EX-99.1 2 sitc-ex991_25.htm EX-99.1

Exhibit 99.1

QUARTERLY FINANCIAL SUPPLEMENT FOR THE PERIOD ENDED DECEMBER 31, 2021 SITE

SITE CENTERS COMPANY & PORTFOLIO OVERVIEW 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. PORTFOLIO STATISTICS $5.4B ENTERPRISE VALUE 89 WHOLLY - OWNED PROPERTIES $110K AVERAGE HOUSEHOLD INCOME 92.7% LEASED RATE COMMITTED TO A SUSTAINABLE FUTURE GRESB® REAL ESTATE GREEN LEASE LEADER AMERICA’s MOST RESPONSIBLE COMPANIES 2021 Newsweek statista 2021 Bloomberg Gender-Equality Index PORTFOLIO COMPOSITION Top 5 MSAs by ABR OTHER 67% ATLANTA 8% MIAMI 7% CHICAGO 6% ORLANDO 6% BOSTON 6% ABR by Region NORTHEAST 18% SOUTHEAST 45% MIDWEST 18% NORTHWEST 2% CALIFORNIA 7% SOUTHWEST 4% MOUNTAIN 6% Retailer Mix LOCAL 11% NATIONAL 89% NOTE: ALL FIGURES AT COMPANY’S SHARE AND AS OF DECEMBER 31, 2021 NEW YORK • HONG KONG • ATLANTA • CLEVELAND DENVER • LOS ANGELES • MIAMI • PHOENIX • TAMPA SITC LISTED NYSE SITE

SITE Centers Corp.

Table of Contents

Section | Page
Earnings Release & Financial Statements |
Press Release | 1-9
Company Summary |
Portfolio Summary | 10
Capital Structure | 11
Same Store Metrics | 12-13
Leasing Summary | 14
Top 50 Tenants | 15
Lease Expirations | 16
Investments |
Redevelopments | 17
Transactions | 18
Debt Summary |
Debt Summary | 19
Consolidated Debt Detail | 20
Unconsolidated Debt Detail | 21
Debt/Adjusted EBITDA | 22
Unconsolidated Joint Ventures |
Unconsolidated Joint Ventures | 23-25
Shopping Center Summary |
Property List | 26-30
Reporting Policies and Other |
Notable Accounting and Supplemental Policies | 31-32
Non-GAAP Measures | 33-35
Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100% | 36-40

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 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; ou r 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 co nditions 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; sufficienc y 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 Dec e mber 3 1, 20 2 1. 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 co uld 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 ar ise 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 Fourth Quarter and Full-Year 2021 Operating Results

BEACHWOOD, OHIO, February 9, 2022-- 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 and year ended December 31, 2021.

“Fourth quarter and full-year 2021 results were ahead of expectations on almost every front with record new leasing activity and above-guidance investment volume funded, in part, by proceeds from the $190 million of preferred dividends paid to SITE Centers by Retail Value Inc.,” commented David R. Lukes, President and Chief Executive Officer. “We believe the elevated levels of demand for space at our properties from national credit tenants, along with investments made in 2021 that offer expected occupancy and rent upside, position SITE Centers for a multi-year period of sustainable growth.”

Results for the Fourth Quarter

| • | Fourth quarter net income attributable to common shareholders was $56.2 million, or $0.26 per diluted share, as compared to a net loss of $6.4 million, or $0.03 per diluted share, in the year-ago period. The year-over-year increase in net income was primarily attributable to increased property net operating income driven by revenue growth, the impact of property acquisitions and lower uncollectible revenue as well as gains associated with the sale of joint venture assets.

| • | Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $63.8 million, or $0.30 per diluted share, compared to $48.3 million, or $0.25 per diluted share, in the year-ago period. The year-over-year increase was primarily attributable to increased property net operating income driven by revenue growth, the impact of property acquisitions and lower uncollectible revenue partially offset by lower management fees. Fourth quarter Operating FFO results included $1.4 million of net revenue at SITE Centers’ share related to prior periods primarily from cash basis tenants and related reserve adjustments.

Results for the Year

| • | Net income attributable to common shareholders for the year ended December 31, 2021 was $106.1 million, or $0.51 per diluted share, which compares to net income of $15.2 million, or $0.08 per diluted share, for the prior year.

| • | Operating FFO was $1.17 per diluted share for the full year 2021, which compares to $0.99 per diluted share for 2020. 2021 Operating FFO results included $13.8 million of net revenue, or $0.07 per diluted share, at SITE Centers’ share related to prior periods primarily from cash basis tenants and related reserve adjustments.

Significant Fourth Quarter and Recent Activity

| • | In December 2021, acquired partner Madison International’s 80% interest in six assets for $107.2 million ($134 million at 100%) with the mortgage debt related to the properties repaid upon closing. Five of the six properties are anchored by Publix, are located in key Florida sub-markets where the Company has an existing presence including Miami and Tampa, and offer upside from a mix of leasing and tactical redevelopment opportunities.

| • | In December 2021, acquired the remaining interest in a 67% consolidated joint venture that owned one shopping center, Paradise Village Gateway (Phoenix, Arizona), for $15.1 million ($45.8 million at 100%) with the mortgage debt related to the property repaid upon closing. The joint venture partner’s 33% ownership was previously reflected as non-controlling interest on the Company’s balance sheet. In addition, the Company repaid mortgage debt of $27.6 million at closing. The property was 57.4% leased at closing offering significant expected occupancy upside.

| • | Acquired Emmet Street North (Charlottesville, Virginia), one income producing parcel adjacent to Nassau Park Pavilion (Princeton, New Jersey) and one land parcel adjacent to Belgate Shopping Center (Charlotte, North Carolina) for an aggregate purchase price of $20.8 million.

| • | Sold two unconsolidated shopping centers for an aggregate sales price of $82.1 million, totaling $54.7 million at SITE Centers’ share.

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| • | Agreed to sell its 20% interest in the SAU Joint Venture to its partner, the State of Utah, based on a gross a sset value of $155.7 million (at 100%). The transaction is expected to close by June 2022. Fee income from the SAU joint venture totaled $1.0 million in 2021.

| • | In October 2021, received a cash distribution of $190.0 million on the Retail Value Inc. (“RVI”) Series A Preferred Shares, which represents the full amount to be paid by RVI on account of the Company’s preferred investment.

| • | In the fourth quarter of 2021, the Company sold 525,226 common shares on a forward basis under its ATM program at a weighted-average price of $16.87 per share before issuance costs, generating expected gross proceeds of $8.9 million. The shares may be settled at any time before the settlement date, December 8, 2022, with no shares settled to date.

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

| • | In the first quarter of 2022, acquired Artesia Village (Scottsdale, Arizona) for an aggregate price of $14.5 million.

Significant Full-Year 2021 Activity

| • | Acquired ten shopping centers (including through the acquisition of partners’ interests), one income producing parcel and one land parcel for an aggregate price of $222.8 million.

| • | Sold six unconsolidated shopping centers and several wholly-owned land parcels for an aggregate sales price of $166.6 million, totaling $96.5 million at SITE Centers’ share.

| • | Sold a parcel of undeveloped land in Richmond Hills, Ontario held in a joint venture. SITE Centers’ share of net proceeds totaled $22.1 million after accounting for customary closing costs and foreign currency translation but before income taxes.

| • | Over the course of the year, sold 2,225,698 common shares on a forward basis under its ATM program at a weighted-average price of $15.77 per share before issuance costs generating expected gross proceeds of $35.1 million. No shares have been settled to date.

| • | In March 2021, sold 17.25 million common shares in a registered public offering resulting in net proceeds of $225.3 million.

| • | In April 2021, redeemed all $150.0 million aggregate liquidation preference of its outstanding 6.250% Series K Cumulative Redeemable Preferred Shares.

Key Quarterly Operating Results

| • | Reported an increase of 14.9% in SSNOI on a pro rata basis for the fourth quarter of 2021, including redevelopment, as compared to the year-ago period. The fourth quarter 2021 results were favorably impacted by lower year-over-year uncollectible revenue and prior period rent collections from cash basis tenants in addition to higher minimum rent.

| • | Generated new leasing spreads of 13.1% and renewal leasing spreads of 2.2%, both on a pro rata basis, for the trailing twelve-month period ended December 31, 2021 and new leasing spreads of 14.7% and renewal leasing spreads of 4.0%, both on a pro rata basis, for the fourth quarter of 2021.

| • | Reported a leased rate of 92.7% at December 31, 2021 on a pro rata basis, compared to 92.3% on a pro rata basis at September 30, 2021 and 91.6% on a pro rata basis at December 31, 2020. Fourth quarter transaction activity had a negative impact on the leased and commenced rate.

| • | As of December 31, 2021, the signed but not opened spread was 260 basis points representing $15.2 million of annualized base rent on a pro rata basis.

| • | Annualized base rent per occupied square foot on a pro rata basis was $18.33 at December 31, 2021, compared to $18.50 at December 31, 2020.

Base Rent Collections Overview

| • | As of January 31, 2022, the Company’s tenants, at the Company’s share, had paid approximately 99% of 2021 rent.

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Guidance

The Company estimates net income attributable to common shareholders for 2022 to be from $0.19 to $0.26 per diluted share and Operating FFO to be from $1.08 to $1.13 per diluted share.

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

| FY 2022E Per Share – Diluted
Net income attributable to Common Shareholders | $0.19 – $0.26
Depreciation and amortization of real estate | 0.80 – 0.85
Equity in net (income) of JVs | (0.01) - 0.00
JVs' FFO | 0.05 – 0.07
FFO (NAREIT) and Operating FFO | $1.08 – $1.13

Other key assumptions for 2022 guidance include:

| FY 2022E
Joint Venture fee income | $8.0 – $10.0 million
RVI fee income (excluding disposition fees) (1) | $0.5 – $1.0 million
SSNOI (2) | (1.50)% – 0.50%
SSNOI – Adjusted for 2021 Uncollectible Revenue Impact (3) | 2.25% – 4.25%

(1) | Consistent with 2021, guidance excludes impact of disposition fees from RVI.

(2) | Including redevelopment and approximately $14 million included in Uncollectible Revenue, primarily related to rent received from cash basis tenants, reported in 2021 related to prior periods, which is approximately 380 basis point headwind to 2022 SSNOI growth.

(3) | Including redevelopment and excluding revenue impact of approximately $14 million included in Uncollectible Revenue, primarily related to rent received from cash basis tenants, reported in 2021 related to prior periods.

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 8:30 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 1508588 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 3804753 through March 9, 2022. 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

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and g ains 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.

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 2022 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 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 December 31, 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.

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SITE Centers Corp.

Income Statement: Consolidated Interests

| in thousands, except per share |  |  |
|  | 4Q21 |  | 4Q20 |  | 12M21 |  | 12M20
| Revenues: |  |  |  |  |  |  |
| Rental income (1) | $124,110 |  | $108,382 |  | $490,799 |  | $414,864
| Other property revenues | 449 |  | 91 |  | 1,544 |  | 1,895
|  | 124,559 |  | 108,473 |  | 492,343 |  | 416,759
| Expenses: |  |  |  |  |  |  |
| Operating and maintenance | 18,516 |  | 18,027 |  | 76,716 |  | 68,801
| Real estate taxes | 17,712 |  | 18,054 |  | 76,071 |  | 69,601
|  | 36,228 |  | 36,081 |  | 152,787 |  | 138,402
| Net operating income | 88,331 |  | 72,392 |  | 339,556 |  | 278,357
| Other income (expense): |  |  |  |  |  |  |
| Fee income (2) | 10,257 |  | 9,425 |  | 40,521 |  | 43,574
| Interest expense | (18,682) |  | (19,117) |  | (76,383) |  | (77,604)
| Depreciation and amortization | (48,322) |  | (45,655) |  | (185,768) |  | (170,669)
| General and administrative (3) | (13,505) |  | (14,339) |  | (55,052) |  | (52,881)
| Other income (expense), net (4) | 29 |  | 1,215 |  | (1,185) |  | (6,512)
| Impairment charges | 0 |  | (5,200) |  | (7,270) |  | (5,200)
| Income (loss) before earnings from JVs and other | 18,108 |  | (1,279) |  | 54,419 |  | 9,065
| Equity in net income of JVs | 36,238 |  | 608 |  | 47,297 |  | 1,516
| Reserve of preferred equity interests | 0 |  | 0 |  | 0 |  | (19,393)
| Gain (loss) on sale and change in control of interests, net | 5,242 |  | (171) |  | 19,185 |  | 45,464
| (Loss) gain on disposition of real estate, net | (4) |  | 76 |  | 6,065 |  | 1,069
| Tax expense | (493) |  | (272) |  | (1,550) |  | (1,131)
| Net income (loss) | 59,091 |  | (1,038) |  | 125,416 |  | 36,590
| Non-controlling interests | (97) |  | (247) |  | (481) |  | (869)
| Net income (loss) SITE Centers | 58,994 |  | (1,285) |  | 124,935 |  | 35,721
| Write-off of preferred share original issuance costs | 0 |  | 0 |  | (5,156) |  | 0
| Preferred dividends | (2,789) |  | (5,133) |  | (13,656) |  | (20,531)
| Net income (loss) Common Shareholders | $56,205 |  | ($6,418) |  | $106,123 |  | $15,190
| Weighted average shares – Basic – EPS | 211,226 |  | 193,248 |  | 208,004 |  | 193,336
| Assumed conversion of diluted securities | 1,121 |  | 0 |  | 1,139 |  | 441
| Weighted average shares – Basic & Diluted – EPS | 212,347 |  | 193,248 |  | 209,143 |  | 193,777
| Earnings per common share – Basic | $0.27 |  | $(0.03) |  | $0.51 |  | $0.08
| Earnings per common share – Diluted | $0.26 |  | $(0.03) |  | $0.51 |  | $0.08
(1) | Rental income: |  |  |  |  |  |  |
| Minimum rents | $81,370 |  | $75,930 |  | $317,732 |  | $301,557
| Ground lease minimum rents | 6,609 |  | 6,076 |  | 26,016 |  | 22,395
| Straight-line rent, net | 213 |  | (1,612) |  | 669 |  | (1,881)
| Amortization of (above)/below-market rent, net | 950 |  | 1,094 |  | 3,721 |  | 4,152
| Percentage and overage rent | 1,580 |  | 1,172 |  | 4,929 |  | 2,942
| Recoveries | 30,012 |  | 26,760 |  | 120,530 |  | 107,132
| Uncollectible revenue | 1,115 |  | (3,989) |  | 9,383 |  | (31,908)
| Ancillary and other rental income | 2,149 |  | 1,725 |  | 6,576 |  | 5,984
| Lease termination fees | 112 |  | 1,226 |  | 1,243 |  | 4,491
(2) | Fee Income: |  |  |  |  |  |  |
| JV and other fees | 3,702 |  | 3,771 |  | 14,519 |  | 19,247
| RVI fees | 3,631 |  | 5,133 |  | 16,986 |  | 21,185
| RVI disposition fees | 2,924 |  | 521 |  | 9,016 |  | 3,142
(3) | Mark-to-market adjustment (PRSUs) | 0 |  | (929) |  | (5,589) |  | 688
| Executive separation charge | 0 |  | 0 |  | 0 |  | (1,650)
(4) | Other (expense) income, net: |  |  |  |  |  |  |
| Transaction and other expense, net | 182 |  | (193) |  | (525) |  | (1,214)
| Interest | (152) |  | 1,408 |  | (643) |  | 11,888
| Debt extinguishment costs, net | (1) |  | 0 |  | (17) |  | (17,186)

