EX-99.1 2 sitc-ex99_1.htm EX-99.1

Exhibit 99.1

SITE QUARTERLY FINANCIAL SUPPLEMENT FOR THE PE PERIOD ENDED DECEMBER 31, 2023 RECENT ACQUISITION POINT AT UNIVERSITY CHARLOTTE, NORTH CAROLINA SITC LISTED NYSE.

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 $4.2B ENTERPRISE VALUE 101 WHOLLY - OWNED PROPERTIES $111K AVERAGE HOUSEHOLD INCOME 94.5% LEASED RATE COMMITTED TO A SUSTAINABLE FUTURE GLOBAL REPORTING INITIATIVE GREEN LEASE LEADER U.S. GREEN BUILDING COUNCIL LEED USGBCTM CORPORATE HQ RENOVATION GOAL GRESB® Bloomberg Gender-Equality Index 2023 Member PORTFOLIO COMPOSITION Top 5 MSAs by ABR OTHER 60% ATLANTA 9% MIAMI 9% ORLANDO 8% CHICAGO 7% denver 7% ABR by Region* NORTHEAST 12% SOUTHEAST 50% MIDWEST 15% NORTHWEST 2% CALIFORNIA 8% SOUTHWEST 6% MOUNTAIN 7% Retailer Mix LOCAL 13% NATIONAL 87% NOTE: ALL FIGURES AT COMPANY’S SHARE AND AS OF december 31, 2023. NEW YORK • HONG KONG • ATLANTA • CLEVELAND DENVER • LOS ANGELES • MIAMI • PHOENIX • TAMPA SITC LISTED NYSE SITE

SITE Centers Corp.

Section | Page
Earnings Release & Financial Statements |
Press Release | 1-9
Company Summary |
Portfolio Summary | 10
Capital Structure | 11
Same Store Metrics | 12
Leasing Summary | 13
Lease Expirations | 14
Top 50 Tenants | 15
Investments |
Redevelopment Pipeline | 16
Transactions | 17
Debt Summary |
Debt Summary | 18
Debt Detail | 19
Debt/Adjusted EBITDA | 20
Unconsolidated Joint Ventures |
Unconsolidated Joint Ventures | 21-23
Shopping Center Summary |
Property List | 24-26
Reporting Policies and Other |
Notable Accounting and Supplemental Policies | 27-28
Non-GAAP Measures | 29-31
Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100% | 32-36

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, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, 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, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; 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; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to complete the spin-off of Curbline Properties in a timely manner or at all; our ability to secure equity or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; 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; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and the finalization of the financial statements for the period ended December 31, 2023. 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 Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SITE Centers Corp. | For additional information:
3300 Enterprise Parkway | Conor Fennerty, EVP and
Beachwood, OH 44122 216-755-5500 | Chief Financial Officer

FOR IMMEDIATE RELEASE:

SITE Centers Reports Fourth Quarter and Full-Year 2023 Results and Declares First Quarter Dividend

Beachwood, Ohio, February 13, 2024 - SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter and year ended December 31, 2023 and declared a dividend on its common stock for the first quarter of 2024.

“The fourth quarter was a significant time period for SITE Centers highlighted by the announced planned spin-off of the Company’s Convenience assets, nearly $800 million of total transaction activity and over $1.5 billion of total financings closed or committed,” commented David R. Lukes, President and Chief Executive Officer. “We are well underway on the timeline to form and scale the first public real estate company focused exclusively on Convenience properties and remain excited by the prospects and opportunity set. Additionally, we believe the transactions closed or announced in the last three months along with the significant disposition activity in process position both SITE Centers and Curbline Properties to create stakeholder value.”

Results for the Fourth Quarter

•
Fourth quarter net income attributable to common shareholders was $193.6 million, or $0.92 per diluted share, as compared to net income of $25.4 million, or $0.12 per diluted share, in the year-ago period. The increase year-over-year primarily was the result of higher gain on sale from dispositions.
•
Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $54.0 million, or $0.26 per diluted share, compared to $62.5 million, or $0.29 per diluted share, in the year-ago period. The decrease year-over-year primarily was due to the impact of property dispositions, partially offset by property net operating income ("NOI") growth and the net impact of property acquisitions.

Results for the Year

•
Net income attributable to common shareholders for the year ended December 31, 2023 was $254.5 million, or $1.21 per diluted share, as compared to net income of $157.6 million, or $0.73 per diluted share, for the prior year.
•
Operating FFO was $247.9 million, or $1.18 per diluted share for 2023, which compares to $253.3 million, or $1.18 per diluted share for 2022.

Significant Fourth Quarter and Recent Activity

•
SITE Centers sold 14 wholly owned shopping centers in the fourth quarter and first quarter to date for an aggregate price of $818.6 million including 12 wholly-owned shopping centers sold during the fourth quarter for an aggregate price of $736.2 million.
•
Acquired four convenience shopping centers during the quarter for an aggregate price of $62.4 million, including Point at University (Charlotte, NC) for $8.9 million, Estero Crossing (Cape Coral, FL) for $17.1 million, Presidential Plaza North (Atlanta, GA) for $7.4 million, and Shops at Lake Pleasant (Phoenix, AZ) for $29.0 million.
•
In October, announced the expected spin-off of the Company’s Convenience assets into a separate publicly-traded REIT to be named Curbline Properties Corp. (“Curbline Properties” or “CURB”). The spin-off is expected to be completed on or around October 1, 2024. As of December 31, 2023, the Company has amassed a portfolio of 65 wholly owned properties to be included in the CURB portfolio, including assets separated or in the process of being separated from SITE Centers properties. The transaction is subject to certain conditions, including the effectiveness of CURB’s Form 10 registration statement and final approval and declaration of the distribution by SITE Center’s Board of Directors.
•
In October, obtained a commitment from affiliates of Apollo, including ATLAS SP Partners, to provide a $1.1 billion mortgage facility to be secured by 40 properties with flexibility to reduce the commitment or loan balance with proceeds from asset sales or other sources of capital. The mortgage is expected to be funded prior to the spin-off date with loan and additional asset sale proceeds expected to be used to retire all unsecured debt, including all outstanding public notes, prior to the spin-off of CURB.

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•
In October, closed on a five-year $100 million mortgage secured by Nassau Park Pavilion (Princeton, NJ).
•
In December, closed on a five-year $380.6 million ($76.1 million at share) mortgage secured by the 10-property DTP joint venture portfolio.
•
In the fourth quarter, recorded a $1.3 million charge related to the previously announced restructuring plan, which included a Voluntary Retirement Offer. Restructuring charges have been excluded from OFFO.

Significant Full-Year 2023 Activity

•
Issued the Company’s ninth Corporate Responsibility and Sustainability Report. The Report was completed in alignment with the Global Reporting Initiative and with the Sustainability Accounting Standards Board metrics and frameworks. The report intends to provide updates on the annual results of the Company’s corporate responsibility and sustainability programs and can be found at https://www.sitecenters.com/2022CSR.
•
Acquired 12 Convenience shopping centers for an aggregate price of $165.1 million.
•
Sold 22 shopping centers for $966.6 million ($876.9 million at share).

Key Quarterly Operating Results

•
Reported an increase of 0.3% in same-store net operating income (“SSNOI”) on a pro rata basis for the fourth quarter of 2023, including redevelopment, as compared to the year-ago period which included a 240 basis-point headwind due to the bankruptcy of Bed Bath & Beyond to fourth quarter 2023 SSNOI growth. The impact of prior period rental income receipts related to cash basis tenants was immaterial to fourth quarter 2023 SSNOI growth.
•
Generated cash new leasing spreads of 29.5% and cash renewal leasing spreads of 6.5%, both on a pro rata basis, for the trailing twelve-month period ended December 31, 2023 and cash new leasing spreads of 9.2% and cash renewal leasing spreads of 3.1%, both on a pro rata basis, for the fourth quarter of 2023.
•
Generated straight-lined new leasing spreads of 41.1% and straight-lined renewal leasing spreads of 11.1%, both on a pro rata basis, for the trailing twelve-month period ended December 31, 2023 and straight-lined new leasing spreads of 17.3% and straight-lined renewal leasing spreads of 9.0%, both on a pro rata basis, for the fourth quarter of 2023.
•
Reported a leased rate of 94.5% at December 31, 2023, compared to 94.6% at September 30, 2023 and 95.4% at December 31, 2022, all on a pro rata basis. Net transaction activity was a 50 basis point sequential headwind related to the sale of properties in the fourth quarter with an average leased rate of 97.8%, partially offset by new leasing activity and acquisitions.
•
As of December 31, 2023, the Signed Not Opened (“SNO”) spread was 250 basis points, representing $14.2 million of annualized base rent on a pro rata basis.

First Quarter Dividend

The Company declared a dividend on its common stock of $0.13 per share for the first quarter of 2024. The dividend is payable on April 5, 2024 to shareholders of record at the close of business on March 14, 2024.

Property NOI Projection

The Company projects based on the assumptions below, 2024 property level NOI to be as follows:

Portfolio |  | NOI Projection ($M)
SITE Centers |  | $260.7 – $269.8
Curbline Properties |  | $73.9 – $77.9

These projections:

•
Calculate NOI pursuant to the definition of NOI used in the SSNOI calculation as described below except that it includes lease termination fees and assumes that all properties owned as of December 31, 2023 are held for the full year 2024,
•
Assume 2024 SSNOI growth of 3.5% - 5.5% for Curbline Properties,
•
Exclude from NOI G&A allocated to operating expenses which totaled $2.8 million in 4Q2023, or $11.2 million annualized and
•
Adjust NOI for estimated impact of remaining expected parcel separations and include NOI for SITE Centers from its Beachwood, OH office headquarters.

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI and assumed range of 2024 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the

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calculations which for the same-store calculation only includes properties owned for comparable periods and excludes all corporate level activity as described below under Non-GAAP Measures and Other Operational Metrics.

About SITE Centers Corp.

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

Conference Call and Supplemental Information

The Company will hold its quarterly conference call today at 8:00 a.m. Eastern Time. To participate with access to the slide presentation, please visit the Investor Relations portion of SITE's website, ir.sitecenters.com, or for audio only, dial 888‑317‑6003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) using pass code 3657488 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 6639284 through March 13, 2024. Copies of the Company’s supplemental package and earnings slide presentation are available on the Company’s website.

Non-GAAP Measures and Other Operational Metrics

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, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

The Company also uses 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 and 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 prior period comparisons). In addition, SSNOI is presented including activity associated with 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

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measures have been provided herein. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI and assumed rate of 2024 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which for the same-store calculation only includes properties owned for comparable periods and excludes all corporate level activity as noted above.

The Company calculates Cash Leasing Spreads by comparing the prior tenant's annual base rent in the final year of the prior lease to the executed tenant's annual base rent in the first year of the executed lease. Straight-Lined Leasing Spreads are calculated by comparing the prior tenant's average base rent over the prior lease term to the executed tenant's average base rent over the term of the executed lease. For both Cash and Straight-Lined Leasing Spreads, the reported calculation includes only comparable leases which are deals executed within one year of the date that the prior tenant vacated. Deals executed after one year of the date the prior tenant vacated, deals which are a combination of existing units, new leases at redevelopment properties, and deals for units vacant at the time of acquisition are considered non-comparable and excluded from the calculation.

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, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, 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, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; 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; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to complete the spin-off of Curbline Properties in a timely manner or at all; our ability to secure equity or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; 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; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and the finalization of the financial statements for the period ended December 31, 2023. 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 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 |  |  |
|  | 4Q23 |  | 4Q22 |  | 12M23 |  | 12M22
| Revenues: |  |  |  |  |  |  |
| Rental income (1) | $122,742 |  | $135,896 |  | $537,066 |  | $537,106
| Other property revenues | 414 |  | 537 |  | 2,392 |  | 3,701
|  | 123,156 |  | 136,433 |  | 539,458 |  | 540,807
| Expenses: |  |  |  |  |  |  |
| Operating and maintenance | 22,331 |  | 22,750 |  | 88,959 |  | 89,278
| Real estate taxes | 15,887 |  | 19,476 |  | 76,762 |  | 80,706
|  | 38,218 |  | 42,226 |  | 165,721 |  | 169,984
| Net operating income (2) | 84,938 |  | 94,207 |  | 373,737 |  | 370,823
| Other income (expense): |  |  |  |  |  |  |
| JV and other fee income | 1,510 |  | 2,075 |  | 6,817 |  | 11,546
| Interest expense | (20,011) |  | (20,386) |  | (82,002) |  | (77,692)
| Depreciation and amortization | (46,925) |  | (50,982) |  | (212,460) |  | (203,546)
| General and administrative (3) | (14,932) |  | (12,161) |  | (50,867) |  | (46,564)
| Other income (expense), net (4) | 5,200 |  | (388) |  | 3,189 |  | (2,540)
| Impairment charges | 0 |  | 0 |  | 0 |  | (2,536)
| Income before earnings from JVs and other | 9,780 |  | 12,365 |  | 38,414 |  | 49,491
| Equity in net income of JVs | 82 |  | 424 |  | 6,577 |  | 27,892
| Gain on sale and change in control of interests | 0 |  | 27 |  | 3,749 |  | 45,581
| Gain on disposition of real estate, net | 187,796 |  | 15,352 |  | 219,026 |  | 46,644
| Tax expense | (1,234) |  | 47 |  | (2,045) |  | (816)
| Net income | 196,424 |  | 28,215 |  | 265,721 |  | 168,792
| Non-controlling interests | 0 |  | (18) |  | (18) |  | (73)
| Net income SITE Centers | 196,424 |  | 28,197 |  | 265,703 |  | 168,719
| Preferred dividends | (2,789) |  | (2,789) |  | (11,156) |  | (11,156)
| Net income Common Shareholders | $193,635 |  | $25,408 |  | $254,547 |  | $157,563
| Weighted average shares – Basic – EPS | 209,323 |  | 212,168 |  | 209,459 |  | 212,998
| Assumed conversion of diluted securities | 85 |  | 661 |  | 162 |  | 885
| Weighted average shares – Diluted – EPS | 209,408 |  | 212,829 |  | 209,621 |  | 213,883
| Earnings per common share – Basic | $0.92 |  | $0.12 |  | $1.21 |  | $0.74
| Earnings per common share – Diluted | $0.92 |  | $0.12 |  | $1.21 |  | $0.73
(1) | Rental income: |  |  |  |  |  |  |
| Minimum rents | $81,088 |  | $90,180 |  | 348,801 |  | $352,029
| Ground lease minimum rents | 5,729 |  | 6,747 |  | 24,837 |  | 26,938
| Straight-line rent, net | 907 |  | 589 |  | 3,067 |  | 3,043
| Amortization of (above)/below-market rent, net | 1,099 |  | 1,249 |  | 13,198 |  | 4,656
| Percentage and overage rent | 1,952 |  | 1,635 |  | 6,450 |  | 5,217
| Recoveries | 30,246 |  | 33,763 |  | 134,816 |  | 133,574
| Uncollectible revenue | (291) |  | (501) |  | (1,417) |  | 1,388
| Ancillary and other rental income | 1,997 |  | 2,066 |  | 6,713 |  | 6,482
| Lease termination fees | 15 |  | 168 |  | 601 |  | 3,779
(2) | Includes NOI from WO assets sold in 4Q23 | 4,487 |  | N/A |  | N/A |  | N/A
(3) | Separation charge and other | 1,032 |  | 0 |  | 5,046 |  | 0
(4) | Interest income (fees), net | 4,554 |  | (146) |  | 4,349 |  | (655)
| Transaction costs | (1,339) |  | (237) |  | (3,187) |  | (1,305)
| Debt extinguishment costs | (118) |  | (5) |  | (76) |  | (580)
| Derivative mark-to-market | 2,103 |  | 0 |  | 2,103 |  | 0

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SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

| in thousands, except per share |  |  |
|  | 4Q23 |  | 4Q22 |  | 12M23 |  | 12M22
| Net income attributable to Common Shareholders | $193,635 |  | $25,408 |  | $254,547 |  | $157,563
| Depreciation and amortization of real estate | 45,525 |  | 49,833 |  | 207,005 |  | 198,662
| Equity in net income of JVs | (82) |  | (424) |  | (6,577) |  | (27,892)
| JVs' FFO | 1,654 |  | 2,806 |  | 7,981 |  | 12,274
| Non-controlling interests | 0 |  | 18 |  | 18 |  | 73
| Impairment of real estate | 0 |  | 0 |  | 0 |  | 2,536
| Gain on sale and change in control of interests | 0 |  | (27) |  | (3,749) |  | (45,581)
| Gain on disposition of real estate, net | (187,796) |  | (15,352) |  | (219,026) |  | (46,644)
| FFO attributable to Common Shareholders | $52,936 |  | $62,262 |  | $240,199 |  | $250,991
| Separation and other charges | 1,308 |  | 0 |  | 5,752 |  | 0
| Transaction, debt extinguishment and other (at SITE's share) | 1,838 |  | 239 |  | 4,024 |  | 2,740
| Derivative mark-to market | (2,103) |  | 0 |  | (2,103) |  | 0
| RVI disposition fees | 0 |  | 0 |  | 0 |  | (385)
| Total non-operating items, net | 1,043 |  | 239 |  | 7,673 |  | 2,355
| Operating FFO attributable to Common Shareholders | $53,979 |  | $62,501 |  | $247,872 |  | $253,346
| Weighted average shares & units – Basic: FFO & OFFO | 209,323 |  | 212,308 |  | 209,508 |  | 213,139
| Assumed conversion of dilutive securities | 85 |  | 661 |  | 162 |  | 744
| Weighted average shares & units – Diluted: FFO & OFFO | 209,408 |  | 212,969 |  | 209,670 |  | 213,883
| FFO per share – Basic | $0.25 |  | $0.29 |  | $1.15 |  | $1.18
| FFO per share – Diluted | $0.25 |  | $0.29 |  | $1.15 |  | $1.17
| Operating FFO per share – Basic | $0.26 |  | $0.29 |  | $1.18 |  | $1.19
| Operating FFO per share – Diluted | $0.26 |  | $0.29 |  | $1.18 |  | $1.18
| Common stock dividends declared, per share (1) | $0.29 |  | $0.13 |  | $0.68 |  | $0.52
| Capital expenditures (SITE Centers share): |  |  |  |  |  |  |
| Redevelopment costs | 5,311 |  | 4,280 |  | 21,037 |  | 20,731
| Maintenance capital expenditures | 5,936 |  | 4,621 |  | 17,488 |  | 21,088
| Tenant allowances and landlord work | 16,194 |  | 12,032 |  | 55,133 |  | 47,372
| Leasing commissions | 1,941 |  | 2,788 |  | 8,196 |  | 8,798
| Construction administrative costs (capitalized) | 776 |  | 912 |  | 3,171 |  | 3,997
| Certain non-cash items (SITE Centers share): |  |  |  |  |  |  |
| Straight-line rent | 939 |  | 806 |  | 3,174 |  | 3,417
| Straight-line fixed CAM | 102 |  | 151 |  | 340 |  | 476
| Amortization of below-market rent/(above), net | 1,197 |  | 1,335 |  | 13,562 |  | 5,018
| Straight-line ground rent expense | (25) |  | (35) |  | (155) |  | (135)
| Debt fair value and loan cost amortization | (1,310) |  | (1,267) |  | (4,901) |  | (5,121)
| Capitalized interest expense | 322 |  | 311 |  | 1,238 |  | 1,119
| Stock compensation expense | (1,965) |  | (1,678) |  | (7,083) |  | (6,813)
| Non-real estate depreciation expense | (1,402) |  | (1,151) |  | (5,466) |  | (4,893)
(1) | Includes $0.16 per share special dividend which was paid in January 2024. |  |  |  |  |  |

6

SITE Centers Corp.

