SITE Centers Corp. · NYSE:SITC
SITE Centers — Citi Global Property CEO Conference 2022
27 slides from SITE Centers's conference presentation, March 2022
Slide 1: Citi Global Property CEO Conference
SITE CENTERS Citi Global Property CEO Conference MARCH 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 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: Portfolio Transformation
P O R T F O L I O T R A N S F O R M AT I O N 63 LEGACY 89 % O F TE NANTS ARE NATIO NAL BY AB R • 62 of top 100 (52%+ of ABR) public 9 B L AC KS TO N E J V • ~25% of ABR investment grade ACQ U IS ITI O N S • New concept growth across multiple unit sizes CO N CE NTR ATE D IN AFFLU E NT SU B MAR K E TS
Slide 4: 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. 91 WHOLLY-OWNED PROPERTIES WITH AVERAGE HOUSEHOLD INCOME OF $110K (87TH PERCENTILE) 1 373 W H O L LY- O W N E D 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 91 W H O L LY- O W N E D
Slide 5: Concentrated in affluent suburban communities
PORTFOLIO COMPOSITION O T H E R 67% A T L A N T A 8% M I A M I 7% $110k 110k AV ER AG E P O P U L AT I O N C H I C A G O 6% HOUSEHOLD INCOME Top 5 O R L A N D O 6% MSAs by ABR B O S T O N 6% Concentrated in affluent suburban communities in top U.S. growth markets. 45% N O R T H E A S T 18% SOUTHEAST
Slide 6: 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 , H I G H H O U S E H O L D 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 R Y A N D T O P QUARTILE D E M O G R APHIC S 86th PERCENTILE 76th PERCENTILE 100% 100% 90%
Slide 7: 2022 Outlook
2022 OUTLOOK $ 1.08-1.13 2.25-4.25% OFFO SSNOI 2 PER SHARE $ 8-10m 0.5-1.0m $ JV FEES RVI FEE INCOME1 Note: As of February 9, 2022 1. Excludes disposition and refinancing fees 2. Including redevelopment and excluding revenue impact of approximately $14 million included in Uncollectible Revenue, prim
Slide 8: Company-Wide Commitment to ESG Leadership
CO M PA N Y-W I D E CO M M I T M E N T TO E S G L E A D E R S H I P SIT E C E N T E RS IS CO M M IT T E D TO T R A NS 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 O A L S G R E E N S TA R R AT E D Community Corporate People Governance C O R P O R
Slide 9: Capital Deployment
Capital Deployment SITE CENTERS 2022 CITI GLOBAL PROPERT Y CEO CONFERENCE 9
Slide 10: 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 THE SHOPPES AT NE W TAMPA C ASSELB ERRY COMMONS (WESLEY CHAPEL) ORLANDO (CASSELBERRY) AVG HHI $105K | GSA TAP SCORE 83
Slide 11: Paradise Village Gateway
P A R A D I S E V I L L A G E G A T E W A Y P A R A D I S E V A L L E Y, A Z - $ 1 3 1 K A V G . H H I N C O M E P R O P E R T Y N O I E X P E C T E D TO D O U B L E OV E R T H E N E X T 5 Y E A R S Investment Highlights $131k 83 AV E R AG E H H I TAP SCORE 2 LE ASES EXECUTED +10% IN 2H21 UW 5YR NOI
Slide 12: Redevelopment Pipeline Concentrated on Convenience Projects
REDE VELOPMENT PIPELINE CONCENTR ATED ON CONVENIENCE PROJEC TS SITE CENTERS’ REDEVELOPMENT PIPELINE DELIVERIES ARE SET TO RAMP IN 2H22 WITH JUST U N D E R H A L F O F T H E P I P E L I N E O P E N I N G BY Y E A R E N D AT B L E N D E D Y I E L D O F 1 1 % 2022 DELIVERIES INCLUDE: H AM ILTON MARK ET
Slide 13: Convenience Curb
Convenience Curb SITE CENTERS 2022 CITI GLOBAL PROPERT Y CEO CONFERENCE 13
Slide 14: Convenience Property Attributes
