# EDGAR Filing Document

**Accession Number:** 0000894315
**File Stem:** 0001193125-26-211986
**Filing Date:** 2026-5
**Character Count:** 105708
**Document Hash:** 354d21d4392713a99b558065965ea98f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-211986.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-211986

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SITE Centers Corp.
- **CENTRAL INDEX KEY:** 0000894315
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 341723097
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11690
- **FILM NUMBER:** 26953621

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 ENTERPRISE PARKWAY
- **CITY:** BEACHWOOD
- **STATE:** OH
- **ZIP:** 44122
- **BUSINESS PHONE:** 2167555500

**MAIL ADDRESS:**
- **STREET 1:** 3300 ENTERPRISE PARKWAY
- **CITY:** BEACHWOOD
- **STATE:** OH
- **ZIP:** 44122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DDR CORP
- **DATE OF NAME CHANGE:** 20110914

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEVELOPERS DIVERSIFIED REALTY CORP
- **DATE OF NAME CHANGE:** 19940218

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

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**Form** 10-Q

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☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **March 31,** 2026

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from to** 

**Commission file number** 1-11690

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SITE Centers Corp.

**(Exact name of registrant as specified in its charter)** 

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---

| | |
|:---|:---|
| Ohio | 34-1723097 |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |

---

---

| | |
|:---|:---|
| 3300 Enterprise Parkway<br>Beachwood**,** OH | 44122 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**216**)** 755-5500

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common Shares, Par Value $0.10 Per Share | SITC | New York Stock Exchange |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐  | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2026 the registrant had 52,474,874 shares of common stock, $0.10 par value per share, outstanding.

------

**SITE Centers Corp.**

**QUARTERLY REPORT ON FORM 10-Q**

**QUARTER ENDED March 31, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| PART I. FINANCIAL INFORMATION | PART I. FINANCIAL INFORMATION | PART I. FINANCIAL INFORMATION |
| Item 1. | Financial Statements – Unaudited  |  |
|  | [<u>Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025</u>](#consolidated_balance_sheets) | 3 |
|  | [<u>Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2026 and 2025</u>](#consolidated_stmt_of_ops) | 4 |
|  | [<u>Consolidated Statements of Equity for the Three Months Ended March 31, 2026 and 2025</u>](#consolidated_statement_equity_qtd) | 5 |
|  | [<u>Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025</u>](#cash_flows) | 6 |
|  | [<u>Notes to Condensed Consolidated Financial Statements</u>](#notes_to_condensed_consolidated_financia) | 7 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_analysis_f) | 13 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item_3_quantitative_and_qualitative) | 24 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_procedures) | 24 |
| PART II. OTHER INFORMATION | PART II. OTHER INFORMATION | PART II. OTHER INFORMATION |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 25 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 25 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_equity_securit) | 25 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_default_of_senior_debt) | 25 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 25 |
| Item 5. | [<u>Other Information</u>](#item_5_or_information) | 25 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 26 |
| [<u>SIGNATURES</u>](#signatures) | [<u>SIGNATURES</u>](#signatures) | 27 |

---

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**SITE Centers Corp.**

**CONSOLIDATED BALANCE SHEETS**

**(unaudited; in thousands, except share amounts)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| Land | $25096 | $47182 |
| Buildings | 276513 | 338527 |
| Fixtures and tenant improvements | 125507 | 170247 |
|  | 427116 | 555956 |
| &nbsp;&nbsp;Less: Accumulated depreciation | (279634) | (332774) |
|  | 147482 | 223182 |
| Construction in progress and land | 516 | 2554 |
| &nbsp;&nbsp;Total real estate assets, net | 147998 | 225736 |
| Investments in and advances to joint ventures | 26837 | 27676 |
| Cash and cash equivalents | 193453 | 119034 |
| Restricted cash | 4622 | 3781 |
| Accounts receivable | 10934 | 13015 |
| Amounts receivable from Curbline | 351 | 902 |
| Other assets, net | 17725 | 28593 |
|  | $401920 | $418737 |
| **Liabilities and Equity** |  |  |
| Amounts payable to Curbline | 16139 | 22107 |
| Accounts payable and other liabilities | 49831 | 61865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 65970 | 83972 |
| Commitments and contingencies |  |  |
| **SITE Centers Equity** |  |  |
| Common shares, with par value, $0.10 stated value; 75,000,000 shares authorized; 52,480,384 and 52,467,187 shares issued at March 31, 2026 and December 31, 2025, respectively | 5248 | 5247 |
| Additional paid-in capital | 3981137 | 3981084 |
| Accumulated distributions in excess of net income | (3650400) | (3651338) |
| Less: Common shares in treasury at cost: 5,510 and 4,847 shares at March 31, 2026 and December 31, 2025, respectively | (35) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 335950 | 334765 |
|  | $401920 | $418737 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

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**SITE Centers Corp.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(unaudited; in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **2026** | **2025** |
| Revenues from operations: |  |  |
| &nbsp;&nbsp;Rental income | $9241 | $31450 |
| &nbsp;&nbsp;Fee and other income | 3775 | 11173 |
|  | 13016 | 42623 |
| Rental operation expenses: |  |  |
| &nbsp;&nbsp;Operating and maintenance | 3293 | 7132 |
| &nbsp;&nbsp;Real estate taxes | 1642 | 4721 |
| &nbsp;&nbsp;Impairment charges | 17450 |  |
| &nbsp;&nbsp;General and administrative | 8899 | 9395 |
| &nbsp;&nbsp;Depreciation and amortization | 5017 | 13252 |
|  | 36301 | 34500 |
| Other income (expense): |  |  |
| &nbsp;&nbsp;Interest expense |  | (5462) |
| &nbsp;&nbsp;Interest income | 1191 | 361 |
| &nbsp;&nbsp; Other income (expense),net | (994) | (856) |
|  | 197 | (5957) |
| (Loss) income before earnings from equity method investments and other items | (23088) | 2166 |
| Equity in net (loss) income of joint ventures | (152) | 39 |
| Gain on sale of joint venture interests | 19989 |  |
| Gain on disposition of real estate, net | 4007 | 1029 |
| Income before tax benefit (expense) | 756 | 3234 |
| Tax benefit (expense) of taxable REIT subsidiary and state franchise and income taxes | 182 | (149) |
| &nbsp;&nbsp;Net income | $938 | $3085 |
| Per share data: |  |  |
| Basic: | $0.02 | $0.06 |
| Diluted: | $0.02 | $0.06 |
| Net income | $938 | $3085 |
| &nbsp;&nbsp;Amount reclassed to earnings - cash flow hedges |  | (579) |
| Comprehensive income | $938 | $2506 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**SITE Centers Corp.**

**CONSOLIDATED STATEMENTS OF EQUITY**

**(unaudited; in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common<br>Shares** | **Additional<br>Paid-in<br>Capital** | **Accumulated Distributions<br>in Excess of<br>Net Income** | **Deferred Compensation Obligation** | **Accumulated Other Comprehensive Income** | **Treasury<br>Stock at<br>Cost** | **Total** |
| Balance, December 31, 2025 | $5247 | $3981084 | $(3651338) | $— | $— | $(228) | $334765 |
| Stock-based compensation, net | 1 | 53 |  |  |  | 193 | 247 |
| Comprehensive income |  |  | 938 |  |  |  | 938 |
| Balance, March 31, 2026 | $5248 | $3981137 | $(3650400) | $— | $— | $(35) | $335950 |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common<br>Shares** | **Additional<br>Paid-in<br>Capital** | **Accumulated Distributions<br>in Excess of<br>Net Income** | **Deferred Compensation Obligation** | **Accumulated Other Comprehensive Income** | **Treasury<br>Stock at<br>Cost** | **Total** |
| Balance, December 31, 2024 | $5247 | $3981597 | $(3473458) | $8041 | $5472 | $(10155) | $516744 |
| Stock-based compensation, net |  | (701) |  | (45) |  | 1113 | 367 |
| Comprehensive income (loss) |  |  | 3085 |  | (579) |  | 2506 |
| Balance, March 31, 2025 | $5247 | $3980896 | $(3470373) | $7996 | $4893 | $(9042) | $519617 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

