Site Centers Corp. · NYSE:SITC
Site Centers — Nareit REITweek/REITworld November 2022
31 slides from Site Centers's conference presentation, November 2022
Slide 1: Nareit Presentation
NAREIT PRESENTATION SITE CENTERS | NOVEMBER 2022
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: 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 14 CONVENIENCE 19 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 NOVEMBER 2022 3
Slide 4: Portfolio Overview
Portfolio Overview S I T E C E N T E R S | CONFIDENTIAL NAREIT NOVEMBER 2022 4
Slide 5: Portfolio Composition
PORTFOLIO COMPOSITION 62 LEGACY 88% O F TEN A NTS A R E N ATIO N A L BY A B R 21 T H I R D PA R T Y ACQ U ISI T I O N S • 63 of top 100 (50%+ 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 103 • Avg. HHI of $112K vs. $67K national 373
Slide 6: Focused Portfolio Located in the Wealthiest Sub-Markets
S I T E C E N T E R S K E Y TA K E AWAY S F O C U S E D P O R T F O L I O L O C AT E D I N T H E W E A LT H I E S T S U B - M A R K E T S O F T H E U . S . 103 WHOLLY- OWNED PROPERTIES WITH AVER AG E HOUSEHOLD INCOME OF $112K (90TH PERCENTILE) 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
Slide 7: SITE Centers Portfolio Overview
SITE CENTERS PORTFOLIO OVERVIEW 114k 1 OF S H O P P I N G C EN T ER S N AT I O N A L LY 107 42 W O /J V A S S E T S W O /J V A S S E T S SOLD SINCE 3Q18 ACQUIRED SINCE 3Q18 SIT E CE N T E RS OW NS A CU R AT E D CO L L E C TI O N O F AVG H H I $112 K 103 POP 109K S H O P PI N G C E N T E RS (90TH PER
Slide 8: Portfolio Composition: Concentrated in Affluent Suburbs
PORTFOLIO COMPOSITION O T H E R 67% A T L A N T A 8% M I A M I 7% $112k 109k AVG H HI P O P U L AT I O N O R L A N D O 6% Top 5 C H I C A G O 6% MSAs by ABR B O S T O N 6% Concentrated in affluent suburban communities in top U.S. growth markets. 4 5% N O R T H E A S T 18% SOUTHEAST ABR by M I D W E
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 . In 2022, the company published its 8th Sustainability Report which was t
Slide 10: Operations Overview
Operations Overview S I T E C E N T E R S | CONFIDENTIAL NAREIT NOVEMBER 2022 10
Slide 11: Leasing Volume and Tenant Demand
LE ASING VOLUME AND TENANT DEMAND N E W C O N C E P T 21% O T H E R 15% D I S C O U N T E R 34% SELECT NEW LEA SES O T H E R 79% New Concept F U R N I T U R E 12% New Anchor Leases Anchor Type by ABR G R O C E R Y 12% by ABR S P O R T I N G G O O D S 13% F I T N E S S 14% N E T L E A S I N G VO L U
Slide 12: Historically Low Levels of Supply
H I S T O R I C A L LY L O W L E V E L S O F S U P P LY TH E PAST 3 YE ARS HAVE SE E N HISTO RIC ALLY LOW LE VE L S O F SU PPLY ALO N G WITH IN CRE ASE D D E MAN D FRO M PAN D E MIC RE L ATE D SO CIE TAL SHIF TS 2.5% N E W R E TAIL SU PPLY & SH A D OW SU PPLY 2.1% 2.0% 1.5% 1.4% 1.4% 1.0% 0.9% 0.9%
Slide 13: SNO Pipeline Represents Significant Future Cash Flow Growth
SN O PIPELIN E REPRESENTS SIG NIFIC A NT FUTURE C ASH FLOW G ROW TH SN O CO M M E N CE M E NT SCH E D U L E ( A B R) $25 $20 CUMULATIVE SNO ABR ($M) $22M SNO pipeline represents $15 5.5% of 3Q22 ABR National tenants represent 84% of $10 the SNO pipeline (38% publicly traded) $5 $0 4Q22 1Q23 2Q23 3Q2
Slide 14: Capital Deployment
Capital Deployment S I T E C E N T E R S | CONFIDENTIAL NAREIT NOVEMBER 2022 14
Slide 15: Greater Phoenix Convenience Portfolio
G R E AT E R P H O E N I X C O N V E N I E N C E P O R T F O L I O PHOENIX, A Z. MSA Investment Highlights • SITE Centers acquired 4 properties in the Phoenix MSA for $23M in 3Q22. • The properties, totaling 32KSF, are each located at highly trafficked intersections in Phoenix’s suburbs. • The tenan
