1Q20 Earnings

S I T E C E N T E R S C O N F E R E N C E C A L L

3 0 A P R I L , 2 0 2 0

S A F E H A R B O R S TAT E M E N T

SITE Centers considers portions of the information in this presentation to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward- looking statements, including, among other factors, the impact of the outbreak of COVID-19 on the Company's ability to manage its properties, finance its operations and perform necessary administrative and reporting functions and on tenants' ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay rent; local conditions such as increased supply of, or a reduction in demand for, real estate in the area; the impact of e-commerce; dependence on rental income from real property; the loss, significant downsizing or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and our ability to satisfy conditions to the completion of these arrangements; valuation risks relating to our joint ventures and preferred equity 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; and our ability to maintain REIT status. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward- looking statements, please refer to the Company's most recent reports on Form 10-K and Form 10-Q. The impacts of COVID-19 may also exacerbate the risks described therein, any of which could have a material effect on us. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

In addition, this presentation includes certain non-GAAP financial measures. Non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the appendix and in the Company's quarterly financial supplement located at www.sitecenters.com/investors.

S I T E C E N T E R S

1 Q 2 0 C O N F E R E N C E C A L L

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Table of Contents

1 Q 2 0

R E S U L T S S U M M A R Y

4

1 Q 2 0

K E Y T A K E A W A Y S

5

S T E P S T A K E N T O D A T E

6

O P E R A T I N G S T A T U S

7

A P R I L R E N T P A I D &

9

D E F E R R A L R E Q U E S T S

1 Q 2 0

O P E R A T I O N S O V E R V I E W

1 0

P O R T F O L I O C O M P O S I T I O N

1 1

A C C E S S T O C A P I T A L

1 2

E A R N I N G S C O N S I D E R A T I O N S

1 5

& C O V I D - 1 9 F I N A N C I A L I M P A C T

A P P E N D I X

1 6

3

1 Q 2 0 R E S U LT S S U M M A R Y

$

$

0.15

0.32

1 Q 2 0 E A R N I N G S

1 Q 2 0 O P E R A T I N G

P E R S H A R E

F F O / S H

92.9%

3.7%

5.0%

L E A S E D

S S N O I ( P R O - R ATA )

TTM BLENDED

90.3% COMMENCED

EXCLUDING

LEASING SPREAD

REDEVELOPMENT

12.2% TTM NEW

LEASE SPREAD

S I T E C E N T E R S

1 Q 2 0 C O N F E R E N C E C A L L

4

1 Q 2 0 K E Y TA K E AWAY S

Focused portfolio located in the top sub-markets of the U.S.

69 WHOLLY-OWNED PROPERTIES WITH AVERAGE HOUSEHOLD INCOME OF $108K (87TH PERCENTILE)

TRACK RECORD OF DECISIVE ACTIONS

  • $3.1B RVI spin-off
  • $607M DTP joint venture
  • $195M 4Q19 equity offering

SUBSTANTIAL LIQUIDITY

  • $514M of cash
  • $325M available on the Company's lines of credit

NO MATERIAL DEVELOPMENT

MINIMAL NEAR-TERMDEBT

COMMITMENTS

MATURITIES

• $30M of remaining to fund

• $4M of mortgage debt (at share)

pipeline through 2021

maturing in 2020 and $48M

of mortgage debt (at share)

maturing in 2021

• No unsecured maturities until

2023

S I T E C E N T E R S

1 Q 2 0 C O N F E R E N C E C A L L

5

S T E P S TA K E N T O D AT E

IMPLEMENTED LEASING RESPONSE PLAN

BORROWED $500M ON LINE

TO ADDRESS UNPAID RENT AND TENANT

OF CREDIT TO BUILD LIQUIDITY

REQUESTS FOR RENT DEFERMENT

MAR

APR

TRANSITIONED EMPLOYEE BASE

RE-EVALUATED CAPITAL EXPENDITURES

TO WORKING REMOTELY

AND CAPITAL DEPLOYMENT TO

IMPROVE FREE CASH FLOW

S I T E C E N T E R S

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S I T E C E N T E R S P O R T F O L I O

