NAREIT PRESENTATION...NAREIT PRESENTATION NOVEMBER 2019 SITE CENTERS NAREIT 2019 2 SITE Centers considers portions of the information in this presentation to be forward-looking statements

S I T E C E N T E R S N A R E I T 2 0 1 9 1

N A R E I T P R E S E N T A T I O NN O V E M B E R 2 0 1 9


SITE Centers 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, local conditions such as supply of space or a reduction in demand for real estate in

the area; competition from other available space; dependence on rental income from real property; 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; 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; 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; 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 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; 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 for the year ended December 31, 2018. 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

https://www.sitecenters.com/investors


S I T E C E N T E R S 5 -Y E A R B U S I N E S S P L A N

O P P O R T U N I S T I C I N V E S T I N G

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

E S G C E N T E R E D M I N D S E T

C O M P E L L I N G R E D E V E L O P M E N T

P I P E L I N E

P R E M I E R O P E R A T I N G P L A T F O R M

R E T U R N F O C U S E D

A V G O F F O / N A V G R O W T H

A V G S S N O I G R O W T H

5%

2.75%


5 -Y E A R E S T I M AT E D N AV G R O W T H

R E D E V E L O P M E N T

O P P O R T U N I S T I C I N V E S T I N G

L E A S I N G

26%

10%

63%

S I T E C E N T E R S I S A L E A S I N G S T O R Y

G OA L : $7 5 M O F A N N UA L I N V ES T M E N T S

U P DAT E : R E P U R C H A S E D $ 5 0 M O F S TO C K AT $ 1 1 . 74 W E I G H T E D - AV E R AG E P R I C E

R E C E I V E D $1 M F E E R E L AT E D TO M A N AG E M E N T O F S H O P KO P O R T F O L I O

AC Q U I S I T I O N O F 2 A S S E T S F O R $ 6 4 M I N 4 Q 19

G OA L : $ 1 0 0 M O F A N N UA L S P E N D I N G

U P DAT E : T H E C O L L E C T I O N AT B R A N D O N B LV D ($28 M ) 4 Q 2 0 ES T. S TA B I L I Z AT I O N

1 0 0 0 VA N N ES S ($ 5 M ) 1 Q 2 0 ES T. S TA B I L I Z AT I O N

W ES T B AY P L A Z A P H A S E I I ($ 12 M ) 2 Q 2 2 ES T. S TA B I L I Z AT I O N

G OA L : L E A S E U P 6 0 A N C H O R O P P O R T U N I T I ES

U P DAT E : 3 4 O F 6 0 A N C H O R S L E A S E D AT + 5 0 % S P R E A D S

G OA L : 94 % S H O P L E A S E D R AT E

U P DAT E : 8 8 % L E A S E D A S O F 3 Q 19

1AT T R AC T

A N D A DA P T

2A D D

3O P P O R T U N I S T I C

I N V E S T I N G

Note: Numbers may not total 100% due to rounding


2 0 1 9 O U T L O O K

O F F O

I N T E R E S T I N C O M E

S S N O I

G & AJ V F E E S R V I F E E I N C O M E

$1.20-1.22

$16-17m

2.75-3.25%

$60m$27-29m $23-24m

Note: As of October 30, 2019


S I T E C E N T E R S I S C O M M I T T E D T O T R A N S PA R E N C Y A R O U N D O U R E N V I R O N M E N TA L , S O C I A L , A N D G O V E R N A N C E G O A L S