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**SITE Centers Corp.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited; in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **2026** | **2025** |
| Cash flow from operating activities: |  |  |
| &nbsp;&nbsp;Net income | $938 | $3085 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flow (used for) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5017 | 13252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 282 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and write-off of debt issuance costs, commitment fees and fair market value of debt adjustments |  | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in net loss (income) of joint ventures | 152 | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale and change in control of interests | (19989) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of real estate, net | (4007) | (1029) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 17450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in accounts receivable | 2381 | (2685) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in accounts payable and accrued expenses | (6559) | (3646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in other operating assets and liabilities | 28 | (4294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | (5245) | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flow (used for) provided by operating activities | (4307) | 5723 |
| Cash flow from investing activities: |  |  |
| &nbsp;&nbsp;Real estate developed and improvements to operating real estate | (2862) | (3247) |
| &nbsp;&nbsp;Proceeds from disposition of real estate | 61753 |  |
| &nbsp;&nbsp;Proceeds from disposition of joint venture | 20713 |  |
| &nbsp;&nbsp;Equity contributions to joint ventures | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flow provided by (used for) investing activities | 79602 | (3250) |
| Cash flow from financing activities: |  |  |
| &nbsp;&nbsp;Repayment of mortgage debt |  | (419) |
| &nbsp;&nbsp;Payment of debt issuance costs |  | (6) |
| &nbsp;&nbsp;Repurchase of common shares in conjunction with equity award plans | (35) | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flow used for financing activities | (35) | (518) |
| Net increase in cash, cash equivalents and restricted cash | 75260 | 1955 |
| Cash, cash equivalents and restricted cash, beginning of period | 122815 | 67666 |
| Cash, cash equivalents and restricted cash, end of period | $198075 | $69621 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

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**Notes to Condensed Consolidated Financial Statements**

**1.** **Nature of Business and Financial Statement Presentation**

*Nature of Business*

SITE Centers Corp. and its related consolidated real estate subsidiaries (collectively, the "Company" or "SITE Centers") and unconsolidated joint ventures are primarily engaged in the business of owning, leasing, redeveloping and managing shopping centers. Unless otherwise provided, references herein to the Company or SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries. The Company's tenant base includes a mixture of national and regional retail chains and local tenants. Consequently, the Company's credit risk is primarily concentrated in the retail industry.

*Use of Estimates in Preparation of Financial Statements*

The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates.

*Unaudited Interim Financial Statements*

These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025*.*

*Principles of Consolidation*

The consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. All significant inter-company balances and transactions have been eliminated in consolidation. Investments in the real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company's share of the earnings (or loss) of the joint ventures is included in consolidated net income.

*Disposition of Real Estate*

For the three months ended March 31, 2026, the Company received gross proceeds of $74.5 million from the sale of two wholly-owned shopping centers resulting in a gain of $4.0 million. In addition, the Company sold its partnership interests in the RVIP IIIB joint venture that owned Deer Park Town Center to the Company's joint venture partner for approximately $20.8 million prior to closing costs, resulting in a gain of $20.0 million.

For the three months ended March 31, 2025, the Company did not sell any wholly-owned real estate; however, the Company recorded $8.4 million of other property revenues in conjunction with the resolution of a condemnation proceeding with the State of Florida relating to business damages and compensation for land taken in 2022 at the Shoppes at Paradise Pointe. Of this amount, cash of $3.8 million was received during the period ended March 31, 2025, with the remaining amount of cash received in April 2025.

*Reclassifications*

Certain prior period amounts reported have been reclassified to conform with current year presentation.

*Fair Value Measurement*

The carrying amounts reported in the Company's consolidated balance sheets for Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Other Liabilities approximated fair value because of their short-term maturities.

*Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information*

Non-cash investing and financing activities are summarized as follows (in millions):

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| | |
|:---|:---|
| **Three Months** | **Three Months** |
| **Ended March 31,** | **Ended March 31,** |
| **2026** | **2025** |

---

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| | | |
|:---|:---|:---|
| Accounts payable related to construction in progress | $0.1 | $0.2 |

---

*Segments* 

The Company has a single operating segment. The Company's shopping centers have common characteristics and are managed on a consolidated basis. The Company does not differentiate among properties on a geographical basis or any other basis for purposes of allocating resources or capital. The Company's Chief Operating Decision Maker ("CODM") may review operational and financial data on an ad-hoc basis at a property level. The CODM assesses performance for the segment and decides how to allocate resources based on net income as reported on the Company's consolidated statements of operations. In addition, the CODM uses net operating income ("NOI") as a supplemental measure to evaluate and assess the performance of the Company's operating portfolio. NOI is defined as property revenues less property-related expenses and excludes depreciation and amortization expense, joint venture equity and fee income, interest income and expenses and corporate level transactions. The CODM uses net income and NOI to monitor budget versus actual results in assessing the performance of the Company's properties to guide decisions regarding timing of property sales and payment of dividends. The CODM reviews significant expenses associated with the Company's single reportable operating segment which are presented in the Company's consolidated statements of operations. The measure of segment assets is reported in the Company's consolidated balance sheets as total consolidated assets.

*Recently Issued Accounting Standards*

*Expense Disaggregation Disclosures.* In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, which requires additional disaggregated disclosure about certain income statement expense line items. ASU 2024-03 is effective for annual reporting years beginning after December 15, 2026 and interim periods within the fiscal years beginning after December 15, 2027. Other than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company's financial position and/or results of operations.

**2.** **Investments in and Advances to Joint Ventures**

At March 31, 2026 and December 31, 2025, the Company had ownership interests in unconsolidated joint ventures that had investments in ten and 11 shopping center properties, respectively. Condensed combined financial information of the Company's unconsolidated joint ventures is as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Condensed Combined Balance Sheets** |  |  |
| Land | $148969 | $159567 |
| Buildings | 418409 | 497973 |
| Fixtures and tenant improvements | 44561 | 70903 |
|  | 611939 | 728443 |
| &nbsp;&nbsp;Less: Accumulated depreciation | (120278) | (190020) |
|  | 491661 | 538423 |
| Construction in progress and land | 19 | 15 |
| &nbsp;&nbsp;Real estate, net | 491680 | 538438 |
| Cash and restricted cash | 18327 | 28254 |
| Receivables, net | 7681 | 10497 |
| Other assets, net | 8855 | 8837 |
|  | $526543 | $586026 |
| Mortgage debt | $370190 | $429196 |
| Amounts payable to SITE Centers | 1599 | 1846 |
| Other liabilities | 25785 | 31577 |
|  | 397574 | 462619 |
| Accumulated equity | 128969 | 123407 |
|  | $526543 | $586026 |
| Company's share of accumulated equity | $25794 | $23306 |
| Basis differentials | (556) | 2524 |
| Amounts payable to the Company | 1599 | 1846 |
| Investments in and advances to joint ventures | $26837 | $27676 |

---

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| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **2026** | **2025** |
| **Condensed Combined Statements of Operations** |  |  |
| Revenues from operations | $17253 | $20925 |
| Expenses from operations: |  |  |
| &nbsp;&nbsp;Operating expenses | 4349 | 5182 |
| &nbsp;&nbsp;Depreciation and amortization | 5145 | 6044 |
| &nbsp;&nbsp;Interest expense | 7172 | 8008 |
| &nbsp;&nbsp;Other expense, net | 1228 | 1388 |
|  | 17894 | 20622 |
| (Loss) income before loss on disposition of real estate | (641) | 303 |
| Loss on disposition of real estate, net |  | (4) |
| (Loss) income attributable to unconsolidated joint ventures | $(641) | $299 |
| Company's share of equity in net (loss) income of joint ventures | $(136) | $55 |
| Basis differential adjustments<sup>(A)</sup> | (16) | (16) |
| Equity in net (loss) income of joint ventures | $(152) | $39 |

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(A)The difference between the Company's share of net (loss) income, as reported above, and the amounts included in the Company's consolidated statements of operations is attributable to the amortization of basis differentials.

Revenues earned by the Company for providing asset management, property management and leasing and development services to all of the Company's unconsolidated joint ventures were $1.1 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.

