SITE Centers Reports Fourth Quarter and Full-Year 2023 Results and Declares First Quarter Dividend
- Strong net income growth in the fourth quarter and full year compared to the prior year.
- Planned spin-off of Convenience assets into a separate publicly-traded REIT named Curbline Properties Corp.
- Significant transaction activity and financings totaling over $1.5 billion.
- Property dispositions and acquisitions contributing to financial performance.
- Positive growth in same-store net operating income and leasing spreads.
- Declaration of a dividend of $0.13 per share for the first quarter of 2024.
- Robust property NOI projections for 2024 for both SITE Centers and Curbline Properties.
- Completion of the ninth Corporate Responsibility and Sustainability Report in alignment with industry standards.
- None.
Insights
The operating results announced by SITE Centers Corp. reflect a strategic shift with the planned spin-off of its Convenience assets into a new REIT, Curbline Properties. This move, coupled with a significant volume of transaction activity and financing, signals a restructuring that could potentially enhance shareholder value by focusing on high-growth potential segments. The reported increase in net income attributable to common shareholders, primarily driven by gains on sale from dispositions, suggests a strong capital recycling strategy. However, the decline in Operating FFO year-over-year, mainly due to property dispositions, indicates a potential short-term impact on cash flows, which investors should monitor closely.
Furthermore, the acquisition and disposition activities may lead to a more optimized portfolio, but they also introduce variability in operating metrics such as leased rates and net operating income. The 0.3% increase in same-store net operating income and the varied leasing spreads reported reflect changing market conditions that could influence SITE Centers' performance. As the spin-off of Curbline Properties approaches, investors should consider the implications of the new structure, including the potential for focused growth and the risks associated with the transition.
SITE Centers Corp.'s strategic divestitures and acquisitions within the open-air shopping center space demonstrate an active management approach to real estate portfolio optimization. The company's sale of 14 shopping centers and acquisition of four convenience shopping centers indicate a repositioning towards convenience-centric properties. This is consistent with broader retail real estate trends, where convenience and accessibility are becoming increasingly valued by consumers.
The declared dividend maintains investor interest and signals confidence in the company's cash flow stability. The anticipated spin-off of Curbline Properties suggests a belief in the value creation potential from a specialized REIT structure. The leasing spreads and leased rate dynamics provide insights into the company's operational efficiency and market positioning. The slight decrease in leased rates year-over-year could be a point of concern, but the significant spread in Signed Not Opened leases indicates potential future revenue growth.
The issuance of SITE Centers Corp.'s ninth Corporate Responsibility and Sustainability Report, adhering to the Global Reporting Initiative and the Sustainability Accounting Standards Board metrics, underscores the company's commitment to environmental, social and governance (ESG) practices. As investors increasingly prioritize ESG factors, SITE Centers' focus on sustainability could enhance its reputation and appeal to a broader investor base. The retail real estate sector is under scrutiny for its environmental impact and SITE Centers' proactive approach to sustainability reporting may provide a competitive advantage and align with investor values.
While the report itself does not directly impact financial performance, it may indirectly influence investor sentiment and long-term value creation by demonstrating the company's dedication to sustainable operations. The long-term benefits of such initiatives include potential operational cost savings, risk mitigation and alignment with regulatory trends favoring sustainable business practices.
