SITE CENTERS NAREIT Presentation...SITE Centers Corp. considers portions of the information in this presentation to be forward-looking statements within the meaning of Section 27A

J U N E 2 0 2 0

S I T E C E N T E R S

NAREIT Presentation

S I T E C E N T E R SS I T E C E N T E R S N A R E I T J U N E 2 0 2 0 2

SITE Centers Corp. 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, finance its operations and perform necessary administrative and reporting functions and on tenants’ ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay rent; local conditions such as increased supply of, and a reduction in demand for, real estate in the area; the impact of e-commerce; dependence on rental income from real property; the loss of 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; 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; 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 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.

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


S I T E C E N T E R S K E Y TA K E AWAY S

TRACK RECORD OF DECISIVE ACTIONS

• $3.1B RVI spin-off

• $607M DTP joint venture

• $195M 4Q19 equity offering

SUBSTANTIAL LIQUIDITY

• $514M of cash

• $325M available on the Company’s lines of credit

NO MATERIAL DEVELOPMENT COMMITMENTS

• $30M remaining to fund pipeline through 2021

MINIMAL NEAR-TERM DEBT MATURITIES

• $4M of mortgage debt (at share) maturing in 2020 and $48M of mortgage debt (at share) maturing in 2021

• No unsecured maturities until 2023

Focused portfolio located in the top sub-markets of the U.S.69 WHOLLY-OWNED PROPERTIES WITH AN AVERAGE HOUSEHOLD INCOME OF $108K (87TH PERCENTILE)

84% OF CONSOLIDATED NOI ANCHORED BY ESSENTIAL RETAILERS INCLUDING 68% FROM GROCERS AND WAREHOUSE CLUBS

18 OF TOP 50 TENANTS (28.4% OF ABR) HAVE RAISED $39.2 BILLION OF CAPITAL SINCE MARCH

Note: All figures as of March 31, 2020


C O M PA N Y- W I D E C O M M I T M E N T T O E S G L E A D E R S H I P

SITE CENTERS IS COMMIT TED TO TR ANSPARENCY AROUND OUR ENVIRONMENTAL , SOCIAL , AND G OVERNANCE G OAL S

TOTAL AWARDED IN 2019

TOTAL SCHOLARSHIPS AWARDED OVER L IFE

OF THE PROGRAM

2019 SCHOLARSHIP RECIP IENTS

AVG TRA IN ING HRS PER EMPLOYEE

TOTAL TRA IN ING HOURS

$25k

40

530

11.4k

SCHOLARSHIPTRAINING

FULL-SERV ICE F ITNESS CENTER

GREEN STAR RATED

3ksf

WEEKLY F ITNESS CLASSES

EMPLOYEES PART IC IPAT ING

17

115

WELLNESS PROGRAM

PeopleCommunity

EMPLOYEE G IFT MATCHING

DONATED TO CHARITABLE ORGS

HOURS EMPLOYEES SPENT VOLUNTEER ING

$30k

$199k

1,174

CORPORATE GIVING

RAISED FOR SPECIAL OLYMPICS TEXAS

RAISED FOR AMER ICAN CANCER SOCIETY

TOYS DONATED TO RONALD McDONALD

HOUSE THROUGH SPONSORED EVENTS

$3k+

$6k

20k+

CHARITABLE GIVING

WOMEN(38%)

MEN(62%)

INDEPENDENT MEMBERS (88%)

3

5

7

BOARD OF DIRECTORS

STAKEHOLDER ENGAGEMENT

Corporate Governance

The Company engages with each of our stakeholders in

different capacities. The level and nature of the engagement

is based on the specific operational relationship

with the stakeholder.

