SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping
centers located in suburban, high household income communities,
announced today operating results for the quarter ended September
30, 2021.
“Third quarter results and recent activity highlight SITE
Centers’ continued success and momentum on multiple fronts: new
leasing volume was the highest for any quarter in over two years,
the Company met 2021 investment goals with the acquisition of
Hammond Springs, and in October Retail Value Inc. declared and paid
$190 million of preferred dividends to SITE Centers,” commented
David R. Lukes, President and Chief Executive Officer. “We believe
continued operational and investment momentum, along with the
distribution on our preferred investment in RVI, position SITE
Centers for a multi-year period of sustainable growth.”
Results for the Quarter
- Third quarter net income attributable to common shareholders
was $25.3 million, or $0.12 per diluted share, as compared to net
income of $2.2 million, or $0.01 per diluted share, in the year-ago
period. The year-over-year increase in net income was primarily
attributable to lower uncollectible revenue related to the COVID-19
pandemic, lower general and administrative expenses, gains reported
from asset sales and higher disposition fees earned from Retail
Value Inc. (‘RVI”), partially offset by lower interest income and
the valuation allowance related to the Company’s former preferred
investments in the BRE DDR ventures, which were terminated in the
fourth quarter of 2020.
- Third quarter operating funds from operations attributable to
common shareholders (“Operating FFO” or “OFFO”) was $61.4 million,
or $0.29 per diluted share, compared to $43.5 million, or $0.23 per
diluted share, in the year-ago period. The year-over-year increase
was primarily attributable to lower uncollectible revenue related
to the COVID-19 pandemic and lower general and administrative
expenses, partially offset by lower interest income. Third quarter
results included $1.6 million of net revenue at SITE Centers’ share
related to prior periods primarily from cash basis tenants.
Significant Third Quarter and Recent Activity
- In September 2021, acquired Hammond Springs (Atlanta, GA) for
$31.0 million.
- Sold one unconsolidated shopping center and two wholly-owned
land parcels for an aggregate sales price of $34.2 million,
totaling $21.1 million at SITE Centers’ share.
- In the third quarter of 2021, the Company offered and sold
720,076 common shares on a forward basis under its $250 million ATM
program at a weighted-average price of $15.89 per share generating
expected gross proceeds before issuance costs of $11.4 million. The
shares may be settled at any time before the settlement date,
September 9, 2022. Year to date, the Company has offered and sold
1,700,472 shares on a forward basis under its ATM program at a
weighted average price of $15.43 per share before issuance costs
generating expected gross proceeds of $26.2 million with no shares
settled to date.
- On October 6, 2021, SITE Centers received a distribution of
$190 million on the RVI Series A Preferred Shares which represents
the full amount expected to be paid by RVI on account of the
Company’s preferred investment.
- In October 2021, the Company repaid $87.6 million of mortgage
debt, which was scheduled to mature in January 2022.
Key Quarterly Operating Results
- Reported an increase of 21.6% in SSNOI on a pro rata basis for
the third quarter of 2021, including redevelopment, as compared to
the year-ago period. The third quarter 2021 results were favorably
impacted by lower year-over-year uncollectible revenue and prior
period rent collections from cash basis tenants.
- Generated new leasing spreads of 7.3% and renewal leasing
spreads of 0.6%, both on a pro rata basis, for the trailing
twelve-month period ended September 30, 2021 and new leasing
spreads of 18.1% and renewal leasing spreads of 2.6%, both on a pro
rata basis, for the third quarter of 2021.
- Reported a leased rate of 92.3% at September 30, 2021 on a pro
rata basis, compared to 91.6% on a pro rata basis at December 31,
2020 and 91.9% at September 30, 2020.
- As of September 30, 2021, the signed but not opened spread was
210 basis points representing $11.9 million of annualized base rent
on a pro rata basis.
- Annualized base rent per occupied square foot on a pro rata
basis was $18.44 at September 30, 2021, compared to $18.53 at
September 30, 2020.
COVID-19 Update
- As of October 15, 2021, all of the Company’s properties remain
open and operational with 100% of tenants, at the Company’s share
and based on average base rents open for business.
