SITE Centers Reports Fourth Quarter and Year-End 2020 Operating Results

Rhea-AI Summary

SITE Centers Corp. (NYSE:SITC) announced its Q4 and full-year results for 2020, revealing a net loss of $6.4 million, compared to a net income of $9.7 million in Q4 2019. The downturn is attributed to the COVID-19 pandemic and lower joint venture fees. Operating funds from operations (OFFO) also decreased to $48.3 million from $62.3 million year-over-year. Despite these challenges, the company experienced a significant leasing volume increase of 51% in Q4 compared to the previous year. Guidance for 2021 estimates net income per diluted share to range from $(0.06) to $0.05.

Positive

• 51% year-over-year increase in total leasing volume for Q4.
• Leasing activity momentum and no material near-term capital commitments.
• Declared a dividend of $0.11 per share for Q1 2021.

Negative

• Net loss of $6.4 million in Q4, a turnaround from a net income of $9.7 million in Q4 2019.
• Operating FFO decreased to $48.3 million from $62.3 million year-over-year.
• Leased rate declined to 91.6% from 93.8% year-over-year due to bankruptcy of Steinmart.

SITE Centers Corp. (NYSE:SITC) today announced operating results for the quarter and year ended December 31, 2020.

“Leasing activity and collections momentum continued to build through year-end and we are encouraged by the pace of recovery in our operations,” commented David R. Lukes, President and Chief Executive Officer. “This level of activity, coupled with our financial position, with no material near-term maturities or capital commitments, and our focused portfolio targeting the highest household income communities in the United States gives me confidence in our Company’s outlook for sustainable growth.”

Results for the Quarter

• Fourth quarter net loss attributable to common shareholders was $6.4 million, or $0.03 per diluted share, as compared to net income of $9.7 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 and lower joint venture fees related to the sale of the Company’s stake in the DDRTC joint venture.
• Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $48.3 million, or $0.25 per diluted share, compared to $62.3 million, or $0.33 per diluted share, in the year-ago period. The year-over-year decrease was primarily attributable to the impact of the COVID-19 pandemic and lower joint venture fees related to the sale of the Company’s stake in the DDRTC joint venture.

Results for the Year

• Net income attributable to common shareholders for the year ended December 31, 2020, was $15.2 million, or $0.08 per diluted share, which compares to net income of $61.3 million, or $0.33 per diluted share for the prior year.
• Operating FFO was $0.99 per diluted share for the full year 2020, which compares to $1.27 per diluted share for 2019.

Significant Fourth Quarter and Recent Activity

• Fourth quarter of 2020 total leasing volume was the highest produced since the third quarter of 2018 and represented a year-over-year increase of 51% as compared to the fourth quarter of 2019.
• On October 15, 2020, an affiliate of Blackstone transferred 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 was redeemed, thereby leaving the Company as the sole owner of (i) the seven properties owned by the BRE DDR IV joint venture, including Echelon Village Plaza and Larkin’s Corner, in which the Company did not previously have a material economic interest, and (ii) $5.4 million in cash. These seven properties are subject to existing mortgage loans which had an aggregate outstanding principal balance of $146.6 million as of October 15, 2020.
• On November 20, 2020, the Company transferred its common and preferred equity interest in the BRE DDR III joint venture to an affiliate of Blackstone in exchange for White Oak Village and Midtowne Park and $4.9 million in cash. These two properties are subject to existing mortgage loans, which had an aggregate outstanding principal balance of $50.0 million as of November 20, 2020.
• On February 2, 2021, the Company, along with its partners, sold a parcel of undeveloped land in Richmond Hill, Ontario. SITE Centers’ share of net proceeds totaled approximately $22 million after accounting for customary closing costs and foreign currency translation. As of December 31, 2020, the Company’s net investment had a book value of $3.3 million. Subsequent to the transaction, the Company has no other investments outside the continental United States.
• On February 18, 2021 the Company declared its first quarter 2021 common stock dividend of $0.11 per share. The common stock dividend is payable on April 6, 2021 to shareholders of record at the close of business on March 18, 2021. The Board of Directors has not made any decisions with respect to the dividend policy beyond the first quarter of 2021.