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SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

| in thousands, except per share |  |  |
|  | 4Q21 |  | 4Q20 |  | 12M21 |  | 12M20
| Net income (loss) attributable to Common Shareholders | $56,205 |  | ($6,418) |  | $106,123 |  | $15,190
| Depreciation and amortization of real estate | 46,880 |  | 44,233 |  | 180,158 |  | 165,122
| Equity in net income of JVs | (36,238) |  | (608) |  | (47,297) |  | (1,516)
| JVs' FFO | 4,638 |  | 5,142 |  | 21,703 |  | 19,671
| Non-controlling interests | 17 |  | 7 |  | 67 |  | 35
| Impairment of real estate | 0 |  | 5,200 |  | 7,270 |  | 5,200
| Reserve of preferred equity interests | 0 |  | 0 |  | 0 |  | 19,393
| (Gain) loss on sale and change in control of interests, net | (5,242) |  | 171 |  | (19,185) |  | (45,464)
| Loss (gain) on disposition of real estate, net | 4 |  | (76) |  | (6,065) |  | (1,069)
| FFO attributable to Common Shareholders | $66,264 |  | $47,651 |  | $242,774 |  | $176,562
| RVI disposition fees | (2,924) |  | (521) |  | (9,016) |  | (3,142)
| Mark-to-market adjustment (PRSUs) | 0 |  | 929 |  | 5,589 |  | (688)
| Executive separation charge | 0 |  | 0 |  | 0 |  | 1,650
| Debt extinguishment, transaction, net | 325 |  | 193 |  | 1,047 |  | 18,400
| Joint ventures - debt extinguishment, other | 105 |  | 0 |  | 137 |  | 42
| Write-off of preferred share original issuance costs | 0 |  | 0 |  | 5,156 |  | 0
| Total non-operating items, net | (2,494) |  | 601 |  | 2,913 |  | 16,262
| Operating FFO attributable to Common Shareholders | $63,770 |  | $48,252 |  | $245,687 |  | $192,824
| Weighted average shares & units – Basic: FFO & OFFO | 211,367 |  | 193,388 |  | 208,145 |  | 193,477
| Assumed conversion of dilutive securities | 980 |  | 449 |  | 998 |  | 441
| Weighted average shares & units – Diluted: FFO & OFFO | 212,347 |  | 193,837 |  | 209,143 |  | 193,918
| FFO per share – Basic | $0.31 |  | $0.25 |  | $1.17 |  | $0.91
| FFO per share – Diluted | $0.31 |  | $0.25 |  | $1.16 |  | $0.91
| Operating FFO per share – Basic | $0.30 |  | $0.25 |  | $1.18 |  | $1.00
| Operating FFO per share – Diluted | $0.30 |  | $0.25 |  | $1.17 |  | $0.99
| Common stock dividends declared, per share | $0.12 |  | $0.05 |  | $0.47 |  | $0.25
| Capital expenditures (SITE Centers share): |  |  |  |  |  |  |
| Redevelopment costs (major and tactical) | 2,706 |  | 2,873 |  | 15,404 |  | 20,304
| Maintenance capital expenditures | 3,618 |  | 1,328 |  | 13,067 |  | 12,317
| Tenant allowances and landlord work | 11,299 |  | 6,337 |  | 38,839 |  | 24,582
| Leasing commissions | 1,639 |  | 1,164 |  | 6,045 |  | 3,577
| Construction administrative costs (capitalized) | 887 |  | 821 |  | 3,107 |  | 3,016
| Certain non-cash items (SITE Centers share): |  |  |  |  |  |  |
| Straight-line rent | 237 |  | (1,455) |  | 796 |  | (1,845)
| Straight-line fixed CAM | 154 |  | 167 |  | 570 |  | 620
| Amortization of (above)/below-market rent, net | 1,034 |  | 1,530 |  | 4,116 |  | 5,310
| Straight-line ground rent expense | (25) |  | (40) |  | (121) |  | (207)
| Debt fair value and loan cost amortization | (1,305) |  | (1,199) |  | (5,023) |  | (4,784)
| Capitalized interest expense | 186 |  | 145 |  | 648 |  | 937
| Stock compensation expense | (1,709) |  | (2,936) |  | (13,032) |  | (8,024)
| Non-real estate depreciation expense | (1,401) |  | (1,357) |  | (5,372) |  | (5,295)

6

SITE Centers Corp.

Balance Sheet: Consolidated Interests

| $ in thousands |  |  |
|  | At Period End
|  | 4Q21 |  | 4Q20
| Assets: |  |  |
| Land | $1,011,401 |  | $953,556
| Buildings | 3,624,164 |  | 3,488,499
| Fixtures and tenant improvements | 556,056 |  | 509,866
|  | 5,191,621 |  | 4,951,921
| Depreciation | (1,571,569) |  | (1,427,057)
|  | 3,620,052 |  | 3,524,864
| Construction in progress and land | 47,260 |  | 37,467
| Real estate, net | 3,667,312 |  | 3,562,331
| Investments in and advances to JVs | 64,626 |  | 77,297
| Investment in and advances to affiliate (1) | 0 |  | 190,035
| Cash | 41,807 |  | 69,742
| Restricted cash | 1,445 |  | 4,672
| Receivables and straight-line (2) | 61,382 |  | 73,517
| Intangible assets, net (3) | 113,106 |  | 111,022
| Other assets, net | 17,373 |  | 19,668
| Total Assets | 3,967,051 |  | 4,108,284
| Liabilities and Equity: |  |  |
| Revolving credit facilities | 0 |  | 135,000
| Unsecured debt | 1,451,768 |  | 1,449,613
| Unsecured term loan | 99,810 |  | 99,635
| Secured debt | 125,799 |  | 249,260
|  | 1,677,377 |  | 1,933,508
| Dividends payable | 28,243 |  | 14,844
| Other liabilities (4) | 218,779 |  | 215,109
| Total Liabilities | 1,924,399 |  | 2,163,461
| Preferred shares | 175,000 |  | 325,000
| Common shares | 21,129 |  | 19,400
| Paid-in capital | 5,934,166 |  | 5,705,164
| Distributions in excess of net income | (4,092,783) |  | (4,099,534)
| Deferred compensation | 4,695 |  | 5,479
| Other comprehensive income | 0 |  | (2,682)
| Common shares in treasury at cost | (5,349) |  | (11,319)
| Non-controlling interests | 5,794 |  | 3,315
| Total Equity | 2,042,652 |  | 1,944,823
| Total Liabilities and Equity | $3,967,051 |  | $4,108,284
(1) | Preferred investment in RVI | $0 |  | $190,000
| Receivable from RVI | 0 |  | 35
(2) | SL rents (including fixed CAM), net | 31,526 |  | 30,552
(3) | Operating lease right of use assets | 19,047 |  | $20,604
(4) | Operating lease liabilities | 38,491 |  | 39,794
| Below-market leases, net | 59,690 |  | 57,348

7

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands |  |  |  |  |  |  |
| 4Q21 |  | 4Q20 |  | 4Q21 |  | 4Q20
| SITE Centers at 100% |  | At SITE Centers Share (Non-GAAP)
GAAP Reconciliation: |  |  |  |  |  |  |
Net income (loss) attributable to SITE Centers | $58,994 |  | ($1,285) |  | $58,994 |  | ($1,285)
Fee income | (10,257) |  | (9,425) |  | (10,257) |  | (9,425)
Interest expense | 18,682 |  | 19,117 |  | 18,682 |  | 19,117
Depreciation and amortization | 48,322 |  | 45,655 |  | 48,322 |  | 45,655
General and administrative | 13,505 |  | 14,339 |  | 13,505 |  | 14,339
Other expense (income), net | (29) |  | (1,215) |  | (29) |  | (1,215)
Impairment charges | 0 |  | 5,200 |  | 0 |  | 5,200
Equity in net income of joint ventures | (36,238) |  | (608) |  | (36,238) |  | (608)
Tax expense | 493 |  | 272 |  | 493 |  | 272
(Gain) loss on sale and change in control of interests, net | (5,242) |  | 171 |  | (5,242) |  | 171
Loss (gain) on disposition of real estate, net | 4 |  | (76) |  | 4 |  | (76)
Income from non-controlling interests | 97 |  | 247 |  | 97 |  | 247
Consolidated NOI | 88,331 |  | 72,392 |  | 88,331 |  | 72,392
SITE Centers' consolidated JV | 0 |  | 0 |  | (329) |  | (451)
Consolidated NOI, net of non-controlling interests | 88,331 |  | 72,392 |  | 88,002 |  | 71,941
Net income (loss) from unconsolidated joint ventures | 56,507 |  | (915) |  | 39,516 |  | 526
Interest expense | 10,481 |  | 12,455 |  | 2,444 |  | 2,817
Depreciation and amortization | 16,309 |  | 22,199 |  | 3,627 |  | 4,586
Impairment charges | 0 |  | 0 |  | 0 |  | 0
Preferred share expense | 0 |  | 1,998 |  | 0 |  | 100
Other expense, net | 3,268 |  | 2,952 |  | 765 |  | 696
Gain on disposition of real estate, net | (53,803) |  | (28) |  | (38,510) |  | (6)
Unconsolidated NOI | $32,762 |  | $38,661 |  | 7,842 |  | 8,719
Total Consolidated + Unconsolidated NOI |  |  |  |  | 95,844 |  | 80,660
Less: Non-Same Store NOI adjustments |  |  |  |  | (653) |  | 2,176
Total SSNOI including redevelopment |  |  |  |  | 95,191 |  | 82,836
Less: Redevelopment Same Store NOI adjustments |  |  |  |  | (3,852) |  | (2,174)
Total SSNOI excluding redevelopment |  |  |  |  | $91,339 |  | $80,662
SSNOI % Change including redevelopment |  |  |  |  | 14.9% |  |
SSNOI % Change excluding redevelopment |  |  |  |  | 13.2% |  |

8

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands |  |  |  |  |  |  |
| 12M21 |  | 12M20 |  | 12M21 |  | 12M20
| SITE Centers at 100% |  | At SITE Centers Share (Non-GAAP)
GAAP Reconciliation: |  |  |  |  |  |  |
Net income attributable to SITE Centers | $124,935 |  | $35,721 |  | $124,935 |  | $35,721
Fee income | (40,521) |  | (43,574) |  | (40,521) |  | (43,574)
Interest expense | 76,383 |  | 77,604 |  | 76,383 |  | 77,604
Depreciation and amortization | 185,768 |  | 170,669 |  | 185,768 |  | 170,669
General and administrative | 55,052 |  | 52,881 |  | 55,052 |  | 52,881
Other expense, net | 1,185 |  | 6,512 |  | 1,185 |  | 6,512
Impairment charges | 7,270 |  | 5,200 |  | 7,270 |  | 5,200
Equity in net income of joint ventures | (47,297) |  | (1,516) |  | (47,297) |  | (1,516)
Reserve of preferred equity interests | 0 |  | 19,393 |  | 0 |  | 19,393
Tax expense | 1,550 |  | 1,131 |  | 1,550 |  | 1,131
Gain on sale and change in control of interests, net | (19,185) |  | (45,464) |  | (19,185) |  | (45,464)
Gain on disposition of real estate, net | (6,065) |  | (1,069) |  | (6,065) |  | (1,069)
Income from non-controlling interests | 481 |  | 869 |  | 481 |  | 869
Consolidated NOI | 339,556 |  | 278,357 |  | 339,556 |  | 278,357
SITE Centers' consolidated JV | 0 |  | 0 |  | (1,286) |  | (1,652)
Consolidated NOI, net of non-controlling interests | 339,556 |  | 278,357 |  | 338,270 |  | 276,705
Net income (loss) from unconsolidated joint ventures | 110,032 |  | (37,370) |  | 49,459 |  | 892
Interest expense | 43,379 |  | 60,010 |  | 10,557 |  | 12,068
Depreciation and amortization | 66,618 |  | 99,779 |  | 15,107 |  | 18,251
Impairment charges | 0 |  | 33,240 |  | 0 |  | 1,890
Preferred share expense | 0 |  | 15,708 |  | 0 |  | 785
Other expense, net | 12,074 |  | 13,796 |  | 2,951 |  | 2,946
Gain on disposition of real estate, net | (89,935) |  | (9,257) |  | (42,897) |  | (1,784)
Unconsolidated NOI | $142,168 |  | $175,906 |  | 35,177 |  | 35,048
Total Consolidated + Unconsolidated NOI |  |  |  |  | 373,447 |  | 311,753
Less: Non-Same Store NOI adjustments |  |  |  |  | 3,061 |  | 15,452
Total SSNOI including redevelopment |  |  |  |  | 376,508 |  | 327,205
Less: Redevelopment Same Store NOI adjustments |  |  |  |  | (14,945) |  | (9,655)
Total SSNOI excluding redevelopment |  |  |  |  | $361,563 |  | $317,550
SSNOI % Change including redevelopment |  |  |  |  | 15.1% |  |
SSNOI % Change excluding redevelopment |  |  |  |  | 13.9% |  |

9

SITE Centers Corp.

