MARCH 2-4, 2020 · 2.0-3.0% $16-20 m $12-18 m note: as of 4q2019 1. excludes disposition fees ... charitable orgs hours employees spent volunteering $25k $178 k 804 corporate giving

S I T E C E N T E R S 2 0 2 0 C I T I G L O B A L P R O P E R T Y C E O C O N F E R E N C E 1

M A R C H 2 - 4 , 2 0 2 0


SITE Centers 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 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, local conditions such as increased supply of, or a reduction in demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss, significant downsizing 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 our 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; 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. 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 report on Form 10-K for the year ended December 31, 2019 and any subsequent reports on Form 10-Q. 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 S 5 -Y E A R B U S I N E S S P L A N

O P P O R T U N I S T I C I N V E S T I N G

B A L A N C E S H E E T S T R E N G T H

R E C O G N I Z E D E S G L E A D E R

C O M P E L L I N G R E D E V E L O P M E N T

P I P E L I N E

P R E M I E R O P E R A T I N G P L A T F O R M

R E T U R N F O C U S E D

A V G O F F O / N A V G R O W T H

A V G S S N O I G R O W T H E X C L

R E D E V E L O P M E N T

5%

2.75%


R E D E V E L O P M E N T

O P P O R T U N I S T I C I N V E S T I N G

L E A S I N G

14%

21%

65%

S I T E C E N T E R S I S A L E A S I N G S T O R Y

G OA L : $ 1 0 0 M O F A N N UA L I N V ES T M E N T S

U P DAT E : R E P U R C H A S E D $ 5 0 M O F S TO C K AT $ 1 1 . 74 W E I G H T E D - AV E R AG E S H A R E P R I C E

R E C E I V E D $1 M F E E R E L AT E D TO M A N AG E M E N T O F S H O P KO P O R T F O L I O

AC Q U I S I T I O N O F 3 A S S E T S F O R $ 8 5 M I N 4 Q 19

G OA L : $7 5 M O F A N N UA L S P E N D I N G

U P DAT E : T H E C O L L E C T I O N AT B R A N D O N B LV D ($28 M ) 4 Q 2 0 ES T. S TA B I L I Z AT I O N

1 0 0 0 VA N N ES S ($ 5 M ) 2 Q 2 0 ES T. S TA B I L I Z AT I O N

W ES T B AY P L A Z A P H A S E I I ($ 12 M ) 2 Q 2 2 ES T. S TA B I L I Z AT I O N

G OA L : L E A S E U P 6 0 A N C H O R O P P O R T U N I T I ES

U P DAT E : 3 8 O F 6 0 A N C H O R S L E A S E D AT + 47 % S P R E A D S

G OA L : 94 % S H O P L E A S E D R AT E

U P DAT E : 8 8 % S H O P L E A S E D R AT E A S O F 4 Q 19

1AT T R AC T

A N D A DA P T

2A D D

3O P P O R T U N I S T I C

I N V E S T I N G

Note: Numbers may not total 100% due to rounding

5 -Y E A R E S T I M AT E D N AV G R O W T H


O F F O P E R S H A R E

I N T E R E S T I N C O M E

S S N O I I N C L U D I N G R E D E V E L O P M E N T

J V F E E S R V I F E E I N C O M E 1

$1.10-1.14

$10-13m

2.0-3.0%

$16-20m $12-18m

Note: As of 4Q20191. Excludes disposition fees

2 0 2 0 O U T L O O K


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

S I T E C E N T E R S I S C O M M I T T E D T O T R A N S 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 O V E R N A N C E G O A L S

TOTAL AWARDED IN 2019

TOTAL SCHOLARSHIPS AWARDED OVER L IFE

OF THE PROGRAM

2019 SCHOLARSHIP RECIP IENTS

AVG TRA IN ING HRS PER EMPLOYEE

TOTAL TRA IN ING HOURS

$25k

40

530+

11.6k

SCHOL ARSHIPTRAINING

FULL-SERV ICE F ITNESS CENTER

GREEN STAR RATED

3ksf

WEEKLY F ITNESS CLASSES

EMPLOYEES PART IC IPAT ING

18

133

WELLNESS PROGRAM

PeopleCommunity

EMPLOYEE G IFT MATCHING

DONATED TO CHARITABLE ORGS

HOURS EMPLOYEES SPENT VOLUNTEER ING

$25k

$178k

804

CORPORATE GIVING

RAISED FOR SPECIAL OLYMPICS TEXAS

RAISED FOR AMER ICAN CANCER SOCIETY

TOYS DONATED TO RONALD McDONALD

HOUSE THROUGH SPONSORED EVENTS

$7k+

$11k+

10k+

CHARITABLE GIVING

WOMEN(38%)