Significant Full-Year Activity

• Sold two unconsolidated shopping centers and land parcels for an aggregate sales price of $36.2 million, or $14.1 million at SITE Centers’ share, including $7.5 million from the repayment of a mezzanine loan.
• Completed the sale of SITE Centers’ 15% stake in the DDRTC Joint Venture to its partner, TIAA-CREF, which resulted in net proceeds to the Company of $140.4 million.
• Repaid $200 million aggregate principal amount of 4.625% senior unsecured notes due 2022. The Company recorded a charge in connection with the notes’ prepayment of $17.2 million primarily related to prepayment penalties.
• Repurchased 0.8 million of its common shares for $7.5 million. The shares were repurchased at a weighted-average price of $9.18 per share.
• Issued the Company’s sixth Corporate Responsibility and Sustainability Report (www.sitecenters.com/2019CSR). This 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.
• Included in Newsweek’s annual list of America’s Most Responsible Companies for the second consecutive year.
• Included in Bloomberg Gender Equality Index which tracks performance of companies committed to gender equality for the second consecutive year.

Key Quarterly Operating Results

• Reported a decrease of 11.8% and 10.9% in SSNOI on a pro rata basis for the fourth quarter of 2020 and for the year ended December 31, 2020, respectively, excluding redevelopment, primarily due to the impact of the COVID-19 pandemic. Including redevelopment, SSNOI decreased by 12.0% and 11.1% on a pro rata basis for the quarter and year ended December 31, 2020, respectively.
• Generated new leasing spreads of 8.0% and renewal leasing spreads of 2.7%, both on a pro rata basis, for the trailing twelve-month period and new leasing spreads of -3.8% and renewal leasing spreads of -1.9%, both on a pro rata basis, for the fourth quarter of 2020. Fourth quarter renewal spreads were impacted by the Company’s decision to execute a short-term renewal with one anchor in order to maintain occupancy.
• Reported a leased rate of 91.6% at December 31, 2020, compared to 91.9% at September 30, 2020 and 93.8% at December 31, 2019, in each case on a pro rata basis. The sequential decline was primarily related to the bankruptcy of Steinmart and related store closures.
• As of December 31, 2020, the signed but not opened spread was 290 basis points representing $12.8 million of annualized base rent on a pro rata basis.
• Annualized base rent per occupied square foot on a pro rata basis was $18.50 at December 31, 2020, compared to $18.25 at December 31, 2019.

COVID-19 Update

• SITE Centers continues to work with tenants to maximize their ability to provide goods and services to customers in accordance with phased openings in the municipalities where the Company operates as well as other public health measures and practices. Efforts include facilitating curbside and online purchase pick-up, utilization of social media platforms, and on site promotional programs and marketing. Our property operations team continues to monitor CDC and local governmental health agencies to ensure property level practices are in line with best practices and engage with property level vendors in accordance with its Vendor COVID Operating Protocol.
• As of February 12, 2021, all of the Company’s properties remain open and operational with 98% 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 and 98% as of October 23, 2020.
• As of February 12, 2021, the Company’s tenants had paid approximately 94% of fourth quarter 2020 and 94% of January 2021 rent. 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		January 2021
As of February 12, 2021		79%		88%		94%		94%
As of October 23, 2020		70%		84%		90%		N/A
As of July 24, 2020		64%		71%		N/A		N/A

• As of February 12, 2021, agreed upon rent deferral arrangements with tenants that remain unpaid represented 11% of second quarter 2020 rents, 8% of third quarter 2020 rents and 2% of fourth quarter rents. Deferral arrangements represent 1% of January 2021 rents.

