SITE Centers Corp. · NYSE:SITC
SITE Centers — Developers Diversified Realty — Q1 2007 Earnings Presentation
11 slides from SITE Centers's earnings presentation, Apr 27, 2007
Slide 1: Developers Diversified Realty Quarterly Financial Supplement
$15.3 Billion Total Capitalization as of March 31, 2007 Common Shares Equity (2) $7,912.6 52% Perpetual Preferred Stock $705.0 5% Fixed Rate Unsecured Debt $2,718.6 18% Construction Finance $63.6 1% Variable Rate Revolving Credit and Term Debt $1,247.5 8% Mortgage Debt (3) $1,603.2 11% (1) Figures i
Slide 2: Company Features
799 Shopping Centers (and interests in Retail Assets) 12 Managed Shopping Centers 45 States (plus Puerto Rico and Brazil) 123.2 Million Sq. Ft. Owned 162.1 Million Sq. Ft. Owned and Managed 95.9% / 94.8% Core Portfolio % Leased / % Occupied 730 Total Employees Company Features (1) Assumes 100% owner
Slide 3: Our owned portfolio has grown over 12x since IPO
Our owned portfolio has grown over 12x since IPO '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 1Q'07 Owned 10 13 19 21 25 28 36 39 40 45.3 54.1 74.8 81.6 86.7 123.2 Non-owned 3 3 3 4 7 9 6 12 12 11.6 22.1 21.4 22.8 23.8 30.5 Managed 4 5 5 5 4 5 5 9 5 0.7 0.2 1.4 1.4 1.3 1.2 9.8 13.2 19.3 2
Slide 4: GLA by State
15.2 msf 9.4% 5.8 msf 3.6% GLA by State +5.0 - 18.5 MSF +1.0 - 5.0 MSF Less than 1.0 MSF National portfolio creates efficiencies and strengthens tenant relationships 4.9 msf 3.0% 162.1 MSF in 45 states plus Puerto Rico and Brazil 10.6 msf 6.5% 18.1 msf 11.1% 16.6 msf 10.2% 6.1 msf 3.8% 6.0 msf 3.7%
Slide 5: Average annualized base rental rates PSF have more than doubled since IPO
'93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 $3.00 $6.00 $9.00 $12.00 $15.00 $18.00 Average annualized base rental rates PSF have more than doubled since IPO $18.22 $12.36 Total Portfolio Inline Retail 1Q'07 $21.00
Slide 6: Average Annualized Base Rental Rates PSF
March 31, 2007 689 $12.36 $18.22 Dec. 31, 2006 371 $11.75 $17.46 Dec. 31, 2005 380 $11.30 $16.62 Dec. 31, 2004 373 $11.13 $16.14 Dec. 31, 2003 274 $10.82 $15.55 Dec. 31, 2002 189 $10.58 $15.18 Dec. 31, 2001 192 $10.03 $14.02 Dec. 31, 2000 190 $9.66 $13.66 Dec. 31, 1999 186 $9.20 $12.69 Dec. 31, 1998
Slide 7: Lease Expirations by Year (Options not Included)
Lease Expirations by Year (Options not Included) 2007 2008 2009 2010 2011 2012 Anchor 0.013 0.028 0.044 0.06 0.088 0.083 Small Shop 0.117 0.136 0.141 0.134 0.158 0.09 % Total Base Rents by Class
Slide 8: Lease Expirations by Year
Lease Expirations by Year 2007 46 $9.2 $7.82 1,726 $72.6 $19.22 2008 76 $19.4 $6.82 1,787 $84.0 $16.99 2009 106 $30.5 $7.42 1,826 $87.5 $17.43 2010 132 $41.4 $8.51 1,546 $83.2 $17.55 2011 174 $60.6 $9.90 1,624 $97.6 $18.91 2012 158 $56.6 $8.98 777 $55.7 $18.79 2013 120 $42.6 $9.32 297 $28.0 $18.30 2
Slide 9: Largest Tenants by GLA Owned & Unowned
Largest Tenants by GLA Owned & Unowned 1. Wal-Mart / Sam's Club 109 17.09 50 7.21 59 9.88 2. Target 67 8.47 14 1.49 53 6.98 3. Lowe's Home Improvement 41 5.26 21 2.66 20 2.60 4. Home Depot 42 4.57 15 1.47 27 3.10 5. Kohl's 43 3.61 38 3.22 5 0.39 6. T.J. Maxx / Marshalls 99 3.28 99 3.28 0 0.00 7. Mer
Slide 10: Reliance on Major Tenants (Owned Shopping Center GLA Only)
Reliance on Major Tenants (Owned Shopping Center GLA Only) (1) (2) Tenant Units Percent of Total Credit Ratings Total Base Rent (millions) (1) Based on pro rata ownership of joint venture properties. (2) Reflects major tenants with a percentage of total portfolio of 1% and higher. Wal-Mart / Sam's C
Slide 11: Reliance on Major Tenants by GLA and Base Rental Revenues
Reliance on Major Tenants by GLA and Base Rental Revenues (1) (2) 1. Wal-Mart / Sam's Club (50) $33.21 3.92% 2. Publix Supermarkets (59) $18.01 2.12% 3. PetSmart (104) $15.09 1.78% 4. T.J. Maxx / Marshalls (99) $14.64 1.73% 5. Tops Markets (36) $14.43 1.70% 6. Circuit City (42) $13.75 1.62% 7. Lowe'
Developers Diversified Realty — Q1 2007 Earnings Presentation on 6ix