Simon Property Group for grocery-anchored retail.

• Leasing Retail Space: Providing rentable space within its portfolio of open-air shopping centers to national, regional, and local retailers.
• Property Management: Managing the daily operations, maintenance, and common areas of its shopping centers to create attractive retail environments for tenants and shoppers.
• Property Development and Redevelopment: Acquiring, developing, and redeveloping retail properties to enhance their value, modernize facilities, and optimize tenant mix.

SITE Centers (SITC) Major Customers

SITE Centers (SITC) is a Real Estate Investment Trust (REIT) that owns and manages open-air shopping centers, primarily necessity-based and grocery-anchored centers. As such, its primary customers are the retail businesses that lease space within its properties.

Based on their investor materials (e.g., Q4 2023 filings and recent investor presentations), the major customer companies (tenants) for SITE Centers include:

• Publix Super Markets, Inc. (Private)
• The Kroger Co. (NYSE: KR)
• Stop & Shop Supermarket Co. (a subsidiary of Ahold Delhaize, AMS: AD)
• Giant Eagle, Inc. (Private)
• CVS Health Corp. (NYSE: CVS)

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David R. Lukes, President, Chief Executive Officer & Director

David Lukes has served as President and Chief Executive Officer and as a member of SITE Centers' Board of Directors since March 2017. Prior to joining SITE Centers, Mr. Lukes held the position of Chief Executive Officer and President of Equity One Inc. from 2014 to 2017. He also served as President and Chief Executive Officer of Seritage Realty Trust, an affiliate of Sears Holding Corporation, from 2012 to 2014, and as President and Chief Executive Officer of Olshan Properties from 2010 to 2012. From 2002 to 2010, Mr. Lukes held various senior management positions at Kimco Realty Corporation, including Chief Operating Officer from 2008 to 2010. He also serves as President, Chief Executive Officer, and Director of Curbline Properties Corp., effective since 2024, and previously held the same roles at Retail Value Inc. since 2018.

Gerry R. Morgan, Executive Vice President, Chief Financial Officer & Treasurer

Gerry Morgan was appointed Executive Vice President, Chief Financial Officer, and Treasurer of SITE Centers in October 2024. Prior to this role, Mr. Morgan served as the Chief Financial Officer of Four Corners Property Trust, a public REIT specializing in net lease properties, from 2015 through April 2024. From 2012 to 2015, he was the CFO and a Managing Director of Amstar Advisers, a private real estate investment manager, where he also served on their Executive and Investment Committees.

John M. Cattonar, Executive Vice President, Chief Investment Officer & Director

John M. Cattonar has served as Executive Vice President and Chief Investment Officer of SITE Centers since 2021 and became a Director in 2024. He previously served as Senior Vice President of Investments at SITE Centers from 2017 to 2021. Before joining SITE Centers, Mr. Cattonar was the Vice President of Asset Management for Equity One Inc. from 2015 to 2017, and at Seritage Realty Trust from 2012 to 2015. He is also expected to serve as Executive Vice President and Chief Investment Officer of Curbline Properties Corp. following its spin-off.

Aaron M. Kitlowski J.D., Executive Vice President, General Counsel & Corporate Secretary

Aaron M. Kitlowski has been the Executive Vice President, General Counsel, and Corporate Secretary of SITE Centers since 2017. Before his tenure at SITE Centers, he served as General Counsel and Corporate Secretary at Equity One for six years. Mr. Kitlowski also held the position of Chief Counsel at CIT Group Inc. for six years and was an Associate at Simpson Thacher & Bartlett for seven years.

The key risks to SITE Centers (SITC) primarily revolve around its ongoing strategic decision to liquidate assets and eventually dissolve, coupled with significant financial distress and the inherent challenges within the retail real estate sector.

1. Risk of Liquidation and Dissolution: SITE Centers is actively engaged in selling its remaining properties and plans to liquidate the firm, following the spin-off of Curbline Properties in October 2023. This strategic shift introduces substantial risks related to executing asset sales at optimal values, managing wind-up costs, and addressing potential contingent liabilities associated with the dissolution process. The company has already experienced significant declines in revenue and operating funds from operations (FFO) due to these dispositions, and there is a stated intention to voluntarily delist from the NYSE to reduce operating expenses before filing a certificate of dissolution.
2. Financial Distress and Declining Performance: SITE Centers exhibits clear indicators of financial distress. Its Altman Z-Score, a measure of potential bankruptcy, has been reported as significantly negative (e.g., -3.14 and -6.59), raising concerns about financial instability. The company has experienced substantial declines in third-quarter revenue and operating FFO, along with asset write-downs. Furthermore, its Return on Invested Capital (ROIC) to Weighted Average Cost of Capital (WACC) ratio of 0.44 indicates that the company is not generating returns that exceed its cost of capital, suggesting inefficiencies in value creation.
3. Adverse Conditions in the Retail Real Estate Market: As a real estate investment trust (REIT) focused on shopping centers, SITE Centers is highly vulnerable to the broader challenges affecting the brick-and-mortar retail sector. These include evolving consumer preferences, increased competition from e-commerce, retailer bankruptcies, and store closures, all of which can negatively impact occupancy rates and rental income. Evidence of these challenges includes negative same-space leasing spreads and softening occupancy rates, which can further pressure future revenue and cash flows as the company attempts to sell its remaining properties.