Guidance
The Company estimates net income attributable to common shareholders for 2021 to be from $(0.06) to $0.05 per diluted share and Operating FFO to be $0.90 to $1.00 per diluted share. RVI disposition and refinancing fees, debt extinguishment and mark-to-market adjustments of equity awards are excluded from guidance.

Reconciliation of Net Income Attributable to Common Shareholders to FFO and Operating FFO estimates:

		FY 2021E Per Share - Diluted
Net income attributable to Common Shareholders		($0.06) - $0.05
Depreciation and amortization of real estate		0.86 - 0.89
Equity in net (income) of JVs		(0.01)
JVs' FFO		0.08 - 0.10
FFO (NAREIT) and Operating FFO		$0.90 - $1.00

Other key assumptions for 2021 guidance include:

		FY2021E
Joint Venture fee income		$11 – $15 million
RVI fee income (excluding disposition fees) (1)		$13 – $17 million

(1)

Consistent with 2019 and 2020, guidance excludes impact of disposition and refinancing fees from RVI for the full year.

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 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 4946984 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 10150669 through March 18, 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.

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 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; our ability to maintain REIT status; and the finalization of the financial statements for the period ended December 31, 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
			4Q20		4Q19		12M20		12M19
	Revenues:
	Rental income (1)		$108,382		$110,866		$414,864		$443,421
	Other property revenues		91		926		1,895		4,330
	Business interruption income		0		0		0		885
			108,473		111,792		416,759		448,636
	Expenses:
	Operating and maintenance		18,027		17,033		68,801		71,355
	Real estate taxes		18,054		16,046		69,601		68,308
			36,081		33,079		138,402		139,663
	Net operating income		72,392		78,713		278,357		308,973
	Other income (expense):
	Fee income (2)		9,425		13,992		43,574		59,352
	Interest income		1,408		4,351		11,888		18,009
	Interest expense		(19,117)		(20,748)		(77,604)		(84,721)
	Depreciation and amortization		(45,655)		(41,687)		(170,669)		(165,087)
	General and administrative (3)		(14,339)		(14,036)		(52,881)		(58,384)
	Other (expense) income, net (4)		(193)		611		(18,400)		357
	Impairment charges		(5,200)		0		(5,200)		(3,370)
	(Loss) income before earnings from JVs and other		(1,279)		21,196		9,065		75,129
	Equity in net income of JVs		608		6,073		1,516		11,519
	Reserve of preferred equity interests		0		(3,438)		(19,393)		(15,544)
	(Loss) gain on sale and change in control of interests, net		(171)		0		45,464		0
	Gain on disposition of real estate, net		76		293		1,069		31,380
	Tax (expense) benefit		(272)		168		(1,131)		(659)
	Net (loss) income		(1,038)		24,292		36,590		101,825
	Non-controlling interests		(247)		(290)		(869)		(1,126)
	Net (loss) income SITE Centers		(1,285)		24,002		35,721		100,699
	Write-off of preferred share original issuance costs		0		(7,176)		0		(7,176)
	Preferred dividends		(5,133)		(7,082)		(20,531)		(32,231)
	Net (loss) income Common Shareholders		($6,418)		$9,744		$15,190		$61,292
	Weighted average shares – Basic – EPS		193,248		190,360		193,336		183,026
	Assumed conversion of diluted securities		0		162		441		228
	Weighted average shares – Basic & Diluted – EPS		193,248		190,522		193,777		183,254
	Earnings per common share – Basic		$(0.03)		$0.05		$0.08		$0.33
	Earnings per common share – Diluted		$(0.03)		$0.05		$0.08		$0.33
(1)	Rental income:
	Minimum rents		$75,412		$76,121		$303,828		$301,252
	Ground lease minimum rents		6,076		5,213		22,395		20,272
	Recoveries		26,760		25,529		107,132		106,995
	Uncollectible revenue		(3,989)		205		(31,908)		27
	Percentage and overage rent		1,172		1,278		2,942		4,117
	Ancillary and other rental income		1,725		2,306		5,984		7,539
	Lease termination fees		1,226		214		4,491		3,219
(2)	Fee Income:
	JV and other fees		3,771		7,399		19,247		29,305
	RVI fees		5,133		6,401		21,185		24,895
	RVI disposition fees		521		192		3,142		3,352
	RVI refinancing fee		0		0		0		1,800
(3)	Mark-to-market adjustment (PRSUs)		(929)		928		688		(1,891)
	Executive separation charge		0		0		(1,650)		0
(4)	Other income (expense), net
	Transaction and other expense, net		(193)		611		(1,214)		775
	Debt extinguishment costs, net		0		0		(17,186)		(418)

