SITE Centers Corp. · NYSE:SITC
SITE Centers — Citi Global Property CEO Conference 2021
32 slides from SITE Centers's conference presentation, Mar 8, 2021
Slide 1: Citi Global Property CEO Conference, March 8-11, 2021
E ICE CITI SeAtC CONFEREN
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: SITE Centers Key Takeaways
S I T E C E N T E R S K E Y TA K E AWAY S 1 Portfolio located in country’s wealthiest communities • Assets concentrated in affluent communities with barriers to entry ($106K avg HHI, 87th percentile) • More resilient income and purchasing power • Retailers looking to concentrate stores 2 National te
Slide 4: SNO Pipeline to Drive Cash Flow Growth Through 2023+
SNO PIPELINE TO DRIVE CASH FLOW GROW TH THROUGH 2023+ S N O CO M M E N CE M E N T S CH E D U L E $14 CUMULATIVE SNO ($ IN MILLIONS) $12 S I G N E D B U T N O T O P E N E D P I P E L I N E T O TA L S $10 $13 M O F AN N UALIZE D BASE R E NT (PRS) AS O F FE B RUARY 28, 2021 $8 PIPELINE REPRESENTS JUST
Slide 5: Anchor Leasing Pipeline to Drive Additional Growth
ANCHOR LEASING PIPELINE TO DRIVE ADDITIONAL GROW TH 2 2 A N C H O R S I N VA R I O U S S TA G E S O F L E A S E N E G O T I AT I O N S ; 3 S I G N E D T O D AT E CO M PA R A B L E SITE CE NTE RS P O R TFO LI O A N CH O R D E A L AC TIVIT Y 22 ANCHOR PIPELINE REPRESENTS 286K OF 30 PRS GLA AND REPRESE
Slide 6: 2021 Outlook
2021 OUTLOOK 0.90-1.00 $ 11-15m $ OFFO JV FEES PER SHARE +/- $ 0m 13-17m $ INTEREST INCOME RVI FEE INCOME1 Note: As of March 8, 2021 1. Excludes disposition and refinancing fees SITE CENTERS 2021 CITI GLOBAL PROPERT Y CEO CONFERENCE 6
Slide 7: 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 C O R P O R AT E C H A R I TA
Slide 8: COVID-19 Update
COVID-19 Update SITE CENTERS 2021 CITI GLOBAL PROPERT Y CEO CONFERENCE 8
Slide 9: 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% 98% 98% OF TENANTS OPEN FOR BUSINESS, UP 53% 80% FROM APRIL 5 TROUGH • 97% of anchors open +53% • 99% of shop tenants open 56% OF TENANTS DEEMED 60% ES
Slide 10: Rent Collection Overview - April 2020 to February 2021
RENT COLLEC TION OVERVIEW - APRIL 2020 TO FEBRUARY 2021 9 5 % O F J A N U A R Y A N D 94 % O F F E B R U A R Y R E N T S PA I D T O D AT E ; 2 0 2 0 C O L L E C T I O N S C O N T I N U E T O M O V E H I G H E R W I T H D E F E R R A L R E PAY M E N T S 2Q20 3Q20 4Q20 J A N U A RY 2 0 2 1 F E B R U A
Slide 11: 2020 Uncollected Rent Overview
2020 UNCOLLEC TED RENT OVERVIEW LO C A L S H O P 2 % N AT I O N A L S H O P 9 % 2Q 2 0 - 4 Q 2 0 BAS E R E NT, PRS M I D -T I ER (5 -1 0 K S F ) 7 % $300 Percent of Deferred Base Rent $250 88% OF UNPAID 2Q – 4Q20 RENT IS FROM NATIONAL TENANTS $200 A N C H O R 82 % 85% OF DEFERRAL ARRANGEMENTS TO BE
Slide 12: Wealthiest Communities
1 W E A LT H I E S T 2 ACCESS TO C A P I TA L 3 EMERGING TA I LW I N D S COMMUNITIES SITE CENTERS 2021 CITI GLOBAL PROPERT Y CEO CONFERENCE 12
Slide 13: 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 87th PERCENTILE 77th PERCENTILE 100% 100% 90%
Slide 14: Top Income Brackets More Resilient to Date
T O P I N C O M E B R A C K E T S M O R E R E S I L I E N T T O D AT E S I T E C E N T E R S ’ S U B - M A R K E T S H AV E S E E N G R E AT E R I N C O M E A N D P U R C H A S I N G P O W E R S TA B I L I T Y D U R I N G T H E C O V I D PA N D E M I C IN CO M E TR E N DS BY WAG E LE V E L (2020 Y T
Slide 15: Portfolio Concentrated in Major MSAs
S I T E C E N T E R S ’ P O R T F O L I O I S C O N C E N T R AT E D I N M A J O R M S A s T O P 12 M A R K E T S A C C O U N T F O R 6 9 % O F P R O R ATA A B R B O S TO N 6 % N E W YO R K 9 % 7% CHICAGO 6% COLUMBUS DENVER 6% LOS ANGELES 4% C H A R L OT T E 6 % PHOENIX 4% AT L A N TA 8 % S A N A N
Slide 16: Access to Capital
1 W E A LT H I E S T COMMUNITIES 2 ACCESS 3 EMERGING TA I LW I N D S TO C A P I TA L SITE CENTERS 2021 CITI GLOBAL PROPERT Y CEO CONFERENCE 16
Slide 17: National Tenant Access to Capital
N AT I O N A L T E N A N T A C C E S S T O C A P I TA L 11.7b 50.3b R AISED BY 7 OF TOP R AISE D BY 23 O F TO P $ 10 TENANTS IN 2020 (20.7 % AB R) $ 50 TE NANTS IN 2020 (3 4.5% AB R) 0.2% abr 0.6% abr 0.4% abr $0.5B COMMON EQUIT Y 0.5% abr $0.5B UNSECURED $5.5B UNSECURED 0.5% abr $2.5B UNSECURED 1.6