5

COVID-19 Update


S T E P S TA K E N T O D AT E

TRANSITIONED EMPLOYEE BASE TO WORKING REMOTELY

RE-EVALUATED CAPITAL EXPENDITURES AND CAPITAL DEPLOYMENT TO IMPROVE FREE CASH FLOW

BORROWED $500M ON LINE OF CREDIT TO BUILD LIQUIDITY

IMPLEMENTED LEASING RESPONSE PLAN TO ADDRESS UNPAID RENT AND TENANT

REQUESTS FOR RENT DEFERMENT

MAR APR


3/13

/20

3/15

/20

3/17

/20

3/19

/20

3/21

/20

3/23

/20

3/25

/20

3/27

/20

3/29

/20

3/31

/20

4/2/

20

4/4/

20

4/6/

20

4/8/

20

4/10

/20

4/12

/20

4/14

/20

4/16

/20

4/18

/20

4/20

/20

4/22

/20

4/24

/20

4/26

/20

4/28

/20

4/30

/20

5/2/

20

5/4/

20

5/6/

20

5/8/

20

5/10

/20

5/12

/20

5/14

/20

5/16

/20

5/18

/20

5/20

/20

5/22

/20

5/24

/20

5/26

/20

5/28

/20

100%

80%

60%

40%

77% OF TENANTS OPEN FOR BUSINESS, UP 32% FROM APRIL 5 TROUGH

• 76% of anchors open

• 78% of shop tenants open

ALL STATES HAVE LAID OUT RE-OPENING TIMELINES FOR MAY AND JUNE

56% OF TENANTS DEEMED ESSENTIAL1

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

Note: As of May 29, 2020. Weighted by base rent.1. Based on state guidelines for essential businesses.

WHILE THE IND IV IDUAL TENANTS OPEN FOR BUSINESS VARIES ACROSS THE P ORTFOLIO, 10 0% OF PROPERTIES ARE OPEN AND OPER ATING

45%

77%

+32%


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

Note: As of May 29, 2020. Weighted by base rent.

0

20

40

60

80

100

Fitn

ess

(Cla

ss)

Thea

tres

Fitn

ess

(Mon

thly

)

Ente

rtai

nmen

tEd

ucat

ion

Mas

sage

& S

pa

Clot

hing

& A

cces

sorie

sJe

welry

Shoe

Sto

res

Hom

e Fu

rnis

hing

s

Disc

ount

Sto

res

Hair

Beau

ty S

tore

Other

Nail S

alon

Furn

iture

Gene

ral M

erch

andi

se

Rest

aura

nts

(Loc

al)

Med

ical

Offi

ce (N

on D

iscr)

Bank

s (E

xcl F

inan

cial S

vcs)

Book

s &

Toys

Rest

aura

nts

(Nat

iona

l)Vi

sion

Elec

tron

ics

Vita

min

s

Fina

ncia

l Ser

vice

s

Hom

e Im

prov

emen

tDr

y Cl

eane

r

Spor

ting

Good

sCr

afts

Mas

s M

erch

ant

Mai

l, Pa

ckin

g &

Ship

ping

Beer

/Win

e/Li

quor

(Non

Res

t)Pe

t Sup

ply

Phar

mac

y

Office

Sup

plie

sGr

ocer

yAu

to R

epai

rGa

s St

atio

ns

War

ehou

se (T

arge

t, W

mt,

Costc

o)

4/28/20 CURRENT

Major Tenant Categories Operating

• Grocery (100% Open)

• Warehouse Clubs (100% Open)

• Office Supplies (100% Open)

• Home Improvement (96% Open)

• Fitness (Monthly) (68% Closed)

• Theatres (74% Closed)

• Clothing & Accessories (46% Closed)

Major Tenant Categories Closed

% ABR OPEN (PRS) BY CATEGORY


A P R I L A N D M AY R E N T C O L L E C T I O N O V E R V I E W

62% OF APRIL BILLED BASE RENTS WERE PAID

• 2% of rent deferred in April

53% OF MAY BILLED BASE RENTS WERE PAID

• 4% of rent deferred in May

EXECUTED DEFERRALS REPRESENT 3% OF APRIL AND MAY RENT

• Small shops represent 97% of deferrals by count

• 82% of deferred rent is expected to be repaid in 2020

Note: All figures as of May 29, 2020. Dollars in millions.