MEN(62%)

INDEPENDENT MEMBERS (88%)

3

5

7

BOARD OF DIRECTORS

STAKEHOLDER ENGAGEMENT

Corporate Governance

During 2018, the Company engaged 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.


R E D E V E LO P M E N T

L E A S I N GA C Q U I S I T I O N S

1 2 3AT T R AC T

A N D A DA P T

A D D O P P O R T U N I S T I CI N V E S T I N G


H I G H E R Q U A L I T Y A N D F O C U S E D W H O L LY- O W N E D P O R T F O L I O

160 143 69

A V G H H I N C O M E , A B R P S F & G R E E N S T R E E T T A P S C O R E

I N C R E A S E O F

+20%

W H O L L Y - O W N E D P R O P E R T I E S A S O F

M A R . 3 , 2 0 1 7

W H O L L Y - O W N E DP R O P E R T I E S A S O F

S E P T . 3 0 , 2 0 1 7

W H O L L Y - O W N E DP R O P E R T I E S A S O F

D E C . 3 1 , 2 0 1 9


T O P Q U A R T I L E D E M O G R A P H I C 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 +

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0K↓

20K

20K↓

40K

40K↓

60K

60K↓

80K

80K↓

100K

100K↓

120K

120K↓

140K

140K↓

160K

160K↓

180K

180K↓

200K

200K↓

220K

220K↓

240K

240K↓

260K

260K↓

280K

280K↓

300K

300K +

A V G H H I N C O M E ( 3 - M I L E )

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

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

114kS I T C P O R T F O L I O

$108kS I T C P O R T F O L I O

P O P U L A T I O N ( 3 - M I L E )

77thP E R C E N T I L E

87thP E R C E N T I L E

A S SE TS A R E CO N C EN T R AT ED IN A FFLU EN T CO M M U N IT IES W IT H B A R R IERS TO EN T RY A N D CO M PEL L IN G D EM O G R A PH I C S .

S I T E C EN T ERS PR O PERT IES A R E IN T H E TO P Q UA RT I L E W H EN CO M PA R ED TO A L L U . S . O PEN - A IR SH O PP IN G C EN T ERS .


S H O P P I N G C E N T E RS O F F E R D IS CO U N T…

TJX , R OS S , A N D B U R L IN GTO N H AV E G R OW N T H EIR SA L ES S IN C E 20 10 BY A N A M O U N T EQ UA L TO M AC Y ’ S TOTA L SA L ES

TJX , R OS S , A N D B U R L IN GTO N ACCO U N T FO R 9.1% O F S I T E C EN T ERS ’ A B R A S O F D EC EM B ER 3 1 , 20 19

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

NET SALES (2018)NET SALES (2010)

NET

SA

LES

($

M)

NET

SA

LES

($

M)

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

ROSSTJX BURLINGTON MACY’S

TJX

+69%

+74%

+0%

$12,234

$6,375

$2,789

$24,971

+72%

Ross Burlington Macy’s Off-Price Sales Growth Since 2010

Macy’s2018 Sales

S I T E C E N T E RS ’ D IS CO U N T R E TA I L E RS A R E TA K I N G M A R K E T S H A R E

Source: Company details


$ 1 4 . 8 5 I N N N N E X P E N S E S

$ 5 . 9 8 I N N N N E X P E N S E S

+ 1 4 . 8 % S I N C E 2 0 1 0

+ 3 4 . 2 % S I N C E 2 0 1 0

$67.66 $25.97

$426 $417

5% 18%

1. Source: Annual company documents.2. Gap Inc. rent assumed to be comparable to SPG average starting rent from June 30, 2019 supplemental disclosure.3. Source: The Gap Inc. 8-K filed September 12, 2019.