Slide 18: Quarterly SITE Centers Retailer Sales Snapshot
Q U A R T E R LY S I T E C E N T E R S R E TA I L E R S A L E S S N A P S H O T S I T E C E N T E R S ’ T E N A N T S C O N T I N U E T O TA K E M A R K E T S H A R E W I T H R E TA I L E R S R E P R E S E N T I N G 1 8 % O F A B R R E P O R T I N G A N AV E R A G E Q U A R T E R LY C O M P S A L E
Slide 19: National Tenants Utilizing Capital Position to Expand E-Commerce Share
N AT I O N A L T E N A N T S U T I L I Z I N G C A P I TA L P O S I T I O N T O E X PA N D E - C O M M E R C E SHARE AND L AUNCH NEW CONCEPTS 9 O F THE 10 LA R GE S T E - C OM M E RC E NATI O NA L RETA I LERS A RE USI NG EX CESS R ETA I LE R S A RE IN S ITE C E N TE RS ’ PORTF OL IO CA PI TA L TO LA
Slide 20: National Tenant Exposure Leading to Improving Collections and Cash Flow
N AT I O N A L T E N A N T E X P O S U R E L E A D I N G T O I M P R OV I N G C O L L E C T I O N S AND CASH FLOW S I T E C E N T E R S ’ T E N A N T R O S T E R I S P R I M A R I LY N AT I O N A L T E N A N T S W I T H S I G N I F I C A N T A C C E S S T O C A P I TA L N AT I O N A L VS . LO C A L
Slide 21: SITC Portfolio Composition
SITC PORTFOLIO COMPOSITION 10% 4% LOC. RESTAURANTS 3% LOCAL TENANTS 90% NATIONAL FITNESS 4% TENANTS MOVIE THEATRES ABR ABR At Share At Share 90% ALL OTHER INDUSTRIES Note: As of February 2021. Sums may not add to 100% due to rounding. SITE CENTERS 2021 CITI GLOBAL PROPERT Y CEO CONFERENCE 21
Slide 22: Emerging Tailwinds
1 W E A LT H I E S T COMMUNITIES 2 ACCESS TO C A P I TA L 3 EMERGING TA I LW I N D S SITE CENTERS 2021 CITI GLOBAL PROPERT Y CEO CONFERENCE 22
Slide 23: Macro Tailwinds - Emerging Societal Shifts
M A C R O TA I LW I N D S - E M E R G I N G S O C I E TA L S H I F T S W O R K- F R O M - H O M E T R E N D S A R E K E E P I N G H I G H - I N C O M E E A R N E R S I N T H E S U B U R B S W H E R E O U R P R O P E R T I E S A R E L O C AT E D WO RK FRO M H O ME ( W FH ) O P P O RT UNITIES POST- PA
Slide 24: Macro Tailwinds - Suburban Migration
M A C R O TA I LW I N D S - S U B U R B A N M I G R AT I O N U R B A N T O S U B U R B A N S H I F T I S I N C R E A S I N G S U B - M A R K E T P O P U L AT I O N AN D LE ADIN G TO IN CRE ASE D H OUSIN G AC TIVIT Y AN D SPE N DIN G N E W H OM E S A L E S 1 & H O ME G O O D SA LE S HOME- R ELATED EX
Slide 25: Leasing and Redevelopment Pipeline
Leasing and Redevelopment Pipeline SITE CENTERS 2021 CITI GLOBAL PROPERT Y CEO CONFERENCE 25
Slide 26: Tactical Leasing Opportunity - Shoppers World
TA C T I C A L L E A S I N G O P P O R T U N I T Y - SHOPPERS WORLD O P P O R T U N I T Y TO A DA P T S I T E P L A N A N D S I G N I F I C A N T LY I M P R OV E P R O P E R T Y C A S H F L OW A N D VA L U E S H O P P E R S W O R L D , F R A M I N G H A M , M A - $ 1 0 4 K AV G . H H I N C O M E Dat
Slide 27: Tactical Leasing Opportunity - The Shops at Midtown Miami
T A C T I C A L L E A S I N G O P P O R T U N I T Y - T H E S H O P S AT M I D T O W N M I A M I L E A S I N G P I P E L I N E E X P E C T E D TO D R I V E 2 8 % N O I G R OW T H F R O M 2 0 2 1 -2 0 2 4 THE SHOPS AT 3 7 Story MIDTOWN MIAMI MIAMI, FL Additional Condo building leases under expected t
Slide 28: Balance Sheet
Balance Sheet SITE CENTERS 2021 CITI GLOBAL PROPERT Y CEO CONFERENCE 28
Slide 29: Significant Balance Sheet Strength
SIGNIFICANT BALANCE SHEET STRENGTH CO N S O L I DAT E D D E B T M AT U R I T I E S1 $800 $700 $600 $500 BAL AN C E SH E E T P O SI T IO N ED F O R G ROWT H $400 • $835M available under the company’s Lines of $300 Credit as of December 31, 2020 $200 • $198M March equity offering further lowers $100 l
Slide 30: Appendix
Appendix SITE CENTERS 2021 CITI GLOBAL PROPERT Y CEO CONFERENCE 30
Slide 31: 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 32: Reconciliations - Projected Net Income to FFO and Operating FFO Estimates
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 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 JA N UA RY RE FORECAST GU IDANCE O R IGIN A L 2 02 1 E R EV IS ED 2 02 1 E NET (LOSS) INCOME ATTRIBUTABLE TO COMMON S
SITE Centers — Citi Global Property CEO Conference 2021 on 6ix