Slide 16: Fairfax Convenience Portfolio
FA I R FA X C O N V E N I E N C E P O R T F O L I O WASHIN GTO N D.C . MSA Investment Highlights • SITE Centers acquired 3 convenience assets in Fairfax, VA for $35M in June 2022. • Each property benefits from its location along Route 50, one of Northern Virginia’s primarily commercial roads. • The
Slide 17: Shops at Tanglewood
S H O P S AT TA N G L E W O O D H O U S TO N , T X . - $ 1 5 0 K AV G H H I | G S A TA P S C O R E 9 7 Investment Highlights • SITE Centers acquired Shops at Tanglewood for $22M in June 2022. • The 26KSF convenience property is located along the premier retail corridor of Houston’s Uptown district,
Slide 18: Tactical Redevelopment at University Hills
TA C T I C A L R E D E V E LO P M E N T AT U N I V E R S I T Y H I L L S D E N V E R , C O . - $ 12 2 K AV G H H I | G S A TA P S C O R E 9 7 C o n v e r s i o n o f f o r m e r 2 4 H o u r F i t n e s s i n t o a 1 0 K S F b u i l d i n g w i t h d r i v e - t h r u u n i t c a p i t a l i z i n g
Slide 19: Convenience
Convenience S I T E C E N T E R S | CONFIDENTIAL NAREIT NOVEMBER 2022 19
Slide 20: 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 SUPPLY DEMAND IMBALANCE STRONG PROXIMITY TO RESIDENTIAL including restaurant, apparel and service te
Slide 21: 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 24 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 TS WITH WO RK U N D E RWAY TO C ARVE OUT PORTLAND THE BLOC
Slide 22: 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 CO NVE NIE N CE ASSE TS HAVE AVE R AG E H HI O F $13 8 K AN D GSA TAP SCO RE O F 85 VINTAGE PLAZA THE BLOCKS SOUTHTOWN CENTER SHOPPES AT ADDISON PLACE EMMET STREET STATION EMMET STREET NORTH ROUND ROCK, T
Slide 23: Scalable Investment Opportunity
SCAL ABLE INVESTMENT OPPORTUNIT Y OVE R $35 B O F CO NVE NIE N CE PRO PE RTIES WE RE SO LD IN 2016 -2020 PROVIDIN G A B ROAD INVESTM E NT O PP O RTU NIT Y SE T 2016 - 2020 TRANSACTION DATA $49B $50 $35B $40 $34B $27B $ BILLIONS $30 $20 $16B $11B $10 $0 REGIONAL CO M M U N I T Y NEIGHBORHOOD CO N V E
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 ev a t e d a f t e r C a p E x re t u r n s h i g h l i g h t e d b y : • C o n c e n t ra t i o n i n n a t i o n a l , c re d i t t e n a n t s c o n s i s t e n t w i t h t h e S I T
Slide 25: Outlook & Balance Sheet
Outlook & Balance Sheet S I T E C E N T E R S | CONFIDENTIAL NAREIT NOVEMBER 2022 25
Slide 26: Outlook and Earnings Considerations
O U T LO O K A N D E A R N I N G S C O N S I D E R AT I O N S 2022 GUIDANCE 2 0 2 3 E A R N I N G S C O N S I D E R AT I O N S $ 1.16-1.17 3.5-4.75% $ 5m FEE INCOME3 OFFO SSNOI 1 PER SHARE $ 10m $ 1m $ 50m JV FEES RVI FEE INCOME2 G&A Note: As of September 30, 2022. 1. Including redevelopment and app
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 M AT U R I T Y S C H E D U L E ($ M ) 1 1,200 1,000 A s of Septemb er 3 0, 2022, SITE Centers had $891M 800 of liquidit y including: 600 • $2 1M of c ash a n d c ash e q ui v ale nt
Slide 28: Appendix
Appendix S I T E C E N T E R S | CONFIDENTIAL NAREIT NOVEMBER 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 Operatin
Slide 30: Non-GAAP Reconciliation of Net Income to OFFO
N O N - G A A P R E C O N C I L I AT I O N O F N E T I N C O M E TO O F F O PER SHARE DILUTED Estimate 2022 NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $0.64 - $0.66 Depreciation and amortization of real estate 0.92 - 0.94 Equity in net (income) loss of JVs (0.12) JVs' FFO 0.04 - 0.05 Impairment
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
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