Portfolio Summary

GLA in thousands |  |  |  |  |  |  |  |  |  |  |
` |  |  |  |  | 12/31/2021 |  | 9/30/2021 |  | 6/30/2021 |  | 3/31/2021 |  | 12/31/2020
Shopping Center Count |  |  |  |  |  |  |  |  |  |
Operating Centers - 100% |  | 136 |  | 137 |  | 137 |  | 138 |  | 138
Wholly Owned |  | 89 |  | 81 |  | 80 |  | 78 |  | 78
JV Portfolio |  | 47 |  | 56 |  | 57 |  | 60 |  | 60
Gross Leasable Area (GLA) |  |  |  |  |  |  |  |  |  |
Owned and Ground Lease - Pro Rata Share |  | 24,905 |  | 24,356 |  | 24,327 |  | 24,370 |  | 24,429
Wholly Owned |  | 22,856 |  | 21,677 |  | 21,605 |  | 21,580 |  | 21,639
JV Portfolio - Pro Rata Share |  | 2,049 |  | 2,679 |  | 2,722 |  | 2,790 |  | 2,790
Unowned - 100% |  | 10,229 |  | 10,475 |  | 10,475 |  | 10,617 |  | 10,562
Quarterly Operational Overview |  |  |  |  |  |  |  |  |  |
Pro Rata Share |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $18.33 |  | $18.44 |  | $18.39 |  | $18.39 |  | $18.50
Base Rent PSF < 10K |  | $28.82 |  | $29.20 |  | $29.17 |  | $28.91 |  | $29.10
Base Rent PSF > 10K |  | $15.18 |  | $15.36 |  | $15.35 |  | $15.39 |  | $15.46
Commenced Rate |  | 90.1% |  | 90.2% |  | 89.7% |  | 88.6% |  | 88.7%
Commenced Rate < 10K SF |  | 80.7% |  | 80.0% |  | 79.7% |  | 80.1% |  | 80.4%
Commenced Rate > 10K SF |  | 93.3% |  | 93.6% |  | 93.0% |  | 91.3% |  | 91.4%
Leased Rate |  | 92.7% |  | 92.3% |  | 91.8% |  | 91.4% |  | 91.6%
Leased Rate < 10K SF |  | 85.0% |  | 83.9% |  | 82.9% |  | 82.8% |  | 82.8%
Leased Rate > 10K SF |  | 95.3% |  | 95.1% |  | 94.6% |  | 94.1% |  | 94.3%
Operational Statistics |  |  |  |  |  |  |  |  |  |
% of Aggregate Property NOI - Wholly Owned |  | 92.2% |  | 89.8% |  | 89.3% |  | 89.1% |  | 88.7%
% of Aggregate Property NOI - Joint Venture – Pro Rata Share |  | 7.8% |  | 10.2% |  | 10.7% |  | 10.9% |  | 11.3%
Quarterly SITE SSNOI at share including Redevelopment |  | 14.9% |  | 21.6% |  | 29.9% |  | -1.4% |  | -12.0%
Quarterly SITE SSNOI at share excluding Redevelopment |  | 13.2% |  | 20.5% |  | 28.7% |  | -2.1% |  | -11.8%
TTM Total Leasing - at pro rata share (GLA in 000's) |  | 3,455 |  | 3,528 |  | 3,331 |  | 2,954 |  | 2,808
TTM Blended New and Renewal Rent Spreads - at pro rata share |  | 3.7% |  | 1.6% |  | 1.7% |  | 1.9% |  | 3.4%
Top 20 MSA Exposure |  |  |  |  |  |  |  |  |  |  |
|  |  | # of |  | Pro Rata |  | % of |  | Pro Rata |  | % of |  | PRS
|  | MSA | Properties |  | GLA |  | PRS GLA |  | ABR |  | PRS ABR |  | ABR PSF
1 |  | Atlanta-Sandy Springs-Roswell, GA | 19 |  | 2,407 |  | 9.7% |  | $31,782 |  | 8.3% |  | $14.62
2 |  | Miami-Fort Lauderdale-West Palm Beach, FL | 10 |  | 1,529 |  | 6.1% |  | 26,195 |  | 6.8% |  | $20.80
3 |  | Chicago-Naperville-Elgin, IL-IN-WI | 6 |  | 1,165 |  | 4.7% |  | 23,772 |  | 6.2% |  | $25.88
4 |  | Orlando-Kissimmee-Sanford, FL | 7 |  | 1,325 |  | 5.3% |  | 23,089 |  | 6.0% |  | $19.53
5 |  | Boston-Cambridge-Newton, MA-NH | 2 |  | 1,421 |  | 5.7% |  | 22,449 |  | 5.8% |  | $25.37
6 |  | Charlotte-Concord-Gastonia, NC-SC | 4 |  | 1,384 |  | 5.6% |  | 21,717 |  | 5.6% |  | $16.60
7 |  | Denver-Aurora-Lakewood, CO | 4 |  | 1,367 |  | 5.5% |  | 21,212 |  | 5.5% |  | $17.66
8 |  | Trenton, NJ | 2 |  | 1,299 |  | 5.2% |  | 21,141 |  | 5.5% |  | $18.18
9 |  | Columbus, OH | 5 |  | 1,306 |  | 5.2% |  | 19,303 |  | 5.0% |  | $16.11
10 |  | Los Angeles-Long Beach-Anaheim, CA | 3 |  | 882 |  | 3.5% |  | 14,961 |  | 3.9% |  | $23.44
11 |  | Phoenix-Mesa-Scottsdale, AZ | 4 |  | 983 |  | 3.9% |  | 14,504 |  | 3.8% |  | $19.66
12 |  | San Antonio-New Braunfels, TX | 3 |  | 1,048 |  | 4.2% |  | 13,256 |  | 3.4% |  | $16.91
13 |  | Tampa-St. Petersburg-Clearwater, FL | 7 |  | 877 |  | 3.5% |  | 13,097 |  | 3.4% |  | $17.34
14 |  | New York-Newark-Jersey City, NY-NJ-PA | 8 |  | 792 |  | 3.2% |  | 11,955 |  | 3.1% |  | $18.28
15 |  | Richmond, VA | 3 |  | 591 |  | 2.4% |  | 9,445 |  | 2.5% |  | $20.25
16 |  | Cincinnati, OH-KY-IN | 2 |  | 588 |  | 2.4% |  | 9,373 |  | 2.4% |  | $17.85
17 |  | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2 |  | 430 |  | 1.7% |  | 9,169 |  | 2.4% |  | $21.52
18 |  | Cleveland-Elyria, OH | 2 |  | 553 |  | 2.2% |  | 7,156 |  | 1.9% |  | $14.56
19 |  | Portland-Vancouver-Hillsboro, OR-WA | 2 |  | 382 |  | 1.5% |  | 7,150 |  | 1.9% |  | $23.82
20 |  | San Francisco-Oakland-Hayward, CA | 3 |  | 229 |  | 0.9% |  | 6,562 |  | 1.7% |  | $31.64
|  | Other | 38 |  | 4,347 |  | 17.5% |  | 57,375 |  | 14.9% |  | $15.53
|  | Total | 136 |  | 24,905 |  | 100.0% |  | $384,663 |  | 100.0% |  | $18.33
$ and GLA in thousands |  |  |  |  |  |  |

10

SITE Centers Corp.

Capital Structure

$, shares and units in thousands, except per share |  |  |  |  |  |
|  | December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Capital Structure |  |  |  |  |  |
Market Value Per Share |  | $15.83 |  | $10.12 |  | $14.02
Common Shares Outstanding |  | 211,235 |  | 193,363 |  | 193,821
Operating Partnership Units |  | 141 |  | 141 |  | 141
Total Outstanding Common Shares |  | 211,376 |  | 193,504 |  | 193,962
Common Shares Equity |  | $3,346,079 |  | $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 |  | 1,456,886 |  | 1,456,031 |  | 1,656,156
Mortgage Debt (includes JVs at SITE share) |  | 315,898 |  | 473,576 |  | 372,498
Total Debt (includes JVs at SITE share) |  | 1,872,784 |  | 2,164,607 |  | 2,133,654
Less: Cash (including restricted cash) |  | 43,252 |  | 74,414 |  | 19,133
Net Debt |  | $1,829,532 |  | $2,090,193 |  | $2,114,521
Total Market Capitalization |  | $5,350,611 |  | $4,373,451 |  | $5,158,863
Leverage / Public Debt Covenants |  |  |  |  |  |
Average Consolidated Net Effective Debt |  | 1,749,295 |  | 1,842,052 |  | 1,848,801
Consolidated Adjusted EBITDA - TTM |  | 351,172 |  | 300,012 |  | 361,517
Average Consolidated Net Debt / Adjusted EBITDA (2) |  | 5.0X |  | 6.1X |  | 5.1X
Average Pro-Rata Net Effective Debt |  | 1,952,145 |  | 2,089,915 |  | 2,158,288
Pro-Rata Adjusted EBITDA - TTM |  | 361,917 |  | 312,708 |  | 378,942
Average Pro-Rata Net Debt / Adjusted EBITDA (2) |  | 5.4X |  | 6.7X |  | 5.7X
Outstanding Debt & Obligations |  | 1,717,917 |  | 1,953,194 |  | 1,868,599
Undepreciated Real Estate Assets |  | 5,303,507 |  | 5,256,719 |  | 5,194,413
Total Debt to Real Estate Assets Ratio (3) |  | 32% |  | 37% |  | 36%
Covenant |  | 65% |  | 65% |  | 65%
Secured Debt & Obligations |  | 125,382 |  | 248,917 |  | 94,196
Total Assets |  | 5,534,473 |  | 5,529,204 |  | 5,374,643
Secured Debt to Assets Ratio |  | 2% |  | 5% |  | 2%
Covenant |  | 40% |  | 40% |  | 40%
Unencumbered Real Estate Assets |  | 5,028,788 |  | 4,624,168 |  | 4,500,271
Unsecured Debt & Obligations |  | 1,592,535 |  | 1,704,277 |  | 1,774,404
Unencumbered Assets to Unsecured Debt (3) |  | 316% |  | 271% |  | 254%
Covenant |  | 135% |  | 135% |  | 135%
Net Income Available for Debt Service |  | 329,408 |  | 264,148 |  | 336,137
Maximum Annual Service Charge |  | 80,073 |  | 80,913 |  | 89,365
Fixed Charge Coverage Ratio |  | 4.1X |  | 3.3X |  | 3.8X
Covenant |  | 1.5X |  | 1.5X |  | 1.5X
Net Income Available for Debt Service Excluding Other Expenses |  | 329,408 |  | 280,716 |  | 336,304
Fixed Charge Coverage Ratio Excluding Other Expenses |  | 4.1X |  | 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 | 4Q21 | 4Q20 | Change |  | 4Q21 |  | 4Q20 | Change
Leased rate | 92.8% | 91.8% | 1.0% |  | 93.1% |  | 92.2% | 0.9%
Commenced rate | 90.2% | 89.2% | 1.0% |  | 90.5% |  | 89.7% | 0.8%
Revenues: |  |  |  |  |  |  |  |
Minimum rents | $114,070 | $111,491 |  |  | $91,029 |  | $88,715 |
Recoveries | 36,519 | 34,805 |  |  | 29,752 |  | 28,205 |
Uncollectible revenue | 1,109 | (6,136) |  |  | 1,100 |  | (4,598) |
Percentage and overage rent | 2,426 | 1,818 |  |  | 1,772 |  | 1,354 |
Ancillary and other rental income | 3,088 | 2,264 |  |  | 2,205 |  | 1,761 |
| 157,212 | 144,242 | 9.0% |  | 125,858 | (2) | 115,437 | 9.0%
Expenses: |  |  |  |  |  |  |  |
Operating and maintenance | (22,020) | (20,930) |  |  | (17,201) |  | (16,475) |
Real estate taxes | (20,934) | (22,018) |  |  | (17,318) |  | (18,300) |
| (42,954) | (42,948) | 0.0% |  | (34,519) |  | (34,775) | (0.7%)
Total SSNOI excluding Redevelopment | $114,258 | $101,294 | 12.8% |  | $91,339 |  | $80,662 | 13.2%
Redevelopment SSNOI (2) | $3,852 | $2,174 |  |  | $3,852 |  | $2,174 |
Total SSNOI including Redevelopment | $118,110 | $103,468 | 14.2% |  | $95,191 |  | $82,836 | 14.9%
Non-Same Store NOI | 2,983 | 7,585 |  |  | 653 |  | (2,176) |
Total Consolidated + Unconsolidated NOI | $121,093 | $111,053 |  |  | $95,844 |  | $80,660 |
SSNOI Operating Margin - Ex Redevelopment | 72.7% | 70.2% |  |  | 72.6% |  | 69.9% |
SSNOI Recovery Rate - Ex Redevelopment | 85.0% | 81.0% |  |  | 86.2% |  | 81.1% |
(1) See calculation definition in the Non-GAAP Measures section.
(2) See Redevelopments section for detail on major redevelopment activity.

12

SITE Centers Corp.

Same Store Metrics (1)

$ in thousands |  |  |  |  |  |  |
| Same Store at 100% |  | Same Store at SITE Share
YTD SITE at share | 12M21 | 12M20 | Change |  | 12M21 |  | 12M20 | Change
Leased rate | 92.8% | 91.8% | 1.0% |  | 93.1% |  | 92.2% | 0.9%
Commenced rate | 90.2% | 89.2% | 1.0% |  | 90.5% |  | 89.7% | 0.8%
Revenues: |  |  |  |  |  |  |  |
Minimum rents | $451,248 | $457,723 |  |  | $359,856 |  | $364,483 |
Recoveries | 152,618 | 149,754 |  |  | 124,408 |  | 121,559 |
Uncollectible revenue | 14,894 | (47,369) |  |  | 10,282 |  | (36,959) |
Percentage and overage rents | 6,466 | 3,960 |  |  | 5,394 |  | 3,382 |
Ancillary and other rental income | 9,687 | 8,562 |  |  | 7,093 |  | 6,652 |
| 634,913 | 572,630 | 10.9% |  | 507,033 | (2) | 459,117 | 10.4%
Expenses: |  |  |  |  |  |  |  |
Operating and maintenance | (87,752) | (82,524) |  |  | (69,129) |  | (65,407) |
Real estate taxes | (92,345) | (92,387) |  |  | (76,341) |  | (76,160) |
| (180,097) | (174,911) | 3.0% |  | (145,470) |  | (141,567) | 2.8%
Total SSNOI excluding Redevelopment | $454,816 | $397,719 | 14.4% |  | $361,563 |  | $317,550 | 13.9%
Redevelopment SSNOI (2) | $14,945 | $9,655 |  |  | $14,945 |  | $9,655 |
Total SSNOI including Redevelopment | $469,761 | $407,374 | 15.3% |  | $376,508 |  | $327,205 | 15.1%
Non-Same Store NOI | 11,963 | 46,889 |  |  | (3,061) |  | (15,452) |
Total Consolidated + Unconsolidated NOI | $481,724 | $454,263 |  |  | $373,447 |  | $311,753 |
SSNOI Operating Margin - Ex Redevelopment | 71.6% | 69.5% |  |  | 71.3% |  | 69.2% |
SSNOI Recovery Rate - Ex Redevelopment | 84.7% | 85.6% |  |  | 85.5% |  | 85.9% |
(1) See calculation definition in the Non-GAAP Measures section.
(2) See Redevelopments section for detail on major redevelopment activity.

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 |  |  |  |  |  |  |  |  |  |  |
4Q21 | 26 | 98,721 | $25.01 | $21.80 | 14.7% | 8.4 |  | 64 | 275,789 | $21.43 | 9.2
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
| 110 | 356,699 | $22.46 | $19.86 | 13.1% | 8.3 |  | 240 | 899,376 | $21.23 | 8.8
Renewals |  |  |  |  |  |  |  |  |  |  |
4Q21 | 89 | 595,154 | $18.89 | $18.16 | 4.0% | 5.3 |  | 89 | 595,154 | $18.89 | 5.3
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
| 363 | 2,555,301 | $16.75 | $16.39 | 2.2% | 5.3 |  | 363 | 2,555,301 | $16.75 | 5.3
New + Renewals |  |  |  |  |  |  |  |  |  |  |
4Q21 | 115 | 693,875 | $19.76 | $18.68 | 5.8% | 5.9 |  | 153 | 870,943 | $19.69 | 6.7
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
| 473 | 2,912,000 | $17.45 | $16.82 | 3.7% | 5.8 |  | 603 | 3,454,677 | $17.92 | 6.4