$0

$10

$20

$30

BILLED PAID UNPAIDDEFERRED

Billed Actual

100%

0%

25%

50%

75%

$0

$10

$20

$30

Billed Actual

100%

0%

25%

50%

75%


$0

$10

$20

$30


Billed Actual

100%

0%

25%

50%

75%

$0

$10

$20

$30

Billed Actual

100%

0%

25%

50%

75%


$0

$10

$20

$30


Billed Actual

100%

0%

25%

50%

75%

$0

$10

$20

$30

Billed Actual

100%

0%

25%

50%

75%


APRIL MAY

62%2%

53%4%

57%COMBINED

RENT PAID IN APRIL AND MAY

10

Portfolio Overview


H I G H E R Q U A L I T Y A N D F O C U S E D W H O L LY- O W N E D P O R T F O L I O

160 143 69

A V G H H I N C O M E , A B R P S F & G R E E N S T R E E T T A P S C O R E

I N C R E A S E O F

+20%

W H O L LY - O W N E D P R O P E R T I E S A S O F

M A R . 3 , 2 0 1 7

W H O L LY - O W N E DP R O P E R T I E S A S O F

S E P T . 3 0 , 2 0 1 7

W H O L LY - O W N E DP R O P E R T I E S A S O F

M A R . 3 1 , 2 0 2 0


T O P Q U A R T I L E D E M O G R A P H I C S

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

$0K↓

$40K

$40K↓

$50K

$50K↓

$60K

$60K↓

$70K

$70K↓

$80K

$80K↓

$90K

$90K↓

$100K

$100K↓

$110K

$110K↓

$120K

$120K↓

$130K

$130K↓

$140K

$140K↓

$150K

$150K +0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0K↓

20K

20K↓

40K

40K↓

60K

60K↓

80K

80K↓

100K

100K↓

120K

120K↓

140K

140K↓

160K

160K↓

180K

180K↓

200K

200K↓

220K

220K↓

240K

240K↓

260K

260K↓

280K

280K↓

300K

300K +

A V G H H I N C O M E ( 3 - M I L E )

PE

RC

EN

TIL

E R

AN

K O

F O

PE

N-A

IR S

HO

PP

ING

CE

NT

ER

PR

OP

ER

TIE

S

PE

RC

EN

TIL

E R

AN

K O

F O

PE

N-A

IR S

HO

PP

ING

CE

NT

ER

PR

OP

ER

TIE

S

114kS I T C P O R T F O L I O

$108kS I T C P O R T F O L I O

P O P U L A T I O N ( 3 - M I L E )

77th

P E R C E N T I L E

87th

P E R C E N T I L E

ASSE TS ARE CONCENTR ATED IN AFFLUENT COMMUNIT IES WITH BARR IERS TO ENTRY AND COMPELL ING DEMOG R APHICS .

S ITE CENTERS PROPERT IES ARE IN THE TOP QUARTILE WHEN COMPARED TO ALL U.S . OPEN - A IR SHOPPING CENTERS .


S I T E C E N T E R S ’ P O R T F O L I O I S C O N C E N T R AT E D I N M A J O R M S A s

TOP 12 MARKE TS ACCOUNT FOR 72% OF PRO R ATA AB R

5%

6%

8%

6%

7%

7%

4%

9%

6%

4%

4%

6%

BOSTON

NEW YORK

SAN ANTONIO

CHARLOTTE

ATLANTA

ORLANDO

MIAMI

PHOENIX

LOS ANGELES

DENVER

CHICAGO

COLUMBUS


D O M I N A N T A S S E T S A C C O U N T F O R A L M O S T 5 0 % O F VA L U E

SHOPPERS WORLD(BOSTON)

AVG HHI $104K GSA TAP 38

COTSWOLD VILLAGE(CHARLOTTE)


UNIVERSITY HILLS(DENVER)


WINTER GARDEN VILLAGE(ORLANDO)


THE BLOCKS(PORTLAND)


JOHNS CREEK TOWN CENTER(ATLANTA)


NASSAU PARK PAVILION(NEW YORK)


FAIRFAX TOWNE CENTER(WASHINGTON, DC)


WHOLE FOODS AT BAY PLACE(SAN FRANCISCO)


THE SHOPS AT MIDTOWN MIAMI(MIAMI)


PROMENADE AT BRENTWOOD(ST. LOUIS)


MARKETPLACE AT HIGHLAND VILLAGE(DALLAS)


PERIMETER POINTE(ATLANTA)


3030 NORTH BROADWAY(CHICAGO)


EDGEWATER TOWNE CENTER(NEW YORK)



S I G N I F I C A N T E X P O S U R E T O B E S T - I N - C L A S S E S S E N T I A L A N C H O R S

68% OF P ORTFOLIO IS ANCHORED BY G ROCER OR A WAREHOUSE CLUB WITH A G ROCERY COMP ONENT

8 4% OF P ORTFOLIO IS ANCHORED BY AN ESSENTIAL TENANT

ASSE TS WITH G ROCERY E XP OSURE ACCOUNT FOR 41% OF THE CONSOLIDATED P ORTFOLIO WITH AVER AG E REP ORTED SALES OF $630/F T

