

120

Midtowne Park

Greenville-Anderson-Mauldin, SC

Anderson

SC

100%

167

174

$9.89

Dick's Sporting Goods, HomeGoods, Kohl's

121

The Point

Greenville-Anderson-Mauldin, SC

Greenville

SC

20%

SAU

104

104

$17.92

REI, Whole Foods

122

The Plaza at Carolina Forest

Myrtle Beach-Conway-North Myrtle Beach, SC-NC

Myrtle Beach

SC

20%

SAU

138

141

$14.24

Kroger

123

American Way

Memphis, TN-MS-AR

Memphis

TN

20%

SAU

110

110

$6.30

-

124

Cool Springs Pointe

Nashville-Davidson-Murfreesboro-Franklin, TN

Brentwood

TN

100%

198

198

$16.26

Best Buy, Restoration Hardware, Ross Dress for Less

125

Vintage Plaza

Austin, TX

Round Rock

TX

100%

41

41

$26.97

-

126

The Marketplace at Highland Village

Dallas-Fort Worth-Arlington, TX

Highland Village

TX

100%

207

451

$18.15

DSW, LA Fitness, T.J. Maxx/HomeGoods, Walmart (U)

127

Bandera Pointe

San Antonio-New Braunfels, TX

San Antonio

TX

100%

490

841

$12.08

Barnes & Noble, Gold's Gym, Jo-Ann, Kohl's (U), Lowe's, Old Navy, PetSmart, Ross Dress for Less, Spec's Wine, Spirits & Finer Foods (U), Target (U), T.J. Maxx, Urban Air Trampoline & Adventure Park

128

Terrell Plaza

San Antonio-New Braunfels, TX

San Antonio

TX

100%

108

243

$20.12

Ross Dress for Less, Target (U)

129

Village at Stone Oak

San Antonio-New Braunfels, TX

San Antonio

TX

100%

450

625

$18.27

Alamo Drafthouse Cinema, Hobby Lobby, HomeGoods, Target (U)

130

Emmet Street Station

Charlottesville, VA

Charlottesville

VA

100%

11

11

$51.82

-

131

Commonwealth Center

Richmond, VA

Midlothian

VA

20%

DTP

166

166

$18.20

Michaels, The Fresh Market

132

Downtown Short Pump

Richmond, VA

Richmond

VA

100%

126

252

$22.90

Barnes & Noble, Regal Cinemas, Skate Nation (U)

133

White Oak Village

Richmond, VA

Richmond

VA

100%

432

956

$15.75

JCPenney, K&G Fashion Superstore, Lowe's (U), Michaels, PetSmart, Publix, Target (U)

134

Kroger Plaza

Virginia Beach-Norfolk-Newport News, VA-NC

Virginia Beach

VA

20%

SAU

68

86

$3.61

Kroger

135

Fairfax Towne Center

Washington-Arlington-Alexandria, DC-VA-MD-WV

Fairfax

VA

100%

253

253

$20.39

Bed Bath & Beyond, Jo-Ann, Regal Cinemas, Safeway, T.J. Maxx

136

Springfield Center

Washington-Arlington-Alexandria, DC-VA-MD-WV

Springfield

VA

100%

177

177

$23.76

Barnes & Noble, Bed Bath & Beyond, DSW, Marshalls, Michaels, The Tile Shop

137

Apple Blossom Corners

Winchester, VA-WV

Winchester

VA

20%

DDRM

243

243

$12.00

Books-A-Million, HomeGoods, Kohl's, Martin's

Total

32,347

42,822

Note: (U) indicates unowned. Anchors include tenants greater than 20K SF

DDRM - DDRM Properties

DTP - Dividend Trust Portfolio

SAU - DDR-SAU Retail Fund

30

SITE Centers Corp.

Notable Accounting and Supplemental Policies

The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America ("GAAP") and is unaudited information. The Company's Quarterly Financial Supplement should be read in conjunction with the Company's Form 10-K and Form 10-Q.

Rental Income (Revenues)

Percentage and overage rents that are recognized after the tenants' reported sales have exceeded the applicable sales breakpoint.

Tenant reimbursements are recognized in the period in which the expenses are incurred.

Lease termination fees are recognized upon termination of a tenant's lease when the Company has no further obligations under the lease.

