J A N U A R Y 2 0 2 1
S I T E C E N T E R S
Capital One Conference
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 2
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 the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, the impact of the COVID-19 pandemic on the Company’s ability to manage its properties and finance its operations and on tenants’ ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay ongoing and deferred rents; the Company’s ability to pay dividends; local conditions such as the supply of, and demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and the Company’s ability to satisfy conditions to the completion of these arrangements; valuation and risks relating to our joint venture and preferred equity investments; the termination of any joint venture arrangements or arrangements to manage real property and the ability to satisfy conditions of such terminations; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy and our ability to maintain REIT status; and finalization of the financial statements and operating results for the period ending December 31, 2020. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company’s most recent reports on Form 10-K and Form 10-Q. The impacts of the COVID-19 pandemic may also exacerbate the risks described therein, any of which could have a material effect on the Company. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
In addition, this presentation includes certain non-GAAP financial measures. Non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the appendix and in the Company’s quarterly financial supplement located at www.sitecenters.com/investors.
S A F E H A R B O R S TAT E M E N T
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 3
S I T E C E N T E R S K E Y TA K E AWAY S
TO P Q U A R T I L E D E M O G R A P H I C S
• Assets concentrated in affluent communities with barriers to entry ($108K Avg HHI, 87th percentile)
• More resilient incomes and purchasing power
• Retailers looking to concentrate stores in last-mile of wealthiest suburbs (4Q20 PRS leasing volume was highest since 3Q18); accelerating demand from anchors
N AT I O N A L T E N A N T S W E L L P O S I T I O N E D W I T H
AC C E S S TO C A P I TA L
• National tenants constitute 89% of base rent
• 23 of top 50 tenants raised $50B in 2020
• National collection trends continue to trend higher as agreements executed outpacing local collections
I N C R E A S I N G O P P O R T U N I T Y
P I P E L I N E
• Total redevelopment pipeline +$16M from 2Q20 (10% blended yields)
• Multiple outparcel and pad opportunities unlocked as part of COVID negotiations; increased demand for convenience and drive-thru
• Blackstone assets have near-term leasing and investment prospects to drive above-average CF growth
Note: All figures as of September 30, 2020.
1 2 3
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 4
4 Q 2 0 L E A S I N G O V E R V I E W
945K LEASES SIGNED, UP 51% YOY, INCLUDING 7 ANCHOR DEALS EXECUTED TOTALING $1.9M OF ABR AT SHARE
SIGNED, NOT OPENED, PIPELINE TOTALS $13M OF ABR (PRS) AT DECEMBER 31, 2020
SELECT 2020 AND 2021 NATIONAL TENANT OPENINGS
2H20 LE ASING AC TIV IT Y AHE AD OF PRE - COVID LE VEL S DUE TO INCRE ASED DEMAND FROM ANCHORS
0
200,000
400,000
600,000
800,000
1,000,000
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
SQ
UA
RE
FE
ET
HIGHEST LEASING VOLUME SINCE 3Q18
T O T A L P R S N E W A N D R E N E W A L L E A S I N G A C T I V I T Y
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 5
C O M PA N Y- W I D E C O M M I T M E N T T O E S G L E A D E R S H I P
SITE CENTERS IS COMMIT TED TO TR ANSPARENCY AROUND OUR ENVIRONMENTAL , SOCIAL , AND G OVERNANCE G OAL S
TOTAL AWARDED IN 2020
TOTAL SCHOLARSHIPS AWARDED OVER L IFE
OF THE PROGRAM
2020 SCHOLARSHIP RECIP IENTS
AVG TRA IN ING HRS PER EMPLOYEE
TOTAL TRA IN ING HOURS
$25k
45
530
11.4k
SCHOLARSHIPTRAINING
FULL-SERV ICE F ITNESS CENTER
GREEN STAR RATED
3ksf
WEEKLY F ITNESS CLASSES
EMPLOYEES PART IC IPAT ING
17
115
WELLNESS PROGRAM
PeopleCommunity
EMPLOYEE G IFT MATCHING
DONATED TO CHARITABLE ORGS
HOURS EMPLOYEES SPENT VOLUNTEER ING
$30k
$199k
1,174
CORPORATE GIVING
RAISED FOR SPECIAL OLYMPICS TEXAS
RAISED FOR AMER ICAN CANCER SOCIETY
TOYS DONATED TO RONALD McDONALD
HOUSE THROUGH SPONSORED EVENTS
$3k+
$6k
20k+
CHARITABLE GIVING
WOMEN(38%)
MEN(62%)
INDEPENDENT MEMBERS (88%)
3
5
7
BOARD OF DIRECTORS
STAKEHOLDER ENGAGEMENT
Corporate Governance
The Company engages with each of our stakeholders in
different capacities. The level and nature of the engagement
is based on the specific operational relationship
with the stakeholder.
