Site Centers Corp. · NYSE:SITC
Site Centers — Q2 2021 Earnings Presentation
18 slides from Site Centers's earnings presentation, Jul 29, 2021
Slide 1: 2Q21 Earnings
2Q21 Earnings SITE CENTERS CONFERENCE CALL J U LY 2 9, 2 0 2 1
Slide 2: Safe Harbor Statement
S A F E H A R B O R S TAT E M E N T SITE 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
Slide 3: Table of Contents
Table of 2 Q 2 1 K E Y TA K E AWAYS 4 2 Q 2 1 R E S U LT S S U M M A RY 5 Contents O P E R AT I N G S TAT U S 6 RENT COLLECTION OVERVIEW 7 O P E R AT I O N S OV E R V I E W 9 PORTFOLIO COMPOSITION 10 G U I DA N C E & E A R N I N G S C O N S I D E R AT I O N S 12 APPENDIX 14 3
Slide 4: Focused portfolio located in the wealthiest sub-markets of the U.S.
2 Q 2 1 K E Y TA K E AWAY S Focused portfolio located in the wealthiest sub-markets of the U.S. 8 0 WHOL LY-OW NE D P R OP E R TI E S W I TH AVE R AG E H O USEHO LD INCO ME O F $10 6 K (8 6TH PE RCE NTILE ) 1 2Q21 OFFO WELL AHEAD OF EXPECTATIONS; GUIDANCE RAISED 2 ROBUST LEASING TRENDS • 110bp seque
Slide 5: 2Q21 Results Summary
2 Q 2 1 R E S U LT S S U M M A R Y $0.06 $ 0.31 2Q21 EARNINGS 2 Q 2 1 O P E R AT I N G PER SHARE FFO/S H 91.8% + 29.9% +1.7% LEASED 2Q21 SSNOI T TM BLENDED 89.7% COMMENCED ( P R O - R ATA ) LEASING SPREAD + 5.0% T TM NE W INCLUDING LE ASE SPRE AD REDE VELOPMENT SITE CENTERS 2Q21 CONFERENCE CALL 5
Slide 6: 100% of tenants open for business
S I T E C E N T E R S P O R T F O L I O O P E R AT I N G S TAT U S 1 0 0 % O F P R O P E R T I E S R E M A I N O P E N A N D O P E R AT I N G 100% 10 0% 80% 100% of tenants open for business 60% 45% 40% 1 1 1 1 1 1 1 20 0 0 0 0 0 0 0 0 0 /2 /2 /2 /2 /2 /2 /2 /2 2 /2 /2 /2 /2 /2 /2 /2 2/ 2/ 12 12 12
Slide 7: Rent Collection Overview – 2Q20 to 2Q21
RENT COLLEC TION OVERVIEW – 2Q20 TO 2Q21 2 Q 2 1 D E F E R R A L R E PAY M E N T S I N C R E A S E D 2 Q 2 0 A N D 3 Q 2 0 C O L L E C T I O N R AT E S B Y 5 % A N D 4 % , R E S P E C T I V E LY 2Q20 3Q20 4Q20 1Q21 2Q21 3% 2% 2% 2% 9% 4% 1% 1% 0% 2% 89% 93% 97% 97% 98% Billed Actual Billed Actual Bi
Slide 8: 2Q20 – 2Q21 Uncollected Rent Overview
2Q20 – 2Q21 UNCOLLEC TED RENT OVERVIEW LO C A L S H O P 3 % N AT I O N A L S H O P 10 % 2Q 20 -2Q 2 1 BASE R E NT, PRS ANCHOR 80% $500 M I D -T I ER (5 -1 0 K S F ) 7 % 81% OF UNPAID 2Q20 -2Q21 Percent of RENT IS FROM NATIONAL TENANTS $400 Deferred Base Rent 66% OF DEFERR AL ARR ANG EMENTS TO $300 B
Slide 9: Operations Overview – Leasing Activity Remains Robust
2 Q 2 1 O P E R AT I O N S OV E R V I E W – L E A S I N G A C T I V I T Y R E M A I N S R O B U S T 2 Q2 1 T T M L E A S I N G S PR E AD S +1.7 % ; TTM N E W L EA SE SPREA DS +5.0% • $ 1 1 M S N O p ip e li ne re p res e nt s 3% of A B R • 1 3 o f 2 0 a n c h o r d e a l s i n neg ot i a t i o n o r