1 2 C O R E B U S I N E S S O B J E C T I V E S

GOVERNANCE TENANT ENGAGEMENT

COMMUNITY ENGAGEMENT

TRANSPARENCY IN REPORT ING

SUSTAINABLE BU ILD ING

PRACT ICES

GOOD EMPLOYER PRACT ICES

ETHICAL BUS INESS

PRACT ICES

ENERGY EFF IC IENCY

HEALTH & SAFETY

CL IMATE CHANGE

WATER EFF IC IENCY

WASTE MANAGEMENT

C O M M I T M E N T T O E S G I N I T I AT I V E S

AWARDED

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+

11.6k

S C H O L A R S H I PT R A I N I N G

FULL-SERV ICE F ITNESS CENTER

3ksf

WEEKLY F ITNESS CLASSES

EMPLOYEES PART IC IPAT ING

18

133

W E L L N E S S P R O G R A M

PeopleCommunity

EMPLOYEE G IFT MATCHING

DONATED TO CHARITABLE ORGS

HOURS EMPLOYEES SPENT VOLUNTEER ING

$25k

$178k

804

C O R P O R AT E G I V I N G

RAISED FOR SPECIAL OLYMPICS TEXAS

RAISED FOR AMER ICAN CANCER SOCIETY

TOYS DONATED TO RONALD McDONALD

HOUSE CHARIT IES

$7k+

$11k+

10k+

C H A R I TA B L E G I V I N G

WOMEN(38%)

MEN(62%)

INDEPENDENT MEMBERS (88%)

3

5

7

B O A R D O F D I R E C TO R S

S TA K E H O L D E R E N G A G E M E N T

Corporate Governance

During 2018, the Company engaged 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.


R E D E V E LO P M E N T

L E A S I N GA C Q U I S I T I O N S

1 2 3AT T R AC T

A N D A DA P T

A D D O P P O R T U N I S T I CI N V E S T I N G


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 68

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

N O V . 7 , 2 0 1 9


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 116kS I T C P O R T F O L I O

$101kS 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 )

78thP E R C E N T I L E

83rdP E R C E N T I L E

A S SE TS A R E CO N C EN T R AT ED IN A FFLU EN T CO M M U N IT IES W IT H B A R R IERS TO EN T RY A N D CO M PEL L IN G D EM O G R A PH I C S .

S I T E C EN T ERS PR O PERT IES A R E IN T H E TO P Q UA RT I L E W H EN CO M PA R ED TO A L L U . S . O PEN - A IR SH O PP IN G C EN T ERS .

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


AT T H E A P E X O F R E TA I L , S H O P P I N G C E N T E RS O F F E R D IS CO U N T…

TJX , R OS S , A N D B U R L IN GTO N H AV E G R OW N T H EIR SA L ES S IN C E 20 10 BY A N A M O U N T EQ UA L TO M AC Y ’ S TOTA L SA L ES

TJX , R OS S , A N D B U R L IN GTO N ACCO U N T FO R 9.1% O F S I T E C EN T ERS ’ A B R A S O F SEP T EM B ER 3 0 , 20 19

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

NET SALES (2018)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

+69%

+74%

+0%

$12,234

$6,375

$2,789

$24,971

+72%

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

Macy’s2018 Sales

S I T E C E N T E RS ’ D IS CO U N T R E TA I L E RS A R E TA K I N G M A R K E T S H A R E


. . . A N D CO 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 OW T H

$ 1 4 . 8 5 I N N N N E X P E N S E S

$ 5 . 9 8 I N N N N E X P E N S E S

+ 1 4 . 8 % S I N C E 2 0 1 0

+ 3 4 . 2 % S I N C E 2 0 1 0

$67.66 $25.97

$426 $417

5% 18%

1. Source: Annual company documents2. Gap Inc. rent assumed to be comparable to SPG average starting rent from June 30, 2019 supplemental disclosure.3. Source: The Gap Inc. 8-K filed September 12, 2019.

T H I S H U R T S G A P ’ S M A R G I N SEBITDA MARGIN3 EBITDA MARGIN3

B U T O C C U P A N C Y C O S T S A R E 2 . 5 x H I G H E R F O R G A P B E C A U S E O F H I G H E R M A L L

C A M A N D R E N T

TOTAL RENT PSF2 TOTAL RENT PSF2

C O M P A R A B L E S A L E S P S F D E S P I T E D I F F E R E N T

F O O T P R I N T S A N D F O R M A T SAVG SALES PSF 1 AVG SALES PSF 1

SHOPPING CENTER SECTOR FORMAT ADVANTAGES EVIDENT IN GAP SPLIT


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

5%

6%

9%

6%

7%

8%

4%

9%

6%

5%

4%

6%

BOSTON

NEW YORK

SAN ANTONIO

CHARLOTTE

ATLANTA

ORLANDO

MIAMI

PHOENIX

LOS ANGELES

DENVER

CHICAGO

COLUMBUS

T O P 1 2 M A R K E T S A C C O U N T F O R 7 0 % O F P R O R ATA A B R


SHOPPERS WORLD(BOSTON)