T H I S H U R T S G A P ’ S M A R G I N SEBITDA MARGIN3 EBITDA MARGIN3

B U T O C C U P A N C Y C O S T S A R E 2 . 5 x H I G H E R F O R G A P B E C A U S E O F H I G H E R M A L L

C A M A N D R E N T

TOTAL RENT PSF2 TOTAL RENT PSF2

C O M P A R A B L E S A L E S P S F D E S P I T E D I F F E R E N T

F O O T P R I N T S A N D F O R M A T SAVG SALES PSF 1 AVG SALES PSF 1

SHOPPING CENTER SECTOR FORMAT ADVANTAGES EVIDENT IN GAP DIVISION

. . . A N D CO N V E N I E N C E W H I C H A R E D R I V I N G S A L E S G R OW T H


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

5%

6%

9%

6%

7%

7%

4%

8%

6%

4%

4%

6%

BOSTON

NEW YORK

SAN ANTONIO

CHARLOTTE

ATLANTA

ORLANDO

MIAMI

PHOENIX

LOS ANGELES

DENVER

CHICAGO

COLUMBUS

T O P 1 2 M A R K E T S A C C O U N T F O R 7 2 % O F P R O R ATA A B R


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)


UNIVERSITY HILLS(DENVER)


WINTER GARDEN VILLAGE(ORLANDO)


THE BLOCKS(PORTLAND)


JOHNS CREEK TOWN CENTER(ATLANTA)


NASSAU PARK PAVILION(NEW YORK)


FAIRFAX TOWNE CENTER(WASHINGTON, DC)


WHOLE FOODS AT BAY PLACE(SAN FRANCISCO)


THE SHOPS AT MIDTOWN MIAMI(MIAMI)


PROMENADE AT BRENTWOOD(ST. LOUIS)


MARKETPLACE AT HIGHLAND VILLAGE(DALLAS)


PERIMETER POINTE(ATLANTA)


3030 NORTH BROADWAY(CHICAGO)


EDGEWATER TOWNE CENTER(NEW YORK)



C O M P E L L I N G R E - L E A S I N G E C O N O M I C S

RECENT BANKRUPTCIES HAVE HIGHLIGHTED THE QUALIT Y AND EMBEDDED MARK-TO-MARKET OF SITE CENTERS REAL ESTATE

BANKRUPTCIES ALSO PROVIDE AN OPPORTUNIT Y TO RECAPTURE CONTROL OF GL A AND PARKING FIELDS AT DOMINANT ASSETS

FIVE-YEAR BUSINESS PL AN ASSUMES ANNUAL BANKRUPTCIES CONSISTENT WITH 2016 -2018

S P R E A D

+27%S P R E A D

+38%S P R E A D S P R E A D

+22% +27%( E X C L U D E S V A L U E C R E A T I O N F R O M

C O N T R O L A T S H O P P E R S W O R L D

A N D P E R I M E T E R P O I N T E )


R O B US T A N D D I V E RS E D E M A N D F O R A N C H O R O P P O R T U N I T I E S

38 OF 60 INVESTOR DAY ANCHOR OPPORTUNITIES EXECUTED WITH 27 DIFFERENT RETAIL BANNERS

• +47% lease spread on executed deals

• Over half of the remaining anchor vacancies are either under lease negotiation or being held for redevelopment

25 ANCHORS COMMENCED RENT IN 2019; 13 ADDITIONAL ANCHORS SIGNED BUT NOT OPENED

ANCHOR LEASE PROGRESS

A N C H O R O P E N I N G S TO P R OV I D E M U LT I -Y E A R TA I LW I N D TO N O I G R OW T H

0

10

20

30

40

50

60

LEASED NEGOTIATING W/ TENANT SPECULATIVE

10/1/18 1/4/19 5/30/19 2/13/20

14

23

30

38

+9

+7

+8


E X I S T I N G P O R T F O L I O VA C A N C I E S P R O V I D E O P P O R T U N I T Y

S I G N I F I C A N T O P P O R T U N I T Y T O D R I V E S H O P R E V E N U E

T A R G E T L E A S E D R A T E

L E A S E D A S O F 4 Q 1 9

C O M M E N C E D A S O F 4 Q 1 9

EXECUTED OPPORTUNITY

A N C H O R S H O P$0

$10

$20

$30

REN

T (M

ILLI

ON

S)

