Core Viewpoint - SITE Centers Corp. reported a mixed performance in its recent earnings, with a slight beat on operating funds from operations (OFFO) but a decline in revenues year-over-year, raising questions about future performance leading up to the next earnings release [2][3]. Financial Performance - The first-quarter 2024 OFFO per share was 28 cents, exceeding the Zacks Consensus Estimate of 24 cents [2]. - Revenues for the quarter totaled $120.6 million, surpassing the Zacks Consensus Estimate of $119.6 million, but represented an 11.8% decline compared to the previous year [2][3]. - OFFO per share decreased by 6.7% year-over-year [3]. Operational Metrics - The leased rate was reported at 94.2% as of March 31, 2024, down from 94.5% at the end of 2023 and lower than 95.9% in the same quarter last year [4]. - Base rent per square foot increased to $20.69 from $19.65 a year ago [4]. - Cash new and cash renewal leasing spreads were 11.5% and 8%, respectively, in the first quarter [4]. - Same-store net operating income (NOI) improved by 1.5% on a pro-rata basis compared to the prior year [5]. Portfolio Activity - In the first quarter, SITE Centers acquired two convenience shopping centers for a total of $19.1 million and disposed of three wholly-owned shopping centers for $119.4 million [6]. Market Position and Outlook - SITE Centers Corp. holds a Zacks Rank of 3 (Hold), indicating an expectation of an in-line return from the stock in the upcoming months [9]. - The company has a poor Growth Score of F and a similar score for momentum, with a value grade of D, placing it in the bottom 40% for investment strategy [7][8].

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements – Unaudited](index=3&type=section&id=Item%201.%20Financial%20Statements%20%E2%80%93%20Unaudited) The company's unaudited statements show a Q1 net loss of $23.6 million, a shift from prior-year income due to a significant impairment charge Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$3,892,578** | **$4,061,351** | | Total Real Estate Assets, Net | $3,113,287 | $3,260,782 | | Cash and Cash Equivalents | $551,285 | $551,968 | | **Total Liabilities** | **$1,768,634** | **$1,885,808** | | Total Indebtedness | $1,565,231 | $1,626,275 | | **Total Equity** | **$2,123,944** | **$2,175,543** | Consolidated Statement of Operations Summary (in thousands) | Account | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total Revenues | $122,091 | $138,692 | | Impairment Charges | $66,600 | $0 | | **Net (Loss) Income** | **($23,552)** | **$15,302** | | Net (Loss) Income Attributable to Common Shareholders | ($26,341) | $12,495 | | **Diluted (Loss) Earnings Per Share** | **($0.13)** | **$0.06** | Consolidated Statement of Cash Flows Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | $39,952 | $42,167 | | Net Cash Flow from Investing Activities | $78,137 | ($50,826) | | Net Cash Flow from Financing Activities | ($130,402) | $12,904 | - During Q1 2024, the company acquired two convenience centers for a total of **$19.1 million**[24](index=24&type=chunk) - The company recorded significant impairment charges of **$66.6 million** in Q1 2024, triggered by a change in hold period assumptions for certain assets[53](index=53&type=chunk) - Subsequent to the quarter end, through April 26, 2024, the company sold two shopping centers for an aggregate price of **$50.2 million**[57](index=57&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Q1 net loss, driven by dispositions and impairments, and outlines the planned spin-off of its convenience assets - The company plans to spin off its convenience assets into a separate, publicly traded REIT named **Curbline Properties Corp.**, with an expected completion date around October 1, 2024[63](index=63&type=chunk)[68](index=68&type=chunk) - In preparation for the spin-off, the company obtained a financing commitment for a **$1.0 billion mortgage facility** to repay all outstanding unsecured indebtedness[64](index=64&type=chunk) - **Same Store Net Operating Income (SSNOI)** at SITE's share increased by **1.5%** for Q1 2024 compared to Q1 2023, driven by higher base rents for non-anchor tenants[101](index=101&type=chunk) Key Financial Metrics (in thousands, except per share) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (loss) income attributable to common shareholders | ($26,341) | $12,495 | | FFO attributable to common shareholders | $51,931 | $61,899 | | Operating FFO attributable to common shareholders | $59,801 | $62,728 | | (Loss) earnings per share – Diluted | ($0.13) | $0.06 | [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q1 2024 revenues decreased due to property dispositions, while operating expenses rose significantly from a $66.6 million impairment charge - A significant impairment charge of **$66.6 million** was recorded in Q1 2024, triggered by a change in the hold period assumptions for certain assets[77](index=77&type=chunk) - Interest income was **$7.3 million** in Q1 2024, compared to zero in the prior-year period, related to excess cash from sale proceeds held in money market accounts[79](index=79&type=chunk) Change in Base and Percentage Rental Income (in millions) | Component | Increase (Decrease) | | :--- | :--- | | Acquisition of shopping centers | $2.4 | | Comparable Portfolio Properties | $1.5 | | Disposition of shopping centers | ($17.1) | | **Total** | **($13.2)** | Change in Key Operating