AVG HHI $104K GSA TAP 38

COTSWOLD VILLAGE(CHARLOTTE)


UNIVERSITY HILLS(DENVER)


WINTER GARDEN VILLAGE(ORLANDO)


THE FOUNTAINS(MIAMI)


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)


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


RECENT BANKRUPTCIES HAVE HIGHLIGHTED THE QUALIT Y AND EMBEDDED MARK-TO-MARKET OF SITE CENTERS REAL ESTATE

BANKRUPTCIES ALSO PROVIDE AN OPPORTUNIT Y TO RECAPTURE CONTROL OF GL A AND PARKING FIELDS AT DOMINANT ASSETS

FIVE-YEAR FORECASTS ASSUME ANNUAL BANKRUPTCIES CONSISTENT WITH L AST THREE YEARS

S P R E A D

+27%S P R E A D

+48%S P R E A D S P R E A D

+44% +27%( E X C L U D E S V A L U E C R E A T I O N F R O M

C O N T R O L A T S H O P P E R S W O R L D

A N D P E R I M E T E R P O I N T E )

COM PE LL IN G RE LE ASING ECO NO MIC S


R O B U S T A N D D I V E R S E D E M A N D F O R A N C H O R O P P O R T U N I T I E S

3 4 O F 6 0 A N C H O R O P P O R T U N I T I E S E X E C U T E D W I T H 2 3 D I F F E R E N T R E TA I L B A N N E R S

A N C H O R O P E N I N G S C O N C E N T R AT E D I N 2 H 19

• 12 A N C H O R S O P E N E D I N 3 Q

• 4 A N C H O R S E X P E C T E D TO O P E N I N 4 Q

A N C H O R O P E N I N G S T O P R O V I D E M U LT I -Y E A R TA I LW I N D T O N O I G R O W T H

2019 ANCHOR OPPORTUNITY OPENINGS


S T E A DY S H O P L E A S I N G P E R F O R M A N C E D E S P I T E U P T I C K I N B A N K R U P TC I E S

SMALL SHOP VOLUME (KSF GLA) ABR PSF

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q190

50

100

150

200

250

300

350

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

VO

LUM

E (K

SF)

NEW

LEAS

E AB

R P

SF

S T R O N G S H O P L E A S I N G V O L U M E A N D E C O N O M I C S D R I V E N B Y H E A LT H Y M I X O F S E R V I C E T E N A N T S


COTSWO LD V ILL AG E - S T R O N G M T M A N D L E A S IN G AC T I V IT Y D R I V IN G N O I G R OW T H

COTSWOLD VILLAGE

CHARLOTTE, NC

MARKET DOMINANT GROCERY-ANCHORED CENTER

21%

57%

$813

3.7%

288k $100k

291k $114k

BLENDED ANCHOR MTM

RELEASING SPREAD

SALES PER SQUARE FOOT

EXP RCD 3Q20

At Lease5-YEAR NOI CAGR

POPULATION AVG HHI

5-MILE TRADE AREA

POPULATION AVG HHI

ACTUAL TRADE AREA


R E D E V E LO P M E N TL E A S I N G A C Q U I S I T I O N S

1 2 3AT T R AC T

A N D A DA P T A D D O P P O R T U N I S T I CI N V E S T I N G


C O M P E L L I N G L A N D U S E E C O N O M I C S

$0 $0

$0

$30$10 $0

O N LY 2 5 % O F L A N D I S G E N E R A T I N G R E N T A N D T H E R E F O R E . . .

B U I L D I N G S F S I T E S F

A B R A B R

$12 $4


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

I N D U S T R I A L$ 6 $ 5

S U B U R B A N O F F I C E$ 1 5 $ 9

M U L T I - F A M I LY$ 1 8 $ 1 4

B U I L D I N G S F S I T E S F

A B R A B R

$12 $4

Adjusting for parking fields, and the greater density potential they represent in the future, the shopping center has a lower rent.