**3.** **Other Assets and Intangibles, net**

Other assets and intangibles consist of the following (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Asset** | **Accumulated Amortization** | **Net** |
| Intangible assets, net: |  |  |  |
| &nbsp;&nbsp;In-place leases | $9586 | $(7912) | $1674 |
| &nbsp;&nbsp;Above-market leases | 220 | (153) | 67 |
| &nbsp;&nbsp;Lease origination costs | 1230 | (1098) | 132 |
| &nbsp;&nbsp;Tenant relationships | 4029 | (4029) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | 15065 | (13192) | 1873 |
| Operating lease ROU assets |  |  | 10284 |
| Other assets: |  |  |  |
| &nbsp;&nbsp;Prepaid expenses |  |  | 3210 |
| &nbsp;&nbsp;Other assets |  |  | 753 |
| &nbsp;&nbsp;Deposits |  |  | 1605 |
| &nbsp;&nbsp;Total other assets, net |  |  | $17725 |
|  | **Liability** | **Accumulated Amortization** | **Net** |
| Below-market leases<sup>(A)</sup> | $4157 | $(672) | $3485 |

---

(A)Includes $1.2 million related to a below-market lease option for the Company's Beachwood headquarters included in the Separation and Distribution Agreement with Curbline Properties (Note 5).

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Asset** | **Accumulated Amortization** | **Net** |
| Intangible assets, net: |  |  |  |
| &nbsp;&nbsp;In-place leases | $16472 | $(12209) | $4263 |
| &nbsp;&nbsp;Above-market leases | 510 | (290) | 220 |
| &nbsp;&nbsp;Lease origination costs | 2091 | (1748) | 343 |
| &nbsp;&nbsp;Tenant relationships | 11339 | (8658) | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | 30412 | (22905) | 7507 |
| Operating lease ROU assets |  |  | 14700 |
| Other assets: |  |  |  |
| &nbsp;&nbsp;Prepaid expenses |  |  | 3837 |
| &nbsp;&nbsp;Other assets |  |  | 737 |
| &nbsp;&nbsp;Deposits |  |  | 1812 |
| &nbsp;&nbsp;Total other assets, net |  |  | $28593 |
|  | **Liability** | **Accumulated Amortization** | **Net** |
| Below-market leases | $6613 | $(1943) | $4670 |

---

Amortization for the three months ended March 31, 2026 and 2025 related to the Company's intangibles was as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **Period** | **Income** | **Expense** |
| 2026 | $84 | $332 |
| 2025 | 140 | 833 |

---

**4.** **Leases**

The disaggregation of the Company's lease income, which is included in Rental income on the Company's consolidated statements of operations, as either fixed or variable lease income based on the criteria specified in FASB Accounting Standards Codification 842, for the three months ended March 31, 2026 and 2025, was as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **2026** | **2025** |
| Rental income: |  |  |
| Fixed lease income<sup>(A)</sup> | $6693 | $22964 |
| Variable lease income<sup>(B)</sup> | 2428 | 8454 |
| Above-market and below-market leases amortization, net | 84 | 140 |
| Adjustments for potentially uncollectible revenues and disputed amounts<sup>(C)</sup> | 36 | (108) |
| Total rental income | $9241 | $31450 |

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(A)Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.

(B)Includes expense reimbursements, percentage and overage rent, lease termination fee income and ancillary income.

(C)The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts.

**5.** **Transactions with Curbline Properties**

On October 1, 2024, the Company completed the spin-off of Curbline Properties Corp. ("Curbline Properties" or "Curbline"). To govern certain ongoing relationships between the Company, Curbline Properties LP (the "Operating Partnership") and Curbline Properties after the spin-off, and to provide for the allocation among the Company, the Operating Partnership and Curbline Properties of the Company's assets, liabilities and obligations attributable to periods both prior to and following the separation of Curbline Properties and the Operating Partnership from SITE Centers, the Company, Curbline Properties and the Operating Partnership entered into agreements pursuant to which each provides certain services and has certain rights following the spin-off, and Curbline Properties, the Operating Partnership and SITE Centers indemnify each other against certain liabilities arising from their respective businesses. The Separation and Distribution Agreement, the Tax Matters Agreement, the Employee Matters Agreement, the Shared Services Agreement and other agreements which were entered into in connection with the spin-off and which govern certain ongoing relationships between the Company, Curbline, and the Operating Partnership, were negotiated between related parties and their terms, including fees and other amounts payable, may not be the same as if they had been negotiated at arm's length with an unaffiliated third

------

party.

*Separation and Distribution Agreement* 

The Separation and Distribution Agreement contains obligations for the Company to complete certain redevelopment projects at properties that are owned by Curbline Properties. As of March 31, 2026, such redevelopment projects were estimated to cost $15.4 million to complete, which is recorded in Amounts payable to Curbline in the Company's consolidated balance sheets.

*Shared Services Agreement* 

The fair value of the services provided by the Company to Curbline Properties in excess of the fees and the fair value of the services received by the Company from Curbline Properties is reflected as $1.8 million and $0.6 million of additional fee income within Fee and other income and $1.8 million and $0.6 million of expense within Other income (expense), net, in the Company's consolidated statements of operations for the three months ended March 31, 2026 and 2025, respectively.

The Shared Services Agreement provides Curbline Properties the right to use the Company's office space in New York, New York. This arrangement is considered an embedded lease based on the criteria specified in Topic 842. The sublease income received under the Shared Services Agreement of $0.4 million is included in Rental income on the Company's consolidated statements of operations for both the periods ended March 31, 2026 and 2025.

*Summary*

For the periods ended March 31, 2026 and 2025, the Company recorded in Fee and other income on the Company's consolidated statements of operations a cash fee of $1.1 million and $0.7 million, respectively, which represents 2% of Curbline's gross revenue and $1.8 million and $0.6 million, respectively, for the incremental fair value of services provided to Curbline offset by an embedded lease charge of $0.4 million and $0.4 million, respectively. Amounts payable to Curbline as of March 31, 2026 and December 31, 2025, under the agreements described above, aggregated $16.1 million and $22.1 million, respectively (including obligations to complete redevelopments). Amounts receivable from Curbline as of March 31, 2026 and December 31, 2025 were $0.4 million and $0.9 million, respectively.

**6.** **Impairment Charges**

For the three months ended March 31, 2026, the Company recorded impairment charges aggregating $17.5 million based on the difference between the carrying value of the assets and the estimated fair market value. The impairment charges recorded were triggered by a purchase offer received which is currently under negotiation.

The Company is required to assess the fair value of certain impaired consolidated investments. The valuation of impaired real estate assets is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each asset, as well as the income capitalization approach considering prevailing market capitalization rates, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties and/or consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence. In general, the Company considers multiple valuation techniques when measuring fair value of an investment. However, in certain circumstances, a single valuation technique may be appropriate.

These valuations are calculated based on market conditions and assumptions made by management at the time the valuation adjustments and impairments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change.

The following table presents information about the fair value of real estate that was impaired, and therefore, measured on a fair value basis, along with the related impairment charge for the three months ended March 31, 2026. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Total<br>Impairment<br>Charges** |
| **March 31, 2026** |  |  |  |  |  |
| Long-lived assets held and used | $— | $— | $15.5 | $15.5 | $17.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** |
|  | **Fair Value at** | **Valuation** |  |  |
| **Description** | **March 31, 2026** | **Technique** | **Unobservable Inputs** | **Range** |
| Impairment of consolidated assets | $15.5 | Indicative Bid | Indicative Bid<sup>(A)</sup> | N/A |

---

(A)Fair value measurements based upon an indicative bid and developed by third-party sources (including offers and comparable sales values), subject to the Company's corroboration for reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these

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estimated fair values.

**7.** **Earnings Per Share**

The following table provides a reconciliation of net income and the number of common shares used in the computations of "basic" earnings per share ("EPS"), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and "diluted" EPS, which includes all such shares (in thousands, except per share amounts).

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| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **2026** | **2025** |
| **<u>Numerators</u> <u>–</u> <u>Basic and Diluted</u>** |  |  |
| Net income | $938 | $3085 |
| Earnings attributable to unvested shares | (4) | (15) |
| Net income after allocation to participating securities | $934 | $3070 |
| **<u>Denominators</u> <u>–</u> <u>Number of Shares</u>** |  |  |
| Basic and Diluted—Average shares outstanding | 52467 | 52436 |
| **<u>Earnings Per Share:</u>** |  |  |
| Basic | $0.02 | $0.06 |
| Diluted | $0.02 | $0.06 |

---

Basic average shares outstanding do not include Restricted Stock units ("RSUs") representing 0.2 million and 0.3 million common shares that were not vested at March 31, 2026 and 2025, respectively. Dividend equivalents are paid on the outstanding RSUs, which makes these shares participating securities.