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) |  |  |  |  |  |  |  |  |  |
4Q21 | 275,789 | $22.58 | $2.62 | $4.25 | $1.07 | $7.94 | $14.64 | 9.2 | 53% | 47%
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%
| 809,317 | $22.04 | $2.94 | $4.41 | $0.99 | $8.34 | $13.70 | 8.8 | 50% | 50%
Renewals |  |  |  |  |  |  |  |  |  |
4Q21 | 595,154 | $19.21 | $0.08 | $0.00 | $0.00 | $0.08 | $19.13 | 5.3 | 79% | 21%
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%
| 2,555,301 | $16.95 | $0.20 | $0.00 | $0.01 | $0.21 | $16.74 | 5.3 | 82% | 18%
New + Renewals |  |  |  |  |  |  |  |  |
4Q21 | 870,943 | $20.27 | $1.19 | $1.86 | $0.47 | $3.52 | $16.75 | 6.7 | 71% | 29%
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%
| 3,364,618 | $18.17 | $1.11 | $1.48 | $0.34 | $2.93 | $15.24 | 6.3 | 74% | 26%
(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 | $22,405 | 5.8% | $25,532 | 1,583 | 6.4% | 1,864 | A/A2/NR
2 |  | Dick's Sporting Goods (2) | 15 | 4 | 19 | 10,463 | 2.7% | 12,148 | 700 | 2.8% | 846 | NR
3 |  | PetSmart | 25 | 5 | 30 | 9,984 | 2.6% | 11,165 | 582 | 2.3% | 661 | B/B2/NR
4 |  | Michaels | 23 | 8 | 31 | 8,767 | 2.3% | 10,589 | 578 | 2.3% | 733 | B/B1/NR
5 |  | Ross Stores (3) | 19 | 14 | 33 | 7,361 | 1.9% | 10,373 | 627 | 2.5% | 953 | BBB+/A2/NR
6 |  | Bed Bath & Beyond (4) | 18 | 2 | 20 | 7,360 | 1.9% | 7,872 | 610 | 2.4% | 659 | B+/Ba3/NR
7 |  | Ulta | 27 | 7 | 34 | 7,320 | 1.9% | 8,596 | 293 | 1.2% | 355 | NR
8 |  | Gap (5) | 22 | 10 | 32 | 7,252 | 1.9% | 9,134 | 381 | 1.5% | 488 | BB/Ba2/NR
9 |  | Nordstrom Rack | 10 | 0 | 10 | 7,108 | 1.8% | 7,108 | 362 | 1.5% | 362 | BB/Ba2/NR
10 |  | Best Buy | 9 | 3 | 12 | 7,024 | 1.8% | 8,570 | 437 | 1.8% | 550 | BBB+/A3/NR
11 |  | Kohl's | 7 | 7 | 14 | 6,673 | 1.7% | 10,646 | 748 | 3.0% | 1,221 | BBB-/Baa2/BBB-
12 |  | Kroger (6) | 7 | 4 | 11 | 6,436 | 1.7% | 7,736 | 459 | 1.8% | 632 | BBB/Baa1/NR
13 |  | AMC Theatres | 2 | 3 | 5 | 5,912 | 1.5% | 9,842 | 215 | 0.9% | 400 | CCC+/Caa3/NR
14 |  | Burlington | 8 | 4 | 12 | 5,634 | 1.5% | 7,121 | 360 | 1.4% | 487 | BB+/NR/NR
15 |  | Five Below | 28 | 10 | 38 | 5,412 | 1.4% | 6,616 | 263 | 1.1% | 332 | NR
16 |  | Publix | 8 | 8 | 16 | 4,549 | 1.2% | 7,375 | 466 | 1.9% | 788 | NR
17 |  | Barnes & Noble | 8 | 2 | 10 | 4,517 | 1.2% | 5,053 | 208 | 0.8% | 237 | NR
18 |  | Designer Brands Inc. (DSW) | 12 | 1 | 13 | 4,401 | 1.1% | 4,686 | 265 | 1.1% | 281 | NR
19 |  | Whole Foods | 3 | 1 | 4 | 4,372 | 1.1% | 4,948 | 148 | 0.6% | 184 | AA/A1/AA-
20 |  | Home Depot | 5 | 0 | 5 | 3,809 | 1.0% | 3,809 | 600 | 2.4% | 600 | A/A2/A
21 |  | Petco | 12 | 6 | 18 | 3,769 | 1.0% | 4,971 | 178 | 0.7% | 242 | B/B2/NR
22 |  | Party City | 14 | 5 | 19 | 3,605 | 0.9% | 4,532 | 184 | 0.7% | 237 | B/B3/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 | 10 | 2 | 12 | 3,253 | 0.8% | 3,704 | 205 | 0.8% | 233 | B/B2/NR
26 |  | Office Depot (7) | 11 | 2 | 13 | 3,246 | 0.8% | 3,721 | 236 | 0.9% | 273 | NR
27 |  | Total Wine & More | 6 | 1 | 7 | 3,244 | 0.8% | 3,437 | 165 | 0.7% | 177 | NR
28 |  | Dollar Tree Stores | 23 | 8 | 31 | 3,145 | 0.8% | 3,818 | 276 | 1.1% | 339 | BBB/Baa2/NR
29 |  | Cinemark | 2 | 2 | 4 | 3,111 | 0.8% | 4,231 | 200 | 0.8% | 266 | B/NR/B+
30 |  | Ahold Delhaize (8) | 2 | 5 | 7 | 2,963 | 0.8% | 5,840 | 180 | 0.7% | 385 | BBB/Baa1/NR
31 |  | Cineworld (Regal Cinemas) | 3 | 0 | 3 | 2,940 | 0.8% | 2,940 | 138 | 0.6% | 138 | CCC/NR/NR
32 |  | CGV Cinemas | 1 | 0 | 1 | 2,849 | 0.7% | 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 |  | Macy's (9) | 4 | 0 | 4 | 2,293 | 0.6% | 2,293 | 183 | 0.7% | 183 | BB-/Ba2/BB+
35 |  | AT&T | 19 | 10 | 29 | 2,280 | 0.6% | 2,804 | 64 | 0.3% | 84 | BBB/Baa2/BBB+
36 |  | Giant Eagle | 2 | 0 | 2 | 2,256 | 0.6% | 2,256 | 183 | 0.7% | 183 | NR
37 |  | JPMorgan Chase | 12 | 2 | 14 | 2,210 | 0.6% | 2,310 | 52 | 0.2% | 57 | A-/NR/AA-
38 |  | Mattress Firm | 13 | 7 | 20 | 2,032 | 0.5% | 2,762 | 66 | 0.3% | 93 | NR
39 |  | Hobby Lobby | 5 | 0 | 5 | 1,943 | 0.5% | 1,943 | 267 | 1.1% | 267 | NR
40 |  | Caleres Inc. | 10 | 3 | 13 | 1,928 | 0.5% | 2,434 | 95 | 0.4% | 119 | B+/Ba3/NR
41 |  | Lowe's | 2 | 2 | 4 | 1,918 | 0.5% | 3,608 | 322 | 1.3% | 531 | BBB+/Baa1/NR
42 |  | Target | 3 | 1 | 4 | 1,839 | 0.5% | 2,118 | 502 | 2.0% | 570 | A/A2/A
43 |  | T-Mobile (10) | 23 | 7 | 30 | 1,804 | 0.5% | 2,087 | 53 | 0.2% | 64 | BB+/NR/BBB-
44 |  | Panera | 11 | 2 | 13 | 1,729 | 0.4% | 1,897 | 56 | 0.2% | 63 | NR
45 |  | America's Best Contacts | 17 | 4 | 21 | 1,711 | 0.4% | 1,989 | 64 | 0.3% | 76 | BB+/NR/NR
46 |  | Carter's Childrenswear | 13 | 5 | 18 | 1,702 | 0.4% | 2,063 | 56 | 0.2% | 72 | BB+/NR/NR
47 |  | Darden (11) | 8 | 2 | 10 | 1,592 | 0.4% | 1,823 | 61 | 0.2% | 73 | BBB/Baa2/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 |  | Bealls (14) | 5 | 3 | 8 | 1,462 | 0.4% | 2,262 | 195 | 0.8% | 294 | NR
|  | Top 50 Total | 569 | 197 | 766 | $220,057 | 57.2% | $269,077 | 14,766 | 59.3% | 18,747 |
|  | Total Portfolio |  |  |  | $384,663 | 100.0% | $477,009 | 24,905 | 100.0% | 32,007 |
(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) Ross Dress for Less (31) / dd's Discounts (2) |  | (10) T-Mobile (27) / Metro PCS (2) / Sprint (1)
(4) Bed Bath (13) / buybuy BABY (7) |  | (11) Longhorn Steakhouse (6) / Olive Garden (4)
(5) Gap (3) / Old Navy (27) / Banana Republic (1) / Athleta (1) |  | (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 (5) / OfficeMax (8) |  | (14) Bealls (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 | 1 |  | 23 | 0.1% | $258 | 0.1% |  | $11.22 |  | 49 |  | 75 | 1.5% | $1,954 | 1.3% |  | $26.05 |  | 50 |  | 98 | 0.4% | $2,212 | 0.6% |  | $22.57
2022 | 34 |  | 799 | 4.6% | 11,622 | 4.9% |  | $14.55 |  | 315 |  | 641 | 12.6% | 18,014 | 12.3% |  | $28.10 |  | 349 |  | 1,440 | 6.4% | 29,636 | 7.7% |  | $20.58
2023 | 109 |  | 2,653 | 15.3% | 35,254 | 14.8% |  | $13.29 |  | 331 |  | 728 | 14.3% | 20,982 | 14.4% |  | $28.82 |  | 440 |  | 3,381 | 15.1% | 56,236 | 14.6% |  | $16.63
2024 | 112 |  | 2,711 | 15.6% | 36,188 | 15.2% |  | $13.35 |  | 365 |  | 740 | 14.5% | 21,757 | 14.9% |  | $29.40 |  | 477 |  | 3,451 | 15.4% | 57,945 | 15.1% |  | $16.79
2025 | 98 |  | 2,459 | 14.2% | 35,111 | 14.7% |  | $14.28 |  | 298 |  | 697 | 13.7% | 18,885 | 12.9% |  | $27.09 |  | 396 |  | 3,156 | 14.1% | 53,996 | 14.0% |  | $17.11
2026 | 91 |  | 2,107 | 12.2% | 26,189 | 11.0% |  | $12.43 |  | 294 |  | 609 | 12.0% | 17,221 | 11.8% |  | $28.28 |  | 385 |  | 2,716 | 12.1% | 43,410 | 11.3% |  | $15.98
2027 | 78 |  | 2,179 | 12.6% | 30,282 | 12.7% |  | $13.90 |  | 154 |  | 419 | 8.2% | 11,577 | 7.9% |  | $27.63 |  | 232 |  | 2,598 | 11.6% | 41,859 | 10.9% |  | $16.11
2028 | 37 |  | 751 | 4.3% | 10,697 | 4.5% |  | $14.24 |  | 106 |  | 280 | 5.5% | 8,850 | 6.1% |  | $31.61 |  | 143 |  | 1,031 | 4.6% | 19,547 | 5.1% |  | $18.96
2029 | 31 |  | 801 | 4.6% | 12,258 | 5.1% |  | $15.30 |  | 98 |  | 268 | 5.3% | 8,408 | 5.8% |  | $31.37 |  | 129 |  | 1,069 | 4.8% | 20,666 | 5.4% |  | $19.33
2030 | 33 |  | 776 | 4.5% | 10,647 | 4.5% |  | $13.72 |  | 90 |  | 223 | 4.4% | 6,940 | 4.8% |  | $31.12 |  | 123 |  | 999 | 4.5% | 17,587 | 4.6% |  | $17.60
2031 | 25 |  | 893 | 5.2% | 9,606 | 4.0% |  | $10.76 |  | 84 |  | 219 | 4.3% | 6,319 | 4.3% |  | $28.85 |  | 109 |  | 1,112 | 5.0% | 15,925 | 4.1% |  | $14.32
Thereafter | 42 |  | 1,175 | 6.8% | 20,617 | 8.6% |  | $17.55 |  | 56 |  | 188 | 3.7% | 5,027 | 3.4% |  | $26.74 |  | 98 |  | 1,363 | 6.1% | 25,644 | 6.7% |  | $18.81
Total | 691 |  | 17,327 | 100.0% | $238,729 | 100.0% |  | $13.78 |  | 2,240 |  | 5,087 | 100.0% | $145,934 | 100.0% |  | $28.69 |  | 2,931 |  | 22,414 | 100.0% | $384,663 | 100.0% |  | $17.16
Signed Not Open | 21 |  | 453 |  | $6,650 |  |  | $14.68 |  | 118 |  | 294 |  | $8,583 |  |  | $29.19 |  | 139 |  | 747 |  | $15,233 |  |  | $20.39
Vacant | 43 |  | 869 |  |  |  |  |  |  | 382 |  | 943 |  |  |  |  |  |  | 425 |  | 1,812 |  |  |  |  |
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 | 1 |  | 23 | 0.1% | $258 | 0.1% |  | $11.22 |  | 44 |  | 70 | 1.4% | $1,776 | 1.2% |  | $25.37 |  | 45 |  | 93 | 0.4% | $2,034 | 0.5% |  | $21.87
2022 | 10 |  | 169 | 1.0% | 2,468 | 1.0% |  | $14.60 |  | 206 |  | 378 | 7.4% | 10,280 | 7.0% |  | $27.20 |  | 216 |  | 547 | 2.4% | 12,748 | 3.3% |  | $23.31
2023 | 14 |  | 170 | 1.0% | 3,890 | 1.6% |  | $22.88 |  | 205 |  | 363 | 7.1% | 10,425 | 7.1% |  | $28.72 |  | 219 |  | 533 | 2.4% | 14,315 | 3.7% |  | $26.86
2024 | 15 |  | 247 | 1.4% | 3,889 | 1.6% |  | $15.74 |  | 218 |  | 371 | 7.3% | 11,658 | 8.0% |  | $31.42 |  | 233 |  | 618 | 2.8% | 15,547 | 4.0% |  | $25.16
2025 | 16 |  | 277 | 1.6% | 3,857 | 1.6% |  | $13.92 |  | 175 |  | 325 | 6.4% | 8,865 | 6.1% |  | $27.28 |  | 191 |  | 602 | 2.7% | 12,722 | 3.3% |  | $21.13
2026 | 8 |  | 102 | 0.6% | 1,331 | 0.6% |  | $13.05 |  | 150 |  | 239 | 4.7% | 6,679 | 4.6% |  | $27.95 |  | 158 |  | 341 | 1.5% | 8,010 | 2.1% |  | $23.49
2027 | 17 |  | 303 | 1.7% | 4,896 | 2.1% |  | $16.16 |  | 132 |  | 254 | 5.0% | 7,850 | 5.4% |  | $30.91 |  | 149 |  | 557 | 2.5% | 12,746 | 3.3% |  | $22.88
2028 | 23 |  | 348 | 2.0% | 5,908 | 2.5% |  | $16.98 |  | 118 |  | 271 | 5.3% | 8,020 | 5.5% |  | $29.59 |  | 141 |  | 619 | 2.8% | 13,928 | 3.6% |  | $22.50
2029 | 23 |  | 416 | 2.4% | 5,720 | 2.4% |  | $13.75 |  | 123 |  | 257 | 5.1% | 7,231 | 5.0% |  | $28.14 |  | 146 |  | 673 | 3.0% | 12,951 | 3.4% |  | $19.24
2030 | 23 |  | 466 | 2.7% | 7,301 | 3.1% |  | $15.67 |  | 103 |  | 234 | 4.6% | 6,474 | 4.4% |  | $27.67 |  | 126 |  | 700 | 3.1% | 13,775 | 3.6% |  | $19.68
2031 | 25 |  | 360 | 2.1% | 6,366 | 2.7% |  | $17.68 |  | 112 |  | 214 | 4.2% | 5,591 | 3.8% |  | $26.13 |  | 137 |  | 574 | 2.6% | 11,957 | 3.1% |  | $20.83
Thereafter | 516 |  | 14,446 | 83.4% | 192,845 | 80.8% |  | $13.35 |  | 654 |  | 2,111 | 41.5% | 61,085 | 41.9% |  | $28.94 |  | 1,170 |  | 16,557 | 73.9% | 253,930 | 66.0% |  | $15.34
Total | 691 |  | 17,327 | 100.0% | $238,729 | 100.0% |  | $13.78 |  | 2,240 |  | 5,087 | 100.0% | $145,934 | 100.0% |  | $28.69 |  | 2,931 |  | 22,414 | 100.0% | $384,663 | 100.0% |  | $17.16
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 |  | $5,360 |  | $3,742 |  | $0 |  | $5,360 |  | 2Q22 |  | 2Q23 |  | Sierra Trading Post
Perimeter Pointe | Atlanta, GA | 100% |  |  |  | - |  | 1,271 |  | - |  | - |  | 1,271 |  | TBD |  | TBD |  | -
Total Redevelopment - Major |  | 8% |  | $9,102 |  | $6,631 |  | $3,742 |  | $0 |  | $6,631 |  |  |  |  |  |
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
Tanasbourne Town Center | Portland, OR | 100% |  |  |  | $11,540 |  | $850 |  | $10,690 |  | $0 |  | $850 |  | 3Q23 |  | 2Q24 |  | -
Nassau Park Pavilion | Trenton, NJ | 100% |  |  |  | 7,635 |  | 937 |  | 6,698 |  | - |  | 937 |  | 2Q23 |  | 3Q23 |  | -
Shoppers World | Boston, MA | 100% |  |  |  | 6,672 |  | 316 |  | 6,356 |  | - |  | 316 |  | 4Q22 |  | 4Q23 |  | Sleep Number
University Hills | Denver, CO | 100% |  |  |  | 4,589 |  | 716 |  | 3,873 |  | - |  | 716 |  | 4Q22 |  | 4Q23 |  | -
Hamilton Marketplace | Trenton, NJ | 100% |  |  |  | 3,843 |  | 2,913 |  | 930 |  | - |  | 2,913 |  | 1Q22 |  | 4Q22 |  | Mission BBQ, Mezeh Grill
Carolina Pavilion | Charlotte, NC | 100% |  |  |  | 2,339 |  | 252 |  | 2,087 |  | - |  | 252 |  | 4Q22 |  | 4Q23 |  | Visionworks, Smoothie King
West Bay Plaza | Cleveland, OH | 100% |  |  |  | 335 |  | 100 |  | 235 |  | 100 |  | - |  | 4Q21 |  | 1Q22 |  | Chase
Other Tactical Projects | N/A | 100% |  |  |  | 9,060 |  | 8,411 |  | 649 |  | 6,606 |  | 1,805 |  |  |  |  |  |
Total Redevelopment - Tactical |  |  | 12% |  | $46,013 |  | $14,495 |  | $31,518 |  | $6,706 |  | $7,789 |  |  |  |  |  |
Other (3) |  |  |  |  | - |  | 27,577 |  | - |  | - |  | 27,577 |  |  |  |  |  |
Undeveloped land (4) |  |  |  |  | - |  | 5,263 |  | - |  | - |  | 5,263 |  |  |  |  |  |
Total Redevelopment Costs |  |  |  |  | $55,115 |  | $53,966 |  | $35,260 |  | $6,706 |  | $47,260 | (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 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 $1 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
11/15/21 |  | Belgate Shopping Center - Land Parcel | Belgate, NC | 100% |  | 0 |  | $1,103 | - |  | $1,103 | -
12/01/21 |  | Emmet Street North | Charlottesville, VA | 100% |  | 2 |  | 3,850 | - |  | 3,850 | -
12/17/21 |  | Paradise Village Gateway (Minority Interest) | Phoenix, AZ | 100% |  | 295 |  | 45,820 | - |  | 15,121 | -
12/17/21 |  | Village Square at Golf (DDRM Properties) | Boynton, Beach FL | 100% |  | 135 |  | 17,800 | - |  | 14,240 | -
12/17/21 |  | Shoppes at Paradise Pointe (DDRM Properties) | Fort Walton Beach, FL | 100% |  | 84 |  | 9,700 | - |  | 7,760 | -
12/17/21 |  | Midway Plaza (DDRM Properties) | Tamarac, FL | 100% |  | 228 |  | 42,500 | - |  | 34,000 | -
12/17/21 |  | North Pointe Plaza (DDRM Properties) | Tampa, FL | 100% |  | 108 |  | 25,300 | - |  | 20,240 | -
12/17/21 |  | The Shoppes at New Tampa (DDRM Properties) | Wesley Chapel, FL | 100% |  | 159 |  | 31,500 | - |  | 25,200 | -
12/17/21 |  | Paradise Shoppes of Ellenwood (DDRM Properties) | Ellenwood, GA | 100% |  | 68 |  | 7,200 | - |  | 5,760 | -
12/23/21 |  | Nassau Park Pavilion - At Home Parcel | Princeton, NJ | 100% |  | 143 |  | 15,800 | - |  | 15,800 | -
|  |  | 4Q 2021 Total |  |  | 1,222 |  | $200,573 | $0 |  | $143,074 | $0
|  |  | Total 2021 |  |  | 1,354 |  | $280,323 | $17,862 |  | $222,824 | $17,862
01/28/22 |  | Artesia Village | Scottsdale, AZ | 100% |  | 21 |  | $14,500 | - |  | $14,500 | -
|  |  | 1Q 2022 QTD |  |  | 21 |  | $14,500 | $0 |  | $14,500 | $0
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
10/27/21 |  | Sun Center (Other) | Columbus, OH | 79.5% |  | 316 |  | $64,331 | - |  | $51,111 | -
11/17/21 |  | Derby Square (DDRM Properties) | Grove City, OH | 20.0% |  | 125 |  | 17,750 | 9,366 |  | 3,550 | 1,873
|  | RVI Prefered Equity distribution |  |  |  |  |  | 190,000 | - |  | 190,000 | -
|  |  | 4Q 2021 Total |  |  | 316 |  | $272,081 | $9,366 |  | $244,661 | $1,873
|  |  | Total 2021 |  |  | 927 |  | $439,925 | $33,647 |  | $308,634 | $6,730