6
COVID-19 Update
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 7
98% OF TENANTS OPEN FOR BUSINESS, UP 53% FROM APRIL 5 TROUGH• 98% of anchors open
• 99% of shop tenants open
56% OF TENANTS DEEMED ESSENTIAL1
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
Note: As of January 7, 2021. Weighted by base rent.1. Based on state guidelines for essential businesses.
10 0% OF PROPERTIES REMAIN OPEN AND OPER ATING
3/12
/20
4/12
/20
5/12
/20
6/12
/20
7/12
/20
8/12
/20
9/12
/20
10/1
2/20
11/12
/20
12/1
2/20
1/7/
2140%
60%
80%
100% 98%
45%
+53%
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 8
Billed Actual Billed Actual Billed Actual
2 Q 2 0 - 4 Q 2 0 R E N T C O L L E C T I O N O V E R V I E W
75% OF 2Q20, 86% OF 3Q20, AND 93% OF 4Q20 RENT PA ID TO DATE , WITH COLLEC TIONS ONG OING
Note: As of January 7, 2021. Figures may not sum to 100% due to rounding. Unpaid rent includes abatements and rent billed to bankrupt tenants. All months include acquired Blackstone III and IV assets at 100% ownership.
BILLED PAID REACHED DEFERRAL ARRANGEMENTS UNPAID
4Q202Q20 3Q20
14%
11% 6% 0%8%7%
75%86%
93%
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 9
1 2 3TO P Q U A R T I L E
D E M O G R A P H I C S
N AT I O N A L T E N A N T S W E L L P O S I T I O N E D W I T H
AC C E S S TO C A P I TA L
I N C R E A S I N G O P P O R T U N I T Y
P I P E L I N E
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 10
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 I N C O M E C O M M U N I T I E S
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$0K↓
$40K
$40K↓
$50K
$50K↓
$60K
$60K↓
$70K
$70K↓
$80K
$80K↓
$90K
$90K↓
$100K
$100K↓
$110K
$110K↓
$120K
$120K↓
$130K
$130K↓
$140K
$140K↓
$150K
$150K + 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q200
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
A V G H H I N C O M E ( 3 - M I L E ) 1
PE
RC
EN
TIL
E R
AN
K O
F O
PE
N-A
IR S
HO
PP
ING
CE
NT
ER
PR
OP
ER
TIE
S $108kS I T C P O R T F O L I O
+23%
T O L L B R O T H E R S Q U A R T E R LY C O N T R A C T E D H O M E S 287th
P E R C E N T I L E
ASSE TS LOC ATED IN AFFLUENT SUB - MARKE TS WITH BARR IERS TO ENTRY AND TOP QUARTILE DEMO G R APHICS
SUBURBAN COMMUNIT IES ARE SEE ING S IG NIF IC ANT P OPUL ATION G ROW TH AND INCRE ASED HOUSING DEMAND
1. Demographic data as of September 30, 2020.2. Source: Company filings
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 11
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
SITE CENTERS ’ SUB - MARKE TS HAVE SEEN G RE ATER INCOME AND PURCHASING P OWER STAB IL IT Y DURING THE COVID PANDEMIC
-40%
-30%
-20%
-10%
0%
10%
J A N 2 0F i r s t U . S . C O V I D - 1 9 C a s e
M A R 1 3N a t i o n a l E m e r g e n c y D e c l a r e d
S E P T 3
M A R 2 7C A R E S A c t E n a c t e d
A P R 1 5S t i m u l u s P a y m e n t s S t a r t
-0.8%High Wage
(>$60K)
-5.7%Middle Wage ($27K-$60K)
-19.7%Low Wage
(
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 12
1. Source: Company documents.2. Gap brand and Victoria’s Secret total rent PSF based on 2019 financing filings.3. Average rent in SITE Centers portfolio.
S H O P P I N G C E N T E R F O R M AT O F F E R S C O N V E N I E N C E A N D L O W E R O P E R AT I N G C O S T S
SHOPPING CENTER FORMAT ADVANTAG ES E V IDENT IN RE TAILER B RE AK- OUTS
VS . VS .