O P E R AT I N G

S TAT U S

W H I L E T H E I N D IV I D UA L T E N A N TS O P E N FO R B USI N E SS VA RI E S ACR OSS T H E P O R T FO LI O,

10 0 % O F P R O P E R TI E S A R E O P E N A N D O P E R ATI N G

100%

49% OF TENANTS OPEN FOR

90%

BUSINESS, UP 4% FROM

APRIL 5 TROUGH

80%

• 49% of anchors open

• 48% of shop tenants open

70%

SELECT STATES HAVE LAID OUT

60%

OPENING TIMELINES FOR APRIL

AND MAY

49%

50%

56% OF TENANTS DEEMED

ESSENTIAL1

40%

45%

30%

4/27

3/12

3/14

3/16

3/18

3/20

3/22

3/24

3/26

3/28

3/30

4/1

4/3

4/5

4/7

4/9

4/11

4/13

4/15

4/17

4/19

4/21

4/23

4/25

Note: As of April 28, 2020. Weighted by base rent.

1. Based on state guidelines for essential businesses.

S I T E C E N T E R S

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T E N A N T C AT E G O R Y O P E R AT I N G S TAT U S

Major Tenant Categories Operating

  • Grocery (100% Open)
  • Warehouse Clubs (100% Open)
  • Office Supplies (100% Open)
  • Home Improvement (94% Open)

Major Tenant Categories Closed

  • Fitness (Monthly) (98% Closed)
  • Theatres (94% Closed)
  • Restaurants (Local) (36% Closed)

Note: As of April 28, 2020. Weighted by base rent.

% ABR OPEN (PRS) BY CATEGORY

100%

80%

60%

40%

20%

0%

Jewelry

Massage & Spa

Fitness - Monthly

Home Furnishings

Clothing & Accessories

Fitness - Class

Theatres

Beauty Store

Nail Salon

Hair

Education

Discount Stores

Shoe Stores

General Merchandise

Furniture

Vision

Other

Entertainment

Medical Office (Non Discr)

Books & Toys

Restaurants (Local)

Crafts & Hobby

Financial Services

Electronics

Dry Cleaner

Mass Merchant

Restaurants (National)

Banks (Excl Financial Svcs)

Sporting Goods

Vitamins

Home Improvement

Mail, Packing & Shipping

Beer/Wine/Liquor (Non Rest)

Pet Supply

Pharmacy

Office Supplies

Grocery

Auto Repair

Gas Stations

Warehouse

S I T E C E N T E R S

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A P R I L R E N T P A I D A N D R E N T D E F E R R A L R E Q U E S T S

50% OF APRIL BILLED BASE RENTS WERE PAID

EXECUTED DEFERRALS REPRESENT 2% OF 2Q20 RENT

  • Small shops represent 95% of deferrals by count
  • 77% of deferred rent is expected to be repaid in 2020

APRIL PRS BASE RENT

$30

$20

$10

$0

Billed

Actual

BILLED

PAID

UNPAID

42%

58%

SHOP

ANCHOR

(<10K SF)

(>10K SF)

Percent of

Unpaid Base

Rent

Note: All figures as of April 29, 2020. Dollars in millions.

S I T E C E N T E R S

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1 Q 2 0 O P E R AT I O N S O V E R V I E W

1Q20 BLENDED TTM LEASING SPREADS +5.0%; TTM NEW LEASE SPREADS +12.2%

• Executed 10-year ground lease with MBTA at Shoppers World

SAME STORE LEASED RATE WAS UNCHANGED FROM 4Q19

  • 90bp QoQ decline in leased-rate due to the sale of DDRTC portfolio (95.7% leased), Pier 1 Imports bankruptcy and known anchor move-outs

1Q20 LEASING ACTIVITY IMPACTED BY PANDEMIC-RELATED MARCH SLOWDOWN

  • National tenants (banks, discount stores and grocers) still in active lease discussions
  • Local tenant activity largely on hold

CONSTRUCTION LARGELY UNAFFECTED OUTSIDE OF SELECT STATES (CALIFORNIA AND NEW JERSEY) AND MUNICIPALITIES

  • 545K square feet signed and on track to be delivered in 2020 and 2021, at share

S I T E C E N T E R S

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S I T C P O R T F O L I O C O M P O S I T I O N

ABR AT SHARE

7%

GROUND LEASES

7%

LOC. SMALL SHOPS

( < 5 K S F )

16%

NAT. SMALL SHOPS

( < 5 K S F )

9%

MID-TIER

( 5 K - 1 0 K S F )

Note: As of March 31, 2020. Numbers may not add to 100% due to rounding.