*Common Share Dividends*

The Company did not declare or pay a cash dividend for the periods ended March 31, 2026 or 2025.

**8.** **Subsequent Events** 

In May 2026, the Company sold one property (Meadowmont Crossing, Chapel Hill, North Carolina) for an aggregate gross sales price of approximately $11.1 million.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of OPERATIONS**

Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") provides readers with a perspective from management on the financial condition, results of operations and liquidity of SITE Centers Corp. and its consolidated subsidiaries (collectively, the "Company" or "SITE Centers") and other factors that may affect the Company's future results. The Company believes it is important to read the MD&A in conjunction with its Annual Report on Form 10-K for the year ended December 31, 2025, as well as other publicly available information.

**EXECUTIVE SUMMARY**

The Company is a self-administered and self-managed Real Estate Investment Trust ("REIT") in the business of owning, leasing, redeveloping and managing shopping centers. As of March 31, 2026, the Company's portfolio consisted of 16 shopping centers (including 10 shopping centers owned through an unconsolidated joint venture). At March 31, 2026, the Company owned approximately 4.4 million square feet of gross leasable area ("GLA") through all its shopping center properties (wholly-owned and joint venture). In addition, the Company owns two adjacent office buildings located in Beachwood, Ohio, totaling approximately 339,000 square feet of GLA, a portion of which currently serves as the Company's headquarters.

The following provides an overview of the Company's key financial metrics (see Non-GAAP Financial Measures described later in this section) (in thousands, except per share amounts):

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| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **2026** | **2025** |
| Net income | $938 | $3085 |
| FFO | $(1176) | $16024 |
| Operating FFO | $(1884) | $8282 |
| Earnings per share – Diluted | $0.02 | $0.06 |

---

For the three months ended March 31, 2026, the decrease in Net income, as compared to the prior-year period, primarily was the result of impairment charges and a decrease in rental income as a result of property dispositions, offset by the gain on the sale of joint venture interests, increases on gains on the disposition of real estate and interest income and decreases in interest expense, condemnation revenue and depreciation and amortization.

*SITE Centers Strategy*

The Company continues to pursue the marketing and sale of its remaining wholly-owned properties and the monetization of its investment in the Dividend Trust Portfolio ("DTP") joint venture. The timing of asset sales may be impacted by general economic conditions, local conditions in the markets in which our remaining properties are situated and other property-specific considerations. The Company's ability and timing to monetize the value of its investment in the DTP joint venture may be impacted by the degree of cooperation of the joint venture partner and the limited rights afforded the Company under the joint venture agreement (including the requirement that the Company obtain the joint venture partner's consent to the sale of individual joint venture properties or to the Company's sale of its interest in the joint venture). For risks related to the Company's strategy, see Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

The Company expects to use proceeds from additional asset sales to pay operating expenses, manage overall liquidity levels, make distributions to shareholders and establish a reserve fund to satisfy projected expenses and known and unknown claims that might arise during the anticipated wind-up of its business. The Company expects to incur significant expenses in connection with the eventual wind-up of its business, including but not limited to the fee applicable to any early termination of the Shared Services Agreement, employee severance costs, discretionary bonuses upon completion of the sales process, costs to terminate office leases, licenses and other operating contracts, professional fees (including fees of accountants and law firms), costs to comply with ongoing reporting requirements of the Securities Exchange Act of 1934 (the "Exchange Act") (until such time as the Company qualifies for relief therefrom), insurance premiums and potential deductibles (including with respect to a "tail" insurance policy for directors and officers), vendor expenses, costs to resolve and streamline the Company's subsidiaries and corporate structure and any claims arising under sale agreements for completed dispositions.

The majority of the Company's wholly-owned retail properties are in various stages of contract negotiations or in the process of being marketed for sale, though no assurances can be given that such efforts will result in additional asset sales.

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The Company expects that rental income and net income will decrease in future periods as compared to corresponding prior year periods as a result of the significant disposition activity and declining property revenues. However, the Company's general and administrative expenses will remain elevated prior to the termination of the Shared Services Agreement as a result of the contractual obligations and services owing to Curbline thereunder.

*Operational Accomplishments* 

Operational highlights for the Company through March 31, 2026, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leased approximately 18,000 square feet of GLA, including one new lease and eight renewals. As of March 31, 2026, the remaining 2026 lease expirations aggregated approximately 0.2 million square feet of GLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the comparable leases executed in the three months ended March 31, 2026, the Company generated cash lease spreads on a pro rata basis of 16.7% for new leases and 1.9% for renewals. Leasing spreads are a key metric in real estate, representing the percentage increase of rental rates on new and renewal leases over rental rates on existing leases, though leasing spreads exclude consideration of the amount of capital expended in connection with new leasing activity. The Company's cash lease spreads calculation includes only those deals that were executed within one year of the date the prior tenant vacated, in addition to other factors that limit comparability, and as a result, is a useful benchmark to compare the average annualized base rent of expiring leases with the comparable executed market rental rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total portfolio average annualized base rent per square foot was $20.00 at March 31, 2026, as compared to $22.61 at December 31, 2025 and $19.75 at March 31, 2025, all on a pro rata basis, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The aggregate occupancy of the Company's operating shopping center portfolio was 84.9% at March 31, 2026, as compared to 85.9% at December 31, 2025 and 89.4% at March 31, 2025, all on a pro rata basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For new leases executed in the three months ended March 31, 2026, the Company expended a weighted-average cost of tenant improvements and lease commissions estimated at $3.53 per rentable square foot, on a pro rata basis, over the lease term, as compared to $6.26 per rentable square foot for the full year of 2025. The Company generally does not expend a significant amount of capital on lease renewals.

The comparability of year-over-year operating metrics has been increasingly impacted by the level and composition of the Company's disposition activities and the reduced size of the Company's portfolio.

**RESULTS OF OPERATIONS**

Consolidated shopping center properties owned as of January 1, 2025, are referred to herein as the "Comparable Portfolio Properties."

***Revenues from Operations (in thousands)***

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** |  |
|  | **Ended March 31,** | **Ended March 31,** |  |
|  | **2026** | **2025** | **$ Change** |
| Rental income<sup>(A)</sup> | $9241 | $31450 | $(22209) |
| Fee and other income<sup>(B)</sup> | 3775 | 11173 | (7398) |
| &nbsp;&nbsp;Total revenues | $13016 | $42623 | $(29607) |

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(A)The following table summarizes the key components of Rental income (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** |  |
|  | **Ended March 31,** | **Ended March 31,** |  |
| **Contractual Lease Payments** | **2026** | **2025** | **$ Change** |
| Base and percentage rental income<sup>(1)</sup> | $6802 | $22755 | $(15953) |
| Recoveries from tenants<sup>(2)</sup> | 2130 | 8402 | (6272) |
| Uncollectible revenue<sup>(3)</sup> | 36 | (108) | 144 |
| Lease termination fees, ancillary and other rental income | 273 | 401 | (128) |
| &nbsp;&nbsp;Total contractual lease payments | $9241 | $31450 | $(22209) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The changes in base and percentage rental income were due to the following (in millions):

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| | |
|:---|:---|
|  | **Increase (Decrease)** |
| Comparable Portfolio Properties | $(0.1) |
| Disposition of shopping centers | (16.1) |
| Straight-line rents | 0.2 |
| &nbsp;&nbsp;Total | $(16.0) |

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The decrease in Comparable Portfolio Properties is due to lower occupancy, partially offset by an increase in annualized base rent per occupied square foot.

At March 31, 2026 and 2025, the Company owned six and 22 wholly-owned properties as of each balance sheet date that had an aggregate occupancy rate of 80.3% and 89.2% and an average annualized base rent per occupied square foot of $25.02 and $19.95, respectively. The decrease in occupancy rate and increase in average annualized base rent per occupied square foot was due to a combination of transactional activity, the mix of properties sold and overall decreases in occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Recoveries from tenants were approximately 43.2% and 70.9% of operating expenses and real estate taxes for the three months ended March 31, 2026 and 2025, respectively. The decrease in the recovery percentage was due to a combination of transactional activity, the mix of properties sold and overall decreases in occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The net amount reported was primarily attributable to the impact of tenants on the cash basis of accounting and related reserve adjustments.