Balance Sheet: Consolidated Interests

| $ in thousands |  |  |
|  | At Period End
|  | 4Q23 |  | 4Q22
| Assets: |  |  |
| Land | $930,540 |  | $1,066,852
| Buildings | 3,311,368 |  | 3,733,805
| Fixtures and tenant improvements | 537,872 |  | 576,036
|  | 4,779,780 |  | 5,376,693
| Depreciation | (1,570,377) |  | (1,652,899)
|  | 3,209,403 |  | 3,723,794
| Construction in progress and land | 51,379 |  | 56,466
| Real estate, net | 3,260,782 |  | 3,780,260
| Investments in and advances to JVs | 39,372 |  | 44,608
| Cash | 551,968 |  | 20,254
| Restricted cash | 17,063 |  | 960
| Receivables and straight-line (1) | 65,623 |  | 63,926
| Intangible assets, net (2) | 86,363 |  | 105,945
| Other assets, net | 40,180 |  | 29,064
| Total Assets | 4,061,351 |  | 4,045,017
| Liabilities and Equity: |  |  |
| Revolving credit facilities | 0 |  | 0
| Unsecured debt | 1,303,243 |  | 1,453,923
| Unsecured term loan | 198,856 |  | 198,521
| Secured debt | 124,176 |  | 54,577
|  | 1,626,275 |  | 1,707,021
| Dividends payable | 63,806 |  | 30,389
| Other liabilities (3) | 195,727 |  | 214,985
| Total Liabilities | 1,885,808 |  | 1,952,395
| Preferred shares | 175,000 |  | 175,000
| Common shares | 21,437 |  | 21,437
| Paid-in capital | 5,974,904 |  | 5,974,216
| Distributions in excess of net income | (3,934,736) |  | (4,046,370)
| Deferred compensation | 5,167 |  | 5,025
| Accumulated comprehensive income | 6,121 |  | 9,038
| Common shares in treasury at cost | (72,350) |  | (51,518)
| Non-controlling interests | 0 |  | 5,794
| Total Equity | 2,175,543 |  | 2,092,622
| Total Liabilities and Equity | $4,061,351 |  | $4,045,017
(1) | SL rents (including fixed CAM), net | $31,206 |  | $33,879
(2) | Operating lease right of use assets | 17,373 |  | 18,197
(3) | Operating lease liabilities | 37,108 |  | 37,777
| Below-market leases, net | 46,096 |  | 59,825

7

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands |  |  |  |  |  |  |
| 4Q23 |  | 4Q22 |  | 4Q23 |  | 4Q22
| SITE Centers at 100% |  | At SITE Centers Share (Non-GAAP)
GAAP Reconciliation: |  |  |  |  |  |  |
Net income attributable to SITE Centers | $196,424 |  | $28,197 |  | $196,424 |  | $28,197
Fee income | (1,510) |  | (2,075) |  | (1,510) |  | (2,075)
Interest expense | 20,011 |  | 20,386 |  | 20,011 |  | 20,386
Depreciation and amortization | 46,925 |  | 50,982 |  | 46,925 |  | 50,982
General and administrative | 14,932 |  | 12,161 |  | 14,932 |  | 12,161
Other expense (income), net | (5,200) |  | 388 |  | (5,200) |  | 388
Equity in net income of joint ventures | (82) |  | (424) |  | (82) |  | (424)
Tax expense | 1,234 |  | (47) |  | 1,234 |  | (47)
Gain on sale and change in control of interests | 0 |  | (27) |  | 0 |  | (27)
Gain on disposition of real estate, net | (187,796) |  | (15,352) |  | (187,796) |  | (15,352)
Income from non-controlling interests | 0 |  | 18 |  | 0 |  | 18
Consolidated NOI | 84,938 |  | 94,207 |  | 84,938 |  | 94,207
Less: Non-Same Store NOI adjustments |  |  |  |  | (6,934) |  | (16,640)
Total Consolidated SSNOI |  |  |  |  | 78,004 |  | 77,567
Consolidated SSNOI % Change |  |  |  |  | 0.6% |  |
Net (loss) income from unconsolidated joint ventures | (926) |  | 1,013 |  | (99) |  | 361
Interest expense | 6,585 |  | 7,495 |  | 1,498 |  | 1,682
Depreciation and amortization | 7,429 |  | 9,395 |  | 1,778 |  | 2,153
Other expense (income), net | 3,445 |  | 1,189 |  | 752 |  | 298
(Gain) loss on disposition of real estate, net | (165) |  | 1,408 |  | (33) |  | 289
Unconsolidated NOI | $16,368 |  | $20,500 |  | 3,896 |  | 4,783
Less: Non-Same Store NOI adjustments |  |  |  |  | (155) |  | (831)
Total Unconsolidated SSNOI at SITE share |  |  |  |  | 3,741 |  | 3,952
Unconsolidated SSNOI % Change |  |  |  |  | (5.3%) |  |
SSNOI % Change at SITE Share |  |  |  |  | 0.3% |  |

8

SITE Centers Corp.

Reconciliation of Net Income Attr ibutable to SITE to Same Store NOI

$ in thousands |  |  |  |  |  |  |
| 12M23 |  | 12M22 |  | 12M23 |  | 12M22
| SITE Centers at 100% |  | At SITE Centers Share (Non-GAAP)
GAAP Reconciliation: |  |  |  |  |  |  |
Net income attributable to SITE Centers | $265,703 |  | $168,719 |  | $265,703 |  | $168,719
Fee income | (6,817) |  | (11,546) |  | (6,817) |  | (11,546)
Interest expense | 82,002 |  | 77,692 |  | 82,002 |  | 77,692
Depreciation and amortization | 212,460 |  | 203,546 |  | 212,460 |  | 203,546
General and administrative | 50,867 |  | 46,564 |  | 50,867 |  | 46,564
Other expense (income), net | (3,189) |  | 2,540 |  | (3,189) |  | 2,540
Impairment charges | 0 |  | 2,536 |  | 0 |  | 2,536
Equity in net income of joint ventures | (6,577) |  | (27,892) |  | (6,577) |  | (27,892)
Tax expense | 2,045 |  | 816 |  | 2,045 |  | 816
Gain on sale and change in control of interests | (3,749) |  | (45,581) |  | (3,749) |  | (45,581)
Gain on disposition of real estate, net | (219,026) |  | (46,644) |  | (219,026) |  | (46,644)
Income from non-controlling interests | 18 |  | 73 |  | 18 |  | 73
Consolidated NOI | 373,737 |  | 370,823 |  | 373,737 |  | 370,823
Less: Non-Same Store NOI adjustments |  |  |  |  | (69,445) |  | (74,177)
Total Consolidated SSNOI |  |  |  |  | $304,292 |  | $296,646
Consolidated SSNOI % Change |  |  |  |  | 2.6% |  |
Net income from unconsolidated joint ventures | 21,246 |  | 106,846 |  | 4,625 |  | 22,248
Interest expense | 25,601 |  | 34,055 |  | 5,840 |  | 7,664
Depreciation and amortization | 32,578 |  | 46,518 |  | 7,656 |  | 10,457
Impairment charges | 0 |  | 17,550 |  | 0 |  | 3,510
Other expense (income), net | 10,467 |  | 12,303 |  | 2,345 |  | 2,766
Gain on disposition of real estate, net | (21,316) |  | (120,097) |  | (4,265) |  | (23,965)
Unconsolidated NOI | $68,576 |  | $97,175 |  | 16,201 |  | 22,680
Less: Non-Same Store NOI adjustments |  |  |  |  | (1,280) |  | (7,800)
Total Unconsolidated SSNOI at SITE share |  |  |  |  | $14,921 |  | $14,880
Unconsolidated SSNOI % Change |  |  |  |  | 0.3% |  |
SSNOI % Change at SITE Share |  |  |  |  | 2.5% |  |

9

SITE Centers Corp.

Portfolio Summary

|  |  |  |  | 12/31/2023 |  | 9/30/2023 |  | 6/30/2023 |  | 3/31/2023 |  | 12/31/2022
Shopping Center Count |  |  |  |  |  |  |  |  |  |
Operating Centers - 100% |  | 114 |  | 119 |  | 121 |  | 120 |  | 119
Wholly Owned |  | 101 |  | 106 |  | 108 |  | 105 |  | 101
JV Portfolio |  | 13 |  | 13 |  | 13 |  | 15 |  | 18
Gross Leasable Area (GLA) |  |  |  |  |  |  |  |  |  |
Owned and Ground Lease - Pro Rata Share |  | 19,312 |  | 22,329 |  | 22,999 |  | 23,014 |  | 23,094
Wholly Owned |  | 18,369 |  | 21,386 |  | 22,056 |  | 21,990 |  | 21,989
JV Portfolio - Pro Rata Share |  | 943 |  | 943 |  | 943 |  | 1,024 |  | 1,105
Quarterly Operational Overview |  |  |  |  |  |  |  |  |  |
Pro Rata Share |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $20.35 |  | $20.20 |  | $19.89 |  | $19.65 |  | $19.52
Base Rent PSF < 10K |  | $32.76 |  | $32.09 |  | $31.59 |  | $31.28 |  | $30.94
Base Rent PSF > 10K |  | $15.48 |  | $15.88 |  | $15.77 |  | $15.74 |  | $15.72
Commenced Rate |  | 92.0% |  | 92.0% |  | 92.4% |  | 92.9% |  | 92.5%
Commenced Rate < 10K SF |  | 88.2% |  | 87.3% |  | 86.4% |  | 85.3% |  | 84.4%
Commenced Rate > 10K SF |  | 93.5% |  | 93.7% |  | 94.7% |  | 95.6% |  | 95.5%
Leased Rate |  | 94.5% |  | 94.6% |  | 95.5% |  | 95.9% |  | 95.4%
Leased Rate < 10K SF |  | 90.9% |  | 91.0% |  | 90.7% |  | 90.8% |  | 90.3%
Leased Rate > 10K SF |  | 95.9% |  | 95.9% |  | 97.2% |  | 97.7% |  | 97.2%
Operational Statistics |  |  |  |  |  |  |  |  |  |
% of Aggregate Property NOI - Wholly Owned |  | 95.4% |  | 95.9% |  | 96.1% |  | 95.7% |  | 95.2%
% of Aggregate Property NOI - Joint Venture – Pro Rata Share |  | 4.6% |  | 4.1% |  | 3.9% |  | 4.3% |  | 4.8%
Quarterly SITE SSNOI at share including redevelopment |  | 0.3% |  | 2.9% |  | 1.7% |  | 4.2% |  | 1.8%
TTM New Leasing - at pro rata share (GLA in 000's) |  | 613 |  | 699 |  | 703 |  | 965 |  | 1,126
TTM Renewals - at pro rata share (GLA in 000's) |  | 2,685 |  | 2,943 |  | 3,156 |  | 2,956 |  | 3,220
TTM Total Leasing - at pro rata share (GLA in 000's) |  | 3,298 |  | 3,642 |  | 3,859 |  | 3,921 |  | 4,346
TTM Cash Blended New and Renewal Rent Spreads - at pro rata share |  | 9.0% |  | 10.6% |  | 8.9% |  | 8.9% |  | 8.5%
TTM GAAP Blended New and Renewal Rent Spreads - at pro rata share |  | 14.5% |  | 15.6% |  | 13.6% |  | 13.9% |  | 13.1%
Top 20 MSA Exposure |  |  |  |  |  |  |  |  |  |  |
|  | MSA | Properties |  | GLA |  | % of GLA |  | ABR |  | % of ABR |  | ABR PSF
1 |  | Miami-Fort Lauderdale-West Palm Beach, FL | 7 |  | 1,567 |  | 8.1% |  | $31,916 |  | 9.3% |  | $24.52
2 |  | Atlanta-Sandy Springs-Roswell, GA | 14 |  | 2,057 |  | 10.7% |  | 31,460 |  | 9.2% |  | $16.73
3 |  | Orlando-Kissimmee-Sanford, FL | 4 |  | 1,419 |  | 7.3% |  | 28,014 |  | 8.2% |  | $20.55
4 |  | Chicago-Naperville-Elgin, IL-IN-WI | 5 |  | 973 |  | 5.0% |  | 24,226 |  | 7.1% |  | $27.20
5 |  | Denver-Aurora-Lakewood, CO | 8 |  | 1,387 |  | 7.2% |  | 22,744 |  | 6.6% |  | $18.66
6 |  | Trenton, NJ | 2 |  | 1,298 |  | 6.7% |  | 21,898 |  | 6.4% |  | $18.75
7 |  | Phoenix-Mesa-Scottsdale, AZ | 10 |  | 1,075 |  | 5.6% |  | 20,925 |  | 6.1% |  | $22.07
8 |  | Charlotte-Concord-Gastonia, NC-SC | 5 |  | 1,137 |  | 5.9% |  | 16,907 |  | 4.9% |  | $16.15
9 |  | Columbus, OH | 2 |  | 961 |  | 5.0% |  | 15,058 |  | 4.4% |  | $16.21
10 |  | San Antonio-New Braunfels, TX | 3 |  | 932 |  | 4.8% |  | 12,894 |  | 3.8% |  | $17.70
11 |  | Los Angeles-Long Beach-Anaheim, CA | 2 |  | 666 |  | 3.4% |  | 12,774 |  | 3.7% |  | $24.50
12 |  | Richmond, VA | 4 |  | 598 |  | 3.1% |  | 10,160 |  | 3.0% |  | $20.63
13 |  | Washington-Arlington-Alexandria, DC-VA-MD-WV | 5 |  | 479 |  | 2.5% |  | 8,742 |  | 2.5% |  | $27.49
14 |  | New York-Newark-Jersey City, NY-NJ-PA | 5 |  | 466 |  | 2.4% |  | 8,702 |  | 2.5% |  | $23.60
15 |  | Tampa-St. Petersburg-Clearwater, FL | 4 |  | 432 |  | 2.2% |  | 7,669 |  | 2.2% |  | $20.79
16 |  | Cincinnati, OH-KY-IN | 1 |  | 427 |  | 2.2% |  | 7,617 |  | 2.2% |  | $17.62
17 |  | Portland-Vancouver-Hillsboro, OR-WA | 2 |  | 388 |  | 2.0% |  | 7,033 |  | 2.1% |  | $27.71
18 |  | San Francisco-Oakland-Hayward, CA | 4 |  | 181 |  | 0.9% |  | 7,018 |  | 2.0% |  | $43.48
19 |  | Sacramento-Roseville-Arden-Arcade, CA | 2 |  | 275 |  | 1.4% |  | 5,766 |  | 1.7% |  | $29.93
20 |  | St. Louis, MO-IL | 1 |  | 338 |  | 1.8% |  | 5,435 |  | 1.6% |  | $24.98
|  | Other | 24 |  | 2,256 |  | 11.7% |  | 35,881 |  | 10.5% |  | $17.60
|  | Total | 114 |  | 19,312 |  | 100.0% |  | $342,839 |  | 100.0% |  | $20.35
Note: $ and GLA in thousands except shopping center count and base rent PSF; Top 20 MSA figures for SITE at share except for property count

10

SITE Centers Corp.

