Slide 1: 2Q22 Earnings
2Q22 Earnings SITE CENTERS CONFERENCE CALL J U LY 2 8 , 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 2 Q 2 2 K E Y TA K E AWAY S 4 Contents 2 Q 2 2 R E S U LT S S U M M A R Y 5 O P E R AT I O N S OV E R V I E W 6 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 9 CONVENIENCE 10 APPENDIX 15 SITE CENTERS 2Q22 CONFERENCE CALL 3
Slide 4: Focused portfolio located in the wealthiest sub-markets of the U.S.
2 Q 2 2 K E Y TA K E AWAY S Focused portfolio located in the wealthiest sub-markets of the U.S. 9 9 W HOL LY-OW NE D PR OP E R TI E S W I TH AVE R AG E H OUSEHO LD INCO ME O F $112 K (90 TH PE RCE NTILE ) 1 SIGNIFICANT CAPITAL RECYCLING • $165M aquired in 2Q22 including two 2 ROBUST LEASING TRENDS •
Slide 5: 2Q22 Results Summary
2 Q 2 2 R E S U LT S S U M M A R Y $0.27 $0.31 2Q22 EARNINGS O P E R AT I N G PER SHARE FFO PER SHARE 94.4% -2.4% 31.6% LEASED 2Q22 SSNOI 2Q22 NEW 91.0% COMMENCED ( P R O - R ATA ) LEASE SPREAD INCLUDING 8.2% 2Q22 BLENDED REDE VELOPMENT LE ASE SPRE AD SITE CENTERS 2Q22 CONFERENCE CALL 5
Slide 6: Operations Overview – Leasing Trends Elevated
2 Q 2 2 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 2 022+ SN O CO M M E N CE M E NT SCH E D U L E ( A B R) $25 2Q22 NEW LEASE SPREAD 31.6%, 22m $ BLENDED LEASING SPREADS 8.2% $20 CUMULATIVE SNO ABR ($M) • $22M SNO pipeline represents over 5% of 2Q22 ABR $15 • Nationa
Slide 7: Significant Liquidity at Quarter End
S I G N I F I C A N T L I Q U I D I T Y AT Q U A R T E R E N D $1,000 AS OF JUNE 3 0, 2022, SITE CENTERS HAD $86 4M OF LIQUIDIT Y INCLUDING: $800 • $39M of c ash an d e quivale nts • $825M of availabilit y o n th e C o mpany ’s lin e $600 of cre dit COMPLE TED REC AST OF RE VOLVING CREDIT FACILIT Y
Slide 8: La Fiesta Square & Lafayette Mercantile
L A F I E S T A S Q U A R E & L A F AY E T T E M E R C A N T I L E L A FAY E T T E , C A - $ 2 1 0 K AV G . H H I N C O M E Investment Highlights • SITE Centers acquired La Fiesta Square & Lafayette Mercantile in 2Q22 for $104M (0.3 MILES) • The properties, totaling 129KSF, are located in the heart
Slide 9: 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 2Q2 2 EA R N I N G S C O NSID E R ATIONS • 2Q22 INCLUDED +$1.2M OF UNCOLLECTIBLE FY2022 R E V E N U E R E L AT E D T O P R I O R P E R I O D S V S . $6.7M IN 2Q21 REVISED GUIDANCE PRIOR REVISED • $250K OF NET STRAIGHT LINE RENT
Slide 10: Convenience
Convenience SITE CENTERS 2Q22 CONFERENCE CALL 10
Slide 11: Convenience Property Attributes
CONVENIENCE PROPERT Y AT TRIBUTES 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 RESIDENTIAL Increased suburb
Slide 12: 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 20 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 13: 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 14: 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 VAT 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: • C O N C E N T R AT I O N I N N AT I O N A L , C R E 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 E
Slide 15: Appendix
Appendix SITE CENTERS 2Q22 CONFERENCE CALL 15
Slide 16: 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 17: 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 18: Reconciliation - Net Income Attributable to Common Shareholders 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 T O C O M M O N S H A R E H O L D E R S T O 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 2Q22 PRIOR ESTIMATE 2022 REVISED ESTIMATE 202
Slide 19: Reconciliation - Net Income Attributable to SITE Centers 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 2Q22 2Q21 NET INCOME ATTRIBUTABLE TO SITE CENTERS $60,390 $21,869 Fee Income (3,557) (8,754) Interest Expense 18,909 19,136 Deprecia
Slide 20: Reconciliation - Net Income Attributable to SITE Centers 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 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 2Q22 2Q21 NET INCOME FROM UNCONSOLIDATED JOINT VENTURES $589 $3,809 Interest Expense 2,063 2,706 Depreciation and A
Slide 21: 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 T T M J UNE 3 0 , 20 22 CONSOLIDATED NET INCOME TO SITE $161,385 Interest Expense 75,018 Income Tax, Net 1,301 Depreciation and Amortization 194,375 Adjustments for Non-Controlling Interests (302) EBITDA 431,777 Impairment Charges 2,5
Slide 22: 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 T T M J UNE 3 0 , 20 22 Consolidated Debt - Average 1,832,663 Partner Share of Consolidated Debt - Average (4,593) Loan Costs, Net - Average 6,835 Face Value Adjustments - Average (1,174) Cash and Restricted Cash - Average