KEY TAKEAWAY

FAR2

FAR2

0.46

0.27

WHY RETAIL RENTS ARE ACTUALLY LOWER THAN INDUSTRIAL RENTS


1. Company details.2. Morris County Tax Board

EAST HANOVER PLAZA

8.365 ACRES

ADJACENT INDUSTRIAL PROPERTY

5.510 ACRES

INDUSTRIAL PROPERTY

EAST HANOVER PLAZA

TOTAL RENT PSF1 $12.00 $20.28

FLOOR AREA RATIO (FAR)2 0.46 0.27

REVENUE/LAND SF $5.53 $5.44

NEW JERSEY


S T E A DY P I P E L I N E O F R E D E V E L O P M E N T P R O J E C T S

WEST BAY PLAZA ($39M) - PHASE I COMPLETEREDEVELOPMENT OF KMART AND MARC’S BOXES

KEY TENANTS: FRESH THYME, HOMESENSE, ULTA

1000 VAN NESS ($5M)REDEVELOPMENT OF AMC SPACE

KEY TENANT: CGV CINEMAS

THE COLLECTION AT BRANDON BLVD ($28M)REDEVELOPMENT OF KMART BOX

KEY TENANTS: LUCKY’S MARKET, BEALLS, CRUNCH FITNESS

NASSAU PARK PAVILION ($12M) - COMPLETEREDEVELOPMENT OF KOHL’S BOX

KEY TENANTS: T.J.MAXX, HOMESENSE, BURLINGTON

$ 9 6 M O F R E D E V E L O P M E N T U N D E R WAY AT P R O J E C T E D 8 % Y I E L D


THE COLLEC TION AT B R AND O N BOULE VARD - R EP OS IT I O N IN G O F FO R M ER K M A RT AT CO M PEL L IN G Y IEL D

THE COLLECTION AT BRANDON BLVD

BRANDON, FL

REDEVELOPMENT OF FORMER KMART SPACE INTO GROCER, GYM, AND CONVENIENCE-ORIENTED SHOPS

99%

9.7%

218k $67k

376k $71kGLA LEASED OR

AT LEASE

STABILIZED YIELD

POPULATION AVG HHI

5-MILE TRADE AREA

POPULATION AVG HHI

ACTUAL TRADE AREA

730%BLENDED MTM

10.9%YIELD

NEW 5KSF OUTPARCEL


TA C T I C A L R E D E V E L O P M E N T O P P O R T U N I T I E S

PROPERTY MSA SPEND ($M) EST. DELIVERY

Belgate Shopping Center Charlotte $3.1 2019

Guilford Commons Har t ford $2.3 2019

Johns Creek Town Center Atlanta $2.4 2019

Lee Vista Promenade Orlando $1.9 2019

Tanasbourne Town Center Por tland $3.9 2020

Chapel Hil ls Denver $1.1 2021

Hamilton Marketplace Trenton $2.8 2021

Nassau Park Pavil ion Trenton $5.2 2021

Woodfield Vil lage Green Chicago $2.8 2021

Freehold Marketplace New York $8.8 2022

$ 3 4 M P I P E L I N E O F O U T PA R C E L A N D E X PA N S I O N O P P O R T U N I T I E S AT P R O J E C T E D 1 0 % Y I E L D


F U T U R E D E N S I F I C AT I O N O P P O R T U N I T I E S P R OV I D E O P T I O N A L I T Y

SHOPPERS WORLD(BOSTON)


DUVALL VILLAGE(WASHINGTON, DC)


FAIRFAX TOWNE CENTER(WASHINGTON, DC)


FREEHOLD MARKETPLACE(NEW YORK)


PERIMETER POINTE(ATLANTA)


SOLD


R E D E V E LO P M E N TL E A S I N G

A C Q U I S I T I O N S

1 2 3AT T R AC T

A N D A DA P TA D D O P P O R T U N I S T I C

I N V E S T I N G


OpportunisticInvesting

M A R K E T D I S L I K E S• Tier II Markets• Large Assets• Power Centers• Short Duration • At Risk Tenancies

