Exhibit 99.1

Exhibit 99.1

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SITE Centers Corp.

Table of Contents

 

Section

Page

 

 

Earnings Release & Financial Statements

 

Press Release

1-6

 

 

Company Summary

 

Portfolio Summary

7

Capital Structure and Debt Detail

8

Leasing Summary

9

Lease Expirations

10

Top 20 Tenants

11

 

 

Investments

 

Transactions

12

 

 

Unconsolidated Joint Ventures

 

Unconsolidated Joint Venture

13-15

 

 

Shopping Center Summary

 

Property List

16

 

 

Reporting Policies and Other

 

Notable Accounting and Supplemental Policies

17

Non-GAAP Measures

18-19

Leasing Metrics for Wholly-Owned and Unconsolidated Joint Venture at 100%

20-24

 

 

 

 

 

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SITE Centers Corp.

For additional information:

3300 Enterprise Parkway

Gerald Morgan, EVP and

Beachwood, OH 44122
216-755-5500

Chief Financial Officer

 

FOR IMMEDIATE RELEASE:

SITE Centers Reports Second Quarter 2026 Results

 

Beachwood, Ohio, August 3, 2026 - SITE Centers Corp. (NYSE: SITC) announced today operating results for the quarter ended June 30, 2026.

 

“Year to date, the Company has sold five properties, a land parcel and a joint venture interest for aggregate gross sales prices of approximately $167.8 million,” commented David R. Lukes, President and Chief Executive Officer. “SITE Centers remains focused on maximizing the value of its remaining assets through additional asset sales and resolution of its investment in the DTP joint venture.”

Results for the Second Quarter

•
Second quarter net loss was $1.3 million, or a loss of $0.03 per diluted share, as compared to net income of $46.5 million, or $0.88 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of the decrease in gain on disposition of real estate, increase in impairment charges and lower Net Operating Income (“NOI”) as a result of property dispositions offset by increases in interest income and decreases in interest expense and depreciation and amortization expense.
•
Second quarter operating funds from operations (“Operating FFO” or “OFFO”) was a loss of $4.6 million, or a loss of $0.09 per diluted share, compared to income of $8.3 million, or income of $0.16 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of lower NOI as a result of property dispositions partially offset by an increase in interest income and a decrease in interest expense.
•
Sold Meadowmont Crossings and the Pike Outlets for aggregate gross sales prices of $61.1 million. Net proceeds from these sales after adjustment for certain pro-rations, allocations and other credits were approximately $56.5 million.
•
The Company held $238.9 million of unrestricted cash at June 30, 2026. The Company expects to maintain a higher cash balance pending the resolution of the DTP joint venture in order to maximize options to monetize its remaining joint venture investment.
•
On June 29, 2026, the Company delivered a buy-sell notice to its partner under the DTP joint venture agreement. Pursuant to the terms of the joint venture agreement, unless an alternative consensual resolution is agreed between the Company and its partner, the partner is required to inform the Company by August 31, 2026 of its decision to either purchase the Company’s 20% interest in the joint venture for a price of approximately $32.4 million or sell its 80% interest in the joint venture to the Company for a price of approximately $129.6 million. Pursuant to the terms of the joint venture agreement, closing of the transaction should occur no later than October 15, 2026. No assurances can be given that the partner will comply with its obligations under the joint venture agreement with respect to the buy-sell notice.

Significant Second Quarter Activity and Key Operating Results

•
Declared a $1.00 per share special dividend that was paid on July 31, 2026.
•
Recorded environmental litigation and tenant litigation legal expense of $1.0 million in the second quarter of 2026 as compared to $0.4 million in the second quarter of 2025. On an annual basis, the Company recorded $1.1 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively.
•
Reported a leased rate of 82.5% at June 30, 2026 as compared to 87.8% at December 31, 2025 and 88.1% at June 30, 2025, all on a pro rata basis. The change in the leased rate was due primarily to transactional activity and the remaining mix of properties.
•
Executed two new leases and 14 renewals for 64,702 square feet during the quarter.

Recent Activity

•
In July, the Company sold Meadowmont Market (Chapel Hill, North Carolina) and a land parcel (Freehold, New Jersey) for aggregate gross sales prices of approximately $11.5 million. Net proceeds from these sales after adjustment for certain pro-rations, allocations and other credits were approximately $11.1 million.

1

 

•
The Company has entered into agreements to sell Shoppes at Paradise Point (Fort Walton Beach, Florida) and The Maxwell (Chicago, Illinois) for $8.4 million and $15.3 million in cash, respectively, subject to adjustment for certain closing pro-rations, allocations and credits. The general due diligence period has expired under both of these sale agreements and the closings are expected to occur by the end of the third quarter of 2026 subject to satisfaction of customary closing conditions.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Supplemental Information

Copies of the Company's quarterly financial supplement are available on the Investor Relations portion of the Company's website, ir.sitecenters.com.

Non-GAAP Measures and Other Operational Metrics

Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

 

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States (“GAAP”)), adjusted to exclude (i) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (ii) impairment charges on real estate property and related investments and (iii) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

 

The Company also uses NOI, a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

 

FFO, Operating FFO and NOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein.

Safe Harbor

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, our ability to enter into agreements to sell our remaining properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to resolve and realize value from our remaining joint venture investment; impairment charges; 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 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; the impact of e-commerce; property

2

 

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 sufficiency and timing of any insurance recovery payments related thereto; the impact of pandemics and other public health crises; our ability to finance our businesses on commercially acceptable terms or at all; 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; our ability to project known and contingent expenses and liabilities arising in connection with the anticipated wind-up of our operations; and any change in strategy. 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.

3

 

SITE Centers Corp.

Income Statement: Consolidated Interests

 

 

in thousands, except per share

 

 

 

 

 

2Q26

 

2Q25

 

6M26

 

6M25

 

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

$6,847

 

$30,662

 

$16,088

 

$62,112

 

Other property revenues

105

 

446

 

235

 

9,342

 

 

6,952

 

31,108

 

16,323

 

71,454

 

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance (2)

3,776

 

6,457

 

7,069

 

13,589

 

Real estate taxes

1,173

 

4,690

 

2,815

 

9,411

 

 

4,949

 

11,147

 

9,884

 

23,000

 

 

 

 

 

 

 

 

 

 

Net operating income (3)

2,003

 

19,961

 

6,439

 

48,454

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

JV and other fee income (4)

3,741

 

2,362

 

7,386

 

4,639

 

Interest expense

0

 

(5,304)

 

0

 

(10,766)

 

Depreciation and amortization

(3,894)

 

(12,921)

 

(8,911)

 

(26,173)

 

General and administrative (5)

(9,229)

 

(9,418)

 

(18,128)

 

(18,813)

 

Other income (expense), net (6)

(162)

 

(1,165)

 

35

 

(1,660)

 

Impairment charges

(1,000)

 

0

 

(18,450)

 

0

 

Loss before earnings from JVs and other

(8,541)

 

(6,485)

 

(31,629)

 

(4,319)

 

 

 

 

 

 

 

 

 

 

Equity in net loss of JVs

(449)

 

(68)

 

(601)

 

(29)

 

Gain on sale of joint venture interests

0

 

0

 

19,989

 

0

 

Gain on disposition of real estate, net

7,804

 

53,236

 

11,811

 

54,265

 

Tax (expense) benefit

(118)

 

(179)

 

64

 

(328)

 

Net (loss) income

($1,304)

 

$46,504

 

($366)

 

$49,589

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic and Diluted– EPS

52,475

 

52,445

 

52,471

 

52,440

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Basic

($0.03)

 

$0.88

 

($0.01)

 

$0.94

 

Earnings per common share – Diluted

($0.03)

 

$0.88

 

($0.01)

 

$0.94

 

 

 

 

 

 

 

 

 

(1)

Rental income:

 

 

 

 

 

 

 

 

Minimum rents

$4,161

 

$19,832

 

$9,570

 

$40,198

 

Ground lease minimum rents

241

 

1,281

 

549

 

2,602

 

Straight-line rent, net

(65)

 

109

 

318

 

304

 

Amortization of (above)/below-market rent, net

36

 

166

 

120

 

306

 

Percentage and overage rent

348

 

389

 

597

 

753

 

Recoveries

1,708

 

7,900

 

3,838

 

16,302

 

Uncollectible revenue

(121)

 

228

 

(85)

 

120

 

Ancillary and other rental income

171

 

389

 

363

 

790

 

Lease termination fees

0

 

0

 

81

 

0

 

Embedded lease Shared Services Agreement (“SSA”) with Curbline

368

 

368

 

737

 

737

 

 

 

 

 

 

 

 

 

(2)

Environmental and tenant litigation expenses

1,000

 