Lease Modification Accounting

Elected not to apply lease modification accounting to lease amendments in which the total amount of rent due under the lease is substantially the same and there has been no increase in the lease term. A majority of the Company's concession amendments within this category provide for the deferral of rental payments to a later date within the remaining lease term.

If abatements are granted as part of a lease amendment, the Company has elected to not treat the abatements as variable rent and instead will record the concession's impact over the tenant's remaining lease term on a straight-line basis. Modifications to leases that involve an increase in the lease term have been treated as a lease modification.

For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, regardless if the Company has entered into a deferral agreement to extend the payment terms, the Company has categorized these tenants on the cash basis of accounting. As a result, no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received and all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income. The Company will remove the cash basis designation and resume recording rental income from such tenants during the period earned at such time it believes collection from the tenants is probable based upon a demonstrated payment history or recapitalization event.

General and Administrative Expenses

General and administrative expenses include certain internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred.

The Company does not capitalize any executive officer compensation.

General and administrative expenses include executive property management compensation and related expenses. Property management services' direct compensation is reflected in operating and maintenance expenses.

Deferred Financing Costs

Costs incurred in obtaining term financing are included as a reduction of the related debt liability and costs incurred related to the revolving credit facilities are included in other assets on the consolidated balance sheets. All costs are amortized on a straight-line basis over the term of the related debt agreement; such amortization is reflected as interest expense in the consolidated income statements.

31

SITE Centers Corp.

Notable Accounting and Supplemental Policies

Real Estate

Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property's estimated undiscounted future cash flows, including estimated proceeds from disposition.

Construction in progress includes shopping center developments and significant expansions and redevelopments.

Acquisitions of a partner's interest in an unconsolidated joint venture in which a change of control has occurred are recorded at fair value.

Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:

Buildings31.5 to 40 years

Building Improvements3 to 20 years

Furniture/Fixtures/ Shorter of economic life or lease terms

Tenant Improvements

Capitalization

Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and expenditures that improve or extend the life of the asset are capitalized.

The Company capitalizes interest on funds used for the construction or expansion of shopping centers and certain construction administration costs. Capitalization of interest and administration costs ceases when construction activities are completed and the property is available for occupancy by tenants or when activities are suspended.

Interest expense and real estate taxes incurred during construction are capitalized and depreciated over the building life. The Company does not capitalize interest on land held for development which is on hold and is not undergoing any development activities.

Gains on Sales of Real Estate

Gains on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers are recognized at closing when the earnings process is deemed to be complete.

Leasing Spreads

Leasing spreads are calculated by comparing the prior tenant's annual base rent in the final year of the old lease to the new tenant's annual base rent in the first year of the new lease. The reported calculation, "Comparable", only includes deals executed within one year of the date that the prior tenant vacated. "Non-comp" deals consist of deals not executed within one year of the date the prior tenant vacated, deals which resulted in a significant difference in size or deals for space which was vacant at acquisition.

Net Effective Rents

Net effective rents are calculated as a weighted average per rentable square foot over the lease term with full consideration for all costs associated with leasing the space rather than pro rata costs. Landlord work represents property level improvements associated with the lease transactions; however, those improvements are attributed to the landlord's property value and typically extend the life of the asset in excess of the lease term.

32

SITE Centers Corp.

Non-GAAP Measures

Performance Measures

FFO and Operating FFO

The Company believes that Funds from Operations ("FFO") and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

FFO excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from depreciable property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company's financial performance not immediately apparent from net income determined in accordance with GAAP.

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments, including reserve adjustments of preferred equity interests, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company's proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company's calculation of FFO is consistent with the definition of FFO provided by NAREIT.

The Company believes that certain charges, income and gains recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains that management believes are not comparable and indicative of the results of the Company's operating real estate portfolio. Such adjustments include write-off of preferred share original issuance costs, gains/losses on the early extinguishment of debt, certain transaction fee income, transaction costs and other restructuring type costs. The disclosure of these adjustments is regularly requested by users of the Company's financial statements. The adjustment for these charges, income and gains may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company's calculation of Operating FFO differs from NAREIT's definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains are non-recurring. These charges, income and gains could be reasonably expected to recur in future results of operations.