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 | 1.00% |  |  |  | $0 | 1.00%
Unsecured Term Loan | 100,000 | 100,000 | 1.10% |  |  |  | 100,000 | 1.10%
Unsecured Public Debt | 1,456,886 | 1,456,886 | 4.27% |  |  |  | 1,456,886 | 4.27%
Fixed Rate Mortgage Loans | 125,382 | 125,382 | 4.27% | $676,471 | $146,754 | 4.50% | 272,136 | 4.40%
Variable Rate Mortgage Loans | 0 | 0 | 0.00% | 200,411 | 43,762 | 2.94% | 43,762 | 2.94%
Subtotal | $1,682,268 | $1,682,268 | 4.08% | $876,882 | $190,516 | 4.15% | $1,872,784 | 4.09%
Fair Market Value Adjustment | 1,165 | 1,165 |  | 0 | 0 |  | 1,165 |
Unamortized Loan Costs, Net | (6,056) | (6,056) |  | (3,546) | (815) |  | (6,871) |
Total | $1,677,377 | $1,677,377 | 4.08% | $873,336 | $189,701 | 4.15% | $1,867,078 | 4.09%

Consolidated Maturity Schedule (1) | Principal Payments | Secured Maturities | Unsecured Maturities | Total 100% | Total SITE Share | Interest Rate
2022 | $1,782 | $34,250 | $0 | $36,032 | $36,032 | 4.05%
2023 | 1,260 | 35,178 | 187,209 | 223,647 | 223,647 | 2.61%
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 | 0 | 0 | 0 | 0 | 0 | -
2031 and beyond | 0 | 0 | 0 | 0 | 0 | -
Unsecured debt discount |  |  | (3,079) | (3,079) | (3,079) |
Total | $3,837 | $121,545 | $1,556,886 | $1,682,268 | $1,682,268 | 4.08%
Unconsolidated Maturity Schedule (1) | Principal Payments | Secured Maturities | Unsecured Maturities | Total 100% | Total SITE Share | Interest Rate
2022 | $2,698 | $371,507 | $0 | $374,205 | $75,136 | 3.79%
2023 | 2,680 | 0 | 0 | 2,680 | 844 | -
2024 | 2,785 | 364,320 | 0 | 367,105 | 73,740 | 4.97%
2025 | 2,913 | 0 | 0 | 2,913 | 914 | -
2026 | 2,939 | 59,120 | 0 | 62,059 | 16,149 | 2.84%
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 | 0 | 0 | 0 | 0 | 0 | -
2031 and beyond | 0 | 0 | 0 | 0 | 0 | -
Total | $16,538 | $860,344 | $0 | $876,882 | $190,516 | 4.15%
% of Total (2) | Consolidated | Interest Rate | Unconsolidated | Interest Rate | Total | Interest Rate
Fixed | 94.1% | 4.3% | 77.0% | 4.5% | 92.3% | 4.3%
Variable | 5.9% | 1.1% | 23.0% | 2.9% | 7.7% | 1.7%
(1) Assumes borrower extension options are exercised. |  |  |  |  |
(2) 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 | 87,136 | 87,136 | 05/23 | 3.52%
Unsecured Notes | 65,541 | 65,541 | 08/24 | 4.07%
Unsecured Notes | 456,099 | 456,099 | 02/25 | 3.79%
Unsecured Notes | 398,556 | 398,556 | 02/26 | 4.43%
Unsecured Notes | 449,554 | 449,554 | 06/27 | 4.80%
| $1,456,886 | $1,456,886 |  |
Mortgage Debt |  |  |  |
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 | 20,018 | 20,018 | 01/23 | 4.32%
Concourse Village, FL | 12,721 | 12,721 | 02/24 | 4.86%
Larkin's Corner, PA | 15,979 | 15,979 | 06/24 | 4.09%
Shoppes at Addison Place (North), FL | 9,049 | 9,049 | 02/25 | 4.08%
Shoppes at Addison Place (South), FL | 7,156 | 7,156 | 02/25 | 4.11%
Shoppes at Addison Place (Outlot), FL | 1,373 | 1,373 | 02/25 | 4.08%
Southtown Center, FL | 9,100 | 9,100 | 05/25 | 3.51%
| $125,382 | $125,382 |  |
Consolidated Debt Subtotal | $1,682,268 | $1,682,268 |  |
FMV Adjustment – Assumed Debt | 1,165 | 1,165 |  |
Unamortized Loan Costs, Net | (6,056) | (6,056) |  |
Total Consolidated Debt | $1,677,377 | $1,677,377 |  |
Rate Type |  |  |  |
Fixed | $1,582,268 | $1,582,268 | 3.8 years | 4.27%
Variable | 100,000 | 100,000 | 1.1 years | 1.10%
| $1,682,268 | $1,682,268 | 3.6 years | 4.08%
Perpetual Preferred Stock |  |  |  |
Class A | 175,000 | 175,000 | June 2022 (4) | 6.38%
(1) Assumes borrower extension options are exercised.
(2) L = LIBOR
(3) Excludes loan fees and unamortized loan costs.
(4) 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 |  |  |  |  |
April 2022 Loan Pool (4 assets) | SAU | 13,109 | 2,622 | 04/22 | 4.74%
Flat Shoals Crossing, GA | SAU | 3,384 | 677 | 04/22 | 4.65%
July 2022 Loan Pool (13 assets) | DDRM | 218,730 | 43,746 | 07/22 | 4.21%
July 2022 Loan Pool (10 assets) | DDRM | 136,411 | 27,282 | 07/22 | 3.00%
April 2024 Loan Pool (10 assets) | DTP | 364,320 | 72,864 | 04/24 | 4.97%
RVIP IIIB, Deer Park, IL (SITE 26%) | Other | 64,000 | 16,480 | 12/26 | 2.84%
Lennox Town Center Limited, OH (SITE 50%) | Other | 38,200 | 19,100 | 04/28 | 3.49%
May 2028 Loan Pool (6 assets) | SAU | 38,728 | 7,745 | 05/28 | 4.20%
Unconsolidated Debt Subtotal |  | $876,882 | $190,516 |  |
Unamortized Loan Costs, Net |  | (3,546) | (815) |  |
Total Unconsolidated Debt |  | $873,336 | $189,701 |  |
Rate Type |  |  |  |  |
Fixed |  | $676,471 | $146,754 | 2.4 years | 4.50%
Variable |  | 200,411 | 43,762 | 2.2 years | 2.94%
|  | $876,882 | $190,516 | 2.4 years | 4.15%

21

SITE Centers Corp.

Debt/Adjusted EBITDA

$ in thousands |  |
| Twelve months ended December 31, 2021 | Twelve months ended December 31, 2020
Consolidated |  |
Consolidated net income to SITE | $124,935 | $35,721
Interest expense | 76,383 | 77,604
Income taxes, net | 1,551 | 1,131
Depreciation and amortization | 185,768 | 170,669
Adjustments for non-controlling interests | (664) | (732)
EBITDA | 387,973 | 284,393
Impairments | 7,270 | 5,200
Reserve of preferred equity interests | 0 | 19,393
Gain on sale of joint venture interests | (19,185) | (45,464)
Gain on disposition of real estate, net | (6,065) | (1,069)
EBITDAre | 369,993 | 262,453
Separation charges | 0 | 1,650
Equity in net income of JVs | (47,297) | (1,516)
Other expense, net | 6,636 | 17,712
JV OFFO (at SITE Share) | 21,840 | 19,713
Adjusted EBITDA (1) | 351,172 | 300,012
Net effective debt-beginning of period |  |
Consolidated debt | 1,933,508 | 1,847,297
Partner share of consolidated debt | (9,260) | (9,431)
Loan costs, net | 7,819 | 9,038
Face value adjustments | (1,379) | (983)
Cash and restricted cash | (73,823) | (18,682)
Net effective debt-beginning of period | $1,856,865 | $1,827,239
Consolidated debt-average | 1,805,443 | 1,890,403
Partner share of consolidated debt-average | (4,630) | (9,346)
Loan costs, net-average | 6,938 | 8,429
Face value adjustments-average | (1,272) | (1,181)
Cash and restricted cash-average | (57,184) | (46,253)
Average net effective debt | $1,749,295 | $1,842,052
Debt/Adjusted EBITDA – Consolidated (2) | 5.0x | 6.1x
Pro rata including JVs |  |
EBITDAre | 344,399 | 280,608
Adjusted EBITDA | 361,917 | 312,708
Consolidated net debt-average | 1,749,295 | 1,842,052
JV debt (at SITE Share)-average | 212,218 | 260,825
JV cash and restricted cash (at SITE Share)-average | (9,368) | (12,962)
Average net effective debt | $1,952,145 | $2,089,915
Debt/Adjusted EBITDA – Pro Rata (2) | 5.4x | 6.7x
(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 |  | 4Q21 NOI at 100% (1) |  | Gross RE Assets |  | Debt Balance at 100% (2)
Madison International DDRM |  | 20% |  | 24 |  | 4,118 |  | 90.0% |  | $14.38 |  | $11,398 |  | $760,912 |  | $355,141
Chinese Institutional Investors DTP |  | 20% |  | 10 |  | 3,397 |  | 93.8% |  | 14.54 |  | 11,911 |  | 581,045 |  | 364,320
State of Utah SAU |  | 20% |  | 11 |  | 906 |  | 91.0% |  | 13.40 |  | 2,200 |  | 129,011 |  | 55,221
Various Investors Other (3) |  | 50% |  | 2 |  | 730 |  | 91.3% |  | 30.56 |  | 3,533 |  | 128,810 |  | 102,200
Total |  |  |  | 47 |  | 9,151 |  | 91.6% |  | $15.15 |  | $29,042 |  | $1,599,778 |  | $876,882
Property management fees |  |  |  |  |  |  |  |  |  |  |  | 1,533 | (1) |  |  |
Assets sold in 4Q2021 |  |  |  |  |  |  |  |  |  |  |  | 2,187 | (1) |  |  |
Net operating income |  |  |  |  |  |  |  |  |  |  |  | $32,762 | (4) |  |  |
(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 $3.5 million or $0.8 million at SITE's Share.
(3) Other Joint Venture properties are Lennox Town Center and Deer Park Town Center.
(4) 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 4Q21 |  | Balance Sheet Pro Rata Adjustments 4Q21
Revenues: |  |  | Assets: |
Rental Income (2) | $10,366 |  | Land | $78,694
Other income (3) | 263 |  | Buildings | 227,897
| 10,629 |  | Improvements | 25,909
Expenses: |  |  |  | 332,500
Operating and maintenance | 1,645 |  | Depreciation | (94,671)
Real estate taxes | 1,142 |  |  | 237,829
| 2,787 |  | Construction in progress and land | 1,163
Net Operating Income | 7,842 |  | Real estate, net | 238,992
|  |  | Investment in JVs | (1,828)
Other Income (expense): |  |  | Cash and restricted cash | 9,779
Fee income | (606) |  | Receivables, net | 3,633
Impairment charges | 0 |  | Other assets, net | 9,973
Interest expense | (2,444) |  | Total Assets | $260,549
Depreciation and amortization | (3,627) |  |  |
Other income (expense), net | (159) |  | Liabilities and Equity: |
Income before earnings from JVs | 1,006 |  | Mortgage debt | $189,701
Equity in net income of JVs | (36,238) |  | Notes payable to SITE | 699
Basis differences of JVs | (3,278) |  | Other liabilities | 10,863
Gain on disposition of real estate | 38,510 |  | Total Liabilities | 201,263
Net income | $0 |  | JVs share of equity | 61,114
|  |  | Distributions in excess of net income | (1,828)
FFO Reconciliation 4Q21 |  | Total Equity | 59,286
Income before earnings from JVs | $1,006 |  | Total Liabilities and Equity | $260,549
Depreciation and amortization | 3,627 |  |  |
Basis differences of JVs | 5 |  |  |
FFO at SITE's Ownership Interests | $4,638 |  |  |
OFFO at SITE's Ownership Interests | $4,743 |  |  |
(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 | $7,389 |  |  |
Ground lease minimum rents | 405 |  |  |
Straight-line rent, net | 23 |  |  |
Amortization of (above) below market rent, net | 84 |  |  |
Percentage and overage rent | 190 |  |  |
Recoveries | 2,236 |  |  |
Uncollectible revenue | 39 |  |  |
(3) Other Income: |  |  |  |
Ancillary and other rental income | 254 |  |  |
Lease termination fees | 9 |  |  |

24

SITE Centers Corp.