WA R E H O U S E C L U B 27%

H O M E I M P R OV E M E N T 3%

A L C O H O L A N C H O R S 5%

OT H E R E S S E N T I A L 9%

D I S C O U N T 1 1%

A LT E R N AT I V E A N C H O R 6%

INCLUDES ANCHOR WITHGROCER COMPONENT 68%

INCLUDES ESSENT IALANCHOR 84%

G R O C E R 4 1%

NOI BY ANCHOR TYPE1

1 Numbers may not add to 100% due to rounding.


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

6.1% abr$4.0B UNSECURED

2.6% abr$0.5B CONVERT



$10.0b $39.2bRAISED BY 6 OF TOP 10 TENANTS(17.1% ABR)

RAISED BY 18 OF TOP 50 TENANTS(28.4% ABR)









1.3% abr$1.1B CONVERT & UNSECURED



4 Locations$4.0B UNSECURED


1.8% abr$0.5B FIRST LIEN

0.4% abr$0.5B COMMON

EQUIT Y

2.0% abr$2.3B SENIOR

SECURED



SECURED



0.4% abr$0.1B COMMON

EQUIT Y


SECURED

0.4% abr$3.5B

UNSECURED 0.4% abr$0.4B

UNSECURED

0.1% abr$4.0B

UNSECURED

0.6% abr$12.5B

UNSECURED


S I T C P O R T F O L I O C O M P O S I T I O N

ABR AT SHARE ABR AT SHARE

16%61%ANCHORS( > 1 0 K S F )

4%LOC. RESTAURANTS

7%LOC. SMALL SHOPS

( < 5 K S F )

9%MID-TIER

( 5 K - 1 0 K S F )

7%GROUND LEASES

89%ALL OTHER INDUSTRIES

NAT. SMALL SHOPS ( < 5 K S F )

3%FITNESS

Note: As of March 31, 2020. Numbers may not add to 100% due to rounding.

4%MOVIE THEATRES


R E S TA U R A N T E X P O S U R E D E TA I L S

Restaurant exposure is primarily national & franchises

Note: Weighted by base rent.

L O C A L R E S TA U R A N T S 4%

A L L OT H E R T E N A N T S 88%

N AT I O N A L R E S TA U R A N T S 8%

TENANT TYPE % OF RESTAURANT ABR

PANERA BREAD National 4%

STARBUCKS COFFEE National 3%

BRINKER National 3%

DARDEN National 3%

CHIPOTLE National 2%

FIVE GUYS BURGERS National 2%

CHICK-FIL-A National 2%

SUBWAY National 1%

BUFFALO WILD WINGS National 1%

PANDA EXPRESS National 1%

RESTAURANT EXPOSURE TOP 10 RESTAURANT EXPOSURE


S H O P P I N G C E N T E R S O F F E R D I S C O U N T. . .

S ITE CENTERS ’ D ISCOUNT RE TAILERS ARE TAK ING MARKE T SHARE

TJX , ROSS , AND BURL INGTON HAVE G ROWN THE IR SALES S INCE 2010 BY 28% MORE THAN MACY ’ S TOTAL SALES

TJX , ROSS , AND BURL INGTON ACCOUNT FOR 9.1% OF S ITE CENTERS ’ AB R AS OF MARCH 31 , 2020

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

NET SALES (2019)NET SALES (2010)

NET

SA

LES

($

M)

NET

SA

LES

($

M)

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

ROSSTJX BURLINGTON MACY’S

TJX

+90%

+104%

-2%

$19,775

$8,173

$3,407

$24,560

+88%

Ross Burlington Macy’s Off-Price Sales Growth Since 2010

Macy’s2019 Sales

Source: Company details.


1 Source: Company documents.2 Gap brand and Victoria’s Secret total rent PSF based on recent financing filings.3 Average rent in SITE Centers portfolio.

. . . A N D C O N V E N I E N C E W H I C H A R E D R I V I N G S A L E S G R O W T H

SHOPPING CENTERS ’ FORMAT ADVANTAG ES E V IDENT IN RE TAILER B RE AK- OUTS

VS . VS .