94.0%

88.0%

83.5%


S T E A DY S H O P L E A S I N G P E R F O R M A N C E

TTM SMALL SHOP VOLUME (KSF GLA) TTM ABR PSF

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19150

200

250

300

350

$25.00

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

VO

LUM

E (K

SF)

NEW

LEAS

E AB

R P

SF

SPECIALTY FITNESS CHILDREN’S ENRICHMENT FINANCIAL SERVICES

ASSORTEDFOOD & RESTAURANT

HEALTH/WELLNESS PROVIDERS SALON & SPA SERVICES

BEAUTY & COSMETICS

TECH SERVICES

S T R O N G S H O P L E A S I N G V O L U M E A N D E C O N O M I C S D R I V E N B Y H E A LT H Y M I X O F S E R V I C E T E N A N T S

OF NEW DEALS WITH SERVICE &

FOOD USERS

87%

OTH ER

13%


$0

$1

$2

$3

$4

$5

$6

$7

2017 2018

NO

I ($M

)

2019 2020 2021 2022 2023

CHAPEL HILLSCOLORADO SPRINGS, CO

PROJECTED 9% POPULATION GROWTH IN NEXT 5 YEARS

$7876.1%

54%

189k $89k

370k $101k

SALES PER SQUARE FOOT

RCD 2Q20

Lease

5-YEAR EST. NOI CAGR

EST. NOI GROWTH

POPULATION AVG HHI

5-MILE TRADE AREA

POPULATION AVG HHI

ACTUAL TRADE AREA

15%

At Lease

PROPOSED PADPROJECT YIELD

WITH OFF-PRICE RETAILER

MTM EST. GROUND LEASE RECAPTURE

EXECUTED

C H A P E L H I L L S - TAC T I C A L R ED E V ELO PM EN T A N D M A R K E T SH A R E G A INS D R IV IN G N O I G ROW T H

340%

EST. DECLINE SINCE 2015Due to the closure of Sears

and Macy’s and a drop in inline tenant sales.

CHAPEL HILLS MALL

$77mIN LOST SALES


C H A P E L H I L L S - CUSTOMER DATA GENERATES LEASING OPPORTUNITIES

ACTUAL TRADE AREA

370k

140k

$101k

$97k

POPULATION

POPULATION

AVG HHI

AVG HHI

CHAPEL HILLS

CHAPEL HILLS MALL

S H O P P I N G C E N T E R LO C AT I O N

S H O P P I N G C E N T E R C U S TO M E R S

A C T U A L T R A D E A R E A

M A L L LO C AT I O N

M A L L C U S TO M E R S

A C T U A L T R A D E A R E A

CHAPEL HILLS

CHAPEL HILLS MALL


LOBBYLOBBY

$1.5

$2.0

$2.5

$3.0

$3.5

2017 2018

NO

I ($M

)

2019 2020 2021 2022 2023

EDGEWATER TOWNE CENTER

EDGEWATER, NJ

MIXED-USE CENTER; RESIDENTIAL OVER RETAIL

$1,206 7.0%

45%

2.3m $107k

410k $85k

TTM SALES PSF

MULTI-FAMILY UNITS ON UPPER

FLOOR


EST. NOI GROWTH

POPULATION AVG HHI

5-MILE TRADE AREA

POPULATION AVG HHI

ACTUAL TRADE AREA

~50%

63

MARK-TO-MARKETLOI W/ RESTAURANT

CONCEPT

E D G E WAT E R TOW N E C E N T E R - S T R AT EG I C R E-T EN A N T IN G D R IV ES N O I G ROW T H

27%GROSS RETURN ON

RE-TENANTING 8KSF SPACE


PAR ADISE V I LL AG E GATE WAY - IM PR OV IN G M ERCH A N D ISE M IX A N D G ROW IN G N O I

PARADISE VILLAGE GATEWAY

PHOENIX, AZ

RECAPTURING A GROUND LEASE TO UNLOCK EMBEDDED GROWTH AND

DRIVE TRAFFIC

+4.0%

215k $114k

519k $119k


POPULATION AVG HHI

5-MILE TRADE AREA

POPULATION AVG HHI

ACTUAL TRADE AREA

$0

$1

$2

$3

$4

$5

$6

$7

2017 2018 2019

NO

I ($M

)