M A R K E T L I K E S• Coastal• Grocery Centers• Small Assets• Lease Term • Credit Quality

High Cap Rate

Low Cap Rate


EncumbrancesR E N T G R O W T H

K E Y E X A M P L E

• M E L B O U R N E S H O P P I N G C E N T E R ( M E L B O U R N E , F L )

ScarcityR E D E V E L O P M E N T

K E Y E X A M P L E S

• V I N T A G E P L A Z A ( R O U N D R O C K , T X )

• T H E B L O C K S ( P O R T L A N D , O R )

FootfallO C C U P A N C Y

K E Y E X A M P L E S

• M A R K E T S Q U A R E ( D O U G L A S V I L L E , G A )

• S H A R O N G R E E N S ( C U M M I N G , G A )

K E Y ACQ U IS I T I O N AT T R I B U T E S

TA R G E T E D A C Q U I S I T I O N S A R E F I LT E R E D F O R FA C T O R S T H AT D R I V E G R O W T H A N D C R E AT E VA L U E


RoomLabel100 MEN'S WEARHOUSE 8,500110 TUMBLES 5,612130 AVAILABLE 1,500200 PHO DAN 3,010205 BAMBOO NAILS & SPA 1,600215 DREAMY BROWS AND LASHES 1,189220 SNIP-ITS 1,452230 AVAILABLE 1,200250 BURN BOOT CAMP 4,077260 BO ASIAN BISTRO 2,715270 LA FRONTERA DENTAL 2,370300 CHASE 4,010310 DELUXE CLEANERS 1,000320 VERACRUZ ALL NATURAL 1,372330 BROOKLYN PIE CO. 1,005

Latitude: 30.4804 , Longitude: -97.6843

ROUND ROCK, TX 786812711 La Frontera Blvd.VINTAGE PLAZA

UNOWNED PARKING GARAGE

207

12 13 13 13

11117

12

10

11

15

12

12

12

12

9

6

16

LA F

RO

NTE

RA

BLVD

KOU

RI A

VE

W LOUIS HENNA BLVD

I45

PYLON

UNOWNED PARKING GARAGE

TUM

BLES

LAFRONTERA

DENTAL

BO A

SIAN

BIST

RO

BUR

N B

OO

TC

AMP

SNIP

ITS

DR

EAM

Y BR

OW

SAN

D L

ASH

ES

BAM

BOO

NAI

LS&

SPA

PHO

DAN

BROOKLYN PIECOMPANY

DELUXECLEANERS

VERACRUZALL NATURAL

130AVAILABLE

1,500 SF

230

AVAI

LABL

E1,

200

SF

215022019/10/04

TENANT INDEX

Community-anchored strip center with major daytime traffic drivers

Data supports a unique trade area - dispersed and high income with traffic generated by adjacent offices and Dell’s nearby world headquarters

Total nearby office complex of 6.3 million sf

Submarket growth and near-term expirations present opportunity to re-tenant and drive existing tenant rent growth using data-driven approach

+3.2% estimated 5-year NOI CAGR

Investment Highlights

VINTAG E PL A Z A AUS T IN , T E X AS


THE B LO CKS P O RT L A N D, O R EG O N

Collection of retail condo units in Portland’s rapidly growing Pearl District

Local and national tenants. Strong daytime traffic is complimented by tourism, drawing 10% of consumers from Seattle, San Francisco, and Los Angeles

Recent demographic shifts have brought high-income jobs and upscale residences to the submarket

1,000+ employees added to Downtown Portland over the last 2 years

+4.7% estimated 5-year NOI CAGR

Investment Highlights


L E ASING AC TIV IT Y TO DR IVE SUBSTANTIAL VALUE CRE ATIO N AT 4Q18 ACQUIS IT IO N PRO PE RT IES

91.8%OCCUPANCY (3Q19)

