SITE Centers Corp. Q4 FY2022 earnings call

• Leasing: Fourth quarter had over 800,000 square feet signed, with strong national shop leasing. Lease rate up 40 basis points sequentially to over 95%. Over 2 million square feet of new leases signed in 2021-2022 with a 20% spread. • Transactions: Sold three wholly-owned properties in Q4, used net proceeds to pay down debt, repurchase stock, and acquire convenience assets in Mid-Atlantic and Denver. Have $75 million of convenience assets under contract or awarded. • Tenant Strategies: For Party City, expect aggressive recapture of space as demand from other high credit tenants is strong. For Bed Bath & Beyond, asset management team prepared with strategies for each unit and backfill candidates; recaptured one location, with confidence in backfill for most others.

No detailed breakdown of product segments with absolute revenue and contribution % provided in the transcript.

• 2023 OFFO guidance range $1.10 to $1.16 per share. • Key swing factors: Rent commencements, investment activity, tenant bankruptcies. • Midpoint assumes recapture of all Bed Bath & Beyond locations in Q2; bottom of range due to greater-than-budgeted bankruptcies, inability to deploy capital, or rent timing slips. • Cineworld has three locations with $2.9 million annualized base rent, with short-term agreements expected.

• Risk of market loosening from Bed Bath & Beyond and Party City closures impacting rents. • Uncertainty in tenant sentiment which could cause leasing demand to slow. • Challenges in recapturing space and potential CapEx implications related to store recapture and commencement timing.

Q: Todd Thomas from KeyBanc Capital Markets asked about the leasing environment and risk of market loosening from tenant closures.

A: David Lukes stated the leasing environment is robust, demand is strong now, and he prefers to recapture space soon as sentiment could change quickly.

Q: Craig Mailman from Citi asked about credit loss translation to FFO and tenant rent payment status.

A: Conor Fennerty said 250 basis points credit loss is around $8-10 million, and Party City didn't pay most January rent but paid February, while Bed Bath & Beyond hasn't paid February rent.

Q: Haendel St. Juste from Mizuho asked about capital allocation and cap rates.

A: David Lukes said they're focused on convenience assets and share price, with bid-ask spread wide in current market.

Q: Samir Khanal from Evercore ISI asked about backfilling space and risk in convenience tenants.

A: David Lukes and Conor Fennerty discussed shorter backfill time for single-tenant spaces and convenience tenants having national chains but still some risk.

Q: Floris Van Dijkum from Compass Point asked about convenience center breakdown and cap rate on asset sales.

A: Conor Fennerty said convenience is 10% of portfolio by ABR, and cap rate on Q4 asset sales was 6 3/4%.

Q: Alexander Goldfarb from Piper Sandler asked about guidance low end and tenant cooling.

A: Conor Fennerty explained low end is due to greater bankruptcies and deployment/rent timing issues, and David Lukes said tenant demand could slow if sentiment changes.

Q: Ronald Kamdem from Morgan Stanley asked about convenience center secret sauce and occupancy.

A: David Lukes and Conor Fennerty discussed mobile phone data and occupancy expected to decline then rise back, with small shop lease rate over 90%.

Q: Linda Tsai from Jefferies asked about credit loss inclusion and rent commencements.

A: Conor Fennerty said 250 basis points credit loss includes non-bankrupt tenants, and rent commencements have been an upside.

Q: Mike Mueller from JPMorgan asked about convenience portfolio metric and occupancy trend.

A: Conor Fennerty said convenience is 10% of portfolio by ABR, and occupancy expected to decline then rise back towards year-end.