378

 

1,096

 

628

 

Includes the allocation of property management personnel expenses

112

 

377

 

256

 

731

 

 

 

 

 

 

 

 

 

(3)

Includes NOI from wholly-owned assets sold in 2026 and 2025

659

 

16,980

 

2,677

 

34,706

 

 

 

 

 

 

 

 

 

(4)

Curbline SSA fee

1,201

 

800

 

2,283

 

1,492

 

Curbline SSA gross up

1,759

 

625

 

3,522

 

1,256

 

Embedded lease SSA

(368)

 

(368)

 

(737)

 

(737)

 

 

 

 

 

 

 

 

 

(5)

Other charges related to system conversion

0

 

160

 

9

 

675

 

 

 

 

 

 

 

 

 

(6)

Interest income (fees), net

1,615

 

722

 

2,806

 

1,083

 

Transaction costs and other expenses

(18)

 

(758)

 

751

 

(983)

 

Curbline SSA gross up

(1,759)

 

(625)

 

(3,522)

 

(1,256)

 

Debt extinguishment costs

0

 

(504)

 

0

 

(504)

 

 

 

 

 

 

 

 

 

 

4

 

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

 

 

in thousands, except per share

 

 

 

 

 

2Q26

 

2Q25

 

6M26

 

6M25

 

Net (loss) income

($1,304)

 

$46,504

 

($366)

 

$49,589

 

Depreciation and amortization of real estate

2,387

 

12,054

 

5,720

 

24,468

 

Equity in net loss of JVs

449

 

68

 

601

 

29

 

JVs' FFO

721

 

1,545

 

1,668

 

3,138

 

Impairment charges

1,000

 

0

 

18,450

 

0

 

Gain on sale of joint venture interests

0

 

0

 

(19,989)

 

0

 

Gain on disposition of real estate, net

(7,804)

 

(53,236)

 

(11,811)

 

(54,265)

 

FFO

($4,551)

 

$6,935

 

($5,727)

 

$22,959

 

Debt extinguishment, transaction and other (at SITE's share)

(18)

 

1,252

 

(821)

 

1,374

 

Condemnation revenue

0

 

0

 

0

 

(8,379)

 

Other charges

0

 

160

 

95

 

675

 

Total non-operating items, net

(18)

 

1,412

 

(726)

 

(6,330)

 

Operating FFO

($4,569)

 

$8,347

 

($6,453)

 

$16,629

 

 

 

 

 

 

 

 

 

 

Weighted average shares & units – Basic: FFO & OFFO

52,475

 

52,445

 

52,471

 

52,440

 

Assumed conversion of dilutive securities

0

 

0

 

0

 

0

 

Weighted average shares & units – Diluted: FFO & OFFO

52,475

 

52,445

 

52,471

 

52,440

 

 

 

 

 

 

 

 

 

 

FFO per share – Basic

$(0.09)

 

$0.13

 

$(0.11)

 

$0.44

 

FFO per share – Diluted

$(0.09)

 

$0.13

 

$(0.11)

 

$0.44

 

Operating FFO per share – Basic

$(0.09)

 

$0.16

 

$(0.12)

 

$0.32

 

Operating FFO per share – Diluted

$(0.09)

 

$0.16

 

$(0.12)

 

$0.32

 

Common stock dividends declared, per share

$1.00

 

$1.50

 

$1.00

 

$1.50

 

 

 

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share):

 

 

 

 

 

 

 

 

Maintenance capital expenditures

25

 

540

 

25

 

887

 

Tenant allowances and landlord work

700

 

708

 

2,345

 

1,771

 

Leasing commissions

67

 

179

 

218

 

464

 

Construction administrative costs (capitalized)

384

 

517

 

588

 

957

 

 

 

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share):

 

 

 

 

 

 

 

 

Straight-line rent

(84)

 

133

 

311

 

328

 

Straight-line fixed CAM

(7)

 

16

 

(6)

 

30

 

Amortization of below-market rent/(above), net

125

 

261

 

310

 

401

 

Straight-line ground rent income

(182)

 

21

 

(147)

 

40

 

Debt fair value and loan cost amortization

(190)

 

(904)

 

(383)

 

(1,600)

 

Stock compensation expense

(304)

 

(316)

 

(586)

 

(701)

 

Non-real estate depreciation expense

(1,507)

 

(870)

 

(3,191)

 

(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

 

$ in thousands

 

 

 

 

 

At Period End

 

 

2Q26

 

4Q25

 

Assets:

 

 

 

 

Land

$20,346

 

$47,182

 

Buildings

113,610

 

338,527

 

Fixtures and tenant improvements

76,561

 

170,247

 

 

210,517

 

555,956

 

Depreciation

(131,601)

 

(332,774)

 

 

78,916

 

223,182

 

Construction in progress and land

548

 

2,554

 

Real estate, net

79,464

 

225,736

 

 

 

 

 

 

Investments in and advances to JVs

26,396

 

27,676

 

Cash

238,926

 

119,034

 

Restricted cash

2,415

 

3,781

 

Receivables and straight-line (1)

7,662

 

13,015

 

Intangible assets, net (2)

4,970

 

22,207

 

Amounts receivable from Curbline

397

 

902

 

Other assets, net

5,064

 

6,386

 

Total Assets

365,294

 

418,737

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Dividends payable

52,691

 

0

 

Amounts payable to Curbline

9,420

 

22,107

 

Other liabilities (3)

20,924

 

61,865

 

Total Liabilities

83,035

 

83,972

 

Common shares

5,248

 

5,247

 

Paid-in capital

3,981,441

 

3,981,084

 

Distributions in excess of net income

(3,704,395)

 

(3,651,338)

 

Common shares in treasury at cost

(35)

 

(228)

 

Total Equity

282,259

 

334,765

 

 

 

 

 

 

Total Liabilities and Equity

$365,294

 

$418,737

 

 

 

 

 

(1)

Straight-line rents (including fixed CAM), net

$1,436

 

$3,511

 

 

 

 

 

(2)

Operating lease right of use assets

4,139

 

14,700

 

 

 

 

 

(3)

Operating lease liabilities

4,930

 

34,330

 

Below-market leases, net

3,446

 

4,670

 

6

 

SITE Centers Corp.

Portfolio Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/30/2026

 

3/31/2026

 

12/31/2025

 

9/30/2025

 

6/30/2025

 

Shopping Center Count

 

 

 

 

 

 

 

 

 

 

 

Operating Centers - 100%

 

14

 

16

 

19

 

27

 

31

 

Wholly Owned

 

4

 

6

 

8

 

16

 

20

 

JV Portfolio

 

10

 

10

 

11

 

11

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Leasable Area (GLA)

 

 

 

 

 

 

 

 

 

 

 

Owned and Ground Lease - Pro Rata Share

 

1,139

 

1,567

 

2,013

 

4,271

 

5,355

 

Wholly Owned

 

460

 

888

 

1,155

 

3,413

 

4,497

 

JV Portfolio - Pro Rata Share

 

679

 

679

 

858

 

858

 

858

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Operational Overview

 

 

 

 

 

 

 

 

 

 

 

Pro Rata Share

 

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$18.40

 

$20.00

 

$22.61

 

$19.62

 

$19.83

 

Base Rent PSF < 10K

 

$31.05

 

$31.19

 

$33.09

 

$31.05

 

$31.19

 

Base Rent PSF > 10K

 

$14.50

 

$15.73

 

$18.02

 

$15.86

 

$15.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced Rate

 

81.1%

 

84.7%

 

85.8%

 

86.5%

 

87.5%

 

Commenced Rate < 10K SF

 

71.2%

 

74.9%

 

79.4%

 

83.2%

 

85.6%

 

Commenced Rate > 10K SF

 

84.8%

 

88.7%

 

88.7%

 

87.6%

 

88.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Rate

 

82.5%

 

85.9%

 

87.8%

 

87.6%

 

88.1%

 

Leased Rate < 10K SF

 

72.2%

 

76.3%

 

81.9%

 

84.2%

 

87.3%

 

Leased Rate > 10K SF

 

86.4%

 

89.8%

 

90.6%

 

88.7%

 

88.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: GLA in thousands. Base Rent PSF excludes ground leases. All results exclude the Company's owned Beachwood, OH headquarters office buildings.

 

7

 

SITE Centers Corp.

