\nSITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter ended March 31, 2023.<\/p>\n
\n\u201cSITE Centers had a very strong start to the year highlighted by elevated leasing activity despite less available space, a sequential increase in the Signed Not Opened (SNO) pipeline and continued progress on the Company\u2019s tactical redevelopment pipeline,\u201d commented David R. Lukes, President and Chief Executive Officer. \u201cLooking forward, we remain very well positioned despite an uptick in tenant bankruptcies given the strength of our focused portfolio concentrated in the top sub-markets in the country, significant liquidity and tailwind from expected rent commencements and tactical redevelopment deliveries.\u201d<\/p>\n
Results for the Quarter<\/b><\/p>\n Significant First Quarter and Recent Activity<\/b><\/p>\n Key Quarterly Operating Results<\/b><\/p>\n Guidance<\/b><\/p>\n \nThe Company has updated its 2023 full-year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the first quarter operating results. Impairment charges, gains on sale of interests and assets, transaction and debt extinguishment costs are excluded from guidance. The guidance update is as follows:<\/p>\n \nReconciliation of Net Income Attributable to Common Shareholders to FFO and Operating FFO estimates:<\/p>\n \n\u00a0<\/p>\n<\/td>\n FY 2023E (original)<\/b><\/p>\n Per Share \u2013 Diluted<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n FY 2023E (revised)<\/b><\/p>\n Per Share \u2013 Diluted<\/b><\/p>\n<\/td>\n<\/tr>\n Net income attributable to Common Shareholders<\/b><\/p>\n<\/td>\n $0.16 \u2013 $0.24<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.17 \u2013 $0.25<\/b><\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization of real estate<\/p>\n<\/td>\n \n0.87 \u2013 0.91<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.90 \u2013 0.94<\/p>\n<\/td>\n<\/tr>\n \nEquity in net (income) of JVs<\/p>\n<\/td>\n \n(0.01) \u2013 (0.00)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.02) \u2013 (0.01)<\/p>\n<\/td>\n<\/tr>\n \nJVs’ FFO<\/p>\n<\/td>\n \n0.04 \u2013 0.05<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.04 \u2013 0.05<\/p>\n<\/td>\n<\/tr>\n \nGain on sale and change in control of interests (reported actual)<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n( 0.02)<\/p>\n<\/td>\n<\/tr>\n FFO (NAREIT) and Operating FFO<\/b><\/p>\n<\/td>\n $1.10 \u2013 $1.16<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $1.11 \u2013 $1.17<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed range of 2023 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation which only includes properties owned for comparable periods and excludes all corporate level activity as described below under Non-GAAP Measures and Other Operational Metrics. Key assumptions for 2023 guidance include the following:<\/p>\n \n\u00a0<\/p>\n<\/td>\n FY 2023E (original)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n FY 2023E (revised)<\/b><\/p>\n<\/td>\n<\/tr>\n \nJoint Venture fee income<\/p>\n<\/td>\n \n$5 \u2013 $7 million<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$5 \u2013 $7 million<\/p>\n<\/td>\n<\/tr>\n \nSSNOI (1)<\/p>\n<\/td>\n \n(1.00)% \u2013 2.50%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.50)% \u2013 3.00%<\/p>\n<\/td>\n<\/tr>\n \nSSNOI \u2013 Adjusted for 2022 Uncollectible Revenue Impact (2)<\/p>\n<\/td>\n \n0.00% \u2013 3.50%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.50% \u2013 4.00%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)<\/p>\n<\/td>\n \nIncluding redevelopment and approximately $3.4 million included in Uncollectible Revenue, primarily related to rental income from cash basis tenants, reported in 2022 related to prior periods, which is an approximately 100 basis-point headwind to 2023 SSNOI growth.<\/p>\n<\/td>\n<\/tr>\n \n(2)<\/p>\n<\/td>\n \nIncluding redevelopment and excluding revenue impact of approximately $3.4 million included in Uncollectible Revenue, primarily related to rental income from cash basis tenants, reported in 2022 related to prior periods.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n About SITE Centers Corp.<\/b><\/p>\n \nSITE 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<\/a>. To be included in the Company\u2019s e-mail distributions for press releases and other investor news, please click here<\/a>.<\/p>\n Conference Call and Supplemental Information<\/b><\/p>\n \nThe 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<\/a>, or for audio only, dial 888\u2011317\u20116003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) using pass code 5236861 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\u2019 website at ir.sitecenters.com<\/a>. If you are unable to participate during the live call, a replay of the conference call will also be available at ir.sitecenters.com<\/a> 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 9994621 through May 25, 2023. Copies of the Company\u2019s supplemental package and earnings slide presentation are available on the Company\u2019s website.<\/p>\n Non-GAAP Measures and Other Operational Metrics<\/b><\/p>\n \nFunds from Operations (\u201cFFO\u201d) 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 (\u201cREIT\u201d) 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.<\/p>\n \nFFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States (\u201cGAAP\u201d)), 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\u2019s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company\u2019s 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.<\/p>\n \nIn 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 or certain transaction costs. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.<\/p>\n \nThe Company also uses net operating income (\u201cNOI\u201d), 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\u2019s 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.<\/p>\n \nThe Company presents NOI information herein on a same store basis or \u201cSSNOI.\u201d 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 major and tactical 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.<\/p>\n \nFFO, 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\u2019s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed rate of 2023 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation which only includes properties owned for comparable periods and excludes all corporate level activity as noted above.