SITE Centers Corp. (NYSE: SITC) today announced operating
results for the quarter ended June 30, 2020.
“Despite unprecedented operating conditions, second quarter
results demonstrate the durability of our assets with 100% of our
properties operational and over 90% of our tenants currently open
for business,” commented David R. Lukes, President and Chief
Executive Officer. “Our agreement with Blackstone to unwind our BRE
DDR joint ventures further improves our Company’s financial
position and outlook with substantial liquidity, no material
near-term maturities, and no material capital commitments.”
Results for the Quarter
- Second quarter net loss attributable to common shareholders was
$9.7 million, or $0.05 per diluted share, as compared to net income
of $8.9 million, or $0.05 per diluted share, in the year-ago
period. The year-over-year decrease in net income was primarily
attributable to the impact of the COVID-19 pandemic.
- Second quarter operating funds from operations attributable to
common shareholders (“Operating FFO” or “OFFO”) was $39.9 million,
or $0.21 per diluted share, compared to $57.0 million, or $0.31 per
diluted share, in the year-ago period.
Significant Quarter and Recent Activity
- Entered into agreements with affiliates of Blackstone to
terminate the BRE DDR III and BRE DDR IV joint ventures. Additional
details are provided in the “BRE DDR Joint Ventures” section of
this release.
- The Company’s Board of Directors suspended payment of dividends
on its common shares for the third quarter of 2020. The Board of
Directors has not made any decisions with respect to its dividend
policy beyond the third quarter of 2020 and intends to maintain
compliance with REIT taxable income distribution requirements.
- Repaid $360 million of the outstanding balance on the Company’s
$970 million unsecured lines of credit. Including $128 million of
consolidated cash and availability under lines of credit, total
liquidity as of June 30, 2020 was $813 million.
- Issued the Company’s sixth Corporate Responsibility and
Sustainability Report. The Report was completed in alignment with
the Global Reporting Initiative (GRI) and with the Sustainability
Accounting Standards Board (SASB) metrics and frameworks and
provides updates on the annual results of the Company’s corporate
responsibility and sustainability programs. The full Report can be
found at https://www.sitecenters.com/2019CRS.
Key Quarterly Operating Results
- Reported a decrease of 19.1% in same store net operating income
on a pro rata basis for the second quarter of 2020, excluding
redevelopment primarily due to the impact of the COVID-19 pandemic.
Including redevelopment, same store net operating income for the
second quarter of 2020 decreased by 18.1%.
- Generated new leasing spreads of 23.1% and renewal leasing
spreads of 6.6%, both on a pro rata basis, for the quarter and new
leasing spreads of 16.9% and renewal leasing spreads of 3.8%, both
on a pro rata basis, for the trailing twelve-month period.
- Reported a leased rate of 92.4% at June 30, 2020 on a pro rata
basis, compared to 92.9% on a pro rata basis at March 31, 2020 and
93.9% at June 30, 2019. The sequential decline was primarily
related to the bankruptcy of 24 Hour Fitness.
- As of June 30, 2020, the signed but not opened spread was 200
basis points representing $11 million of annualized base rent on a
pro rata basis scheduled to commence.
- Annualized base rent per occupied square foot on a pro rata
basis was $18.51 at June 30, 2020, compared to $17.98 at June 30,
2019.
COVID-19 Update
- Furthered our property level COVID-19 pandemic response to
include: property level social media and email marketing campaigns
to help communities identify operating tenants, facilitated gift
card and purchase promotion program to connect local businesses
with members of the communities, instituted heightened cleaning and
disinfection protocols, installed social distancing and hygiene
signage around our properties to follow CDC guidelines, developed
and implemented our Vendor COVID Operating Protocolto promote safe
and responsible operations by our vendors, developed and
implemented a COVID Operating Protocol for all property operations
staff, deployed online purchase pick-up locations across the
portfolio, and completed a tenant survey to identify specific
tenant needs around curbside and online purchase pick-up.
- As of July 24, 2020, all of the Company’s properties remain
open and operational with 92% of tenants, at the Company’s share
and based on average base rents, open for business. This compares
to an open rate low of 45% as of April 5, 2020.
- As of July 24, 2020, the Company’s tenants had paid
approximately 64% of second quarter rents and 71% of July rents.
The Company has reached deferral arrangements with tenants
representing an additional 17% of second quarter rents and 10% of
July rents.