Capital S tructure

$, shares and units in thousands, except per share |  |  |  |  |  |
|  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Capital Structure |  |  |  |  |  |
Market Value Per Share |  | $13.63 |  | $13.66 |  | $15.83
Common Shares Outstanding |  | 209,328 |  | 210,853 |  | 211,235
Operating Partnership Units |  | 0 |  | 141 |  | 141
Total Outstanding Common Shares |  | 209,328 |  | 210,994 |  | 211,376
Common Shares Equity |  | $2,853,141 |  | $2,882,178 |  | $3,346,079
Perpetual Preferred Stock - Class A |  | 175,000 |  | 175,000 |  | 175,000
Unsecured Credit Facilities |  | 0 |  | 0 |  | 0
Unsecured Term Loan |  | 200,000 |  | 200,000 |  | 100,000
Unsecured Notes Payable |  | 1,305,758 |  | 1,457,741 |  | 1,456,886
Mortgage Debt (includes JVs at SITE share) |  | 240,882 |  | 165,408 |  | 315,898
Total Debt (includes JVs at SITE share) |  | 1,746,640 |  | 1,823,149 |  | 1,872,784
Less: Cash (including restricted cash) |  | 581,760 |  | 31,011 |  | 43,252
Net Debt |  | $1,164,880 |  | $1,792,138 |  | $1,829,532
Total Market Capitalization |  | $4,193,020 |  | $4,849,316 |  | $5,350,611
Leverage / Public Debt Covenants |  |  |  |  |  |
Average Consolidated Net Effective Debt |  | 1,376,540 |  | 1,664,859 |  | 1,749,295
Consolidated Adjusted EBITDA - TTM |  | 347,807 |  | 348,406 |  | 351,172
Average Consolidated Net Debt / Adjusted EBITDA(1) |  | 4.0. |  | 4.8. |  | 5.0.
Average Pro-Rata Net Effective Debt |  | 1,484,533 |  | 1,806,016 |  | 1,952,145
Pro-Rata Adjusted EBITDA - TTM |  | 353,822 |  | 356,198 |  | 361,917
Average Pro-Rata Net Debt / Adjusted EBITDA(1) |  | 4.2. |  | 5.1. |  | 5.4.
Outstanding Debt & Obligations |  | 1,649,895 |  | 1,730,562 |  | 1,717,917
Undepreciated Real Estate Assets |  | 4,870,531 |  | 5,477,767 |  | 5,303,507
Total Debt to Real Estate Assets Ratio(2) |  | 34% |  | 32% |  | 32%
Covenant |  | 65% |  | 65% |  | 65%
Secured Debt & Obligations |  | 125,651 |  | 54,173 |  | 125,382
Total Assets |  | 5,626,403 |  | 5,690,332 |  | 5,534,473
Secured Debt to Assets Ratio |  | 2% |  | 1% |  | 2%
Covenant |  | 40% |  | 40% |  | 40%
Unencumbered Real Estate Assets |  | 4,622,639 |  | 5,319,838 |  | 5,028,788
Unsecured Debt & Obligations |  | 1,524,244 |  | 1,676,388 |  | 1,592,535
Unencumbered Assets to Unsecured Debt(2) |  | 303% |  | 317% |  | 316%
Covenant |  | 135% |  | 135% |  | 135%
Net Income Available for Debt Service |  | 331,462 |  | 336,115 |  | 329,408
Maximum Annual Service Charge |  | 84,195 |  | 81,425 |  | 80,073
Fixed Charge Coverage Ratio |  | 3.9. |  | 4.1. |  | 4.1.
Covenant |  | 1.5. |  | 1.5. |  | 1.5.
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) Excludes Perpetual Preferred Stock. See definition in the Non-GAAP Measures section. |  |  |  |
(2) Real Estate Assets and Unencumbered Assets exclude consolidated cash and cash equivalents. |  |  |  |

11

SITE Centers Corp.

Same Store Metrics (1)

| Same Store Net Operating Income
| Quarterly Same Store NOI |  | Annual Same Store NOI
| 4Q23 |  | 4Q22 | Change |  | 12M23 |  | 12M22 | Change
Consolidated SSNOI Leased rate | 94.5% |  | 95.2% | (0.7%) |  | 94.5% |  | 95.2% | (0.7%)
Consolidated SSNOI Commenced rate | 92.0% |  | 92.4% | (0.4%) |  | 92.0% |  | 92.4% | (0.4%)
Revenues: |  |  |  |  |  |  |  |  |
Minimum rents | $79,081 |  | $78,256 |  |  | $308,053 |  | $301,307 |
Recoveries | 27,869 |  | 27,257 |  |  | 112,228 |  | 106,430 |
Uncollectible revenue | (255) |  | (312) |  |  | (1,145) |  | 982 |
Percentage and overage rents | 1,846 |  | 1,545 |  |  | 5,965 |  | 4,762 |
Ancillary and other rental income | 2,087 |  | 1,989 |  |  | 6,884 |  | 6,122 |
| 110,628 |  | 108,735 | 1.7% |  | 431,985 |  | 419,603 | 3.0%
Expenses: |  |  |  |  |  |  |  |  |
Operating and maintenance | (16,953) |  | (15,530) |  |  | (63,002) |  | (59,535) |
Real estate taxes | (15,671) |  | (15,638) |  |  | (64,691) |  | (63,422) |
| (32,624) |  | (31,168) | 4.7% |  | (127,693) |  | (122,957) | 3.9%
Total Consolidated SSNOI | $78,004 |  | $77,567 | 0.6% |  | $304,292 |  | $296,646 | 2.6%
Total Unconsolidated SSNOI at SITE share | 3,741 |  | 3,952 |  |  | 14,921 |  | 14,880 |
Total SSNOI at SITE share(2) | $81,745 |  | $81,519 | 0.3% |  | $319,213 |  | $311,526 | 2.5%
Consolidated SSNOI Operating Margin | 70.5% |  | 71.3% |  |  | 70.4% |  | 70.7% |
Consolidated SSNOI Recovery Rate | 85.4% |  | 87.5% |  |  | 87.9% |  | 86.6% |
(1) See calculation definition in the Non-GAAP Measures section and GAAP reconciliation on pages 8 and 9. Figures reported include redevelopment.
(2) Results include the impact of rental income at SITE's share related to prior periods of $0.1 million and $0.8 million for the fourth quarters of 2023 and 2022 and $0.7 million and $3.2 million for the twelve months ended 2023 and 2022, respectively, primarily related to cash basis tenants. |

12

SITE Centers Corp.

Leasing Summary

At pro rata share except for count |  |  |  |  |
Leasing Activity |  |  |  |  |  |  |  |  |  |  |
| Comparable Pool |  | Total Pool
|  |  |  | Leasing Spreads |  |  |  |  |  |
| Count | GLA | ABR PSF | Cash | Straight-lined | Term |  | Count | GLA | ABR PSF | Term
New Leases |  |  |  |  |  |  |  |  |  |  |
4Q23 | 9 | 64,639 | $17.81 | 9.2% | 17.3% | 9.5 |  | 21 | 106,733 | $21.62 | 9.3
3Q23 | 14 | 157,937 | $20.76 | 58.2% | 73.0% | 9.8 |  | 26 | 205,775 | $22.22 | 9.9
2Q23 | 11 | 89,204 | $26.73 | 14.8% | 23.3% | 9.4 |  | 33 | 170,016 | $25.97 | 8.6
1Q23 | 14 | 23,874 | $40.79 | 20.3% | 36.7% | 9.5 |  | 32 | 130,430 | $29.68 | 13.8
| 48 | 335,654 | $23.21 | 29.5% | 41.1% | 9.6 |  | 112 | 612,954 | $24.74 | 10.3
Renewals |  |  |  |  |  |  |  |  |  |  |
4Q23 | 68 | 383,399 | $23.73 | 3.1% | 9.0% | 5.1 |  | 68 | 383,399 | $23.73 | 5.1
3Q23 | 93 | 1,027,931 | $17.63 | 6.6% | 10.2% | 5.7 |  | 93 | 1,027,931 | $17.63 | 5.7
2Q23 | 104 | 945,162 | $17.29 | 7.2% | 11.9% | 5.7 |  | 104 | 945,162 | $17.29 | 5.7
1Q23 | 62 | 328,684 | $22.37 | 8.7% | 14.3% | 5.6 |  | 62 | 328,684 | $22.37 | 5.6
| 327 | 2,685,176 | $18.96 | 6.5% | 11.1% | 5.6 |  | 327 | 2,685,176 | $18.96 | 5.6
New + Renewals |  |  |  |  |  |  |  |  |  |  |
4Q23 | 77 | 448,038 | $22.88 | 3.8% | 9.9% | 5.7 |  | 89 | 490,132 | $23.27 | 6.0
3Q23 | 107 | 1,185,868 | $18.05 | 12.2% | 16.9% | 6.2 |  | 119 | 1,233,706 | $18.39 | 6.4
2Q23 | 115 | 1,034,366 | $18.11 | 8.1% | 13.3% | 6.0 |  | 137 | 1,115,178 | $18.62 | 6.1
1Q23 | 76 | 352,558 | $23.62 | 9.9% | 16.6% | 5.8 |  | 94 | 459,114 | $24.44 | 7.9
| 375 | 3,020,830 | $19.43 | 9.0% | 14.5% | 6.0 |  | 439 | 3,298,130 | $20.04 | 6.5

Net Effective Rents |  |  |  |  |  |  |  |  |
|  |  | Capex PSF | NER |  | % of GLA
| GLA | ABR PSF | TA | LL Work | LC | Total | PSF | Term | >10K SF | <10K SF
New Leases |  |  |  |  |  |  |  |  |  |
4Q23 | 94,689 | $22.60 | $1.68 | $2.59 | $1.02 | $5.29 | $17.31 | 9.3 | 61% | 39%
3Q23 | 182,231 | $22.90 | $1.99 | $0.60 | $0.81 | $3.40 | $19.50 | 9.8 | 80% | 20%
2Q23 | 160,230 | $26.21 | $3.89 | $0.92 | $1.25 | $6.06 | $20.15 | 8.5 | 57% | 43%
1Q23 | 92,947 | $33.25 | $3.10 | $1.03 | $1.54 | $5.67 | $27.58 | 10.5 | 38% | 62%
| 530,097 | $25.66 | $2.67 | $1.12 | $1.11 | $4.90 | $20.76 | 9.4 | 62% | 38%
Renewals |  |  |  |  |  |  |  |  |  |
4Q23 | 383,399 | $24.19 | $0.03 | $0.00 | $0.01 | $0.04 | $24.15 | 5.1 | 66% | 34%
3Q23 | 1,027,931 | $17.90 | $0.12 | $0.00 | $0.00 | $0.12 | $17.78 | 5.7 | 81% | 19%
2Q23 | 945,162 | $17.62 | $0.05 | $0.00 | $0.00 | $0.05 | $17.57 | 5.7 | 78% | 22%
1Q23 | 328,684 | $23.02 | $0.04 | $0.01 | $0.00 | $0.05 | $22.97 | 5.6 | 59% | 41%
| 2,685,176 | $19.33 | $0.07 | $0.00 | $0.00 | $0.07 | $19.26 | 5.6 | 75% | 25%
New + Renewals |  |  |  |  |  |  |  |  |
4Q23 | 478,088 | $23.88 | $0.54 | $0.80 | $0.32 | $1.66 | $22.22 | 5.9 | 65% | 35%
3Q23 | 1,210,162 | $18.65 | $0.56 | $0.14 | $0.19 | $0.89 | $17.76 | 6.3 | 81% | 19%
2Q23 | 1,105,392 | $18.86 | $0.84 | $0.19 | $0.26 | $1.29 | $17.57 | 6.1 | 75% | 25%
1Q23 | 421,631 | $25.28 | $1.10 | $0.37 | $0.53 | $2.00 | $23.28 | 6.6 | 55% | 45%
| 3,215,273 | $20.37 | $0.73 | $0.28 | $0.28 | $1.29 | $19.08 | 6.2 | 73% | 27%
Note: ABR PSF represents year one base rent for leasing spreads and the average rent for the initial term for net effective rent. Term is weighted average in years. New Leases exclude leases at redevelopment properties and first generation space.

13

SITE Centers Corp.