<\/p>\n \nThe 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 major redevelopment properties, and deals for units vacant at the time of acquisition are considered non-comparable and excluded from the calculation.<\/p>\n Safe Harbor<\/b><\/p>\n \nSITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, 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 impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; 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 (including the COVID-19 pandemic) 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 March 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.<\/p>\n SITE Centers Corp.<\/b><\/p>\n<\/td>\n<\/tr>\n Income Statement: <\/b>Consolidated Interests<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nin thousands, except per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1Q23<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1Q22<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Revenues:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nRental income (1)<\/p>\n<\/td>\n \n$135,872<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$129,884<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nOther property revenues<\/p>\n<\/td>\n \n961<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,175<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n136,833<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n131,059<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Expenses:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nOperating and maintenance<\/p>\n<\/td>\n \n23,166<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,936<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nReal estate taxes<\/p>\n<\/td>\n \n20,053<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,183<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43,219<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,119<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Net operating income<\/b><\/p>\n<\/td>\n 93,614<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 88,940<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Other income (expense):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nJV fees and other income<\/p>\n<\/td>\n \n1,859<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,261<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nInterest expense<\/p>\n<\/td>\n \n(19,923)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18,258)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n(54,016)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(50,364)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nGeneral and administrative<\/p>\n<\/td>\n \n(10,645)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12,251)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nOther (expense) income, net<\/p>\n<\/td>\n \n(687)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(504)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nIncome before earnings from JVs and other<\/p>\n<\/td>\n \n10,202<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,824<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nEquity in net income of JVs<\/p>\n<\/td>\n \n1,359<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n169<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nGain on sale and change in control of interests<\/p>\n<\/td>\n \n3,749<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,356<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nGain (loss) on disposition of real estate, net<\/p>\n<\/td>\n \n205<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(142)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nTax expense<\/p>\n<\/td>\n \n(213)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(252)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nNet income<\/p>\n<\/td>\n \n15,302<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,955<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nNon-controlling interests<\/p>\n<\/td>\n \n(18)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Net income SITE Centers<\/b><\/p>\n<\/td>\n 15,284<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 13,937<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nPreferred dividends<\/p>\n<\/td>\n \n(2,789)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,789)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Net income Common Shareholders<\/b><\/p>\n<\/td>\n $12,495<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $11,148<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Weighted average shares \u2013 Basic \u2013 EPS<\/b><\/p>\n<\/td>\n 209,971<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 212,103<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAssumed conversion of diluted securities<\/p>\n<\/td>\n \n436<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,100<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Weighted average shares \u2013 Diluted \u2013 EPS<\/b><\/p>\n<\/td>\n 210,407<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 213,203<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Earnings per common share \u2013 Basic<\/b><\/p>\n<\/td>\n $0.06<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.05<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Earnings per common share \u2013 Diluted<\/b><\/p>\n<\/td>\n $0.06<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.05<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(1)<\/p>\n<\/td>\n Rental income:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nMinimum rents<\/p>\n<\/td>\n \n$88,973<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$84,227<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nGround lease minimum rents<\/p>\n<\/td>\n \n6,469<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,707<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nStraight-line rent, net<\/p>\n<\/td>\n \n676<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n996<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAmortization of (above)\/below-market rent, net<\/p>\n<\/td>\n \n1,185<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,157<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nPercentage and overage rent<\/p>\n<\/td>\n \n1,151<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,137<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nRecoveries<\/p>\n<\/td>\n \n35,316<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,833<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nUncollectible revenue<\/p>\n<\/td>\n \n233<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,108<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAncillary and other rental income<\/p>\n<\/td>\n \n1,757<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,465<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nLease termination fees<\/p>\n<\/td>\n \n112<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n254<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n SITE Centers Corp.