SITE Centers Corp. Q3 FY2022 earnings call

• Leasing demand remained very strong with 1.5 million sq ft leased in Q3, largest in 5 years despite smaller footprint. Lease rate at portfolio was 95%, up 60 basis points sequentially. • Tactical redevelopment pipeline had deals from Cava, Starbucks, etc., with 84% leased. • Transaction activity: Sold Madison Pool A portfolio for $388M, used proceeds to pay down debt and invest in convenience assets in Atlanta and Phoenix. Acquired 4-property portfolio in Phoenix and another in Atlanta. • Third quarter OFFO ahead of budget due to better operations, unbudgeted straight-line rent, and payments/settlements.

No specific product segments detailed; focusing on overall portfolio performance. Leasing activity was strong with 1.5 million square feet leased in Q3, largest in 5 years despite smaller footprint. Lease rate at 95%, up 60 basis points sequentially. Tactical redevelopment pipeline 84% leased. Transaction activity included asset sales and acquisitions to invest in convenience assets.

• Raised 2022 FFO guidance to $1.16-$1.17 per share. Revised outlook considering rent commencements, uncollectible revenue, and G&A. • Not providing 2023 guidance but discussed JV/RBI fees ($5M), G&A ($50M), and Cineworld leases (three locations with $2.9M annualized base rent). • Balance sheet: Leverage 5.3x, fixed charge over 4x, unsecured debt yield over 20%; repaid debt from Madison sale and swapped term loan to fixed rate.

• Macro uncertainties like consumer sentiment, inflation, potential recession affecting leasing demand. • Cineworld bankruptcy impact on uncollectible revenue (~$510k reserves in Q3). • Potential financial distress in convenience-oriented market if environment persists, though currently fragmented.

Q: Craig Mailman from Citi asked about updated leasing color and demand pull-forward.

A: David Lukes said leasing demand remains strong, slowdown in supply, with convenience and fulfillment driving retailers.

Q: Samir Khanal from Evercore asked about lease negotiations changes.

A: David Lukes said shift to shop leases, no major term changes.

Q: Todd Thomas from KeyBanc Capital Markets asked about capital deployment and convenience market.

A: David Lukes said convenience market is fragmented, potential for more inventory; Conor Fennerty added balance sheet allows matching funds.

Q: Alexander Goldfarb from Piper Sandler asked about Chinese JV and leasing volume.

A: David Lukes said Chinese JV is secure; Alexander Goldfarb also asked about leasing volume moderation, A: David Lukes said focus on rent growth, not overall volume.

Q: Ronald Kamdem from Morgan Stanley asked about JVs and maturity.

A: David Lukes said status quo on JVs; Conor Fennerty discussed maturity options.

Q: Mike Mueller from JPMorgan asked about cap rates and commencement rate.

A: David Lukes said rates moved up faster than cap rates; Conor Fennerty discussed commencement schedule.

Q: Floris Van Dijkum from Compass Point asked about operating margin and Perimeter Pointe.

A: Conor Fennerty said operating margin was blip; David Lukes said Perimeter Pointe redevelopment not yet consummated.

Q: Linda Tsai from Jefferies asked about CapEx and bad debt.

A: Conor Fennerty said CapEx to remain elevated; bad debt to be monitored.