Expenses (in millions) | Expense Category | Operating and Maintenance | Real Estate Taxes | Depreciation and Amortization | | :--- | :--- | :--- | :--- | | Acquisition of shopping centers | $0.4 | $0.3 | $1.6 | | Comparable Portfolio Properties | $0.5 | $0.1 | $0.0 | | Disposition of shopping centers | ($3.5) | ($3.7) | ($12.5) | | **Total Change** | **($2.6)** | **($3.3)** | **($10.9)** | [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) Q1 2024 FFO decreased to $51.9 million due to net property dispositions, while Same Store Net Operating Income grew by 1.5% - The decrease in FFO was primarily due to the impact of **net property dispositions**, partially offset by property revenue growth and increased interest income[94](index=94&type=chunk) - Consolidated **Same Store Net Operating Income (SSNOI)** increased by **1.6%** in Q1 2024 compared to Q1 2023[101](index=101&type=chunk) Reconciliation of Net (Loss) Income to FFO (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (loss) income attributable to common shareholders | ($26,341) | $12,495 | | Depreciation and amortization of real estate investments | 41,819 | 52,717 | | Impairment of real estate | 66,600 | — | | Gain on disposition of real estate, net | (31,714) | (205) | | Joint ventures' FFO & other adjustments | 1,567 | (1,504) | | **FFO attributable to common shareholders** | **$51,931** | **$61,899** | | Non-operating items, net | 7,870 | 829 | | **Operating FFO attributable to common shareholders** | **$59,801** | **$62,728** | [Liquidity, Capital Resources and Financing Activities](index=31&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Financing%20Activities) The company maintains strong liquidity with $551.3 million in cash and full availability of its $950.0 million credit facility - At March 31, 2024, the company had **$551.3 million in unrestricted cash** and **$950.0 million available** under its Revolving Credit Facility[107](index=107&type=chunk) - The company has addressed all 2024 consolidated debt maturities and is preparing for **$425.9 million** in 2025 maturities[107](index=107&type=chunk) - Cash provided by investing activities increased by **$129.0 million** year-over-year, primarily due to a $111.9 million increase in proceeds from real estate dispositions[121](index=121&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk from interest rates is mitigated by having 100% of its consolidated debt at fixed rates - The company has mitigated interest rate risk on its **$200.0 million variable-rate Term Loan** by swapping the SOFR component to a fixed rate of 2.75%[158](index=158&type=chunk)[159](index=159&type=chunk) - A hypothetical **100 basis-point increase** in market interest rates would decrease the fair value of the company's fixed-rate debt from $1,546.4 million to $1,514.7 million[160](index=160&type=chunk) Consolidated Debt Summary (in millions) | Debt Type | Amount | Weighted Average Maturity (Years) | Weighted Average Interest Rate | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | Fixed-Rate Debt | $1,565.2 | 2.3 | 4.3% | 100.0% | | Variable-Rate Debt | $0 | — | — | 0.0% | [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes - The CEO and CFO concluded that the Company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[164](index=164&type=chunk) - **No changes** in the Company's internal control over financial reporting occurred during Q1 2024 that materially affected, or are reasonably likely to materially affect, these controls[165](index=165&type=chunk) [PART II. OTHER INFORMATION](index=33&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings not expected to have a material adverse effect on its financial condition - The Company is subject to various legal proceedings which are **not expected to have a material adverse effect** on the Company[168](index=168&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K - **No new risk factors** are reported in this Form 10-Q[169](index=169&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 187,958 shares in Q1 2024, with $73.4 million remaining under its authorized share repurchase program - The company repurchased a total of **187,958 shares** in Q1 2024, primarily to satisfy tax withholding obligations for employee equity plans[171](index=171&type=chunk) - As of March 31, 2024, the company has **$73.4 million remaining** under its $100 million share repurchase program authorized in December 2022[171](index=171&type=chunk)[172](index=172&type=chunk) [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including required officer certifications and interactive data files - Exhibits filed include **CEO and CFO certifications** pursuant to Sarbanes-Oxley Act rules[179](index=179&type=chunk) - The financial statements and notes have been formatted in **iXBRL** (Inline Extensible Business Reporting Language) and are attached as Exhibit 101[178](index=178&type=chunk)

SITE Centers Corp. (NYSE:SITC) Q1 2024 Earnings Conference Call April 30, 2024 8:00 AM ET Company Participants Stephanie Ruys - Vice President, Capital Markets David Lukes - Chief Executive Officer Conor Fennerty - Chief Financial Officer Conference Call Participants Dori Kesten - Wells Fargo Craig Mailman - Citi Alexander Goldfarb - Piper Sandler Todd Thomas - KeyBanc Capital Ronald Kamdem - Morgan Stanley Floris Van Dijkum - Compass Point Samir Khanal - Evercore ISI Michael Mueller - JPMorgan Paulina Roj ...

