Earnings release
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Exhibit 99.1 Exhibit 99.1
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SITE Centers Corp.Table of Contents Section Page Earnings Release & Financial Statements Press Release 1-6 Investments Transactions 7 Shopping Center Summary Property List 8 Reporting Policies and Other Notable Accounting and Supplemental Policies 9 Non-GAAP Measures 10-11
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1 SITE Centers Corp. For additional information:3300 Enterprise Parkway Gerald Morgan, EVP and Beachwood, OH 44122216-755-5500 Chief Financial Officer FOR IMMEDIATE RELEASE: SITE Centers Reports Third Quarter 2026 Results Beachwood, Ohio, November 2, 2026 - SITE Centers Corp. (NYSE: SITC) announced today operating results for the quarter ended September 30, 2026. “Year to date the Company has sold seven properties, a land parcel and its interests in two joint ventures for an aggregate gross sales price of approximately $223.8 million,” commented David R. Lukes, President and Chief Executive Officer. “SITE Centers remains focused on maximizing the value of its remaining two real estate investments and other financial assets.” Results for the Third Quarter • Third quarter net loss was $5.4 million, or a loss of $0.10 per diluted share, as compared to a net loss of $6.2 million, or a loss of $0.13 per diluted share, in the year-ago period. The decrease in the year-over-year loss was primarily the result of decreases in interest expense, impairment charges and depreciation and amortization expense partially offset by the decrease in gain on disposition of real estate and lower Net Operating Income (“NOI”) as a result of property dispositions.• Third quarter operating funds from operations (“Operating FFO” or “OFFO”) was a loss of $3.1 million, or a loss of $0.06 per diluted share, compared to income of $5.6 million, or income of $0.11 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of lower NOI as a result of property dispositions partially offset by a decrease in interest expense.• Sold Meadowmont Market, Shoppes at Paradise Pointe and a land parcel for an aggregate gross sales price of $19.9 million. Net proceeds from these sales after adjustment for certain pro-rations, allocations and other credits were approximately $19.1 million.• Paid a $1.00 per share special dividend on July 31, 2026. Recent Activity / Other Updates • In October, the Company sold The Maxwell (Chicago, Illinois) for a gross sales price of approximately $15.3 million. Net proceeds from this sale, after adjustment for certain pro-rations, allocations and other credits, were approximately $13.9 million. This asset was classified as held for sale at September 30, 2026.• On October 15, 2026, the Company sold its partnership interests in the Dividend Trust Portfolio joint venture for a gross sales price of approximately $32.4 million. • On October 15, 2026, the Company announced a special cash distribution of $3.00 per common share payable on November 5, 2026. • The Company provided notice to the New York Stock Exchange of its plan to voluntarily de-list its common shares prior to the commencement of trading on December 4, 2026. Following the de-listing, the Company expects that its common shares will trade in the over-the-counter market and be quoted on the OTCID Basic Market. • The Company has agreed to sell The Blocks (Portland, Oregon) for a gross sales price of approximately $18.2 million. Net proceeds after credits and before customary pro-rations and closing costs are expected to be approximately $14.6 million, and closing is expected to occur by the end of the fourth quarter of 2026. No assurance can be given that the counterparty will perform its obligations under the sale agreement, that closing conditions will be satisfied or that the sale will occur.• The Company is actively marketing its Beachwood, Ohio headquarter office buildings for sale. • In September 2026, the Company entered into a lease agreement with Curbline Properties Corp. at the Company's Beachwood, Ohio headquarters pursuant to which Curbline will lease approximately 31,089 square feet for an initial five-year term beginning on October 1, 2027 at an annual base rent of $8.00 per square foot.• Based upon preliminary analysis to date, the Company does not expect to have REIT taxable income in 2026 and estimates that 100% of its 2026 distributions will be return of capital. The Company will announce its final determination of the tax allocations of its 2026 distributions in January 2027.