Lease Expirations

At pro rata share except for count; $ and GLA in thousands |  |  |  |  |  |  |  |  |  |  |  |
Assumes no exercise of lease options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Greater than 10K SF |  | Less than 10K SF |  | Total
Year | # of Leases |  | Expiring SF | % of SF > 10K | ABR | % of ABR > 10K |  | Rent PSF |  | # of Leases |  | Expiring SF | % of SF < 10K | ABR | % of ABR < 10K |  | Rent PSF |  | # of Leases |  | Expiring SF | % of SF Total | ABR | % of ABR Total |  | Rent PSF
MTM | 0 |  | 0 | 0.0% | $0 | 0.0% |  | $0.00 |  | 13 |  | 24 | 0.5% | $721 | 0.5% |  | $30.04 |  | 13 |  | 24 | 0.1% | $721 | 0.2% |  | $30.04
2024 | 29 |  | 735 | 5.7% | 8,859 | 4.8% |  | $12.05 |  | 171 |  | 381 | 7.7% | 11,308 | 7.1% |  | $29.68 |  | 200 |  | 1,116 | 6.3% | 20,167 | 5.9% |  | $18.07
2025 | 73 |  | 1,785 | 13.9% | 26,651 | 14.6% |  | $14.93 |  | 243 |  | 641 | 13.0% | 19,610 | 12.3% |  | $30.59 |  | 316 |  | 2,426 | 13.7% | 46,261 | 13.5% |  | $19.07
2026 | 59 |  | 1,306 | 10.2% | 15,471 | 8.5% |  | $11.85 |  | 230 |  | 557 | 11.3% | 17,897 | 11.2% |  | $32.13 |  | 289 |  | 1,863 | 10.5% | 33,368 | 9.7% |  | $17.91
2027 | 78 |  | 2,116 | 16.5% | 33,570 | 18.3% |  | $15.86 |  | 236 |  | 679 | 13.7% | 21,619 | 13.5% |  | $31.84 |  | 314 |  | 2,795 | 15.7% | 55,189 | 16.1% |  | $19.75
2028 | 96 |  | 2,460 | 19.2% | 33,910 | 18.5% |  | $13.78 |  | 276 |  | 707 | 14.3% | 24,668 | 15.4% |  | $34.89 |  | 372 |  | 3,167 | 17.8% | 58,578 | 17.1% |  | $18.50
2029 | 55 |  | 1,428 | 11.1% | 19,753 | 10.8% |  | $13.83 |  | 172 |  | 488 | 9.9% | 15,476 | 9.7% |  | $31.71 |  | 227 |  | 1,916 | 10.8% | 35,229 | 10.3% |  | $18.39
2030 | 25 |  | 677 | 5.3% | 10,115 | 5.5% |  | $14.94 |  | 97 |  | 261 | 5.3% | 8,981 | 5.6% |  | $34.41 |  | 122 |  | 938 | 5.3% | 19,096 | 5.6% |  | $20.36
2031 | 21 |  | 597 | 4.7% | 7,785 | 4.3% |  | $13.04 |  | 76 |  | 218 | 4.4% | 6,820 | 4.3% |  | $31.28 |  | 97 |  | 815 | 4.6% | 14,605 | 4.3% |  | $17.92
2032 | 19 |  | 403 | 3.1% | 6,207 | 3.4% |  | $15.40 |  | 144 |  | 408 | 8.3% | 13,521 | 8.5% |  | $33.14 |  | 163 |  | 811 | 4.6% | 19,728 | 5.8% |  | $24.33
2033 | 28 |  | 516 | 4.0% | 7,435 | 4.1% |  | $14.41 |  | 129 |  | 401 | 8.1% | 13,330 | 8.3% |  | $33.24 |  | 157 |  | 917 | 5.2% | 20,765 | 6.1% |  | $22.64
Thereafter | 23 |  | 788 | 6.2% | 13,196 | 7.2% |  | $16.75 |  | 48 |  | 177 | 3.6% | 5,936 | 3.7% |  | $33.54 |  | 71 |  | 965 | 5.4% | 19,132 | 5.6% |  | $19.83
Total | 506 |  | 12,811 | 100.0% | $182,952 | 100.0% |  | $14.28 |  | 1,835 |  | 4,942 | 100.0% | $159,887 | 100.0% |  | $32.35 |  | 2,341 |  | 17,753 | 100.0% | $342,839 | 100.0% |  | $19.31
Signed Not Open | 19 |  | 418 |  | $7,597 |  |  | $18.17 |  | 70 |  | 172 |  | $6,599 |  |  | $38.37 |  | 89 |  | 590 |  | $14,196 |  |  | $24.06
Vacant | 20 |  | 557 |  |  |  |  |  |  | 218 |  | 512 |  |  |  |  |  |  | 238 |  | 1,069 |  |  |  |  |
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 |  | 12 |  | 22 | 0.4% | $657 | 0.4% |  | $29.86 |  | 12 |  | 22 | 0.1% | $657 | 0.2% |  | $29.86
2024 | 10 |  | 152 | 1.2% | 2,215 | 1.2% |  | $14.57 |  | 118 |  | 229 | 4.6% | 7,269 | 4.5% |  | $31.74 |  | 128 |  | 381 | 2.1% | 9,484 | 2.8% |  | $24.89
2025 | 16 |  | 274 | 2.1% | 4,309 | 2.4% |  | $15.73 |  | 147 |  | 309 | 6.3% | 10,160 | 6.4% |  | $32.88 |  | 163 |  | 583 | 3.3% | 14,469 | 4.2% |  | $24.82
2026 | 5 |  | 41 | 0.3% | 694 | 0.4% |  | $16.93 |  | 115 |  | 248 | 5.0% | 7,942 | 5.0% |  | $32.02 |  | 120 |  | 289 | 1.6% | 8,636 | 2.5% |  | $29.88
2027 | 18 |  | 285 | 2.2% | 5,506 | 3.0% |  | $19.32 |  | 108 |  | 254 | 5.1% | 8,032 | 5.0% |  | $31.62 |  | 126 |  | 539 | 3.0% | 13,538 | 3.9% |  | $25.12
2028 | 19 |  | 299 | 2.3% | 5,187 | 2.8% |  | $17.35 |  | 153 |  | 366 | 7.4% | 12,659 | 7.9% |  | $34.59 |  | 172 |  | 665 | 3.7% | 17,846 | 5.2% |  | $26.84
2029 | 9 |  | 247 | 1.9% | 3,300 | 1.8% |  | $13.36 |  | 126 |  | 280 | 5.7% | 9,055 | 5.7% |  | $32.34 |  | 135 |  | 527 | 3.0% | 12,355 | 3.6% |  | $23.44
2030 | 15 |  | 308 | 2.4% | 5,416 | 3.0% |  | $17.58 |  | 83 |  | 199 | 4.0% | 6,129 | 3.8% |  | $30.80 |  | 98 |  | 507 | 2.9% | 11,545 | 3.4% |  | $22.77
2031 | 19 |  | 239 | 1.9% | 4,037 | 2.2% |  | $16.89 |  | 80 |  | 170 | 3.4% | 5,189 | 3.2% |  | $30.52 |  | 99 |  | 409 | 2.3% | 9,226 | 2.7% |  | $22.56
2032 | 15 |  | 310 | 2.4% | 5,296 | 2.9% |  | $17.08 |  | 111 |  | 290 | 5.9% | 9,427 | 5.9% |  | $32.51 |  | 126 |  | 600 | 3.4% | 14,723 | 4.3% |  | $24.54
2033 | 27 |  | 510 | 4.0% | 8,309 | 4.5% |  | $16.29 |  | 101 |  | 262 | 5.3% | 8,598 | 5.4% |  | $32.82 |  | 128 |  | 772 | 4.3% | 16,907 | 4.9% |  | $21.90
Thereafter | 353 |  | 10,146 | 79.2% | 138,683 | 75.8% |  | $13.67 |  | 681 |  | 2,313 | 46.8% | 74,770 | 46.8% |  | $32.33 |  | 1,034 |  | 12,459 | 70.2% | 213,453 | 62.3% |  | $17.13
Total | 506 |  | 12,811 | 100.0% | $182,952 | 100.0% |  | $14.28 |  | 1,835 |  | 4,942 | 100.0% | $159,887 | 100.0% |  | $32.35 |  | 2,341 |  | 17,753 | 100.0% | $342,839 | 100.0% |  | $19.31
Note: Includes ground leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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) | 46 | 8 | 54 | $17,857 | 5.2% | $19,769 | 1,363 | 7.1% | 1,527 | A/A2/NR
2 |  | Dick's Sporting Goods (2) | 11 | 4 | 15 | 8,728 | 2.5% | 10,453 | 523 | 2.7% | 670 | BBB/Baa3/NR
3 |  | Ross Stores (3) | 19 | 8 | 27 | 7,660 | 2.2% | 9,917 | 592 | 3.1% | 780 | BBB+/A2/NR
4 |  | Burlington | 13 | 1 | 14 | 7,235 | 2.1% | 7,619 | 485 | 2.5% | 518 | BB+/NR/NR
5 |  | PetSmart | 19 | 3 | 22 | 7,212 | 2.1% | 7,932 | 433 | 2.2% | 476 | B+/B1/NR
6 |  | Nordstrom Rack | 8 | 0 | 8 | 5,613 | 1.6% | 5,613 | 289 | 1.5% | 289 | BB+/Ba1/BB+
7 |  | Michaels | 18 | 4 | 22 | 5,611 | 1.6% | 6,591 | 441 | 2.3% | 518 | CCC+/B3/NR
8 |  | Gap (4) | 17 | 7 | 24 | 5,458 | 1.6% | 6,692 | 295 | 1.5% | 378 | BB/Ba3/NR
9 |  | Kroger (5) | 5 | 1 | 6 | 5,176 | 1.5% | 5,734 | 318 | 1.6% | 354 | BBB/Baa1/NR
10 |  | Ulta | 20 | 4 | 24 | 5,121 | 1.5% | 5,834 | 212 | 1.1% | 247 | NR
11 |  | Best Buy | 7 | 3 | 10 | 5,073 | 1.5% | 6,643 | 334 | 1.7% | 447 | BBB+/A3/NR
12 |  | Five Below | 25 | 5 | 30 | 4,657 | 1.4% | 5,285 | 230 | 1.2% | 265 | NR
13 |  | Whole Foods | 3 | 0 | 3 | 4,493 | 1.3% | 4,493 | 139 | 0.7% | 139 | AA/A1/AA-
14 |  | Kohl's | 4 | 3 | 7 | 3,569 | 1.0% | 5,213 | 415 | 2.1% | 605 | BB/Ba2/BBB-
15 |  | Designer Brands Inc. (DSW) | 10 | 1 | 11 | 3,454 | 1.0% | 3,739 | 219 | 1.1% | 235 | NR
16 |  | Macy's (6) | 6 | 0 | 6 | 3,228 | 0.9% | 3,228 | 206 | 1.1% | 206 | BB+/Ba1/BBB-
17 |  | Barnes & Noble | 7 | 1 | 8 | 3,058 | 0.9% | 3,378 | 165 | 0.9% | 181 | NR
18 |  | Party City | 12 | 3 | 15 | 2,936 | 0.9% | 3,347 | 155 | 0.8% | 187 | NR
19 |  | Publix | 4 | 1 | 5 | 2,857 | 0.8% | 3,217 | 222 | 1.1% | 267 | NR
20 |  | AMC Theatres | 1 | 3 | 4 | 2,838 | 0.8% | 6,912 | 130 | 0.7% | 315 | CCC+/Caa2/NR
21 |  | JOANN | 7 | 3 | 10 | 2,828 | 0.8% | 3,418 | 225 | 1.2% | 285 | CCC/Caa3/NR
22 |  | Petco | 9 | 3 | 12 | 2,827 | 0.8% | 3,467 | 130 | 0.7% | 167 | B+/B2/NR
23 |  | Office Depot (7) | 9 | 1 | 10 | 2,818 | 0.8% | 3,053 | 184 | 1.0% | 203 | NR
24 |  | Cost Plus | 8 | 1 | 9 | 2,686 | 0.8% | 2,920 | 153 | 0.8% | 168 | NR
25 |  | LA Fitness | 3 | 1 | 4 | 2,559 | 0.7% | 3,146 | 144 | 0.7% | 175 | B/B3/NR
26 |  | Total Wine & More | 4 | 0 | 4 | 2,518 | 0.7% | 2,518 | 115 | 0.6% | 115 | NR
27 |  | Starbucks | 22 | 0 | 22 | 2,262 | 0.7% | 2,262 | 40 | 0.2% | 40 | BBB+/Baa1/NR
28 |  | Dollar Tree Stores | 18 | 2 | 20 | 2,247 | 0.7% | 2,409 | 196 | 1.0% | 213 | BBB/Baa2/NR
29 |  | AT&T | 20 | 4 | 24 | 2,234 | 0.7% | 2,439 | 61 | 0.3% | 69 | BBB/Baa2/BBB+
30 |  | Staples | 6 | 1 | 7 | 2,082 | 0.6% | 2,310 | 118 | 0.6% | 134 | B-/B3/NR
31 |  | JPMorgan Chase | 10 | 0 | 10 | 1,992 | 0.6% | 1,992 | 44 | 0.2% | 44 | A-/A2/AA-
32 |  | Hobby Lobby | 4 | 0 | 4 | 1,920 | 0.6% | 1,920 | 222 | 1.1% | 222 | NR
33 |  | Lowe's | 2 | 2 | 4 | 1,918 | 0.6% | 3,608 | 322 | 1.7% | 531 | BBB+/Baa1/NR
34 |  | Tailored Brands (8) | 10 | 1 | 11 | 1,866 | 0.5% | 1,944 | 79 | 0.4% | 83 | B/NR/NR
35 |  | Mattress Firm | 12 | 3 | 15 | 1,856 | 0.5% | 2,150 | 55 | 0.3% | 65 | NR
36 |  | Cinemark | 1 | 2 | 3 | 1,760 | 0.5% | 2,614 | 111 | 0.6% | 176 | B+/NR/B+
37 |  | Bath & Body Works | 13 | 3 | 16 | 1,707 | 0.5% | 1,930 | 50 | 0.3% | 58 | BB/Ba2/NR
38 |  | JAB Holding (9) | 11 | 1 | 12 | 1,694 | 0.5% | 1,779 | 53 | 0.3% | 56 | NR/Baa1/NR
39 |  | Caleres Inc. | 9 | 1 | 10 | 1,625 | 0.5% | 1,805 | 81 | 0.4% | 89 | BB-/NR/NR
40 |  | Target | 2 | 0 | 2 | 1,610 | 0.5% | 1,610 | 295 | 1.5% | 295 | A/A2/A
41 |  | Darden (10) | 8 | 0 | 8 | 1,602 | 0.5% | 1,602 | 58 | 0.3% | 58 | BBB/Baa2/BBB
42 |  | Verizon | 10 | 2 | 12 | 1,574 | 0.5% | 1,914 | 35 | 0.2% | 42 | BBB+/Baa1/A-
43 |  | Carter's Childrenswear | 12 | 1 | 13 | 1,535 | 0.4% | 1,620 | 50 | 0.3% | 53 | BB+/NR/NR
44 |  | America's Best Contacts | 14 | 3 | 17 | 1,534 | 0.4% | 1,757 | 51 | 0.3% | 59 | NR
45 |  | Xsport Fitness | 1 | 0 | 1 | 1,502 | 0.4% | 1,502 | 45 | 0.2% | 45 | NR
46 |  | Franchise Group (11) | 8 | 1 | 9 | 1,489 | 0.4% | 1,584 | 93 | 0.5% | 95 | B-/B3/NR
47 |  | Inspire Brands (12) | 16 | 0 | 16 | 1,487 | 0.4% | 1,487 | 39 | 0.2% | 39 | B+/NR/NR
48 |  | Visionworks | 11 | 3 | 14 | 1,368 | 0.4% | 1,698 | 39 | 0.2% | 48 | NR
49 |  | Brinker International (Chili's) | 9 | 0 | 9 | 1,344 | 0.4% | 1,344 | 52 | 0.3% | 52 | BB-/Ba3/NR
50 |  | Fresh Market | 3 | 1 | 4 | 1,313 | 0.4% | 1,650 | 78 | 0.4% | 96 | NR
|  |  | 527 | 100 | 627 | $169,591 | 49.5% | $197,061 | 10,384 | 53.8% | 12,379 |
|  | Total Portfolio |  |  |  | $342,839 | 100.0% | $389,648 | 19,312 | 100.0% | 22,553 |
(1) T.J. Maxx (14) / Marshalls (14) / HomeGoods (14) / Sierra Trading (5) / Combo Store (4) / HomeSense (3) | (7) Office Depot (5) / OfficeMax (5)
(2) Dick's Sporting Goods (12) / Golf Galaxy (3) |  | (8) Men's Wearhouse (9) / Jos. A. Bank (1) / K&G Fashion Superstore (1)
(3) Ross Dress for Less (26) / dd's Discounts (1) |  | (9) Panera (11) / Bruegger's (1)
(4) Gap (2) / Old Navy (21) / Banana Republic (1) |  | (10) Longhorn Steakhouse (5) / Olive Garden (3)
(5) Kroger (2) / Harris Teeter (1) / King Soopers (1) / Mariano's (1) / Lucky's (1) |  | (11) Vitamin Shoppe (5) / Pet Supplies (2) / American Freight (2)
(6) Macy's Furniture (2) / Market by Macy's (2) / Bloomingdale's Outlet (1) / Bluemercury (1) |  | (12) Dunkin (6) / Buffalo Wild Wings (6) / Jimmy John's (2) / Baskin Robbins (2)
Note: All data as of December 31, 2023

15

SITE Centers Corp.

Redevelo pment Pipeline (1)

$ in thousands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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
Nassau Park Pavilion | Trenton, NJ | 100% |  |  |  | $7,635 |  | $6,096 |  | $1,539 |  | $1,827 |  | $4,269 |  | 4Q23 |  | 1Q24 |  | Paris Baguette, Bluestone Lane, Just Salad, Mezeh Grill
University Hills | Denver, CO | 100% |  |  |  | 6,718 |  | 5,736 |  | 982 |  | 5,736 |  | 0 |  | 3Q23 |  | 3Q24 |  | Wendy's, Sweetgreen, Heyday
Shops at Framingham (2) | Boston, MA | 100% |  |  |  | 2,414 |  | 2,174 |  | 240 |  | 0 |  | 2,174 |  | 1Q24 |  | 2Q24 |  | Starbucks
Tanasbourne Town Center | Portland, OR | 100% |  |  |  | 13,769 |  | 7,251 |  | 6,518 |  | 0 |  | 7,251 |  | 2Q25 |  | 1Q26 |  | New Seasons, Fast Casual Restaurant
Perimeter Pointe | Atlanta, GA | 100% |  |  |  | 0 |  | 1,417 |  | 0 |  | 0 |  | 1,417 |  | TBD |  | TBD |  | —
Total Redevelopment Pipeline |  |  | 10% |  | $30,536 |  | $22,674 |  | $9,279 |  | $7,563 |  | $15,111 |  |  |  |  |  |
Other (3) |  |  |  |  | 0 |  | 31,005 |  | 0 |  | 0 |  | 31,005 |  |  |  |  |  |
Undeveloped land (4) |  |  |  |  | 0 |  | 5,263 |  | 0 |  | 0 |  | 5,263 |  |  |  |  |  |
Total Redevelopment Costs |  |  |  |  | $30,536 |  | $58,942 |  | $9,279 |  | $7,563 |  | $51,379 | (5) |  |  |  |  |
(1) Projects included in SSNOI including redevelopment.
(2) Retained by SITE Centers and excluded from October 2023 Boston portfolio disposition.
(3) Includes predevelopment and retenanting expenditures.
(4) Balance excludes owned land adjacent to existing centers with an estimated value of $9 million and the net book basis of the Company's Beachwood, OH office headquarters office buildings of $26 million (non-income producing portion). The income producing portion of the Company's headquarters buildings generated $1.4 million of NOI in 2023.
(5) Balance is in addition to SITE's pro rata share of joint venture CIP of $323 thousand.

16

SITE Centers Corp.

Transa ctions

$ and GLA in thousands |  |  |  |  |  |  |  |
Acquisitions |  | SITE |  | Owned |  | Price
|  | Property Name | MSA | Own % |  | GLA |  | At 100% |  | At Share
01/05/23 |  | Foxtail Center | Baltimore-Columbia-Towson, MD | 100% |  | 30 |  | $15,075 |  | $15,075
01/06/23 |  | Parker Keystone | Denver-Aurora-Lakewood, CO | 100% |  | 17 |  | 11,000 |  | 11,000
|  |  | 1Q 2023 Total |  |  | 47 |  | $26,075 |  | $26,075
04/03/23 |  | Barrett Corners | Atlanta-Sandy Springs-Roswell, GA | 100% |  | 19 |  | $15,600 |  | $15,600
05/05/23 |  | Alpha Soda Center | Atlanta-Sandy Springs-Roswell, GA | 100% |  | 15 |  | 9,400 |  | 9,400
05/08/23 |  | Briarcroft Center | Houston-The Woodlands-Sugar Land, TX | 100% |  | 33 |  | 23,500 |  | 23,500
|  |  | 2Q 2023 Total |  |  | 67 |  | $48,500 |  | $48,500
07/21/23 |  | Towne Crossing Shops | Richmond, VA | 100% |  | 7 |  | $4,200 |  | $4,200
08/30/23 |  | Oaks at Slaughter | Austin, TX | 100% |  | 26 |  | 14,100 |  | 14,100
09/27/23 |  | Marketplace at 249 | Houston-The Woodlands-Sugar Land, TX | 100% |  | 17 |  | 9,800 |  | 9,800
|  |  | 3Q 2023 Total |  |  | 50 |  | $28,100 |  | $28,100
10/16/23 |  | Point at University | Charlotte-Concord-Gastonia, NC-SC | 100% |  | 15 |  | $8,900 |  | $8,900
10/16/23 |  | Estero Crossing | Cape Coral-Fort Myers, FL | 100% |  | 34 |  | 17,122 |  | 17,122
11/17/23 |  | Presidential Plaza North | Atlanta-Sandy Springs-Roswell, GA | 100% |  | 11 |  | 7,420 |  | 7,420
12/19/23 |  | Shops at Lake Pleasant | Phoenix-Mesa-Scottsdale, AZ | 100% |  | 47 |  | 29,000 |  | 29,000
|  |  | 4Q 2023 Total |  |  | 107 |  | $62,442 |  | $62,442
|  |  | Total 2023 |  |  | 271 |  | $165,117 |  | $165,117
02/02/24 |  | Meadowmont Village-Outparcels & Parcel K | Raleigh, NC | 20% |  | 199 |  | $8,100 |  | $1,620
|  |  | 1Q 2024 QTD |  |  | 199 |  | $8,100 |  | $1,620
Dispositions |  | SITE |  | Owned |  | Price
|  | Property Name | MSA | Own % |  | GLA |  | At 100% |  | At Share
02/28/23 |  | Hairston Crossing | Atlanta-Sandy Springs-Roswell, GA | 20% |  | 58 |  | $3,900 |  | $780
03/08/23 |  | Springfield Commons | Toledo, OH | 20% |  | 272 |  | 22,500 |  | 4,500
03/20/23 |  | Shoppes at Oliver's Crossing | Greensboro-High Point, NC | 20% |  | 77 |  | 13,750 |  | 2,750
|  |  | 1Q 2023 Total |  |  | 407 |  | $40,150 |  | $8,030
05/03/23 |  | West Falls Plaza | New York-Newark-Jersey City, NY-NJ-PA | 20% |  | 91 |  | $18,000 |  | $3,600
06/27/23 |  | Highland Grove Shopping Center | Chicago-Naperville-Elgin, IL-IN-WI | 20% |  | 312 |  | 54,000 |  | 10,800
|  |  | 2Q 2023 Total |  |  | 403 |  | $72,000 |  | $14,400
08/10/23 |  | Sharon Greens | Atlanta-Sandy Springs-Roswell, GA | 100% |  | 98 |  | $17,450 |  | $17,450
08/24/23 |  | Terrell Plaza | San Antonio-New Braunfels, TX | 100% |  | 108 |  | 25,106 |  | 25,106
08/28/23 |  | Windsor Court | Hartford-West Hartford-East Hartford, CT | 100% |  | 79 |  | 19,000 |  | 19,000
09/08/23 |  | Larkin's Corner | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 100% |  | 225 |  | 26,000 |  | 26,000
09/22/23 |  | Waterstone Center | Cincinnati, OH-KY-IN | 100% |  | 162 |  | 30,718 |  | 30,718
|  |  | 3Q 2023 Total |  |  | 672 |  | $118,274 |  | $118,274
10/23/23 |  | Boston Portfolio (1) | Boston-Cambridge-Newton, MA-NH | 100% |  | 1,354 |  | $319,000 |  | $319,000
10/24/23 |  | Cotswold Village | Charlotte-Concord-Gastonia, NC-SC | 100% |  | 263 |  | 110,400 |  | 110,400
10/27/23 |  | Tampa Portfolio (2) | Tampa-St. Petersburg-Clearwater, FL | 100% |  | 441 |  | 97,900 |  | 97,900
11/03/23 |  | Midtowne Park | Greenville-Anderson-Mauldin, SC | 100% |  | 167 |  | 17,675 |  | 17,675
11/09/23 |  | West Bay Plaza | Cleveland-Elyria, OH | 100% |  | 147 |  | 41,750 |  | 41,750
11/14/23 |  | Wando Crossing | Charleston-North Charleston, SC | 100% |  | 214 |  | 46,750 |  | 46,750
11/30/23 |  | 1000 Van Ness | San Francisco-Oakland-Hayward, CA | 100% |  | 122 |  | 28,000 |  | 28,000
12/08/23 |  | Buena Park Place | Los Angeles-Long Beach-Anaheim, CA | 100% |  | 213 |  | 53,000 |  | 53,000
12/11/23 |  | Melbourne Shopping Center | Palm Bay-Melbourne-Titusville, FL | 100% |  | 211 |  | 21,750 |  | 21,750
|  |  | 4Q 2023 Total |  |  | 3,132 |  | $736,225 |  | $736,225
|  |  | Total 2023 |  |  | 4,614 |  | $966,649 |  | $876,929
01/22/24 |  | The Marketplace at Highland Village | Dallas-Fort Worth-Arlington, TX | 100% |  | 207 |  | $42,100 |  | $42,100
01/26/24 |  | Casselberry Commons (3) | Orlando-Kissimmee-Sanford, FL | 100% |  | 237 |  | 40,300 |  | 40,300
|  |  | 1Q 2024 QTD |  |  | 444 |  | $82,400 |  | $82,400
(1) Includes Shoppers World and Gateway Center. Excludes 19K SF retained by SITE Centers (Shops at Framingham).
(2) Includes Lake Brandon Plaza, North Pointe Plaza and The Shoppes at New Tampa. |  |  |  |  |  |  |
(3) Excludes 8K SF retained by SITE Centers (Shops at Casselberry). |  |  |  |  |  |  |