61%

ANCHORS

( > 1 0 K S F )

89%

ALL OTHER INDUSTRIES

ABR AT SHARE

LOC. RESTAURANTS

4% 3%

FITNESS 4%

MOVIE THEATRES

S I T E C E N T E R S

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N AT I O N A L T E N A N T A C C E S S T O C A P I TA L

$

RAISED BY 5 OF

24.3

RAISED BY 14 OF

$

b

TOP 10 TENANTS

TOP 50 TENANTS

(14.4% ABR)

(23.9% ABR)

9.4b

0.4% abr

$0.5B COMMON

0.2

%

abr

EQUITY

0.5% abr

$5.5B

UNSECURED

1.7% abr

2.0% abr

$2 .5B UNSECURED

0.2% abr

$0.5B FIRST LIEN

1.3% abr

$1. 3B UNSECURED

$0.6B UNSECURED

$2 .3B SENIOR

Locations

4$4.0B UNSECURED

$1.1B CONVERT

SECURED

&

UNSECURED

1.6% abr

6.1% abr

1.8% abr

0.7% abr

$ 4.0B UNSECURED

$0.5B UNSECURED

$5.0B UNSECURED

1.8% abr

2.6%

abr

1.8% abr

$1.5B UNSECURED

$0.6B UNSECURED

0.1% abr

$2 .0B UNSECURED

0.2% abr

$0.5B CONVERT

0.5% abr

0.2% abr

0.9% abr

$3.5B UNSECURED

$ 4.5B UNSECURED

$ 4.0B UNSECURED

$0.3B SENIOR

SECURED

S I T E C E N T E R S

1 Q 2 0 C O N F E R E N C E C A L L

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S I G N I F I C A N T L I Q U I D I T Y W I T H M I N I M A L N E A R - T E R M M AT U R I T I E S

$900,000

AS OF MARCH 31, 2020, SITE CENTERS HAS $839M

$750,000

OF LIQUIDITY INCLUDING:

• $514M of consolidated cash on the balance sheet

$600,000

• $325M available on the Company's lines of credit

AS OF MARCH 31, 2020, SITE CENTERS HAS JUST

$450,000

$52M OF PROPERTY-LEVEL DEBT MATURING (AT

SITC SHARE) THROUGH YEAR END 2021 WITH NO

$300,000

UNSECURED MATURITIES UNTIL 2023

• Additionally, the Company's remaining redevelopment

$82M OF MATURITIES AND EXPECTED

costs total just $30M as of March 31, 2020

$150,000

REDEVELOPMENT SPENDING THROUGH

YEAR END 2021

$0

Sources

2020

2021

Redev.

of Liquidity

Maturities

Maturities

Spending

CONSOLIDATED BALANCE SHEET CASH

LINE OF CREDIT AVAILABILITY

Note: Dollars in thousands.

S I T E C E N T E R S

1 Q 2 0 C O N F E R E N C E C A L L

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L E V E R A G E A N D P U B L I C B O N D C O V E N A N T O V E R V I E W

1Q20 PRO RATA NET DEBT TO ADJUSTED EBITDA OF 5.3X

CASH FLOW COVENANTS ARE CALCULATED ON A TRAILING-TWELVE MONTH BASIS AND ARE BASED ON GAAP, NOT CASH, REVENUE

JUST 2 OF THE COMPANY'S 69 WHOLLY-OWNED PROPERTIES ARE ENCUMBERED AS OF 1Q20 PROVIDING SIGNIFICANT FLEXIBILITY AND OPTIONALITY

• 1% secured debt to assets ratio as of March 31, 2020

BOND COVENANTS

3/31/20

$ 500M L o C

3/31/20

ACTUAL

REPAID

PRO FORMA

Outstanding Debt to Undepreciated Real Estate Assets

45%

35%

(max 65%)

Secured Debt (max 40%)

1%

1%

Unencumbered Real Estate Assets (min 135%)