BRE DDR Joint Ventures
- On July 14, 2020, the Company entered into agreements with
affiliates of Blackstone to terminate the BRE DDR III and BRE DDR
IV joint ventures. Pursuant to these agreements:
- At the closing of the BRE DDR III transaction, the Company will
transfer its common and preferred equity interests in BRE DDR III
to an affiliate of Blackstone in exchange for (i) BRE DDR III’s
interests in White Oak Village and Midtowne Park, (ii) 50% of the
unrestricted cash then held by BRE DDR III (BRE DDR III’s
unrestricted cash balance was $13.6 million as of June 30, 2020),
and (iii) $1.9 million in cash. At closing, the White Oak Village
and Midtowne Park properties will continue to be subject to
existing mortgage loans which had an aggregate outstanding
principal balance of $50.0 million as of June 30, 2020.
- At the closing of the BRE DDR IV transaction, an affiliate of
Blackstone will transfer its common equity interest in BRE DDR IV
to the Company for consideration of $1.00 and the Company’s
preferred investment in the BRE DDR IV joint venture will be
redeemed, thereby leaving the Company as the sole owner of (i) the
seven properties currently owned by BRE DDR IV, including Echelon
Village Plaza and Larkins Corner, in which the Company did not
previously have a material economic interest, and (ii) BRE DDR IV’s
restricted and unrestricted cash ($11.2 million in the aggregate as
of June 30, 2020). At closing, these seven properties will be
subject to existing mortgage loans which had an aggregate
outstanding principal balance of $147.0 million as of June 30,
2020.
The closings of the two transactions are not conditioned on one
another and each transaction is expected to close as soon as all
applicable conditions have been satisfied including receipt of
lender consents.
DDR BRE Acquisition Properties
Center
MSA
Location
ST
SITE Own %
JV
Owned GLA
Total GLA
ABR PSF
Concourse Village
Miami-Fort Lauderdale-West Palm Beach,
FL
Jupiter
FL
5%
BREDDR IV
134
134
$17.34
Millenia Crossing
Orlando-Kissimmee-Sanford, FL
Orlando
FL
5%
BREDDR IV
100
100
$26.30
Echelon Village Plaza
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
Voorhees
NJ
0%
BREDDR IV
89
89
$20.58
The Hub
New York-Newark-Jersey City, NY-NJ-PA
Hempstead
NY
5%
BREDDR IV
249
249
$12.40
Southmont Plaza
Allentown-Bethlehem-Easton, PA-NJ
Easton
PA
5%
BREDDR IV
251
386
$16.51
Ashbridge Square
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
Downingtown
PA
5%
BREDDR IV
386
386
$8.87
Larkin's Corner
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
Boothwyn
PA
0%
BREDDR IV
225
225
$9.73
Midtowne Park
Greenville-Anderson-Mauldin, SC
Anderson
SC
5%
BREDDR III
167
174
$9.83
White Oak Village
Richmond, VA
Richmond
VA
5%
BREDDR III
432
956
$15.99
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping
centers that provide a highly-compelling shopping experience and
merchandise mix for retail partners and consumers. The Company is a
self-administered and self-managed REIT operating as a fully
integrated real estate company, and is publicly traded on the New
York Stock Exchange under the ticker symbol SITC. Additional
information about the Company is available at
https://www.sitecenters.com. To be included in the Company’s e-mail
distributions for press releases and other investor news, please
click here.
Conference Call and Supplemental Information
The Company will hold its quarterly conference call today at
8:00 a.m. Eastern Time. To participate with access to the slide
presentation, please visit the Investor Relations portion of SITE's
website, ir.sitecenters.com, or for
audio only, dial 888-317-6003 (U.S.), 866-284-3684 (Canada) or
412-317-6061 (international) using pass code 2698100 at least ten
minutes prior to the scheduled start of the call. The call will
also be webcast and available in a listen-only mode on SITE
Centers’ web site at ir.sitecenters.com. If you are unable to
participate during the live call, a replay of the conference call
will also be available at ir.sitecenters.com for further review.
You may also access the telephone replay by dialing 877-344-7529
(U.S.), 855-669-9658 (Canada) or 412-317-0088 (international) using
passcode 10146103 through August 28, 2020. A copy of the Company’s
Supplemental package is available on the Company’s website.
Non-GAAP Measures
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 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
definition of FFO provided by NAREIT. 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.
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 includes assets owned in
comparable periods (15 months for quarter comparisons). In
addition, SSNOI is presented both including and excluding activity
associated with development and major redevelopment. SSNOI excludes
all non-property and corporate level revenue and expenses. Other
real estate companies may calculate NOI and SSNOI in a different
manner. The Company believes SSNOI at its effective ownership
interest 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.