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2 About SITE Centers Corp.SITE Centers is a self-administered and self-managed REIT and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here. Supplemental InformationCopies of the Company's quarterly financial supplement are available on the Investor Relations portion of the Company's website, ir.sitecenters.com. Non-GAAP Measures and Other Operational MetricsFunds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group. FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States (“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, equity 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 NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner. The Company also uses NOI, a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis. FFO, Operating FFO and NOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein. Safe HarborSITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, our ability to enter into agreements to sell our remaining properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; impairment charges; general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; the impact of e-commerce; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the sufficiency and timing of any insurance recovery payments related thereto; the impact of pandemics and other public health crises; our ability to finance our businesses on commercially acceptable terms or at all; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; our ability to project known and contingent expenses and liabilities arising in connection with the anticipated wind-up of our operations; and any change in strategy. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no
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3 obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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4 SITE Centers Corp.Income Statement: Consolidated Interests in thousands, except per share 3Q26 3Q25 9M26 9M25 Revenues: Rental income (1) $4,471 $24,203 $20,559 $86,315 Other property revenues 126 325 361 9,667 4,597 24,528 20,920 95,982 Expenses: Operating and maintenance 1,712 5,505 8,781 19,094 Real estate taxes 647 3,895 3,462 13,306 2,359 9,400 12,243 32,400 Net operating income (2) 2,238 15,128 8,677 63,582 Other income (expense): JV and other fee income (3) 3,965 2,572 11,351 7,211 Interest expense 0 (3,941) 0 (14,707) Depreciation and amortization (2,432) (10,768) (11,343) (36,941) General and administrative (4) (8,995) (10,295) (27,123) (29,108) Other income (expense), net (5) 234 4 269 (1,656) Impairment charges (2,000) (106,570) (20,450) (106,570) Loss before earnings from JVs and other (6,990) (113,870) (38,619) (118,189) Equity in net loss of JVs (147) (499) (748) (528) Gain on sale of joint venture interests 0 0 19,989 0 Gain on disposition of real estate, net 1,852 108,401 13,663 162,666 Tax expense (109) (190) (45) (518) Net (loss) income ($5,394) ($6,158) ($5,760) $43,431 Weighted average shares – Basic and Diluted– EPS 52,475 52,445 52,472 52,442 Earnings per common share – Basic ($0.10) ($0.13) ($0.11) $0.80 Earnings per common share – Diluted ($0.10) ($0.13) ($0.11) $0.80 (1)Rental income: Minimum rents $2,650 $15,679 $12,220 $55,877 Ground lease minimum rents 0 956 549 3,558 Straight-line rent, net 17 348 335 652 Amortization of (above)/below-market rent, net 15 123 135 429 Percentage and overage rent 37 309 634 1,062 Recoveries 1,205 5,928 5,043 22,230 Uncollectible revenue 64 153 (21) 273 Ancillary and other rental income 114 338 477 1,128 Lease termination fees 0 0 81 0 Embedded lease Shared Services Agreement (“SSA”) with Curbline 369 369 1,106 1,106 (2)Includes NOI from wholly-owned assets sold in 2026 and 2025 271 12,855 3,620 56,679 (3)Curbline SSA fee 1,399 884 3,682 2,376 Curbline SSA gross up 1,785 731 5,307 1,987 Embedded lease SSA (369) (369) (1,106) (1,106) (4)Other charges related to system conversion 0 571 9 1,246 (5)Interest income (fees), net 1,811 1,411 4,617 2,494 Transaction costs and other expenses 208 (100) 959 (1,083) Curbline SSA gross up (1,785) (731) (5,307) (1,987) Debt extinguishment costs 0 (576) 0 (1,080)