Unconsolidated Joint Ventures at 100%

$ in thousands |  |  |  |  |  |  |  |
Combined Income Statement
|  | 4Q21 |  | 4Q20 |  | 12M21 |  | 12M20
Revenues: |  |  |  |  |  |  |  |
Rental income (1) |  | $43,771 |  | $53,242 |  | $189,651 |  | $249,259
Other income (2) |  | 1,165 |  | 798 |  | 5,908 |  | 3,687
|  | 44,936 |  | 54,040 |  | 195,559 |  | 252,946
Expenses: |  |  |  |  |  |  |  |
Operating and maintenance |  | 7,118 |  | 8,193 |  | 28,994 |  | 37,612
Real estate taxes |  | 5,056 |  | 7,186 |  | 24,397 |  | 39,428
|  | 12,174 |  | 15,379 |  | 53,391 |  | 77,040
Net operating income |  | 32,762 |  | 38,661 |  | 142,168 |  | 175,906
Other income (expense): |  |  |  |  |  |  |  |
Interest expense |  | (10,481) |  | (12,455) |  | (43,379) |  | (60,010)
Depreciation and amortization |  | (16,309) |  | (22,199) |  | (66,618) |  | (99,779)
Impairment charges |  | 0 |  | 0 |  | 0 |  | (33,240)
Preferred share expense |  | 0 |  | (1,998) |  | 0 |  | (15,708)
Other expense, net |  | (3,268) |  | (2,952) |  | (12,074) |  | (13,796)
|  | 2,704 |  | (943) |  | 20,097 |  | (46,627)
Gain on disposition of real estate, net |  | 53,803 |  | 28 |  | 89,935 |  | 9,257
Net income (loss) attributable to unconsolidated JVs |  | 56,507 |  | (915) |  | 110,032 |  | (37,370)
Depreciation and amortization |  | 16,309 |  | 22,199 |  | 66,618 |  | 99,779
Impairment of real estate |  | 0 |  | 0 |  | 0 |  | 33,240
Gain on disposition of real estate, net |  | (53,803) |  | (28) |  | (89,935) |  | (9,257)
FFO |  | $19,013 |  | $21,256 |  | $86,715 |  | $86,392
FFO at SITE's ownership interests |  | $4,638 |  | $5,142 |  | $21,703 |  | $19,671
Operating FFO at SITE's ownership interests |  | $4,743 |  | $5,142 |  | $21,840 |  | $19,713
(1) Rental Income: |  |  |  |  |  |  |  |
Minimum rents |  | $31,169 |  | $38,062 |  | $129,804 |  | $187,293
Ground lease minimum rents |  | 1,462 |  | 1,857 |  | 6,096 |  | 10,475
Straight-line rent, net |  | 146 |  | 736 |  | 704 |  | (344)
Amortization of (above) below market rent, net |  | 422 |  | 2,287 |  | 1,975 |  | 7,082
Percentage and overage rent |  | 844 |  | 653 |  | 1,693 |  | 1,314
Recoveries |  | 9,684 |  | 12,053 |  | 42,991 |  | 62,763
Uncollectible revenue |  | 44 |  | (2,406) |  | 6,388 |  | (19,324)
(2) Other Income: |  |  |  |  |  |  |  |
Ancillary and other rental income |  | 1,119 |  | 715 |  | 3,687 |  | 3,553
Lease Termination fees |  | 46 |  | 83 |  | 2,221 |  | 134
Combined Balance Sheet
|  |  |  | At Period End
|  |  |  |  |  | 4Q21 |  | 4Q20
Assets: |  |  |  |  |  |  |  |
Land |  |  |  |  |  | $378,442 |  | $441,412
Buildings |  |  |  |  |  | 1,092,245 |  | 1,258,879
Improvements |  |  |  |  |  | 123,313 |  | 137,663
|  |  |  |  |  | 1,594,000 |  | 1,837,954
Depreciation |  |  |  |  |  | (441,215) |  | (492,288)
|  |  |  |  |  | 1,152,785 |  | 1,345,666
Construction in progress and land |  |  |  |  |  | 5,778 |  | 58,201
Real estate, net |  |  |  |  |  | 1,158,563 |  | 1,403,867
Cash and restricted cash |  |  |  |  |  | 37,535 |  | 35,212
Receivables, net |  |  |  |  |  | 16,854 |  | 25,719
Other assets, net |  |  |  |  |  | 49,029 |  | 61,381
Total Assets |  |  |  |  |  | 1,261,981 |  | 1,526,179
Liabilities and Equity: |  |  |  |  |  |  |  |
Mortgage debt |  |  |  |  |  | 873,336 |  | 1,029,579
Notes and accrued interest payable to SITE |  |  |  |  |  | 3,331 |  | 4,375
Other liabilities |  |  |  |  |  | 51,473 |  | 57,349
Total Liabilities |  |  |  |  |  | 928,140 |  | 1,091,303
Accumulated equity |  |  |  |  |  | 333,841 |  | 434,876
Total Equity |  |  |  |  |  | 333,841 |  | 434,876
Total Liabilities and Equity |  |  |  |  |  | $1,261,981 |  | $1,526,179

25

SITE Centers Corp.

Property List - Excludes SAU

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

# | 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 | $17.56 | 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 | $15.92 | 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 | $20.98 | AMC Theatres (U), Michaels, PetSmart, Ross Dress for Less, Target (U)
4 | Paradise Village Gateway | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 100% |  | 295 | 295 | $28.38 | 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% |  | 277 | 424 | $23.56 | 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 | $22.61 | Cinemark, H & M, Nike, Restoration Hardware
8 | Ridge at Creekside | Sacramento-Roseville-Arden-Arcade, CA | Roseville | CA | 100% |  | 275 | 289 | $21.94 | 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 | $20.43 | 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 | $13.30 | Barnes & Noble, Best Buy, Burlington, 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 | $19.87 | King Soopers, Marshalls, Michaels
15 | FlatAcres MarketCenter/Parker Pavilions | Denver-Aurora-Lakewood, CO | Parker | CO | 100% |  | 233 | 642 | $19.06 | 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 | 100% |  | 84 | 84 | $12.48 | Publix
20 | Melbourne Shopping Center | Palm Bay-Melbourne-Titusville, FL | Melbourne | FL | 100% |  | 210 | 210 | $8.68 | Big Lots, Indian River Antique Mall, Publix
21 | Village Square at Golf | Miami-Fort Lauderdale-West Palm Beach, FL | Boynton Beach | FL | 100% |  | 135 | 135 | $16.05 | —
22 | Sheridan Square | Miami-Fort Lauderdale-West Palm Beach, FL | Dania | FL | 20% | DDRM | 67 | 67 | $11.61 | Walmart Neighborhood Market
23 | Shoppes at Addison Place | Miami-Fort Lauderdale-West Palm Beach, FL | Delray Beach | FL | 100% |  | 56 | 56 | $44.64 | —
24 | Concourse Village | Miami-Fort Lauderdale-West Palm Beach, FL | Jupiter | FL | 100% |  | 134 | 134 | $17.56 | 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 | $20.76 | 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 | $14.21 | Publix
27 | Northlake Commons | Miami-Fort Lauderdale-West Palm Beach, FL | Palm Beach Gardens | FL | 20% | DDRM | 124 | 245 | $15.85 | 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 | $23.84 | LA Fitness (U), The Fresh Market
29 | The Fountains | Miami-Fort Lauderdale-West Palm Beach, FL | Plantation | FL | 100% |  | 430 | 489 | $16.21 | 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 | 100% |  | 228 | 228 | $14.50 | 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, Total Wine & More, 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 | $16.29 | Publix, Ross Dress for Less, T.J. Maxx
34 | Chickasaw Trail Shopping Center | Orlando-Kissimmee-Sanford, FL | Orlando | FL | 20% | DDRM | 75 | 81 | $11.65 | Presidente Supermarket
35 | Lee Vista Promenade | Orlando-Kissimmee-Sanford, FL | Orlando | FL | 100% |  | 311 | 311 | $17.88 | Academy Sports, Bealls Outlet, Epic Theatres, HomeGoods, Michaels, Ross Dress for Less

26

SITE Centers Corp.

Property List - Excludes SAU

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

# | 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 | $26.61 | Nordstrom Rack
37 | Skyview Plaza | Orlando-Kissimmee-Sanford, FL | Orlando | FL | 20% | DDRM | 264 | 264 | $13.63 | 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 | $11.04 | 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 | $19.98 | 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 | $12.01 | Bealls, Bealls Outlet, Big Lots, Circustrix, Lowe's (U)
41 | Lake Brandon Plaza | Tampa-St. Petersburg-Clearwater, FL | Brandon | FL | 100% |  | 178 | 198 | $13.73 | 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 | $13.46 | 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 | $27.04 | Publix (U), Target (U)
45 | North Pointe Plaza | Tampa-St. Petersburg-Clearwater, FL | Tampa | FL | 100% |  | 108 | 226 | $14.99 | Publix, Walmart (U)
46 | Southtown Center | Tampa-St. Petersburg-Clearwater, FL | Tampa | FL | 100% |  | 44 | 44 | $35.98 | —
47 | The Shoppes at New Tampa | Tampa-St. Petersburg-Clearwater, FL | Wesley Chapel | FL | 100% |  | 159 | 188 | $15.46 | Office Depot (U), Publix, Ross Dress for Less
48 | Hammond Springs | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 100% |  | 69 | 69 | $28.70 | —
49 | Perimeter Pointe | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 100% |  | 360 | 360 | $19.05 | Dick's Sporting Goods, HomeGoods, LA Fitness, Regal Cinemas
50 | Riverstone Plaza | Atlanta-Sandy Springs-Roswell, GA | Canton | GA | 20% | DDRM | 308 | 335 | $13.04 | Bealls Outlet, Belk, Michaels, Publix, Ross Dress for Less
51 | Cumming Marketplace | Atlanta-Sandy Springs-Roswell, GA | Cumming | GA | 100% |  | 310 | 708 | $13.89 | Home Depot (U), Lowe's, Marshalls, Michaels, OfficeMax, Walmart (U)
52 | 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
53 | Sharon Greens | Atlanta-Sandy Springs-Roswell, GA | Cumming | GA | 100% |  | 98 | 101 | $12.31 | Kroger
54 | Hairston Crossing | Atlanta-Sandy Springs-Roswell, GA | Decatur | GA | 20% | DDRM | 58 | 58 | $9.57 | Goodwill
55 | Market Square | Atlanta-Sandy Springs-Roswell, GA | Douglasville | GA | 100% |  | 125 | 125 | $12.49 | Aaron's
56 | Paradise Shoppes of Ellenwood | Atlanta-Sandy Springs-Roswell, GA | Ellenwood | GA | 100% |  | 68 | 68 | $12.64 | —
57 | Towne Center Prado | Atlanta-Sandy Springs-Roswell, GA | Marietta | GA | 20% | DTP | 287 | 287 | $13.51 | Dick's Sporting Goods Warehouse, Publix, Ross Dress for Less
58 | Sandy Plains Village | Atlanta-Sandy Springs-Roswell, GA | Roswell | GA | 100% |  | 174 | 174 | $13.76 | Movie Tavern, Painted Tree Marketplace
59 | Presidential Commons | Atlanta-Sandy Springs-Roswell, GA | Snellville | GA | 100% |  | 376 | 376 | $12.29 | Burlington, buybuy BABY, Home Depot, Jo-Ann, Kroger
60 | Johns Creek Town Center | Atlanta-Sandy Springs-Roswell, GA | Suwanee | GA | 100% |  | 303 | 303 | $15.66 | Kohl's, Michaels, PetSmart, Sprouts Farmers Market, Staples
61 | 3030 North Broadway | Chicago-Naperville-Elgin, IL-IN-WI | Chicago | IL | 100% |  | 132 | 132 | $32.98 | Mariano's, XSport Fitness
62 | 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
63 | Deer Park Town Center | Chicago-Naperville-Elgin, IL-IN-WI | Deer Park | IL | 50% | OTHER | 357 | 407 | $32.53 | Barnes & Noble (U), Century Theatre, Crate & Barrel, Gap
64 | Woodfield Village Green | Chicago-Naperville-Elgin, IL-IN-WI | Schaumburg | IL | 100% |  | 490 | 656 | $22.35 | Bloomingdale's The Outlet Store, Container Store, Costco (U), HomeGoods, Marshalls, Michaels, Nordstrom Rack, PetSmart, Sierra Trading Post, Trader Joe's
65 | Brookside Marketplace | Chicago-Naperville-Elgin, IL-IN-WI | Tinley Park | IL | 20% | DTP | 317 | 602 | $15.34 | Best Buy, Dick's Sporting Goods, HomeGoods, Kohl's (U), Michaels, PetSmart, Ross Dress for Less, T.J. Maxx, Target (U)
66 | Highland Grove Shopping Center | Chicago-Naperville-Elgin, IL-IN-WI | Highland | IN | 20% | DDRM | 312 | 541 | $15.20 | Best Buy (U), Burlington, Dick's Sporting Goods (U), Kohl's, Michaels, Target (U)
67 | Merriam Town Center / Merriam Village | Kansas City, MO-KS | Merriam | KS | 100% |  | 363 | 924 | $14.42 | Bob's Discount Furniture, Cinemark, Dick's Sporting Goods, Home Depot (U), IKEA (U), Marshalls, OfficeMax, PetSmart
68 | Gateway Center | Boston-Cambridge-Newton, MA-NH | Everett | MA | 100% |  | 640 | 640 | $17.16 | Costco, Dollar Tree, Home Depot, Michaels, Old Navy, Target, Total Wine & More
69 | 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
70 | Riverdale Shops | Springfield, MA | West Springfield | MA | 20% | DDRM | 274 | 274 | $15.38 | Kohl's, Stop & Shop
71 | Independence Commons | Kansas City, MO-KS | Independence | MO | 20% | DTP | 386 | 403 | $15.18 | AMC Theatres, Best Buy, Bob's Discount Furniture, Kohl's, Marshalls, Ross Dress for Less
72 | The Promenade at Brentwood | St. Louis, MO-IL | Brentwood | MO | 100% |  | 338 | 338 | $15.50 | Burlington, Micro Center, PetSmart, Target, Trader Joe's

27

SITE Centers Corp.