(B)The decrease in Fee and other income primarily resulted from $8.4 million of other property revenue recorded during the three months ended March 31, 2025 in conjunction with the resolution of the condemnation proceedings with the State of Florida relating to business damages and compensation for land taken in 2022 at the Shoppes at Paradise Pointe partially offset by the increase in fees from Curbline Properties. Fee and other income is primarily earned from Curbline Properties and the Company's unconsolidated joint ventures.

***Expenses from Operations (in thousands)***

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** |  |
|  | **Ended March 31,** | **Ended March 31,** |  |
|  | **2026** | **2025** | **$ Change** |
| Operating and maintenance<sup>(A)</sup> | $3293 | $7132 | $(3839) |
| Real estate taxes<sup>(A)</sup> | 1642 | 4721 | (3079) |
| Impairment charges<sup>(B)</sup> | 17450 |  | 17450 |
| General and administrative | 8899 | 9395 | (496) |
| Depreciation and amortization<sup>(A)</sup> | 5017 | 13252 | (8235) |
|  | $36301 | $34500 | $1801 |

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(A)The changes were due to the following (in millions):

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| | | | |
|:---|:---|:---|:---|
|  | **Operating<br>and<br>Maintenance** | **Real Estate<br>Taxes** | **Depreciation<br>and<br>Amortization** |
| Comparable Portfolio Properties | $(0.1) | $0.1 | $(1.0) |
| Disposition of shopping centers | (3.7) | (3.2) | (7.2) |
|  | $(3.8) | $(3.1) | $(8.2) |

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(B)The Company recorded $17.5 million of impairment charges for the three months ended March 31, 2026 triggered by a purchase offer received which is currently under negotiation. Impairment charges are presented in Note 6, "Impairment Charges," to the Company's consolidated financial statements included herein.

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***Other Income and Expenses (in thousands)***

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** |  |
|  | **Ended March 31,** | **Ended March 31,** |  |
|  | **2026** | **2025** | **$ Change** |
| Interest expense<sup>(A)</sup> | $— | $(5462) | $5462 |
| Interest income<sup>(B)</sup> | 1191 | 361 | 830 |
| Other income (expense), net<sup>(C)</sup> | (994) | (856) | (138) |
|  | $197 | $(5957) | $6154 |

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(A)As of March 31, 2026, the Company had no outstanding indebtedness. As of March 31, 2025, the Company's consolidated indebtedness consisted of a cross-collateralized mortgage facility and a mortgage loan encumbering Nassau Park Pavilion with an aggregate outstanding balance of $306.3 million and a weighted-average interest rate (based on contractual rates excluding amortization of debt issuance costs) of 6.9% per annum.

(B)Related to excess cash as a result of sale proceeds maintained in money market accounts.

(C)Primarily consists of the adjustment to reflect the fair value of services provided to Curbline Properties relative to the fees and fair value of services received from Curbline Properties under the Shared Services Agreement.

***Other Items (in thousands)***

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** |  |
|  | **Ended March 31,** | **Ended March 31,** |  |
|  | **2026** | **2025** | **$ Change** |
| Equity in net (loss) income of joint ventures<sup>(A)</sup> | $(152) | $39 | $(191) |
| Gain on sale of joint venture interests<sup>(B)</sup> | 19989 |  | 19989 |
| Gain on disposition of real estate, net<sup>(C)</sup> | 4007 | 1029 | 2978 |
| Tax benefit (expense) of taxable REIT subsidiary and state franchise and<br> income taxes | 182 | (149) | 331 |

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(A)At March 31, 2026 and 2025, the Company had an economic investment in unconsolidated joint ventures which owned ten and 11 shopping center properties, respectively. The termination of joint venture or joint venture property sales could significantly impact the amount of income or loss recognized in future periods. See Note 2, "Investments in and Advances to Joint Ventures," in the Company's consolidated financial statements included herein.

(B)In 2026, the Company sold its partnership interests in the RVIP IIIB joint venture that owned Deer Park Town Center (Deer Park, Illinois).

(C)The Company sold two wholly-owned shopping centers in the period ended March 31, 2026.

***Net Income (in thousands)***

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** |  |
|  | **Ended March 31,** | **Ended March 31,** |  |
|  | **2026** | **2025** | **$ Change** |
| Net income | $938 | $3085 | $(2147) |

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The decrease in net income in the period ended March 31, 2026, as compared to the prior-year period, primarily was the result of impairment charges and a decrease in rental income as a result of property dispositions, offset by the gain on the sale of joint venture interests, increases on gains on the disposition of real estate and interest income and decreases in interest expense, condemnation revenue and depreciation and amortization.

**NON-GAAP FINANCIAL MEASURES**

**Funds from Operations and Operating Funds from Operations**

*Definition and Basis of Presentation*

The Company believes that Funds from Operations ("FFO") and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. The

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Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company.

FFO excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company's financial performance not immediately apparent from net income determined in accordance with GAAP.

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (ii) impairment charges on real estate property and related investments and (iii) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles and equity income (loss) from joint ventures and adding the Company's proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company's calculation of FFO is consistent with the definition of FFO provided by the National Association of Real Estate Investment Trusts ("NAREIT").

The Company believes that certain charges, income and gains recorded in its operating results are not comparable or reflective of its core operating performance. 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. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company's operating real estate portfolio. Such adjustments include condemnation revenue, gains/losses on the early extinguishment of debt, certain transaction fee income, transaction costs and other restructuring type costs, including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company's financial statements.

The adjustment for these charges, income and gains may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company's calculation of Operating FFO differs from NAREIT's definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains are non-recurring. These charges, income and gains could be reasonably expected to recur in future results of operations.

These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part as a disclosure to improve the understanding of the Company's operating results among the investing public and as a measure of a real estate asset company's performance.

For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company's operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.

Management recognizes the limitations of FFO and Operating FFO when compared to GAAP's net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company's cash obligations and funding requirements for future commitments or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company's operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company's reported net income and considered in addition to cash flows determined in accordance with GAAP, as presented in its consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income have been provided below.

*Reconciliation Presentation*

FFO and Operating FFO were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** |  |
|  | **Ended March 31,** | **Ended March 31,** |  |
|  | **2026** | **2025** | **$ Change** |
| FFO | $(1176) | $16024 | $(17200) |
| Operating FFO | (1884) | 8282 | (10166) |

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The decrease in FFO for the period ended March 31, 2026, as compared to the prior-year period, was primarily attributable to the impact of net property dispositions and condemnation revenue recorded in the prior-year period ended March 31, 2025, partially offset by an increase in interest income and a decrease in interest expense. The decrease in Operating FFO generally was due to the impact of net property dispositions partially offset by decreased interest expense and an increase in interest income.

The Company's reconciliation of net income computed in accordance with GAAP to FFO and Operating FFO is as follows (in thousands). The Company provides no assurances that these charges and gains are non-recurring. These charges and gains could reasonably be expected to recur in future results of operations.

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| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **2026** | **2025** |
| **Net income** | $938 | $3085 |
| Depreciation and amortization of real estate investments | 3333 | 12414 |
| Equity in net loss (income) of joint ventures | 152 | (39) |
| Joint ventures' FFO<sup>(A)</sup> | 947 | 1593 |
| Impairment of real estate | 17450 |  |
| Gain on sale of joint venture interests | (19989) |  |
| Gain on disposition of real estate, net | (4007) | (1029) |
| &nbsp;&nbsp;**FFO attributable to common shareholders** | (1176) | 16024 |
| Transaction and other | (803) | 122 |
| Condemnation revenue |  | (8379) |
| Separation and other charges | 95 | 515 |
| Non-operating items, net | (708) | (7742) |
| &nbsp;&nbsp;**Operating FFO** | $(1884) | $8282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)At March 31, 2026 and 2025, the Company had an economic investment in unconsolidated joint ventures which owned ten and 11 shopping center properties, respectively. These joint ventures represent the investments in which the Company recorded its share of equity in net income or loss and, accordingly, FFO and Operating FFO.