These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part (i) as a disclosure to improve the understanding of the Company's operating results among the investing public, (ii) as a measure of a real estate asset's performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) to compare the Company's performance to that of other publicly traded shopping center REITs. For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company's operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.

In calculating the expected range for or amount of net (loss) income attributable to common shareholders to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gain and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs, certain transaction costs or certain fee income. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

33

SITE Centers Corp.

Non-GAAP Measures

Management recognizes the limitations of FFO and Operating FFO when compared to GAAP's net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company's cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor

Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company's operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company's reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided herein.

Net Operating Income ("NOI") and Same Store Net Operating Income ("SSNOI")

The Company uses NOI, which is a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

The Company also presents NOI information on a same store basis, or SSNOI. The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income (including reimbursements) and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI includes assets owned in comparable periods (15 months for quarter comparisons). In addition, SSNOI is presented both including and excluding activity associated with development and major redevelopment. In addition, SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at its effective ownership interest provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above. SSNOI is frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs.

SSNOI is not, and is not intended to be, a presentation in accordance with GAAP. SSNOI information has its limitations as it excludes any capital expenditures associated with the re-leasing of tenant space or as needed to operate the assets. SSNOI does not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use SSNOI as an indicator of the Company's cash obligations and funding requirements for future commitments, acquisitions or development activities. SSNOI does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs. SSNOI should not be considered as an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. A reconciliation of SSNOI to its most directly comparable GAAP measure of net income (loss) has been provided herein. Reconciliation of 2021 SSNOI projected growth target to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort.

34

SITE Centers Corp.

Non-GAAP Measures

Other Measures

SITE Pro Rata Share Financial Information

The Company believes that the SITE pro rata share of its joint ventures presented in the quarterly supplement is not, and is not intended to be, a presentation in accordance with GAAP. SITE share financial information is frequently used by the real estate industry including securities analysts, investors and other interested parties to evaluate the performance of SITE compared to other REITs. Other real estate companies may calculate such information in a different manner.

SITE does not control the unconsolidated joint ventures and the presentations of SITE JV Pro Rata Adjustments of the unconsolidated joint ventures presented in the quarterly supplement do not represent the Company's legal claim to such items. The Company provides this information because the Company believes it assists investors and analysts in estimating the effective interest in SITE's unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. The presentation of this information has limitations as an analytical tool. Because of the limitations, this information should not be considered in isolation or as a substitute for the Company's financial statements as reported under GAAP.

Debt/Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)

The Company uses the ratio Debt to Adjusted EBITDA ("Debt/Adjusted EBITDA") as it believes it provides a meaningful metric as it relates to the Company's ability to meet various leverage tests for the corresponding periods.

The Components of Debt/Adjusted EBITDA include net effective debt divided by adjusted EBITDA (trailing twelve months), as opposed to net income determined in accordance with GAAP. Adjusted EBITDA is calculated as net income attributable to SITE before interest, income taxes, depreciation and amortization for the trailing twelve months and further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing performance. Net effective debt is calculated as the average of the Company's consolidated debt outstanding excluding unamortized loan costs and fair market value adjustments, less cash and restricted cash as of the beginning of the twelve-month period and the balance sheet date presented. Such amounts are calculated at the Company's proportionate share of ownership.

The Company also calculates EBITDAre as net income attributable to SITE before interest, income taxes, depreciation and amortization, gains and losses from disposition of real estate property and related investments, impairment charges on real estate property and related investments, including reserve adjustments of preferred equity interests and gain and losses from changes in control, all for the trailing twelve months. Such amount is also calculated at the Company's proportionate share of ownership.

Adjusted EBITDA should not be considered as an alternative to earnings as an indicator of the Company's financial performance, or an alternative to cash flow from operating activities as a measure of liquidity. The Company's calculation of Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from Adjusted EBITDA are significant components in understanding and assessing the Company's financial condition. The reconciliations of Adjusted EBITDA and net effective debt used in the consolidated and prorata Debt/Adjusted EBITDA ratios to their most directly comparable GAAP measures of net income (loss) and debt have been provided in the Debt Summary section.

35

SITE Centers Corp.