UP FROM 85.7% IN 3Q18

6 YEAR BLENDED DOWNTIME

VACANT AS OF

3Q18COMBINED 3 UNITS AND

LEASED TO TRAFFIC-DRIVING GYM AS PART OF LONG-TERM

ASSET MANAGEMENT STRATEGY

8 YearBlended Downtime

$733SALES PSF

($20.5M TOTALSALES)





NEW LEASES SINCE ACQUISITION

5

5.4%2019-2023 NOI CAGR

SHARO N G RE E NS CU M M IN G , G A

M E LB OURN E SH O PPIN G CE NTE R

M EL B O U R N E , FLMARKE T SQUARE

D O U G L A S V IL L E , G A

9.6%2019-2023 NOI CAGR

16.2%2019-2023 NOI CAGR


Balance Sheet


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

COMMITMENT TO INVESTMENT-GRADE CREDIT RATING

Larger and higher quality unencumbered pool with no Puerto Rico exposure

Minimal consolidated secured debt with just two wholly-owned assets encumbered

BALANCE SHEET POSITIONED FOR GROWTH

Debt / Adjusted EBITDA now 5.8x compared to 6.5x in 3Q18

Minimal near-term refinancing and interest rate risk with just $82M of consolidated debt maturing through 2021

Full availability under the company’s $970M Line of Credit as of 3Q19

$0

$100

$200

$300

$400

$500

20272025 202620242023202220212019 2020

Consolidated Maturities ($M)

LEVERAGE / PUBLIC BOND COVENANTS 1Q18 3Q19

Pro-Rata Net Debt / Adjusted EBITDA 6.5x 5.8x

Total Debt to RE Assets 45% 36%

Secured Debt to Assets Ratio 17% 2%

Unencumbered Assets to Unsecured Debt 213% 250%

Fixed Charge Coverage (Ex. Prepayment Penalties) 3.0x 3.5x

Note: As of 3Q19


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

Source: Company details, as of 2Q19Source: Company details, as of 2Q19

2019 2020 2021

AKR

RPAI

KIM

REG

WRI

FRT

ROIC

UE

BRX

SITC

0% 10% 20% 30%

AKR

RPAI

WRI

ROIC

SITC

BRX

UE

REG

KIM

FRT

0 2 4 6 8 10 12

% DEBT MATUR ING 2019 - 2021WA

INTERESTRATE

WEIGHTED AVERAGE DEBT MATUR ITY

4.8%

3.6%

4.1%

3.8%

3.9%

3.1%

3.5%

3.0%

5.0%

4.7%

W E I G H T E D AV E R A G E M AT U R I T Y N O W A B O V E P E E R G R O U P AV E R A G E W I T H N O M AT E R I A L C O N S O L I D AT E D M AT U R I T I E S U N T I L 2 0 2 2


Appendix


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 (“OFFO”) 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 GAAP), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments including reserve adjustments of preferred equity interests, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company’s calculation of FFO is consistent with the NAREIT definition. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains. 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. 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, mark-to-market adjustments of equity awards, hurricane-related activity, certain transaction costs or certain fee income. The expected range of net income attributable to common shareholders to estimate projected FFO and Operating for 2019 does include the impact of the common share issuance completed in October 2019 and expected redemption of the Class J Preferred Shares. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

The Company also uses net operating income (“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. The Company presents NOI information herein on a same store basis or “SSNOI.” The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income (including reimbursements) and expenses, lease termination income in excess of lost rent, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI also excludes activity associated with development and major redevelopment and includes assets owned in comparable periods (15 months for quarter comparisons). SSNOI excludes all non-property and corporate level revenue. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

The Company believes that FFO, OFFO and SSNOI are not, and are not intended to be, presentations in accordance with GAAP. FFO, OFFO and SSNOI information have their limitations as they exclude any capital expenditures associated with the re-leasing of tenant space or as needed to operate the assets. FFO, OFFO and SSNOI do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO, OFFO and SSNOI as indicators of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. FFO, OFFO and SSNOI do not represent cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs. FFO, OFFO and SSNOI should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of operating performance or as alternatives to cash flow as a measure of liquidity. A reconciliation of 2019 projected FFO and OFFO to the most directly comparable GAAP measure of net income (loss) has been provided herein. Reconciliations of the 2019 and five-year growth target for SSNOI to the most directly comparable GAAP financial measure are not provided because the Company is unable to provide such reconciliations without unreasonable effort.