<\/b><\/p>\n<\/td>\n<\/tr>\n Reconciliation:<\/b> Net Income to FFO and Operating FFO<\/p>\n<\/td>\n<\/tr>\n \nand Other Financial Information<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nin thousands, except per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1Q23<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1Q22<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Net income attributable to Common Shareholders<\/b><\/p>\n<\/td>\n $12,495<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $11,148<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nDepreciation and amortization of real estate<\/p>\n<\/td>\n \n52,717<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n49,128<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nEquity in net income of JVs<\/p>\n<\/td>\n \n(1,359)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(169)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nJVs’ FFO<\/p>\n<\/td>\n \n1,982<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,315<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nNon-controlling interests<\/p>\n<\/td>\n \n18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nGain on sale and change in control of interests<\/p>\n<\/td>\n \n(3,749)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,356)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(Gain) loss on disposition of real estate, net<\/p>\n<\/td>\n \n(205)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n142<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n FFO attributable to Common Shareholders<\/b><\/p>\n<\/td>\n $61,899<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $61,226<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nTransaction, debt extinguishment and other (at SITE’s share)<\/p>\n<\/td>\n \n829<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n332<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nTotal non-operating items, net<\/p>\n<\/td>\n \n829<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n332<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Operating FFO attributable to Common Shareholders<\/b><\/p>\n<\/td>\n $62,728<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $61,558<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nWeighted average shares & units \u2013 Basic: FFO & OFFO<\/p>\n<\/td>\n \n210,112<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n212,244<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAssumed conversion of dilutive securities<\/p>\n<\/td>\n \n436<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,100<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Weighted average shares & units \u2013 Diluted: FFO & OFFO<\/b><\/p>\n<\/td>\n 210,548<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 213,344<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n FFO per share \u2013 Basic<\/b><\/p>\n<\/td>\n $0.29<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.29<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n FFO per share \u2013 Diluted<\/b><\/p>\n<\/td>\n $0.29<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.29<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Operating FFO per share \u2013 Basic<\/b><\/p>\n<\/td>\n $0.30<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.29<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Operating FFO per share \u2013 Diluted<\/b><\/p>\n<\/td>\n $0.30<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.29<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Common stock dividends declared, per share<\/b><\/p>\n<\/td>\n $0.13<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.13<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Capital expenditures (SITE Centers share):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nRedevelopment costs<\/p>\n<\/td>\n \n4,410<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,151<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nMaintenance capital expenditures<\/p>\n<\/td>\n \n2,146<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,256<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nTenant allowances and landlord work<\/p>\n<\/td>\n \n14,721<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,368<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nLeasing commissions<\/p>\n<\/td>\n \n2,328<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,758<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nConstruction administrative costs (capitalized)<\/p>\n<\/td>\n \n796<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,175<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Certain non-cash items (SITE Centers share):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nStraight-line rent<\/p>\n<\/td>\n \n696<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,080<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nStraight-line fixed CAM<\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n103<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAmortization of (above)\/below-market rent, net<\/p>\n<\/td>\n \n1,269<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,243<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nStraight-line ground rent expense<\/p>\n<\/td>\n \n(64)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(34)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nDebt fair value and loan cost amortization<\/p>\n<\/td>\n \n(1,228)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,286)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nCapitalized interest expense<\/p>\n<\/td>\n \n286<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n223<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nStock compensation expense<\/p>\n<\/td>\n \n(1,620)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,723)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nNon-real estate depreciation expense<\/p>\n<\/td>\n \n(1,303)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,238)<\/p>\n<\/td>\n<\/tr>\n SITE Centers Corp.