2020 2021 2022 2023 2024

31%EST. NOI GROWTH

70%MARK-TO-MARKET

OPPORTUNITY

SHOP LEASINGIncreased shop occupancy

from 84% in 4Q17 to 97% currently

RECAPTURE OF DARK ALBERTSON’S

Interest from national off-price and beauty retailers to backfill

14

13%

SHOP OPENINGS IN THE LAST TWO YEARS

YIELD


R E D E V E LO P M E N TL E A S I N G A C Q U I S I T I O N S

1 2 3AT T R AC T

A N D A DA P T A D D O P P O R T U N I S T I CI N V E S T I N G


$0 $0

$0

$30$10 $0

O N LY 2 5 % O F L A N D I S G E N E R A T I N G R E N T A N D T H E R E F O R E . . .

B U I L D I N G S F S I T E S F

A B R A B R

$12 $4

C O M P E L L I N G L A N D U S E E C O N O M I C S


I N D U S T R I A L$ 6 $ 5

S U B U R B A N O F F I C E$ 1 5 $ 9

M U L T I - F A M I LY$ 1 8 $ 1 4

B U I L D I N G S F S I T E S F

A B R A B R

$12 $4

S H O P P I N G C E N T E R S A R E I N E F F I C I E N T U S E R S O F L A N D

Shopping centers have lower rent per square foot than industrial after adjusting for parking fields.

KEY TAKEAWAY

FAR2

FAR2

0.46

0.27

1. Company details.2. Morris County Tax Board.

EAST HANOVER PLAZA

8.365 ACRES

ADJACENT INDUSTRIAL PROPERTY

5.510 ACRES

INDUSTRIAL PROPERTY

EAST HANOVER PLAZA

TOTAL RENT PSF1 $12.00 $20.28

FLOOR AREA RATIO (FAR)2 0.46 0.27

REVENUE/LAND SF $5.53 $5.44

NEW JERSEY

WHY RETAIL RENTS ARE ACTUALLY LOWER THAN INDUSTRIAL RENTS



S T E A DY P I P E L I N E O F R E D E V E L O P M E N T P R O J E C T S

$ 6 3 M O F R E D E V E L O P M E N T U N D E R WAY AT P R O J E C T E D 8 % Y I E L D

WEST BAY PLAZA ($39M) - PHASE II UNDERWAYREDEVELOPMENT OF KMART AND MARC’S BOXES

KEY TENANTS: FRESH THYME, HOMESENSE, ULTA

1000 VAN NESS ($5M)REDEVELOPMENT OF AMC SPACE

KEY TENANT: CGV CINEMAS

THE COLLECTION AT BRANDON BLVD ($28M)REDEVELOPMENT OF KMART BOX

KEY TENANTS: LUCKY’S MARKET, BEALLS, CRUNCH FITNESS

WOODFIELD VILLAGE GREEN ($12M) REDEVELOPMENT OF FORMER SAKS OFF FIFTH & AT HOME BOXES

KEY FEATURES: RESTAURANT PAD, ENTERTAINMENT USES


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 I E S

$ 6 3 M P I P E L I N E O F O U T PA R C E L A N D E X PA N S I O N O P P O R T U N I T I E S AT P R O J E C T E D 1 0 % Y I E L D

PROPERTY MSA SPEND ($M) EST. DELIVERY

Guilford Commons Har t ford $3.7 2019

Johns Creek Town Center Atlanta $2.4 2019

Lee Vista Promenade Orlando $2.2 2020

Tanasbourne Town Center Por tland $5.0 2020

Wando Crossing Charleston $8.7 2020

Chapel Hil ls Denver $1.4 2021

Hamilton Marketplace Trenton $2.8 2021

Nassau Park Pavil ion Trenton $5.3 2021

Freehold Marketplace New York $9.5 2022


SHOPPERS WORLD(BOSTON)


DUVALL VILLAGE(WASHINGTON, DC)


FAIRFAX TOWNE CENTER(WASHINGTON, DC)


FREEHOLD MARKETPLACE(NEW YORK)


PERIMETER POINTE(ATLANTA)


SOLD

F U T U R E D E N S I F I C AT I O N O P P O R T U N I T I E S P R OV I D E O P T I O N A L I T Y


R E D E V E LO P M E N TL E A S I N G

A C Q U I S I T I O N S

1 2 3AT T R AC T

A N D A DA P TA D D O P P O R T U N I S T I C

I N V E S T I N G


OpportunisticInvesting

M A R K E T D I S L I K E S• Tier II Markets• Large Assets• Power Centers• Short Duration • At Risk Tenancies

