Slide 1: 4Q21 Earnings
4Q21 Earnings SITE CENTERS CONFERENCE CALL F E B R U A R Y 9, 2 0 2 2
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 presentation 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 4 Q 2 1 K E Y TA K E AWAY S 4 Contents 4 Q 2 1 R E S U LT S S U M M A R Y 5 JV PORTFOLIO ACQUISITION 6 RENT COLLEC TION OVERVIEW 7 O P E R AT I O N S OV E R V I E W 9 G U I D A N C E & E A R N I N G S C O N S I D E R AT I O N S 11 APPENDIX 13 3
Slide 4: 4Q21 Key Takeaways: Focused portfolio in wealthiest sub-markets of the U.S.
4 Q 2 1 K E Y TA K E AWAY S Focused portfolio located in the wealthiest sub-markets of the U.S. 8 9 WHOL LY-OW NE D P R OP E R TI E S W I TH AVE R AG E H OUSEHO LD INCO ME O F $110 K (8 6TH PE RCE NTILE ) 1 ROBUST LEASING TRENDS • 40 bp sequential increase in leased rate driven by the highest quarte
Slide 5: 4Q21 Results Summary
4 Q 2 1 R E S U LT S S U M M A R Y $0.26 $ 0.30 4Q21 EARNINGS 4 Q 2 1 O P E R AT I N G PER SHARE FFO PER SHARE 92.7% 14.9% + 14.7% + LEASED 4Q21 SSNOI 4Q21 NEW 90.1% COMMENCED ( P R O - R ATA ) LEASE SPREAD INCLUDING + 5.8% 4Q21 BLENDED REDE VELOPMENT LE ASE SPRE AD SITE CENTERS 4Q21 CONFERENCE CALL
Slide 6: JV Portfolio Acquisition Increases Florida to Almost 20% of PRS ABR
JV PORTFOLIO ACQUISITION INCRE ASES FLORIDA TO ALMOST 20% OF PRS ABR ACQ U IS I T I O N P R O P E R T I E S H AV E A N E X P E C T E D + 5 % 5 Y R N O I C AG R TA L L A H A S S E E ORLANDO THE SHOPPES AT NE W TAMPA (WESLEY CHAPEL) AVG HHI $105K TA M PA GSA TAP SCORE 83 Signed not open leasing to dri
Slide 7: Rent Collection Overview – 2020 and 2021
RENT COLLEC TION OVERVIEW – 2020 AND 2021 4 Q C O L L E C T I O N S S T E A DY AT 9 9 % , C O N S I S T E N T W I T H T R E N D S I N 2 Q A N D 3 Q 2 0 2 1 100% 3% 1% 1% 1% 1% 1% 1% 80% 60% 96% 98% 99% 99% 99% 40% 20% 0% 2020 1Q21 2Q21 3Q21 4Q21 % COLLECTED REACHED DEFERRAL ARRANGEMENTS UNPAID Note:
Slide 8: 2020 – 4Q21 Uncollected Rent Overview
2020 – 4Q21 UNCOLLEC TED RENT OVERVIEW 2020 - 4 Q 2 1 BASE R E NT, PRS 2 0 23 & B E YO N D 5 0 % 2022 5 0% $700 Share of Remaining LESS THAN $0.5M $600 Deferrals OF NE T COVID (PRS) Repaid by REL ATED DEFERR AL S ON BAL ANCE SHEE T AS $500 Year OF DECEMB ER 31, 2021 $400 • Ad d i ti onal $ 2.6 M of
Slide 9: 4Q21 Operations Overview – Leasing Trends Elevated
4 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 T R E N D S E L E VAT E D 4 Q 2 1 N E W L E A S E S PR E AD S +14.7 % ; 4Q21 L E A SING SPREA DS +5.8% • $ 1 5 M S N O p i p e l i ne rep res e nt s 4% of A B R • 2 7 a n c h o r d e a l s e x ec ut ed i n 2 021 ; 1 9 a d d i t i o na l a n c
Slide 10: 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 OF DECEMB ER 31, 2021, SITE CENTERS HAD $1,012M OF LIQUIDIT Y INCLUDING: • $42M of consolidated cash on hand $800 • $970M of availability on the Company’s lines of credit $35M OF PROCEE
Slide 11: 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 4Q21 FY21 Reported 2020 Prior Period Adjustments $0 $1,400 $13,800 OFFO ($) $192,824 $63,770 $245,687 2 0 2 1 U N C O L L E C T IB L E R E V EN U E I NCL U D E D $ 1 3 .8 M O F PAY M EN TS A
Slide 12: 2022 Guidance and Earnings Considerations
2 0 2 2 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 4Q21 RVI FEE INCOME NET INCOME FFO OFFO 4 Q 2 1 E A R N IN G S C O N S ID ER ATI O N S RVI Fees 3,631 3,631 3,631 • Un collecti ble revenues in clude $1.4 M RVI Disposition Fees 2,924 2,924 - of p ay m ents related to prior pe
Slide 13: Appendix
Appendix 13
Slide 14: 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 15: Non-GAAP Financial Measures - Definitions Continued
N O N - G A A P F I N A N C I A L M E A S U R E S - D E F I N I T I O N S CONTINUED The Company uses the ratio Debt to Adjusted EBITDA (“Debt/Adjusted EBITDA”) as it believes it provides a meaningful metric as it relates to the Company’s ability to meet various leverage tests for the corresponding p
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 4Q21 4Q20 NET INCOME (LOSS) ATTRIBUTABLE TO SITE CENTERS $58,994 ($1,285) Fee Income (10,257) (9,425) Interest Expense 18
Slide 17: Reconciliation - Net Income to 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 4Q21 4Q20 NET INCOME FROM UNCONSOLIDATED JOINT VENTURES $39,516 $526 Interest Expense 2,444 2,817 Deprec
Slide 18: Reconciliation - Net Income to FFO and Operating FFO
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 ( A C T U A L A N D P R O J E C T E D R E S U LT S ) PER SHARE DILUTED ACTUAL AND PROJECTED RESULTS ACTUAL 2020 ACTUAL 4Q21 ACTUAL 2021 ESTIMATE 2022 NET
Slide 19: Reconciliation - Debt/Adjusted EBITDA
R E C O N C I L I AT I O N - D E B T /A D J U S T E D E B I T D A CONSOLIDATED TTM2021 CONSOLIDATED NET INCOME TO SITE $124,935 Interest Expense 76,383 Income Tax, Net 1,551 Depreciation And Amortization 185,768 Adjustments For Non-Controlling Interests (664) EBITDA 387,973 Impairments 7,270 Gain On
Slide 20: Reconciliation - Debt/Adjusted EBITDA Continued
R E C O N C I L I A T I O N - D E B T /A D J U S T E D E B I T D A CONTINUED CONSOLIDATED TTM2021 Consolidated Debt - Average 1,805,443 Partner Share of Consolidated Debt - Average (4,630) Loan Costs, Net - Average 6,938 Face Value Adjustments - Average (1,272) Cash and Restricted Cash - Average (57