SITE Centers : Citi Global Property CEO Conference 2024 Presentation

SITE CENTERS

CITI GLOBAL PROPERTY CEO CONFERENCE

MARCH 2024

SAFE HARBOR STATEMENT

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that

its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to complete the spin-off of Curbline Properties in a timely manner or at all; our ability to secure equity or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; 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 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.

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.

2

TRANSACTION OVERVIEW

Unlocking a Unique Scalable Investment Opportunity

Focused Growth Vehicle Intended to Scale Fragmented Property Type

• Spin-offunlocks the first and only public REIT exclusively focused on Convenience assets which offer attractive, inflation-protected returns driven by high renewal and retention rates and limited operating capital expenditures (CapEx < 10% of NOI)
• Strong embedded internal growth driven by lease structure (fixed annual bumps) and SNO pipeline with 3-year SSNOI growth expect to average >3.0% (est. 3.5% - 5.5% in 2024)
• Tenant roster is majority national (72% national) with significant tenant diversification (1 tenant with >2% of ABR exposure)
• Diversified portfolio concentrated in sub-markets with barriers to entry and above-average household incomes (91st percentile)
• Net cash position with no initial debt expected at the time of the spin provides substantial investment capacity ($1-2b+) to fund investments in a fragmented, yet liquid market

Maximize and Realize NAV Through

Operations and Asset Sales

• SITE Centers intends to maximize value via leasing and tactical redevelopment efforts and opportunistically realize value where appropriate
• Curated portfolio of dominant assets concentrated in the top submarkets in the U.S. with almost 64% of assets anchored by a Grocer or Warehouse Club and household incomes in the 88th percentile nationally
• Leasing momentum, redevelopment pipeline and $11m SNO pipeline
  (4.2% of ABR) expected to drive NOI and cash flow growth
• Sold $877M of assets in 2023 (6.5% cap rate on 2H23 asset sales); $119M of assets sold YTD 2024 and over $700M of additional assets under LOI or in contract negotiation subject to standard closing conditions
• Balance sheet positioned for flexibility with $1.1B mortgage commitment expected to retire all unsecured debt prior to the spin
• Strong management track record of value realization with over $7B of assets (at 100%) sold since 2017, the successful monetization of Retail Value Inc. and the unwind of multiple JV portfolios

Note: All figures as of December 31, 2023.

3

TRANSACTION OVERVIEW: KEY OPERATING METRICS

The Spin separates the Company's Convenience strategy from SITE Centers, providing investors two distinct growth and investment strategies.

4Q2023 Property Count (including JVs)	65	73
Estimated Property NOI Projection ($m)1	$73.9 - $77.9	$260.7 - $269.8
ABR PSF	$35.84	$17.62
Leased Rate	96.7%	94.0%
Commenced Rate	94.5%	91.5%
Avg. HH Income	$115k	$108k
Green Street TAP Score	74	71

Note: Operating metrics and demographics for all properties owned as of December 31, 2023.

1. NOI calculated pursuant to definition of NOI used in the SSNOI calculation as described in the Appendix, except that it includes lease termination fees and all properties owned as of December 31, 2023 and assumes all properties are held for the full year 2024. Definitions and reconciliations of non-GAAP financial measures are included in the Appendix. In reliance on the exception provided by Item 10(e) (1) (i) (B) of Regulation S-K, reconciliation of the NOI projections to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which excludes all corporate level activity as described in the Appendix.

4

TRANSACTION OVERVIEW: ESTIMATED TIMELINE & CASH FLOWS

Public

Announcement

OCT NOV-DEC

2023

$0.16 Per Share

Special Dividend

Form 10 Submission & Review. Pre-Spin Reinvestment Period.