Portfolio Summary at 100%

GLA in thousands

9/30/2021

6/30/2021

3/31/2021

12/31/2020

9/30/2020

Shopping Center Summary

Operating Centers - 100%

137

137

138

138

147

Wholly Owned - SITE

81

80

78

78

69

JV Portfolio

56

57

60

60

78

Owned and Ground Lease GLA - 100%

32,347

32,492

32,806

32,863

34,758

Wholly Owned - SITE

21,677

21,605

21,580

21,639

19,600

JV Portfolio - 100%

10,670

10,887

11,226

11,224

15,158

Unowned GLA - 100%

10,475

10,475

10,617

10,562

12,408

Quarterly Operational Overview

SITE (100%)

Base Rent PSF

$17.51

$17.46

$17.43

$17.55

$17.22

Base Rent PSF < 10K

$27.68

$27.61

$27.37

$27.53

$27.27

Base Rent PSF > 10K

$14.44

$14.43

$14.43

$14.51

$14.24

Commenced Rate

89.7%

89.1%

88.1%

88.2%

89.0%

Leased Rate

91.7%

91.2%

90.8%

91.0%

91.4%

Leased Rate < 10K SF

83.9%

83.1%

82.5%

82.7%

82.6%

Leased Rate > 10K SF

94.4%

93.9%

93.7%

93.8%

94.2%

Joint Venture (100%)

Base Rent PSF

$15.25

$15.27

$15.24

$15.36

$15.14

Leased Rate

89.5%

88.8%

88.8%

89.3%

90.5%

Leased Rate < 10K SF

83.8%

83.8%

82.1%

82.6%

81.8%

Leased Rate > 10K SF

91.7%

90.8%

91.5%

91.9%

93.7%

36

SITE Centers Corp.

Leasing Summary

Wholly Owned at 100%

Leasing Activity

Comparable Pool

Total Pool

Count

GLA

New

Rent

PSF

Prior

Rent

PSF

Rent

Spread

Wtd Avg

Term

(Years)

Count

GLA

New

Rent

PSF

Wtd Avg

Term

(Years)

New Leases

3Q21

13

82,261

$19.00

$15.92

19.3%

8.7

35

218,767

$20.37

8.7

2Q21

18

76,487

$22.13

$20.82

6.3%

8.6

35

144,400

$23.05

9.0

1Q21

16

43,416

$33.70

$28.50

18.2%

7.7

38

187,639

$22.79

8.6

4Q20

19

122,056

$16.76

$17.40

(3.7%)

7.4

28

203,161

$16.97

9.0

66

324,220

$20.86

$19.32

8.0%

8.1

136

753,967

$20.57

8.8

Renewals

3Q21

53

634,537

$18.09

$17.83

1.5%

5.5

53

634,537

$18.09

5.5

2Q21

42

569,976

$14.10

$13.35

5.6%

5.4

42

569,976

$14.10

5.4

1Q21

53

424,733

$16.36

$17.35

(5.7%)

5.4

53

424,733

$16.36

5.4

4Q20

47

522,326

$17.40

$17.77

(2.1%)

4.5

47

522,326

$17.40

4.5

195

2,151,572

$16.53

$16.53

0.0%

5.2

195

2,151,572

$16.53

5.2

New + Renewals

3Q21

66

716,798

$18.19

$17.61

3.3%

5.9

88

853,304

$18.68

6.4

2Q21

60

646,463

$15.05

$14.23

5.8%

6.0

77

714,376

$15.91

6.5

1Q21

69

468,149

$17.97

$18.39

(2.3%)

5.8

91

612,372

$18.33

6.6

4Q20

66

644,382

$17.28

$17.70

(2.4%)

5.0

75

725,487

$17.28

5.7

261

2,475,792

$17.09

$16.90

1.1%

5.7

331

2,905,539

$17.57

6.3

Net Effective Rents

Avg

Capex PSF

NER

Wtd Avg

GLA

Rent PSF

TA

LL Work

LC

Total

PSF

Term (Years)

New Leases (1)

