Site Centers Corp. · NYSE:SITC
Site Centers — NAREIT June 2022
31 slides from Site Centers's conference presentation, June 2022
Slide 1: NAREIT Presentation June 2022
SITE CENTERS NAREIT Presentation JUNE 2022
Slide 2: Safe Harbor Statement
S A F E H A R B O R S TAT EM EN 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 th
Slide 3: Agenda
PORTFOLIO OVERVIEW 4 O P E R AT I O N S O V E R V I E W 10 C A P I TA L D E P LOY M E N T 15 CONVENIENCE IS KEY 20 OUTLO O K & BAL AN CE SH EE T 25 APPENDIX 28 S I T E C E N T E R S | CONFIDENTIAL NAREIT JUNE 2022 3
Slide 4: Portfolio Overview
Portfolio Overview S I T E C E N T E R S | CONFIDENTIAL NAREIT JUNE 2022 4
Slide 5: Portfolio Composition
PORTFOLIO COMPOSITION 63 LEGACY 88% O F TEN A NTS A R E N ATIO N A L BY A B R 9 ACQ UIR ED • 64 of top 100 (52%+ of ABR) public • New concept growth across multiple unit sizes CO N CENTR ATED IN A FFLU ENT SU B - M A R K E TS 92 • Avg HHI of $110K vs. $67K nationally 373 9 B L AC KS TO N E J V ACQ U
Slide 6: Focused portfolio located in the wealthiest sub-markets of the U.S.
S I T E C E N T E R S K E Y TA K E AWAY S Focused portfolio located in the wealthiest sub-markets of the U.S. 92 WHOLLY- OWNED PROPERTIES WITH AVER AG E HOUSEHOLD INCOME OF $110 K (88TH PERCENTILE) 1 373 C A P I TA L A L L O C AT I O N T R AC K R E C O R D 92 C O N S O L I D AT E D W H O L LY- O W N
Slide 7: Portfolio Composition: Concentrated in affluent communities
PORTFOLIO COMPOSITION O T H E R 65% A T L A N T A 8% $ 110k 114k M I A M I 8% AVG H HI P O P U L AT I O N O R L A N D O 7% Top 5 MSAs by C H I C A G O 6% ABR B O S T O N 6% Concentrated in affluent suburban communities in top U.S. growth markets. 4 6% N O R T H E A S T 18% SOUTHEAST ABR by M I D W E
Slide 8: Portfolio Concentrated in Suburban, High Household Income Communities
P O R T F O L I O C O N C E N T R AT E D I N S U B U R B A N , HIGH HOUSEHOLD INCOME COMMUNITIES A S S E T S L O C AT E D I N A F F L U E N T S U B - M A R K E T S W I T H B A R R I E R S T O E N T RY A N D T O P Q UA R T I L E D E M O G R A P H I C S 88th PERCENTILE 77th PERCENTILE 100% 100% 90% $
Slide 9: Company-Wide Commitment to ESG Leadership
CO M PA N Y-W I D E CO M M I T M EN T TO ES G L E A D ERS H I P S I T E C E N T E R S I S C O M M I T T E D T O T R A N S PA R E N C Y A R O U N D O U R E N V I R O N M E N TA L , S O C I A L A N D G OV E R N A N C E G OA L S . I N 2 0 2 1 , T H E C O M PA N Y P U B L I S H E D I T S 7 T H S U S TA
Slide 10: Operations Overview
Operations Overview S I T E C E N T E R S | CONFIDENTIAL NAREIT JUNE 2022 10
Slide 11: Robust Leasing Activity Driving Higher Occupancy
R O B US T L E A SI N G AC T I V I T Y D R I V I N G H I G H ER O CC U PA N C Y T T M A N C H O R A N D S H O P VO L U M E W E L L A H E A D O F P R E - C OV I D L E V E L S T TM ANCHOR LE ASING AC TIVIT Y T TM SM A L L SH O P L E ASIN G VO LU M E + 63% A N D +2 6 % A B O V E 2 0 1 9 L E V E L S F O
Slide 12: Retailers Adapting Stores to Meet Evolving Shopping Patterns
R E T A I L E R S A D A P T I N G S T O R E S T O M E E T E V O LV I N G S H O P P I N G P A T T E R N S N AT I O N A L R E TA I L E R H A S R E C O N F I G U R E D I T S F O O T P R I N T, R E S U LT I N G I N A 1 0 0 % I N C R E A S E I N I N V E N T O RY & D I S T R I B U T I O N C A PA B I L I T
Slide 13: Restaurants Adapting Layouts to Offer Greater Convenience
R E S TA U R A N T S A D A P T I N G L AYO U T S TO O F F E R G R E AT E R C O N V E N I E N C E Q S R C O N C E P T E X PA N D S D R I V E -T H R U C A PAC I T Y BY 74 % , W H I L E O F F E R I N G O U T D O O R D I N I N G T O I N C R E A S E K I T C H E N C A PA B I L I T I E S W I T H I N R E L
Slide 14: SNO Pipeline Expected to Drive Future NOI Growth
SN O PIPELIN E E XPEC TED TO D RIV E FUTURE N OI G ROW TH $18M SN O PIPELINE REPRESENTS 5% O F AB R • National tenants represent 75% of SNO pipeline (43% publicly traded) L E A S E D R AT E I N C R E A S E D 1 8 0 B P I N 1 Q 2 2 F R O M 1 Q 2 1 ® • 1Q22 new lease spread +15.4%; 1Q22 blended spreads
Slide 15: Capital Deployment
Capital Deployment S I T E C E N T E R S | CONFIDENTIAL NAREIT JUNE 2022 15
Slide 16: 2021 & 2022 Acquisitions Increase Florida