SITE CENTERS | APRIL 30, 2024 SAFE HARBOR STATEMENT 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. SITE CENTERS 1Q24 CON ...

[Earnings Release & Financial Statements](index=4&type=section&id=Earnings%20Release%20%26%20Financial%20Statements) [Press Release and First Quarter Results](index=4&type=section&id=Press%20Release%20and%20First%20Quarter%20Results) SITE Centers reported a net loss for Q1 2024, primarily due to property dispositions and impairment charges, while advancing its Curbline Properties Corp. spin-off - The company is advancing its plan to spin-off its Convenience assets into a new, publicly-traded REIT named Curbline Properties Corp. (CURB), expected around **October 1, 2024**, with **67 wholly-owned properties** designated for the CURB portfolio[7](index=7&type=chunk)[9](index=9&type=chunk) Q1 2024 Financial Highlights vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (Loss) Income Attributable to Common Shareholders | ($26.3 million) | $12.5 million | | (Loss) Earnings per Diluted Share | ($0.13) | $0.06 | | Operating FFO (OFFO) | $59.8 million | $62.7 million | | OFFO per Diluted Share | $0.28 | $0.30 | - Year-to-date transaction activity includes the sale of **five wholly-owned shopping centers for $169.6 million** and the acquisition of **two convenience shopping centers for $19.1 million**[9](index=9&type=chunk) - The company recorded significant impairment charges of **$66.6 million** related to **three wholly-owned assets** due to changes in hold period assumptions[9](index=9&type=chunk) Key Quarterly Operating Results (Pro Rata Basis) | Metric | Q1 2024 | TTM Ended Q1 2024 | | :--- | :--- | :--- | | Same-Store NOI (SSNOI) Increase | 1.5% | - | | Cash New Leasing Spreads | 11.5% | 29.0% | | Cash Renewal Leasing Spreads | 8.0% | 6.5% | | Leased Rate (as of Mar 31, 2024) | 94.2% | - | | SNO Spread (Annualized Base Rent) | 260 bps ($13.1M) | - | [Financial Statements](index=8&type=section&id=Financial%20Statements) Consolidated financial statements for Q1 2024 show a net loss of $23.6 million, primarily due to property dispositions and impairment charges, with total assets decreasing to $3.9 billion Consolidated Income Statement Summary (in thousands) | Account | 1Q24 | 1Q23 | | :--- | :--- | :--- | | Total Revenues | $120,621 | $136,833 | | Net Operating Income | $83,339 | $93,614 | | Impairment Charges | ($66,600) | $0 | | Gain on Disposition of Real Estate, net | $31,714 | $205 | | **Net (Loss) Income** | **($23,552)** | **$15,302** | | **Net (Loss) Income Common Shareholders** | **($26,341)** | **$12,495** | Reconciliation to Operating FFO (in thousands) | Line Item | 1Q24 | 1Q23 | | :--- | :--- | :--- | | Net (loss) income attributable to Common Shareholders | ($26,341) | $12,495 | | Adjustments (Depreciation, Impairment, Gains, etc.) | +$78,272 | +$49,404 | | FFO attributable to Common Shareholders | $51,931 | $61,899 | | Non-operating items, net | $7,870 | $829 | | **Operating FFO attributable to Common Shareholders** | **$59,801** | **$62,728** | Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Real estate, net | $3,113,287 | $3,260,782 | | Total Assets | $3,892,578 | $4,061,351 | | Total Debt (Unsecured + Secured) | $1,565,231 | $1,626,275 | | Total Liabilities | $1,768,634 | $1,885,808 | | Total Equity | $2,123,944 | $2,175,543 | [Company Summary](index=12&type=section&id=Company%20Summary) [Portfolio Summary](index=12&type=section&id=Portfolio%20Summary) As of March 31, 2024, SITE Centers' pro-rata portfolio comprised 18.7 million square feet with a 94.2% leased rate and an average base rent of $20.69 per square foot Quarterly Operational Overview (Pro Rata Share) | Metric | 3/31/2024 | 12/31/2023 | 3/31/2023 | | :--- | :--- | :--- | :--- | | Owned GLA (in thousands) | 18,686 | 19,312 | 23,014 | | Base Rent PSF | $20.69 | $20.35 | $19.65 | | Leased Rate | 94.2% | 94.5% | 95.9% | | Commenced Rate | 91.6% | 92.0% | 92.9% | - The top 5 MSAs by Annualized Base Rent (ABR) are **Miami (10%)**, **Atlanta (9%)**, **Orlando (7%)**, **Chicago (7%)**, and **Trenton (7%)**, indicating regional concentration[2](index=2&type=chunk)[38](index=38&type=chunk) [Capital Structure](index=13&type=section&id=Capital%20Structure) As of March 31, 2024, SITE Centers had a total market capitalization of $4.4 billion, with total debt of $1.7 billion and a pro-rata Net Debt to Adjusted EBITDA ratio of 4.3x Capitalization Overview (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Common Shares Equity | $3,069,820 | $2,853,141 | | Total Debt (includes JVs at share) | $1,684,996 | $1,746,640 | | Net Debt | $1,116,271 | $1,164,880 | | Total Market Capitalization | $4,361,090 | $4,193,020 | Leverage Ratios | Ratio | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Average Pro-Rata Net Debt / Adjusted EBITDA | 4.3x | 5.1x | | Fixed Charge Coverage Ratio | 3.9x | 4.1x | - Credit ratings as of March 31, 2024, include **Moody's Baa3 (Negative)**, **S&P BBB- (Negative)**, and **Fitch BBB (Positive)**[40](index=40&type=chunk) [Same Store Metrics](index=14&type=section&id=Same%20Store%20Metrics) For Q1 2024, Same Store Net Operating Income (SSNOI) at SITE Centers' share increased by 1.5% year-over-year, driven by a 1.8% rise in same-store revenues Quarterly Same Store NOI Growth (at SITE Share) | Period | SSNOI Change vs. Prior Year | | :--- | :--- | | Q1 2024 | 1.5% | | Q1 2023 | 4.2% | Consolidated SSNOI Breakdown (Q1 2024 vs Q1 2023) | Component | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $109,659 | $107,742 | 1.8% | | Total Expenses | ($33,004) | ($32,265) | 2.3% | | **Total Consolidated SSNOI** | **$76,655** | **$75,477** | **1.6%** | [Leasing Summary](index=15&type=section&id=Leasing%20Summary) In Q1 2024, SITE Centers executed 94 new and renewal leases totaling 594k square feet with a blended cash spread of 8.2%, reflecting strong leasing activity Leasing Spreads (Pro Rata Share) | Lease Type | Q1 2024 (Cash Spread) | TTM (Cash Spread) | Q1 2024 (Straight-lined) | TTM (Straight-lined) | | :--- | :--- | :--- | :--- | :--- | | New Leases | 11.5% | 29.0% | 26.9% | 40.3% | | Renewals | 8.0% | 6.5% | 12.4% | 11.0% | | **New + Renewals** | **8.2%** | **8.8%** | **13.1%** | **13.9%** | - For the trailing twelve months ended March 31, 2024, the company signed **3.5 million square feet** of leases (new and renewals) on a pro-rata basis[37](index=37&type=chunk)[45](index=45&type=chunk) [Lease Expirations](index=17&type=section&id=Lease%20Expirations) The company's lease expiration schedule shows a manageable near-term profile, with 3.0% of ABR expiring in the remainder of 2024, and significant expirations in 2027-2028 Lease Expirations by Year (% of Total ABR, No Options Exercised) | Year | % of Total ABR Expiring | | :--- | :--- | | 2024 (rem.) | 3.0% | | 2025 | 13.2% | | 2026 | 9.3% | | 2027 | 15.9% | | 2028 | 17.2% | - As of March 31, 2024, the Signed Not Opened (SNO) pipeline included **77 leases for 529,000 square feet**, representing **$13.1 million** of future annualized base rent[48](index=48&type=chunk) [Top 50 Tenants](index=18&type=section&id=Top%2050%20Tenants) The tenant base is well-diversified, with the top 50 tenants accounting for 48.5% of total pro-rata annualized base rent, led by TJX Companies Top 5 Tenants by Pro Rata % of Total Base Rent | Tenant | Pro Rata % of Total Base Rent | Credit Rating (S&P/Moody's) | | :--- | :--- | :--- | | 1. TJX Companies | 5.0% | A/A2 | | 2. Dick's Sporting Goods | 2.6% | BBB/Baa3 | | 3. Ross Stores | 2.3% | BBB+/A2 | | 4. PetSmart | 2.2% | B+/B1 | | 5. Burlington | 2.1% | BB+/NR | - The top 10 tenants represent **21.7%** of the total pro-rata