SITE Centers Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $5.4 million ($0.10 per diluted share) for the third quarter of 2026, compared to a net loss of $6.2 million ($0.13 per diluted share) in the same period last year.
• Third quarter Operating Funds from Operations (Operating FFO) was a loss of $3.1 million ($0.06 per diluted share), a decrease from income of $5.6 million ($0.11 per diluted share) in the prior year period.
• Net Operating Income (NOI) for the quarter was $2.238 million, down from $15.128 million in the prior year period.
• Total revenues were $4.597 million for the quarter, down from $24.528 million in the prior year period.
• Interest expense was $0 for the quarter, compared to $3.941 million in the prior year period.
• Impairment charges were $2.0 million for the quarter, compared to $106.57 million in the prior year period.
• Depreciation and amortization expense was $2.432 million for the quarter, compared to $10.768 million in the prior year period.
• As of September 30, 2026, total assets were $300.508 million, down from $418.737 million at the end of 2025.
• Cash and restricted cash totaled $201.795 million at period end, up from $122.815 million at the end of 2025.
• Total liabilities were $23.355 million at period end, down from $83.972 million at the end of 2025.
• For the nine months ended September 30, 2026, the Company reported a net loss of $5.76 million, compared to net income of $43.431 million in the prior year period.

Guidance and Future Outlook:

• The Company does not expect to have REIT taxable income in 2026 and estimates that 100% of its 2026 distributions will be classified as a return of capital.
• Final determination of tax allocations for 2026 distributions will be announced in January 2027.
• The Company plans to voluntarily de-list its common shares from the New York Stock Exchange prior to trading on December 4, 2026, after which shares are expected to trade in the over-the-counter market.
• Closing on the sale of The Blocks (Portland, Oregon) is expected to occur by the end of the fourth quarter of 2026.
• The Company is actively marketing its Beachwood, Ohio headquarter office buildings for sale.

Business Segments and Product Lines:

• Year-to-date, the Company sold seven properties, a land parcel, and interests in two joint ventures for an aggregate gross sales price of approximately $223.8 million.
• In the third quarter, the Company sold Meadowmont Market, Shoppes at Paradise Pointe, and a land parcel for an aggregate gross sales price of $19.9 million, with net proceeds of approximately $19.1 million.
• In October 2026, the Company sold The Maxwell (Chicago, Illinois) for a gross sales price of approximately $15.3 million, with net proceeds of approximately $13.9 million.
• On October 15, 2026, the Company sold its partnership interests in the Dividend Trust Portfolio joint venture for a gross sales price of approximately $32.4 million.
• The Company agreed to sell The Blocks (Portland, Oregon) for a gross sales price of approximately $18.2 million, with expected net proceeds of approximately $14.6 million.
• In September 2026, the Company entered into a lease agreement with Curbline Properties Corp. for approximately 31,089 square feet at its Beachwood headquarters, with an initial five-year term beginning October 1, 2027, at an annual base rent of $8.00 per square foot.
• The Company's remaining portfolio includes The Blocks (Portland, OR) with 68.9% leased rate and Headquarter Office Buildings (Beachwood, OH) with 217,000 square feet of leasable space.

Market and Competitive Landscape:

• The Company is executing a strategy to maximize the value of its remaining two real estate investments and other financial assets.
• The Company is transitioning from a publicly traded NYSE listing to the over-the-counter market.

Risks and Challenges:

• There is no assurance that the counterparty will perform obligations under the sale agreement for The Blocks, that closing conditions will be satisfied, or that the sale will occur.
• Forward-looking statements are subject to risks including the ability to sell remaining properties on commercially reasonable terms, impairment charges, general economic conditions, inflation, interest rate volatility, and local retail real estate supply and demand.
• Risks include the loss or bankruptcy of major tenants, the impact of e-commerce, property damage from extreme weather, pandemics, and the ability to maintain REIT status.
• The Company faces risks related to the wind-up of operations and the projection of known and contingent expenses.

Management Commentary and Tone:

• David R. Lukes, President and CEO, stated that year-to-date the Company has sold seven properties and interests in two joint ventures for an aggregate gross sales price of approximately $223.8 million.
• Management commented that SITE Centers remains focused on maximizing the value of its remaining two real estate investments and other financial assets.
• The decrease in the year-over-year net loss was primarily attributed to decreases in interest expense, impairment charges, and depreciation and amortization, partially offset by lower Net Operating Income due to property dispositions.
• The decrease in Operating FFO year-over-year was primarily the result of lower NOI due to property dispositions, partially offset by a decrease in interest expense.

Other Key Points:

• The Company paid a $1.00 per share special dividend on July 31, 2026.
• On October 15, 2026, the Company announced a special cash distribution of $3.00 per common share payable on November 5, 2026.
• The Company's common stock dividends declared per share were $0.00 for the third quarter of 2026, compared to $3.25 in the same period of 2025.
• The Company has agreed to sell The Blocks (Portland, Oregon) for a gross sales price of approximately $18.2 million.
• The Company is actively marketing its Beachwood, Ohio headquarter office buildings for sale.
• In September 2026, the Company entered into a lease agreement with Curbline Properties Corp. for approximately 31,089 square feet at its Beachwood headquarters, with an initial five-year term beginning October 1, 2027, at an annual base rent of $8.00 per square foot.
• Based upon preliminary analysis to date, the Company does not expect to have REIT taxable income in 2026 and estimates that 100% of its 2026 distributions will be return of capital. The Company will announce its final determination of the tax allocations of its 2026 distributions in January 2027.