208%

269%

Fixed Charges (min 1.5x)

3.6x

3.6x

S I T E C E N T E R S

1 Q 2 0 C O N F E R E N C E C A L L

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E A R N I N G S C O N S I D E R AT I O N S A N D C O V I D - 1 9 F I N A N C I A L S TAT E M E N T I M P A C T

RVI FEE INCOME

  • $7.6M total RVI fees in 1Q20, including $1.6M of disposition fees (excluded from OFFO)

1Q20 BANKRUPTCIES/CLOSINGS (PRO RATA)

  • $142K of quarterly revenue from Restaurants
  • $901K of quarterly revenue from Pier 1 Imports

STRAIGHT LINE RENT IMPACTED BY TENANT RESERVES

1Q20 RVI FEE INCOME

NET INCOME

FFO

OFFO

RVI Fees

$6,074

$6,074

$6,074

RVI Disposition Fees

$1,556

$1,556

-

TOTAL

$7,630

$7,630

$6,074

PRO RATA

3Q19

4Q19

1Q20

SL Rent Reserves

$(402)

$(415)

$(1,759)

SL Rent Amortization

$968

$339

$417

TOTAL

$566

$(76)

$(1,342)

Dollars in thousands.

S I T E C E N T E R S

1 Q 2 0 C O N F E R E N C E C A L L

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Appendix

16

N O N - G A A P F I N A N C I A L M E A S U R E S - D E F I N I T I O N S

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 ("OFFO") 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 GAAP), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments including reserve adjustments of preferred equity interests, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company's proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company's calculation of FFO is consistent with the NAREIT definition. 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 net operating income ("NOI"), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis. The Company presents NOI information herein on a same store basis or "SSNOI." The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income (including reimbursements) and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI includes assets owned in comparable periods (15 months for quarter comparisons). In addition, SSNOI is presented both including and excluding activity associated with development and major redevelopment. SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at is 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.

S I T E C E N T E R S

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N O N - G A A P F I N A N C I A L M E A S U R E S - D E F I N I T I O N S C O N T I N U E D

The Company believes that FFO, OFFO and SSNOI are not, and are not intended to be, presentations in accordance with GAAP. FFO, OFFO and SSNOI information have their limitations as they exclude any capital expenditures associated with the re-leasing of tenant space or as needed to operate the assets. FFO, OFFO and SSNOI do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO, OFFO and SSNOI as indicators of the Company's cash obligations and funding requirements for future commitments, acquisitions or development activities. FFO, OFFO and SSNOI do not represent cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs. FFO, OFFO and SSNOI should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measure of net income (loss) have been provided herein.

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 (annualized), 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 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 Company's consolidated debt outstanding excluding unamortized loan costs and fair market value adjustments, less cash and restricted cash as of the balance sheet date presented. Such amounts are calculated at the Company's proportionate share of ownership.

The Company also calculates EBITDAre as net income attributable to SITE before interest, income taxes, depreciation and amortization, gains and losses from disposition of real estate property and related investments, impairment charges on real estate property and related investments including reserve adjustments of preferred equity interests and gains and losses from changes in control. Such amount is 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 prorata Debt/Adjusted EBITDA ratio to their most directly comparable GAAP measures of net income (loss) and debt are provided herein.

S I T E C E N T E R S

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R E C O N C I L I AT I O N S S H A R E H O L D E R S T O

- N E T I N C O M E AT T R I B U TA B L E T O C O M M O N F F O A N D O P E R AT I N G F F O

1Q20

Net Income Attributable to Common Shareholders

$0.15

Depreciation and Amortization of Real Estate

0.21

Equity in Net Income of JVs

(0.01)

JVs' FFO

0.04

Gain on Sale of Real Estate and Joint Venture Interest

(0.24)

Reserve of Preferred Equity Interests

0.09

FFO (NAREIT)

$0.24

RVI Disposition Fees, Mark-to-Market Adjustment (PRSUs), Debt Extinguishment Costs

0.08

Operating FFO

$0.32

S I T E C E N T E R S

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R E C O N C I L I AT I O N - N E T I N C O M E AT T R I B U TA B L E T O S I T E C E N T E R S T O S S N O I

AT SITE CENTERS SHARE (NON-GAAP)