M A R K E T L I K E S• Coastal• Grocery Centers• Small Assets• Lease Term • Credit Quality

High Cap Rate

Low Cap Rate


EncumbrancesR E N T G R O W T H

K E Y E X A M P L E

• M E L B O U R N E S H O P P I N G C E N T E R ( M E L B O U R N E , F L )

ScarcityR E D E V E L O P M E N T

K E Y E X A M P L E S

• V I N T A G E P L A Z A ( R O U N D R O C K , T X )

• T H E B L O C K S ( P O R T L A N D , O R )

• S O U T H T O W N C E N T E R ( T A M P A , F L )

FootfallO C C U P A N C Y

K E Y E X A M P L E S

• M A R K E T S Q U A R E ( D O U G L A S V I L L E , G A )

• S H A R O N G R E E N S ( C U M M I N G , G A )

TA R G E T E D A C Q U I S I T I O N S A R E F I LT E R E D F O R FA C T O R S T H AT D R I V E G R O W T H A N D C R E AT E VA L U E

K E Y ACQ U IS I T I O N AT T R I B U T E S


DR

EAM

Y B

RO

WS

A

ND

LA

SH

ES

AVA

ILA

BLE

AVAILABLE

DELUXE CLEANERS

BROOKLYN PIE CO.

BO

AS

IAN

BIS

TRO

LA FRONTERADENTAL

Community-anchored strip center with major daytime traffic drivers

Data supports a unique trade area - dispersed and high income with traffic generated by adjacent offices and Dell’s nearby world headquarters

Total nearby office complex of 6.3 million sf

Submarket growth and near-term expirations present opportunity to re-tenant and drive existing tenant rent growth using data-driven approach

+3.2% estimated 5-year NOI CAGR

Investment Highlights

VINTAG E PL A Z A AUS T IN , T E X AS


THE B LO CKS P O RT L A N D, O R EG O N

Collection of retail condo units in Portland’s rapidly growing Pearl District

Local and national tenants. Strong daytime traffic is complimented by tourism, drawing 10% of consumers from Seattle, San Francisco, and Los Angeles

Recent demographic shifts have brought high-income jobs and upscale residences to the submarket

1,000+ employees added to Downtown Portland over the last 2 years

+4.7% estimated 5-year NOI CAGR



UNOWNED RETAIL

AFTER HOURS PEDIATRICS

CLASSIC NAILS

TAN

/SPA

WW

STU

DIO

GRE

AT

FRA

ME

UP

TOP

CH

INA

VETERINARY EMERGENCY

GROUP

JUSTIN ROSEN

FDS

MARSHALL ADVERTISINGPA

LERM

O R

EAL

ESTA

TE

CLEAN EATZ

BURGER MONGER

®

Shadow grocery-anchored community center at a prominent signalized intersection

South Tampa is a dense, infill market with an extremely affluent customer base and strong population growth

Strong performing Publix (~$50M) and Sprouts (~$17M)drive daily traffic to the vicinity

Mobile data shows shoppers make repeat visits to the center throughout the week and their average household income exceeds that of the underlying trade area

+3.6% 5-year estimated NOI CAGR


S O U T H TOW N C E N T E R TA M PA , FLO R IDA


91.8%OCCUPANCY (3Q19)

UP FROM 85.7% IN 3Q18

VACANT AS OF 3Q18

COMBINED 3 UNITS ANDLEASED TO TRAFFIC-DRIVING GYM AS PART OF LONG-TERM

ASSET MANAGEMENT STRATEGY

8 YearBlended Downtime6 Year

Blended Downtime

$733SALES PSF

($20.5M TOTALSALES)

83.2%OCCUPANCY (3Q19)