base rent, indicating a diversified tenant roster with no single tenant having excessive concentration[51](index=51&type=chunk) [Investments](index=19&type=section&id=Investments) [Redevelopment Pipeline](index=19&type=section&id=Redevelopment%20Pipeline) The company's active redevelopment pipeline consists of three projects with estimated net costs of $24.7 million and an estimated yield of 10% Total Redevelopment Pipeline Summary (in thousands) | Metric | Amount | | :--- | :--- | | Estimated Net Costs | $24,705 | | Costs to Date | $20,282 | | Remaining Costs | $5,840 | | Estimated Yield | 10% | [Transactions](index=20&type=section&id=Transactions) Year-to-date through April 2024, SITE Centers acquired $21.7 million in properties and disposed of $169.6 million, actively shaping its portfolio Transaction Summary YTD 2024 (at Share, in thousands) | Transaction Type | Price | | :--- | :--- | | Acquisitions | $21,730 | | Dispositions | $169,550 | Transaction Summary Q1 2024 (at Share, in thousands) | Transaction Type | Price | | :--- | :--- | | Acquisitions | $20,730 | | Dispositions | $119,400 | [Debt Summary](index=21&type=section&id=Debt%20Summary) [Debt Composition and Maturities](index=21&type=section&id=Debt%20Summary) As of March 31, 2024, SITE Centers' total debt was $1.7 billion, predominantly fixed-rate and unsecured, with a well-laddered maturity schedule Debt Composition (at SITE Share) | Debt Type | Amount (in thousands) | % of Total | | :--- | :--- | :--- | | Unsecured | $1,444,372 | 86.6% | | Secured (Mortgage) | $240,624 | 14.4% | | **Total** | **$1,684,996** | **100.0%** | Debt Maturities (at SITE Share, in thousands) | Year | Amount Maturing | | :--- | :--- | | 2024 | $9,107 | | 2025 | $427,628 | | 2026 | $426,795 | | 2027 | $651,861 | | 2028 | $94,633 | [Debt Detail](index=22&type=section&id=Debt%20Detail) The company's debt portfolio includes a $200 million unsecured term loan and $1.24 billion in unsecured notes, with a weighted average maturity of 2.4 years Major Debt Tranches (at SITE Share, in thousands) | Debt Instrument | Balance | Maturity Date | GAAP Interest Rate | | :--- | :--- | :--- | :--- | | Unsecured Term Loan | $200,000 | Jun 2027 | 3.99% | | Unsecured Notes - 2025 | $400,129 | Feb 2025 | 3.79% | | Unsecured Notes - 2026 | $394,504 | Feb 2026 | 4.43% | | Unsecured Notes - 2027 | $449,739 | Jun 2027 | 4.80% | [Debt/Adjusted EBITDA](index=23&type=section&id=Debt%2FAdjusted%20EBITDA) The company's Debt-to-Adjusted EBITDA ratio improved to 4.3x for the twelve months ending March 31, 2024, reflecting a reduction in net effective debt Debt/Adjusted EBITDA Ratio Trend | Ratio | TTM ended Mar 31, 2024 | TTM ended Mar 31, 2023 | | :--- | :--- | :--- | | Consolidated | 4.0x | 5.0x | | Pro Rata including JVs | 4.3x | 5.3x | - Pro-rata Adjusted EBITDA for the trailing twelve months was **$349.8 million**, with average pro-rata net effective debt at **$1.49 billion**[66](index=66&type=chunk) [Unconsolidated Joint Ventures](index=24&type=section&id=Unconsolidated%20Joint%20Ventures) The company holds interests in 13 properties through three unconsolidated joint ventures, generating $16.2 million in NOI for Q1 2024 with total debt of $483.5 million [Shopping Center Summary](index=27&type=section&id=Shopping%20Center%20Summary) [Property List](index=27&type=section&id=Property%20List) This section provides a comprehensive list of all 114 shopping centers owned by SITE Centers, detailing location, ownership, GLA, ABR, and major tenants - The property list details **114 centers**, including **101 wholly-owned properties** and **13 joint venture properties**[80](index=80&type=chunk)[82](index=82&type=chunk)[86](index=86&type=chunk) [Reporting Policies and Other](index=30&type=section&id=Reporting%20Policies%20and%20Other) [Notable Accounting and