“The fourth quarter was a significant time period for SITE Centers highlighted by the announced planned spin-off of the Company’s Convenience assets, nearly
Results for the Fourth Quarter
-
Fourth quarter net income attributable to common shareholders was
$193.6 million $0.92 $25.4 million $0.12 -
Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was
$54.0 million $0.26 $62.5 million $0.29
Results for the Year
-
Net income attributable to common shareholders for the year ended December 31, 2023 was
$254.5 million $1.21 $157.6 million $0.73 -
Operating FFO was
$247.9 million $1.18 $253.3 million $1.18
Significant Fourth Quarter and Recent Activity
-
SITE Centers sold 14 wholly owned shopping centers in the fourth quarter and first quarter to date for an aggregate price of
$818.6 million $736.2 million -
Acquired four convenience shopping centers during the quarter for an aggregate price of
$62.4 million Charlotte, NC ) for$8.9 million Cape Coral, FL ) for$17.1 million Atlanta, GA ) for$7.4 million Phoenix, AZ ) for$29.0 million - In October, announced the expected spin-off of the Company’s Convenience assets into a separate publicly-traded REIT to be named Curbline Properties Corp. (“Curbline Properties” or “CURB”). The spin-off is expected to be completed on or around October 1, 2024. As of December 31, 2023, the Company has amassed a portfolio of 65 wholly owned properties to be included in the CURB portfolio, including assets separated or in the process of being separated from SITE Centers properties. The transaction is subject to certain conditions, including the effectiveness of CURB’s Form 10 registration statement and final approval and declaration of the distribution by SITE Center’s Board of Directors.
-
In October, obtained a commitment from affiliates of Apollo, including ATLAS SP Partners, to provide a
$1.1 billion -
In October, closed on a five-year
$100 million Princeton, NJ ). -
In December, closed on a five-year
$380.6 million $76.1 million -
In the fourth quarter, recorded a
$1.3 million
Significant Full-Year 2023 Activity
- Issued the Company’s ninth Corporate Responsibility and Sustainability Report. The Report was completed in alignment with the Global Reporting Initiative and with the Sustainability Accounting Standards Board metrics and frameworks. The report intends to provide updates on the annual results of the Company’s corporate responsibility and sustainability programs and can be found at https://www.sitecenters.com/2022CSR.
-
Acquired 12 Convenience shopping centers for an aggregate price of
$165.1 million -
Sold 22 shopping centers for
$966.6 million $876.9 million
Key Quarterly Operating Results
-
Reported an increase of
0.3% in same-store net operating income (“SSNOI”) on a pro rata basis for the fourth quarter of 2023, including redevelopment, as compared to the year-ago period which included a 240 basis-point headwind due to the bankruptcy of Bed Bath & Beyond to fourth quarter 2023 SSNOI growth. The impact of prior period rental income receipts related to cash basis tenants was immaterial to fourth quarter 2023 SSNOI growth. -
Generated cash new leasing spreads of
29.5% and cash renewal leasing spreads of6.5% , both on a pro rata basis, for the trailing twelve-month period ended December 31, 2023 and cash new leasing spreads of9.2% and cash renewal leasing spreads of3.1% , both on a pro rata basis, for the fourth quarter of 2023. -
Generated straight-lined new leasing spreads of
41.1% and straight-lined renewal leasing spreads of11.1% , both on a pro rata basis, for the trailing twelve-month period ended December 31, 2023 and straight-lined new leasing spreads of17.3% and straight-lined renewal leasing spreads of9.0% , both on a pro rata basis, for the fourth quarter of 2023. -
Reported a leased rate of
94.5% at December 31, 2023, compared to94.6% at September 30, 2023 and95.4% at December 31, 2022, all on a pro rata basis. Net transaction activity was a 50 basis point sequential headwind related to the sale of properties in the fourth quarter with an average leased rate of97.8% , partially offset by new leasing activity and acquisitions. -
As of December 31, 2023, the Signed Not Opened (“SNO”) spread was 250 basis points, representing
$14.2 million
First Quarter Dividend
The Company declared a dividend on its common stock of
Property NOI Projection
The Company projects based on the assumptions below, 2024 property level NOI to be as follows:
Portfolio |
|
NOI Projection ($M) |
SITE Centers |
|
|
Curbline Properties |
|
|
These projections:
- Calculate NOI pursuant to the definition of NOI used in the SSNOI calculation as described below except that it includes lease termination fees and assumes that all properties owned as of December 31, 2023 are held for the full year 2024,
-
Assume 2024 SSNOI growth of
3.5% -5.5% for Curbline Properties, -
Exclude from NOI G&A allocated to operating expenses which totaled
$2.8 million $11.2 million -
Adjust NOI for estimated impact of remaining expected parcel separations and include NOI for SITE Centers from its
Beachwood, OH office headquarters.
