Site Centers Corp. · NYSE:SITC
Site Centers — Q1 2021 Earnings Presentation
18 slides from Site Centers's earnings presentation, Apr 22, 2021
Slide 1: 1Q21 Earnings
1Q21 Earnings SITE CENTERS CONFERENCE CALL APRIL 22, 2021
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: Table of Contents
Table of 1 Q 2 1 K E Y TA K E AWAYS 4 1 Q 2 1 R E S U LT S S U M M A R Y 5 Contents O P E R AT I N G S TAT U S 6 RENT COLLECTION OVERVIEW 8 O P E R AT I O N S OV E R V I E W 10 PORTFOLIO COMPOSITION 11 GUIDANCE & EARNINGS C O N S I D E R AT I O N S 13 APPENDIX 14 3
Slide 4: 1Q21 Key Takeaways
1 Q 2 1 K E Y TA K E AWAY S Focused portfolio located in the wealthiest sub-markets of the U.S. 78 WHOLLY-OWNED PROPERTIES WITH AVERAGE HOUSEHOLD INCOME OF $106K (86TH PERCENTILE) 1 ROBUST LEASING ACTIVITY • Signed Not Opened (SNO) pipeline of $14.1M of PRS ABR 2 MACRO TAILWINDS TO DRIVE MULTI-YEAR
Slide 5: 1Q21 Results Summary
1 Q 2 1 R E S U LT S S U M M A R Y $0.05 $ 0.28 1Q21 EARNINGS 1 Q 2 1 O P E R AT I N G PER SHARE FF O/S H 91.4% (1.4)% 1.9% LEASED 1Q21 SSNOI TTM BLENDED 88.6% COMMENCED ( P R O - R ATA ) LEASING SPREAD 8.3% TTM NEW INCLUDING LEASE SPREAD REDEVELOPMENT SITE CENTERS 1Q21 CONFERENCE CALL 5
Slide 6: SITE Centers Portfolio Operating Status
S I T E C E N T E R S P O R T F O L I O O P E R AT I N G S TAT U S 1 0 0 % O F P R O P E R T I E S R E M A I N O P E N A N D O P E R AT I N G 100% 99% 80% 99% OF TENANTS OPEN FOR BUSINESS • 98% of anchors open • 99% of shop tenants open 60% 45% 40% 1 21 1 1 20 0 20 0 0 0 0 0 0 20 /2 /2 /2 /2 /2 /2 /
Slide 7: Tenant Category Operating Status
SITE CENTERS Major Tenant • Theatres (73% Open) Note: As of April 15, 2021. Weighted by base rent. 1. Open percentage based on 1Q20 earnings release. • Entertainment (91% Open) • Fitness - Class (100% Open) • Fitness- Monthly (100% Open) Partially Operating Categories Operating • Restaurants - Natio
Slide 8: Rent Collection Overview – 2Q20 to 1Q21
RENT COLLEC TION OVERVIEW – 2Q20 TO 1Q21 9 1% OF APRIL 2020 TO MARCH 2021 RENT COLLEC TED WITH COLLEC TIONS ONGOING; D E F E R R A L R E PAY M E N T S R E C E I V E D D U R I N G 1 Q 2 1 C O N T R I B U T E D T O 5 % I N C R E A S E I N 2 Q 2 0 C O L L E C T I O N R AT E 2Q20 3Q20 4Q20 1Q21 3% 3% 9%
Slide 9: 2Q20 – 1Q21 Uncollected Rent Overview
2Q20 – 1Q21 UNCOLLEC TED RENT OVERVIEW LO C AL SH O P 2% NATIO NAL SH O P 8% 2Q20 - 1Q21 BASE RENT, PRS AN CH O R 83% MID -TIER (5 -10 K SF) 7 % $400 87 % OF UNPAID 2Q20 -1Q21 Percent of RENT IS FROM NATIONAL TENANTS $350 Deferred $300 Base Rent 85% OF DEFERR AL ARR ANG EMENTS TO $250 BE REPAID BY Y
Slide 10: Operations Overview – Fundamentals Continue to Strengthen
1 Q 2 1 O P E R AT I O N S O V E R V I E W – F U N D A M E N TA L S C O N T I N U E TO STRENGTHEN 1Q21 TTM LEASING SPREADS +1.9%; TTM NEW LEASE SPREADS +8.3% • Second consecutive quarter of near-record new leasing activity including 9 anchor deals • SNO pipeline up $1.3M sequentially despite $2.8M o
Slide 11: Significant Exposure to Best-in-Class Essential Anchors
SI G N I FI C A N T E X P OSU R E TO B E S T- I N - C L ASS E SS E N TIA L A N C H O RS NOI BY ANCHOR TYPE1 A LT E R N A T I V E A N C H O R 5 % 72% OF PORTFOLIO IS ANCHORED BY G ROCER OR DISCOUNT 11% INCLUDES ESSENTIAL ANCHOR 84% A WAREHOUSE CLUB WITH A G ROCERY COMPONENT OTHER ESSENTIAL 4% 8 4% OF
Slide 12: 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 $1,200 MARCH $226M EQUITY OFFERING AND REDEMPTION OF $150M CLASS K PREFERREDS $1,000 IN APRIL FURTHER IMPROVES LEVERAGE, FIXED CHARGE COVERAGE, AND POSITIONS BALANCE SHEET FOR EXTERNAL GROWTH $800 AS OF
Slide 13: 1Q21 Guidance and Earnings Considerations
1 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 1Q21 EARNINGS CONSIDERATIONS 1Q21 RVI FEE INCOME NET INCOME FFO OFFO • Uncollectible revenues includes $5M RVI Fees $4,752 $4,752 $4,752 of payments and net reserve reversals RVI Disposition Fees - - - related to prior periods
Slide 14: Appendix
Appendix 14
Slide 15: 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 16: 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 SA M E STO R E N O I AT SITE CENTERS SHARE (NON-GAAP) GAAP RECONCILIATION 1Q21 1Q20 NET INCOME ATTRIBUTABLE TO SITE CENTERS $16,008 $34,333 Fee income (8,152) (15,228) Interest expense 19,395 20,587 Depr
Slide 17: 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 1Q21 1Q20 NET INCOME FROM UNCONSOLIDATED JOINT VENTURES $4,378 $1,981 Interest expense 2,701 3,329 Depreciation and
Slide 18: Reconciliation - Projected Net Income to FFO and Operating FFO
R E C O N C I L I AT I O N - P R O J E C T E D N E T ( LO S S ) 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 Initial Estimate Revised Estimate 1Q21 2021E 2021E NET INCOME (LOSS) ATTRIBUTABLE T