Clear Emerging Threats to SITE Centers (SITC):

• Evolution of Grocery Retail Footprint: While online grocery is well-established, an emerging threat is the accelerating shift by major grocery chains towards optimizing their physical footprint for online order fulfillment. This includes the proliferation of micro-fulfillment centers within existing stores, experimentation with "dark stores" (stores closed to the public used solely for online order processing), or the development of dedicated automated fulfillment centers in non-retail locations. This trend could reduce the demand for large, traditional, consumer-facing grocery anchor spaces within SITC's shopping centers, potentially leading to increased vacancies or downward pressure on rents as retailers seek different real estate formats.
• Proliferation of "Ghost Kitchens" and Cloud Kitchens: The food service industry is increasingly adopting models where restaurants operate from shared commercial kitchen spaces (ghost kitchens or cloud kitchens) without a traditional dine-in area or prominent storefront, primarily servicing food delivery apps. This emerging trend directly threatens SITC's ability to lease space to traditional restaurants and quick-service food tenants, which are significant complementary tenants in their shopping centers. As more food service businesses opt for these lower-cost, delivery-only models, it could reduce demand for traditional retail restaurant spaces, leading to vacancies or pressure on rental income for SITC's non-anchor tenants.

SITE Centers (SITC) primarily operates in the real estate sector, specializing in the ownership, management, and redevelopment of open-air shopping centers across the United States. The company's core business involves leasing retail spaces to a diverse tenant base, providing property management services, and executing redevelopment projects to enhance property value. SITE Centers specifically focuses on grocery-anchanchored and necessity-based retail properties located in suburban, high-income communities.

The addressable market sizes for their main products and services in the U.S. are as follows:

• U.S. Shopping Center Market: The market size for shopping center management in the U.S. was valued at approximately $24.6 billion in 2024, with a projected increase to $24.7 billion in 2025. The broader global shopping centers market was valued at $5,231.63 billion in 2021 and is projected to reach $7,797.36 billion by 2030, with North America accounting for over 46% of the market revenue share in 2021.
• U.S. Open-Air Shopping Centers: Open-air shopping centers are experiencing historically low vacancy rates in the U.S., with only 6.2% of space available for lease as of late 2024, the lowest level since 2006. This scarcity, combined with minimal new construction, creates favorable conditions for rent growth.
• U.S. Grocery-Anchored Retail Market: Investment in grocery-anchored retail properties in the U.S. totaled $7.0 billion in 2024, a 1.4% increase from the previous year. The United States grocery retail market is projected to grow at a CAGR of 3.1%, exceeding $1.5 trillion by 2027. Grocery-anchored retail assets are considered resilient investments due to consistent consumer traffic and adaptability to evolving retail trends like curbside pickup.

Share Repurchases

• SITE Centers announced a new $100 million common stock repurchase program in December 2022.
• This new program followed the exhaustion of a prior program, which utilized $22.2 million from property sales for repurchases.

Share Issuance

• As part of the spin-off of Curbline Properties on October 1, 2024, SITE Centers issued two shares of Curbline common stock for every one SITE Centers common share held by shareholders.

Inbound Investments

• Following the spin-off, Curbline Properties was expected to hold a $300 million preferred investment in SITE Centers, in addition to $300 million in cash.

Outbound Investments

• SITE Centers completed the spin-off of its convenience retail assets into a new public company, Curbline Properties, on October 1, 2024, distributing these assets to existing shareholders.
• Year-to-date in 2025, SITE Centers sold seven properties for an aggregate price of $380.9 million, including Winter Garden Village for $165.0 million and Deer Valley Towne Center for $33.7 million.
• The company also agreed to sell additional properties for approximately $126.0 million and another for about $137.6 million, with closings expected in the fourth quarter of 2025.

Capital Expenditures

• For the nine months ended September 30, 2025, SITE Centers' share of redevelopment costs totaled $5.515 million and maintenance capital expenditures were $4.184 million.
• The company's investment philosophy has focused on convenience-oriented real estate that leverages long-term demand drivers, often characterized by low capital expenditure requirements.