In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI and assumed range of 2024 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which for the same-store calculation only includes properties owned for comparable periods and excludes all corporate level activity as described below under Non-GAAP Measures and Other Operational Metrics.
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 (
Non-GAAP Measures and Other Operational Metrics
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 Company also uses 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 and 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 prior period comparisons). In addition, SSNOI is presented including activity associated with 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. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI and assumed rate of 2024 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which for the same-store calculation only includes properties owned for comparable periods and excludes all corporate level activity as noted above.
The Company calculates Cash Leasing Spreads by comparing the prior tenant's annual base rent in the final year of the prior lease to the executed tenant's annual base rent in the first year of the executed lease. Straight-Lined Leasing Spreads are calculated by comparing the prior tenant's average base rent over the prior lease term to the executed tenant's average base rent over the term of the executed lease. For both Cash and Straight-Lined Leasing Spreads, the reported calculation includes only comparable leases which are deals executed within one year of the date that the prior tenant vacated. Deals executed after one year of the date the prior tenant vacated, deals which are a combination of existing units, new leases at redevelopment properties, and deals for units vacant at the time of acquisition are considered non-comparable and excluded from the calculation.
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, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, 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, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; 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; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to complete the spin-off of Curbline Properties in a timely manner or at all; our ability to secure equity or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; 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; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and the finalization of the financial statements for the period ended December 31, 2023. 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 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 |
|
|
|
||||
|
|
4Q23 |
|
4Q22 |
|
12M23 |
|
12M22 |
|
Revenues: |
|
|
|
|
|
|
|
|
Rental income (1) |
|
|
|
|
|
|
|
|
Other property revenues |
414 |
|
537 |
|
2,392 |
|
3,701 |
|
|
123,156 |
|
136,433 |
|
539,458 |
|
540,807 |
|
Expenses: |
|
|
|
|
|
|
|
|
Operating and maintenance |
22,331 |
|
22,750 |
|
88,959 |
|
89,278 |
|
Real estate taxes |
15,887 |
|
19,476 |
|
76,762 |
|
80,706 |
|
|