- As of October 15, 2021, the Company’s tenants had paid
approximately 99% of third quarter 2021 rents. The payment rates
for the Company’s tenants, at the Company’s share and based on
average base rents are reflected as follows:
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
As of October 15, 2021
91%
96%
97%
98%
99%
99%
As of July 21, 2021
89%
93%
97%
97%
98%
N/A
As of April 16, 2021
84%
89%
95%
96%
N/A
N/A
As of February 12, 2021
79%
88%
94%
N/A
N/A
N/A
As of October 23, 2020
70%
84%
N/A
N/A
N/A
N/A
As of July 24, 2020
64%
N/A
N/A
N/A
N/A
N/A
- As of October 15, 2021, agreed upon rent deferral arrangements
with tenants that remain unpaid represented approximately 1% of
2020 rents. Agreed upon rental deferral arrangements for the first
quarter of 2021 through third quarter of 2021 are immaterial.
Guidance
The Company has updated its 2021 full year guidance for net
income attributable to common shareholders and Operating FFO per
share to include the impact of the third quarter operating results.
RVI disposition and refinancing fees, impairment charges, gains on
sale of assets and debt extinguishment are excluded from guidance.
The guidance update is as follows:
Reconciliation of Net Income Attributable to Common Shareholders
to FFO and Operating FFO estimates:
FY 2021E (prior) Per
Share – Diluted
FY 2021E (revised) Per
Share – Diluted
Net income attributable to Common
Shareholders
$0.15 – $0.20
$0.28 – $0.30
Depreciation and amortization of real
estate
0.83 – 0.86
0.83 – 0.86
Equity in net (income) of JVs
(0.05)
(0.06)
JVs' FFO
0.08 – 0.10
0.09 – 0.11
Gain on sale of joint venture interest,
net (reported actual)
(0.07)
(0.10)
Impairment of real estate (reported
actual)
0.03
0.03
FFO (NAREIT)
$1.00 – $1.04
$1.10 – $1.11
Disposition fees (reported actual)
—
(0.03)
Mark-to-market adjustment (PRSUs) and
other (reported actual)
0.03
0.03
Write-off of Class K Preferred Share
original issuance costs
0.03
0.03
Operating FFO
$1.06 – $1.10
$1.13 – $1.14
Other key assumptions for 2021 guidance include:
FY 2021E (prior)
FY 2021E (revised)
Joint Venture fee income
$12 – $14 million
$13 – $14 million
RVI fee income (excluding disposition
fees) (1)
$15 – $17 million
$16 – $17 million
SSNOI (2)
10.5% – 13.0%
12.5% – 14.0%
(1) Consistent with 2019 and 2020,
guidance excludes impact of disposition and refinancing fees from
RVI for the full year.
(2) Including redevelopment.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping
centers located in suburban, high household income communities. 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 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 8760189 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’ website 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 10158874 through November 25, 2021.
Copies of the Company’s Supplemental package and earnings slide
presentation are 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 generally accepted
accounting principles in the United States (“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.
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 gain and losses from the disposition of
real estate property, potential impairments and reserves of real
estate property and related investments, debt extinguishment costs,
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 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.
Reconciliation of the 2021 SSNOI projected growth target to the
most directly comparable GAAP financial measure is not provided
because the Company is unable to provide such reconciliation
without unreasonable effort.