17

SITE Centers Corp.

Debt Su mmary

$ in thousands |  |  |  |  |  |  |  |
| Consolidated Debt | Unconsolidated Debt | Total Debt
Debt Composition | 100% | SITE Share | Interest Rate | 100% | SITE Share | Interest Rate | SITE Share | Interest Rate
Unsecured Credit Facilities | $0 | $0 | 0.00% | $0 | $0 | - | $0 | 0.00%
Unsecured Term Loan | 200,000 | 200,000 | 3.99% | 0 | 0 | - | 200,000 | 3.99%
Unsecured Public Debt | 1,305,758 | 1,305,758 | 4.33% | 0 | 0 | - | 1,305,758 | 4.33%
Fixed Rate Mortgage Loans | 125,651 | 125,651 | 6.36% | 380,600 | 76,120 | 7.48% | 201,771 | 6.78%
Variable Rate Mortgage Loans | 0 | 0 | - | 103,098 | 39,111 | 4.47% | 39,111 | 4.47%
Subtotal | $1,631,409 | $1,631,409 | 4.45% | $483,698 | $115,231 | 6.46% | $1,746,640 | 4.58%
Fair Market Value Adjustment | 201 | 201 | - | 0 | 0 | - | 201 | -
Unamortized Loan Costs, Net | (5,335) | (5,335) | - | (19,443) | (3,955) | - | (9,290) | -
Total | $1,626,275 | $1,626,275 | 4.45% | $464,255 | $111,276 | 6.46% | $1,737,551 | 4.58%

| Consolidated Maturities |  | Unconsolidated | Total |  | Total |
Maturity Schedule(1) | Secured | Unsecured |  | Maturities | 100% |  | SITE Share | Interest Rate
2024 | $684 | $0 |  | $986 | $1,670 |  | $1,175 | 6.90%
2025 | 26,732 | 457,142 |  | 41,989 | 525,863 |  | $492,583 | 3.80%
2026 | 1,740 | 400,000 |  | 1,003 | 402,743 |  | 402,239 | 4.39%
2027 | 1,862 | 650,000 |  | 59,120 | 710,982 |  | 681,274 | 4.55%
2028 | 94,633 | 0 |  | 0 | 94,633 |  | 94,633 | 6.99%
2029 | 0 | 0 |  | 380,600 | 380,600 |  | 76,120 | 7.48%
2030 | 0 | 0 |  | 0 | 0 |  | 0 | -
2031 | 0 | 0 |  | 0 | 0 |  | 0 | -
2032 | 0 | 0 |  | 0 | 0 |  | 0 | -
2033 and beyond | 0 | 0 |  | 0 | 0 |  | 0 | -
Unsecured debt discount | 0 | (1,384) |  | 0 | (1,384) |  | (1,384) | -
Total | $125,651 | $1,505,758 |  | $483,698 | $2,115,107 |  | $1,746,640 | 4.58%
% of Total (at SITE share) | Consolidated | Interest Rate |  | Unconsolidated | Interest Rate |  | Total | Interest Rate
Fixed | 100.0% | 4.45% |  | 66.1% | 7.48% |  | 97.8% | 4.58%
Variable | 0.0% | 0.00% |  | 33.9% | 4.47% |  | 2.2% | 4.47%
(1) Includes Consolidated and Unconsolidated Debt and assumes borrower extension options are exercised. |
Note: Interest rate is GAAP at SITE Share. |

18

SITE Centers Corp.

Debt Detail

$ in thousands |  |  |  |
| Balance 100% | Balance SITE Share | Maturity Date | GAAP Interest Rate
Bank Debt |  |  |  |
Unsecured Term Loan ($200m)(1) | $200,000 | $200,000 | 06/27 | 3.99%
Unsecured Revolver ($950m)(2) | - | - | 06/27 | SOFR + 95
| $200,000 | $200,000 |  |
Unsecured Debt |  |  |  |
Unsecured Notes - 2025 | 456,776 | 456,776 | 02/25 | 3.79%
Unsecured Notes - 2026 | 399,263 | 399,263 | 02/26 | 4.43%
Unsecured Notes - 2027 | 449,719 | 449,719 | 06/27 | 4.80%
| $1,305,758 | $1,305,758 |  |
Mortgage Debt |  |  |  |
DDRM Loan Pool B (2 assets)(3) | 40,943 | 8,189 | 07/24 | 6.90%
Shoppes at Addison Place (North), FL | 8,701 | 8,701 | 02/25 | 4.08%
Shoppes at Addison Place (South), FL | 6,586 | 6,586 | 02/25 | 4.11%
Shoppes at Addison Place (Outlot), FL | 1,264 | 1,264 | 02/25 | 4.08%
Southtown Center, FL | 9,100 | 9,100 | 05/25 | 3.51%
Deer Park Town Center, IL(4) | 62,155 | 30,922 | 12/26 | 3.83%
Nassau Park Pavilion, NJ | 100,000 | 100,000 | 11/28 | 6.99%
DTP Loan Pool (10 assets) | 380,600 | 76,120 | 01/29 | 7.48%
| $609,349 | $240,882 |  |
Consolidated & Unconsolidated Debt Subtotal | $2,115,107 | $1,746,640 |  |
FMV Adjustment – Assumed Debt | 201 | 201 |  |
Unamortized Loan Costs, Net | (24,778) | (9,290) |  |
Total Consolidated & Unconsolidated Debt | $2,090,530 | $1,737,551 |  |
Rate Type |  |  |  |
Fixed | $2,012,009 | $1,707,529 | 2.6 years | 4.58%
Variable | 103,098 | 39,111 | 2.4 years | 4.47%
| $2,115,107 | $1,746,640 | 2.6 years | 4.58%
Perpetual Preferred Stock |  |  |  |
Class A | 175,000 | 175,000 | N/A(5) | 6.38%
Note: Maturity dates assume all borrower extension options are exercised. GAAP interest rates shown as swapped or capped all-in interest rate where applicable.
(1) Fixed all-in swap rate through June 2027.
(2) Excludes loan fees and unamortized loan costs.
(3) 3.00% SOFR Interest Rate Cap through July 2024.
(4) 1.00% SOFR Interest Rate Cap through December 2024. Debt shown at share including promote.
(5) Redeemable at par as of June 2022.

19

SITE Centers Corp.

Debt/Adjust ed EBITDA

$ in thousands |  |
| Twelve months ended December 31, 2023 | Twelve months ended December 31, 2022
Consolidated |  |
Consolidated net income to SITE | $265,703 | $168,719
Interest expense | 82,002 | 77,692
Tax expense | 2,045 | 816
Depreciation and amortization | 212,460 | 203,546
EBITDA | 562,210 | 450,773
Impairment charges | 0 | 2,536
Gain on sale and change in control of interests | (3,749) | (45,581)
Gain on disposition of real estate, net | (219,026) | (46,644)
EBITDAre | 339,435 | 361,084
Separation and other charges | 5,047 | 0
Equity in net income of JVs | (6,577) | (27,892)
Derivative mark-to-market | (2,103) | 0
Transaction, debt extinguishment and other | 3,263 | 1,886
JV OFFO (at SITE Share) | 8,742 | 13,128
Adjusted EBITDA (1) | 347,807 | 348,206
Consolidated debt-average | 1,666,649 | 1,692,200
Loan costs, net-average | 5,483 | 5,843
Face value adjustments-average | (469) | (951)
Cash and restricted cash-average | (295,123) | (32,233)
Average net effective debt | $1,376,540 | $1,664,859
Debt/Adjusted EBITDA – Consolidated (2) | 4.0x | 4.8x
Pro rata including JVs |  |
EBITDAre | 340,838 | 345,465
Adjusted EBITDA | 353,822 | 355,998
Consolidated net debt-average | 1,376,540 | 1,664,859
JV debt (at SITE Share)-average | 120,806 | 150,876
JV cash and restricted cash (at SITE Share)-average | (12,813) | (9,719)
Average net effective debt | $1,484,533 | $1,806,016
Debt/Adjusted EBITDA – Pro Rata (2) | 4.2x | 5.1x
(1) See definition in the Non-GAAP Measures section.
(2) Excludes perpetual preferred stock.

20

SITE Centers Corp.

Unconsolid ated Joint Ventures

$ and GLA in thousands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint Venture |  | SITE Own % |  | Number of Properties |  | Owned GLA |  | Leased Rate |  | ABR |  | 4Q23 NOI at 100% (1) |  | Gross RE Assets |  | Debt Balance at 100% (2)
Chinese Institutional Investors DTP |  | 20% |  | 10 |  | 3,397 |  | 96.4% |  | $14.79 |  | $12,492 |  | $593,372 |  | $380,600
Madison International DDRM |  | 20% |  | 2 |  | 431 |  | 91.9% |  | $17.68 |  | 1,263 |  | 97,718 |  | 40,943
Prudential RVIP IIIB, Deer Park, IL (3) |  | 50% |  | 1 |  | 356 |  | 80.3% |  | $37.66 |  | 1,986 |  | 108,325 |  | 62,155
Total |  |  |  | 13 |  | 4,184 |  |  |  |  |  | $15,741 |  | $799,415 |  | $483,698
Property management fees |  |  |  |  |  |  |  |  |  |  |  | 674 | (1) |  |  |
NOI from assets sold |  |  |  |  |  |  |  |  |  |  |  | (47) |  |  |  |
Net operating income |  |  |  |  |  |  |  |  |  |  |  | $16,368 | (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 $19.4 million or $4.0 million at SITE's share.
(3) Ownership shown at share including promote.
(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.

21

SITE Centers Corp.

Unconsolidated Joint Ventures

Combined SITE JV Pro Rata Adjustments (1)
Income Statement Pro Rata Adjustments 4Q23 |  | Balance Sheet Pro Rata Adjustments 4Q23
Revenues: |  |  | Assets: |
Rental Income (2) | $5,222 |  | Land | $39,271
Other income (3) | 129 |  | Buildings | 135,075
| 5,351 |  | Improvements | 17,440
Expenses: |  |  |  | 191,786
Operating and maintenance | 820 |  | Depreciation | (56,985)
Real estate taxes | 635 |  |  | 134,801
| 1,455 |  | Construction in progress and land | 323
Net Operating Income | 3,896 |  | Real estate, net | 135,124
|  |  | Investment in JVs | (28)
Other Income (expense): |  |  | Cash and restricted cash | 12,729
Fee income | (347) |  | Receivables, net | 2,425
Interest expense | (1,498) |  | Other assets, net | 6,337
Depreciation and amortization | (1,778) |  | Total Assets | 156,587
Other income (expense), net | (405) |  |  |
Loss before earnings from JVs | (132) |  | Liabilities and Equity: |
Equity in net income of JVs | (82) |  | Mortgage debt | 111,276
Basis differences of JVs | 181 |  | Notes payable to SITE | 651
Gain on disposition of real estate | 33 |  | Other liabilities | 8,878
Net income | $0 |  | Total Liabilities | 120,805
|  |  | JVs share of equity | (28)
FFO Reconciliation 4Q23 |  | Distributions in excess of net income | 35,810
Loss before earnings from JVs | ($132) |  | Total Equity | 35,782
Depreciation and amortization | 1,778 |  | Total Liabilities and Equity | $156,587
Basis differences of JVs | 4 |  |  |
FFO at SITE's Ownership Interests | $1,650 |  |  |
OFFO at SITE's Ownership Interests | $2,035 |  |  |
(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 | $3,682 |  |  |
Ground lease minimum rents | 146 |  |  |
Straight-line rent, net | 31 |  |  |
Amortization of (above) below market rent, net | 98 |  |  |
Percentage and overage rent | 139 |  |  |
Recoveries | 1,190 |  |  |
Uncollectible revenue | (64) |  |  |
(3) Other Income: |  |  |  |
Ancillary and other rental income | 129 |  |  |
Lease termination fees | 0 |  |  |

22

SITE Centers Corp.

Unconsolidated Joint Ventures at 100%

$ in thousands |  |  |  |  |  |  |  |
Combined Income Statement
|  | 4Q23 |  | 4Q22 |  | 12M23 |  | 12M22
Revenues: |  |  |  |  |  |  |  |
Rental income (1) |  | $21,515 |  | $26,210 |  | $90,306 |  | $129,942
Other income (2) |  | 522 |  | 618 |  | 2,173 |  | 2,552
|  | 22,037 |  | 26,828 |  | 92,479 |  | 132,494
Expenses: |  |  |  |  |  |  |  |
Operating and maintenance |  | 3,142 |  | 3,536 |  | 13,337 |  | 19,599
Real estate taxes |  | 2,527 |  | 2,792 |  | 10,566 |  | 15,720
|  | 5,669 |  | 6,328 |  | 23,903 |  | 35,319
Net operating income |  | 16,368 |  | 20,500 |  | 68,576 |  | 97,175
Other income (expense): |  |  |  |  |  |  |  |
Interest expense |  | (6,585) |  | (7,041) |  | (25,601) |  | (34,055)
Depreciation and amortization |  | (7,429) |  | (9,062) |  | (32,578) |  | (46,518)
Impairment charges |  | 0 |  | 0 |  | 0 |  | (17,550)
Other income (expense), net |  | (3,445) |  | (2,560) |  | (10,467) |  | (12,303)
|  | (1,091) |  | 1,837 |  | (70) |  | (13,251)
Gain on disposition of real estate, net |  | 165 |  | 5,304 |  | 21,316 |  | (120,097)
Net income attributable to unconsolidated JVs |  | (926) |  | 7,141 |  | 21,246 |  | (133,348)
Depreciation and amortization |  | 7,429 |  | 9,062 |  | 32,578 |  | 46,518
Impairment of real estate |  | 0 |  | 0 |  | 0 |  | 17,550
Gain on disposition of real estate, net |  | (165) |  | (5,304) |  | (21,316) |  | 120,097
FFO |  | $6,338 |  | $10,899 |  | $32,508 |  | $50,817
FFO at SITE's ownership interests |  | $1,654 |  | $2,806 |  | $7,981 |  | $12,274
Operating FFO at SITE's ownership interests |  | $2,035 |  | $2,803 |  | $8,742 |  | $13,128
(1) Rental Income: |  |  |  |  |  |  |  |
Minimum rents |  | 15,017 |  | $17,400 |  | 63,962 |  | $89,891
Ground lease minimum rents |  | 728 |  | 712 |  | 2,907 |  | 4,103
Straight-line rent, net |  | 112 |  | 832 |  | 421 |  | 1,508
Amortization of (above) below market rent, net |  | 491 |  | 432 |  | 1,819 |  | 1,811
Percentage and overage rent |  | 582 |  | 737 |  | 1,130 |  | 1,919
Recoveries |  | 4,792 |  | 5,292 |  | 20,224 |  | 29,388
Uncollectible revenue |  | (207) |  | 805 |  | (157) |  | 1,322
(2) Other Income: |  |  |  |  |  |  |  |
Ancillary and other rental income |  | 522 |  | 590 |  | 1,538 |  | 2,351
Lease termination fees |  | 0 |  | 28 |  | 635 |  | 201
Combined Balance Sheet
|  |  |  | At Period End
|  |  |  |  |  | 4Q23 |  | 4Q22
Assets: |  |  |  |  |  |  |  |
Land |  |  |  |  |  | $180,588 |  | $212,326
Buildings |  |  |  |  |  | 558,585 |  | 643,334
Improvements |  |  |  |  |  | 58,626 |  | 70,636
|  |  |  |  |  | 797,799 |  | 926,296
Depreciation |  |  |  |  |  | (187,557) |  | (220,642)
|  |  |  |  |  | 610,242 |  | 705,654
Construction in progress and land |  |  |  |  |  | 1,616 |  | 1,965
Real estate, net |  |  |  |  |  | 611,858 |  | 707,619
Cash and restricted cash |  |  |  |  |  | 41,250 |  | 44,809
Receivables, net |  |  |  |  |  | 9,847 |  | 11,671
Other assets, net |  |  |  |  |  | 25,498 |  | 36,272
Total Assets |  |  |  |  |  | 688,453 |  | 800,371
Liabilities and Equity: |  |  |  |  |  |  |  |
Mortgage debt |  |  |  |  |  | 464,255 |  | 535,093
Notes and accrued interest payable to SITE |  |  |  |  |  | 2,627 |  | 2,972
Other liabilities |  |  |  |  |  | 36,279 |  | 41,588
Total Liabilities |  |  |  |  |  | 503,161 |  | 579,653
Accumulated equity |  |  |  |  |  | 185,292 |  | 220,718
Total Equity |  |  |  |  |  | 185,292 |  | 220,718
Total Liabilities and Equity |  |  |  |  |  | $688,453 |  | $800,371

23

SITE Centers Corp.