Joint ventures' FFO and Operating FFO are summarized as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **2026** | **2025** |
| **Net (loss) income attributable to unconsolidated joint ventures** | $(641) | $299 |
| Depreciation and amortization of real estate investments | 5145 | 6044 |
| Gain on disposition of real estate, net |  | 4 |
| **FFO** | $4504 | $6347 |
| **FFO at SITE Centers' ownership interests** | $947 | $1593 |
| **Operating FFO at SITE Centers' ownership interests** | $947 | $1593 |

---

**LIQUIDITY, CAPITAL RESOURCES AND FINANCING ACTIVITIES**

The Company requires capital to fund its operating expenses, redevelopment activities and capital expenditures. The Company's primary capital sources include cash on hand, cash flow from operations and proceeds from ongoing asset sales. The Company does not maintain a revolving credit facility and therefore plans to closely monitor and conservatively manage its liquidity and cash position as it pursues the sale of its remaining properties and monetization of its investment in the DTP joint venture and returns capital to shareholders. The Company expects to maintain sufficient cash reserves with proceeds from asset sales in order to satisfy and discharge expenses projected to be incurred, and any unknown or contingency claims or obligations which might arise, during the subsequent wind-up of its operations. The Company also expects to maintain an elevated cash balance pending resolution of the DTP

------

joint venture in order to maximize the Company's alternatives for monetizing its joint venture investment, including through the possible exercise of the joint venture's buy/sell provision.

At March 31, 2026, the Company had an unrestricted cash balance of $193.5 million. As of March 31, 2026, the Company anticipates that it has approximately $15.4 million to be incurred to complete redevelopment projects at properties owned by Curbline pursuant to the terms of the Separation and Distribution Agreement.

The Company had no consolidated indebtedness outstanding at March 31, 2026. As of March 31, 2026, the Company's unconsolidated joint ventures had $380.6 million of indebtedness ($76.1 million at SITE Centers' share).

The Company believes it has sufficient liquidity to operate its business at this time.

**Unconsolidated Joint Ventures' Mortgage Indebtedness – As of March 31, 2026**

No assurance can be provided that outstanding indebtedness of the Company's remaining joint venture will be refinanced or repaid as currently anticipated. Any future deterioration in property-level revenues may cause the joint venture to be unable to refinance maturing obligations or satisfy applicable covenants, financial tests or debt service requirements or loan maturity extension conditions in the future, thereby allowing the mortgage lender to assume control of property cash flows, limit distributions of cash to joint venture members, declare a default, increase the interest rate or accelerate the loan's maturity. In addition, rising interest rates or challenged transaction markets may adversely impact the ability of the Company's remaining joint venture to sell assets at attractive prices in order to repay indebtedness.

**Cash Flow Activity**

The Company's cash flow activities are summarized as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **2026** | **2025** |
| Cash flow (used for) provided by operating activities | $(4307) | $5723 |
| Cash flow provided by (used for) investing activities | 79602 | (3250) |
| Cash flow used for financing activities | (35) | (518) |

---

Changes in cash flow for the period ended March 31, 2026, compared to the prior comparable period are as follows:

*Operating Activities:* Cash provided by operating activities decreased by $10.0 million primarily due to lower operating income as a result of disposition activity partially offset by increase in interest income and a decrease in interest expense.

*Investing Activities:* Cash from investing activities increased by $82.9 million primarily due to increased proceeds from disposition of real estate of $61.8 million and increased proceeds from the disposition of unconsolidated joint venture interests of $20.7 million.

*Financing Activities*: Cash used for financing activities decreased by $0.5 million primarily due to the scheduled principal payments made on the Company's mortgage debt during the period ended March 31, 2025.

**Dividend Distribution**

No dividends were declared or paid on the Company's common shares during the three months ended March 31, 2026 and 2025.

The decision to declare and pay future dividends on the Company's common shares, as well as the timing, amount and composition of any such future dividends, will be at the discretion of the Company's Board of Directors. The Company does not currently expect to make regular quarterly dividend payments in the future. The Company expects that the frequency and timing of future dividends will be influenced by operations, sales of its remaining assets and the resolution of the DTP joint venture, though the Company plans to closely monitor and conservatively manage its cash position in order to maintain sufficient cash reserves to satisfy and discharge expenses projected to be incurred, and any unknown or contingency claims or obligations which might arise, during the subsequent wind-up of its operations. The Company also expects to maintain an elevated cash balance pending resolution of the DTP joint venture in order to maximize the Company's alternatives for monetizing its joint venture investment, including through the possible exercise of the joint venture's buy/sell provision.

The Company currently operates in a manner that allows it to qualify as a REIT and generally not be subject to U.S. federal income tax. U.S. federal income tax law generally requires that a REIT distribute annually to holders of its capital stock at least 90%

------

of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its REIT taxable income. The Company may elect to surrender its REIT status in connection with the sale of its remaining assets and the anticipated wind-up of its operations in the event the Company determines that the anticipated benefits to the Company and its shareholders of maintaining REIT qualification do not exceed the related compliance costs or if the nature of the Company's remaining operations makes compliance with REIT requirements impracticable.

**SITE Centers' Equity**

In 2022, the Company's Board of Directors authorized a common share repurchase program. Under the terms of the program, the Company is authorized to repurchase up to a maximum value of $100 million of its common shares. As of March 31, 2026, the Company had repurchased an aggregate of 0.5 million of its common shares under this program at an aggregate cost of $26.6 million.

**SOURCES AND USES OF CAPITAL**

The Company remains committed to maintaining sufficient liquidity in order to fund its operating expenses, capital expenditures and expenses and liabilities to be incurred during the wind-up of its operations. The Company's primary capital sources include cash on hand, cash flow from operations and proceeds from sales of its remaining wholly-owned properties and monetization of its investment in the DTP joint venture. The Company does not maintain a revolving credit facility and therefore plans to closely monitor and conservatively manage its cash position and expects to maintain an elevated cash balance pending resolution of the DTP joint venture in order to maximize the Company's alternatives for monetizing its joint venture investment, including through the possible exercise of the joint venture's buy/sell provision.

**Future Sales of Wholly-Owned Properties**

The Company continues to pursue the marketing and sale of its remaining wholly-owned properties. The timing of asset sales may be impacted by general economic conditions, local conditions in the markets in which our remaining properties are situated and other property-specific considerations. The majority of the Company's wholly-owned retail properties are in various stages of contract negotiation or in the process of being marketed for sale, though no assurances can be given that such efforts will result in additional asset sales.

**DTP Joint Venture**

The Company owns a 20% interest in, and acts as the general partner of, the DTP joint venture, a joint venture with certain Chinese institutional investors which owns ten shopping centers located in the United States aggregating approximately 3.4 million square feet of GLA. As of March 31, 2026, the joint venture's properties were encumbered by a mortgage loan in the aggregate principal amount of approximately $380.6 million which matures on January 11, 2029. The terms of the joint venture agreement contain restrictions on when and how the Company can monetize the value of its interests in the joint venture and generally requires the partner's consent in order for the Company to sell its interest in the joint venture or the underlying properties owned by the joint venture. The Company is in discussions with its joint venture partner regarding options to resolve the joint venture and continues to maintain an elevated cash balance in order to maximize the Company's alternatives for monetizing its joint venture investment, including through the possible exercise of the joint venture's buy-sell provision.

**2026 Transactions Activity**

*Dispositions* 

From January 1, 2026 through May 4, 2026, the Company sold the following wholly-owned shopping centers (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Sold** | **Property Name** | **City, State** | **Total Owned GLA** | **Gross<br>Sales Price** |
| February 2026 | FlatAcres MarketCenter | Parker, Colorado | 136 | $24400 |
| March 2026 | 3030 North Broadway | Chicago, Illinois | 132 | 50100 |
| May 2026 | Meadowmont Crossing | Chapel Hill, North Carolina | 92 | 11100 |
|  |  |  | 360 | $85600 |

---

*Redevelopment Projects*

At March 31, 2026, the estimated cost to complete redevelopment projects at properties owned by Curbline pursuant to the terms of the Separation and Distribution Agreement was approximately $15.4 million.

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**CAPITALIZATION**

At March 31, 2026, the Company's capitalization consisted of $283.4 million of market equity (calculated as the number of common shares outstanding multiplied by $5.40, the closing price of the Company's common shares on the New York Stock Exchange (the "NYSE") at March 31, 2026).