S I G N I F I C A N T LY H I G H E R M A R G I N S

L O W E R C O S T O F O C C U P A N C Y

H I G H E R S A L E SH I G H E R S A L E S G R O W T H

Lbrands

0.1%

5%EBITDA MARGIN1

SITE CENTERS ABR

$20.84 IN NNN EXPENSES

$71.36TOTAL RENT PSF2

+14.8% SINCE 2010

$426AVG SALES PSF1

1.5%SITE CENTERS ABR

18%EBITDA MARGIN1



+34.2% SINCE 2010

$417AVG SALES PSF1


1%OPERATING MARGIN1



+3.2% SINCE 2010

$684AVG SALES PSF1


21%OPERATING MARGIN1



+50.2% SINCE 2010

$931AVG SALES PSF1


D I V E R S E D E M A N D F R O M N AT I O N A L T E N A N T S

ANCHOR OPENINGS TO PROVIDE MULT I -YE AR TA ILWIND TO NOI G ROW TH

620 K SQUARE FEE T, AT SHARE , S IG NED BUT NOT OPEN AS OF MAY 15 , 2020

• D ISCO U N T, G RO CERY, B E AU T Y A N D F IN A N CIA L SERV I CE SEC TO RS IN AC T IV E D IA LO G U E

• CO NS T RU C T I O N L A RG ELY U N A FFEC T ED O U TS ID E O F SEL EC T S TAT ES (C A L IFO R NIA A N D N E W J ERSE Y ) A N D M U NI C IPA L IT IES

38 OF 60 INVESTOR DAY ANCHOR OPP ORTUNIT IES E XECUTED WITH 27 D IFFERENT RE TAIL BANNERS• 11 S I G N ED B U T N OT O PEN ED O PP O RT U NIT IES E X PEC T ED TO O PEN IN 2H2020 A N D 202 1

• 7 A D D IT I O N A L O PP O RT U NIT IES IN L E ASE N EG OT IAT I O N O R LO I S TAG E

2020 AND 2021 NATIONAL TENANT OPENINGS

22

Balance Sheet


AS OF MARCH 31, 2020, SITE CENTERS HAS $839M OF LIQUIDITY INCLUDING:

• $514M of consolidated cash on the balance sheet

• $325M available on the Company’s lines of credit

AS OF MARCH 31, 2020, SITE CENTERS HAS JUST $52M OF PROPERTY-LEVEL DEBT MATURING (AT SITC SHARE) THROUGH YEAR END 2021 WITH NO UNSECURED MATURITIES UNTIL 2023

• Additionally, the Company’s remaining redevelopment costs total just $30M as of March 31, 2020

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

$0

$150,000

$300,000

$450,000

$600,000

$750,000

$900,000

CONSOLIDATED BALANCE SHEET CASH LINE OF CREDIT AVAILABILITY

$82M OF MATURITIES AND EXPECTED REDEVELOPMENT SPENDING THROUGH

YEAR END 2021

Sourcesof Liquidity

2020Maturities

2021Maturities

Redev.Spending

Note: Dollars in thousands.


S I G N I F I C A N T B A L A N C E S H E E T S T R E N G T H

20272025 202620242023202220212020$0

$200

$400

$600

$800

$1000

$1200

1Q20 Pro Forma

BALANCE SHEET STRENGTH

• Debt / Adjusted EBITDA now 5.3x compared to 6.5x in 3Q18

• Minimal near-term refinancing and interest rate risk with just $52M of pro rata consolidated debt maturing through 2021

• $325M available under the company’s $970M Lines of Credit as of 1Q20

BALANCE SHEET FLEXIBILITY AND OPTIONALITY

• Only two of 69 wholly-owned properties are encumbered

• Cash flow covenants are based on GAAP, not cash, revenue, and calculated on a trailing twelve month basis

• Pro forma covenants adjust for consolidated cash on hand as of March 31, 2020

BOND COVENANTS 3/31/20 ACTUAL

$500M Lo C REPAID

3/31/20 PRO FORMA

Outstanding Debt to Undepreciated Real Estate Assets (max 65%) 44% 35%

Secured Debt (max 40%) 1% 1%

Unencumbered Real Estate Assets (min 135%) 208% 269%

Fixed Charges (min 1.5x) 3.6x 3.6x

CONSOLIDATED DEBT MATURITIES

1Q20 Actual


M I N I M A L N E A R -T E R M R E F I N A N C I N G R I S K

PEER- LE ADING L IQUID IT Y

LIQUIDITY (CASH PLUS UNUSED LINE BALANCE)‘20-22 MATURITIES PLUS REMAINING DEVELOPMENT COSTS

CDR

AKR

WRI

KRG

RPT

RPAI

SITC

UE

FRT

BRX

REG

KIM

$0 $500 $1,000 $1,500 $2,000

SHARE OF DEBT MATURING IN '20-22

SITC

RPT

UE

KRG

BRX

WRI

FRT

AKR

KIM

REG

RPAI

CDR

0 10 20 30 40 50 60 70

Dollars in thousands. As of March 31, 2020.