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 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 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; our ability to maintain REIT status; and the finalization
of the financial statements for the period ended September 30,
2021. 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 Forms 10-K and 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
3Q21
3Q20
9M21
9M20
Revenues:
Rental income (1)
$120,569
$95,874
$366,689
$306,482
Other property revenues
514
70
1,095
1,804
121,083
95,944
367,784
308,286
Expenses:
Operating and maintenance
18,562
15,775
58,200
50,774
Real estate taxes
19,160
16,542
58,359
51,547
37,722
32,317
116,559
102,321
Net operating income
83,361
63,627
251,225
205,965
Other income (expense):
Fee income (2)
13,358
9,610
30,264
34,149
Interest expense
(19,170)
(18,089)
(57,701)
(58,487)
Depreciation and amortization
(44,669)
(41,148)
(137,446)
(125,014)
General and administrative (3)
(11,727)
(13,664)
(41,547)
(38,542)
Other expense, net (4)
(524)
3,259
(1,214)
(7,727)
Impairment charges
0
0
(7,270)
0
Income before earnings from JVs and
other
20,629
3,595
36,311
10,344
Equity in net income of JVs
1,824
250
11,059
908
Adjustment (reserve) of preferred equity
interests
0
3,542
0
(19,393)
Gain on sale of joint venture
interests
35
82
13,943
45,635
Gain on disposition of real estate,
net
5,871
218
6,069
993
Tax expense
(202)
(284)
(1,057)
(859)
Net income
28,157
7,403
66,325
37,628
Non-controlling interests
(93)
(116)
(384)
(621)
Net income SITE Centers
28,064
7,287
65,941
37,007
Write-off of preferred share original
issuance costs
0
0
(5,156)
0
Preferred dividends
(2,789)
(5,133)
(10,867)
(15,399)
Net income Common Shareholders
$25,275
$2,154
$49,918
$21,608
Weighted average shares – Basic –
EPS
211,048
193,203
206,918
193,366
Assumed conversion of diluted
securities
1,143
162
1,156
0
Weighted average shares – Basic &
Diluted – EPS
212,191
193,365
208,074
193,366
Earnings per common share –
Basic
$0.12
$0.01
$0.24
$0.11
Earnings per common share –
Diluted
$0.12
$0.01
$0.24
$0.11
(1)
Rental income:
Minimum rents
$79,256
$75,158
$236,362
$225,627
Ground lease minimum rents
6,547
5,418
19,407
16,319
Percentage and overage rent
1,016
806
3,349
1,770
Straight-line rent, net
687
551
456
(269)
Amortization of (above)/below-market rent,
net
897
1,026
2,771
3,058
Recoveries
29,441
25,833
90,518
80,371
Uncollectible revenue
1,083
(14,188)
8,268
(27,918)
Ancillary and other rental income
1,586
1,194
4,427
4,260
Lease termination fees
56
76
1,131
3,264
(2)
Fee Income:
JV and other fees
3,846
4,037
10,817
15,416
RVI fees
4,012
4,717
13,355
16,111
RVI disposition fees
5,500
856
6,092
2,622
(3)
Mark-to-market adjustment (PRSUs)
0
(289)
(5,589)
1,617
Executive separation charge
0
(1,650)
0
(1,650)
(4)
Other income (expense), net:
Transaction and other expense, net
(356)
(186)
(707)
(1,021)
Interest income
(168)
3,445
(492)
10,480
Debt extinguishment costs, net
0
0
(15)
(17,186)
SITE Centers Corp.
Reconciliation: Net Income
to FFO and Operating FFO
and Other Financial
Information
in thousands, except per share
3Q21
3Q20
9M21
9M20
Net income attributable to Common
Shareholders
$25,275
$2,154
$49,918
$21,608
Depreciation and amortization of real
estate
43,283
39,812
133,279
120,889
Equity in net income of JVs
(1,824)
(250)
(11,059)
(908)
JVs' FFO
5,659
4,388
17,065
14,529
Non-controlling interests
17
0
49
28
Impairment of real estate
0
0
7,270
0
(Adjustment) reserve of preferred equity
interests
0
(3,542)
0
19,393
Gain on sale of joint venture
interests
(35)
(82)
(13,943)
(45,635)
