SITE Centers Corp's (SITC) well-located portfolio of retail real estate assets concentrated mostly in the suburban and high household income regions positions it well for growth. Its focus on the aggressive capitalrecycling program also augurs well. However, rising e-commerce adoption and elevated interest rates add to its woes. This retail real estate investment trust's (REIT) aggressive capital-recycling program highlights its prudent capital-management practices and helps preserve balance sheet strength. ...

SITE Centers Corp. (SITC) has provided an update on its transaction and financing activities for the second quarter of 2024. In the second quarter of 2024 to date, the company disposed of two properties for $50.2 million bringing total dispositions since Jun 30, 2023, to $1 billion. It has $650 million of additional assets under contract, expected to close by the end of the second quarter of 2024 subject to standard closing conditions. According to the management, overall pricing levels for the completed an ...

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 ...

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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 ...