Property List

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

# | Center | MSA | Location | ST | SITE Own % | JV | Owned GLA | ABR PSF | Anchor Tenants
1 | Chandler Center | Phoenix-Mesa-Scottsdale, AZ | Chandler | AZ | 100% |  | 7 | $43.58 | —
2 | Shops at Power and Baseline | Phoenix-Mesa-Scottsdale, AZ | Mesa | AZ | 100% |  | 4 | $56.22 | —
3 | Shops at Lake Pleasant | Phoenix-Mesa-Scottsdale, AZ | Peoria | AZ | 100% |  | 47 | $40.05 | —
4 | Ahwatukee Foothills Towne Center | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 20% | DTP | 691 | $18.17 | AMC Theatres, Best Buy, Big Lots, Burlington, HomeGoods, JOANN, Lina Home Furnishings, Marshalls, Michaels, OfficeMax, Ross Dress for Less, Sprouts Farmers Market
5 | Arrowhead Crossing | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 100% |  | 353 | $16.88 | Burlington, DSW, Golf Galaxy, Hobby Lobby, HomeGoods, Nordstrom Rack, Staples, T.J. Maxx
6 | Deer Valley Towne Center | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 100% |  | 190 | $20.82 | Michaels, PetSmart, Ross Dress for Less
7 | Paradise Village Gateway | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 100% |  | 295 | $26.16 | PetSmart, Ross Dress for Less, Sun & Ski Sports
8 | Artesia Village | Phoenix-Mesa-Scottsdale, AZ | Scottsdale | AZ | 100% |  | 21 | $40.85 | —
9 | Northsight Plaza | Phoenix-Mesa-Scottsdale, AZ | Scottsdale | AZ | 100% |  | 10 | $34.46 | —
10 | Broadway Center | Phoenix-Mesa-Scottsdale, AZ | Tempe | AZ | 100% |  | 11 | $36.68 | —
11 | Falcon Ridge Town Center | Los Angeles-Long Beach-Anaheim, CA | Fontana | CA | 100% |  | 277 | $23.61 | 24 Hour Fitness, Michaels, Ross Dress for Less, Stater Bros Markets
12 | The Pike Outlets | Los Angeles-Long Beach-Anaheim, CA | Long Beach | CA | 100% |  | 389 | $24.81 | Cinemark, H & M, Nike, Restoration Hardware
13 | Creekside Plaza | Sacramento-Roseville-Arden-Arcade, CA | Roseville | CA | 100% |  | 32 | $42.04 | —
14 | Ridge at Creekside | Sacramento-Roseville-Arden-Arcade, CA | Roseville | CA | 100% |  | 243 | $27.40 | Macy's Furniture Gallery, REI, World Market
15 | La Fiesta Square | San Francisco-Oakland-Hayward, CA | Lafayette | CA | 100% |  | 53 | $54.99 | —
16 | Lafayette Mercantile | San Francisco-Oakland-Hayward, CA | Lafayette | CA | 100% |  | 22 | $55.92 | —
17 | Whole Foods at Bay Place | San Francisco-Oakland-Hayward, CA | Oakland | CA | 100% |  | 57 | $51.02 | Whole Foods
18 | Hilltop Plaza | San Francisco-Oakland-Hayward, CA | Richmond | CA | 20% | DDRM | 246 | $15.76 | 99 Cents Only, Century Theatre, City Sports Club, dd's Discounts, Ross Dress for Less
19 | Centennial Promenade | Denver-Aurora-Lakewood, CO | Centennial | CO | 100% |  | 443 | $20.83 | American Freight, Conn's, Golf Galaxy, HomeGoods, Michaels, Ross Dress for Less, Stickley Furniture, Total Wine & More
20 | Chapel Hills East | Denver-Aurora-Lakewood, CO | Colorado Springs | CO | 100% |  | 225 | $14.28 | Barnes & Noble, Best Buy, DSW, Nordstrom Rack, Old Navy, Pep Boys, Whole Foods
21 | Chapel Hills West | Denver-Aurora-Lakewood, CO | Colorado Springs | CO | 100% |  | 225 | $12.12 | Burlington, PetSmart, Ross Dress for Less, Urban Air Adventure Park
22 | Parker Keystone | Denver-Aurora-Lakewood, CO | Denver | CO | 100% |  | 17 | $40.73 | —
23 | Shops on Montview | Denver-Aurora-Lakewood, CO | Denver | CO | 100% |  | 9 | $37.90 | —
24 | University Hills | Denver-Aurora-Lakewood, CO | Denver | CO | 100% |  | 236 | $21.52 | King Soopers, Marshalls, Michaels
25 | FlatAcres MarketCenter | Denver-Aurora-Lakewood, CO | Parker | CO | 100% |  | 136 | $17.81 | 24 Hour Fitness, Michaels
26 | Parker Pavilions | Denver-Aurora-Lakewood, CO | Parker | CO | 100% |  | 96 | $22.29 | Office Depot
27 | Guilford Commons | Hartford-West Hartford-East Hartford, CT | Guilford | CT | 100% |  | 129 | $21.95 | The Fresh Market
28 | Connecticut Commons | Hartford-West Hartford-East Hartford, CT | Plainville | CT | 20% | DTP | 561 | $13.77 | AMC Theatres, Dick's Sporting Goods, DSW, Kohl's, Lowe's, Marshalls, PetSmart
29 | Estero Crossing | Cape Coral-Fort Myers, FL | Estero | FL | 100% |  | 34 | $33.66 | —
30 | Shoppes at Paradise Pointe | Crestview-Fort Walton Beach-Destin, FL | Fort Walton Beach | FL | 100% |  | 73 | $12.73 | Publix
31 | Shops at Boca Center | Miami-Fort Lauderdale-West Palm Beach, FL | Boca Raton | FL | 100% |  | 117 | $42.07 | Total Wine & More
32 | Village Square at Golf | Miami-Fort Lauderdale-West Palm Beach, FL | Boynton Beach | FL | 100% |  | 135 | $17.09 | KC Mart
33 | Shoppes at Addison Place | Miami-Fort Lauderdale-West Palm Beach, FL | Delray Beach | FL | 100% |  | 56 | $47.05 | —
34 | Concourse Village | Miami-Fort Lauderdale-West Palm Beach, FL | Jupiter | FL | 100% |  | 134 | $19.04 | Ross Dress for Less, T.J. Maxx
35 | The Shops at Midtown Miami | Miami-Fort Lauderdale-West Palm Beach, FL | Miami | FL | 100% |  | 467 | $23.15 | Dick's Sporting Goods, HomeGoods, Marshalls, Nordstrom Rack, Ross Dress for Less, Target, west elm
36 | The Fountains | Miami-Fort Lauderdale-West Palm Beach, FL | Plantation | FL | 100% |  | 430 | $16.93 | Dick's Sporting Goods, JOANN, Kohl's, Marshalls/HomeGoods, Total Wine & More, Urban Air Trampoline & Adventure Park
37 | Midway Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | Tamarac | FL | 100% |  | 228 | $14.95 | Publix, Ross Dress for Less
38 | Carillon Place | Naples-Immokalee-Marco Island, FL | Naples | FL | 100% |  | 265 | $16.00 | Bealls OUTLET, DSW, OfficeMax, Ross Dress for Less, T.J. Maxx, Walmart Market
39 | Casselberry Commons | Orlando-Kissimmee-Sanford, FL | Casselberry | FL | 100% |  | 245 | $16.10 | Burlington, Publix, Ross Dress for Less, T.J. Maxx

24

SITE Centers Corp.

Property List

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

# | Center | MSA | Location | ST | SITE Own % | JV | Owned GLA | ABR PSF | Anchor Tenants
40 | Lee Vista Promenade | Orlando-Kissimmee-Sanford, FL | Orlando | FL | 100% |  | 314 | $17.58 | Academy Sports, Bealls OUTLET, Epic Theatres, HomeGoods, Michaels, Ross Dress for Less
41 | Millenia Crossing | Orlando-Kissimmee-Sanford, FL | Orlando | FL | 100% |  | 100 | $24.39 | Nordstrom Rack
42 | Winter Garden Village | Orlando-Kissimmee-Sanford, FL | Winter Garden | FL | 100% |  | 759 | $22.35 | Bealls, Best Buy, Burlington, Forever 21, Havertys, JOANN, LA Fitness, Market By Macy's, Marshalls, PetSmart, Ross Dress for Less, Staples
43 | Lake Brandon Village | Tampa-St. Petersburg-Clearwater, FL | Brandon | FL | 100% |  | 114 | $15.48 | PetSmart, Scandinavian Designs, Sprouts Farmers Market
44 | The Collection at Brandon Boulevard | Tampa-St. Petersburg-Clearwater, FL | Brandon | FL | 100% |  | 222 | $13.80 | Bealls OUTLET, Chuck E. Cheese's, Crunch Fitness, Kane's Furniture
45 | The Shoppes of Boot Ranch | Tampa-St. Petersburg-Clearwater, FL | Palm Harbor | FL | 100% |  | 52 | $29.14 | —
46 | Southtown Center | Tampa-St. Petersburg-Clearwater, FL | Tampa | FL | 100% |  | 44 | $39.35 | —
47 | Alpha Soda Center | Atlanta-Sandy Springs-Roswell, GA | Alpharetta | GA | 100% |  | 15 | $39.98 | —
48 | Shoppes of Crabapple | Atlanta-Sandy Springs-Roswell, GA | Alpharetta | GA | 100% |  | 8 | $29.63 | —
49 | Hammond Springs | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 100% |  | 69 | $31.67 | —
50 | Parkwood Shops | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 100% |  | 20 | $24.62 | —
51 | Perimeter Pointe | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 100% |  | 360 | $17.46 | Dick's Sporting Goods, HomeGoods, LA Fitness, Regal Cinemas
52 | Cumming Marketplace | Atlanta-Sandy Springs-Roswell, GA | Cumming | GA | 100% |  | 310 | $14.34 | Lowe's, Marshalls, Michaels, OfficeMax
53 | Cumming Town Center | Atlanta-Sandy Springs-Roswell, GA | Cumming | GA | 100% |  | 311 | $16.85 | Ashley Furniture HomeStore, Best Buy, Burlington, Dick's Sporting Goods, T.J. Maxx/HomeGoods
54 | Market Square | Atlanta-Sandy Springs-Roswell, GA | Douglasville | GA | 100% |  | 125 | $13.31 | Aaron's
55 | Barrett Corners | Atlanta-Sandy Springs-Roswell, GA | Kennesaw | GA | 100% |  | 19 | $47.14 | —
56 | Towne Center Prado | Atlanta-Sandy Springs-Roswell, GA | Marietta | GA | 20% | DTP | 287 | $12.92 | Going Going Gone, Publix, Ross Dress for Less
57 | Sandy Plains Village | Atlanta-Sandy Springs-Roswell, GA | Roswell | GA | 100% |  | 174 | $14.32 | Movie Tavern, Painted Tree Marketplace
58 | Presidential Commons | Atlanta-Sandy Springs-Roswell, GA | Snellville | GA | 100% |  | 274 | $16.18 | Burlington, JOANN, Kroger
59 | Presidential Plaza North | Atlanta-Sandy Springs-Roswell, GA | Snellville | GA | 100% |  | 11 | $42.50 | —
60 | Johns Creek Town Center | Atlanta-Sandy Springs-Roswell, GA | Suwanee | GA | 100% |  | 303 | $16.48 | HomeGoods, Kohl's, Market By Macy's, Michaels, PetSmart, Sprouts Farmers Market
61 | 3030 North Broadway | Chicago-Naperville-Elgin, IL-IN-WI | Chicago | IL | 100% |  | 132 | $35.61 | Mariano's, XSport Fitness
62 | The Maxwell | Chicago-Naperville-Elgin, IL-IN-WI | Chicago | IL | 100% |  | 240 | $25.73 | 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% | RVIP IIIB | 357 | $33.42 | Century Theatre, Crate & Barrel, Gap
64 | Woodfield Village Green | Chicago-Naperville-Elgin, IL-IN-WI | Schaumburg | IL | 100% |  | 360 | $23.69 | Bloomingdale's The Outlet Store, Container Store, 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 | $15.82 | Best Buy, Dick's Sporting Goods, HomeGoods, Michaels, PetSmart, Ross Dress for Less, T.J. Maxx
66 | Foxtail Center | Baltimore-Columbia-Towson, MD | Timonium | MD | 100% |  | 30 | $34.63 | —
67 | Shops at Framingham | Boston-Cambridge-Newton, MA-NH | Framingham | MA | 100% |  | 19 | $56.90 | —
68 | Independence Commons | Kansas City, MO-KS | Independence | MO | 20% | DTP | 386 | $15.39 | AMC Theatres, Best Buy, Bob's Discount Furniture, Kohl's, Marshalls, Ross Dress for Less
69 | The Promenade at Brentwood | St. Louis, MO-IL | Brentwood | MO | 100% |  | 338 | $16.09 | Burlington, Micro Center, PetSmart, Target, Trader Joe's
70 | East Hanover Plaza | New York-Newark-Jersey City, NY-NJ-PA | East Hanover | NJ | 100% |  | 98 | $21.35 | HomeGoods, HomeSense
71 | Edgewater Towne Center | New York-Newark-Jersey City, NY-NJ-PA | Edgewater | NJ | 100% |  | 76 | $31.46 | Whole Foods
72 | Freehold Marketplace | New York-Newark-Jersey City, NY-NJ-PA | Freehold | NJ | 100% |  | 21 | $37.18 | —
73 | Route 22 Retail Center | New York-Newark-Jersey City, NY-NJ-PA | Union | NJ | 20% | DTP | 112 | $16.43 | Big Lots, Dick's Sporting Goods
74 | Echelon Village Plaza | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Voorhees | NJ | 100% |  | 89 | $13.46 | The Edge Fitness Clubs
75 | Hamilton Marketplace | Trenton, NJ | Hamilton | NJ | 100% |  | 541 | $20.66 | Barnes & Noble, Burlington, Kohl's, Michaels, Ross Dress for Less, ShopRite, Staples
76 | Nassau Park Pavilion | Trenton, NJ | Princeton | NJ | 100% |  | 757 | $15.90 | At Home, Best Buy, Burlington, Dick's Sporting Goods, HomeGoods, HomeSense, Michaels, PetSmart, Raymour & Flanigan, T.J. Maxx, Wegmans
77 | The Hub | New York-Newark-Jersey City, NY-NJ-PA | Hempstead | NY | 100% |  | 249 | $13.41 | Home Depot, Stop & Shop
78 | Belgate Plaza | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 100% |  | 20 | $36.46 | —

25

SITE Centers Corp.