Capital Structure

 

$, shares and units in thousands, except per share

 

 

 

 

 

 

 

 

 

 

June 30, 2026

 

December 31, 2025

Capital Structure

 

 

 

 

 

 

Market Value Per Share

 

 

 

$3.97

 

$6.42

 

 

 

 

 

 

 

Common Shares Outstanding

 

 

 

52,475

 

52,462

 

 

 

 

 

 

 

Equity Market Capitalization

 

 

 

$208,326

 

$336,806

Unconsolidated Mortgage Debt (at SITE share)

 

 

 

76,120

 

106,031

 

 

 

 

284,446

 

442,837

Less: Cash (including restricted cash and JV's at SITE share)

 

 

 

(245,609)

 

(133,210)

 

 

 

 

 

 

 

Enterprise Value

 

 

 

$38,837

 

$309,627

 

 

 

 

 

 

 

 

 

 

SITE Centers Corp.

Debt Detail

 

$ in thousands

 

 

 

 

 

 

 

 

Balance
100%

 

Balance
SITE Share

 

Maturity
Date

 

Contractual Interest Rate at 6/30/2026

 

 

 

 

 

 

 

 

Unconsolidated Mortgage Debt

 

 

 

 

 

 

 

DTP Loan Pool (10 assets)

$380,600

 

$76,120

 

01/29

 

6.38%

Unamortized Loan Costs, Net

(9,464)

 

(1,893)

 

 

 

 

Total Unconsolidated Debt

$371,136

 

$74,227

 

 

 

 

 

 

 

 

 

 

 

8

 

SITE Centers Corp.

Leasing Summary

 

At pro rata share except for count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasing Activity

 

 

 

 

 

 

 

 

 

 

 

Comparable Pool

 

Total Pool

 

 

 

 

Leasing Spreads

 

 

 

 

 

 

 

Count

GLA

ABR PSF

Cash

Term

 

Count

GLA

ABR PSF

Term

New Leases

 

 

 

 

 

 

 

 

 

 

2Q26

0

0

$0.00

0.0%

0

 

2

2,309

$16.10

5.6

1Q26

1

9,307

$14.00

16.7%

10.5

 

1

9,307

$14.00

10.5

4Q25

0

0

$0.00

0.0%

0.0

 

2

2,081

$25.92

10.4

3Q25

0

0

$0.00

0.0%

0.0

 

6

53,575

$16.50

10.0

 

1

9,307

$14.00

16.7%

10.5

 

11

67,272

$16.43

9.9

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

2Q26

14

62,393

$14.76

9.7%

4.9

 

14

62,393

$14.76

4.9

1Q26

8

8,599

$23.44

1.9%

4.2

 

8

8,599

$23.44

4.2

4Q25

11

72,869

$16.29

4.5%

5.0

 

11

72,869

$16.29

5.0

3Q25

23

183,056

$14.38

6.1%

4.8

 

23

183,056

$14.38

4.8

 

56

326,917

$15.12

6.2%

4.8

 

56

326,917

$15.12

4.8

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

 

2Q26

14

62,393

$14.76

9.7%

4.9

 

16

64,702

$14.81

4.9

1Q26

9

17,906

$18.54

7.2%

7.5

 

9

17,906

$18.54

7.5

4Q25

11

72,869

$16.29

4.5%

5.0

 

13

74,950

$16.55

5.2

3Q25

23

183,056

$14.38

6.1%

4.8

 

29

236,631

$14.86

6.0

 

57

336,224

$15.09

6.4%

5.0

 

67

394,189

$15.34

5.7

 

Net Effective Rents

 

 

 

 

 

 

 

 

 

Capex PSF

NER

 

GLA

ABR PSF

TA

LL Work

LC

Total

PSF

Term

New Leases

 

 

 

 

 

 

 

 

2Q26

2,309

$16.43

$1.22

$1.30

$0.54

$3.06

$13.37

5.6

1Q26

9,307

$14.00

$2.86

$0.10

$0.57

$3.53

$10.47

10.5

4Q25

2,081

$28.65

$2.02

$0.37

$1.71

$4.10

$24.55

10.4

3Q25

53,575

$17.15

$1.46

$5.41

$0.62

$7.49

$9.66

10.0

 

67,272

$17.04

$1.68

$4.39

$0.64

$6.71

$10.33

9.9

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

2Q26

62,393

$14.91

$0.05

$0.00

$0.00

$0.05

$14.86

4.9

1Q26

8,599

$23.79

$0.25

$0.00

$0.00

$0.25

$23.54

4.2

4Q25

72,869

$16.45

$0.00

$0.00

$0.00

$0.00

$16.45

5.0

3Q25

183,056

$14.46

$0.00

$0.00

$0.00

$0.00

$14.46

4.8

 

326,917

$15.24

$0.02

$0.00

$0.00

$0.02

$15.22

4.8

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

2Q26

64,702

$14.96

$0.10

$0.05

$0.02

$0.17

$14.79

4.9

1Q26

17,906

$18.70

$2.16

$0.07

$0.42

$2.65

$16.05

7.5

4Q25

74,950

$16.79

$0.11

$0.02

$0.10

$0.23

$16.56

5.2

3Q25

236,631

$15.07

$0.55

$2.05

$0.23

$2.83

$12.24

6.0

 

394,189

$15.54

$0.51

$1.30

$0.19

$2.00

$13.54

5.7

 

 

 

 

 

 

 

 

 

Note: ABR PSF represents year one base rent for leasing spreads and the average rent for the initial term for net effective rent. Term is weighted average in years.

 

9

 

SITE Centers Corp.

Lease Expirations

 

At pro rata share except for count; $ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes no exercise of lease options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

1

 

7

1.0%

$54

0.5%

 

$7.71

 

4

 

7

3.1%

$244

3.6%

 

$34.86

 

5

 

14

1.5%

$298

1.8%

 

$21.29

2026

0

 

0

0.0%

0

0.0%

 

$0.00

 

13

 

12

5.3%

421

6.2%

 

$35.08

 

13

 

12

1.3%

421

2.5%

 

$35.08

2027

10

 

105

15.0%

2,103

20.7%

 

$20.03

 

22

 

27

12.0%

751

11.1%

 

$27.81

 

32

 

132

14.3%

2,854

16.8%

 

$21.62

2028

15

 

84

12.0%

1,013

10.0%

 

$12.06

 

39

 

35

15.6%

1,071

15.8%

 

$30.60

 

54

 

119

12.9%

2,084

12.3%

 

$17.51

2029

8

 

124

17.8%

1,686

16.6%

 

$13.60

 

30

 

32

14.2%

1,095

16.2%

 

$34.22

 

38

 

156

16.9%

2,781

16.4%

 

$17.83

2030

12

 

55

7.9%

858

8.4%

 

$15.60

 

33

 

29

12.9%

867

12.8%

 

$29.90

 

45

 

84

9.1%

1,725

10.2%

 

$20.54

2031

19

 

139

19.9%

1,867

18.4%

 

$13.43

 

18

 

25

11.1%

650

9.6%

 

$26.00

 

37

 

164

17.8%

2,517

14.9%

 

$15.35

2032

6

 

58

8.3%

627

6.2%

 

$10.81

 

13

 

14

6.2%

452

6.7%

 

$32.29

 

19

 

72

7.8%

1,079

6.4%

 

$14.99

2033

4

 

61

8.7%

961

9.5%

 

$15.75

 

9

 

10

4.4%

255

3.8%

 

$25.50

 

13

 

71

7.7%

1,216

7.2%

 

$17.13

2034

4

 

23

3.3%

491

4.8%

 

$21.35

 

6

 

15

6.7%

402

5.9%

 

$26.80

 

10

 

38

4.1%

893

5.3%

 

$23.50

2035

6

 

34

4.9%

427

4.2%

 

$12.56

 

6

 

4

1.8%

132

1.9%

 

$33.00

 

12

 

38

4.1%

559

3.3%

 

$14.71

Thereafter

1

 

8

1.1%

82

0.8%

 

$10.25

 

13

 

15

6.7%

432

6.4%

 

$28.80

 

14

 

23

2.5%

514

3.0%

 

$22.35

Total

86

 

698

100.0%

$10,169

100.0%

 

$14.57

 

206

 

225

100.0%

$6,772

100.0%

 

$30.10

 

292

 

923

100.0%

$16,941

100.0%

 

$18.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signed Not Open

2

 

13

 

$174

 

 

$13.38

 

3

 

3

 

$49

 

 

$16.33

 

5

 

16

 

$223

 

 

$13.94

Vacant

8

 

112

 

 

 

 

 

 

56

 

87

 

 

 

 

 

 

64

 

199

 

 

 

 

 

 

 

 

 

 

Assumes all lease options are exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

1

 

7

1.0%

$54

0.5%

 

$7.71

 

3

 

5

2.2%

$171

2.5%

 

$34.20

 

4

 

12

1.3%

$225

1.3%

 

$18.75

2026

0

 

0

0.0%

0

0.0%

 

$0.00

 

7

 

6

2.7%

245

3.6%

 

$40.83

 

7

 