3Q21

214,044

$20.64

$4.63

$4.44

$0.83

$9.90

$10.74

8.8

2Q21

121,932

$25.45

$2.06

$5.44

$1.25

$8.75

$16.70

8.9

1Q21

124,771

$23.28

$2.48

$4.85

$0.97

$8.30

$14.98

8.1

4Q20

198,961

$17.05

$2.17

$3.65

$0.82

$6.64

$10.41

8.3

659,708

$20.94

$3.02

$4.46

$0.93

$8.41

$12.53

8.5

Renewals

3Q21

634,537

$18.30

$0.33

$0.00

$0.05

$0.38

$17.92

5.5

2Q21

569,976

$14.24

$0.05

$0.01

$0.00

$0.06

$14.18

5.4

1Q21

424,733

$16.51

$0.48

$0.00

$0.00

$0.48

$16.03

5.4

4Q20

522,326

$17.51

$0.14

$0.00

$0.02

$0.16

$17.35

4.5

2,151,572

$16.68

$0.24

$0.00

$0.02

$0.26

$16.42

5.2

New + Renewals

3Q21

848,581

$18.89

$1.82

$1.54

$0.32

$3.68

$15.21

6.4

2Q21

691,908

$16.22

$0.54

$1.35

$0.31

$2.20

$14.02

6.3

1Q21

549,504

$18.04

$1.06

$1.44

$0.29

$2.79

$15.25

6.1

4Q20

721,287

$17.38

$0.99

$1.52

$0.35

$2.86

$14.52

5.5

2,811,280

$17.68

$1.15

$1.47

$0.32

$2.94

$14.74

6.1

(1) New Leases exclude redevelopment activity.

37

SITE Centers Corp.

Leasing Summary

Unconsolidated Joint Ventures at 100%

Leasing Activity

Comparable Pool

Total Pool

Count

GLA

New

Rent

PSF

Prior

Rent

PSF

Rent

Spread

Wtd Avg

Term

(Years)

Count

GLA

New

Rent

PSF

Wtd Avg

Term

(Years)

New Leases

3Q21

12

73,300

$18.82

$16.87

11.6%

9.1

22

92,515

$19.04

8.4

2Q21

13

69,227

$15.65

$15.78

(0.8%)

7.4

25

112,030

$16.09

7.4

1Q21

12

134,014

$11.58

$11.44

1.2%

7.6

21

156,828

$12.50

7.4

4Q20

8

97,570

$7.76

$8.28

(6.3%)

17.0

17

127,309

$9.82

13.3

45

374,111

$12.76

$12.48

2.2%

9.5

85

488,682

$13.86

8.7

Renewals

3Q21

47

446,750

$14.58

$13.51

7.9%

4.8

47

446,750

$14.58

4.8

2Q21

46

573,350

$13.42

$12.99

3.3%

5.1

46

573,350

$13.42

5.1

1Q21

33

277,564

$17.42

$16.82

3.6%

5.0

33

277,564

$17.42

5.0

4Q20

35

696,246

$9.40

$9.56

(1.7%)

4.2

35

696,246

$9.40

4.2

161

1,993,910

$12.83

$12.44

3.1%

4.8

161

1,993,910

$12.83

4.8

New + Renewals

3Q21

59

520,050

$15.18

$13.98

8.6%

5.5

69

539,265

$15.34

5.5

2Q21

59

642,577

$13.66

$13.29

2.8%

5.4

71

685,380

$13.86

5.6

1Q21

45

411,578

$15.52

$15.07

3.0%

5.7

54

434,392

$15.64

5.7

4Q20

43

793,816

$9.20

$9.40

(2.1%)

5.6

52

823,555

$9.47

5.7

206

2,368,021

$12.82

$12.45

3.0%

5.5

246

2,482,592

$13.04

5.6

Net Effective Rents

Avg

Capex PSF

NER

Wtd Avg

GLA

Rent PSF

TA

LL Work

LC

Total

PSF

Term (Years)