<\/b><\/p>\n<\/td>\n<\/tr>\n Balance Sheet: <\/b>Consolidated Interests<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n$ in thousands<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n At Period End<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1Q23<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4Q22<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Assets:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nLand<\/p>\n<\/td>\n \n$1,073,726<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1,066,852<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nBuildings<\/p>\n<\/td>\n \n3,755,415<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,733,805<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nFixtures and tenant improvements<\/p>\n<\/td>\n \n592,009<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n576,036<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,421,150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,376,693<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nDepreciation<\/p>\n<\/td>\n \n(1,696,184)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,652,899)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,724,966<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,723,794<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nConstruction in progress and land<\/p>\n<\/td>\n \n57,276<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56,466<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nReal estate, net<\/p>\n<\/td>\n \n3,782,242<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,780,260<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nInvestments in and advances to JVs<\/p>\n<\/td>\n \n45,577<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n44,608<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nCash<\/p>\n<\/td>\n \n25,034<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,254<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nRestricted cash<\/p>\n<\/td>\n \n425<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n960<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nReceivables and straight-line (1)<\/p>\n<\/td>\n \n59,857<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n63,926<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nIntangible assets, net (2)<\/p>\n<\/td>\n \n101,451<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n105,945<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nOther assets, net<\/p>\n<\/td>\n \n38,599<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,064<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Total Assets<\/b><\/p>\n<\/td>\n 4,053,185<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,045,017<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Liabilities and Equity:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nRevolving credit facilities<\/p>\n<\/td>\n \n75,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nUnsecured debt<\/p>\n<\/td>\n \n1,454,462<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,453,923<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nUnsecured term loan<\/p>\n<\/td>\n \n198,605<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n198,521<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nSecured debt<\/p>\n<\/td>\n \n54,201<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54,577<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,782,268<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,707,021<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nDividends payable<\/p>\n<\/td>\n \n30,081<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,389<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nOther liabilities (3)<\/p>\n<\/td>\n \n195,825<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n214,985<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Total Liabilities<\/b><\/p>\n<\/td>\n 2,008,174<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,952,395<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nPreferred shares<\/p>\n<\/td>\n \n175,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n175,000<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nCommon shares<\/p>\n<\/td>\n \n21,437<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,437<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nPaid-in capital<\/p>\n<\/td>\n \n5,966,089<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,974,216<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nDistributions in excess of net income<\/p>\n<\/td>\n \n(4,061,167)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,046,370)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nDeferred compensation<\/p>\n<\/td>\n \n5,055<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,025<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAccumulative comprehensive income<\/p>\n<\/td>\n \n5,838<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,038<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nCommon shares in treasury at cost<\/p>\n<\/td>\n \n(73,035)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(51,518)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nNon-controlling interests<\/p>\n<\/td>\n \n5,794<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,794<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Total Equity<\/b><\/p>\n<\/td>\n 2,045,011<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,092,622<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Total Liabilities and Equity<\/b><\/p>\n<\/td>\n $4,053,185<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $4,045,017<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(1)<\/p>\n<\/td>\n \nSL rents (including fixed CAM), net<\/p>\n<\/td>\n \n$34,616<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$33,879<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(2)<\/p>\n<\/td>\n \nOperating lease right of use assets<\/p>\n<\/td>\n \n17,914<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,197<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(3)<\/p>\n<\/td>\n \nOperating lease liabilities<\/p>\n<\/td>\n \n37,558<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37,777<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nBelow-market leases, net<\/p>\n<\/td>\n \n58,734<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59,825<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n SITE Centers Corp.