38,218 |
|
42,226 |
|
165,721 |
|
169,984 |
|
|
|
|
|
|
|
|
|
|
Net operating income (2) |
84,938 |
|
94,207 |
|
373,737 |
|
370,823 |
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
JV and other fee income |
1,510 |
|
2,075 |
|
6,817 |
|
11,546 |
|
Interest expense |
(20,011) |
|
(20,386) |
|
(82,002) |
|
(77,692) |
|
Depreciation and amortization |
(46,925) |
|
(50,982) |
|
(212,460) |
|
(203,546) |
|
General and administrative (3) |
(14,932) |
|
(12,161) |
|
(50,867) |
|
(46,564) |
|
Other income (expense), net (4) |
5,200 |
|
(388) |
|
3,189 |
|
(2,540) |
|
Impairment charges |
0 |
|
0 |
|
0 |
|
(2,536) |
|
Income before earnings from JVs and other |
9,780 |
|
12,365 |
|
38,414 |
|
49,491 |
|
|
|
|
|
|
|
|
|
|
Equity in net income of JVs |
82 |
|
424 |
|
6,577 |
|
27,892 |
|
Gain on sale and change in control of interests |
0 |
|
27 |
|
3,749 |
|
45,581 |
|
Gain on disposition of real estate, net |
187,796 |
|
15,352 |
|
219,026 |
|
46,644 |
|
Tax expense |
(1,234) |
|
47 |
|
(2,045) |
|
(816) |
|
Net income |
196,424 |
|
28,215 |
|
265,721 |
|
168,792 |
|
Non-controlling interests |
0 |
|
(18) |
|
(18) |
|
(73) |
|
Net income SITE Centers |
196,424 |
|
28,197 |
|
265,703 |
|
168,719 |
|
Preferred dividends |
(2,789) |
|
(2,789) |
|
(11,156) |
|
(11,156) |
|
Net income Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares – Basic – EPS |
209,323 |
|
212,168 |
|
209,459 |
|
212,998 |
|
Assumed conversion of diluted securities |
85 |
|
661 |
|
162 |
|
885 |
|
Weighted average shares – Diluted – EPS |
209,408 |
|
212,829 |
|
209,621 |
|
213,883 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share – Basic |
|
|
|
|
|
|
|
|
Earnings per common share – Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Rental income: |
|
|
|
|
|
|
|
|
Minimum rents |
|
|
|
|
348,801 |
|
|
|
Ground lease minimum rents |
5,729 |
|
6,747 |
|
24,837 |
|
26,938 |
|
Straight-line rent, net |
907 |
|
589 |
|
3,067 |
|
3,043 |
|
Amortization of (above)/below-market rent, net |
1,099 |
|
1,249 |
|
13,198 |
|
4,656 |
|
Percentage and overage rent |
1,952 |
|
1,635 |
|
6,450 |
|
5,217 |
|
Recoveries |
30,246 |
|
33,763 |
|
134,816 |
|
133,574 |
|
Uncollectible revenue |
(291) |
|
(501) |
|
(1,417) |
|
1,388 |
|
Ancillary and other rental income |
1,997 |
|
2,066 |
|
6,713 |
|
6,482 |
|
Lease termination fees |
15 |
|
168 |
|
601 |
|
3,779 |
|
|
|
|
|
|
|
|
|
(2) |
Includes NOI from WO assets sold in 4Q23 |
4,487 |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
(3) |
Separation charge and other |
1,032 |
|
0 |
|
5,046 |
|
0 |
|
|
|
|
|
|
|
|
|
(4) |
Interest income (fees), net |
4,554 |
|
(146) |
|
4,349 |
|
(655) |
|
Transaction costs |
(1,339) |
|
(237) |
|
(3,187) |
|
(1,305) |
|
Debt extinguishment costs |
(118) |
|
(5) |
|
(76) |
|
(580) |
|
Derivative mark-to-market |
2,103 |
|
0 |
|
2,103 |
|
0 |
SITE Centers Corp. Reconciliation: Net Income to FFO and Operating FFO and Other Financial Information |
||||||||
|
in thousands, except per share |
|
|
|
||||
|
|
4Q23 |
|
4Q22 |
|
12M23 |
|
12M22 |
|
Net income attributable to Common Shareholders |
|
|
|
|
|
|
|
|