JAN-SEP

2024

Spin Complete

OCT

2024

SOURCES

(1Q24 - 3Q24)

Mortgage Proceeds1	$1,100m
Cash & Equivalents	$569M
Disposition Proceeds2	$242m

$1,911m

USES

(1Q24 - 3Q24)

Unsecured Notes	$1,306m
Unsecured Term Loan	$200m
WO Mortgage Debt	$26m
Special Cash Dividend3	$33m
Acquisitions4	$11m
Cash to CURB	$300m
Transaction Costs5	$35m
		$1,911m

1. Includes $1.1B mortgage commitment.
2. Includes $119M sold in 2024 year-to-date with the balance under contract subject to standard closing conditions or expected to be sold prior to the completion of the spin.
3. $0.16 per share dividend paid in January 2024.
4. Includes properties acquired in 2024 to date.
5. Excludes fees related to $1.1B mortgage commitment.

5

TRANSACTION OVERVIEW: PRO FORMA BALANCE SHEETS

Pro forma for the Spin, SITE Centers is expected to have no unsecured debt outstanding and CURB is expected to be in a net cash position with no debt

	4Q2023		PRO FORMA
	SITE Centers	SITE Centers	Curbline
SITC Preferred Stock	-		-	$300m
Cash & Restricted Cash	$569m		$0m	$300m
Total Assets	$569m			$0m	$600m

• Debt paydown expected to be funded by dispositions and $1.1b cross-collateralizedmortgage commitment secured by 40 properties obtained from affiliates of
  Apollo Global Management, including Atlas SP Partners
• • 1-yearcommitment with 3-year term upon funding; loan expected to close prior to spin-off subject to closing conditions1
  • Commitment and expected funded loan balance can be reduced upon sale of assets

Unsecured Public Debt	$1,306m	-	-
WO Mortgage Debt	$126m		$1,200m	-
Unsecured Term Loan	$200m	-	-
Line of Credit	-	-	-
Total Consolidated Debt	$1,631m		$1,200m	-
Unconsolidated Debt (PRS)	$115m		$115m	-
Total Debt (PRS)	$1,747m		$1,315m	-

• Newly issued $300m preferred investment in SITE	SITC Preferred Stock	$175m				$475m	-
Centers to CURB
	Total Debt + Preferred (PRS)	$1,922m				$1,790m	-
	Net Debt / (Cash) + Preferred (PRS)	$1,353m				$1,790m	($600m)

1. Full term subject to extension conditions at the end of year 2 including but not limited to certain debt yield tests. Note: Pro forma balance sheet estimates based on Sources & Uses as detailed on page 5.

6

CURBLINE PROPERTIES

(CURB)

7

CURBLINE PROPERTIES: A UNIQUELY POSITIONED COMPANY

Limited Operating

Capital Needs

Unmatched Balance

Sheet Capacity

First Mover Advantage in

a Fragmented Market

Innovative

Management Team

COMPONENTS

OF GROWTH

Scalable Investment

Opportunity Set

Highly Diversified Portfolio

by Tenant and Asset

Attractive Leasing

Economics

8

CURBLINE PROPERTIES: PORTFOLIO OVERVIEW

The Curbline Portfolio is a 2m SF portfolio of unanchored Convenience real estate concentrated in the top U.S. sub-markets

screened and curated based on demographics, credit profile, mark-to-market and NOI growth

2.2m	$35.84	96.7%
SQUARE FEET	RENT PSF	LEASED RATE

74	35k	ST
	115k
		$
		91 PERCENTILE
GREEN STREET	AVG. VEHICLES PER DAY		AVG. HHI
TAP SCORE

Note: All figures as of December 31, 2023.

9

CURBLINE PROPERTIES: DIFFERENTIATED FROM PUBLIC PEERS

	SHOPS AS A % OF ABR
		92%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
CURB	ROIC	REG PECO KRG	FRT	BRX	KIM	UE

SHOP ABR

ANCHOR ABR

AVERAGE ASSET SIZE (SF)

35k sf

300

250

200

150

100

50

0

CURB

ROIC PECO

REG

KRG

KIM

BRX

UE

FRT

TOP 10 TENANT CONCENTRATION

14.0%

35%

30%

25%

20%

15%

10%

5%

0%

FRT

CURB

KRG

BRX

KIM

REG PECO

ROIC

UE

Note: All data as of December 31, 2023. Source: Company data and Green Street Advisors.

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