Gain on disposition of real estate,
net
(5,871)
(218)
(6,069)
(993)
FFO attributable to Common
Shareholders
$66,504
$42,262
$176,510
$128,911
RVI disposition fees
(5,500)
(856)
(6,092)
(2,622)
Mark-to-market adjustment (PRSUs)
0
289
5,589
(1,617)
Executive separation charge
0
1,650
0
1,650
Debt extinguishment, transaction, net
356
186
722
18,207
Joint ventures - debt extinguishment,
other
1
0
32
42
Write-off of preferred share original
issuance costs
0
0
5,156
0
Total non-operating items, net
(5,143)
1,269
5,407
15,660
Operating FFO attributable to Common
Shareholders
$61,361
$43,531
$181,917
$144,571
Weighted average shares & units –
Basic: FFO & OFFO
211,189
193,343
207,059
193,507
Assumed conversion of dilutive
securities
1,143
21
1,156
0
Weighted average shares & units –
Diluted: FFO & OFFO
212,332
193,364
208,215
193,507
FFO per share – Basic
$0.31
$0.22
$0.85
$0.67
FFO per share – Diluted
$0.31
$0.22
$0.85
$0.67
Operating FFO per share – Basic
$0.29
$0.23
$0.88
$0.75
Operating FFO per share –
Diluted
$0.29
$0.23
$0.87
$0.75
Common stock dividends declared, per
share
$0.12
$0.00
$0.35
$0.20
Capital expenditures (SITE Centers
share):
Redevelopment costs (major and
tactical)
6,143
3,289
12,698
17,431
Maintenance capital expenditures
3,153
3,394
9,449
10,989
Tenant allowances and landlord work
9,763
2,655
27,540
18,246
Leasing commissions
1,838
786
4,406
2,412
Construction administrative costs
(capitalized)
805
715
2,220
2,195
Certain non-cash items (SITE Centers
share):
Straight-line rent
727
739
559
(390)
Straight-line fixed CAM
149
155
416
450
Amortization of (above)/below-market rent,
net
993
1,230
3,082
3,780
Straight-line ground rent expense
(25)
(45)
(97)
(167)
Debt fair value and loan cost
amortization
(1,261)
(1,233)
(3,717)
(3,587)
Capitalized interest expense
200
234
462
792
Stock compensation expense
(1,947)
(2,710)
(11,323)
(5,088)
Non-real estate depreciation expense
(1,319)
(1,270)
(3,971)
(3,938)
SITE Centers Corp.
Balance Sheet:
Consolidated Interests
$ in thousands
At Period End
3Q21
4Q20
Assets:
Land
$962,872
$953,556
Buildings
3,533,242
3,488,499
Fixtures and tenant improvements
544,374
509,866
5,040,488
4,951,921
Depreciation
(1,536,248)
(1,427,057)
3,504,240
3,524,864
Construction in progress and land
42,143
37,467
Real estate, net
3,546,383
3,562,331
Investments in and advances to JVs
72,684
77,297
Investment in and advances to affiliate
(1)
190,121
190,035
Cash
61,924
69,742
Restricted cash
3,414
4,672
Receivables and straight-line (2)
59,910
73,517
Intangible assets, net (3)
97,474
111,022
Other assets, net
20,383
19,668
Total Assets
4,052,293
4,108,284
Liabilities and Equity:
Revolving credit facilities
0
135,000
Unsecured debt
1,451,229
1,449,613
Unsecured term loan
99,767
99,635
Secured debt
241,561
249,260
1,792,557
1,933,508
Dividends payable
28,251
14,844
Other liabilities (4)
213,018
215,109
Total Liabilities
2,033,826
2,163,461
Preferred shares
175,000
325,000
Common shares
21,110
19,400
Paid-in capital
5,942,466
5,705,164
Distributions in excess of net income
(4,123,534)
(4,099,534)
Deferred compensation
4,590
5,479
Other comprehensive income
0
(2,682)
Common shares in treasury at cost
(4,815)
(11,319)
Non-controlling interests
3,650
3,315
Total Equity
2,018,467
1,944,823
Total Liabilities and Equity
$4,052,293
$4,108,284
(1)
Preferred investment in RVI
$190,000
$190,000
Receivable from RVI
121
35
(2)
SL rents (including fixed CAM), net
31,178
30,552
(3)
Operating lease right of use assets
19,469
$20,604
(4)
Operating lease liabilities
38,889
39,794
Below-market leases, net
54,802
57,348
SITE Centers Corp.