Depreciation and amortization of real estate |
45,525 |
|
49,833 |
|
207,005 |
|
198,662 |
|
Equity in net income of JVs |
(82) |
|
(424) |
|
(6,577) |
|
(27,892) |
|
JVs' FFO |
1,654 |
|
2,806 |
|
7,981 |
|
12,274 |
|
Non-controlling interests |
0 |
|
18 |
|
18 |
|
73 |
|
Impairment of real estate |
0 |
|
0 |
|
0 |
|
2,536 |
|
Gain on sale and change in control of interests |
0 |
|
(27) |
|
(3,749) |
|
(45,581) |
|
Gain on disposition of real estate, net |
(187,796) |
|
(15,352) |
|
(219,026) |
|
(46,644) |
|
FFO attributable to Common Shareholders |
|
|
|
|
|
|
|
|
Separation and other charges |
1,308 |
|
0 |
|
5,752 |
|
0 |
|
Transaction, debt extinguishment and other (at SITE's share) |
1,838 |
|
239 |
|
4,024 |
|
2,740 |
|
Derivative mark-to market |
(2,103) |
|
0 |
|
(2,103) |
|
0 |
|
RVI disposition fees |
0 |
|
0 |
|
0 |
|
(385) |
|
Total non-operating items, net |
1,043 |
|
239 |
|
7,673 |
|
2,355 |
|
Operating FFO attributable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares & units – Basic: FFO & OFFO |
209,323 |
|
212,308 |
|
209,508 |
|
213,139 |
|
Assumed conversion of dilutive securities |
85 |
|
661 |
|
162 |
|
744 |
|
Weighted average shares & units – Diluted: FFO & OFFO |
209,408 |
|
212,969 |
|
209,670 |
|
213,883 |
|
|
|
|
|
|
|
|
|
|
FFO per share – Basic |
|
|
|
|
|
|
|
|
FFO per share – Diluted |
|
|
|
|
|
|
|
|
Operating FFO per share – Basic |
|
|
|
|
|
|
|
|
Operating FFO per share – Diluted |
|
|
|
|
|
|
|
|
Common stock dividends declared, per share (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (SITE Centers share): |
|
|
|
|
|
|
|
|
Redevelopment costs |
5,311 |
|
4,280 |
|
21,037 |
|
20,731 |
|
Maintenance capital expenditures |
5,936 |
|
4,621 |
|
17,488 |
|
21,088 |
|
Tenant allowances and landlord work |
16,194 |
|
12,032 |
|
55,133 |
|
47,372 |
|
Leasing commissions |
1,941 |
|
2,788 |
|
8,196 |
|
8,798 |
|
Construction administrative costs (capitalized) |
776 |
|
912 |
|
3,171 |
|
3,997 |
|
|
|
|
|
|
|
|
|
|
Certain non-cash items (SITE Centers share): |
|
|
|
|
|
|
|
|
Straight-line rent |
939 |
|
806 |
|
3,174 |
|
3,417 |
|
Straight-line fixed CAM |
102 |
|
151 |
|
340 |
|
476 |
|
Amortization of below-market rent/(above), net |
1,197 |
|
1,335 |
|
13,562 |
|
5,018 |
|
Straight-line ground rent expense |
(25) |
|
(35) |
|
(155) |
|
(135) |
|
Debt fair value and loan cost amortization |
(1,310) |
|
(1,267) |
|
(4,901) |
|
(5,121) |
|
Capitalized interest expense |
322 |
|
311 |
|
1,238 |
|
1,119 |
|
Stock compensation expense |
(1,965) |
|
(1,678) |
|
(7,083) |
|
(6,813) |
|
Non-real estate depreciation expense |
(1,402) |
|
(1,151) |
|
(5,466) |
|
(4,893) |
|
|
|
|
|
|
|
|
|
(1) |
Includes |
|
|
|
|
|
|
|
SITE Centers Corp. Balance Sheet: Consolidated Interests |
||||
|
$ in thousands |
|
|
|
|
|
At Period End |
||
|
|
4Q23 |
|
4Q22 |
|
Assets: |
|
|
|
|
Land |
|
|
|
|
Buildings |
3,311,368 |
|
3,733,805 |
|
Fixtures and tenant improvements |
537,872 |
|
576,036 |
|
|
4,779,780 |
|
5,376,693 |
|
Depreciation |
(1,570,377) |
|
(1,652,899) |
|
|
3,209,403 |
|
3,723,794 |
|
Construction in progress and land |
51,379 |
|
56,466 |
|
Real estate, net |