SITE Centers Corp.
Reconciliation: Net Income to FFO and Operating FFO
and Other Financial Information
in thousands, except per share
		4Q20		4Q19		12M20		12M19
Net (loss) income attributable to Common Shareholders		($6,418)		$9,744		$15,190		$61,292
Depreciation and amortization of real estate		44,233		39,889		165,122		158,813
Equity in net income of JVs		(608)		(6,073)		(1,516)		(11,519)
JVs' FFO		5,142		9,359		19,671		33,528
Non-controlling interests		7		28		35		113
Impairment of real estate		5,200		0		5,200		3,370
Reserve of preferred equity interests		0		3,438		19,393		15,544
Loss (gain) on sale and change in control of interests, net		171		0		(45,464)		0
Gain on disposition of real estate, net		(76)		(293)		(1,069)		(31,380)
FFO attributable to Common Shareholders		$47,651		$56,092		$176,562		$229,761
RVI disposition and refinancing fees		(521)		(192)		(3,142)		(5,152)
Mark-to-market adjustment (PRSUs)		929		(928)		(688)		1,891
Hurricane property income, net		0		0		0		(885)
Executive separation charge		0		0		1,650		0
Debt extinguishment, transaction, net		193		189		18,400		632
Joint ventures - debt extinguishment, other		0		(53)		42		(60)
Write-off of preferred share original issuance costs		0		7,176		0		7,176
Total non-operating items, net		601		6,192		16,262		3,602
Operating FFO attributable to Common Shareholders		$48,252		$62,284		$192,824		$233,363
Weighted average shares & units – Basic: FFO & OFFO		193,388		190,501		193,477		183,168
Assumed conversion of dilutive securities		449		162		441		228
Weighted average shares & units – Diluted: FFO & OFFO		193,837		190,663		193,918		183,396
FFO per share – Basic		$0.25		$0.29		$0.91		$1.25
FFO per share – Diluted		$0.25		$0.29		$0.91		$1.25
Operating FFO per share – Basic		$0.25		$0.33		$1.00		$1.27
Operating FFO per share – Diluted		$0.25		$0.33		$0.99		$1.27
Common stock dividends declared, per share		$0.05		$0.20		$0.25		$0.80
Capital expenditures (SITE Centers share):
Development and redevelopment costs		2,873		15,052		20,304		56,647
Maintenance capital expenditures		1,328		2,871		12,317		12,544
Tenant allowances and landlord work		6,337		12,435		24,582		36,040
Leasing commissions		1,164		1,891		3,577		5,516
Construction administrative costs (capitalized)		821		1,272		3,016		3,756
Certain non-cash items (SITE Centers share):
Straight-line rent		(1,455)		(76)		(1,845)		1,322
Straight-line fixed CAM		167		195		620		776
Amortization of (above)/below-market rent, net		1,530		1,266		5,310		4,594
Straight-line ground rent expense		(40)		(69)		(207)		(1,089)
Debt fair value and loan cost amortization		(1,199)		(1,128)		(4,784)		(4,557)
Capitalized interest expense		145		329		937		1,280
Stock compensation expense		(2,936)		(146)		(8,024)		(9,241)
Non-real estate depreciation expense		(1,357)		(1,746)		(5,295)		(6,027)