Property List

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

# | Center | MSA | Location | ST | SITE Own % | JV | Owned GLA | ABR PSF | Anchor Tenants
79 | Belgate Shopping Center | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 100% |  | 269 | $16.08 | Burlington, Cost Plus World Market, Hobby Lobby, Marshalls, Old Navy, PetSmart, T.J. Maxx
80 | Carolina Pavilion | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 100% |  | 701 | $14.75 | AMC Theatres, American Freight Outlet Stores, AutoZone, Big Lots, Burlington, Conn's, Floor & Decor, Frontgate Outlet Store, JOANN, Nordstrom Rack, Old Navy, Ross Dress for Less, Value City Furniture
81 | Point at University | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 100% |  | 14 | $38.58 | —
82 | The Shops at The Fresh Market | Charlotte-Concord-Gastonia, NC-SC | Cornelius | NC | 100% |  | 132 | $17.94 | HomeSense, The Fresh Market, Total Wine & More
83 | Meadowmont Village | Raleigh, NC | Chapel Hill | NC | 20% | DDRM | 185 | $22.62 | Harris Teeter
84 | Poyner Place | Raleigh, NC | Raleigh | NC | 20% | DTP | 252 | $16.68 | Cost Plus World Market, Marshalls, Michaels, Ross Dress for Less, Urban Air Trampoline & Adventure Park
85 | University Centre | Wilmington, NC | Wilmington | NC | 20% | DTP | 418 | $10.83 | Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less
86 | Kenwood Square | Cincinnati, OH-KY-IN | Cincinnati | OH | 100% |  | 427 | $17.95 | Big Sandy Superstore, Dick's Sporting Goods, Macy's Furniture Gallery, Marshalls/HomeGoods, Michaels, T.J. Maxx, The Fresh Market
87 | Stow Community Center | Cleveland-Elyria, OH | Stow | OH | 100% |  | 406 | $12.49 | Giant Eagle, Hobby Lobby, HomeGoods, Kohl's, T.J. Maxx
88 | Easton Market | Columbus, OH | Columbus | OH | 100% |  | 502 | $15.89 | Burlington, DSW, HomeGoods, Marshalls, Michaels, Nordstrom Rack, PetSmart, Ross Dress for Less, Sierra Trading Post, T.J. Maxx, Value City Furniture
89 | Polaris Towne Center | Columbus, OH | Columbus | OH | 100% |  | 459 | $17.03 | Best Buy, Big Lots, JOANN, Kroger, OfficeMax, T.J. Maxx
90 | Tanasbourne Town Center | Portland-Vancouver-Hillsboro, OR-WA | Hillsboro | OR | 100% |  | 291 | $24.80 | Marshalls, Michaels, Ross Dress for Less, Sierra Trading Post
91 | The Blocks | Portland-Vancouver-Hillsboro, OR-WA | Portland | OR | 100% |  | 97 | $36.07 | —
92 | Southmont Plaza | Allentown-Bethlehem-Easton, PA-NJ | Easton | PA | 100% |  | 251 | $16.81 | Barnes & Noble, Best Buy, Dick's Sporting Goods, Michaels, Staples
93 | Ashley Crossing | Charleston-North Charleston, SC | Charleston | SC | 20% | DTP | 208 | $11.36 | Food Lion, JOANN, Kohl's, Marshalls
94 | Cool Springs Pointe | Nashville-Davidson-Murfreesboro-Franklin, TN | Brentwood | TN | 100% |  | 198 | $16.05 | Best Buy, Restoration Hardware, Ross Dress for Less
95 | Oaks at Slaughter | Austin, TX | Austin | TX | 100% |  | 26 | $35.43 | —
96 | Vintage Plaza | Austin, TX | Round Rock | TX | 100% |  | 41 | $27.90 | —
97 | The Marketplace at Highland Village | Dallas-Fort Worth-Arlington, TX | Highland Village | TX | 100% |  | 207 | $18.57 | DSW, LA Fitness, T.J. Maxx/HomeGoods
98 | Briarcroft Center | Houston-The Woodlands-Sugar Land, TX | Houston | TX | 100% |  | 33 | $41.25 | —
99 | Marketplace at 249 | Houston-The Woodlands-Sugar Land, TX | Houston | TX | 100% |  | 17 | $38.36 | —
100 | Shops at Tanglewood | Houston-The Woodlands-Sugar Land, TX | Houston | TX | 100% |  | 26 | $48.55 | —
101 | Bandera Pointe | San Antonio-New Braunfels, TX | San Antonio | TX | 100% |  | 441 | $11.46 | Barnes & Noble, Gold's Gym, JOANN, Lowe's, Old Navy, PetSmart, Ross Dress for Less, T.J. Maxx, Urban Air Trampoline & Adventure Park
102 | Shops at Bandera Pointe | San Antonio-New Braunfels, TX | San Antonio | TX | 100% |  | 48 | $25.69 | —
103 | Village at Stone Oak | San Antonio-New Braunfels, TX | San Antonio | TX | 100% |  | 442 | $18.89 | Alamo Drafthouse Cinema, Hobby Lobby, HomeGoods, Ross Dress for Less
104 | Emmet Street North | Charlottesville, VA | Charlottesville | VA | 100% |  | 2 | $78.55 | —
105 | Emmet Street Station | Charlottesville, VA | Charlottesville | VA | 100% |  | 11 | $54.50 | —
106 | Commonwealth Center | Richmond, VA | Midlothian | VA | 20% | DTP | 166 | $15.94 | Michaels, Painted Tree Marketplace, The Fresh Market
107 | Towne Crossing Shops | Richmond, VA | Midlothian | VA | 100% |  | 7 | $39.79 | —
108 | Downtown Short Pump | Richmond, VA | Richmond | VA | 100% |  | 126 | $22.30 | Barnes & Noble, Regal Cinemas
109 | White Oak Village | Richmond, VA | Richmond | VA | 100% |  | 432 | $16.45 | JCPenney, K&G Fashion Superstore, Michaels, PetSmart, Publix
110 | Boulevard Marketplace | Washington-Arlington-Alexandria, DC-VA-MD-WV | Fairfax | VA | 100% |  | 19 | $41.48 | —
111 | Fairfax Marketplace | Washington-Arlington-Alexandria, DC-VA-MD-WV | Fairfax | VA | 100% |  | 19 | $58.26 | —
112 | Fairfax Pointe | Washington-Arlington-Alexandria, DC-VA-MD-WV | Fairfax | VA | 100% |  | 10 | $49.91 | —
113 | Fairfax Towne Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | Fairfax | VA | 100% |  | 253 | $25.60 | JOANN, Regal Cinemas, Safeway, T.J. Maxx
114 | Springfield Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | Springfield | VA | 100% |  | 177 | $23.12 | Barnes & Noble, DSW, Marshalls, Michaels, The Tile Shop
DDRM - DDRM Properties |  |  |  |  |  |
DTP - Dividend Trust Portfolio |  |  |  |  |  |
RVIP IIIB - Deer Park, IL |  |  |  |  |  |

26

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.

27

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:

Buildings | 30 to 40 years
Building Improvements | 3 to 20 years
Furniture/Fixtures/ Tenant Improvements | Shorter of economic life or lease terms

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

•
Cash Leasing Spreads are calculated by comparing the prior tenant's annual base rent in the final year of the prior lease to the executed tenant's annual base rent in the first year of the executed lease.
•
Straight-Lined Leasing Spreads are calculated by comparing the prior tenant's average base rent over the prior lease term to the executed tenant's average base rent over the term of the executed lease.
•
For both Cash and Straight-Lined Leasing Spreads, the reported calculations of “Comparable”, only include deals executed within one year of the date that the prior tenant vacated. Deals executed after one year of the date the prior tenant vacated, deals which are a combination of existing units, new leases at "Redevelopment” properties, and deals for units vacant at the time of acquisition are considered non-comparable and excluded from the calculation.

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.

28

SITE Centers Corp.

Non-GA AP 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, (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, including employee separation 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.

29

SITE Centers Corp.

Non-GAAP Measures

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 and certain transaction costs. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

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 and 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 prior period comparisons). In addition, SSNOI is presented including activity associated with 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. 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. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI and assumed rate of 2024 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which for the same store calculation only includes properties owned for comparable periods and excludes all corporate level activity as noted above.

30

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 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.

31

SITE Centers Corp.

Portfolio Sum mary at 100%

GLA in thousands |  |  |  |  |  |  |  |  |  |
|  | 12/31/2023 |  | 9/30/2023 |  | 6/30/2023 |  | 3/31/2023 |  | 12/31/2022
Shopping Center Summary |  |  |  |  |  |  |  |  |  |
Operating Centers – 100% |  | 114 |  | 119 |  | 121 |  | 120 |  | 119
Wholly Owned - SITE |  | 101 |  | 106 |  | 108 |  | 105 |  | 101
JV Portfolio |  | 13 |  | 13 |  | 13 |  | 15 |  | 18
Owned and Ground Lease GLA – 100% |  | 22,553 |  | 25,570 |  | 26,240 |  | 26,578 |  | 26,982
Wholly Owned - SITE |  | 18,369 |  | 21,386 |  | 22,056 |  | 21,990 |  | 21,989
JV Portfolio – 100% |  | 4,184 |  | 4,184 |  | 4,184 |  | 4,588 |  | 4,993
Unowned GLA – 100% |  | 7,972 |  | 8,298 |  | 8,709 |  | 8,938 |  | 8,938
Quarterly Operational Overview |  |  |  |  |  |  |  |  |  |
SITE (100%) |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $19.69 |  | $19.63 |  | $19.38 |  | $19.16 |  | $18.96
Base Rent PSF < 10K |  | $32.17 |  | $31.59 |  | $31.12 |  | $30.83 |  | $30.46
Base Rent PSF > 10K |  | $15.06 |  | $15.45 |  | $15.38 |  | $15.37 |  | $15.29
Commenced Rate |  | 92.0% |  | 92.0% |  | 92.5% |  | 92.8% |  | 92.3%
Leased Rate |  | 94.6% |  | 94.5% |  | 95.4% |  | 95.9% |  | 95.3%
Leased Rate < 10K SF |  | 90.3% |  | 90.6% |  | 90.3% |  | 90.4% |  | 89.8%
Leased Rate > 10K SF |  | 96.2% |  | 96.0% |  | 97.2% |  | 97.8% |  | 97.2%
Wholly Owned SITE |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $20.46 |  | $20.29 |  | $19.97 |  | $19.71 |  | $19.61
Leased Rate |  | 94.5% |  | 94.7% |  | 95.6% |  | 96.0% |  | 95.6%
Leased Rate < 10K SF |  | 91.4% |  | 91.4% |  | 91.2% |  | 91.2% |  | 90.9%
Leased Rate > 10K SF |  | 95.9% |  | 95.9% |  | 97.2% |  | 97.7% |  | 97.3%
Joint Venture (100%) |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $16.43 |  | $16.41 |  | $16.43 |  | $16.61 |  | $16.20
Leased Rate |  | 94.6% |  | 93.8% |  | 94.2% |  | 95.4% |  | 94.0%
Leased Rate < 10K SF |  | 84.7% |  | 86.3% |  | 85.1% |  | 85.7% |  | 84.3%
Leased Rate > 10K SF |  | 97.8% |  | 96.3% |  | 97.3% |  | 98.4% |  | 97.0%
Joint Venture at Pro Rata Share |  |  |  |  |  |  |  |  |  |
Base Rent PSF |  | $18.20 |  | $18.16 |  | $18.08 |  | $18.19 |  | $17.64
Leased Rate |  | 93.0% |  | 92.3% |  | 92.2% |  | 93.4% |  | 92.2%
Leased Rate < 10K SF |  | 82.3% |  | 83.3% |  | 81.0% |  | 81.5% |  | 80.4%
Leased Rate > 10K SF |  | 97.4% |  | 96.0% |  | 96.9% |  | 98.0% |  | 96.7%

32

SITE Centers Corp.

Leasing Summary

Wholly Owned at 100% |  |  |  |  |  |  |  |  |  |
Leasing Activity |  |  |  |  |  |  |  |  |  |  |
| Comparable Pool |  | Total Pool
|  |  |  | Leasing Spreads |  |  |  |  |  |
| Count | GLA | ABR PSF | Cash | Straight-lined | Term |  | Count | GLA | ABR PSF | Term
New Leases |  |  |  |  |  |  |  |  |  |  |
4Q23 | 9 | 64,639 | $17.81 | 9.2% | 17.3% | 9.5 |  | 17 | 97,092 | $22.05 | 9.3
3Q23 | 13 | 157,037 | $20.65 | 58.3% | 73.5% | 9.8 |  | 25 | 204,875 | $22.14 | 9.9
2Q23 | 11 | 89,204 | $26.73 | 14.8% | 23.3% | 9.4 |  | 28 | 164,964 | $26.12 | 8.6
1Q23 | 13 | 23,554 | $41.00 | 20.6% | 37.1% | 9.6 |  | 30 | 122,014 | $31.01 | 13.7
| 46 | 334,434 | $23.16 | 29.5% | 41.2% | 9.6 |  | 100 | 588,945 | $25.08 | 10.2
Renewals |  |  |  |  |  |  |  |  |  |  |
4Q23 | 61 | 374,469 | $24.01 | 3.1% | 9.0% | 5.1 |  | 61 | 374,469 | $24.01 | 5.1
3Q23 | 82 | 1,010,717 | $17.62 | 6.7% | 10.5% | 5.7 |  | 82 | 1,010,717 | $17.62 | 5.7
2Q23 | 88 | 920,876 | $17.30 | 7.4% | 12.1% | 5.7 |  | 88 | 920,876 | $17.30 | 5.7
1Q23 | 56 | 321,229 | $22.49 | 8.7% | 14.3% | 5.6 |  | 56 | 321,229 | $22.49 | 5.6
| 287 | 2,627,291 | $19.01 | 6.5% | 11.3% | 5.6 |  | 287 | 2,627,291 | $19.01 | 5.6
New + Renewals |  |  |  |  |  |  |  |  |  |  |
4Q23 | 70 | 439,108 | $23.10 | 3.7% | 9.9% | 5.7 |  | 78 | 471,561 | $23.60 | 5.9
3Q23 | 95 | 1,167,754 | $18.03 | 12.3% | 17.3% | 6.2 |  | 107 | 1,215,592 | $18.38 | 6.4
2Q23 | 99 | 1,010,080 | $18.13 | 8.3% | 13.5% | 6.0 |  | 116 | 1,085,840 | $18.64 | 6.1
1Q23 | 69 | 344,783 | $23.75 | 10.0% | 16.7% | 5.8 |  | 86 | 443,243 | $24.83 | 7.8
| 333 | 2,961,725 | $19.48 | 9.1% | 14.6% | 6.0 |  | 387 | 3,216,236 | $20.12 | 6.4

Net Effective Rents |  |  |  |  |  |  |
|  |  | Capex PSF | NER |
| GLA | ABR PSF | TA | LL Work | LC | Total | PSF | Term
New Leases (1) |  |  |  |  |  |  |  |
4Q23 | 85,048 | $23.14 | $1.42 | $2.45 | $1.04 | $4.91 | $18.23 | 9.2
3Q23 | 181,331 | $22.80 | $1.98 | $0.59 | $0.81 | $3.38 | $19.42 | 9.8
2Q23 | 155,178 | $26.30 | $3.95 | $0.91 | $1.27 | $6.13 | $20.17 | 8.5
1Q23 | 84,531 | $35.38 | $3.26 | $1.18 | $1.71 | $6.15 | $29.23 | 10.1
| 506,088 | $26.03 | $2.67 | $1.09 | $1.14 | $4.90 | $21.13 | 9.3
Renewals |  |  |  |  |  |  |  |
4Q23 | 374,469 | $24.47 | $0.03 | $0.00 | $0.01 | $0.04 | $24.43 | 5.1
3Q23 | 1,010,717 | $17.89 | $0.10 | $0.00 | $0.00 | $0.10 | $17.79 | 5.7
2Q23 | 920,876 | $17.62 | $0.05 | $0.00 | $0.00 | $0.05 | $17.57 | 5.7
1Q23 | 321,229 | $23.15 | $0.04 | $0.01 | $0.00 | $0.05 | $23.10 | 5.6
| 2,627,291 | $19.38 | $0.07 | $0.00 | $0.00 | $0.07 | $19.31 | 5.6
New + Renewals |  |  |  |  |  |  |  |
4Q23 | 459,517 | $24.23 | $0.43 | $0.71 | $0.31 | $1.45 | $22.78 | 5.8
3Q23 | 1,192,048 | $18.64 | $0.55 | $0.14 | $0.19 | $0.88 | $17.76 | 6.3
2Q23 | 1,076,054 | $18.87 | $0.84 | $0.18 | $0.26 | $1.28 | $17.59 | 6.1
1Q23 | 405,760 | $25.70 | $1.08 | $0.39 | $0.55 | $2.02 | $23.68 | 6.5
| 3,133,379 | $20.45 | $0.70 | $0.27 | $0.28 | $1.25 | $19.20 | 6.2
(1) New Leases exclude redevelopment activity.

33

SITE Centers Corp.