3,260,782 |
|
3,780,260 |
|
|
|
|
|
|
Investments in and advances to JVs |
39,372 |
|
44,608 |
|
Cash |
551,968 |
|
20,254 |
|
Restricted cash |
17,063 |
|
960 |
|
Receivables and straight-line (1) |
65,623 |
|
63,926 |
|
Intangible assets, net (2) |
86,363 |
|
105,945 |
|
Other assets, net |
40,180 |
|
29,064 |
|
Total Assets |
4,061,351 |
|
4,045,017 |
|
|
|
|
|
|
Liabilities and Equity: |
|
|
|
|
Revolving credit facilities |
0 |
|
0 |
|
Unsecured debt |
1,303,243 |
|
1,453,923 |
|
Unsecured term loan |
198,856 |
|
198,521 |
|
Secured debt |
124,176 |
|
54,577 |
|
|
1,626,275 |
|
1,707,021 |
|
Dividends payable |
63,806 |
|
30,389 |
|
Other liabilities (3) |
195,727 |
|
214,985 |
|
Total Liabilities |
1,885,808 |
|
1,952,395 |
|
|
|
|
|
|
Preferred shares |
175,000 |
|
175,000 |
|
Common shares |
21,437 |
|
21,437 |
|
Paid-in capital |
5,974,904 |
|
5,974,216 |
|
Distributions in excess of net income |
(3,934,736) |
|
(4,046,370) |
|
Deferred compensation |
5,167 |
|
5,025 |
|
Accumulated comprehensive income |
6,121 |
|
9,038 |
|
Common shares in treasury at cost |
(72,350) |
|
(51,518) |
|
Non-controlling interests |
0 |
|
5,794 |
|
Total Equity |
2,175,543 |
|
2,092,622 |
|
|
|
|
|
|
Total Liabilities and Equity |
|
|
|
|
|
|
|
|
(1) |
SL rents (including fixed CAM), net |
|
|
|
|
|
|
|
|
(2) |
Operating lease right of use assets |
17,373 |
|
18,197 |
|
|
|
|
|
(3) |
Operating lease liabilities |
37,108 |
|
37,777 |
|
Below-market leases, net |
46,096 |
|
59,825 |
|
|
|
|
|
SITE Centers Corp. Reconciliation of Net Income Attributable to SITE to Same Store NOI |
|||||||
$ in thousands |
|
|
|
|
|
|
|
|
4Q23 |
|
4Q22 |
|
4Q23 |
|
4Q22 |
|
SITE Centers at |
|
At SITE Centers Share
|
||||
GAAP Reconciliation: |
|
|
|
|
|
|
|
Net income attributable to SITE Centers |
|
|
|
|
|
|
|
Fee income |
(1,510) |
|
(2,075) |
|
(1,510) |
|
(2,075) |
Interest expense |
20,011 |
|
20,386 |
|
20,011 |
|
20,386 |
Depreciation and amortization |
46,925 |
|
50,982 |
|
46,925 |
|
50,982 |
General and administrative |
14,932 |
|
12,161 |
|
14,932 |
|
12,161 |
Other expense (income), net |
(5,200) |
|
388 |
|
(5,200) |
|
388 |
Equity in net income of joint ventures |
(82) |
|
(424) |
|
(82) |
|
(424) |
Tax expense |
1,234 |
|
(47) |
|
1,234 |
|
(47) |
Gain on sale and change in control of interests |
0 |
|
(27) |
|
0 |
|
(27) |
Gain on disposition of real estate, net |
(187,796) |
|
(15,352) |
|
(187,796) |
|
(15,352) |
Income from non-controlling interests |
0 |
|
18 |
|
0 |
|
18 |
Consolidated NOI |
84,938 |
|
94,207 |
|
84,938 |
|
94,207 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(6,934) |
|
(16,640) |
Total Consolidated SSNOI |
|
|
|
|
78,004 |
|
77,567 |
|
|
|
|
|
|
|
|
Consolidated SSNOI % Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from unconsolidated joint ventures |
(926) |
|
1,013 |
|
(99) |
|
361 |
Interest expense |
6,585 |
|
7,495 |
|
1,498 |
|
1,682 |
Depreciation and amortization |
7,429 |
|
9,395 |
|
1,778 |
|
2,153 |
Other expense (income), net |
3,445 |
|
1,189 |
|
752 |
|
298 |
(Gain) loss on disposition of real estate, net |
(165) |
|
1,408 |
|
(33) |
|
289 |