UP FROM 70.7% IN 3Q18

+6.7%OCCUPANCY

INCREASE SINCE 3Q18

NEW LEASES SINCE ACQUISITION

5

5.4%2019-2023 EST. NOI CAGR

SHARO N G RE E NS CU M M IN G , G A

M E LB OURN E SH O PPIN G CE NTE R

M EL B O U R N E , FLMARKE T SQUARE

D O U G L A S V IL L E , G A

9.6%2019-2023 EST. NOI CAGR

16.2%2019-2023 EST. NOI CAGR

LE ASING AC TIV IT Y TO DR IVE SUBSTANTIAL VALUE CRE ATIO N AT 4Q18 ACQUIS IT IO N PRO PE RT IES


Balance Sheet


COMMITMENT TO INVESTMENT-GRADE CREDIT RATING

Larger and higher quality unencumbered pool with no Puerto Rico exposure

Minimal consolidated secured debt with just three consolidated assets encumbered

BALANCE SHEET POSITIONED FOR GROWTH

Debt / Adjusted EBITDA now 5.5x compared to 6.5x in 3Q18

Minimal near-term refinancing and interest rate risk with just $36M of pro rata consolidated debt maturing through 2022

$965M available under the company’s $970M Line of Credit as of 4Q19

20272025 202620242023202220212020$0

$200

$400

$600

$800

$1,000

$1,200

As of 3/31/2017 Pro Forma

LEVERAGE / PUBLIC BOND COVENANTS 3Q18 4Q19

Pro-Rata Net Debt / Adjusted EBITDA 6.5x 5.5x

Total Debt to RE Assets 42% 36%

Secured Debt to Assets Ratio 3% 2%

Unencumbered Assets to Unsecured Debt 213% 254%

Fixed Charge Coverage (Ex. Prepayment Penalties) 2.6x 3.8x

Note: Pro forma for 2022 bond redemption and repayment of Polaris Towne Center mortgage

S I G N I F I C A N T B A L A N C E S H E E T P R O G R E S S


M I N I M A L N E A R -T E R M R E F I N A N C I N G R I S K

N O M AT E R I A L C O N S O L I D AT E D M AT U R I T I E S U N T I L 2 0 2 3

Source: Company details, as of 4Q19Source: Company details, as of 4Q19

2020 2021 2022

KIM

REG

AKR

RPAI

FRT

WRI

BRX

UE

SITC

ROIC

0% 10% 20% 30% 40%

AKR

RPAI

WRI

SITC

BRX

ROIC

UE

REG

KIM

FRT

0 2 4 6 8 10 12

% DEBT MATUR ING 2020 - 2022WA

INTERESTRATE

WEIGHTED AVERAGE DEBT MATUR ITY

3.7%

3.5%

4.0%

3.5%

3.3%

3.5%

3.4%

4.6%

4.0%

4.1%

Note: SITE Centers figures pro forma for 2022 bond redemption and repayment of Polaris Towne Center mortgage


Appendix


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 Operating FFO (“OFFO”) provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group. FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments including reserve adjustments of preferred equity interests, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company’s calculation of FFO is consistent with the NAREIT definition. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner. In calculating the expected range for or amount of net (loss) income attributable to common shareholders to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gains and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs, mark-to-market adjustments of equity awards, certain transaction costs or certain fee income. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

The Company also uses net operating income (“NOI”), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis. The Company presents NOI information herein on a same store basis or “SSNOI.” The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income (including reimbursements) and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI is presented both including and excluding activity associated with development and major redevelopment and includes assets owned in comparable periods (15 months for quarter comparisons). SSNOI excludes all non-property and corporate level revenue. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

NON - GA AP F INAN CIAL ME ASURES - DE F IN IT IONS


NON - GA AP F INAN CIAL ME ASURES - DE F IN IT IONS (CONT. )

The Company believes that FFO, OFFO and SSNOI are not, and are not intended to be, presentations in accordance with GAAP. FFO, OFFO and SSNOI information have their limitations as they exclude any capital expenditures associated with the re-leasing of tenant space or as needed to operate the assets. FFO, OFFO and SSNOI do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO, OFFO and SSNOI as indicators of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. FFO, OFFO and SSNOI do not represent cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs. FFO, OFFO and SSNOI should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of FFO and OFFO to the most directly comparable GAAP measure of net income (loss) has been provided herein. Reconciliations of the 2020 SSNOI projected growth target as well as the projected five-year growth targets for SSNOI and Operating FFO to the most directly comparable GAAP financial measure are not provided because the Company is unable to provide such reconciliation without unreasonable effort.