We expect that the NYSE would commence the de-listing of the Company's common shares from the exchange if (i) the average closing price of the Company's common shares were to fall below $1.00 per share over a 30-consecutive-day trading period, (ii) the Company's average market capitalization were to fall below $15 million over a 30-consecutive-day trading period or (iii) the Company were to lose or terminate its REIT qualification (unless the resulting entity qualifies for an original listing as a corporation). The NYSE also has certain discretionary authority to de-list the Company's common shares on an involuntary basis. The Company expects to voluntarily de-list its common shares from the NYSE as future distributions cause its stock price to approach levels that would trigger involuntary de-listing. If the Company's common shares are de-listed, shareholders may have difficulty trading their common shares on the secondary market. De-listing would also eliminate the requirement that the Company's Board of Directors be composed of a majority of independent directors.

In connection with the spin-off of Curbline, the Company used proceeds from the cross-collateralized mortgage facility together with proceeds from asset sales to repay all of the Company's outstanding unsecured indebtedness and therefore no longer maintains a revolving line of credit or an investment grade rating. The Company may not be able to obtain financing on favorable terms, or at all, and therefore conservatively manages its cash balances and proceeds from asset sales in order to maintain the capital needed to fund its operations.

**CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS**

In conjunction with the redevelopment and re-tenanting of various shopping centers, the Company had entered into commitments with general contractors aggregating approximately $0.1 million for its properties (excluding Curbline redevelopment noted below) as of March 31, 2026. These obligations, composed principally of construction contracts, are generally due within 12 to 24 months, as the related construction costs are incurred, and are expected to be financed through cash on hand, operating cash flows or asset sales. These contracts typically can be changed or terminated without penalty.

Additionally, the Separation and Distribution Agreement contains obligations to complete certain redevelopment projects at properties that are owned by Curbline. As of March 31, 2026, such redevelopment projects were estimated to cost $15.4 million to complete.

The Company routinely enters into contracts for the maintenance of its properties. These contracts typically can be canceled upon 30 to 60 days' notice without penalty. At March 31, 2026, the Company had purchase order obligations, typically payable within one year, aggregating approximately $0.3 million related to the maintenance of its properties and general and administrative expenses.

**ECONOMIC CONDITIONS** 

The Company continues to witness retailer demand for space at shopping centers located in communities exhibiting favorable demographics, population growth and limited new construction of competing retail properties, though leasing conditions at certain of the Company's remaining wholly-owned properties are challenged by local conditions, existing vacancy and other property-specific complexities.

The Company generally benefits from a diversified tenant base, where only four tenants' annualized base rent equals or exceeds 3% of the Company's annualized base rent plus the Company's proportionate share of unconsolidated joint venture annualized base rent. Other significant national tenants generally have relatively strong financial positions, have outperformed other retail categories over time and the Company believes remain well-capitalized. Historically, these national tenants have provided a stable revenue base, and the Company believes that they will continue to provide a stable revenue base going forward, given the long-term nature of these leases. The majority of the tenants in the Company's shopping centers provide day-to-day consumer necessities with a focus on value and convenience, versus discretionary items, which the Company believes will enable many of its tenants to outperform under a variety of economic conditions. The Company has relatively little reliance on overage or percentage rents generated by tenant sales performance.

The threat of increasing inflation, changing interest rates, political tensions, uncertainty over tariff policy, concerns over consumer confidence and the volatility of global capital markets pose risks to the U.S. economy, retail sales, and the Company's tenants. In addition to these macroeconomic challenges, the retail sector has been affected by changing consumer behaviors, including the competitive nature of the retail business and the competition for the share of the consumer wallet. The Company routinely monitors the credit profiles of its tenants and analyzes the possible impact of any potential tenant credit issues on the financial statements of the Company and its unconsolidated joint ventures. In some cases, changing conditions have resulted in weaker retailers

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and retail categories losing market share and declaring bankruptcy and/or closing stores. However, other retailers, specifically those in the value and convenience category, continue to launch new concepts and expand their store fleets in communities with attractive demographics. As a result, the Company believes that its prospects (and the prospects of purchasers of its properties) to backfill spaces vacated by non-renewing or bankrupt tenants are generally good, though such re-tenanting efforts would likely require additional capital expenditures and the opportunities to lease any vacant theater spaces may be more limited. However, there can be no assurance that existing or additional vacancies in the Company's portfolio will not adversely affect the Company's operating results or the valuation of its properties (see Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2025).

**FORWARD-LOOKING STATEMENTS**

MD&A should be read in conjunction with the Company's consolidated financial statements and the notes thereto appearing elsewhere in this report. Historical results and percentage relationships set forth in the Company's consolidated financial statements, including trends that might appear, should not be taken as indicative of future operations. The Company considers portions of this information to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act, both as amended, with respect to the Company's expectations for future periods. Forward-looking statements include, without limitation, statements relating to future capital expenditures, financing sources, dispositions, the resolution of joint ventures, distributions to shareholders, and the Company's wind-up strategy and costs and expenses relating thereto. Although the Company believes that the expectations reflected in these 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 statements of historical fact should be deemed to be forward-looking statements. Without limiting the foregoing, the words "will," "believes," "anticipates," "plans," "expects," "seeks," "estimates" and similar expressions are intended to identify forward-looking statements. Readers should exercise caution in interpreting and relying on forward-looking statements because such statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and that could cause actual results to differ materially from those expressed or implied in the forward-looking statements and that could materially affect the Company's actual results, performance or achievements. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, see Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company may fail to dispose of its remaining properties on favorable terms or at all, especially in areas experiencing deteriorating economic conditions. Real estate investments can be illiquid and buyers may experience increased costs of financing or difficulties obtaining financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company may have difficulty realizing value from its DTP joint venture on account of its limited control over the joint venture and contractual restrictions set forth in the joint venture agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in interest rates, a downturn in the economy or disruptions in the financial markets could adversely affect the market price of the Company's common shares, the valuation of its portfolio, its ability to sell properties and the prices realized therefor, as well as its performance and cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company may be unable to accurately project costs and expenses relating to its disposition and wind-up strategy and may encounter exposure to unexpected claims, liabilities or costs in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company may encounter loss of key personnel or disruptions in its property management or accounting functions in connection with the decreasing size of its operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company is subject to general risks affecting the real estate industry, including the need to enter into new leases or renew leases on favorable terms to generate rental revenues, and any economic downturn may adversely affect the ability of the Company's tenants, or new tenants, to enter into new leases or the ability of the Company's existing tenants to renew their leases at rates at least as favorable as their current rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company could be adversely affected by changes in the local markets where its properties are located, as well as by adverse changes in national economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company may fail to anticipate the effects on its properties of changes in consumer buying practices, including sales over the internet and the resulting retailing practices and space needs of its tenants, or a general downturn in its tenants' businesses, which may cause tenants to close stores or default in payment of rent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company is subject to competition for tenants from other owners of retail properties, and its tenants are subject to competition from other retailers and methods of distribution. The Company is dependent upon the successful operations and