S I G N I F I C A N T LY H I G H E R M A R G I N S
L O W E R C O S T O F O C C U P A N C Y
H I G H E R S A L E SH I G H E R S A L E S G R O W T H
Lbrands
0.1%
5%EBITDA MARGIN1
SITE CENTERS ABR
$20.84 IN NNN EXPENSES
$71.36TOTAL RENT PSF2
+14.8% SINCE 2010
$426AVG SALES PSF1
1.9%SITE CENTERS ABR
18%EBITDA MARGIN1
$5.25 IN NNN EXPENSES
$25.22TOTAL RENT PSF3
+34.2% SINCE 2010
$417AVG SALES PSF1
0.1%SITE CENTERS ABR
1%OPERATING MARGIN1
$20.84 IN NNN EXPENSES
$78.26TOTAL RENT PSF2
+3.2% SINCE 2010
$684AVG SALES PSF1
0.3%SITE CENTERS ABR
21%OPERATING MARGIN1
$6.48 IN NNN EXPENSES
$37.73TOTAL RENT PSF3
+50.2% SINCE 2010
$931AVG SALES PSF1
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 13
D O M I N A N T A S S E T S A C C O U N T F O R A L M O S T 5 0 % O F VA L U E
SHOPPERS WORLD(BOSTON)
AVG HHI $104K GSA TAP 38
COTSWOLD VILLAGE(CHARLOTTE)
AVG HHI $126K GSA TAP 94
UNIVERSITY HILLS(DENVER)
AVG HHI $103K GSA TAP 98
WINTER GARDEN VILLAGE(ORLANDO)
AVG HHI $103K GSA TAP 76
THE BLOCKS(PORTLAND)
AVG HHI $97K GSA TAP 93
JOHNS CREEK TOWN CENTER(ATLANTA)
AVG HHI $145K GSA TAP 95
NASSAU PARK PAVILION(NEW YORK)
AVG HHI $160K GSA TAP 87
FAIRFAX TOWNE CENTER(WASHINGTON, DC)
AVG HHI $148K GSA TAP 98
WHOLE FOODS AT BAY PLACE(SAN FRANCISCO)
AVG HHI $104K GSA TAP 94
THE SHOPS AT MIDTOWN MIAMI(MIAMI)
AVG HHI $63K GSA TAP 58
PROMENADE AT BRENTWOOD(ST. LOUIS)
AVG HHI $112K GSA TAP 98
MARKETPLACE AT HIGHLAND VILLAGE(DALLAS)
AVG HHI $139K GSA TAP 92
PERIMETER POINTE(ATLANTA)
AVG HHI $109K GSA TAP 94
3030 NORTH BROADWAY(CHICAGO)
AVG HHI $122K GSA TAP 99
EDGEWATER TOWNE CENTER(NEW YORK)
AVG HHI $94K GSA TAP 80
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 14
1 32N AT I O N A L T E N A N T S
W E L L P O S I T I O N E D W I T H AC C E S S TO C A P I TA L
TO P Q U A R T I L E D E M O G R A P H I C S
I N C R E A S I N G O P P O R T U N I T Y
P I P E L I N E
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 15
S I T C P O R T F O L I O C O M P O S I T I O N
89%NATIONAL TENANTS
4%LOC. RESTAURANTS
11%LOCAL
TENANTS
90%ALL OTHER INDUSTRIES
3%FITNESS
Note: As of September 30, 2020, Includes Blackstone III and IV properties at 100%. Sums may not add to 100% due to rounding.
4%MOVIE THEATRES
ABR At Share
ABR At Share
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 16
S I T E ’ S R E S TA U R A N T E X P O S U R E I S P R I M A R I LY N AT I O N A L T E N A N T S
Note: Weighted by base rent.