6

0.7%

245

1.4%

 

$40.83

2027

3

 

68

9.7%

1,568

15.4%

 

$23.06

 

10

 

10

4.4%

206

3.0%

 

$20.60

 

13

 

78

8.5%

1,774

10.5%

 

$22.74

2028

2

 

7

1.0%

67

0.7%

 

$9.57

 

25

 

16

7.1%

469

6.9%

 

$29.31

 

27

 

23

2.5%

536

3.2%

 

$23.30

2029

4

 

49

7.0%

881

8.7%

 

$17.98

 

18

 

14

6.2%

403

6.0%

 

$28.79

 

22

 

63

6.8%

1,284

7.6%

 

$20.38

2030

2

 

5

0.7%

110

1.1%

 

$22.00

 

20

 

14

6.2%

388

5.7%

 

$27.71

 

22

 

19

2.1%

498

2.9%

 

$26.21

2031

4

 

10

1.4%

138

1.4%

 

$13.80

 

12

 

10

4.4%

251

3.7%

 

$25.10

 

16

 

20

2.2%

389

2.3%

 

$19.45

2032

2

 

12

1.7%

148

1.5%

 

$12.33

 

15

 

17

7.6%

599

8.8%

 

$35.24

 

17

 

29

3.1%

747

4.4%

 

$25.76

2033

4

 

26

3.7%

312

3.1%

 

$12.00

 

13

 

18

8.0%

537

7.9%

 

$29.83

 

17

 

44

4.8%

849

5.0%

 

$19.30

2034

0

 

0

0.0%

0

0.0%

 

$0.00

 

14

 

19

8.4%

782

11.5%

 

$41.16

 

14

 

19

2.1%

782

4.6%

 

$41.16

2035

5

 

26

3.7%

373

3.7%

 

$14.35

 

11

 

14

6.2%

432

6.4%

 

$30.86

 

16

 

40

4.3%

805

4.8%

 

$20.13

Thereafter

59

 

488

69.9%

6,518

64.1%

 

$13.36

 

58

 

82

36.4%

2,289

33.8%

 

$27.91

 

117

 

570

61.8%

8,807

52.0%

 

$15.45

Total

86

 

698

100.0%

$10,169

100.0%

 

$14.57

 

206

 

225

100.0%

$6,772

100.0%

 

$30.10

 

292

 

923

100.0%

$16,941

100.0%

 

$18.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Includes ground leases. Excludes Company’s owned Beachwood OH headquarters office buildings.

 

 

 

 

 

 

 

 

10

 

SITE Centers Corp.

Top 20 Tenants

 

$ and GLA in thousands

 

 

 

 

 

 

 

 

 

Number of Units

Base Rent

Owned GLA

 

 

Tenant

WO

JV

Total

Pro Rata

% of Total

At 100%

Pro Rata

% of Total

At 100%

1

 

Burlington

1

1

2

1,599

9.4%

1,983

70

6.1%

104

2

 

AMC Theatres

0

3

3

1,037

6.1%

5,183

46

4.0%

232

3

 

Nordstrom Rack

1

0

1

731

4.3%

731

37

3.2%

37

4

 

Kroger (Harris Teeter )

1

0

1

697

4.1%

697

45

4.0%

45

5

 

Dick's Sporting Goods (1)

0

5

5

618

3.6%

3,090

49

4.3%

244

6

 

Publix Supermarkets

1

1

2

572

3.4%

932

56

4.9%

100

7

 

TJX Companies (2)

0

9

9

527

3.1%

2,637

45

4.0%

223

8

 

Lowe's

0

2

2

452

2.7%

2,259

52

4.6%

261

9

 

Ross Stores

0

6

6

452

2.7%

2,258

36

3.2%

181

10

 

Kohl's

0

3

3

418

2.5%

2,088

47

4.1%

237

11

 

Best Buy

0

3

3

392

2.3%

1,962

28

2.5%

141

12

 

Tailored Brands (Men's Wearhouse)

1

2

3

336

2.0%

528

8

0.7%

15

13

 

Five Below

1

5

6

320

1.9%

1,006

19

1.7%

54

14

 

Verizon Wireless

1

3

4

291

1.7%

702

6

0.5%

15

15

 

Gap (Old Navy)

0

5

5

281

1.7%

1,403

17

1.5%

84

16

 

Michaels

0

4

4

260

1.5%

1,301

19

1.7%

97

17

 

J.P. Morgan

1

0

1

225

1.3%

225

6

0.5%

6

18

 

Ulta Beauty

0

5

5

222

1.3%

1,110

11

1.0%

55

19

 

The Noodles Shop Co.

1

1

2

222

1.3%

335

4

0.4%

6

20

 

Petsmart

0

3

3

189

1.1%

945

11

1.0%

54

 

 

Top 20 Total

9

61

70

$9,841

58.1%

$31,375

612

53.7%

2,191

 

 

Total Portfolio

 

 

 

$16,941

100.0%

$55,351

1,139

100.0%

3,857

 

 

 

 

 

 

 

 

 

 

 

 

(1) Dick's Sporting Goods (3) / Going Going Gone (1) / Golf Galaxy (1)

 

(2) T.J. Maxx (1) / Marshalls (5) / HomeGoods (2) / Sierra Trading (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

SITE Centers Corp.

Transactions

 

$ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

SITE

 

Owned

 

Price

 

 

Property Name

MSA

Own %

 

GLA

 

At 100%

 

At Share

Property Dispositions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

02/27/26

 

FlatAcres MarketCenter

Denver-Aurora-Lakewood, CO

100%

 

136

 

$24,400

 

$24,400

03/03/26

 

3030 North Broadway

Chicago-Naperville-Elgin, IL-IN-WI

100%

 

132

 

50,100

 

50,100

 

 

 

1Q 2026 Total

 

 

268

 

$74,500

 

$74,500

 

 

 

 

 

 

 

 

 

 

 

05/04/26

 

Meadowmont Crossing

Raleigh, NC

100%

 

92

 

$11,050

 

$11,050

06/30/26

 

The Pike Outlets

Los Angeles-Long Beach-Anaheim, CA

100%

 

389

 

50,000

 

50,000

 

 

 

2Q 2026 Total

 

 

481

 

$61,050

 

$61,050

 

 

 

 

 

 

 

 

 

 

 

07/14/26

 

Land Parcel

Freehold, NJ

100%

 

N/A

 

$450

 

$450

07/27/26

 

Meadowmont Market

Durham-Chapel Hill, NC

100%

 

49

 

11,000

 

11,000

 

 

 

3Q 2026 QTD

 

 

49

 

$11,450

 

$11,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total 2026 YTD

 

 

798

 

$147,000

 

$147,000

Sale of Partnership Interests

 

 

 

 

 

 

 

 

01/16/26

 

Deer Park Town Center(1)

Chicago-Naperville-Elgin, IL-IN-WI

 

358

 

N/A

 

$20,762

 

 

 

 

 

 

 

 

 

 

 

(1) In January 2026, the Company sold its partnership interests in RVIP IIIB to its existing joint venture partner.

 

12

 

SITE Centers Corp.

Unconsolidated Joint Ventures

 

$ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint Venture

 

SITE
Own %

 

Number of Properties

 

Owned
GLA

 

Leased Rate

 

ABR

 

2Q26 NOI
at 100% (1)

 

Gross
RE Assets

 

Debt Balance
at 100% (2)

Chinese Institutional Investors
   DTP

 

20%

 

10

 

3,397

 

92.9%

 

$15.43

 

$11,369

 

$612,250

 

$380,600

Property management fees

 

 

 

 

 

 

 

 

 

 

 

523

(1)

 

 

 

Net operating income

 

 

 

 

 

 

 

 

 

 

 

$11,892

(3)

 

 

 

 

(1) Property management fees charged by SITE to the joint venture are included as an expense in NOI, although presented in the combined income statement on page 14 in the Other Expense, net line item.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Excludes unamortized loan costs, net of $9.5 million or $1.9 million at SITE's share.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3) Amount agrees to the combined income statement of the joint ventures which includes a reconciliation of the Non-GAAP measure to the applicable GAAP measure.

See calculation definition in the Non-GAAP Measures section.

 

 

13

 

SITE Centers Corp.