Reconciliation of Net Income
Attributable to SITE to Same Store NOI
$ in thousands
3Q21
3Q20
3Q21
3Q20
SITE Centers at 100%
At SITE Centers Share
(Non-GAAP)
GAAP
Reconciliation:
Net income attributable to SITE
Centers
$28,064
$7,287
$28,064
$7,287
Fee income
(13,358)
(9,610)
(13,358)
(9,610)
Interest expense
19,170
18,089
19,170
18,089
Depreciation and amortization
44,669
41,148
44,669
41,148
General and administrative
11,727
13,664
11,727
13,664
Other expense (income), net
524
(3,259)
524
(3,259)
Impairment charges
0
0
0
0
Equity in net income of joint ventures
(1,824)
(250)
(1,824)
(250)
Adjustment of preferred equity
interests
0
(3,542)
0
(3,542)
Tax expense
202
284
202
284
Gain on sale of joint venture
interests
(35)
(82)
(35)
(82)
Gain on disposition of real estate,
net
(5,871)
(218)
(5,871)
(218)
Income from non-controlling interests
93
116
93
116
Consolidated NOI
83,361
63,627
83,361
63,627
SITE Centers' consolidated JV
0
0
(284)
(320)
Consolidated NOI, net of
non-controlling interests
83,361
63,627
83,077
63,307
Net income (loss) from unconsolidated
joint ventures
4,863
(4,748)
1,756
59
Interest expense
10,980
14,700
2,706
2,937
Depreciation and amortization
16,605
23,901
3,805
4,250
Impairment charges
0
0
0
0
Preferred share expense
0
4,626
0
231
Other expense, net
2,832
3,246
700
694
Loss (gain) on disposition of real estate,
net
455
(319)
91
(43)
Unconsolidated NOI
$35,735
$41,406
9,058
8,128
Total Consolidated + Unconsolidated
NOI
92,135
71,435
Less: Non-Same Store NOI adjustments
(516)
3,923
Total SSNOI including
redevelopment
91,619
75,358
Less: Redevelopment Same Store NOI
adjustments
(3,643)
(2,338)
Total SSNOI excluding
redevelopment
$87,976
$73,020
SSNOI % Change including
redevelopment
21.6%
SSNOI % Change excluding
redevelopment
20.5%
SITE Centers Corp.
Reconciliation of Net Income
Attributable to SITE to Same Store NOI
$ in thousands
9M21
9M20
9M21
9M20
SITE Centers at 100%
At SITE Centers Share
(Non-GAAP)
GAAP
Reconciliation:
Net income attributable to SITE
Centers
$65,941
$37,007
$65,941
$37,007
Fee income
(30,264)
(34,149)
(30,264)
(34,149)
Interest expense
57,701
58,487
57,701
58,487
Depreciation and amortization
137,446
125,014
137,446
125,014
General and administrative
41,547
38,542
41,547
38,542
Other expense, net
1,214
7,727
1,214
7,727
Impairment charges
7,270
0
7,270
0
Equity in net income of joint ventures
(11,059)
(908)
(11,059)
(908)
Reserve of preferred equity interests
0
19,393
0
19,393
Tax expense
1,057
859
1,057
859
Gain on sale of joint venture
interests
(13,943)
(45,635)
(13,943)
(45,635)
Gain on disposition of real estate,
net
(6,069)
(993)
(6,069)
(993)
Income from non-controlling interests
384
621
384
621
Consolidated NOI
251,225
205,965
251,225
205,965
SITE Centers' consolidated JV
0
0
(958)
(1,200)
Consolidated NOI, net of
non-controlling interests
251,225
205,965
250,267
204,765
Net income (loss) from unconsolidated
joint ventures
53,525
(36,455)
9,943
366
Interest expense
32,898
47,555
8,113
9,251
Depreciation and amortization
50,309
77,580
11,480
13,665
Impairment charges
0
33,240
0
1,890
Preferred share expense
0
13,710
0
685
Other expense, net
8,806
10,844
2,186
2,250
Gain on disposition of real estate,
net
(36,132)
(9,229)
(4,387)
(1,778)
Unconsolidated NOI
$109,406
$137,245
27,335
26,329
Total Consolidated + Unconsolidated
NOI
277,602
231,094
Less: Non-Same Store NOI adjustments
490
9,705
Total SSNOI including
redevelopment
278,092
240,799
Less: Redevelopment Same Store NOI
adjustments
(11,071)
(7,478)
Total SSNOI excluding
redevelopment
$267,021
$233,321
SSNOI % Change including
redevelopment
15.5%
SSNOI % Change excluding
redevelopment
14.4%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211025005208/en/
Conor Fennerty, EVP and Chief Financial Officer 216-755-5500
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