SITE Centers : 2Q20 Earnings Conference Call Presentation

2Q20 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

J U LY 2 8 , 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 and finance its operations and on tenants' ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay rent; the Company's ability to pay dividends; local conditions such as supply of, and demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss, 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 and the ability to satisfy conditions to the completion of these arrangements; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; our ability to maintain REIT status; and the finalization of the financial statements for the period ended June 30, 2020. 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.

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Table of Contents

2 Q 2 0	K E Y T A K E A W A Y S	4
2 Q 2 0	R E S U L T S S U M M A R Y	5
O P E R A T I N G S T A T U S	6
2 Q 2 0	R E N T C O L L E C T I O N O V E R V I E W	8
B L A C K S T O N E T R A N S A C T I O N	1 2
O P E R A T I O N S O V E R V I E W	1 3
P O R T F O L I O C O M P O S I T I O N	1 4
A C C E S S T O C A P I T A L	1 5
E A R N I N G S C O N S I D E R A T I O N S	1 8
& 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 9

3

2 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

SUBSTANTIAL LIQUIDITY

• $128M of cash

NO MATERIAL DEVELOPMENT	MINIMAL NEAR-TERMDEBT
COMMITMENTS	MATURITIES

• $3.1B RVI spin-off
• $607M DTP joint venture
• $195M 4Q19 equity offering
• Entered into agreement with Blackstone to acquire 9 properties and receive $20M of cash1

• $685M available on the

Company's lines of credit

• $19M of remaining cost to fund pipeline through 2021

• $5M of mortgage debt (at share) maturing in 2020 and $48M of mortgage debt (at share) maturing in 2021
• No unsecured maturities until 2023

1. As of June 30, 2020.

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

$				$
(0.05)		0.21
2 Q 2 0 E A R N I N G S		2 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

92.4%		(19.1)%		5.6%
L E A S E D		S S N O I ( P R O - R ATA )		TTM BLENDED
90.4% COMMENCED		EXCLUDING		LEASING SPREAD
		REDEVELOPMENT		16.9% TTM NEW
				LEASE SPREAD

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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

10 0 % O F PR O PE R TI E S R E M AI N O PE N A N D O PE R ATI N G

100%

92%

92% OF TENANTS OPEN

FOR BUSINESS, UP 47%

FROM APRIL 5 TROUGH

80%

• 91% of anchors open

• 94% of shop tenants open

+ 47%

56% OF TENANTS DEEMED

ESSENTIAL1

60%

45%

40%

3/12/20

3/19/20

3/26/20

4/2/20

4/9/20

4/16/20

4/23/20

4/30/20

5/7/20

5/14/20

5/21/20

5/28/20

6/4/20

6/11/20

6/18/20

6/25/20

6/28/20

6/30/20

7/2/20

7/9/20

7/16/20

7/23/20

Note: As of July 24, 2020. Weighted by base rent.

1. Based on state guidelines for essential businesses.

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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

% ABR OPEN (PRS) BY CATEGORY

Major Tenant Categories Operating

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

Major Tenant Categories Closed

• Theatres (88% Closed)
• Fitness (Monthly) (45% Closed)
• Fitness (Class) (41% Closed)
• Entertainment (40% Closed)

100%

80%

60%

40%

20%

0%

				Entertainment
			Education		Class
		Monthly
Theatres	Fitness		-	Restaurants
Fitness	-
						Banks

Services

Supplies

Stations

(Local) Other

Svcs)

Jewelry

&

Salon

Discr) Stores

Store

Stores

Vision

&

Toys

Cleaner

Goods

Rest) Supply

Grocery

Repair

Nail

(Non

Vitamins

&

(Non

Pet

Pharmacy

WLM,

Hair

Furniture

Spa

Furnishings

(National)

Improvement

Merchandise

JOF, Merchant

CST)

. Financial

&

Accessories

Shoe

Dry

Office

Auto

Gas

Massage

Electronics

Beauty

Books

(MCL,

Mass

(Excl

Financial

Office

Discount Home

Home

(TGT,

Clothing

Restaurants

General

Sporting

Mail,

Packing

Crafts

Warehouse

Medical

Beer/Wine/Liquor

Note: As of July 24, 2020. Weighted by base rent.