FFO, Operating FFO, NOI and SSNOI do not represent cash
generated from operating activities in accordance with GAAP, are
not necessarily indicative of cash available to fund cash needs and
should not be considered as alternatives to net income computed in
accordance with GAAP, as indicators of the Company’s operating
performance or as alternatives to cash flow as a measure of
liquidity. Reconciliations of these non-GAAP measures to their most
directly comparable GAAP measures have been provided herein.
Safe Harbor
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 outbreak of COVID-19 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 rent; 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 the
finalization of the financial statements for the period ended June
30, 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.
SITE Centers
Corp.
Income Statement:
Consolidated Interests
in thousands, except per share
2Q20
2Q19
6M20
6M19
Revenues:
Rental income (1)
$98,079
$112,274
$210,608
$224,495
Other property revenues
181
1,177
1,734
2,646
98,260
113,451
212,342
227,141
Expenses:
Operating and maintenance
16,519
18,743
34,999
37,584
Real estate taxes
17,348
17,798
35,005
35,541
33,867
36,541
70,004
73,125
Net operating income
64,393
76,910
142,338
154,016
Other income (expense):
Fee income (2)
9,311
15,206
24,539
32,538
Interest income
3,550
4,521
7,035
9,042
Interest expense
(19,811)
(21,087)
(40,398)
(42,813)
Depreciation and amortization
(40,873)
(40,060)
(83,866)
(82,668)
General and administrative (3)
(13,502)
(14,932)
(24,878)
(29,044)
Other (expense) income, net (4)
(612)
(85)
(18,021)
68
Impairment charges
0
0
0
(620)
Income before earnings from JVs and
other
2,456
20,473
6,749
40,519
Equity in net (loss) income of JVs
(1,513)
1,791
658
2,834
Reserve of preferred equity interests
(4,878)
(4,634)
(22,935)
(5,733)
(Loss) gain on sale of joint venture
interest
(128)
0
45,553
0
Gain on disposition of real estate,
net
2
213
775
16,590
Tax expense
(342)
(306)
(575)
(578)
Net (loss) income
(4,403)
17,537
30,225
53,632
Non-controlling interests
(210)
(260)
(505)
(565)
Net (loss) income SITE Centers
(4,613)
17,277
29,720
53,067
Preferred dividends
(5,133)
(8,383)
(10,266)
(16,766)
Net (loss) income Common
Shareholders
($9,746)
$8,894
$19,454
$36,301
Weighted average shares – Basic –
EPS
193,170
180,551
193,448
180,548
Assumed conversion of diluted
securities
0
658
0
826
Weighted average shares – Basic &
Diluted – EPS
193,170
181,209
193,448
181,374
Earnings per common share –
Basic
$(0.05)
$0.05
$0.10
$0.20
Earnings per common share –
Diluted
$(0.05)
$0.05
$0.10
$0.20
(1)
Rental income:
Minimum rents
$77,040
$74,877
$151,681
$149,838
Ground lease minimum rents
5,432
5,023
10,900
10,041
Recoveries
27,340
27,987
54,539
55,448
Uncollectible revenue
(13,241)
768
(13,730)
327
Percentage and overage rent
363
910
964
2,286
Ancillary and other rental income
981
2,679
3,065
3,938
Lease termination fees
164
30
3,189
2,617
(2)
Fee Income:
JV and other fees
3,780
7,245
11,378
15,122
RVI fees
5,321
6,446
11,395
13,002
RVI disposition fees
210
1,515
1,766
2,614
RVI refinancing fee
0
0
0
1,800
(3)
Mark-to-market adjustment (PRSUs)
(261)
(501)
1,906
(1,400)
(4)
Other income (expense),
net
Transaction and other expense, net
(612)
1
(835)
164
Debt extinguishment costs, net
0
(86)
(17,186)
(96)
SITE Centers
Corp.