SITE Centers Corp.
Balance Sheet: Consolidated Interests
	$ in thousands
			At Period End
			4Q20		4Q19
	Assets:
	Land		$953,556		$881,397
	Buildings		3,488,499		3,277,440
	Fixtures and tenant improvements		509,866		491,312
			4,951,921		4,650,149
	Depreciation		(1,427,057)		(1,289,148)
			3,524,864		3,361,001
	Construction in progress and land		37,467		59,663
	Real estate, net		3,562,331		3,420,664
	Investments in and advances to JVs		77,297		181,906
	Investment in and advances to affiliate (1)		190,035		190,105
	Receivable – preferred equity interests, net		0		112,589
	Cash		69,742		16,080
	Restricted cash		4,672		3,053
	Notes receivable		0		7,541
	Receivables and straight-line (2)		73,517		60,594
	Intangible assets, net (3)		111,022		79,813
	Other assets, net		19,668		21,277
	Total Assets		4,108,284		4,093,622
	Liabilities and Equity:
	Revolving credit facilities		135,000		5,000
	Unsecured debt		1,449,613		1,647,963
	Unsecured term loan		99,635		99,460
	Secured debt		249,260		94,874
			1,933,508		1,847,297
	Dividends payable		14,844		44,036
	Other liabilities (4)		215,109		220,811
	Total Liabilities		2,163,461		2,112,144
	Preferred shares		325,000		325,000
	Common shares		19,400		19,382
	Paid-in capital		5,705,164		5,700,400
	Distributions in excess of net income		(4,099,534)		(4,066,099)
	Deferred compensation		5,479		7,929
	Other comprehensive income		(2,682)		(491)
	Common shares in treasury at cost		(11,319)		(7,707)
	Non-controlling interests		3,315		3,064
	Total Equity		1,944,823		1,981,478
	Total Liabilities and Equity		$4,108,284		$4,093,622
(1)	Preferred investment in RVI		$190,000		$190,000
	Receivable from RVI		35		105
(2)	SL rents (including fixed CAM), net		30,552		31,909
(3)	Operating lease right of use assets		20,604		$21,792
(4)	Operating lease liabilities		39,794		40,725
	Below-market leases, net		57,348		46,961

SITE Centers Corp.
Reconciliation of Net (Loss) Income Attributable to SITE to Same Store NOI
$ in thousands
		4Q20		4Q19		4Q20		4Q19
		SITE Centers at 100%				At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net (loss) income attributable to SITE Centers		($1,285)		$24,002		($1,285)		$24,002
Fee income		(9,425)		(13,992)		(9,425)		(13,992)
Interest income		(1,408)		(4,351)		(1,408)		(4,351)
Interest expense		19,117		20,748		19,117		20,748
Depreciation and amortization		45,655		41,687		45,655		41,687
General and administrative		14,339		14,036		14,339		14,036
Other expense (income), net		193		(611)		193		(611)
Impairment charges		5,200		0		5,200		0
Equity in net income of joint ventures		(608)		(6,073)		(608)		(6,073)
Reserve of preferred equity interests		0		3,438		0		3,438
Tax expense		272		(168)		272		(168)
Loss on sale and change in control of interests, net		171		0		171		0
Gain on disposition of real estate, net		(76)		(293)		(76)		(293)
Income from non-controlling interests		247		290		247		290
Consolidated NOI		72,392		78,713		72,392		78,713
SITE Centers' consolidated JV		0		0		(451)		(473)
Consolidated NOI, net of non-controlling interests		72,392		78,713		71,941		78,240
Net (loss) income from unconsolidated joint ventures		(915)		63,196		526		5,828
Interest expense		12,455		20,415		2,817		3,666
Depreciation and amortization		22,199		36,409		4,586		5,991
Impairment charges		0		1,540		0		77
Preferred share expense		1,998		5,345		100		268
Other expense, net		2,952		4,205		696		990
Gain on disposition of real estate, net		(28)		(51,806)		(6)		(2,665)
Unconsolidated NOI		$38,661		$79,304		8,719		14,155
Total Consolidated + Unconsolidated NOI						80,660		92,395
Less: Non-Same Store NOI adjustments						456		(244)
Total SSNOI including redevelopment						81,116		92,151
Less: Redevelopment Same Store NOI adjustments						(2,575)		(3,093)
Total SSNOI excluding redevelopment						$78,541		$89,058
SSNOI % Change including redevelopment						(12.0%)
SSNOI % Change excluding redevelopment						(11.8%)