Slide 10: Significant Exposure to Best-in-Class Essential Anchors
SIG N I FI C A NT E X P OSU R E TO B ES T- I N - CL ASS ESS E NTIA L A N CH O RS NOI BY ANCHOR TYPE1 A LT E R N A T I V E A N C H O R 4 % 72% OF P ORTFOLIO IS ANCHORED BY G ROCER OR DISCOUNT 11% INCLUDES ESSENTIAL ANCHOR 85% A WAREHOUSE CLUB WITH A G ROCERY COMP ONENT OTHER ESSENTIAL 4% 85% OF P ORT
Slide 11: Significant Liquidity with Minimal Near-Term Maturities
S I G N I F I C A N T L I Q U I D I T Y W I T H M I N I M A L N E A R -T E R M M AT U R I T I E S $1,200 $1,000 AS O F J U N E 3 0 , 2 0 2 1 , S IT E C EN T ER S H A D $ 1, 0 2 8 M O F L IQ U ID IT Y IN C L U D I N G : • $ 5 8 M o f co n so lidated cash on the balance sheet $800 • $ 9 70 M availab l
Slide 12: 2Q21 Guidance and Earnings Considerations
2 Q 2 1 G U I D A N C E A N D E A R N I N G S C O N S I D E R AT I O N S 2Q21 RVI FEE INCOME NET INCOME FFO OFFO RVI Fees $4,591 $4,591 $4,591 2 Q 2 1 E A R N IN G S C O N S ID ER AT I O N S RVI Disposition Fees $592 $592 - • Un collecti ble revenues i n clude $7.6M TOTAL $5,183 $5,183 $4,591 o f pa
Slide 13: 2021 Earnings Impact from Prior Period Reversals
2 02 1 E A R N I N G S I M PAC T FR O M P R I O R P E R I O D R E V E RSA L S 2021 OPERATING FFO (OFFO) 2020 1Q21 2Q21 1H21 Reported 2020 Prior Period Payments and Reversals $0 $5,100 $7,600 $12,700 1H2 1 UN C O L L E C T IB L E R E V EN U E OFFO ($) $192,824 $55,302 $65,254 $120,556 I NCL U D E D $
Slide 14: Appendix
Appendix 14
Slide 15: Non-GAAP Financial Measures - Definitions
NON - GA AP FINANCIAL MEASURES - DEFINITIONS Funds 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 Operatin
Slide 16: Reconciliation - Net Income to Same Store NOI
R E C O N C I L I AT I O N - N E T I N C O M E ( LO S S ) AT T R I B U TA B L E TO S I T E C E N T E R S TO SAM E STO RE N OI AT SITE CENTERS SHARE (NON-GAAP) GAAP RECONCILIATION 2Q21 2Q20 NET INCOME (LOSS) ATTRIBUTABLE TO SITE CENTERS $21,869 ($4,613) Fee income (8,754) (9,311) Interest expense 19,
Slide 17: Reconciliation - Same Store NOI continued
R E C O N C I L I AT I O N - N E T I N C O M E ( LO S S ) AT T R I B U TA B L E TO S I T E C E N T E R S T O S A M E S T O R E N O I CONTINUED AT SITE CENTERS SHARE (NON-GAAP) GAAP RECONCILIATION 2Q21 2Q20 NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES $3,809 ($1,674) Interest expense 2,706 2,
Slide 18: Reconciliation - Net Income to FFO and Operating FFO Estimates
R E C O N C I L I AT I O N - N E T I N C O M E AT T R I B U TA B L E TO C O M M O N S H A R E H O L D E R S TO F F O A N D O P E R AT I N G F F O E S T I M AT E S PER SHARE DILUTED Actual Prior Estimate Revised Estimate 2Q21 2021E 2021E NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $0.06 $0.04 - $0