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5 SITE Centers Corp.Reconciliation: Net Income to FFO and Operating FFOand Other Financial Information in thousands, except per share 3Q26 3Q25 9M26 9M25 Net (loss) income ($5,394) ($6,158) ($5,760) $43,431 Depreciation and amortization of real estate 906 9,716 6,627 34,184 Equity in net loss of JVs 147 499 748 528 JVs' FFO 849 1,413 2,517 4,551 Impairment charges 2,000 106,570 20,450 106,570 Gain on sale of joint venture interests 0 0 (19,989) 0 Gain on disposition of real estate, net (1,852) (108,401) (13,663) (162,666) FFO ($3,344) $3,639 ($9,070) $26,598 Debt extinguishment, transaction and other (at SITE's share) (242) 642 (1,063) 2,016 Condemnation revenue 0 0 0 (8,379) Other charges 459 1,362 554 2,037 Total non-operating items, net 217 2,004 (509) (4,326) Operating FFO ($3,127) $5,643 ($9,579) $22,272 Weighted average shares & units – Basic: FFO & OFFO 52,475 52,445 52,472 52,442 Assumed conversion of dilutive securities 0 0 0 0 Weighted average shares & units – Diluted: FFO & OFFO 52,475 52,445 52,472 52,442 FFO per share – Basic ($0.06) $0.07 ($0.17) $0.51 FFO per share – Diluted ($0.06) $0.07 ($0.17) $0.51 Operating FFO per share – Basic ($0.06) $0.11 ($0.18) $0.42 Operating FFO per share – Diluted ($0.06) $0.11 ($0.18) $0.42 Common stock dividends declared, per share $0.00 $3.25 $1.00 $4.75
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6 SITE Centers Corp.Balance Sheet: Consolidated Interests $ in thousands At Period End 3Q26 4Q25 Assets: Land $5,111 $47,182 Buildings 65,474 338,527 Fixtures and tenant improvements 52,958 170,247 123,543 555,956 Depreciation (80,760) (332,774) 42,783 223,182 Construction in progress and land 104 2,554 Real estate, net 42,887 225,736 Investments in and advances to JVs 25,460 27,676 Cash 200,207 119,034 Restricted cash 1,588 3,781 Receivables and straight-line (1) 6,065 13,015 Intangible assets, net (2) 4,029 22,207 Amounts receivable from Curbline 455 902 Other assets, net 4,725 6,386 Real estate and other assets held for sale (3) 15,092 0 Total Assets 300,508 418,737 Liabilities and Equity: Amounts payable to Curbline 6,512 22,107 Other liabilities (4) 15,632 61,865 Liabilities held for sale (3) 1,211 0 Total Liabilities 23,355 83,972 Common shares 5,248 5,247 Paid-in capital 3,981,725 3,981,084 Distributions in excess of net income (3,709,789) (3,651,338) Common shares in treasury at cost (31) (228) Total Equity 277,153 334,765 Total Liabilities and Equity $300,508 $418,737 (1) Straight-line rents (including fixed CAM), net $1,449 $3,511 (2) Operating lease right of use assets 3,823 14,700 (3) On October 1, 2026, The Maxwell was sold for a gross sales price of approximately $15.3 million. Net proceeds from the sale after adjustment for certain pro-rations, allocations and other credits were approximately $13.9 million. (4) Operating lease liabilities 4,555 34,330 Below-market leases, net 1,076 4,670
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7 SITE Centers Corp. Transactions $ and GLA in thousands SITE Owned Property Name MSA Own % GLA Price Property Dispositions 02/27/26 FlatAcres MarketCenter Denver-Aurora-Lakewood, CO 100% 136 $24,40003/03/26 3030 North Broadway Chicago-Naperville-Elgin, IL-IN-WI 100% 132 50,100 1Q 2026 Total 268 $74,500 05/04/26 Meadowmont Crossing Durham-Chapel Hill, NC 100% 92 $11,05006/30/26 The Pike Outlets Los Angeles-Long Beach-Anaheim, CA 100% 389 50,000 2Q 2026 Total 481 $61,050 07/14/26 Land Parcel New York-Newark-Jersey City, NY-NJ 100% N/A $45007/27/26 Meadowmont Market Durham-Chapel Hill, NC 100% 49 11,000 09/16/26 Shoppes at Paradise Pointe Crestview-Fort Walton Beach-Destin, FL 100% 73 8,400 3Q 2026 Total 122 $19,850 10/01/26 The Maxwell Chicago-Naperville-Elgin, IL-IN-WI 100% 240 $15,250 4Q 2026 QTD 240 $15,250 Sale of Partnership Interests 01/16/26 Deer Park Town Center Chicago-Naperville-Elgin, IL-IN-WI 358 $20,762 10/15/26 Dividend Trust Portfolio Various 3,397 32,407 Total 2026 YTD 4,866 $223,819 (1) Amount represents 100% of the GLA owned by the partnership. (1) (1)