Unconsolidated NOI |
|
|
|
|
3,896 |
|
4,783 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(155) |
|
(831) |
Total Unconsolidated SSNOI at SITE share |
|
|
|
|
3,741 |
|
3,952 |
|
|
|
|
|
|
|
|
Unconsolidated SSNOI % Change |
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
SSNOI % Change at SITE Share |
|
|
|
|
|
|
|
SITE Centers Corp. Reconciliation of Net Income Attributable to SITE to Same Store NOI |
|||||||
$ in thousands |
|
|
|
|
|
|
|
|
12M23 |
|
12M22 |
|
12M23 |
|
12M22 |
|
SITE Centers at |
|
At SITE Centers Share
|
||||
GAAP Reconciliation: |
|
|
|
|
|
|
|
Net income attributable to SITE Centers |
|
|
|
|
|
|
|
Fee income |
(6,817) |
|
(11,546) |
|
(6,817) |
|
(11,546) |
Interest expense |
82,002 |
|
77,692 |
|
82,002 |
|
77,692 |
Depreciation and amortization |
212,460 |
|
203,546 |
|
212,460 |
|
203,546 |
General and administrative |
50,867 |
|
46,564 |
|
50,867 |
|
46,564 |
Other expense (income), net |
(3,189) |
|
2,540 |
|
(3,189) |
|
2,540 |
Impairment charges |
0 |
|
2,536 |
|
0 |
|
2,536 |
Equity in net income of joint ventures |
(6,577) |
|
(27,892) |
|
(6,577) |
|
(27,892) |
Tax expense |
2,045 |
|
816 |
|
2,045 |
|
816 |
Gain on sale and change in control of interests |
(3,749) |
|
(45,581) |
|
(3,749) |
|
(45,581) |
Gain on disposition of real estate, net |
(219,026) |
|
(46,644) |
|
(219,026) |
|
(46,644) |
Income from non-controlling interests |
18 |
|
73 |
|
18 |
|
73 |
Consolidated NOI |
373,737 |
|
370,823 |
|
373,737 |
|
370,823 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(69,445) |
|
(74,177) |
Total Consolidated SSNOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated SSNOI % Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from unconsolidated joint ventures |
21,246 |
|
106,846 |
|
4,625 |
|
22,248 |
Interest expense |
25,601 |
|
34,055 |
|
5,840 |
|
7,664 |
Depreciation and amortization |
32,578 |
|
46,518 |
|
7,656 |
|
10,457 |
Impairment charges |
0 |
|
17,550 |
|
0 |
|
3,510 |
Other expense (income), net |
10,467 |
|
12,303 |
|
2,345 |
|
2,766 |
Gain on disposition of real estate, net |
(21,316) |
|
(120,097) |
|
(4,265) |
|
(23,965) |
Unconsolidated NOI |
|
|
|
|
16,201 |
|
22,680 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(1,280) |
|
(7,800) |
Total Unconsolidated SSNOI at SITE share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated SSNOI % Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SSNOI % Change at SITE Share |
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213280385/en/
For additional information:
Conor Fennerty, EVP and Chief Financial Officer
or
everbinnen@sitecenters.com
216-695-5138
Source: SITE Centers Corp.
FAQ
What was SITE Centers Corp.'s net income for the fourth quarter of 2023?
What was the Operating FFO for SITE Centers Corp. in the fourth quarter of 2023?
What dividend did SITE Centers Corp. declare for the first quarter of 2024?
What was the total price of shopping centers sold by SITE Centers Corp. in the fourth quarter and first quarter to date?
What was the impact of property dispositions on SITE Centers Corp.'s Operating FFO in the fourth quarter of 2023?