GAAP RECONCILIATION:

1Q20

1Q19

NET INCOME ATTRIBUTABLE TO SITE CENTERS

$34,333

$35,790

Fee Income

(15,228)

(17,332)

Interest Income

(3,485)

(4,521)

Interest Expense

20,587

21,726

Depreciation and Amortization

42,993

42,608

General and Administrative

11,376

14,112

Other (Income) Expense, Net

17,409

(153)

Impairment Charges

-

620

Equity in Net Income of Joint Ventures

(2,171)

(1,043)

Reserve of Preferred Equity Interests

18,057

1,099

Tax Expense

233

272

Gain on Sale of Joint Venture Interest

(45,681)

-

Gain on Disposition of Real Estate, Net

(773)

(16,377)

Income from Non-Controlling Interests

295

305

CONSOLIDATED NOI

$77,945

$77,106

SITE Centers' Consolidated Joint Venture

(476)

(444)

CONSOLIDATED NOI, NET OF NON-CONTROLLING INTERESTS

$77,469

$76,662

Dollars in thousands.

S I T E C E N T E R S

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R E C O N C I L I AT I O N - N E T I N C O M E AT T R I B U TA B L E T O S I T E C E N T E R S

T O S S N O I C O N T I N U E D

AT SITE CENTERS SHARE (NON-GAAP)

1Q20

1Q19

NET INCOME FROM UNCONSOLIDATED JOINT VENTURES

$1,981

$774

Interest Expense

3,329

4,429

Depreciation and Amortization

5,196

6,167

Impairment Charges

1,586

2,453

Preferred Share Expense

227

273

Other Expense, Net

936

996

Gain on Disposition of Real Estate, Net

(1,739)

(1,555)

UNCONSOLIDATED NOI

$11,516

$13,537

TOTAL CONSOLIDATED + UNCONSOLIDATED NOI

$88,985

$90,199

Less: Non-Same Store NOI Adjustments

(4,505)

(8,220)

TOTAL SSNOI INCLUDING REDEVELOPMENT

$84,480

$81,979

Less: Redevelopment Same Store NOI Adjustments

(5,240)

(5,566)

TOTAL SSNOI EXCLUDING REDEVELOPMENT

$79,240

$76,413

SSNOI % CHANGE INCLUDING REDEVELOPMENT

3.1%

SSNOI % CHANGE EXCLUDING REDEVELOPMENT

3.7%

Dollars in thousands.

S I T E C E N T E R S

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R E C O N C I L I AT I O N - D E B T/A D J U S T E D E B I T D A

1Q20

CONSOLIDATED

Net Income to SITE Centers

$34,333

Interest Expense

20,587

Income Tax, Net

233

Depreciation and Amortization

42,993

Adjustments for Non-Controlling Interests

(184)

EBITDA - Current Quarter

97,962

Reserve of Preferred Equity Interests

18,057

Gain on Sale of Joint Venture Interest

(45,681)

Gain on Disposition of Real Estate, Net

(773)

EBITDAre - Current Quarter

70,338

Equity in Net Income of JVs

(2,171)

Other Expense, Net

15,242

JV Adjusted EBITDA (at SITE Share)

7,185

Adjusted EBITDA - Current Quarter

90,594

Adjusted EBITDA - Annualized

362,376

Consolidated Debt

2,246,711

Partner Share of Consolidated Debt

(9,402)

Loan Costs, Net

8,148

Face Value Adjustments

(709)

Cash and Restricted Cash

(513,877)

Net Effective Debt

$1,730,871

Debt/Adjusted EBITDA - Consolidated1

4.8x

PRO RATA INCLUDING JVS

EBITDAre - Current Quarter

74,537

Adjusted EBITDA - Current Quarter

93,331

Adjusted EBITDA - Annualized

373,324

Consolidated Net Debt

1,730,871

JV Debt (at SITE Share)

255,694

Cash and Restricted Cash

(9,849)

Net Effective Debt

$1,976,716

Debt/Adjusted EBITDA - Pro Rata1

5.3x

1. Excludes perpetual preferred stock. Dollars in thousands.

S I T E C E N T E R S

1 Q 2 0 C O N F E R E N C E C A L L

22

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