Property List -Excludes SAU

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

# | Center | MSA | Location | ST | SITE Own % | JV | Owned GLA | Total GLA | ABR PSF | Anchor Tenants
73 | 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)
74 | Edgewater Towne Center | New York-Newark-Jersey City, NY-NJ-PA | Edgewater | NJ | 100% |  | 76 | 76 | $28.78 | Whole Foods
75 | Freehold Marketplace | New York-Newark-Jersey City, NY-NJ-PA | Freehold | NJ | 100% |  | 21 | 359 | $34.14 | Sam's Club (U), Walmart (U)
76 | 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)
77 | Consumer Centre | New York-Newark-Jersey City, NY-NJ-PA | West Long Branch | NJ | 100% |  | 293 | 293 | $13.91 | buybuy BABY, Dick's Sporting Goods, DSW, Home Depot
78 | West Falls Plaza | New York-Newark-Jersey City, NY-NJ-PA | Woodland Park | NJ | 20% | DDRM | 91 | 91 | $21.72 | andThat!, Cost Plus World Market
79 | Echelon Village Plaza | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Voorhees | NJ | 100% |  | 89 | 89 | $12.81 | The Edge Fitness Clubs
80 | Hamilton Marketplace | Trenton, NJ | Hamilton | NJ | 100% |  | 548 | 976 | $19.73 | Barnes & Noble, Bed Bath & Beyond, BJ's Wholesale Club (U), Kohl's, Lowe's (U), Michaels, Ross Dress for Less, ShopRite, Staples, Walmart (U)
81 | Nassau Park Pavilion | Trenton, NJ | Princeton | NJ | 100% |  | 750 | 1,122 | $15.86 | At Home, Best Buy, Burlington, buybuy BABY, Dick's Sporting Goods, Home Depot (U), HomeGoods, HomeSense, Michaels, PetSmart, Raymour & Flanigan, Target (U), T.J. Maxx, Wegmans
82 | The Hub | New York-Newark-Jersey City, NY-NJ-PA | Hempstead | NY | 100% |  | 249 | 249 | $12.94 | Home Depot, Super Stop & Shop
83 | Belgate Shopping Center | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 100% |  | 289 | 911 | $16.32 | Burlington, Cost Plus World Market, Furniture Row (U), Hobby Lobby, IKEA (U), Marshalls, Old Navy, PetSmart, T.J. Maxx, Walmart (U)
84 | Carolina Pavilion | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 100% |  | 701 | 846 | $13.91 | 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
85 | Cotswold Village | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 100% |  | 262 | 262 | $24.62 | Harris Teeter, Marshalls, PetSmart
86 | The Shops at The Fresh Market | Charlotte-Concord-Gastonia, NC-SC | Cornelius | NC | 100% |  | 131 | 131 | $16.60 | The Fresh Market
87 | Fayetteville Pavilion | Fayetteville, NC | Fayetteville | NC | 20% | DDRM | 274 | 274 | $13.11 | Christmas Tree Shops, Food Lion, Marshalls, Michaels, PetSmart
88 | Shoppes at Oliver's Crossing | Greensboro-High Point, NC | Winston Salem | NC | 20% | DDRM | 77 | 77 | $14.41 | Lowes Foods
89 | Meadowmont Village | Raleigh, NC | Chapel Hill | NC | 20% | DDRM | 211 | 225 | $22.65 | Harris Teeter
90 | Clayton Corners | Raleigh, NC | Clayton | NC | 20% | DDRM | 126 | 126 | $13.17 | Lowes Foods
91 | Sexton Commons | Raleigh, NC | Fuquay Varina | NC | 20% | DDRM | 49 | 49 | $26.51 | —
92 | 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
93 | University Centre | Wilmington, NC | Wilmington | NC | 20% | DTP | 418 | 525 | $11.07 | Bed Bath & Beyond, Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less, Sam's Club (U)
94 | Kenwood Square | Cincinnati, OH-KY-IN | Cincinnati | OH | 100% |  | 427 | 461 | $18.51 | Dick's Sporting Goods, Macy's Furniture Gallery, Marshalls/HomeGoods, Michaels, T.J. Maxx, The Fresh Market
95 | Waterstone Center | Cincinnati, OH-KY-IN | Mason | OH | 100% |  | 161 | 433 | $17.35 | Best Buy, Costco (U), Michaels, Target (U)
96 | Stow Community Center | Cleveland-Elyria, OH | Stow | OH | 100% |  | 406 | 508 | $11.84 | Giant Eagle, Hobby Lobby, Kohl's, Target (U)
97 | West Bay Plaza | Cleveland-Elyria, OH | Westlake | OH | 100% |  | 147 | 147 | $24.06 | Fresh Thyme Farmers Market, HomeSense
98 | Easton Market | Columbus, OH | Columbus | OH | 100% |  | 502 | 552 | $14.96 | 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
99 | Hilliard Rome Commons | Columbus, OH | Columbus | OH | 20% | DDRM | 106 | 106 | $14.46 | Burlington, HomeGoods
100 | Lennox Town Center | Columbus, OH | Columbus | OH | 50% | OTHER | 374 | 374 | $12.72 | Barnes & Noble, Marshalls, Phoenix Theatres, Staples, Target
101 | Polaris Towne Center | Columbus, OH | Columbus | OH | 100% |  | 459 | 730 | $16.63 | Best Buy, Big Lots, Jo-Ann, Kroger, Lowe's (U), OfficeMax, Target (U), T.J. Maxx
102 | Perimeter Center | Columbus, OH | Dublin | OH | 100% |  | 136 | 136 | $17.67 | Giant Eagle
103 | Springfield Commons | Toledo, OH | Toledo | OH | 20% | DDRM | 272 | 272 | $11.63 | Burlington, Kohl's, Planet Fitness
104 | Tanasbourne Town Center | Portland-Vancouver-Hillsboro, OR-WA | Hillsboro | OR | 100% |  | 285 | 546 | $20.77 | Bed Bath & Beyond, Best Buy (U), Marshalls, Michaels, Nordstrom Rack (U), Ross Dress for Less, Sierra Trading Post, Target (U)
105 | The Blocks | Portland-Vancouver-Hillsboro, OR-WA | Portland | OR | 100% |  | 97 | 97 | $35.20 | —
106 | 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
107 | Larkin's Corner | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Boothwyn | PA | 100% |  | 225 | 225 | $9.56 | ACME, Walmart

28

SITE Centers Corp.

Property List – Excludes SAU

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

# | Center | MSA | Location | ST | SITE Own % | JV | Owned GLA | Total GLA | ABR PSF | Anchor Tenants
108 | Ashbridge Square | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Downingtown | PA | 100% |  | 386 | 386 | $9.37 | Christmas Tree Shops, Home Depot, Jo-Ann
109 | Ashley Crossing | Charleston-North Charleston, SC | Charleston | SC | 20% | DTP | 208 | 217 | $10.67 | Food Lion, Jo-Ann, Kohl's, Marshalls
110 | Wando Crossing | Charleston-North Charleston, SC | Mount Pleasant | SC | 100% |  | 214 | 335 | $14.99 | Marshalls, Michaels, T.J. Maxx, Total Wine & More, Walmart (U)
111 | Midtowne Park | Greenville-Anderson-Mauldin, SC | Anderson | SC | 100% |  | 167 | 174 | $9.89 | Dick's Sporting Goods, HomeGoods, Kohl's
112 | Cool Springs Pointe | Nashville-Davidson-Murfreesboro-Franklin, TN | Brentwood | TN | 100% |  | 198 | 198 | $16.26 | Best Buy, Restoration Hardware, Ross Dress for Less
113 | Vintage Plaza | Austin, TX | Round Rock | TX | 100% |  | 41 | 41 | $27.01 | —
114 | The Marketplace at Highland Village | Dallas-Fort Worth-Arlington, TX | Highland Village | TX | 100% |  | 207 | 451 | $18.32 | DSW, LA Fitness, T.J. Maxx/HomeGoods, Walmart (U)
115 | Bandera Pointe | San Antonio-New Braunfels, TX | San Antonio | TX | 100% |  | 490 | 841 | $11.94 | 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, Target (U), T.J. Maxx, Urban Air Trampoline & Adventure Park
116 | Terrell Plaza | San Antonio-New Braunfels, TX | San Antonio | TX | 100% |  | 108 | 243 | $20.12 | Ross Dress for Less, Target (U)
117 | Village at Stone Oak | San Antonio-New Braunfels, TX | San Antonio | TX | 100% |  | 450 | 625 | $18.23 | Alamo Drafthouse Cinema, Hobby Lobby, HomeGoods, Target (U)
118 | Emmet Street North | Charlottesville, VA | Charlottesville | VA | 100% |  | 2 | 2 | $86.32 | —
119 | Emmet Street Station | Charlottesville, VA | Charlottesville | VA | 100% |  | 11 | 11 | $51.82 | —
120 | Commonwealth Center | Richmond, VA | Midlothian | VA | 20% | DTP | 166 | 166 | $18.27 | Michaels, The Fresh Market
121 | Downtown Short Pump | Richmond, VA | Richmond | VA | 100% |  | 126 | 252 | $22.90 | Barnes & Noble, Regal Cinemas
122 | White Oak Village | Richmond, VA | Richmond | VA | 100% |  | 432 | 956 | $15.68 | JCPenney, K&G Fashion Superstore, Lowe's (U), Michaels, PetSmart, Publix, Target (U)
123 | Fairfax Towne Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | Fairfax | VA | 100% |  | 253 | 253 | $20.23 | Bed Bath & Beyond, Jo-Ann, Regal Cinemas, Safeway, T.J. Maxx
124 | 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
125 | Apple Blossom Corners | Winchester, VA-WV | Winchester | VA | 20% | DDRM | 243 | 243 | $12.04 | Books-A-Million, HomeGoods, Kohl's, Martin's
|  |  | Total |  |  |  | 31,101 | 41,295 |  |
DDRM - DDRM Properties |  |  |  |  |  |  |
DTP - Dividend Trust Portfolio |  |  |

29

SITE Centers Corp.

Property List – SAU

Note: GLA in thousands. Anchors include tenants greater than 20K SF.

# | Center | MSA | Location | ST | SITE Own % | Owned GLA | Total GLA | ABR PSF | Anchor Tenants
1 | Brookhaven Plaza | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 20% | 70 | 70 | $23.48 | —
2 | Cascade Corners | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 20% | 67 | 67 | $7.90 | Kroger
3 | Cascade Crossing | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 20% | 63 | 63 | $10.93 | Publix
4 | Hickory Flat Village | Atlanta-Sandy Springs-Roswell, GA | Canton | GA | 20% | 74 | 88 | $14.53 | Publix
5 | Flat Shoals Crossing | Atlanta-Sandy Springs-Roswell, GA | Decatur | GA | 20% | 70 | 70 | $10.74 | Publix
6 | Deshon Plaza | Atlanta-Sandy Springs-Roswell, GA | Stone Mountain | GA | 20% | 64 | 64 | $11.28 | Publix
7 | Lewandowski Commons | New York-Newark-Jersey City, NY-NJ-PA | Lyndhurst | NJ | 20% | 78 | 78 | $24.21 | Stop & Shop
8 | The Point | Greenville-Anderson-Mauldin, SC | Greenville | SC | 20% | 104 | 104 | $17.98 | REI, Whole Foods
9 | The Plaza at Carolina Forest | Myrtle Beach-Conway-North Myrtle Beach, SC-NC | Myrtle Beach | SC | 20% | 138 | 141 | $14.31 | Kroger
10 | American Way | Memphis, TN-MS-AR | Memphis | TN | 20% | 110 | 110 | $6.30 | —
11 | Kroger Plaza | Virginia Beach-Norfolk-Newport News, VA-NC | Virginia Beach | VA | 20% | 68 | 86 | $3.63 | Kroger
|  |  | Total |  |  | 906 | 941 |  |
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 |  |  |  |  |  |  |  |  |  |
|  | 12/31/2021 |  | 9/30/2021 |  | 6/30/2021 |  | 3/31/2021 |  | 12/31/2020
Shopping Center Summary |  |  |  |  |  |  |  |  |  |
Operating Centers – 100% |  | 136 |  | 137 |  | 137 |  | 138 |  | 138
Wholly Owned - SITE |  | 89 |  | 81 |  | 80 |  | 78 |  | 78
JV Portfolio |  | 47 |  | 56 |  | 57 |  | 60 |  | 60
Owned and Ground Lease GLA – 100% |  | 32,007 |  | 32,347 |  | 32,492 |  | 32,806 |  | 32,863
Wholly Owned - SITE |  | 22,856 |  | 21,677 |  | 21,605 |  | 21,580 |  | 21,639
JV Portfolio – 100% |  | 9,151 |  | 10,670 |  | 10,887 |  | 11,226 |  | 11,224
Unowned GLA – 100% |  | 10,229 |  | 10,475 |  | 10,475 |  | 10,617 |  | 10,562
Quarterly Operational Overview |  |  |  |  |  |  |  |  |  |
SITE (100%) |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $17.52 |  | $17.51 |  | $17.46 |  | $17.43 |  | $17.55
Base Rent PSF < 10K |  | $27.76 |  | $27.68 |  | $27.61 |  | $27.37 |  | $27.53
Base Rent PSF > 10K |  | $14.42 |  | $14.44 |  | $14.43 |  | $14.43 |  | $14.51
Commenced Rate |  | 89.9% |  | 89.7% |  | 89.1% |  | 88.1% |  | 88.2%
Leased Rate |  | 92.5% |  | 91.7% |  | 91.2% |  | 90.8% |  | 91.0%
Leased Rate < 10K SF |  | 84.9% |  | 83.9% |  | 83.1% |  | 82.5% |  | 82.7%
Leased Rate > 10K SF |  | 95.1% |  | 94.4% |  | 93.9% |  | 93.7% |  | 93.8%
Wholly Owned SITE |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $18.52 |  | $18.67 |  | $18.61 |  | $18.62 |  | $18.75
Leased Rate |  | 92.8% |  | 92.9% |  | 92.3% |  | 91.9% |  | 91.9%
Leased Rate < 10K SF |  | 85.1% |  | 83.9% |  | 82.7% |  | 82.7% |  | 82.7%
Leased Rate > 10K SF |  | 95.4% |  | 95.7% |  | 95.4% |  | 94.7% |  | 94.7%
Joint Venture (100%) |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $15.15 |  | $15.25 |  | $15.27 |  | $15.24 |  | $15.36
Leased Rate |  | 91.6% |  | 89.5% |  | 88.8% |  | 88.8% |  | 89.3%
Leased Rate < 10K SF |  | 84.3% |  | 83.8% |  | 83.8% |  | 82.1% |  | 82.6%
Leased Rate > 10K SF |  | 94.3% |  | 91.7% |  | 90.8% |  | 91.5% |  | 91.9%
Joint Venture at Pro Rata Share |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $16.22 |  | $16.59 |  | $16.62 |  | $16.57 |  | $16.62
Leased Rate |  | 91.6% |  | 87.6% |  | 87.2% |  | 87.4% |  | 89.0%
Leased Rate < 10K SF |  | 83.8% |  | 83.5% |  | 84.0% |  | 83.2% |  | 83.6%
Leased Rate > 10K SF |  | 94.6% |  | 89.2% |  | 88.5% |  | 89.1% |  | 91.1%

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 |  |  |  |  |  |  |  |  |  |  |
4Q21 | 22 | 96,049 | $24.73 | $21.62 | 14.4% | 8.5 |  | 46 | 252,632 | $21.61 | 9.3
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
| 69 | 298,213 | $23.79 | $20.84 | 14.2% | 8.4 |  | 154 | 803,438 | $21.81 | 8.9
Renewals |  |  |  |  |  |  |  |  |  |  |
4Q21 | 55 | 555,142 | $18.94 | $18.29 | 3.6% | 5.3 |  | 55 | 555,142 | $18.94 | 5.3
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
| 203 | 2,184,388 | $16.93 | $16.69 | 1.4% | 5.4 |  | 203 | 2,184,388 | $16.93 | 5.4
New + Renewals |  |  |  |  |  |  |  |  |  |  |
4Q21 | 77 | 651,191 | $19.80 | $18.78 | 5.4% | 5.9 |  | 101 | 807,774 | $19.78 | 6.7
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
| 272 | 2,482,601 | $17.75 | $17.19 | 3.3% | 5.9 |  | 357 | 2,987,826 | $18.24 | 6.5

Net Effective Rents |  |  |  |  |  |  |
|  | Avg | Capex PSF | NER | Wtd Avg
| GLA | Rent PSF | TA | LL Work | LC | Total | PSF | Term (Years)
New Leases (1) |  |  |  |  |  |  |  |
4Q21 | 252,632 | $22.77 | $2.67 | $4.05 | $1.08 | $7.80 | $14.97 | 9.3
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
| 713,379 | $22.68 | $3.12 | $4.53 | $1.02 | $8.67 | $14.01 | 8.8
Renewals |  |  |  |  |  |  |  |
4Q21 | 555,142 | $19.26 | $0.08 | $0.00 | $0.00 | $0.08 | $19.18 | 5.3
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
| 2,184,388 | $17.13 | $0.22 | $0.00 | $0.01 | $0.23 | $16.90 | 5.4
New + Renewals |  |  |  |  |  |  |  |
4Q21 | 807,774 | $20.36 | $1.20 | $1.76 | $0.47 | $3.43 | $16.93 | 6.7
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
| 2,897,767 | $18.50 | $1.20 | $1.54 | $0.35 | $3.09 | $15.41 | 6.4
(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 |  |  |  |  |  |  |  |  |  |  |
4Q21 | 4 | 8,110 | $32.70 | $30.08 | 8.7% | 8.1 |  | 18 | 110,534 | $18.46 | 8.9
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
| 41 | 284,651 | $15.04 | $14.42 | 4.3% | 8.1 |  | 86 | 471,907 | $16.03 | 8.0
Renewals |  |  |  |  |  |  |  |  |  |  |
4Q21 | 34 | 200,062 | $18.16 | $16.33 | 11.2% | 4.9 |  | 34 | 200,062 | $18.16 | 4.9
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
| 160 | 1,497,726 | $15.14 | $14.30 | 5.9% | 5.0 |  | 160 | 1,497,726 | $15.14 | 5.0
New + Renewals |  |  |  |  |  |  |  |  |  |  |
4Q21 | 38 | 208,172 | $18.72 | $16.86 | 11.0% | 5.2 |  | 52 | 310,596 | $18.26 | 6.4
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
| 201 | 1,782,377 | $15.12 | $14.32 | 5.6% | 5.5 |  | 246 | 1,969,633 | $15.35 | 5.7