SITE Centers Corp.
Reconciliation of Net Income Attributable to SITE to Same Store NOI
$ in thousands
		12M20		12M19		12M20		12M19
		SITE Centers at 100%				At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE Centers		$35,721		$100,699		$35,721		$100,699
Fee income		(43,574)		(59,352)		(43,574)		(59,352)
Interest income		(11,888)		(18,009)		(11,888)		(18,009)
Interest expense		77,604		84,721		77,604		84,721
Depreciation and amortization		170,669		165,087		170,669		165,087
General and administrative		52,881		58,384		52,881		58,384
Other expense (income), net		18,400		(357)		18,400		(357)
Impairment charges		5,200		3,370		5,200		3,370
Equity in net income of joint ventures		(1,516)		(11,519)		(1,516)		(11,519)
Reserve of preferred equity interests		19,393		15,544		19,393		15,544
Tax expense		1,131		659		1,131		659
Gain on sale and change in control of interests, net		(45,464)		0		(45,464)		0
Gain on disposition of real estate, net		(1,069)		(31,380)		(1,069)		(31,380)
Income from non-controlling interests		869		1,126		869		1,126
Consolidated NOI		278,357		308,973		278,357		308,973
SITE Centers' consolidated JV		0		0		(1,652)		(1,787)
Consolidated NOI, net of non-controlling interests		278,357		308,973		276,705		307,186
Net (loss) income from unconsolidated joint ventures		(37,370)		77,042		892		10,504
Interest expense		60,010		93,887		12,068		16,408
Depreciation and amortization		99,779		149,749		18,251		24,186
Impairment charges		33,240		13,807		1,890		2,530
Preferred share expense		15,708		21,832		785		1,092
Other expense, net		13,796		20,563		2,946		3,978
Gain loss on disposition of real estate, net		(9,257)		(67,011)		(1,784)		(4,180)
Unconsolidated NOI		$175,906		$309,869		35,048		54,518
Total Consolidated + Unconsolidated NOI						311,753		361,704
Less: Non-Same Store NOI adjustments						7,543		(2,347)
Total SSNOI including redevelopment						319,296		359,357
Less: Redevelopment Same Store NOI adjustments						(10,620)		(13,017)
Total SSNOI excluding redevelopment						$308,676		$346,340
SSNOI % Change including redevelopment						(11.1%)
SSNOI % Change excluding redevelopment						(10.9%)

 

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FAQ

What were SITE Centers' Q4 2020 operating results?

SITE Centers reported a net loss of $6.4 million for Q4 2020, down from a net income of $9.7 million in Q4 2019.

How did COVID-19 impact SITE Centers' annual results for 2020?

The COVID-19 pandemic contributed to a drop in net income to $15.2 million in 2020, compared to $61.3 million in 2019.

What is the leasing volume for SITE Centers in Q4 2020?

SITE Centers experienced a 51% year-over-year increase in total leasing volume for Q4 2020.

What is the guidance for SITE Centers in 2021?

SITE Centers estimates net income per diluted share for 2021 to range from $(0.06) to $0.05.

What was the status of tenant rent payments as of February 2021?

As of February 12, 2021, 94% of tenants paid their rent for Q4 2020 and January 2021.