Reconciliation: Net (Loss)
Income to FFO and Operating FFO and Other Financial Information
in thousands, except per share
2Q20
2Q19
6M20
6M19
Net (loss) income attributable to
Common Shareholders
($9,746)
$8,894
$19,454
$36,301
Depreciation and amortization of real
estate
39,456
38,638
81,075
79,595
Equity in net loss (income) of JVs
1,513
(1,791)
(658)
(2,834)
JVs' FFO
2,998
7,696
10,141
15,671
Non-controlling interests
0
28
28
56
Impairment of real estate
0
0
0
620
Reserve of preferred equity interests
4,878
4,634
22,935
5,733
Loss (gain) on sale of joint venture
interest
128
0
(45,553)
0
Gain on disposition of real estate,
net
(2)
(213)
(775)
(16,590)
FFO attributable to Common
Shareholders
$39,225
$57,886
$86,647
$118,552
RVI disposition and refinancing fees
(210)
(1,515)
(1,766)
(4,414)
Mark-to-market adjustment (PRSUs)
261
501
(1,906)
1,400
Debt extinguishment, transaction, net
612
99
18,021
121
Joint ventures - debt extinguishment,
other
0
32
42
46
Total non-operating items, net
663
(883)
14,391
(2,847)
Operating FFO attributable to Common
Shareholders
$39,888
$57,003
$101,038
$115,705
Weighted average shares & units –
Basic: FFO & OFFO
193,311
180,693
193,589
180,691
Assumed conversion of dilutive
securities
0
658
0
826
Weighted average shares & units –
Diluted: FFO & OFFO
193,311
181,351
193,589
181,517
FFO per share – Basic
$0.20
$0.32
$0.45
$0.66
FFO per share – Diluted
$0.20
$0.32
$0.45
$0.65
Operating FFO per share – Basic
$0.21
$0.32
$0.52
$0.64
Operating FFO per share –
Diluted
$0.21
$0.31
$0.52
$0.64
Common stock dividends declared, per
share
$0.00
$0.20
$0.20
$0.40
Capital expenditures (SITE Centers
share):
Development and redevelopment costs
5,408
14,537
14,142
21,387
Maintenance capital expenditures
5,340
4,429
7,595
5,827
Tenant allowances and landlord work
5,208
6,696
15,591
15,006
Leasing commissions
658
1,240
1,626
2,083
Construction administrative costs
(capitalized)
640
934
1,480
1,560
Certain non-cash items (SITE Centers
share):
Straight-line rent
213
516
(1,129)
832
Straight-line fixed CAM
149
185
298
385
Amortization of (above)/below-market rent,
net
1,148
1,074
2,550
2,270
Straight-line rent expense
(53)
(415)
(122)
(835)
Debt fair value and loan cost
amortization
(1,243)
(1,140)
(2,353)
(2,262)
Capitalized interest expense
271
279
558
550
Stock compensation expense
(2,555)
(2,713)
(2,379)
(5,467)
Non-real estate depreciation expense
(1,351)
(1,372)
(2,668)
(2,930)
SITE Centers Corp.
Balance Sheet:
Consolidated Interests
$ in thousands
At Period End
2Q20
4Q19
Assets:
Land
$881,581
$881,397
Buildings
3,302,821
3,277,440
Fixtures and tenant improvements
498,999
491,312
4,683,401
4,650,149
Depreciation
(1,358,535)
(1,289,148)
3,324,866
3,361,001
Construction in progress and land
56,203
59,663
Real estate, net
3,381,069
3,420,664
Investments in and advances to JVs
84,257
181,906
Investment in and advances to affiliate
(1)
190,280
190,105
Receivable – preferred equity interests,
net
89,049
112,589
Cash
128,486
16,080
Restricted cash
198
3,053
Notes receivable
0
7,541
Receivables and straight-line (2)
81,184
60,594
Intangible assets, net (3)
71,740
79,813
Other assets, net
22,268
21,277
Total Assets
4,048,531
4,093,622
Liabilities and Equity:
Revolving credit facilities
285,000
5,000
Unsecured debt
1,448,536
1,647,963
Unsecured term loan
99,548
99,460
Secured debt
53,765
94,874
1,886,849
1,847,297
Dividends payable
5,133
44,036
Other liabilities (4)
196,745
220,811
Total Liabilities
2,088,727
2,112,144
Preferred shares
325,000
325,000
Common shares
19,400
19,382
Paid-in capital
5,704,719
5,700,400
Distributions in excess of net income
(4,085,559)
(4,066,099)
Deferred compensation
5,434
7,929
Other comprehensive income
188
(491)
Common shares in treasury at cost
(12,669)
(7,707)
Non-controlling interests
3,291
3,064
Total Equity
1,959,804
1,981,478
Total Liabilities and Equity
$4,048,531
$4,093,622
(1)
Preferred investment in RVI
$190,000
$190,000
Receivable from RVI
280
105
(2)
SL rents (including fixed CAM),
net
31,363
31,909
(3)
Operating lease right of use
assets
21,588
$21,792
(4)
Operating lease liabilities
40,636
40,725
Below-market leases, net
44,437
46,961
SITE Centers Corp.