Net Effective Rents |  |  |  |  |  |  |
|  | Avg | Capex PSF | NER | Wtd Avg
| GLA | Rent PSF | TA | LL Work | LC | Total | PSF | Term (Years)
New Leases |  |  |  |  |  |  |  |
4Q21 | 110,534 | $19.52 | $1.99 | $6.47 | $0.83 | $9.29 | $10.23 | 8.9
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
| 471,907 | $16.89 | $1.46 | $3.42 | $0.73 | $5.61 | $11.28 | 8.0
Renewals |  |  |  |  |  |  |  |
4Q21 | 200,062 | $18.46 | $0.02 | $0.00 | $0.01 | $0.03 | $18.43 | 4.9
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
| 1,497,726 | $15.33 | $0.06 | $0.00 | $0.00 | $0.06 | $15.27 | 5.0
New + Renewals |  |  |  |  |  |  |  |
4Q21 | 310,596 | $18.84 | $1.00 | $3.22 | $0.42 | $4.64 | $14.20 | 6.4
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
| 1,969,633 | $15.71 | $0.53 | $1.15 | $0.25 | $1.93 | $13.78 | 5.7

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 | % 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 | 1 |  | 23 | 0.1% | $258 | 0.1% |  | $11.22 |  | 31 |  | 65 | 1.4% | $1,669 | 1.2% |  | $25.68 |  | 32 |  | 88 | 0.4% | $1,927 | 0.5% |  | $21.90
2022 | 30 |  | 773 | 4.8% | 11,249 | 5.1% |  | $14.55 |  | 214 |  | 577 | 12.5% | 0 | 0.0% |  | $0.00 |  | 244 |  | 1,350 | 6.6% | 11,249 | 3.2% |  | $8.33
2023 | 81 |  | 2,486 | 15.6% | 32,980 | 14.8% |  | $13.27 |  | 219 |  | 653 | 14.1% | 16,354 | 12.2% |  | $25.04 |  | 300 |  | 3,139 | 15.3% | 49,334 | 13.8% |  | $15.72
2024 | 78 |  | 2,425 | 15.2% | 33,185 | 14.9% |  | $13.68 |  | 247 |  | 669 | 14.4% | 19,199 | 14.3% |  | $28.70 |  | 325 |  | 3,094 | 15.0% | 52,384 | 14.7% |  | $16.93
2025 | 73 |  | 2,307 | 14.5% | 33,284 | 15.0% |  | $14.43 |  | 208 |  | 649 | 14.0% | 19,889 | 14.9% |  | $30.65 |  | 281 |  | 2,956 | 14.4% | 53,173 | 14.9% |  | $17.99
2026 | 59 |  | 1,826 | 11.4% | 23,348 | 10.5% |  | $12.79 |  | 186 |  | 546 | 11.8% | 17,757 | 13.3% |  | $32.52 |  | 245 |  | 2,372 | 11.5% | 41,105 | 11.5% |  | $17.33
2027 | 53 |  | 2,032 | 12.7% | 28,354 | 12.7% |  | $13.95 |  | 105 |  | 380 | 8.2% | 15,745 | 11.8% |  | $41.43 |  | 158 |  | 2,412 | 11.7% | 44,099 | 12.4% |  | $18.28
2028 | 23 |  | 667 | 4.2% | 9,642 | 4.3% |  | $14.46 |  | 80 |  | 261 | 5.6% | 10,426 | 7.8% |  | $39.95 |  | 103 |  | 928 | 4.5% | 20,068 | 5.6% |  | $21.63
2029 | 23 |  | 746 | 4.7% | 11,492 | 5.2% |  | $15.40 |  | 71 |  | 241 | 5.2% | 8,153 | 6.1% |  | $33.83 |  | 94 |  | 987 | 4.8% | 19,645 | 5.5% |  | $19.90
2030 | 28 |  | 746 | 4.7% | 10,272 | 4.6% |  | $13.77 |  | 69 |  | 208 | 4.5% | 7,586 | 5.7% |  | $36.47 |  | 97 |  | 954 | 4.6% | 17,858 | 5.0% |  | $18.72
2031 | 17 |  | 835 | 5.2% | 8,788 | 3.9% |  | $10.52 |  | 61 |  | 203 | 4.4% | 6,585 | 4.9% |  | $32.44 |  | 78 |  | 1,038 | 5.0% | 15,373 | 4.3% |  | $14.81
Thereafter | 33 |  | 1,086 | 6.8% | 19,681 | 8.8% |  | $18.12 |  | 40 |  | 178 | 3.8% | 10,520 | 7.9% |  | $59.10 |  | 73 |  | 1,264 | 6.1% | 30,201 | 8.5% |  | $23.89
Total | 499 |  | 15,952 | 100.0% | $222,533 | 100.0% |  | $13.95 |  | 1,531 |  | 4,630 | 100.0% | $133,883 | 100.0% |  | $28.92 |  | 2,030 |  | 20,582 | 100.0% | $356,416 | 100.0% |  | $17.32
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 | 1 |  | 23 | 0.1% | 258 | 0.1% |  | $11.22 |  | 29 |  | 61 | 1.3% | $1,546 | 1.2% |  | $25.34 |  | 30 |  | 84 | 0.4% | $1,804 | 0.5% |  | $21.48
2022 | 8 |  | 149 | 0.9% | 2,194 | 1.0% |  | $14.72 |  | 135 |  | 335 | 7.2% | 9,134 | 6.8% |  | $27.27 |  | 143 |  | 484 | 2.4% | 11,328 | 3.2% |  | $23.40
2023 | 5 |  | 126 | 0.8% | 3,157 | 1.4% |  | $25.06 |  | 124 |  | 311 | 6.7% | 9,165 | 6.8% |  | $29.47 |  | 129 |  | 437 | 2.1% | 12,322 | 3.5% |  | $28.20
2024 | 12 |  | 238 | 1.5% | 3,788 | 1.7% |  | $15.92 |  | 142 |  | 327 | 7.1% | 10,452 | 7.8% |  | $31.96 |  | 154 |  | 565 | 2.7% | 14,240 | 4.0% |  | $25.20
2025 | 12 |  | 266 | 1.7% | 3,672 | 1.7% |  | $13.80 |  | 112 |  | 295 | 6.4% | 8,162 | 6.1% |  | $27.67 |  | 124 |  | 561 | 2.7% | 11,834 | 3.3% |  | $21.09
2026 | 4 |  | 79 | 0.5% | 968 | 0.4% |  | $12.25 |  | 83 |  | 207 | 4.5% | 5,931 | 4.4% |  | $28.65 |  | 87 |  | 286 | 1.4% | 6,899 | 1.9% |  | $24.12
2027 | 12 |  | 284 | 1.8% | 4,675 | 2.1% |  | $16.46 |  | 83 |  | 220 | 4.8% | 6,809 | 5.1% |  | $30.95 |  | 95 |  | 504 | 2.4% | 11,484 | 3.2% |  | $22.79
2028 | 20 |  | 325 | 2.0% | 5,453 | 2.5% |  | $16.78 |  | 83 |  | 247 | 5.3% | 7,280 | 5.4% |  | $29.47 |  | 103 |  | 572 | 2.8% | 12,733 | 3.6% |  | $22.26
2029 | 12 |  | 355 | 2.2% | 5,004 | 2.2% |  | $14.10 |  | 84 |  | 230 | 5.0% | 6,417 | 4.8% |  | $27.90 |  | 96 |  | 585 | 2.8% | 11,421 | 3.2% |  | $19.52
2030 | 16 |  | 427 | 2.7% | 6,703 | 3.0% |  | $15.70 |  | 77 |  | 219 | 4.7% | 6,096 | 4.6% |  | $27.84 |  | 93 |  | 646 | 3.1% | 12,799 | 3.6% |  | $19.81
2031 | 17 |  | 326 | 2.0% | 5,830 | 2.6% |  | $17.88 |  | 71 |  | 188 | 4.1% | 4,862 | 3.6% |  | $25.86 |  | 88 |  | 514 | 2.5% | 10,692 | 3.0% |  | $20.80
Thereafter | 380 |  | 13,354 | 83.7% | 180,831 | 81.3% |  | $13.54 |  | 508 |  | 1,990 | 43.0% | 58,029 | 43.3% |  | $29.16 |  | 888 |  | 15,344 | 74.6% | 238,860 | 67.0% |  | $15.57
Total | 499 |  | 15,952 | 100.0% | $222,533 | 100.0% |  | $13.95 |  | 1,531 |  | 4,630 | 100.0% | $133,883 | 100.0% |  | $28.92 |  | 2,030 |  | 20,582 | 100.0% | $356,416 | 100.0% |  | $17.32
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 | % 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 |  | 18 |  | 38 | 1.9% | $969 | 2.0% |  | $25.50 |  | 18 |  | 38 | 0.5% | $969 | 0.8% |  | $25.50
2022 | 4 |  | 96 | 1.5% | 1,222 | 1.7% |  | $12.73 |  | 101 |  | 254 | 12.8% | 6,319 | 13.0% |  | $24.88 |  | 105 |  | 350 | 4.3% | 7,541 | 6.3% |  | $21.55
2023 | 28 |  | 743 | 12.0% | 9,197 | 12.8% |  | $12.38 |  | 112 |  | 346 | 17.5% | 7,716 | 15.9% |  | $22.30 |  | 140 |  | 1,089 | 13.3% | 16,913 | 14.0% |  | $15.53
2024 | 34 |  | 1,333 | 21.5% | 13,431 | 18.7% |  | $10.08 |  | 118 |  | 325 | 16.4% | 7,973 | 16.4% |  | $24.53 |  | 152 |  | 1,658 | 20.3% | 21,404 | 17.8% |  | $12.91
2025 | 25 |  | 717 | 11.6% | 8,173 | 11.4% |  | $11.40 |  | 90 |  | 235 | 11.9% | 5,400 | 11.1% |  | $22.98 |  | 115 |  | 952 | 11.6% | 13,573 | 11.3% |  | $14.26
2026 | 32 |  | 1,049 | 16.9% | 11,542 | 16.0% |  | $11.00 |  | 108 |  | 279 | 14.1% | 6,350 | 13.1% |  | $22.76 |  | 140 |  | 1,328 | 16.2% | 17,892 | 14.8% |  | $13.47
2027 | 25 |  | 699 | 11.3% | 9,073 | 12.6% |  | $12.98 |  | 49 |  | 166 | 8.4% | 4,520 | 9.3% |  | $27.23 |  | 74 |  | 865 | 10.6% | 13,593 | 11.3% |  | $15.71
2028 | 14 |  | 402 | 6.5% | 4,841 | 6.7% |  | $12.04 |  | 26 |  | 69 | 3.5% | 2,206 | 4.5% |  | $31.97 |  | 40 |  | 471 | 5.8% | 7,047 | 5.8% |  | $14.96
2029 | 8 |  | 272 | 4.4% | 3,825 | 5.3% |  | $14.06 |  | 27 |  | 91 | 4.6% | 2,488 | 5.1% |  | $27.34 |  | 35 |  | 363 | 4.4% | 6,313 | 5.2% |  | $17.39
2030 | 5 |  | 149 | 2.4% | 1,877 | 2.6% |  | $12.60 |  | 21 |  | 58 | 2.9% | 1,346 | 2.8% |  | $23.21 |  | 26 |  | 207 | 2.5% | 3,223 | 2.7% |  | $15.57
2031 | 8 |  | 291 | 4.7% | 4,090 | 5.7% |  | $14.05 |  | 23 |  | 64 | 3.2% | 1,831 | 3.8% |  | $28.61 |  | 31 |  | 355 | 4.3% | 5,921 | 4.9% |  | $16.68
Thereafter | 9 |  | 448 | 7.2% | 4,681 | 6.5% |  | $10.45 |  | 16 |  | 53 | 2.7% | 1,481 | 3.0% |  | $27.94 |  | 25 |  | 501 | 6.1% | 6,162 | 5.1% |  | $12.30
Total | 192 |  | 6,199 | 100.0% | $71,952 | 100.0% |  | $11.61 |  | 709 |  | 1,978 | 100.0% | $48,599 | 100.0% |  | $24.57 |  | 901 |  | 8,177 | 100.0% | $120,551 | 100.0% |  | $14.74
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 |  | 15 |  | 34 | 1.7% | $826 | 1.7% |  | $24.29 |  | 15 |  | 34 | 0.4% | $826 | 0.7% |  | $24.29
2022 | 2 |  | 62 | 1.0% | 723 | 1.0% |  | $11.66 |  | 71 |  | 152 | 7.7% | 3,958 | 8.1% |  | $26.04 |  | 73 |  | 214 | 2.6% | 4,681 | 3.9% |  | $21.87
2023 | 9 |  | 162 | 2.6% | 2,474 | 3.4% |  | $15.27 |  | 81 |  | 237 | 12.0% | 5,284 | 10.9% |  | $22.30 |  | 90 |  | 399 | 4.9% | 7,758 | 6.4% |  | $19.44
2024 | 3 |  | 43 | 0.7% | 506 | 0.7% |  | $11.77 |  | 76 |  | 190 | 9.6% | 4,881 | 10.0% |  | $25.69 |  | 79 |  | 233 | 2.8% | 5,387 | 4.5% |  | $23.12
2025 | 4 |  | 57 | 0.9% | 926 | 1.3% |  | $16.25 |  | 63 |  | 150 | 7.6% | 3,370 | 6.9% |  | $22.47 |  | 67 |  | 207 | 2.5% | 4,296 | 3.6% |  | $20.75
2026 | 4 |  | 78 | 1.3% | 1,144 | 1.6% |  | $14.67 |  | 67 |  | 141 | 7.1% | 3,351 | 6.9% |  | $23.77 |  | 71 |  | 219 | 2.7% | 4,495 | 3.7% |  | $20.53
2027 | 5 |  | 94 | 1.5% | 1,103 | 1.5% |  | $11.73 |  | 49 |  | 147 | 7.4% | 3,965 | 8.2% |  | $26.97 |  | 54 |  | 241 | 2.9% | 5,068 | 4.2% |  | $21.03
2028 | 3 |  | 81 | 1.3% | 1,291 | 1.8% |  | $15.94 |  | 35 |  | 101 | 5.1% | 2,718 | 5.6% |  | $26.91 |  | 38 |  | 182 | 2.2% | 4,009 | 3.3% |  | $22.03
2029 | 11 |  | 286 | 4.6% | 2,986 | 4.1% |  | $10.44 |  | 39 |  | 108 | 5.5% | 2,957 | 6.1% |  | $27.38 |  | 50 |  | 394 | 4.8% | 5,943 | 4.9% |  | $15.08
2030 | 7 |  | 151 | 2.4% | 2,030 | 2.8% |  | $13.44 |  | 26 |  | 65 | 3.3% | 1,566 | 3.2% |  | $24.09 |  | 33 |  | 216 | 2.6% | 3,596 | 3.0% |  | $16.65
2031 | 8 |  | 169 | 2.7% | 2,681 | 3.7% |  | $15.86 |  | 41 |  | 109 | 5.5% | 2,745 | 5.6% |  | $25.18 |  | 49 |  | 278 | 3.4% | 5,426 | 4.5% |  | $19.52
Thereafter | 136 |  | 5,016 | 80.9% | 56,088 | 78.0% |  | $11.18 |  | 146 |  | 544 | 27.5% | 12,978 | 26.7% |  | $23.86 |  | 282 |  | 5,560 | 68.0% | 69,066 | 57.3% |  | $12.42
Total | 192 |  | 6,199 | 100.0% | $71,952 | 100.0% |  | $11.61 |  | 709 |  | 1,978 | 100.0% | $48,599 | 100.0% |  | $24.57 |  | 901 |  | 8,177 | 100.0% | $120,551 | 100.0% |  | $14.74
Note: Includes ground leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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