Supplemental Policies](index=30&type=section&id=Notable%20Accounting%20and%20Supplemental%20Policies) This section outlines key accounting policies, including revenue recognition, cost capitalization, and depreciation, along with definitions for leasing spread calculations - The company does not capitalize any executive officer compensation, including it in General and Administrative expenses[94](index=94&type=chunk) - Leasing spread calculations for 'Comparable' leases only include deals executed within **one year of prior tenant vacating**, excluding new leases at redevelopment properties or space vacant at acquisition[101](index=101&type=chunk) [Non-GAAP Measures](index=32&type=section&id=Non-GAAP%20Measures) The company utilizes non-GAAP measures like FFO, OFFO, NOI, and SSNOI to provide insight into its core operating performance by excluding certain non-comparable items - **FFO (Funds from Operations):** Calculated per NAREIT definition, it excludes real estate depreciation and gains/losses on property sales to measure the operating performance of the real estate portfolio[105](index=105&type=chunk) - **Operating FFO (OFFO):** A further adjustment to FFO, removing non-comparable or non-core items like gains on debt extinguishment, transaction costs, and other restructuring charges to better reflect the core portfolio's performance[106](index=106&type=chunk) - **SSNOI (Same Store Net Operating Income):** Compares NOI for a consistent pool of properties owned for comparable periods (15 months), excluding non-cash and non-comparable items to show underlying operational trends[113](index=113&type=chunk) [Detailed Leasing Metrics by Ownership](index=35&type=section&id=Leasing%20Metrics%20for%20Wholly-Owned%20and%20Unconsolidated%20Joint%20Ventures%20at%20100%25) This section provides granular portfolio and leasing statistics by ownership, showing Q1 2024 blended cash leasing spreads of 8.4% for wholly-owned and 2.8% for JV portfolios Leased Rate by Ownership (as of March 31, 2024) | Portfolio Segment | Leased Rate | | :--- | :--- | | Wholly Owned - SITE | 94.2% | | Joint Venture (100%) | 94.0% | Q1 2024 Blended (New + Renewal) Cash Leasing Spreads | Portfolio Segment | Cash Spread | | :--- | :--- | | Wholly Owned (100%) | 8.4% | | Unconsolidated JVs (100%) | 2.8% |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-11690 SITE Centers Corp. (Exact Name of Registrant as Specified in Its Charter) Ohio 34-1723097 (State or Other Juris ...

PetVivo Holdings, Inc. (OTC:PETV) Q4 2023 Earnings Conference Call February 13, 2024 8:00 AM ET Company Participants Stephanie Ruys de Perez - VP of Capital Markets David Lukes - CEO Conor Fennerty - CFO Conference Call Participants Alexander Goldfarb - Piper Sandler Craig Mailman - Citi Todd Thomas - KeyBanc Capital Markets Samir Khanal - Evercore ISI Floris Van Dijkum - Compass Point Ki Bin Kim - Truist Dori Kesten - Wells Fargo Paulina Rojas - Green Street Mike Mueller - JPMorgan Operator Good day, and w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-11690 SITE Centers Corp. (Exact name of registrant as specified in its charter) Ohio 34-1723097 (State or other jurisdiction of incorpora ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-11690 SITE Centers Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

SITE Centers Corp. (NYSE:SITC) Q2 2023 Earnings Conference Call July 25, 2023 8:00 AM ET Company Participants Stephanie Ruys de Perez - Vice President of Capital Markets David Lukes - Chief Executive Officer Conor Fennerty - Chief Financial Officer Conference Call Participants Dori Kesten - Wells Fargo Todd Thomas - KeyBanc Capital Markets Craig Mailman - Citi Ravi Vaidya - Mizuho Securities Samir Khanal - Evercore ISI Alexander Goldfarb - Piper Sandler Floris Van Dijkum - Compass Point Ki Bin Kim - Truist ...