Leasing Summary

Unconsolidated Joint Ventures at 100% |  |  |  |  |  |  |  |  |
Leasing Activity |  |  |  |  |  |  |  |  |  |  |
| Comparable Pool |  | Total Pool
|  |  |  | Leasing Spreads |  |  |  |  |  |
| Count | GLA | ABR PSF | Cash | Straight-lined | Term |  | Count | GLA | ABR PSF | Term
New Leases |  |  |  |  |  |  |  |  |  |  |
4Q23 | 0 | 0 | $0.00 | ---% | ---% | 0.0 |  | 4 | 48,204 | $17.32 | 10.0
3Q23 | 1 | 4,500 | $40.00 | 47.4% | 37.0% | 10.0 |  | 1 | 4,500 | $40.00 | 10.0
2Q23 | 0 | 0 | $0.00 | ---% | ---% | 0.0 |  | 5 | 25,262 | $21.11 | 9.2
1Q23 | 1 | 1,600 | $26.00 | (7.4%) | (2.7%) | 3.0 |  | 2 | 42,080 | $10.37 | 14.5
| 2 | 6,100 | $36.33 | 32.6% | 27.7% | 8.2 |  | 12 | 120,046 | $16.53 | 11.4
Renewals |  |  |  |  |  |  |  |  |  |  |
4Q23 | 7 | 44,651 | $12.25 | 7.1% | 10.7% | 4.9 |  | 7 | 44,651 | $12.25 | 4.9
3Q23 | 11 | 86,071 | $18.16 | 2.9% | (4.4%) | 6.2 |  | 11 | 86,071 | $18.16 | 6.2
2Q23 | 16 | 121,431 | $17.08 | 0.0% | 5.7% | 5.1 |  | 16 | 121,431 | $17.08 | 5.1
1Q23 | 6 | 37,277 | $17.14 | 6.2% | 11.7% | 5.1 |  | 6 | 37,277 | $17.14 | 5.1
| 40 | 289,430 | $16.67 | 2.5% | 3.5% | 5.4 |  | 40 | 289,430 | $16.67 | 5.4
New + Renewals |  |  |  |  |  |  |  |  |  |  |
4Q23 | 7 | 44,651 | $12.25 | 7.1% | 10.7% | 4.9 |  | 11 | 92,855 | $14.89 | 7.6
3Q23 | 12 | 90,571 | $19.25 | 6.3% | (1.1%) | 6.4 |  | 12 | 90,571 | $19.25 | 6.4
2Q23 | 16 | 121,431 | $17.08 | 0.0% | 5.7% | 5.1 |  | 21 | 146,693 | $17.78 | 5.8
1Q23 | 7 | 38,877 | $17.50 | 5.2% | 10.6% | 5.0 |  | 8 | 79,357 | $13.55 | 10.1
| 42 | 295,530 | $17.07 | 3.6% | 4.4% | 5.4 |  | 52 | 409,476 | $16.63 | 7.2

Net Effective Rents |  |  |  |  |  |  |
|  |  | Capex PSF | NER |
| GLA | ABR PSF | TA | LL Work | LC | Total | PSF | Term
New Leases (1) |  |  |  |  |  |  |  |
4Q23 | 48,204 | $17.79 | $3.85 | $3.65 | $0.88 | $8.38 | $9.41 | 10.0
3Q23 | 4,500 | $43.80 | $5.00 | $1.82 | $1.33 | $8.15 | $35.65 | 10.0
2Q23 | 25,262 | $23.29 | $2.07 | $1.22 | $0.72 | $4.01 | $19.28 | 9.2
1Q23 | 42,080 | $11.83 | $1.98 | $0.00 | $0.33 | $2.31 | $9.52 | 14.5
| 120,046 | $17.83 | $2.76 | $1.55 | $0.62 | $4.93 | $12.90 | 11.4
Renewals |  |  |  |  |  |  |  |
4Q23 | 44,651 | $12.46 | $0.04 | $0.00 | $0.00 | $0.04 | $12.42 | 4.9
3Q23 | 86,071 | $18.34 | $1.13 | $0.00 | $0.00 | $1.13 | $17.21 | 6.2
2Q23 | 121,431 | $17.44 | $0.00 | $0.02 | $0.00 | $0.02 | $17.42 | 5.1
1Q23 | 37,277 | $17.40 | $0.00 | $0.00 | $0.00 | $0.00 | $17.40 | 5.1
| 289,430 | $16.93 | $0.39 | $0.01 | $0.00 | $0.40 | $16.53 | 5.4
New + Renewals |  |  |  |  |  |  |  |
4Q23 | 92,855 | $15.22 | $2.65 | $2.50 | $0.60 | $5.75 | $9.47 | 7.6
3Q23 | 90,571 | $19.61 | $1.43 | $0.14 | $0.10 | $1.67 | $17.94 | 6.4
2Q23 | 146,693 | $18.45 | $0.57 | $0.35 | $0.20 | $1.12 | $17.33 | 5.8
1Q23 | 79,357 | $14.45 | $1.52 | $0.00 | $0.25 | $1.77 | $12.68 | 10.1
| 409,476 | $17.20 | $1.50 | $0.73 | $0.29 | $2.52 | $14.68 | 7.2

34

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 | 0 |  | 0 | 0.0% | $0 | 0.0% |  | $0.00 |  | 13 |  | 24 | 0.5% | $721 | 0.5% |  | $30.04 |  | 13 |  | 24 | 0.1% | $721 | 0.2% |  | $30.04
2024 | 21 |  | 632 | 5.2% | $7,793 | 4.5% |  | $12.33 |  | 140 |  | 360 | 7.6% | 10,664 | 7.0% |  | $29.62 |  | 161 |  | 992 | 5.9% | 18,457 | 5.6% |  | $18.61
2025 | 59 |  | 1,715 | 14.1% | 25,743 | 14.7% |  | $15.01 |  | 207 |  | 616 | 13.0% | 18,951 | 12.4% |  | $30.76 |  | 266 |  | 2,331 | 13.8% | 44,694 | 13.6% |  | $19.17
2026 | 44 |  | 1,241 | 10.2% | 14,727 | 8.4% |  | $11.87 |  | 193 |  | 528 | 11.2% | 17,095 | 11.2% |  | $32.38 |  | 237 |  | 1,769 | 10.5% | 31,822 | 9.7% |  | $17.99
2027 | 63 |  | 2,025 | 16.6% | 32,385 | 18.5% |  | $15.99 |  | 208 |  | 653 | 13.8% | 20,720 | 13.5% |  | $31.73 |  | 271 |  | 2,678 | 15.8% | 53,105 | 16.2% |  | $19.83
2028 | 80 |  | 2,363 | 19.4% | 32,620 | 18.7% |  | $13.80 |  | 237 |  | 676 | 14.3% | 23,561 | 15.4% |  | $34.85 |  | 317 |  | 3,039 | 18.0% | 56,181 | 17.1% |  | $18.49
2029 | 48 |  | 1,385 | 11.4% | 19,167 | 11.0% |  | $13.84 |  | 146 |  | 457 | 9.7% | 14,535 | 9.5% |  | $31.81 |  | 194 |  | 1,842 | 10.9% | 33,702 | 10.3% |  | $18.30
2030 | 23 |  | 670 | 5.5% | 10,014 | 5.7% |  | $14.95 |  | 83 |  | 250 | 5.3% | 8,681 | 5.7% |  | $34.72 |  | 106 |  | 920 | 5.4% | 18,695 | 5.7% |  | $20.32
2031 | 14 |  | 547 | 4.5% | 7,013 | 4.0% |  | $12.82 |  | 68 |  | 209 | 4.4% | 6,454 | 4.2% |  | $30.88 |  | 82 |  | 756 | 4.5% | 13,467 | 4.1% |  | $17.81
2032 | 17 |  | 385 | 3.2% | 6,093 | 3.5% |  | $15.83 |  | 125 |  | 388 | 8.2% | 12,824 | 8.4% |  | $33.05 |  | 142 |  | 773 | 4.6% | 18,917 | 5.8% |  | $24.47
2033 | 21 |  | 466 | 3.8% | 6,439 | 3.7% |  | $13.82 |  | 119 |  | 394 | 8.3% | 13,141 | 8.6% |  | $33.35 |  | 140 |  | 860 | 5.1% | 19,580 | 6.0% |  | $22.77
Thereafter | 20 |  | 752 | 6.2% | 12,699 | 7.3% |  | $16.89 |  | 43 |  | 171 | 3.6% | 5,750 | 3.8% |  | $33.63 |  | 63 |  | 923 | 5.5% | 18,449 | 5.6% |  | $19.99
Total | 410 |  | 12,181 | 100.0% | $174,693 | 100.0% |  | $14.34 |  | 1,582 |  | 4,726 | 100.0% | $153,097 | 100.0% |  | $32.39 |  | 1,992 |  | 16,907 | 100.0% | $327,790 | 100.0% |  | $19.39
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 |  | 12 |  | 22 | 0.5% | $657 | 0.4% |  | $29.86 |  | 12 |  | 22 | 0.1% | $657 | 0.2% |  | $29.86
2024 | 6 |  | 134 | 1.1% | 2,027 | 1.2% |  | $15.13 |  | 93 |  | 211 | 4.5% | 6,716 | 4.4% |  | $31.83 |  | 99 |  | 345 | 2.0% | 8,743 | 2.7% |  | $25.34
2025 | 12 |  | 262 | 2.2% | 4,127 | 2.4% |  | $15.75 |  | 122 |  | 293 | 6.2% | 9,714 | 6.3% |  | $33.15 |  | 134 |  | 555 | 3.3% | 13,841 | 4.2% |  | $24.94
2026 | 3 |  | 34 | 0.3% | 607 | 0.3% |  | $17.85 |  | 94 |  | 237 | 5.0% | 7,655 | 5.0% |  | $32.30 |  | 97 |  | 271 | 1.6% | 8,262 | 2.5% |  | $30.49
2027 | 15 |  | 277 | 2.3% | 5,420 | 3.1% |  | $19.57 |  | 93 |  | 240 | 5.1% | 7,498 | 4.9% |  | $31.24 |  | 108 |  | 517 | 3.1% | 12,918 | 3.9% |  | $24.99
2028 | 17 |  | 284 | 2.3% | 4,918 | 2.8% |  | $17.32 |  | 127 |  | 344 | 7.3% | 11,757 | 7.7% |  | $34.18 |  | 144 |  | 628 | 3.7% | 16,675 | 5.1% |  | $26.55
2029 | 7 |  | 232 | 1.9% | 3,140 | 1.8% |  | $13.53 |  | 105 |  | 261 | 5.5% | 8,439 | 5.5% |  | $32.33 |  | 112 |  | 493 | 2.9% | 11,579 | 3.5% |  | $23.49
2030 | 13 |  | 295 | 2.4% | 5,263 | 3.0% |  | $17.84 |  | 67 |  | 188 | 4.0% | 5,827 | 3.8% |  | $30.99 |  | 80 |  | 483 | 2.9% | 11,090 | 3.4% |  | $22.96
2031 | 13 |  | 220 | 1.8% | 3,831 | 2.2% |  | $17.41 |  | 65 |  | 156 | 3.3% | 4,726 | 3.1% |  | $30.29 |  | 78 |  | 376 | 2.2% | 8,557 | 2.6% |  | $22.76
2032 | 13 |  | 297 | 2.4% | 5,148 | 2.9% |  | $17.33 |  | 92 |  | 271 | 5.7% | 8,803 | 5.7% |  | $32.48 |  | 105 |  | 568 | 3.4% | 13,951 | 4.3% |  | $24.56
2033 | 21 |  | 466 | 3.8% | 7,466 | 4.3% |  | $16.02 |  | 89 |  | 254 | 5.4% | 8,416 | 5.5% |  | $33.13 |  | 110 |  | 720 | 4.3% | 15,882 | 4.8% |  | $22.06
Thereafter | 290 |  | 9,680 | 79.5% | 132,746 | 76.0% |  | $13.71 |  | 623 |  | 2,249 | 47.6% | 72,889 | 47.6% |  | $32.41 |  | 913 |  | 11,929 | 70.6% | 205,635 | 62.7% |  | $17.24
Total | 410 |  | 12,181 | 100.0% | $174,693 | 100.0% |  | $14.34 |  | 1,582 |  | 4,726 | 100.0% | $153,097 | 100.0% |  | $32.39 |  | 1,992 |  | 16,907 | 100.0% | $327,790 | 100.0% |  | $19.39
Note: Includes ground leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

35

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 |  | 0 |  | 0 | 0.0% | $0 | 0.0% |  | $0.00 |  | 0 |  | 0 | 0.0% | $0 | 0.0% |  | $0.00
2024 | 8 |  | 444 | 14.9% | 4,342 | 11.5% |  | $9.78 |  | 31 |  | 84 | 9.9% | 2,438 | 10.2% |  | $29.02 |  | 39 |  | 528 | 13.8% | 6,780 | 11.0% |  | $12.84
2025 | 14 |  | 348 | 11.7% | 4,539 | 12.0% |  | $13.04 |  | 36 |  | 112 | 13.2% | 2,826 | 11.8% |  | $25.23 |  | 50 |  | 460 | 12.0% | 7,365 | 11.9% |  | $16.01
2026 | 15 |  | 328 | 11.0% | 3,722 | 9.8% |  | $11.35 |  | 37 |  | 126 | 14.9% | 3,241 | 13.5% |  | $25.72 |  | 52 |  | 454 | 11.9% | 6,963 | 11.3% |  | $15.34
2027 | 15 |  | 449 | 15.1% | 5,926 | 15.6% |  | $13.20 |  | 28 |  | 100 | 11.8% | 3,175 | 13.3% |  | $31.75 |  | 43 |  | 549 | 14.3% | 9,101 | 14.7% |  | $16.58
2028 | 16 |  | 441 | 14.8% | 5,644 | 14.9% |  | $12.80 |  | 39 |  | 119 | 14.0% | 3,715 | 15.5% |  | $31.22 |  | 55 |  | 560 | 14.6% | 9,359 | 15.1% |  | $16.71
2029 | 7 |  | 216 | 7.3% | 2,928 | 7.7% |  | $13.56 |  | 26 |  | 108 | 12.8% | 2,867 | 12.0% |  | $26.55 |  | 33 |  | 324 | 8.5% | 5,795 | 9.4% |  | $17.89
2030 | 2 |  | 34 | 1.1% | 507 | 1.3% |  | $14.91 |  | 14 |  | 42 | 5.0% | 1,040 | 4.3% |  | $24.76 |  | 16 |  | 76 | 2.0% | 1,547 | 2.5% |  | $20.36
2031 | 7 |  | 249 | 8.4% | 3,860 | 10.2% |  | $15.50 |  | 8 |  | 29 | 3.4% | 998 | 4.2% |  | $34.41 |  | 15 |  | 278 | 7.3% | 4,858 | 7.9% |  | $17.47
2032 | 2 |  | 92 | 3.1% | 571 | 1.5% |  | $6.21 |  | 19 |  | 78 | 9.2% | 2,446 | 10.2% |  | $31.36 |  | 21 |  | 170 | 4.4% | 3,017 | 4.9% |  | $17.75
2033 | 7 |  | 196 | 6.6% | 3,392 | 8.9% |  | $17.31 |  | 10 |  | 37 | 4.4% | 793 | 3.3% |  | $21.43 |  | 17 |  | 233 | 6.1% | 4,185 | 6.8% |  | $17.96
Thereafter | 3 |  | 182 | 6.1% | 2,488 | 6.6% |  | $13.67 |  | 5 |  | 12 | 1.4% | 400 | 1.7% |  | $33.33 |  | 8 |  | 194 | 5.1% | 2,888 | 4.7% |  | $14.89
Total | 96 |  | 2,979 | 100.0% | $37,919 | 100.0% |  | $12.73 |  | 253 |  | 847 | 100.0% | $23,939 | 100.0% |  | $28.26 |  | 349 |  | 3,826 | 100.0% | $61,858 | 100.0% |  | $16.17
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 |  | 0 |  | 0 | 0.0% | $0 | 0.0% |  | $0.00 |  | 0 |  | 0 | 0.0% | $0 | 0.0% |  | $0.00
2024 | 4 |  | 90 | 3.0% | 942 | 2.5% |  | $10.47 |  | 25 |  | 67 | 7.9% | 1,981 | 8.3% |  | $29.57 |  | 29 |  | 157 | 4.1% | 2,923 | 4.7% |  | $18.62
2025 | 4 |  | 59 | 2.0% | 907 | 2.4% |  | $15.37 |  | 25 |  | 71 | 8.4% | 1,851 | 7.7% |  | $26.07 |  | 29 |  | 130 | 3.4% | 2,758 | 4.5% |  | $21.22
2026 | 2 |  | 36 | 1.2% | 434 | 1.1% |  | $12.06 |  | 21 |  | 51 | 6.0% | 1,300 | 5.4% |  | $25.49 |  | 23 |  | 87 | 2.3% | 1,734 | 2.8% |  | $19.93
2027 | 3 |  | 41 | 1.4% | 427 | 1.1% |  | $10.41 |  | 15 |  | 50 | 5.9% | 1,616 | 6.8% |  | $32.32 |  | 18 |  | 91 | 2.4% | 2,043 | 3.3% |  | $22.45
2028 | 2 |  | 30 | 1.0% | 540 | 1.4% |  | $18.00 |  | 26 |  | 76 | 9.0% | 2,688 | 11.2% |  | $35.37 |  | 28 |  | 106 | 2.8% | 3,228 | 5.2% |  | $30.45
2029 | 2 |  | 76 | 2.6% | 799 | 2.1% |  | $10.51 |  | 21 |  | 70 | 8.3% | 2,038 | 8.5% |  | $29.11 |  | 23 |  | 146 | 3.8% | 2,837 | 4.6% |  | $19.43
2030 | 2 |  | 69 | 2.3% | 763 | 2.0% |  | $11.06 |  | 16 |  | 45 | 5.3% | 1,170 | 4.9% |  | $26.00 |  | 18 |  | 114 | 3.0% | 1,933 | 3.1% |  | $16.96
2031 | 6 |  | 94 | 3.2% | 1,033 | 2.7% |  | $10.99 |  | 15 |  | 52 | 6.1% | 1,551 | 6.5% |  | $29.83 |  | 21 |  | 146 | 3.8% | 2,584 | 4.2% |  | $17.70
2032 | 2 |  | 61 | 2.0% | 742 | 2.0% |  | $12.16 |  | 19 |  | 71 | 8.4% | 2,265 | 9.5% |  | $31.90 |  | 21 |  | 132 | 3.5% | 3,007 | 4.9% |  | $22.78
2033 | 6 |  | 165 | 5.5% | 2,631 | 6.9% |  | $15.95 |  | 12 |  | 40 | 4.7% | 915 | 3.8% |  | $22.88 |  | 18 |  | 205 | 5.4% | 3,546 | 5.7% |  | $17.30
Thereafter | 63 |  | 2,258 | 75.8% | 28,701 | 75.7% |  | $12.71 |  | 58 |  | 254 | 30.0% | 6,564 | 27.4% |  | $25.84 |  | 121 |  | 2,512 | 65.7% | 35,265 | 57.0% |  | $14.04
Total | 96 |  | 2,979 | 100.0% | $37,919 | 100.0% |  | $12.73 |  | 253 |  | 847 | 100.0% | $23,939 | 100.0% |  | $28.26 |  | 349 |  | 3,826 | 100.0% | $61,858 | 100.0% |  | $16.17
Note: Includes ground leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

36

SITE CENTERS INVESTOR RELATIONS DEPARTMENT e: ir@sitecenters.com w: ir.sitecenters.com 3300 Enterprise Pkwy, Beachwood, OH 44122 o:216-755-5500 f:216-755-1500 w: sitecenters.com • NYSE:SITC