Unconsolidated Joint Ventures

 

Combined SITE JV Pro Rata Adjustments (1)

 

 

 

 

 

Income Statement Pro Rata Adjustments 2Q26

 

Balance Sheet Pro Rata Adjustments 2Q26

Revenues:

 

 

Assets:

 

Rental income (2)

$3,182

 

Land

$29,794

Other income (3)

21

 

Buildings

83,707

 

3,203

 

Improvements

8,944

Expenses:

 

 

 

122,445

Operating and maintenance

451

 

Depreciation

(24,847)

Real estate taxes

373

 

 

97,598

 

824

 

Construction in progress and land

5

Net operating income

2,379

 

Real estate, net

97,603

 

 

 

Investment in JVs

0

Other income (expense):

 

 

Cash and restricted cash

4,268

Fee income

0

 

Receivables, net

1,561

Interest expense

(1,416)

 

Other assets, net

1,576

Depreciation and amortization

(1,154)

 

Total Assets

105,008

Other income (expense), net

(242)

 

 

 

Loss before earnings from JVs

(433)

 

Liabilities and Equity:

 

Equity in net loss of JVs

449

 

Mortgage debt

74,227

Basis differences of JVs

(16)

 

Amounts payable to SITE

321

Gain on disposition of real estate

0

 

Other liabilities

5,099

Net loss

$0

 

Total Liabilities

79,647

 

 

 

JVs share of equity

0

FFO Reconciliation 2Q26

 

Distributions in excess of net income

25,361

Loss before earnings from JVs

($433)

 

Total Equity

25,361

Depreciation and amortization

1,154

 

Total Liabilities and Equity

$105,008

Basis differences of JVs

0

 

 

 

FFO at SITE's ownership interests

$721

 

 

 

OFFO at SITE's ownership interests

$721

 

 

 

 

 

 

 

 

(1) Information provided for SITE's share of JV investments and can be combined with SITE's consolidated financial statements for the same period.

 

 

 

 

 

(2) Rental Income:

 

 

 

 

     Minimum rents

$2,259

 

 

 

     Ground lease minimum rents

138

 

 

 

     Straight-line rent, net

(18)

 

 

 

     Amortization of (above) below market rent, net

89

 

 

 

     Percentage and overage rent

1

 

 

 

     Recoveries

731

 

 

 

     Uncollectible revenue

(18)

 

 

 

 

 

 

 

 

(3) Other Income:

 

 

 

 

     Ancillary and other rental income

21

 

 

 

     Lease termination fees

0

 

 

 

 

 

 

 

 

 

 

 

 

14

 

SITE Centers Corp.

Unconsolidated Joint Ventures at 100%

$ in thousands

 

 

 

 

 

 

 

 

Combined Income Statement

 

 

2Q26

 

2Q25

 

6M26

 

6M25

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

 

$15,910

 

$20,478

 

$33,018

 

$40,380

Other income (2)

 

104

 

151

 

249

 

1,174

 

 

16,014

 

20,629

 

33,267

 

41,554

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance

 

2,254

 

2,678

 

4,659

 

5,509

Real estate taxes

 

1,868

 

2,226

 

3,812

 

4,577

 

 

4,122

 

4,904

 

8,471

 

10,086

 

 

 

 

 

 

 

 

 

Net operating income

 

11,892

 

15,725

 

24,796

 

31,468

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense

 

(7,083)

 

(8,080)

 

(14,255)

 

(16,088)

Depreciation and amortization

 

(5,769)

 

(6,340)

 

(10,914)

 

(12,384)

Other expense, net

 

(1,205)

 

(1,394)

 

(2,433)

 

(2,782)

 

 

(2,165)

 

(89)

 

(2,806)

 

214

(Loss) gain on disposition of real estate, net

 

0

 

5

 

0

 

1

Net income (loss) attributable to unconsolidated JVs

 

(2,165)

 

(84)

 

(2,806)

 

215

Depreciation and amortization

 

5,769

 

6,340

 

10,914

 

12,384

Gain on disposition of real estate, net

 

0

 

(5)

 

0

 

(1)

FFO

 

$3,604

 

$6,251

 

$8,108

 

$12,598

FFO at SITE's ownership interests

 

$721

 

$1,545

 

$1,668

 

$3,138

Operating FFO at SITE's ownership interests

 

$721

 

$1,545

 

$1,668

 

$3,138

 

 

 

 

 

 

 

 

 

(1) Rental Income:

 

 

 

 

 

 

 

 

     Minimum rents

 

$11,295

 

$13,591

 

$23,031

 

$27,199

     Ground lease minimum rents

 

690

 

682

 

1,378

 

1,382

     Straight-line rent, net

 

(89)

 

84

 

(35)

 

169

     Amortization of (above) below market rent, net

 

444

 

1,506

 

949

 

1,981

     Percentage and overage rent

 

3

 

164

 

188

 

460

     Recoveries

 

3,656

 

4,482

 

7,475

 

9,001

     Uncollectible revenue

 

(89)

 

(31)

 

32

 

188

(2) Other Income:

 

 

 

 

 

 

 

 

     Ancillary and other rental income

 

104

 

151

 

239

 

364

     Lease termination fees

 

0

 

0

 

10

 

810

 

 

 

 

 

 

 

 

 

Combined Balance Sheet

 

 

 

 

At Period End

 

 

 

 

 

 

2Q26

 

4Q25

Assets:

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

$148,968

 

$159,567

Buildings

 

 

 

 

 

418,535

 

497,973

Improvements

 

 

 

 

 

44,723

 

70,903

 

 

 

 

 

 

612,226

 

728,443

Depreciation

 

 

 

 

 

(124,234)

 

(190,020)

 

 

 

 

 

 

487,992

 

538,423

Construction in progress and land

 

 

 

 

 

24

 

15

Real estate, net

 

 

 

 

 

488,016

 

538,438

Cash and restricted cash

 

 

 

 

 

21,337

 

28,254

Receivables, net

 

 

 

 

 

7,806

 

10,497

Other assets, net

 

 

 

 

 

7,880

 

8,837

Total Assets

 

 

 

 

 

525,039

 

586,026

 

 

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

 

 

 

 

Mortgage debt

 

 

 

 

 

371,136

 

429,196

Amounts payable to SITE

 

 

 

 

 

1,602

 

1,846

Other liabilities

 

 

 

 

 

25,497

 

31,577

Total Liabilities

 

 

 

 

 

398,235

 

462,619

Accumulated equity

 

 

 

 

 

126,804

 

123,407

Total Equity

 

 

 

 

 

126,804

 

123,407

Total Liabilities and Equity

 

 

 

 

 

$525,039

 

$586,026

 

15

 

SITE CENTERS

Property List as of June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

#

Center

Location

ST

JV

Owned
GLA

Population (000's)

Leased Rate

Average Household Income ($000's)

ABR
PSF

Anchor Tenants

Wholly Owned

 

 

 

 

 

 

 

 

 

 

1

Shoppes at Paradise Pointe

Fort Walton Beach

FL

 

73

60

82.5%

$65

$12.82

Publix

2

The Maxwell

Chicago

IL

 

240

979

57.0%

$98

$25.71

Burlington, Nordstrom Rack

3

Meadowmont Market

Chapel Hill

NC

 

49

101

91.7%

$101

$15.52

Harris Teeter

4

The Blocks

Portland

OR

 

97

373

67.3%

$95

$37.13

—

5

Headquarter Office Buildings

Beachwood

OH

 

339

120

N/A

$122

(1)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint Venture

 

 

 

 

 

 

 

 

 

 

1

Ahwatukee Foothills Towne Center

Phoenix

AZ

DTP

691

154

87.1%

$88

$20.33

AMC Theatres, Best Buy, Burlington, Golf Galaxy, HomeGoods, Lina Home Furnishings, Marshalls, Michaels, Ross Dress for Less, Sprouts Farmers Market

2

Connecticut Commons

Plainville

CT

DTP

561

162

97.9%

$76

$14.38

Aldi, AMC Theatres, Dick's Sporting Goods, DSW, Kohl's, Lowe's, Marshalls, PetSmart

3

Towne Center Prado

Marietta

GA

DTP

287

126

89.4%

$78

$12.47

Going Going Gone, Publix, Ross Dress for Less

4

Brookside Marketplace

Tinley Park

IL

DTP

317

177

98.9%

$89

$15.99

Best Buy, Dick's Sporting Goods, HomeGoods, Michaels, PetSmart, Ross Dress for Less, T.J. Maxx

5

Independence Commons

Independence

MO

DTP

386

130

93.3%

$70

$15.67

AMC Theatres, Best Buy, Bob's Discount Furniture, Kohl's, Marshalls, Ross Dress for Less

6

Poyner Place

Raleigh

NC

DTP

252

127

100.0%

$80

$17.72

Cost Plus World Market, Marshalls, Michaels, Ross Dress for Less, Urban Air Trampoline & Adventure Park

7

University Centre

Wilmington

NC

DTP

418

132

92.8%

$68

$12.35

Bob's Discount Furniture, Crunch Fitness, Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less

8

Route 22 Retail Center

Union

NJ

DTP

112

324

100.0%

$114

$15.06

Dick's Sporting Goods

9

Ashley Crossing

Charleston

SC

DTP

208

104

95.7%

$67

$11.86

Food Lion, Kohl's, Marshalls

10

Commonwealth Center

Midlothian

VA

DTP

166

78

75.9%

$95

$18.39

Michaels, The Fresh Market

 

 

 

 

 

 

 

 

 

 

 

Notes:

 

 

 

 

 

 

 

GLA in thousands. Anchors include tenants greater than 20K square feet

 

 

 

 

 

 

 

Population and Average Household Income are for trade area within a 10 minute drive time from center

 

 

 

 

 

 

ABR PSF includes ground leases

 

 

 

 

 

 

 

 

DTP - Dividend Trust Portfolio. SITE's ownership interest is 20% in the joint venture

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Corporate office buildings have 227K of leasable office space of which 152K is currently occupied by third parties and approximately 60K is occupied by SITE Centers/Curbline Properties. With respect to space currently occupied by third parties, ABR per occupied square foot is $27.09. Q2 2026 annualized NOI is $1.7M

 

 

 

16

 

SITE Centers Corp.