CONVENIENCE PROPERT Y AT TRIBUTES STANDARIZED 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 RESIDENTIAL Increased suburba
Slide 15: Scalable Investment Opportunity
SCAL ABLE INVESTMENT OPPORTUNIT Y OVER $35B OF CONVENIENCE PROPERTIES WERE SOLD IN 2016 -2020 PROVIDING A B ROAD INVESTMENT OPP ORTUNIT Y SE T 2016 - 2020 TRANSACTION DATA $49B $50 $40 $35B $34B $27B $ BILLIONS $30 $20 $16B $11B $10 $0 REGIONAL CO M M U N IT Y NEIGHBORHOOD CO N V E N I E N CE HIGH N
Slide 16: 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 ELEVATED AFTER CAPEX RETURNS HIGHLIGHTED BY: • Concentration in national, credit tenants consistent with the SITE Centers portfolio • Limited CapEx given high tenant productivity and elevate
Slide 17: 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 10 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 TS
Slide 18: Operations Overview
Operations Overview SITE CENTERS 2022 CITI GLOBAL PROPERT Y CEO CONFERENCE 18
Slide 19: Profitable Sales Growth and Capital Raising Materially Improved Credit Position
P R O F I TA B L E S A L E S G R O W T H A N D C A P I TA L R A I S I N G M AT E R I A L LY I M P R O V E D CREDIT POSITION OF TOP TENANTS SITE CENTERS’ TOP 62 PUB LIC TENANTS REPRESENTING 52% OF BASE RENT HAVE INCRE ASED EBITDA 28% FROM 2019 AND REDUCED NE T DEBT BY 12% $ 0.8b ipo $0.3B TERM LOA N
Slide 20: Robust Leasing Volume to Drive Growth
ROBUST LE ASING VOLUME TO DRIVE G ROW TH STRONG ANCHOR DEMAND AND SHOP LEASING MOMENTUM D R I V I N G CO N TI N U E D O CCU PA N C Y G R OW T H 2 0 2 1 A N C H O R L E A S I N G A C T I V I T Y WA S +2 3 % A B O V E 2 0 1 9 L E V E L S F O R T H E C O M PA R A B L E P O R T F O L I O 2 0 2 1 S M A L
Slide 21: Robust Leasing Demand Across Diverse Tenant Types
ROBUST LE ASING DEMAND ACROSS DIVERSE TENANT T YPES HIG H CREDIT NATIONAL CONCEP TS LED DEMAND IN 2021, SUPPORTING ME ANING FUL TENANCY UPG R ADE FROM 2020 CLOSINGS 2 0 2 1 L E A S I N G B Y C AT E G O R Y REPL ACEMENT TENANTS ( A B R , AT 1 0 0 % ) R ES TAU R A N T S O T H E R 31% ( N A T I O N A L
Slide 22: Anchor Availability Continues to Decline on Robust Leasing Trends
A N C H O R AVA I L A B I L I T Y C O N T I N U E S T O D E C L I N E O N R O B U S T L E A S I N G T R E N D S JUST 6 WHOLLY- OWNED ANCHORS AVAIL AB LE AS OF YE AR END COMPARED TO 48 VAC ANT BOXES AT MARCH 31, 2021 A C Q U I R E D 8 VA C A N T A N C H O R S PA C E S A S PA R T O F 4 Q 2 1 T R A N S
Slide 23: Balance Sheet
Balance Sheet SITE CENTERS 2022 CITI GLOBAL PROPERT Y CEO CONFERENCE 23
Slide 24: 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 S1 $1.0B $0.8B AS OF DE C E M B E R 3 1 , 20 2 1 S ITE CEN TER S $0.6B H AD $1 , 01 2M O F L I QU I DITY IN CLUD IN G: $0.4B • $42M consolidated cash on han
Slide 25: Appendix
Appendix SITE CENTERS 2022 CITI GLOBAL PROPERT Y CEO CONFERENCE 25
Slide 26: 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 27: Reconciliations - Projected Net Income to Projected FFO and Operating FFO
R E C O N C I L I AT I O N S - P R O J E C T E D 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 P R O J E C T E D F F O A N D O P E R AT I N G F F O PER SHAR E DILUTED ESTIMATE 20 22 NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $0.19 - $0.26 Depreciation and Amor
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