SITE Centers : FY24 Q1 Presentation

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

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to complete the spin-off of Curbline Properties in a timely manner or at all; our ability to secure equity

or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and the finalization of the financial statements for the period ended March 31, 2024. 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.

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Table of Contents

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

1 Q 2 4 R E S U LT S K E Y TA K E A W AY S

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

101 WHOLLY-OWNED PROPERTIES WITH AVERAGE HOUSEHOLD INCOME OF $111K (90TH PERCENTILE)

1$189M OF TOTAL TRANSACTION ACTIVITY YTD1

• Sold 3 assets for $119M in 1Q24, and
  2 additional assets for $50M in 2Q24 to date
• In 1Q24 acquired 2 convenience properties for $19M

2 SPIN-OFF OF CONVENIENCE PORTFOLIO

• On track to complete announced spin-off of Company's convenience properties into separate publicly traded REIT to be named Curbline Properties on or around October 1, 2024
• Curbline Properties to be the first public REIT exclusively focused on Convenience Sector
• As of March 2024, portfolio has
  67 wholly owned shopping centers

3BALANCE SHEET POSITIONED FOR

SPIN-OFF WITH SUBSTANTIAL UNENCUMBERED POOL

• 4.3x PRS debt/EBITDA at quarter end
• $1.5B of liquidity as of March 31, 2024
• Repurchased $61.6M of 2025 and 2026 bonds at discount to par in 1Q24
• No consolidated maturities through year-end 2024 and only $6M of redevelopment commitments

Note: Data as of March 31, 2024 1. Excludes land

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1 Q 2 4 R E S U LT S S U M M A R Y

($0.13) $0.28

1Q 2 4 LOS S P E R S H A R E

1Q 2 4 O F F O P E R S H A R E

94.2%		1.5%		11.5%
L E A S E D		1Q 2 4 S S N O I		1Q 2 4 N E W C A S H
91.6% COMMENCED		G R OW T H		L E A S E S P R E A D
		(PRO -RATA)		8.2% 1Q24 BLENDED
				CASH LEASE SPREAD

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1 Q 2 4 O P E R AT I O N S O V E R V I E W

2 9. 0 % T T M n ew c a s h l e a s i n g s p re a d s ;

8 . 8 % T T M b l e n d e d c a s h l e a s i n g s p re a d s

$ 1 3 M S N O P i p e l i n e re p re s e n t s 3 . 9 % o f 1 Q 2 4 A B R

• National tenants represent 89% of the SNO; 44% publicly traded
• Leased rate decreased 30bp sequentially to
  94 . 2% as Company holds space offline at several disposition properties to maximize value

CUMULATIVE SNO ABR ($M)

15

12

9

6

3

0

SNO COMMENCEMENT SCHEDULE (ABR)

$13m

	2Q24	3Q24	4Q24	2025	2026

SELECT NEW & RENEWAL LEASES SIGNED IN 1Q24

®

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S I G N I F I C A N T U N E N C U M B E R E D A S S E T B A S E A N D L I Q U I D I T Y

As of 1Q24, SITE has no consolidated debt maturities in 2024, no unhedged variable rate debt and $1.5B of liquidity ($557M of cash and restricted cash & $950M of availability on the Company's line of credit)

During 1Q24, SITE repurchased $61.6M of 2025 and 2026 bonds for $60.8M

In October 2023, obtained a commitment from affiliates of Apollo, including ATL AS SP Partners, to provide $1.1B delayed - draw mortgage facility to be secured by 40 properties with flexibility to reduce the commitment or loan balance with proceeds from asset sales or other sources of capital

• In 1Q24, SITE released two properties from the commitment reducing the committed balance to $ 1 . 0B
• The mortgage is expected to be funded prior to the spin - off date with loan and additional asset sale proceeds expected to be used to retire all unsecured debt, including all outstanding public notes, prior to the spin - off of CURB

Note: All figures as of March 31, 2024

1600

1400

1200

1000

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200

0

NO MATURITIES AND $6M

EXPECTED REDEVELOPMENT

THROUGH YEAR-END 2024

Sources	2024	Redev.
of Liquidity	Maturities	Spending
CASH & EQUIVALENTS	LINE OF CREDIT AVAILABILITY	USES

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2 0 2 4 P R O J E C T I O N S A N D E A R N I N G S C O N S I D E R AT I O N S

1Q24 Earnings Considerations

• Assets sold in 1Q24 contributed $ 937K of NOI to the quarter
• Other income included $ 7. 3M of interest income from cash and cash equivalents
• 1Q24 included $ 3 . 1M of lease termination income compared to 2023 quarterly average of $ 150K

2024 Earnings Considerations

• Expect 2024 SSNOI growth rate of 3 . 5% - 5 . 5% for Curbline Properties
• Quarterly G&A expected to average ~ $ 12M prior to the spin - off
• JV management fees expected to average $ 1 . 25M per quarter in 2024

PORTFOLIO	NOI PROJECTION ($M)
SITE Centers	$252.8 - $260	.6
Curbline Proper ties	$76 .9 - $80	.2

Note:

1. NOI calculated pursuant to definition of NOI used in the SSNOI calculation in the Appendix, expect that it includes lease termination fees, assumes all SITE Centers properties owned as of March 31, 2024 are held for the full year 2024, and includes NOI for Curbline Properties assets acquired in 2024 from the date of acquisition.
2. 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 and assumed range of 2024 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which for the same-store calculation only includes properties owned for comparable periods and excludes all corporate level activity as described in the Appendix.
3. NOI excludes G&A allocated to operating expenses which totaled $2.6M in 1Q2024 or $10.2 million annualized.
4. NOI adjusted for estimated impact of remaining expected parcel separations; SITE Centers includes NOI from Beachwood, OH office headquarters.

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CURBLINE PROPERTIES

(CURB)

TRANSACTION OVERVIEW: KEY OPERATING METRICS

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

1Q2024 Property Count (including JVs)	67	69
Estimated Property NOI Projection ($m)1	$76.9 - $80.2	$252.8 - $260.6
ABR PSF	$35.87	$17.83
Leased Rate	96.6%	93.7%
Commenced Rate	94.8%	91.0%
Avg. HH Income	$115k	$108k
Green Street TAP Score	75	71

Note: Operating metrics and demographic for all properties owned as of March 31, 2024.

1. NOI calculated pursuant to definition of NOI used in the SSNOI calculation in the Appendix, expect that it includes lease termination fees, assumes all SITE Centers properties owned as of March 31, 2024 are held for the full year 2024, and includes NOI for Curbline Properties assets acquired in 2024 from the date of acquisition.

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