Notable Accounting and Supplemental Policies

The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Form 10-K and Form 10-Q.

 

Rental Income (Revenues)

•
Percentage and overage rents that are recognized after the tenants’ reported sales have exceeded the applicable sales breakpoint.
•
Tenant reimbursements are recognized in the period in which the expenses are incurred.
•
Lease termination fees are recognized upon termination of a tenant’s lease when the Company has no further obligations under the lease.
•
For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, the Company has categorized these tenants on the cash basis of accounting. As a result, no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received and all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income. The Company will remove the cash basis designation and resume recording rental income from such tenants during the period earned at such time it believes collection from the tenants is probable based upon a demonstrated payment history or recapitalization event.

 

General and Administrative Expenses

•
General and administrative expenses include certain internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred.
•
The Company does not capitalize any executive officer compensation.
•
General and administrative expenses include executive property management compensation and related expenses. Property management services’ direct compensation is reflected in operating and maintenance expenses.

 

Real Estate

•
Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property's estimated undiscounted future cash flows, including estimated proceeds from disposition.
•
Construction in progress includes shopping center developments and significant expansions and redevelopments.
•
Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:

 

Buildings

31.5 years

Building Improvements

2 to 20 years

Furniture/Fixtures/

Tenant Improvements

Shorter of economic life or lease terms

 

Gains on Sales of Real Estate

•
Gains on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers are recognized at closing when the earnings process is deemed to be complete.

17

 

SITE Centers Corp.

Non-GAAP Measures

 

Performance Measures

FFO and Operating FFO

The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

 

FFO excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from depreciable property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.

 

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (ii) impairment charges on real estate property and related investments and (iii) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT.

 

The Company believes that certain charges, income and gains/losses recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include certain transaction fee income, transaction costs and including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements. The adjustment for these charges, income and gains/losses may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains/losses are non-recurring. These charges, income and gains/losses could be reasonably expected to recur in future results of operations.

 

These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part (i) as a disclosure to improve the understanding of the Company’s operating results among the investing public, (ii) as a measure of a real estate asset’s performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) to compare the Company’s performance to that of other publicly traded shopping center REITs. For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company’s operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.

 

In calculating the expected range for or amount of net (loss) income attributable to common shareholders to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gain and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs and certain transaction costs. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

 

18

 

SITE Centers Corp.

Non-GAAP Measures

 

Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided herein.

 

Net Operating Income (“NOI”)

The Company uses NOI, which is a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

 

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI 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 noted above.

Other Measures

SITE Pro Rata Share Financial Information

The Company believes that the SITE pro rata share of its joint ventures presented in the quarterly supplement is not, and is not intended to be, a presentation in accordance with GAAP. SITE share financial information is frequently used by the real estate industry including securities analysts, investors and other interested parties to evaluate the performance of SITE compared to other REITs. Other real estate companies may calculate such information in a different manner.

 

SITE does not control the unconsolidated joint ventures and the presentations of SITE JV Pro Rata Adjustments of the unconsolidated joint ventures presented in the quarterly supplement do not represent the Company’s legal claim to such items. The Company provides this information because the Company believes it assists investors and analysts in estimating the effective interest in SITE’s unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of this information has limitations as an analytical tool. Because of the limitations, this information should not be considered in isolation or as a substitute for the Company’s financial statements as reported under GAAP.

 

19

 

SITE Centers Corp.

Portfolio Summary at 100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/30/2026

 

3/31/2026

 

12/31/2025

 

9/30/2025

 

6/30/2025

 

Shopping Center Summary

 

 

 

 

 

 

 

 

 

 

 

Operating Centers – 100%

 

14

 

16

 

19

 

27

 

31

 

Wholly Owned - SITE

 

4

 

6

 

8

 

16

 

20

 

JV Portfolio

 

10

 

10

 

11

 

11

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

Owned and Ground Lease GLA – 100%

 

3,857

 

4,285

 

4,910

 

7,168

 

8,252

 

Wholly Owned - SITE

 

460

 

888

 

1,155

 

3,413

 

4,497

 

JV Portfolio – 100%

 

3,397

 

3,397

 

3,755

 

3,755

 

3,755

 

Unowned GLA – 100%

 

733

 

733

 

872

 

2,189

 

2,821

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Operational Overview

 

 

 

 

 

 

 

 

 

 

 

SITE (100%)

 

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$16.25

 

$16.83

 

$18.66

 

$18.19

 

$18.51

 

Base Rent PSF < 10K

 

$28.01

 

$28.33

 

$30.81

 

$30.19

 

$30.42

 

Base Rent PSF > 10K

 

$13.45

 

$13.83

 

$14.82

 

$14.64

 

$14.86

 

Commenced Rate

 

87.8%

 

88.9%

 

88.8%

 

88.3%

 

88.5%

 

Leased Rate

 

89.8%

 

90.8%

 

90.4%

 

89.3%

 

89.5%

 

Leased Rate < 10K SF

 

80.0%

 

80.2%

 

83.2%

 

83.8%

 

86.0%

 

Leased Rate > 10K SF

 

92.7%

 

94.1%

 

93.0%

 

91.1%

 

90.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned SITE

 

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$24.12

 

$25.02

 

$25.99

 

$19.80

 

$20.01

 

Leased Rate

 

66.9%

 

80.2%

 

85.6%

 

87.0%

 

87.6%

 

Leased Rate < 10K SF

 

62.5%

 

73.3%

 

81.0%

 

85.2%

 

88.4%

 

Leased Rate > 10K SF

 

69.7%

 

83.9%

 

87.9%

 

87.5%

 

87.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint Venture (100%)

 

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$15.43

 

$15.29

 

$16.84

 

$16.90

 

$16.90

 

Leased Rate

 

92.9%

 

93.7%

 

91.9%

 

91.5%

 

91.7%

 

Leased Rate < 10K SF

 

84.4%

 

83.4%

 

84.1%

 

82.5%

 

83.1%

 

Leased Rate > 10K SF

 

95.2%

 

96.4%

 

94.5%

 

94.5%

 

94.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint Venture at Pro Rata Share

 

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$15.43

 

$15.29

 

$18.80

 

$18.96

 

$18.97

 

Leased Rate

 

92.9%

 

93.7%

 

91.0%

 

90.3%

 

90.7%

 

Leased Rate < 10K SF

 

84.4%

 

83.4%

 

83.2%

 

80.9%

 

82.4%

 

Leased Rate > 10K SF

 

95.2%

 

96.4%

 

94.2%

 

94.2%

 

94.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: GLA in thousands. Base Rent PSF excludes ground leases. All results exclude the Company's owned Beachwood, OH headquarters office buildings.

 

 

 

20

 

SITE Centers Corp.