New Leases

3Q21

92,515

$20.03

$1.37

$3.57

$0.96

$5.90

$14.13

8.4

2Q21

112,030

$17.08

$1.23

$0.14

$0.58

$1.95

$15.13

7.4

1Q21

156,828

$13.06

$1.30

$3.20

$0.64

$5.14

$7.92

7.4

4Q20

127,309

$10.39

$1.21

$0.29

$0.43

$1.93

$8.46

13.3

488,682

$14.61

$1.32

$1.66

$0.63

$3.61

$11.00

8.7

Renewals

3Q21

446,750

$14.74

$0.16

$0.00

$0.00

$0.16

$14.58

4.8

2Q21

573,350

$13.59

$0.03

$0.01

$0.00

$0.04

$13.55

5.1

1Q21

277,564

$17.63

$0.00

$0.00

$0.00

$0.00

$17.63

5.0

4Q20

696,246

$9.47

$0.00

$0.00

$0.02

$0.02

$9.45

4.2

1,993,910

$12.97

$0.04

$0.00

$0.01

$0.05

$12.92

4.8

New + Renewals

3Q21

539,265

$15.65

$0.47

$0.92

$0.25

$1.64

$14.01

5.5

2Q21

685,380

$14.16

$0.29

$0.04

$0.13

$0.46

$13.70

5.6

1Q21

434,392

$15.98

$0.61

$1.50

$0.30

$2.41

$13.57

5.7

4Q20

823,555

$9.61

$0.44

$0.10

$0.17

$0.71

$8.90

5.7

2,482,592

$13.29

$0.43

$0.51

$0.20

$1.14

$12.15

5.6

38

SITE Centers Corp.