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8 SITE Centers Corp. Property List as of November 2, 2026 Center Location OwnedGLA Leased Rate ABRPSF Comments The Blocks Portland, OR 97 68.9% $37.23 The Company has agreed to sell The Blocks with closing of the transaction expected to occur by the end of the fourth quarter of 2026. Q3 2026 annualized NOI is $1.7M Headquarter Office Buildings Beachwood, OH 339 N/A — Corporate office buildings have 217,000 square feet of leasable office space of which 160,000 is currently occupied by third parties and approximately 53,000 is occupied by SITE Centers/Curbline Properties. With respect to space currently occupied by third parties, ABR per occupied square foot is $27.18. Q3 2026 annualized NOI with respect to space currently occupied by third parties is $2.0M In September 2026, the Company entered into a lease agreement with Curbline Properties pursuant to which Curbline will lease approximately 31,089 square feet for an initial five- year term beginning on October 1, 2027 at an annual base rent of $8.00 per square foot with the right to extend the lease for up to four successive terms of five years each (with 10% increases in annual base rent for each extension). GLA: Gross leasable area in thousands ABR PSF: Annualized base rent per square foot
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9 SITE Centers Corp.Notable Accounting and Supplemental Policies The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Form 10-K and Form 10-Q. Rental Income (Revenues) • Percentage and overage rents are recognized after the tenants’ reported sales have exceeded the applicable sales breakpoint. • Tenant reimbursements are recognized in the period in which the expenses are incurred. • Lease termination fees are recognized upon termination of a tenant’s lease when the Company has no further obligations under the lease. • For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, the Company has categorized these tenants on the cash basis of accounting. As a result, no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received and all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income. The Company will remove the cash basis designation and resume recording rental income from such tenants during the period earned at such time it believes collection from the tenants is probable based upon a demonstrated payment history or recapitalization event. General and Administrative Expenses • General and administrative expenses include certain internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. • The Company does not capitalize any executive officer compensation. • General and administrative expenses include executive property management compensation and related expenses. Property management services’ direct compensation is reflected in operating and maintenance expenses. Real Estate • Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property's estimated undiscounted future cash flows, including estimated proceeds from disposition. • Construction in progress includes shopping center developments and significant expansions and redevelopments. • Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows: Buildings 31.5 years Building Improvements 5 to 20 years Furniture/Fixtures/ Tenant Improvements Shorter of economic life or lease terms Gains on Sales of Real Estate • Gains on sales of real estate that generally relate to the sale of outlots and land adjacent to existing shopping centers are recognized at closing when the earnings process is deemed to be complete.
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10 SITE Centers Corp.Non-GAAP Measures Performance Measures FFO and Operating FFO 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 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 depreciable 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, equity 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 revenues, 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/losses 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/losses are non-recurring. These charges, income and gains/losses 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’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.
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11 SITE Centers Corp.Non-GAAP Measures 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, acquisitions 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 (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income have been provided herein. Net Operating Income (“NOI”) The Company uses NOI, which is a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.
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SITE CENTERS INVESTOR RELATIONS DEPARTMENT 3300 ENTERPRISE PKWY, BEACHWOOD, OH 44122 O: 216-755-5500 F: 216-755-1500 SITECENTERS.COM NYSE: SITC