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financial condition of its tenants, in particular its major tenants, and could be adversely affected by the bankruptcy of those tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company may require greater time and financial resources to complete redevelopment projects (including construction obligations owing to Curbline Properties under the Shared Services Agreement) as a result of various factors, many of which are beyond the Company's control, resulting in increased construction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company does not maintain a revolving credit facility or investment grade rating and may encounter difficulties in obtaining financing on reasonable terms, or at all, to operate its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inflationary pressures could result in reductions in retailer profitability, consumer discretionary spending and tenant demand to lease space. Inflation could also increase the costs incurred by the Company to operate its properties and finance its operations and could adversely impact the valuation of its properties, all of which could have an adverse effect on the market price of the Company's common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company may be unable to satisfy or comply with complex regulations related to its status as a REIT, including as a result of recent disposition activity and changes to the Company's asset portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company must make distributions to shareholders to continue to qualify as a REIT, and if the Company must borrow funds to make distributions, those borrowings may not be available on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any de-listing of the Company's common shares from the NYSE could adversely impact shareholders' ability to sell shares when desired and the price obtained therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's decision to dispose of real estate assets could result in material impairment losses and adversely affect the Company's financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The outcome of pending or future litigation, including litigation with tenants or joint venture partners, may adversely affect the Company's results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Property damage, expenses related thereto and other business and economic consequences (including the potential loss of revenue) resulting from extreme weather conditions or natural disasters in locations where the Company owns properties may adversely affect the Company's results of operations, its financial condition and its ability to dispose of impacted properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sufficiency and timing of any insurance recovery payments related to damages and lost revenues from extreme weather conditions or natural disasters may adversely affect the Company's results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company may incur liability for injuries to persons, property or the environment occurring on or near its properties and such losses may be uninsured or exceed policy coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company and its tenants could be negatively affected by the impacts of pandemics and other public health crises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company could be subject to potential liabilities, increased costs, reputation harm and other adverse effects on the Company's business due to stakeholders', including regulators', views regarding the Company's environmental, social and governance initiatives and disclosures or lack thereof, and the impact of factors outside of the Company's control on such initiatives and disclosures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company could incur additional expenses to comply with or respond to claims under the Americans with Disabilities Act or otherwise be adversely affected by changes in government regulations, including changes in environmental, zoning, tax and other regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's Board of Directors, which regularly reviews the Company's business strategy and objectives, may change the Company's strategic plan based on a variety of factors and conditions, including in response to changing market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company may be negatively impacted by any change in the Company's relationship with Curbline Properties and the Company may be unable to retain qualified leadership and adequately manage its business in the event the Shared Services Agreement is terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential conflicts of interest with Curbline Properties and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company and its vendors could sustain a disruption, failure or breach of their respective networks and systems, including as a result of cyber-attacks, including those that leverage artificial intelligence, which could disrupt the Company's business operations, compromise the confidentiality of sensitive information and result in fines or penalties.

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**Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

The Company's primary market risk exposure is interest rate risk through its unconsolidated joint ventures. At March 31, 2026 and December 31, 2025, the Company had no outstanding consolidated debt. The Company's unconsolidated joint ventures' indebtedness at its carrying value is summarized as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Joint<br>Venture<br>Debt<br>(Millions)** | **Company's<br>Proportionate<br>Share<br>(Millions)** | **Weighted-<br>Average<br>Maturity<br>(Years)** | **Weighted-<br>Average<br>Interest<br>Rate** | **Joint<br>Venture<br>Debt<br>(Millions)** | **Company's<br>Proportionate<br>Share<br>(Millions)** | **Weighted-<br>Average<br>Maturity<br>(Years)** | **Weighted-<br>Average<br>Interest<br>Rate** |
| Fixed-Rate Debt | $370.2 | $74.0 | 2.8 | 6.4% | $369.3 | $73.9 | 3.0 | 6.4% |
| Variable-Rate Debt | $— | $— |  |  | $59.9 | $29.8 | 0.9 | 5.0% |

---

An estimate of the effect of a 100 basis-point increase at March 31, 2026 and December 31, 2025, is summarized as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying <br>Value** | **Fair<br>Value** | **100 Basis-Point<br>Increase in<br>Market Interest<br>Rate** | **Carrying <br>Value** | **Fair<br>Value** | **100 Basis-Point<br>Increase in<br>Market Interest<br>Rate** |
| Company's proportionate share<br> of joint venture fixed-rate debt | $74.0 | $75.2 | $73.4 | $73.9 | $75.7 | $73.7 |

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The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes. As of March 31, 2026, the Company had no other material exposure to market risk.

**Item 4. CONTROLS AND PROCEDURES** 

The Company's management, with the participation of the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), conducted an evaluation, pursuant to Exchange Act Rules 13a-15(b) and 15d-15(b), of the effectiveness of our disclosure controls and procedures. Based on their evaluation as required, the CEO and CFO have concluded that the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) were effective as of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and were effective as of the end of such period to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is accumulated and communicated to the Company's management, including its CEO and CFO, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

During the three months ended March 31, 2026, there were no changes in the Company's internal control over financial reporting that materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.

------

**PART II** 

**OTHER INFORMATION** 

**Item 1. LEGAL PROCEEDINGS** 

The Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company's liquidity, financial position or results of operations.

**Item 1A. RISK FACTORS** 

None.

**Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**ISSUER PURCHASES OF EQUITY SECURITIES** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **(a)** | **(b)** | **(c)** | **(d)** |
|  | **Total<br>Number of<br>Shares<br>Purchased** | **Average<br>Price Paid<br>per Share** | **Total Number<br>of Shares Purchased<br>as Part of<br>Publicly Announced<br>Plans or Programs** | **Maximum Number<br>(or Approximate<br>Dollar Value) of<br>Shares that May Yet<br>Be Purchased Under <br>the Plans or Programs<br>(Millions)** |
| January 1–31, 2026 |  | $— |  | $— |
| February 1–28, 2026 |  |  |  |  |
| March 1–31, 2026 |  |  |  |  |
| &nbsp;&nbsp;Total |  | $— |  | $73.4 |

---

On December 20, 2022, the Company announced that its Board of Directors authorized a common share repurchase program. Under the terms of the program, the Company is authorized to repurchase up to a maximum value of $100 million of its common shares. As of March 31, 2026, the Company had repurchased 0.5 million of its common shares under this program in open market purchases in the aggregate at a cost of $26.6 million.

**Item 3. DEFAULTS UPON SENIOR SECURITIES** 

None.

**Item 4. MINE SAFETY DISCLOSURES** 

Not applicable.

**Item 5. OTHER INFORMATION** 

None.

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**Item 6. EXHIBITS** 

---

| | |
|:---|:---|
| 31.1 | [<u>Certification of principal executive officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934</u><sup>1</sup>](sitc-ex31_1.htm) |
| 31.2 | [<u>Certification of principal financial officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934</u><sup>1</sup>](sitc-ex31_2.htm) |
| 32.1 | [<u>Certification of chief executive officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of this report pursuant to the Sarbanes-Oxley Act of 2002</u><sup>1,2</sup>](sitc-ex32_1.htm) |
| 32.2 | [<u>Certification of chief financial officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of this report pursuant to the Sarbanes-Oxley Act of 2002</u><sup>1,2</sup>](sitc-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document<sup>1</sup> |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Document<sup>1</sup> |
| 104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 has been formatted in Inline XBRL and included in Exhibit 101. |

---

1. Submitted electronically herewith.

2. Pursuant to SEC Release No. 34-47551, these exhibits are deemed to accompany this report and are not "filed" as part of this report.

Attached as Exhibit 101 to this report are the following formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, (ii) Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2026 and 2025, (iii) Consolidated Statements of Equity for the Three Months Ended March 31, 2026 and 2025, (iv) Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 and (v) Notes to Condensed Consolidated Financial Statements.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  | **SITE CENTERS CORP.** | **SITE CENTERS CORP.** | **SITE CENTERS CORP.** |
|  | By: | /s/ Jeffrey A. Scott | /s/ Jeffrey A. Scott |
|  |  | Name: | Jeffrey A. Scott |
|  |  | Title: | Senior Vice President and Chief Accounting Officer<br>(Principal Accounting Officer) |
| Date: May 7, 2026 |  |  |  |

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## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATIONS

I, David R. Lukes, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SITE Centers Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| May 7, 2026 |  |
| Date |  |
|  | /s/ David R. Lukes |
|  | David R. Lukes |
|  | President and Chief Executive Officer |

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## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATIONS

I, Gerald Morgan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SITE Centers Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| May 7, 2026 |  |
| Date |  |
|  | /s/ Gerald Morgan |
|  | Gerald Morgan |
|  | Executive Vice President and Chief Financial Officer |

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## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, David R. Lukes, President and Chief Executive Officer of SITE Centers Corp. (the "Company"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

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| |
|:---|
| &nbsp;&nbsp;/s/ David R. Lukes |
| &nbsp;&nbsp;David R. Lukes  |
| &nbsp;&nbsp;President and Chief Executive OfficerMay 7, 2026 |

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## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Gerald Morgan, Executive Vice President and Chief Financial Officer of SITE Centers Corp. (the "Company"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

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| |
|:---|
| &nbsp;&nbsp;/s/ Gerald Morgan |
| &nbsp;&nbsp;Gerald Morgan |
| &nbsp;&nbsp;Executive Vice President and Chief Financial OfficerMay 7, 2026 |

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