202 1 & 2022 ACQUISITIO NS IN CRE ASE FLO RIDA TO OV ER 20 % O F SI T E C EN T ERS ’ VA LU E TA L L A H A S S E E THE SHOPPES AT NEW TAMPA (WESLEY CHAPEL) AVG HHI $105K | GSA TAP SCORE 83 ORLANDO C ASS E L B E R RY CO M M O NS (CASSELBERRY) AVG HHI $114K GSA TAP SCORE 79 TA M PA Two signed anchor de
Slide 17: Investment Highlights: Shops at Boca Center
S H O P S AT B O C A C E N T E R B O C A R ATO N , F L - $ 1 19 K AV G . H H I N C O M E Investment Highlights • SITE Centers acquired Shops at Boca Center in March 2022 for $90M. • The 117 ksf retail center is located in a vibrant mixed-use shopping center anchored by a 360 ksf office tower and 256
Slide 18: Investment Highlights: Shoppes of Crabapple
S H O P P E S O F C R A B A P P L E A L P H A R E T TA , G A - $ 1 4 6 K AV G . H H I N C O M E Investment Highlights • SITE Centers acquired Shoppes of Crabapple in April 2022 for $4.4M. • 8KSF convenience asset located at the crossroads of Alpharetta’s busiest intersection, one of Atlanta’s fastes
Slide 19: Investment Highlights: Artesia Village
A R T E S I A V I L L A G E S COT TS DA L E, A Z - $14 8 K AVG . H H I N CO M E Investment Highlights • SITE Centers acquired Artesia Village in January 2022 for $15M. • 21ksf convenience asset located in heart of Scottsdale amongst affluent residential communities and resorts. Nearby developments i
Slide 20: Convenience is Key
Convenience is Key S I T E C E N T E R S | CONFIDENTIAL NAREIT JUNE 2022 20
Slide 21: Convenience Property Attributes
C O N V E N I E N C E P R O P E R T Y AT T R I B U T E S STANDARDIZED SITE PLAN LAYOUT Convenience properties include a ubiquitous line-up of spaces that are attractive to a variety of credit tenants including restaurant, apparel and service tenants. SUPPLY DEMAND IMBALANCE STRONG PROXIMITY TO RESID
Slide 22: SITE Centers - Growing Convenience Real Estate Portfolio
S I T E C E N T E R S - G R O W I N G C O N V E N I E N C E R E A L E S TAT E P O R T F O L I O SITE CE NTE RS OWNS, O R HAS ACQUIRE D IN TH E L AST T WO YE ARS, 12 SE PAR ATE CO NVE NIE N CE ASSE TS IN AD DITIO N TO A N U M B E R O F CO NVE NIE N CE PARCE L S THAT ARE ADJACE NT TO E XISTIN G ASSE T
Slide 23: Scalable Investment Opportunity
SCAL ABLE INVESTMENT OPPORTUNIT Y OV E R $ 3 5 B O F C O N V E N I E N C E P R O P E R T I E S W E R E S O L D F R O M 2 0 16 -2 0 2 0, P R OV I D I N G A B R OA D I N V E S T M E N T O P P O R T U N I T Y S E T 2 0 16 - 2 0 2 0 T R A N S AC T I O N DATA $50 $49b $40 $35b $34b 27b $ BILLIONS $30 $ $
Slide 24: Convenience Properties Offer Attractive Investment Attributes
C O N V E N I E N C E P R O P E R T I E S O F F E R AT T R A C T I V E I N V E S T M E N T AT T R I B U T E S E L E V A T E D A F T E R C A P E X R E T U R N S H I G H L I G H T E D B Y: • Concentration in national, credit tenants consistent with the SITE Centers portfolio • Limited CapEx given high
Slide 25: Outlook & Balance Sheet
Outlook & Balance Sheet S I T E C E N T E R S | CONFIDENTIAL NAREIT JUNE 2022 25
Slide 26: 2022 Outlook
2022 OUTLOOK $ 1.10-1.15 3.0-4.5% OFFO SSNOI 1 PER SHARE $ 8-10m $ 0.5-1.0m JV FEES RVI FEE INCOME2 Note: As of April 26, 2022. 1. Including redevelopment and excluding revenue impact of approximately $14M included in Uncollectible Revenue, primarily related to rent received from cash basis tenants,
Slide 27: 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 CO N S O L I DAT E D D E B T M AT U R I T I E S ( P R O F O R M A ) 1 $1.0B $0.8B AS OF MARCH 31, 2022 SITE CENTERS $0.6B HAD $872M OF LIQUIDITY INCLUDING: • $17M cash of consolidated cash on hand $0.4B
Slide 28: Appendix
Appendix S I T E C E N T E R S | CONFIDENTIAL NAREIT JUNE 2022 28
Slide 29: 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 Operating
Slide 30: 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 EH O L D ER S TO F F O A N D O P ER AT I N G F F O ( AC T UA L A N D P R O J E C T ED R ES U LT S) PER SHARE DILUTED Estimate 2022 NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $0.17 - $0.24 Depreciation and
Slide 31: Office Locations
Cleveland New York Hong Kong Atlanta Denver Los Angeles 330 0 Enterprise Park way 320 Park Avenue U n i t 1 3 1 3 , Tw o P a c i f i c P l a c e 3500 Piedmont Road 390 Union Boulevard 95 South Pine Avenue B ea chwo o d, O H 4 4122 27th Floor 8 8 Q u e e n s w ay, A d m i r a l t y, H K Suite 730 Sui