<\/b><\/p>\n<\/td>\n<\/tr>\n \nReconciliation of Net Income Attributable to SITE to Same Store NOI<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$ in thousands<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 1Q23<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1Q22<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1Q23<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1Q22<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n SITE Centers at 100%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n At SITE Centers Share GAAP Reconciliation:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net income attributable to SITE Centers<\/b><\/p>\n<\/td>\n $15,284<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $13,937<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $15,284<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $13,937<\/b><\/p>\n<\/td>\n<\/tr>\n \nFee income<\/p>\n<\/td>\n \n(1,859)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,261)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,859)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,261)<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n19,923<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,258<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,923<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,258<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n54,016<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50,364<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54,016<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50,364<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative<\/p>\n<\/td>\n \n10,645<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,251<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,645<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,251<\/p>\n<\/td>\n<\/tr>\n \nOther expense (income), net<\/p>\n<\/td>\n \n687<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n504<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n687<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n504<\/p>\n<\/td>\n<\/tr>\n \nEquity in net income of joint ventures<\/p>\n<\/td>\n \n(1,359)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(169)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,359)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(169)<\/p>\n<\/td>\n<\/tr>\n \nTax expense<\/p>\n<\/td>\n \n213<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n252<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n213<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n252<\/p>\n<\/td>\n<\/tr>\n \nGain on sale and change in control of interests<\/p>\n<\/td>\n \n(3,749)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,356)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,749)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,356)<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss on disposition of real estate, net<\/p>\n<\/td>\n \n(205)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n142<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(205)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n142<\/p>\n<\/td>\n<\/tr>\n \nIncome from non-controlling interests<\/p>\n<\/td>\n \n18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18<\/p>\n<\/td>\n<\/tr>\n Consolidated NOI<\/b><\/p>\n<\/td>\n 93,614<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 88,940<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 93,614<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 88,940<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net income (loss) from unconsolidated joint ventures<\/b><\/p>\n<\/td>\n 4,767<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1,378)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,004<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 26<\/b><\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n7,041<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,289<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,587<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,088<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n9,062<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,345<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,091<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,179<\/p>\n<\/td>\n<\/tr>\n \nImpairment charges<\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,200<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,040<\/p>\n<\/td>\n<\/tr>\n \nOther expense (income), net<\/p>\n<\/td>\n \n2,560<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,572<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n574<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n597<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss on disposition of real estate, net<\/p>\n<\/td>\n \n(5,304)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n98<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,062)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66<\/p>\n<\/td>\n<\/tr>\n Unconsolidated NOI<\/b><\/p>\n<\/td>\n $18,126<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $30,126<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,194<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6,996<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Consolidated + Unconsolidated NOI<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 97,808<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 95,936<\/b><\/p>\n<\/td>\n<\/tr>\n \nLess: Non-Same Store NOI adjustments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,210)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,048)<\/p>\n<\/td>\n<\/tr>\n Total SSNOI including redevelopment<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 92,598<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 88,888<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n SSNOI % Change including redevelopment<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4.2%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230425005248\/en\/<\/a><\/span><\/p>\n \nSITE Centers Corp. KEYWORDS:<\/b> Ohio United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Other Retail Commercial Building & Real Estate Construction & Property REIT Luxury Discount\/Variety Department Stores Fashion Convenience Store Retail Home Goods<\/p>\n\n
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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
(Non-GAAP)<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n
Conor Fennerty, EVP and
\n
Chief Financial Officer
\n
216-755-5500<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230425005248\/en\/683103\/3\/site-horzlogo-gradient_rgb.jpg\")
<\/td>\n<\/tr>\n