4/28/20

CURRENT

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2 Q 2 0 R E N T C O L L E C T I O N O V E R V I E W
6 4% O F 2 Q 2 0 A N D 7 1% O F J U LY R E N T PAI D TO DAT E W IT H CO L L E C TI O N E FFO R TS O N G O I N G
APRIL	MAY	JUNE	JULY
	19%		20%			16%	18%
	15%		18%			20%	10%
	67%		62%			64%	71%
Billed	Actual	Billed	Actual	Billed	Actual	Billed	Actual
	BILLED	PAID	REACHED DEFERRAL ARRANGEMENTS	UNPAID

Note: Figures may not sum to 100% due to rounding

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2 Q 2 0 U N C O L L E C T E D R E N T O V E R V I E W

7% LOCAL SHOP

	2Q20 BASE RENT, PRS
$100	17%

NATIONAL SHOP

AN CH O R 61%

Percent of

90% OF UNPAID 2Q2020 RENT IS FROM NATIONAL TENANTS

96% OF DEFERRAL ARRANGEMENTS TO BE REPAID BY YEAR END 2021

$80
						15%
$60
$40
$20
$0
Billed	Actual

Uncollected

Base Rent

MID -TIER (5 -10K SF)

4% 2022 & BEYOND	2020	11%

		Share of
		Deferrals
		Repaid by
85%	2021	Year

BILLED PAID REACHED DEFERRAL ARRANGEMENTS

Note: All figures as of July 24, 2020. Dollars in millions.

UNPAID

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2 Q 2 0 R E N TA L I N C O M E C O M P O N E N T S

$44M OF UNCOLLECTED CONTRACTUAL REVENUE IN 2Q20

• $15M was deemed at-risk or uncollectible
• $4M was collected after the quarter ended, leaving $40M of unpaid revenue at SITE Centers' share

Note: Dollars in millions.

2Q20 RENTAL INCOME, AT SHARE ($ M)	CO N S O L I DAT E D	JV PRS	TOTAL
Rental Income before Non-Cash Adjustments
Unpaid Contractual	$40.3	$3.7	$44.0
Paid & Other	$69.4	$8.7	$78.2
Total Rental Income before Non-Cash Adjustments	$109.7	$12.4	$122.2
Non-Cash Adjustments	$1.6	$(0.3)	$1.3
Uncollectible Revenue	$(13.2)	$(2.1)	$(15.3)
Total Rental Income	$98.1	$10.1	$108.2

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2 Q 2 0 C A S H B A S I S C O L L E C T I O N T R E N D S

COLLECTIONS AT SHARE

$3

$2

CASH-BASIS TENANTS HAVE PAID 19% OF 2Q20 RENTS AND 36% OF JULY RENTS

$1					36%
				28%
	17%	12%
$0
April		May	June	July
		PAID	UNPAID
Note: All figures as of July 24, 2020. Dollars in millions.
S I T E C E N T E R S			2 Q 2 0 C O N F E R E N C E C A L L	11

B L A C K S T O N E B R E D D R J O I N T V E N T U R E A G R E E M E N T

SIT E CE N T E RS H AS E N T E R E D I N TO AG R E E M E N TS W IT H B L ACKS TO N E TO T E R M I N AT E T H E B R E D D R III A N D B R E D D R IV J O I N T V E N T U R E S

AT THE CLOSING OF THE BRE DDR III TRANSACTION:

• SITC will receive BRE DDR III's interests in White Oak Village and Midtowne Park, 50% of the unrestricted cash then held by BRE DDR III (BRE DDR III's unrestricted cash balance was $13.6M as of June 30, 2020), and $1.9M
• White Oak Village and Midtowne Park properties will continue to be subject to existing mortgages ($50.0M balance as of June 30, 2020)

AT THE CLOSING OF THE BRE DDR IV TRANSACTION:

• SITC will become sole owner of the seven properties currently owned by BRE DDR IV including Echelon Village Plaza and Larkin's Corner, in which the Company did not previously have a material economic interest
• SITC will receive BRE DDR IV's restricted and unrestricted cash ($11.2M in the aggregate as of June 30, 2020)
• These seven properties will be subject to existing mortgage loans ($147M balance as of June 30, 2020)

Note: The closings of the two transactions are not conditioned on one another and each transaction is expected to close as soon as all applicable conditions have been satisfied including receipt of lender consents. GLA in thousands.

