Site Centers Corp. · NYSE:SITC
Site Centers — Q3 2021 Earnings Presentation
16 slides from Site Centers's earnings presentation, Oct 25, 2021
Slide 1: 3Q21 Earnings
3Q21 Earnings SITE CENTERS CONFERENCE CALL O C TO B ER 25, 202 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 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 3 Q 2 1 K E Y TA K E AWAY S 4 Contents 3 Q 2 1 R E S U LT S S U M M A R Y 5 RENT COLLEC TION OVERVIEW 6 O P E R AT I O N S OV E R V I E W 8 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 10 APPENDIX 12 3
Slide 4: Focused portfolio located in the wealthiest sub-markets of the U.S.
3 Q 2 1 K E Y TA K E AWAY S Focused portfolio located in the wealthiest sub-markets of the U.S. 8 1 WHOL LY-OW NE D PR OP E R TI E S W I TH AVE R AG E H O USEHO LD INCO ME O F $10 7K (8 7TH PE RCE NTILE ) 1 3Q21 RESULTS WELL AHEAD OF EXPECTATIONS; GUIDANCE RAISED 2 LEASING ACTIVITY REMAINS ROBUST •
Slide 5: 3Q21 Results Summary
3 Q 2 1 R E S U LT S S U M M A R Y $0.12 $ 0.29 3Q21 EARNINGS 3 Q 2 1 O P E R AT I N G PER SHARE FFO PER SHARE 92.3% 21.6% + 18.1% + LEASED 3Q21 SSNOI 3Q21 NEW 90.2% COMMENCED ( P R O - R ATA ) LEASE SPREAD INCLUDING + 4.3% 3Q21 BLENDED REDE VELOPMENT LE ASE SPRE AD SITE CENTERS 3Q21 CONFERENCE CALL
Slide 6: Rent Collection Overview – 2020 and 2021 YTD
RENT COLLEC TION OVERVIEW – 2020 AND 2021 Y TD 2 0 2 0 C O L L E C T I O N S U P T O 9 6 % O N D E F E R R A L R E PAY M E N T S A N D T E N A N T R E S O L U T I O N S ; Y T D 2 0 2 1 C O L L E C T I O N S AT 9 9 % 2 02 0 1 Q21 2Q21 3Q21 3% 1% 1% 1% 1% 1% 96% 98% 99% 99% Billed Actual Billed Actual
Slide 7: 2020 – 3Q21 Uncollected Rent Overview
2020 – 3Q21 UNCOLLEC TED RENT OVERVIEW 2020 - 3Q 2 1 BASE R E NT, PRS $700 2 0 2 2 & B E YO N D 6 0 % 2021 4 0% Share of $600 Remaining $2M OF NE T COVID (PRS) Deferrals REL ATED DEFERR AL S ON Repaid by BAL ANCE SHEE T AS OF SEP TEMB ER 30, 2021 $500 Year • Ad d i ti onal $ 3M of defer rals $400 re
Slide 8: Operations Overview – Leasing Activity Remains Elevated
3 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 E L E VAT E D 3 Q 2 1 N E W L E A S E S PR E AD S +18 .1% ; 3Q2 1 L E ASING SPREA DS +4.3% • $ 1 2 M S N O pi p e l i ne re p res e nt s 3% of A B R • 1 9 a n c h o rs d ea l s e x ec ut ed ye a r t o d a t e ; 1
Slide 9: 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 $1,400 $1,200 S I T E CE N T E R S H A D $1.2 BILLION OF LIQUIDIT Y: • $62M of consolidated cash on hand $1,000 • $970M of availability on the Company’s lines of credit $800 • $190M preferred distributi
Slide 10: Guidance and Earnings Considerations
3 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 3 Q 2 1 E A R N IN G S C O N S ID E R AT I O N S 3Q21 RVI FEE INCOME NET INCOME FFO OFFO • Un collecti ble revenues in clude $1.6M RVI Fees $4,012 $4,012 $4,012 of p ay ments related to prior periods RVI Disposition Fees $5,500
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 3Q21 YTD21 Y T D 2 0 21 U N C O L L E C T IB L E R EV EN U E Reported I NCL U D E S $ 1 2 .7 M O F PAY M EN T S A N D Prior Period Adjustments $0 $1,600 $12,700 N E T R E S E R V E R E V E R
Slide 12: Appendix
Appendix 12
Slide 13: 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 14: 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 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 3Q21 3Q20 NET INCOME ATTRIBUTABLE TO SITE CENTERS $28,064 $7,287 Fee income (13,358) (9,610) Interest expense 19,170 18,089 Deprecia
Slide 15: 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 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 3Q21 3Q20 NET INCOME FROM UNCONSOLIDATED JOINT VENTURES $1,756 $59 Interest expense 2,706 2,937 Depreciation and am
Slide 16: 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 ACTUAL AND PROJECTED RESULTS 3Q21 2021E 2021E NET INCOME ATTRIBUTABLE TO COMMON