L O C A L R E S TA U R A N T S 4%
A L L OT H E R T E N A N T S 88%
N AT I O N A L R E S TA U R A N T S 8%
RESTAURANT EXPOSURE TOP 10 RESTAURANT EXPOSURE
TENANT TYPE % OF RESTAURANT ABR
PANERA BREAD National 4%
DARDEN National 3%
STARBUCKS COFFEE National 3%
BRINKER National 3%
CHIPOTLE National 2%
FIVE GUYS BURGERS National 2%
CHICK-FIL-A National 2%
BUFFALO WILD WINGS National 1%
SUBWAY SANDWICHES National 1%
PANDA EXPRESS National 1%
THE MA JORIT Y OF S ITE CENTERS ’ RESTAUR ANTS ARE QSRS WITH L IM ITED S IT- DOWN D IN ING
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 17
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
0.2% abr$8.0B UNSECURED
0.1% abr$1.5B UNSECURED
6.2% abr$4.0B UNSECURED
2.7% abr$0.5B CONVERT
0.5% abr$8.0B UNSECURED
1.8% abr$0.6B UNSECURED
$11.7b $50.3bRAISED BY 7 OF TOP 10 TENANTS IN 2020(20.7% ABR) RAISED BY 23 OF TOP 50 TENANTS IN 2020(34.5% ABR)
1.7% abr$0.6B UNSECURED
2.7% abr$0.6B CONVERT
1.9% abr$3.0B UNSECURED 1.9% abr
$0.5B UNSECURED1.3% abr$1.1B CONVERT & UNSECURED
0.7% abr$5.0B UNSECURED
1.7% abr$0.7B FIRST LIEN
0.4% abr$0.5B COMMON
EQUIT Y
2.0% abr$2.3B SENIOR
SECURED
0.5% abr$2.5B UNSECURED
0.9% abr$0.3B SENIOR
SECURED
0.2% abr$3.5B UNSECURED
0.5% abr$0.5B UNSECURED
0.4% abr$3.5B
UNSECURED 3.3% abr$0.9B ASSET BASED
REVOLVER
0.4% abr$1.3B SENIOR
SECURED & UNSECURED
0.0% abr$1.4B UNSECURED
0.6% abr$12.5B
UNSECURED
0.4% abr$3.0B UNSECURED
0.4% abr$0.4B
UNSECURED 0.4% abr$0.2B COMMON
EQUIT Y
0.0% abr$1.5B UNSECURED 0.1% abr
$11.8BUNSECURED
0.2% abr$5.5B UNSECURED
0.2% abr$1 .9B UNSECURED
0.1% abr$0.2B CONVERT
0.3% abr$0.8B IPO
0.0% abr$0.1B REVOLVER
0.1% abr$0.0B COMMON
EQUITY
0.0% abr$0.1B REVOLVER
0.7% abr$1.3B SENIOR
SECURED
1.2% abr$0.5B SECURED TL
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 18
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
0%
5%
10%
15%
20%
25%
% C
OM
P S
ALE
S
+2%3.3%
ABR2.7%
ABR2.4%
ABR1.9%
ABR1.9%
ABR1.9%
ABR1.2%
ABR1.0%
ABR0.8%
ABR0.7%
ABR
+23%
+16% +17%
+11%
+23%
+13%
+8%+5%
+24%
Source: Company data. Note: Sales figures represent last publicly reported quarter.
SITE CENTERS ’ TENANTS CONTINUE TO TAKE MARKE T SHARE WITH RE TAILERS REPRESENTING 18% OF AB R REP ORTING AN AVER AG E QUARTERLY COMP SALES INCRE ASE OF +14%
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 19
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 O V I N G C O L L E C T I O N S A N D C A S H F L O W
SITE CENTERS ’ TENANT ROSTER IS PR IMARILY NATIONAL TENANTS WITH S IG NIF IC ANT ACCESS TO C APITAL
NATIONAL TENANT COLLEC TIONS MATER IALLY OUTPERFORMING LOC AL
IN 2Q20, NATIONAL TENANT COLLEC TIONS L AGG ED LOC AL S ’ DUE TO DEFERR AL NEG OTIAT IONS AND AG REEMENTS
Note: As of January 7, 2021.
NATIONAL LOCAL
APR MAY JUN JUL AUG SEPT OCT NOV DEC50%
60%
70%
80%
90%
100%
N A T I O N A L V S . L O C A L T E N A N T C O L L E C T I O N S
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 20
1 2 3INCREAS ING
OPPORTUNITY P IPEL INE
TO P Q U A R T I L E D E M O G R A P H I C S
N AT I O N A L T E N A N T S W E L L P O S I T I O N E D W I T H
AC C E S S TO C A P I TA L
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 21
TA C T I C A L R E D E V E L O P M E N T O P P O R T U N I T Y – H A M I LT O N M A R K E T P L A C E
H A M I LTO N M A R K E T P L AC E , H A M I LTO N , N J - $ 1 1 5 K AVG . H H I N C O M E / / 6 1 G S A TA P S C O R E
No-build restrictions eliminated as part of COVID-related negotiations allowing for the construction of an 8K SF multi-tenant pad opportunity for QSR users. The redevelopment capitalizes on an underutilized parking field in this regionally dominant shopping center.