Leasing Summary

 

Wholly Owned at 100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasing Activity

 

 

 

 

 

 

 

 

 

 

 

Comparable Pool

 

Total Pool

 

 

 

 

Leasing Spreads

 

 

 

 

 

 

 

Count

GLA

ABR PSF

Cash

Term

 

Count

GLA

ABR PSF

Term

New Leases

 

 

 

 

 

 

 

 

 

 

2Q26

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

1Q26

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

4Q25

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

3Q25

0

0

$0.00

0.0%

0.0

 

3

35,937

$16.98

10.0

 

0

0

$0.00

0.0%

0.0

 

3

35,937

$16.98

10.0

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

2Q26

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

1Q26

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

4Q25

4

57,358

$15.92

4.2%

5.0

 

4

57,358

$15.92

5.0

3Q25

7

131,131

$14.02

4.7%

4.5

 

7

131,131

$14.02

4.5

 

11

188,489

$14.60

4.5%

4.6

 

11

188,489

$14.60

4.6

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

 

2Q26

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

1Q26

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

4Q25

4

57,358

$15.92

4.2%

5.0

 

4

57,358

$15.92

5.0

3Q25

7

131,131

$14.02

4.7%

4.5

 

10

167,068

$14.66

5.7

 

11

188,489

$14.60

4.5%

4.6

 

14

224,426

$14.98

5.5

 

Net Effective Rents

 

 

 

 

 

 

 

 

 

 

Capex PSF

NER

 

GLA

ABR PSF

TA

LL Work

LC

Total

PSF

Term

New Leases

 

 

 

 

 

 

 

 

2Q26

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

1Q26

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

4Q25

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

3Q25

35,937

$17.66

$2.04

$8.07

$0.88

$10.99

$6.67

10.0

 

35,937

$17.66

$2.04

$8.07

$0.88

$10.99

$6.67

10.0

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

2Q26

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

1Q26

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

4Q25

57,358

$16.05

$0.00

$0.00

$0.00

$0.00

$16.05

5.0

3Q25

131,131

$14.08

$0.00

$0.00

$0.00

$0.00

$14.08

4.5

 

188,489

$14.68

$0.00

$0.00

$0.00

$0.00

$14.68

4.6

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

2Q26

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

1Q26

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

4Q25

57,358

$16.05

$0.00

$0.00

$0.00

$0.00

$16.05

5.0

3Q25

167,068

$14.85

$0.77

$3.06

$0.33

$4.16

$10.69

5.7

 

224,426

$15.15

$0.59

$2.35

$0.26

$3.20

$11.95

5.5

 

 

 

 

 

 

 

 

 

Note: ABR PSF represents year one base rent for leasing spreads and the average rent for the initial term for net effective rent. Term is weighted average in years.

 

 

21

 

SITE Centers Corp.

Leasing Summary

 

Unconsolidated Joint Ventures at 100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasing Activity

 

 

 

 

 

 

 

 

 

 

 

Comparable Pool

 

Total Pool

 

 

 

 

Leasing Spreads

 

 

 

 

 

 

 

Count

GLA

ABR PSF

Cash

Term

 

Count

GLA

ABR PSF

Term

New Leases

 

 

 

 

 

 

 

 

 

 

2Q26

0

0

$0.00

0.0%

0.0

 

2

11,543

$16.10

5.6

1Q26

1

46,535

$14.00

16.7%

10.5

 

1

46,535

$14.00

10.5

4Q25

0

0

$0.00

0.0%

0.0

 

2

10,406

$25.92

10.4

3Q25

0

0

$0.00

0.0%

0.0

 

3

88,189

$15.52

10.0

 

1

46,535

$14.00

16.7%

10.5

 

8

156,673

$15.80

9.9

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

2Q26

14

311,967

$14.76

9.7%

4.9

 

14

311,967

$14.76

4.9

1Q26

8

42,996

$23.44

1.9%

4.2

 

8

42,996

$23.44

4.2

4Q25

7

77,557

$17.63

5.6%

5.1

 

7

77,557

$17.63

5.1

3Q25

16

245,197

$13.32

8.9%

5.6

 

16

245,197

$13.32

5.6

 

45

677,717

$15.12

8.1%

5.1

 

45

677,717

$15.12

5.1

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

 

2Q26

14

311,967

$14.76

9.7%

4.9

 

16

323,510

$14.81

4.9

1Q26

9

89,531

$18.54

7.2%

7.5

 

9

89,531

$18.54

7.5

4Q25

7

77,557

$17.63

5.6%

5.1

 

9

87,963

$18.61

5.8

3Q25

16

245,197

$13.32

8.9%

5.6

 

19

333,386

$13.90

6.7

 

46

724,252

$15.05

8.5%

5.5

 

53

834,390

$15.25

6.0

 

Net Effective Rents

 

 

 

 

 

 

 

 

 

 

Capex PSF

NER

 

GLA

ABR PSF

TA

LL Work

LC

Total

PSF

Term

New Leases

 

 

 

 

 

 

 

 

2Q26

11,543

$16.43

$1.22

$1.30

$0.54

$3.06

$13.37

5.6

1Q26

46,535

$14.00

$2.86

$0.10

$0.57

$3.53

$10.47

10.5

4Q25

10,406

$28.65

$2.02

$0.37

$1.71

$4.10

$24.55

10.4

3Q25

88,189

$16.10

$0.27

$0.00

$0.08

$0.35

$15.75

10.0

 

156,673

$16.34

$1.25

$0.11

$0.37

$1.73

$14.61

9.9

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

2Q26

311,967

$14.91

$0.05

$0.00

$0.00

$0.05

$14.86

4.9

1Q26

42,996

$23.79

$0.25

$0.00

$0.00

$0.25

$23.54

4.2

4Q25

77,557

$17.94

$0.00

$0.00

$0.00

$0.00

$17.94

5.1

3Q25

245,197

$13.46

$0.00

$0.00

$0.00

$0.00

$13.46

5.6

 

677,717

$15.30

$0.04

$0.00

$0.00

$0.04

$15.26

5.1

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

2Q26

323,510

$14.96

$0.10

$0.05

$0.02

$0.17

$14.79

4.9

1Q26

89,531

$18.70

$2.16

$0.07

$0.42

$2.65

$16.05

7.5

4Q25

87,963

$19.20

$0.43

$0.08

$0.37

$0.88

$18.32

5.8

3Q25

333,386

$14.16

$0.10

$0.00

$0.03

$0.13

$14.03

6.7

 

834,390

$15.49

$0.41

$0.03

$0.11

$0.55

$14.94

6.0

 

Note: ABR PSF represents year one base rent for leasing spreads and the average rent for the initial term for net effective rent. Term is weighted average in years.

 

22

 

SITE Centers Corp.

Leasing Expirations

 

Wholly Owned at 100%; $ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes no exercise of lease options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

0

 

0

0.0%

$0

0.0%

 

$0.00

 

3

 

6

5.5%

$235

6.2%

 

$39.17

 

3

 

6

2.0%

$235

3.2%

 

$39.17

2026

0

 

0

0.0%

0

0.0%

 

$0.00

 

4

 

9

8.3%

326

8.6%

 

$36.22

 

4

 

9

2.9%

326

4.4%

 

$36.22

2027

1

 

62

31.3%

1,503

42.2%

 

$24.24

 

7

 

15

13.8%

440

11.6%

 

$29.33

 

8

 

77

25.1%

1,943

26.5%

 

$25.23

2028

0

 

0

0.0%

0

0.0%

 

$0.00

 

10

 

19

17.4%

592

15.7%

 

$31.16

 

10

 

19

6.2%

592

8.1%

 

$31.16

2029

1

 

37

18.7%

731

20.5%

 

$19.76

 

4

 

12

11.0%

596

15.8%

 

$49.67

 

5

 

49

16.0%

1,327

18.1%

 

$27.08

2030

0

 

0

0.0%

0

0.0%

 

$0.00

 

4

 

10

9.2%

406

10.7%

 

$40.60

 

4

 

10

3.3%

406

5.5%

 

$40.60

2031

1

 

44

22.2%

482

13.5%

 

$10.95

 

2

 

10

9.2%

326

8.6%

 

$32.60

 

3

 

54

17.6%

808

11.0%

 

$14.96

2032

0

 

0

0.0%

0

0.0%

 

$0.00

 

1

 

4

3.7%

174

4.6%

 

$43.50

 

1

 

4

1.3%

174

2.4%

 

$43.50

2033

2

 

55

27.8%

846

23.8%

 

$15.38

 

1

 

3

2.8%

101

2.7%

 

$33.67

 

3

 

58

18.9%

947

12.9%

 

$16.33

2034

0

 

0

0.0%

0

0.0%

 

$0.00

 

3

 

13

11.9%

336

8.9%

 

$25.85

 

3

 

13

4.2%

336

4.6%

 

$25.85

2035

0

 

0

0.0%

0

0.0%

 

$0.00

 

0

 

0

0.0%

0

0.0%

 

$0.00

 

0

 

0

0.0%

0

0.0%

 

$0.00

Thereafter

0

 

0

0.0%

0

0.0%

 

$0.00

 

2

 

8

7.3%

245

6.5%

 

$30.63

 

2

 

8

2.6%

245

3.3%

 

$30.63

Total

5

 

198

100.0%

$3,562

100.0%

 

$17.99

 

41

 

109

100.0%

$3,777

100.0%

 

$34.65

 

46

 

307

100.0%

$7,339

100.0%

 

$23.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes all lease options are exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

0

 

0

0.0%

$0

0.0%

 

$0.00

 

2

 

4

3.7%

$162

4.3%

 

$40.50

 