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 periods. The components of Debt/Adjusted EBITDA include net effective debt divided by adjusted EBITDA (annualized), as opposed to net income determined in accordance with GAAP. Adjusted EBITDA is calculated as net income attributable to SITE before interest, income taxes, depreciation and amortization and further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing performance. Net effective debt is calculated as the Company’s consolidated debt outstanding excluding unamortized loan costs and fair market value adjustments, less cash and restricted cash as of the balance sheet date presented or projected. Such amounts are calculated at the Company’s proportionate share of ownership.

The Company also calculates EBITDAre as net income attributable to SITE before interest, income taxes, depreciation and amortization, gains and losses from disposition of real estate property and related investments, impairment charges on real estate property and related investments including reserve adjustments of preferred equity interests and gains and losses from changes in control. Such amount is calculated at the Company’s proportionate share of ownership.

Adjusted EBITDA should not be considered as an alternative to earnings as an indicator of the Company’s financial performance, or an alternative to cash flow from operating activities as a measure of liquidity. The Company’s calculation of Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from Adjusted EBITDA are significant components in understanding and assessing the Company’s financial condition. Reconciliations of Adjusted EBITDA and net effective debt used in the prorata Debt/Adjusted EBITDA ratio to their most directly comparable GAAP measures of net income (loss) and debt are provided herein.


Per Share - Diluted 2020E

Net income attributable to common shareholders $0.24 - $0.29Depreciation and amortization of real estate 0.75 - 0.77Equity in net (income) of JVs (0.01) - (0.02)JVs' FFO 0.10 - 0.12Gain on disposition of real estate n/aImpairment of real estate / reserve of preferred equity interests n/aFFO (NAREIT) and Operating FFO $1.10 - $1.14

Note: In calculating the expected range for or amount of net income attributable to common shareholders to estimate projected FFO and projected Operating FFO for the year ending December 31, 2020, the Company does not include a projection of gains and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs, mark-to-market adjustments of equity awards, certain transaction costs or certain fee income.

RECONCIL IAT ION OF NE T INCO ME AT TR IBUTAB LE TO COMMONSHARE HOLDE RS TO FFO AND O PE R ATING FFO EST IMATE


4Q19 3Q18

CONSOLIDATED

Net income to SITE $24,002 ($8,931)

Interest expense 20,748 26,962

Income tax, net (168) 238

Depreciation and amortization 41,687 49,629

Adjustments for non-controlling interests (184) (171)

EBITDA – current quarter 86,085 67,727

Impairments 0 19,890

Reserve of preferred equity interests 3,438 2,201

Gain on disposition of real estate, net (293) (124)

EBITDAre – current quarter 89,230 89,694

Equity in net (income) loss of JVs (6,073) 2,920

Other (income) expense, net (738) 1,475

Hurricane property income 0 (157)

Business interruption income 0 (1,784)

JV Adjusted EBITDA (at SITE Share) 9,306 7,247

Adjusted EBITDA – current quarter 91,725 99,395

Adjusted EBITDA – annualized 366,900 397,580

$ in thousands

RECONCIL IAT ION OF DE BT / ADJUSTE D E B ITDA


RECONCIL IAT ION OF DE BT / ADJUSTE D E B ITDA (CONT. )

4Q19 3Q18

Consolidated debt 1,847,297 2,385,002

Partner share of consolidated debt (9,431) (9,647)

Loan costs, net 9,038 12,749

Face value adjustments (983) (1,794)

Cash and restricted cash (18,682) (12,719)

Net effective debt $1,827,239 $2,373,591

Debt/Adjusted EBITDA – Consolidated1 5.0x 6.0x

PRO RATA INCLUDING JVsEBTIDAre – current quarter 92,516 99,696

Adjusted EBITDA – current quarter 95,663 103,108

Adjusted EBITDA – annualized 382,652 412,432

Consolidated net debt 1,827,239 2,373,591

JV debt (at SITE Share) 287,733 306,345

Cash and restricted cash (16,964) (12,543)

Net effective debt $2,098,008 $2,667,393

Debt/Adjusted EBITDA – Pro Rata1 5.5x 6.5x

1. Excludes perpetual preferred stock. $ in thousands

Documents

MARCH 2-4, 2020 · 2.0-3.0% $16-20 m $12-18 m note: as of 4q2019 1. excludes disposition fees ... charitable orgs hours employees spent volunteering $25k $178 k 804 corporate giving