Leasing Expirations

Wholly Owned at 100%; $ and GLA in thousands

Assumes no exercise of lease options

Greater than 10K SF

Less than 10K SF

Total

Year

# of

Leases

Expiring

SF

% of SF

> 10K

ABR

Rent

PSF

% of ABR

> 10K

# of

Leases

Expiring

SF

% of SF

< 10K

ABR

Rent

PSF

% of ABR

< 10K

# of

Leases

Expiring

SF

% of SF

Total

ABR

Rent

PSF

% of ABR

Total

MTM

0

0

0.0%

$0

$0.00

0.0%

14

28

0.7%

$636

$22.71

0.5%

14

28

0.1%

$636

$22.71

0.2%

2021

4

95

0.6%

1,422

$14.97

0.7%

28

62

1.5%

1,781

$28.73

1.5%

32

157

0.8%

3,203

$20.40

0.9%

2022

38

1,178

7.6%

15,541

$13.19

7.1%

216

625

14.9%

18,162

$29.06

14.8%

254

1,803

9.2%

33,703

$18.69

9.9%

2023

80

2,463

16.0%

33,040

$13.41

15.2%

192

595

14.2%

17,319

$29.11

14.1%

272

3,058

15.6%

50,359

$16.47

14.8%

2024

76

2,373

15.4%

32,896

$13.86

15.1%

209

591

14.1%

17,665

$29.89

14.4%

285

2,964

15.1%

50,561

$17.06

14.8%

2025

71

2,228

14.4%

32,416

$14.55

14.9%

187

595

14.2%

16,473

$27.69

13.4%

258

2,823

14.4%

48,889

$17.32

14.4%

2026

55

1,705

11.0%

22,256

$13.05

10.2%

150

464

11.1%

13,594

$29.30

11.1%

205

2,169

11.1%

35,850

$16.53

10.5%

2027

46

1,624

10.5%

24,427

$15.04

11.2%

77

292

7.0%

8,262

$28.29

6.7%

123

1,916

9.8%

32,689

$17.06

9.6%

2028

20

599

3.9%

8,213

$13.71

3.8%

70

234

5.6%

7,501

$32.06

6.1%

90

833

4.2%

15,714

$18.86

4.6%

2029

23

746

4.8%

11,492

$15.40

5.3%

57

197

4.7%

6,625

$33.63

5.4%

80

943

4.8%

18,117

$19.21

5.3%

2030

27

736

4.8%

10,159

$13.80

4.7%

66

200

4.8%

6,439

$32.20

5.2%

93

936

4.8%

16,598

$17.73

4.9%

Thereafter

44

1,687

10.9%

26,007

$15.42

11.9%

79

307

7.3%

8,252

$26.88

6.7%

123

1,994

10.2%

34,259

$17.18

10.1%

Total

484

15,434

100.0%

$217,869

$14.12

100.0%

1,345

4,190

100.0%

$122,709

$29.29

100.0%

1,829

19,624

100.0%

$340,578

$17.36

100.0%

Assumes all lease options are exercised

Greater than 10K SF

Less than 10K SF

Total

Year

# of

Leases

Expiring

SF

% of SF

> 10K

ABR

Rent

PSF

% of ABR

> 10K

# of

Leases

Expiring

SF

% of SF

< 10K

ABR

Rent

PSF

% of ABR

< 10K

# of

Leases

Expiring

SF

% of SF

Total

ABR

Rent

PSF

% of ABR

Total

MTM

0

0

0.0%

0

$0.00

0.0%

13

23

0.5%

$636

$27.65

0.5%

13

23

0.1%

$636

$27.65

0.2%

2021

2

40

0.3%

752

$18.80

0.3%

23

51

1.2%

1,504

$29.49

1.2%

25

91

0.5%

2,256

$24.79

0.7%

2022

12

255

1.7%

3,941

$15.45

1.8%

127

330

7.9%

9,239

$28.00

7.5%

139

585

3.0%

13,180

$22.53

3.9%

2023

5

126

0.8%

3,157

$25.06

1.4%

101

264

6.3%

7,570

$28.67

6.2%

106

390

2.0%

10,727

$27.51

3.1%

2024

11

214

1.4%

3,499

$16.35

1.6%

119

282

6.7%

9,052

$32.10

7.4%

130

496

2.5%

12,551

$25.30

3.7%

2025

12

266

1.7%

3,672

$13.80

1.7%

100

268

6.4%

7,550

$28.17

6.2%

112

534

2.7%

11,222

$21.01

3.3%

2026

3

69

0.4%

839

$12.16

0.4%

65

171

4.1%

4,911

$28.72

4.0%

68

240

1.2%

5,750

$23.96

1.7%

2027

12

271

1.8%

4,573

$16.87

2.1%

74

201

4.8%

6,321

$31.45

5.2%

86

472

2.4%

10,894

$23.08

3.2%

2028

20

325

2.1%

5,439

$16.74

2.5%

75

231

5.5%

6,886

$29.81

5.6%

95

556

2.8%

12,325

$22.17

3.6%

2029

12

355

2.3%

5,004

$14.10

2.3%

67

189

4.5%

5,434

$28.75

4.4%

79

544

2.8%

10,438

$19.19

3.1%

2030

14

348

2.3%

5,827

$16.74

2.7%

68

197

4.7%

5,634

$28.60

4.6%

82

545

2.8%

11,461

$21.03

3.4%

Thereafter

381

13,165

85.3%

181,166

$13.76

83.2%

513

1,983

47.3%

57,972

$29.23

47.2%

894

15,148

77.2%

239,138

$15.79

70.2%

Total

484

15,434

100.0%

$217,869

$14.12

100.0%

1,345

4,190

100.0%

$122,709

$29.29

100.0%

1,829

19,624

100.0%

$340,578

$17.36

100.0%

Note: Includes ground leases

39

SITE Centers Corp.