2

 

4

1.3%

$162

2.2%

 

$40.50

2026

0

 

0

0.0%

0

0.0%

 

$0.00

 

1

 

4

3.7%

188

5.0%

 

$47.00

 

1

 

4

1.3%

188

2.6%

 

$47.00

2027

1

 

62

31.3%

1,503

42.2%

 

$24.24

 

1

 

4

3.7%

64

1.7%

 

$16.00

 

2

 

66

21.5%

1,567

21.4%

 

$23.74

2028

0

 

0

0.0%

0

0.0%

 

$0.00

 

3

 

4

3.7%

98

2.6%

 

$24.50

 

3

 

4

1.3%

98

1.3%

 

$24.50

2029

1

 

37

18.7%

731

20.5%

 

$19.76

 

1

 

2

1.8%

69

1.8%

 

$34.50

 

2

 

39

12.7%

800

10.9%

 

$20.51

2030

0

 

0

0.0%

0

0.0%

 

$0.00

 

1

 

3

2.8%

108

2.9%

 

$36.00

 

1

 

3

1.0%

108

1.5%

 

$36.00

2031

0

 

0

0.0%

0

0.0%

 

$0.00

 

2

 

3

2.8%

75

2.0%

 

$25.00

 

2

 

3

1.0%

75

1.0%

 

$25.00

2032

0

 

0

0.0%

0

0.0%

 

$0.00

 

5

 

9

8.3%

376

10.0%

 

$41.78

 

5

 

9

2.9%

376

5.1%

 

$41.78

2033

0

 

0

0.0%

0

0.0%

 

$0.00

 

6

 

13

11.9%

427

11.3%

 

$32.85

 

6

 

13

4.2%

427

5.8%

 

$32.85

2034

0

 

0

0.0%

0

0.0%

 

$0.00

 

4

 

12

11.0%

623

16.5%

 

$51.92

 

4

 

12

3.9%

623

8.5%

 

$51.92

2035

0

 

0

0.0%

0

0.0%

 

$0.00

 

3

 

7

6.4%

299

7.9%

 

$42.71

 

3

 

7

2.3%

299

4.1%

 

$42.71

Thereafter

3

 

99

50.0%

1,328

37.3%

 

$13.41

 

12

 

44

40.4%

1,288

34.1%

 

$29.27

 

15

 

143

46.6%

2,616

35.6%

 

$18.29

Total

5

 

198

100.0%

$3,562

100.0%

 

$17.99

 

41

 

109

100.0%

$3,777

100.0%

 

$34.65

 

46

 

307

100.0%

$7,339

100.0%

 

$23.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Includes ground leases. Excludes Company’s owned Beachwood OH headquarters office buildings.

 

 

 

 

 

 

 

 

 

23

 

SITE Centers Corp.

Leasing Expirations

 

Unconsolidated Joint Ventures at 100%; $ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes no exercise of lease options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

1

 

37

1.5%

$270

0.8%

 

$7.30

 

1

 

2

0.3%

$44

0.3%

 

$22.00

 

2

 

39

1.3%

$314

0.7%

 

$8.05

2026

0

 

0

0.0%

0

0.0%

 

$0.00

 

9

 

18

3.1%

474

3.2%

 

$26.33

 

9

 

18

0.6%

474

1.0%

 

$26.33

2027

9

 

215

8.6%

3,000

9.1%

 

$13.95

 

15

 

59

10.3%

1,555

10.4%

 

$26.36

 

24

 

274

8.9%

4,555

9.5%

 

$16.62

2028

15

 

418

16.7%

5,066

15.3%

 

$12.12

 

29

 

82

14.3%

2,398

16.0%

 

$29.24

 

44

 

500

16.2%

7,464

15.5%

 

$14.93

2029

7

 

438

17.5%

4,776

14.5%

 

$10.90

 

26

 

103

17.9%

2,496

16.7%

 

$24.23

 

33

 

541

17.6%

7,272

15.1%

 

$13.44

2030

12

 

275

11.0%

4,289

13.0%

 

$15.60

 

29

 

95

16.5%

2,307

15.4%

 

$24.28

 

41

 

370

12.0%

6,596

13.7%

 

$17.83

2031

18

 

474

18.9%

6,921

21.0%

 

$14.60

 

16

 

71

12.3%

1,621

10.8%

 

$22.83

 

34

 

545

17.7%

8,542

17.8%

 

$15.67

2032

6

 

292

11.7%

3,133

9.5%

 

$10.73

 

12

 

46

8.0%

1,390

9.3%

 

$30.22

 

18

 

338

11.0%

4,523

9.4%

 

$13.38

2033

2

 

30

1.2%

577

1.7%

 

$19.23

 

8

 

34

5.9%

768

5.1%

 

$22.59

 

10

 

64

2.1%

1,345

2.8%

 

$21.02

2034

4

 

114

4.6%

2,455

7.4%

 

$21.54

 

3

 

10

1.7%

328

2.2%

 

$32.80

 

7

 

124

4.0%

2,783

5.8%

 

$22.44

2035

6

 

172

6.9%

2,136

6.5%

 

$12.42

 

6

 

19

3.3%

660

4.4%

 

$34.74

 

12

 

191

6.2%

2,796

5.8%

 

$14.64

Thereafter

1

 

40

1.6%

411

1.2%

 

$10.28

 

11

 

36

6.3%

937

6.3%

 

$26.03

 

12

 

76

2.5%

1,348

2.8%

 

$17.74

Total

81

 

2,505

100.0%

$33,034

100.0%

 

$13.19

 

165

 

575

100.0%

$14,978

100.0%

 

$26.05

 

246

 

3,080

100.0%

$48,012

100.0%

 

$15.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes all lease options are exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

1

 

37

1.5%

$270

0.8%

 

$7.30

 

1

 

2

0.3%

$44

0.3%

 

$22.00

 

2

 

39

1.3%

$314

0.7%

 

$8.05

2026

0

 

0

0.0%

0

0.0%

 

$0.00

 

6

 

11

1.9%

284

1.9%

 

$25.82

 

6

 

11

0.4%

284

0.6%

 

$25.82

2027

2

 

29

1.2%

324

1.0%

 

$11.17

 

9

 

28

4.9%

708

4.7%

 

$25.29

 

11

 

57

1.9%

1,032

2.1%

 

$18.11

2028

2

 

35

1.4%

335

1.0%

 

$9.57

 

22

 

62

10.8%

1,854

12.4%

 

$29.90

 

24

 

97

3.1%

2,189

4.6%

 

$22.57

2029

3

 

63

2.5%

752

2.3%

 

$11.94

 

17

 

63

11.0%

1,668

11.1%

 

$26.48

 

20

 

126

4.1%

2,420

5.0%

 

$19.21

2030

2

 

28

1.1%

549

1.7%

 

$19.61

 

19

 

56

9.7%

1,404

9.4%

 

$25.07

 

21

 

84

2.7%

1,953

4.1%

 

$23.25

2031

4

 

51

2.0%

689

2.1%

 

$13.51

 

10

 

35

6.1%

883

5.9%

 

$25.23

 

14

 

86

2.8%

1,572

3.3%

 

$18.28

2032

2

 

61

2.4%

742

2.2%

 

$12.16

 

10

 

41

7.1%

1,119

7.5%

 

$27.29

 

12

 

102

3.3%

1,861

3.9%

 

$18.25

2033

4

 

129

5.1%

1,563

4.7%

 

$12.12

 

7

 

22

3.8%

550

3.7%

 

$25.00

 

11

 

151

4.9%

2,113

4.4%

 

$13.99

2034

0

 

0

0.0%

0

0.0%

 

$0.00

 

10

 

35

6.1%

792

5.3%

 

$22.63

 

10

 

35

1.1%

792

1.6%

 

$22.63

2035

5

 

131

5.2%

1,865

5.6%

 

$14.24

 

8

 

32

5.6%

667

4.5%

 

$20.84

 

13

 

163

5.3%

2,532

5.3%

 

$15.53

Thereafter

56

 

1,941

77.5%

25,945

78.5%

 

$13.37

 

46

 

188

32.7%

5,005

33.4%

 

$26.62

 

102

 

2,129

69.1%

30,950

64.5%

 

$14.54

Total

81

 

2,505

100.0%

$33,034

100.0%

 

$13.19

 

165

 

575

100.0%

$14,978

100.0%

 

$26.05

 

246

 

3,080

100.0%

$48,012

100.0%

 

$15.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Includes ground leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 

SITE CENTERS INVESTOR RELATIONS DEPARTMENT 3300 ENTERPRISE PKWY, BEACHWOOD, OH 44122 O: 216-755-5500 F: 216-755-1500 SITECENTERS.COM NYSE: SITC

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