NON - GA AP F INAN CIAL ME ASURES - DE F IN IT IONS


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 or projected. 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. Reconciliations of Adjusted EBITDA and net effective debt used in the prorata Debt/Adjusted EBITDA ratio to their most directly comparable GAAP measures of net income (loss) and debt is provided herein.

NON - GA AP F INAN CIAL ME ASURES - DE F IN IT IONS (CONT. )


RECONCIL IAT ION OF NE T INCO ME AT TR IBUTAB LE TO COMMONSHARE HOLDE RS TO FFO AND O PE R ATING FFO EST IMATE

Per Share - Diluted 2019E

Net income attributable to common shareholders $0.27 - $0.30Depreciation and amortization of real estate 0.83 - 0.86Equity in net (income) of JVs (0.04)JVs' FFO 0.16 - 0.18Gain on disposition of real estate (nine months actual) (0.17)Impairment of real estate / reserve of preferred equity interests (nine months actual) 0.08FFO (NAREIT) $1.16 - $1.18Write off of estimated Class J Preferred Shares' original issuance costs1 $0.04Operating FFO $1.20 - $1.22

1. Guidance includes impact of previously disclosed common share issuance in October 2019 as well as the expected redemption of the Class J Preferred Shares.

Note: In calculating the expected range for or amount of net income attributable to common shareholders to estimate projected FFO and projected Operating FFO for the year ending December 31, 2019, 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, mark-to-market adjustments of equity awards, hurricane-related activity, certain transaction costs or certain fee income. In addition, consistent with prior quarters, the full year guidance excludes the impact of disposition and refinancing fees from RVI as well as the mark-to-market adjustments of equity awards.


RECONCIL IAT ION OF DE BT / ADJUSTE D E B ITDA

3Q19 3Q18

CONSOLIDATED

Net income (loss) to SITE $23,630 ($8,931)

Interest expense 21,160 26,962

Income tax expense 250 238

Depreciation and amortization 40,732 49,629

Adjustments for non-controlling interests (178) (171)

EBITDA – current quarter 85,594 67,727

Impairments 2,750 19,890

Reserve of preferred equity interests 6,373 2,201

Gain on disposition of real estate, net (14,498) (124)

EBITDAre – current quarter 80,219 89,694

Equity in net (income) loss of JVs (2,612) 2,920

Other expense, net 1,740 1,475

Hurricane property income - (157)

Business interruption income (885) (1,784)

JV Adjusted EBITDA (at SITE Share) 8,446 7,247

Adjusted EBITDA – current quarter 86,908 99,395

Adjusted EBITDA – annualized 347,632 397,580

$ in thousands


RECONCIL IAT ION OF DE BT / ADJUSTE D E B ITDA (CONT. )

3Q19 3Q18

Consolidated debt 1,833,283 2,385,002

Partner share of consolidated debt (9,486) (9,647)

Loan costs, net 9,359 12,749

Face value adjustments (805) (1,794)

Cash and restricted cash (25,452) (12,719)

Net effective debt $1,806,899 $2,373,591

Debt/Adjusted EBITDA – Consolidated1 5.2x 6.0x

PRO RATA INCLUDING JVsEBTIDAre – current quarter 86,105 99,696

Adjusted EBITDA – current quarter 91,056 103,108

Adjusted EBITDA – annualized 364,224 412,432

Consolidated net debt 1,806,899 2,373,591

JV debt (at SITE Share) 309,621 306,345

Cash and restricted cash (14,658) (12,543)

Net effective debt $2,101,862 $2,667,393

Debt/Adjusted EBITDA – Pro Rata1 5.8x 6.5x

1. Excludes perpetual preferred stock. $ in thousands

Documents

NAREIT PRESENTATION...NAREIT PRESENTATION NOVEMBER 2019 SITE CENTERS NAREIT 2019 2 SITE Centers considers portions of the information in this presentation to be forward-looking statements