C E N T E R	LO C ATI O N S T	SITC %	JV	OWNED	TOTAL	ABR
OWNED	GL A	GL A	PSF
Concourse Village	Jupiter	FL	5%	BREDDR IV	134	134	$17.34
Millenia Crossing	Orlando	FL	5%	BREDDR IV	100	100	$26.30
Echelon Village Plaza	Voorhees	NJ	0%	BREDDR IV	89	89	$20.58
The Hub	Hempstead	NY	5%	BREDDR IV	249	249	$12.40
Southmont Plaza	Easton	PA	5%	BREDDR IV	251	386	$16.51
Ashbridge Square	Downingtown	PA	5%	BREDDR IV	386	386	$8.87
Larkin's Corner	Boothwyn	PA	0%	BREDDR IV	225	225	$9.73
Midtowne Park	Anderson	SC	5%	BREDDR III	167	174	$9.83
White Oak Village	Richmond	VA	5%	BREDDR III	432	956	$15.99

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

2Q20 BLENDED TTM LEASING SPREADS +5.6%; TTM NEW LEASE SPREADS +16.9%

• Executed 4 anchor leases in 2Q20 and grocery anchor at Lake Brandon Village subsequent to quarter end

LEASED RATE DECLINED 50 BPS FROM 1Q20 TO 92.4%

• Decline in leased rate due to 24 Hour Fitness bankruptcy, partially offset by new leasing activity

LEASING ACTIVITY HAS IMPROVED FROM PANDEMIC LOWS BUT REMAINS BELOW PRE-COVID LEVELS

• Sectors with active dialogue include discounters, grocery, beauty and banks
• Increased local activity but sub-market dependent

SIGNED BUT NOT OPENED PIPELINE TOTALS $11M OF ANNUALIZED BASE RENT (PRS)

• Construction activity largely unaffected by recent shutdowns

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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

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 )

7%	4%
GROUND LEASES	LOC. RESTAURANTS 3%	4%
	FITNESS

MOVIE THEATRES

61%

ANCHORS

( > 1 0 K S F )

ABR	ABR
At Share	At Share

89%

ALL OTHER INDUSTRIES

Note: As of July 24, 2020. Numbers may not add to 100% due to rounding.

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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

10.8b				b		(32.0% ABR)
$		RAISED BY 7 OF	$	41.3		RAISED BY 20 OF
	TOP 10 TENANTS			TOP 50 TENANTS
	(20.4% ABR)

0.4% abr

0.6% abr

0.2% abr

$5.5B UNSECURED

0.4% abr

0.6% abr

$0. 5B COMMON

$0.5B UNSECURED

$0.5B UNSECURED

EQUIT Y

EQUIT Y

$0.1B COMMON

1.7% abr

$1.3B SENIOR

SECURED

2.7% abr

1.8% abr

4 Locations

$2.0B UNSECURED

1.9% abr

$4.0B UNSECURED

1.3% abr 1.7% abr

0.4% abr

$0.6B CONVERT

$0.5B UNSECURED

$1. 3B SENIOR

$1.1B CONVERT $0.6B UNSECURED

6.1% abr

SECURED &

& UNSECURED

UNSECURED

2.0% abr

$ 4.5B UNSECURED

$3.0B UNSECURED

0.2% abr

0.4% abr

0.7% abr

$ 4.0B UNSECURED

$2.3B SENIOR

0.9% abr

SECURED

$5.0B UNSECURED

1.8% abr

0.1% abr

$0.3B SENIOR

$0.6B UNSECURED 2.6% abr

0.1% abr

$1.5B UNSECURED

SECURED

$ 4.0 B

3.3% abr

UNSECURED

$0.5B CONVERT

0.4% abr

U N S ECU R ED

$3.5B UNSECURED

0.2%

abr

abr

0.4% abr

0.2% abr

$0. 4B

0.0% abr

$3 . 5 B

UNSECURED $1.5B UNSECURED

$0.5B UNSECURED

$0.9B ASSET BASED

$12.5B

0.0% abr

0.5% abr

0.5% abr

$0.2B CONVERT

0.6%

REVOLVER

UNSECURED

$2.5B UNSECURED

0.2% abr $ 4.0B UNSECURED

$1 . 3B UNSECURED

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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
AS OF JUNE 30, 2020, SITE CENTERS HAS	$800
$813M OF LIQUIDITY INCLUDING:	$700
• $128M of consolidated cash on the balance sheet
• $685M available on the Company's lines of credit	$600
	$500
AS OF JUNE 30, 2020, SITE CENTERS HAS	$400
JUST $53M OF PROPERTY-LEVEL DEBT
MATURING (AT SITC SHARE) THROUGH YEAR	$300
END 2021 WITH NO UNSECURED MATURITIES
UNTIL 2023	$200	$72M OF MATURITIES AND EXPECTED
		REDEVELOPMENT SPENDING THROUGH
• Additionally, the Company's remaining redevelopment	$100		YEAR END 2021
costs total just $19M as of June 30, 2020
	$0
	Sources	2020	2021	Redev.
	of Liquidity	Maturities	Maturities	Spending

CONSOLIDATED BALANCE SHEET CASH		LINE OF CREDIT AVAILABILITY

Note: Dollars in thousands.