PROP
OSED
RETA
IL
$3M VALUE - CRE ATION OPP ORTUNIT Y UNLOCKED AS PART OF COVID NEG OTIAT IONS
High Traffic
IntersectionHigh traffic intersection
in the center is ideal for restaurant pad 8ksf
shop building at double-digit return
on cost
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 22
S H O P P E R S WO R L D , F R A M I N G H A M , M A - $ 1 0 4 K AVG . H H I N C O M E
Dated restaurant concept encumbers an extremely valuable parcel with excellent visibility and access. The site-plan can be adapted to monetize the convenience the site provides at an estimated 18% return on capital
$4M VALUE- CREATION OPPORTUNITY WITH THE RECAPTURE OF AN OUTPARCEL AT LEASE EXPIRATION
TA C T I C A L R E D E V E L O P M E N T O P P O R T U N I T Y – S H O P P E R S W O R L D
Drive-Thru Outparcel
Capitalize on convenience by converting an under-
utilized parking lot
Route 9 Convenience
Existing convenient access and accessibilty to the
shopping center
Drive-Thru Access
Scrape existing outparcel and reconfigure to add convenient drive-thru
tenant
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 23
TA C T I C A L R E D E V E L O P M E N T O P P O R T U N I T Y – U N I V E R S I T Y H I L L S
U N I V E R S I T Y H I L L S , D E N V E R , C O - $ 1 0 3 K AVG . H H I N C O M E / / 9 8 G S A TA P S C O R E
Site plan to be adapted to replace fitness user with shops at double-digit returns to benefit from the visibility, convenience and sub-market rent growth at the entrance to an asset anchored by a top quintile grocer
$4M REDEVELOPMENT OF FORMER GYM WITH ROW OF SHOPS TO CAPITALIZE ON SITE VISIBILITY
Future Tactical
OpportunityCapitalize on convenience
by converting an under-utilized parking lot
S. Colorado
Blvd.Parcel is located along
heavily trafficked S Colorado Blvd.
24 Hour Fitness filed for bankruptcy on June 15, 2020 and the location
was rejected soon thereafter
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 24
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 – T H E H U B
THE HUBHEMPSTEAD, NY
27%
$103k
71%
4.4%
OF ABR FROM GROUND LEASES
AVG HHI
OF ABR FROM 4 TENANTS (CHASE, HOME DEPOT,
STOP & SHOP, FIVE BELOW)
EST. 5-YEAR NOI CAGR
LEASING OPPORTUNITIES EXPECTED TO GENERATE 7% NOI GROW TH FROM 2020 TO 2022
60%M T M O P P O R T U N I T Y
LOI with fast casual concept to replace
Burger King
70%G R O S S R E T U R NLOI with investment grade service user
for vacant shop
15%R E N E WA L S P R E A Don executed fair market
value option; $229M deposits
Future Tactical
OpportunityReconfigure dated shop
building to increase visibility and capitalize on strong demand for outparcels
along Fulton Ave
$75mA N N U A L
S A L E S
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 25
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 – W H I T E O A K V I L L A G E
WHITE OAK VILLAGERICHMOND, VA
4
18%
20%
SHOP LEASES EXECUTED IN 4Q20 VS. 4 DEALS IN
PRIOR 6 YEARS OF JV OWNERSHIP
OF ABR FROM GROUND LEASES
OF ABR FROM PUBLIX WITH SIGNIFICANT TERM
New Daytime Traffic
U N OW N E D 1 , 3 0 0 E M P L OY E E C A L L
C E N T E R
2A D D I T I O N A L
L E A S E S I N N E G OT I AT I O N
OVER 20K SF OF SMALL-SHOP LEASING EXPECTED TO DRIVE 12% NOI GROWTH
4L E A S E S
E X E C U T E D I N 2 H 2 0
26
Balance Sheet
S I T E C E N T E R SS I T E C E N T E R S C A P I TA L O N E C O N F E R E N C E 2 0 2 1 27
Note: Balance sheet metrics as of September 30, 2020. Dollars in thousands.
BALANCE SHEET STRENGTH• Well laddered maturity schedule with
weighted average maturity of 4.5 years
• $795M available under the company’s $970M Lines of Credit as of September 30, 2020
2020 2021 2022 2023 2024 2025 2026 2027 2028$0
$100
$200
$300
$400
$500
$600
$700
$800
C O N S O L I D A T E D D E B T M A T U R I T I E S
3Q20 DEBT MATURING
S I G N I F I C A N T B A L A N C E S H E E T S T R E N G T H
BALANCE SHEET FLEXIBILITY AND OPTIONALITY• Cash flow covenants are based on GAAP,
not cash, revenue, and calculated on a trailing twelve month basis
BOND COVENANTS 9/30/20 ACTUAL
Outstanding Debt to Undepreciated Real Estate Assets (max 65%) 35%
Secured Debt (max 40%) 1%
Unencumbered Real Estate Assets Ratio (min 135%) 265%
Fixed Charges Ratio (min 1.5x) 3.4x