26

Appendix


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

The Company uses the ratio Debt to Adjusted EBITDA (“Debt/Adjusted EBITDA”) as it believes it provides a meaningful metric as it relates to the Company’s ability to meet various leverage tests for the corresponding periods. The components of Debt/Adjusted EBITDA include net effective debt divided by adjusted EBITDA (annualized), as opposed to net income determined in accordance with GAAP. Adjusted EBITDA is calculated as net income attributable to SITE before interest, income taxes, depreciation and amortization and further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing performance. Net effective debt is calculated as the Company’s consolidated debt outstanding excluding unamortized loan costs and fair market value adjustments, less cash and restricted cash as of the balance sheet date presented. Such amounts are calculated at the Company’s proportionate share of ownership.

The Company also calculates EBITDAre as net income attributable to SITE before interest, income taxes, depreciation and amortization, gains and losses from disposition of real estate property and related investments, impairment charges on real estate property and related investments including reserve adjustments of preferred equity interests and gains and losses from changes in control. Such amount is calculated at the Company’s proportionate share of ownership.

Adjusted EBITDA should not be considered as an alternative to earnings as an indicator of the Company’s financial performance, or an alternative to cash flow from operating activities as a measure of liquidity. The Company’s calculation of Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from Adjusted EBITDA are significant components in understanding and assessing the Company’s financial condition. The Reconciliations of Adjusted EBITDA and net effective debt used in the pro rata Debt/Adjusted EBITDA ratio to their most directly comparable GAAP measures of net income (loss) and debt are provided herein.


1Q2020 3Q2018CONSOLIDATED

Net Income (loss) to SITE $34,333 ($8,931)Interest Expense 20,587 26,962

Income Tax, Net 233 238

Depreciation and Amortization 42,993 49,629

Adjustments for Non-Controlling Interests (184) (171)

EBITDA – Current Quarter 97,962 67,727

Impairments - 19,890

Reserve of Preferred Equity Interests 18,057 2,201

Gain on Sale of Joint Venture Interest (45,681) -

Gain on Disposition of Real Estate, Net (773) (124)

EBITDAre – Current Quarter 69,565 89,694

Equity in Net (Income) Loss of JVs (2,171) 2,920

Other Expense, Net 15,242 1,475

Hurricane Property Income - (157)

Business Interruption Income - (1,784)

JV Adjusted EBITDA (at SITE Share) 7,185 7,247

Adjusted EBITDA – Current Quarter 89,821 99,395 Adjusted EBITDA – Annualized 359,284 397,580

Consolidated Debt 2,246,711 2,385,002

Partner Share of Consolidated Debt (9,402) (9,647)

Loan Costs, Net 8,148 12,749

Face Value Adjustments (709) (1,794)

Cash and Restricted Cash (513,877) (12,719)

Net Effective Debt $1,730,871 $2,373,591

Debt/Adjusted EBITDA – Consolidated 1 4.8x 6.0x

Pro Rata including JVs

EBTIDAre – Current Quarter 74,537 99,696

Adjusted EBITDA – Current Quarter 93,331 103,108

Adjusted EBITDA – Annualized 373,324 412,432

Consolidated Net Debt 1,730,871 2,373,591

JV Debt (at SITE Share) 255,694 306,345

Cash and Restricted Cash (9,849) (12,543)

Net Effective Debt $1,976,716 $2,667,393

Debt/Adjusted EBITDA – Pro Rata 1 5.3x 6.5x

R E C O N C I L I AT I O N - D E B T/A D J U S T E D E B I T D A

1 Excludes perpetual preferred stock. Dollars in thousands.

SITE CENTERS NAREIT Presentation...SITE Centers Corp. considers portions of the information in this presentation to be forward-looking statements within the meaning of Section 27A

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