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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

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 2Q20 PROVIDING SIGNIFICANT FLEXIBILITY AND OPTIONALITY

• 1% secured debt to assets ratio as of June 30, 2020

BOND COVENANTS	6/30/20	$ 100M L o C	6/30/20
ACTUAL		REPAID	PRO FORMA
Outstanding Debt to Undepreciated Real Estate Assets (max 65%)	37%				35%
Secured Debt (max 40%)	1%				1%
Unencumbered Real Estate Assets (min 135%)	249%				263%
Fixed Charges (min 1.5x)	3.45x				3.53x

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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 PA C T

RVI FEE INCOME

• $5.5M total RVI fees in 2Q20, including $0.2M of disposition fees (excluded from OFFO)

MATERIAL NATIONAL BANKRUPTCIES TO DATE REPRESENT 2.3% OF ABR

• Includes leases that have not been rejected

STRAIGHT LINE RENT IMPACTED BY TENANT RESERVES

Note: Dollars in thousands.

2Q20 RVI FEE INCOME	NET INCOME	FFO	OFFO
RVI Fees	$5,321	$5,321	$5,321
RVI Disposition Fees	$210	$210	-
TOTAL	$5,531	$5,531	$5,321

2Q20 PRO RATA STRAIGHT LINE RENT	4Q19	1Q20	2Q20
Straight Line Rent Reserves	$(415)	$(1,759)	$(3,171)
TOTAL	$(76)	$(1,342)	$213

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Appendix

19

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. In addition, SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at its effective ownership interest provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

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.

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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 L O S S 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

	2Q20
Net Loss Attributable to Common Shareholders	$(0.05)
Depreciation and amortization of real estate	0.20
Equity in net loss of JVs	0.01
JVs' FFO	0.02
Reserve of preferred equity interests	0.02
FFO (NAREIT)	$0.20
RVI disposition fees, mark-to-market adjustment (PRSUs), transaction costs	0.01
Operating FFO	$0.21

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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:	2Q2020	2Q2019
NET (LOSS) INCOME ATTRIBUTABLE TO SITE CENTERS	($4,613)	$17,277
Fee income	(9,311)	(15,206)
Interest income	(3,550)	(4,521)
Interest expense	19,811	21,087
Depreciation and amortization	40,873	40,060
General and administrative	13,502	14,932
Other expense, net	612	85
Impairment charges	-	-
Equity in net loss (income) of joint ventures	1,513	(1,791)
Reserve of preferred equity interests	4,878	4,634
Tax expense	342	306
Loss on sale of joint venture interest	128	-
Gain on disposition of real estate, net	(2)	(213)
Income from non-controlling interests	210	260
CONSOLIDATED NOI	$64,393	$76,910
SITE Centers' consolidated joint venture	(404)	(434)
CONSOLIDATED NOI, NET OF NON-CONTROLLING INTERESTS	$63,989	$76,476

Note: Dollars in thousands.

S I T E C E N T E R S

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

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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)
	2Q2020	2Q2019
NET (LOSS) INCOME FROM UNCONSOLIDATED JOINT VENTURES	($1,674)	$1,571
Interest expense	2,985	4,395
Depreciation and amortization	4,219	6,004
Impairment charges	304	-
Preferred share expense	227	274
Other expense, net	620	1,026
Loss on disposition of real estate, net	4	30
UNCONSOLIDATED NOI	$6,685	$13,300
TOTAL CONSOLIDATED + UNCONSOLIDATED NOI	$70,674	$89,776
Less: Non-Same Store NOI adjustments	(899)	(4,543)
TOTAL SSNOI INCLUDING REDEVELOPMENT	$69,775	$85,233
Less: Redevelopment Same Store NOI adjustments	(5,257)	(5,450)
TOTAL SSNOI EXCLUDING REDEVELOPMENT	$64,518	$79,783
SSNOI % CHANGE INCLUDING REDEVELOPMENT	(18.1%)
SSNOI % CHANGE EXCLUDING REDEVELOPMENT	(19.1%)

Note: Dollars in thousands.

S I T E C E N T E R S

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

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