Leasing Expirations

Unconsolidated Joint Ventures at 100%; $ and GLA in thousands

Assumes no exercise of lease options

Greater than 10K SF

Less than 10K SF

Total

Year

# of

Leases

Expiring

SF

% of SF

> 10K

ABR

Rent

PSF

% of ABR

> 10K

# of

Leases

Expiring

SF

% of SF

< 10K

ABR

Rent

PSF

% of ABR

< 10K

# of

Leases

Expiring

SF

% of SF

Total

ABR

Rent

PSF

% of ABR

Total

MTM

0

0

0.0%

$0

$0.00

0.0%

25

48

2.0%

$1,262

$26.29

2.1%

25

48

0.5%

$1,262

$26.29

0.9%

2021

1

10

0.1%

201

$20.10

0.3%

29

65

2.7%

1,681

$25.86

2.8%

30

75

0.8%

1,882

$25.09

1.4%

2022

8

201

2.9%

2,416

$12.02

3.0%

146

359

14.7%

8,742

$24.35

14.6%

154

560

6.0%

11,158

$19.93

8.0%

2023

33

876

12.7%

10,665

$12.17

13.4%

142

399

16.3%

8,986

$22.52

15.1%

175

1,275

13.6%

19,651

$15.41

14.1%

2024

35

1,359

19.6%

13,368

$9.84

16.9%

150

395

16.2%

9,674

$24.49

16.2%

185

1,754

18.7%

23,042

$13.14

16.6%

2025

28

828

12.0%

9,603

$11.60

12.1%

115

304

12.4%

6,971

$22.93

11.7%

143

1,132

12.1%

16,574

$14.64

11.9%

2026

37

1,250

18.1%

13,505

$10.80

17.0%

113

302

12.4%

6,912

$22.89

11.6%

150

1,552

16.6%

20,417

$13.16

14.7%

2027

24

673

9.7%

8,864

$13.17

11.2%

48

167

6.8%

4,495

$26.92

7.5%

72

840

9.0%

13,359

$15.90

9.6%

2028

16

478

6.9%

5,304

$11.10

6.7%

33

89

3.6%

2,696

$30.29

4.5%

49

567

6.1%

8,000

$14.11

5.8%

2029

8

272

3.9%

3,825

$14.06

4.8%

39

128

5.2%

3,309

$25.85

5.5%

47

400

4.3%

7,134

$17.84

5.1%

2030

6

159

2.3%

1,982

$12.47

2.5%

26

70

2.9%

1,684

$24.06

2.8%

32

229

2.4%

3,666

$16.01

2.6%

Thereafter

20

818

11.8%

9,561

$11.69

12.1%

36

119

4.9%

3,264

$27.43

5.5%

56

937

10.0%

12,825

$13.69

9.2%

Total

216

6,924

100.0%

$79,294

$11.45

100.0%

902

2,445

100.0%

$59,676

$24.41

100.0%

1,118

9,369

100.0%

$138,970

$14.83

100.0%

Assumes all lease options are exercised

Greater than 10K SF

Less than 10K SF

Total

Year

# of

Leases

Expiring

SF

% of SF

> 10K

ABR

Rent

PSF

% of ABR

> 10K

# of

Leases

Expiring

SF

% of SF

< 10K

ABR

Rent

PSF

% of ABR

< 10K

# of

Leases

Expiring

SF

% of SF

Total

ABR

Rent

PSF

% of ABR

Total

MTM

0

0

0.0%

0

$0.00

0.0%

22

41

1.7%

$1,046

$25.51

1.8%

22

41

0.4%

$1,046

$25.51

0.8%

2021

0

0

0.0%

0

$0.00

0.0%

24

55

2.2%

1,378

$25.05

2.3%

24

55

0.6%

1,378

$25.05

1.0%

2022

3

74

1.1%

827

$11.18

1.0%

101

219

9.0%

5,537

$25.28

9.3%

104

293

3.1%

6,364

$21.72

4.6%

2023

10

182

2.6%

2,782

$15.29

3.5%

103

268

11.0%

6,066

$22.63

10.2%

113

450

4.8%

8,848

$19.66

6.4%

2024

3

41

0.6%

443

$10.80

0.6%

88

212

8.7%

5,355

$25.26

9.0%

91

253

2.7%

5,798

$22.92

4.2%

2025

4

57

0.8%

926

$16.25

1.2%

79

182

7.4%

4,030

$22.14

6.8%

83

239

2.6%

4,956

$20.74

3.6%

2026

6

103

1.5%

1,632

$15.84

2.1%

74

161

6.6%

3,789

$23.53

6.3%

80

264

2.8%

5,421

$20.53

3.9%

2027

5

94

1.4%

1,103

$11.73

1.4%

52

152

6.2%

4,255

$27.99

7.1%

57

246

2.6%

5,358

$21.78

3.9%

2028

3

81

1.2%

1,291

$15.94

1.6%

44

125

5.1%

3,260

$26.08

5.5%

47

206

2.2%

4,551

$22.09

3.3%

2029

11

286

4.1%

2,986

$10.44

3.8%

59

159

6.5%

4,207

$26.46

7.0%

70

445

4.7%

7,193

$16.16

5.2%

2030

10

262

3.8%

3,459

$13.20

4.4%

37

92

3.8%

2,215

$24.08

3.7%

47

354

3.8%

5,674

$16.03

4.1%

Thereafter

161

5,744

83.0%

63,845

$11.12

80.5%

219

779

31.9%

18,538

$23.80

31.1%

380

6,523

69.6%

82,383

$12.63

59.3%

Total

216

6,924

100.0%

$79,294

$11.45

100.0%

902

2,445

100.0%

$59,676

$24.41

100.0%

1,118

9,369

100.0%

$138,970

$14.83

100.0%

Note: Includes ground leases

40

SITE CENTERS INVESTOR RELATIONS DEPARTMENT 3300 Enterprise Pkwy, Beachwood, OH 44122 O: 216-755-5500 F: 216-755-1500 sitecenters.com • NYSE: SITC