Reconciliation of Net Income
Attributable to SITE to Same Store NOI
$ in thousands
2Q20
2Q19
2Q20
2Q19
SITE Centers at 100%
At SITE Centers Share
(Non-GAAP)
GAAP Reconciliation:
Net (loss) income attributable to SITE
Centers
($4,613)
$17,277
($4,613)
$17,277
Fee income
(9,311)
(15,206)
(9,311)
(15,206)
Interest income
(3,550)
(4,521)
(3,550)
(4,521)
Interest expense
19,811
21,087
19,811
21,087
Depreciation and amortization
40,873
40,060
40,873
40,060
General and administrative
13,502
14,932
13,502
14,932
Other expense, net
612
85
612
85
Equity in net loss (income) of joint
ventures
1,513
(1,791)
1,513
(1,791)
Reserve of preferred equity interests
4,878
4,634
4,878
4,634
Tax expense
342
306
342
306
Loss on sale of joint venture interest
128
0
128
0
Gain on disposition of real estate,
net
(2)
(213)
(2)
(213)
Income from non-controlling interests
210
260
210
260
Consolidated NOI
64,393
76,910
64,393
76,910
SITE Centers' consolidated JV
0
0
(404)
(434)
Consolidated NOI, net of
non-controlling interests
64,393
76,910
63,989
76,476
Net (loss) income from unconsolidated
joint ventures
(13,053)
1,153
(1,674)
1,571
Interest expense
15,100
25,286
2,985
4,395
Depreciation and amortization
23,575
36,969
4,219
6,004
Impairment charges
1,520
0
304
0
Preferred share expense
4,554
5,484
227
274
Other expense, net
2,941
5,885
620
1,026
(Gain) loss on disposition of real estate,
net
(4)
321
4
30
Unconsolidated NOI
$34,633
$75,098
6,685
13,300
Total Consolidated + Unconsolidated
NOI
70,674
89,776
Less: Non-Same Store NOI adjustments
(899)
(4,543)
Total SSNOI including
redevelopment
69,775
85,233
Less: Redevelopment Same Store NOI
adjustments
(5,257)
(5,450)
Total SSNOI excluding
redevelopment
$64,518
$79,783
SSNOI % Change including
redevelopment
(18.1%)
SSNOI % Change excluding
redevelopment
(19.1%)
SITE Centers Corp.
Reconciliation of Net Income
Attributable to SITE to Same Store NOI
$ in thousands
6M20
6M19
6M20
6M19
SITE Centers at 100%
At SITE Centers Share
(Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE
Centers
$29,720
$53,067
$29,720
$53,067
Fee income
(24,539)
(32,538)
(24,539)
(32,538)
Interest income
(7,035)
(9,042)
(7,035)
(9,042)
Interest expense
40,398
42,813
40,398
42,813
Depreciation and amortization
83,866
82,668
83,866
82,668
General and administrative
24,878
29,044
24,878
29,044
Other expense (income), net
18,021
(68)
18,021
(68)
Impairment charges
0
620
0
620
Equity in net income of joint ventures
(658)
(2,834)
(658)
(2,834)
Reserve of preferred equity interests
22,935
5,733
22,935
5,733
Tax expense
575
578
575
578
Gain on sale of joint venture interest
(45,553)
0
(45,553)
0
Gain on disposition of real estate,
net
(775)
(16,590)
(775)
(16,590)
Income from non-controlling interests
505
565
505
565
Consolidated NOI
142,338
154,016
142,338
154,016
SITE Centers' consolidated JV
0
0
(881)
(878)
Consolidated NOI, net of
non-controlling interests
142,338
154,016
141,457
153,138
Net (loss) income from unconsolidated
joint ventures
(31,707)
7,819
307
2,345
Interest expense
32,855
50,942
6,314
8,824
Depreciation and amortization
53,679
76,473
9,415
12,171
Impairment charges
33,240
12,267
1,890
2,453
Preferred share expense
9,084
10,943
454
547
Other expense, net
7,598
11,341
1,556
2,022
Gain on disposition of real estate,
net
(8,910)
(15,645)
(1,735)
(1,525)
Unconsolidated NOI
$95,839
$154,140
18,201
26,837
Total Consolidated + Unconsolidated
NOI
159,658
179,975
Less: Non-Same Store NOI adjustments
(5,404)
(12,761)
Total SSNOI including
redevelopment
154,254
167,214
Less: Redevelopment Same Store NOI
adjustments
(10,497)
(11,003)
Total SSNOI excluding
redevelopment
$143,757
$156,211
SSNOI % Change including
redevelopment
(7.8%)
SSNOI % Change excluding
redevelopment
(8.0%)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200728005273/en/
Conor Fennerty, EVP and Chief Financial Officer
216-755-5500
SITE Centers (NYSE:SITC)
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