SITE Centers Reports Second Quarter 2022 Operating Results

Rhea-AI Summary

SITE Centers Corp. (NYSE: SITC) reported strong second-quarter results for 2022, with net income attributable to common shareholders rising to $57.6 million ($0.27 per diluted share) from $13.8 million ($0.06 per diluted share) year-over-year. Operating funds from operations (OFFO) were $66.5 million, marking a slight increase from the previous year. The company acquired seven shopping centers for $165.2 million and sold 14 for $268.1 million. SITE Centers also amended its credit facilities, extending maturities to June 2027. Guidance for full-year net income and OFFO per share was updated upward.

Positive

• Net income attributable to common shareholders increased to $57.6 million.
• Acquired seven shopping centers for $165.2 million.
• Sold 14 shopping centers for $268.1 million.
• Leased rate improved to 94.4%, up from 92.7% at year-end 2021.
• Updated full-year guidance for net income and Operating FFO per share improved.

Negative

• SSNOI decreased by 2.4%, including significant headwinds from prior tenant revenue adjustments.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter ended June 30, 2022.

“SITE Centers had an extremely productive second quarter with the highest quarterly new leasing volume since the first quarter of 2017 and significant capital recycling as we continue to invest in our Convenience thesis,” commented David R. Lukes, President and Chief Executive Officer. “Coupled with recently closed refinancings, our Company remains well positioned given our focused portfolio in the top sub-markets of the country, significant Signed but Not Opened (SNO) pipeline and balance sheet strength.”

Results for the Quarter

• Second quarter net income attributable to common shareholders was $57.6 million, or $0.27 per diluted share, as compared to net income of $13.8 million, or $0.06 per diluted share, in the year-ago period.
• Second quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $66.5 million, or $0.31 per diluted share, compared to $65.3 million, or $0.31 per diluted share, in the year-ago period. The year-over-year increase was primarily attributable to increased property net operating income driven by base rent growth and the net impact of property investments, partially offset by lower management fees and higher uncollectible revenue due to lower reserve adjustments. Second quarter OFFO results included $1.2 million of net revenue at SITE Centers’ share related to prior periods primarily from cash basis tenants and related reserve adjustments.

Significant Second Quarter and Recent Activity

• Issued the Company’s eighth 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. 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/2021CSR.
• Acquired seven shopping centers during the quarter for an aggregate price of $165.2 million, including La Fiesta Square and Lafayette Mercantile (San Francisco, California) for $103.8 million, Fairfax Marketplace, Fairfax Pointe and Boulevard Marketplace (Washington, D.C.) for $34.9 million, Shops at Tanglewood (Houston, Texas) for $22.2 million, and Shoppes of Crabapple (Atlanta, Georgia) for $4.4 million.
• Sold 14 shopping centers and one parcel at a wholly-owned shopping center during the quarter for an aggregate price of $268.1 million ($94.6 million at share), including the Company’s 20% interest in the SAU Joint Venture, based on a gross asset value of $155.7 million (at 100%) and the Company’s 50% interest in Lennox Town Center based on a gross asset value of $77.0 million (at 100%).
• Amended and restated its $950 million revolving credit facility with a fully extended maturity date of June 2027. The Company also refinanced its unsecured term loan facility, upsizing the term facility to $200 million from $100 million, with the additional proceeds drawn in the second quarter, and extending its maturity to June 2027.
• Sold 201,800 common shares under the ATM program at $16.03 per share before issuance costs generating gross proceeds of $3.2 million.
• In July 2022, acquired Parkwood Shops (Atlanta, GA) for $8.4 million.
• In July 2022, closed a $360 million refinancing of the DDRM Joint Venture's mortgage debt. The joint venture's existing debt outstanding as of June 30, 2022 was repaid at closing.
• In July 2022, the DDRM Joint Venture sold 13 shopping centers (DDRM Joint Venture Pool A) for an aggregate sales price of $387.6 million ($77.5 million at share) with the related mortgage debt repaid upon closing. Fee income from these properties totaled $0.7 million in the second quarter of 2022.
• In July 2022, the DDRM Joint Venture sold Oviedo Park Crossing (Orlando, Florida) for $28.0 million ($5.6 million at share) with related mortgage debt repaid upon closing.

Key Quarterly Operating Results

• Reported a decrease of 2.4% in SSNOI on a pro rata basis for the second quarter of 2022, including redevelopment, as compared to the year-ago period. The second quarter of 2021 SSNOI included $6.7 million of net revenue at SITE Centers’ share related to 2020 primarily from cash basis tenants which was a 720 basis point headwind to second quarter 2022 SSNOI growth.
• Generated new leasing spreads of 20.0% and renewal leasing spreads of 4.2%, both on a pro rata basis, for the trailing twelve-month period ended June 30, 2022 and new leasing spreads of 31.6% and renewal leasing spreads of 4.8%, both on a pro rata basis, for the second quarter of 2022.
• Reported a leased rate of 94.4% at June 30, 2022 on a pro rata basis, compared to 92.7% on a pro rata basis at December 31, 2021 and 91.8% on a pro rata basis at June 30, 2021. Second quarter transaction activity had a positive 40 basis point impact on the leased rate.
• As of June 30, 2022, the SNO spread was 340 basis points representing $21.8 million of annualized base rent on a pro rata basis.
• Annualized base rent per occupied square foot on a pro rata basis was $18.86 at June 30, 2022, compared to $18.39 at June 30, 2021.

Guidance

The Company has updated its 2022 full-year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the second quarter operating results. Impairment charges, gains on sale of assets, transaction and debt extinguishment costs 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 2022E (prior) Per Share – Diluted		FY 2022E (Revised) Per Share – Diluted
Net income attributable to Common Shareholders	$0.17 – $0.24		$0.36 – $0.41
Depreciation and amortization of real estate	0.85 – 0.90		0.89 – 0.94
Equity in net (income) of JVs	(0.01) – 0.00		(0.01) – 0.00
JVs' FFO	0.05 – 0.07		0.05 – 0.07
Impairment of real estate (reported actual)	N/A		0.01
Gain on sale and change in control of interests (reported actual)	(0.01)		(0.21)
Gain on disposition of real estate (reported actual)	N/A		(0.02)
FFO (NAREIT)	$1.10 – $1.15		$1.12 – $1.15
Debt extinguishment, transaction and other (reported actual)	N/A		0.01
Operating FFO	$1.10 – $1.15		$1.13 – $1.16

Other key assumptions for 2022 full-year guidance include:

	FY 2022E (prior)		FY 2022E (revised)
Joint Venture fee income	$8.0 – $10.0 million		$8.0 – $10.0 million
RVI fee income	$0.5 – $1.0 million		$0.5 – $1.0 million
SSNOI (1)	(0.75)% – 0.75%		(0.25)% – 1.00%
SSNOI – Adjusted for 2021 Uncollectible Revenue Impact (2)	3.00% – 4.50%		3.50% – 4.75%

(1)	Including redevelopment and approximately $14 million included in Uncollectible Revenue, primarily related to rent received from cash basis tenants, reported in 2021 related to prior periods, which is an approximately 380 basis point headwind to 2022 SSNOI growth.
(2)	Including redevelopment and excluding revenue impact of approximately $14 million included in Uncollectible Revenue, primarily related to rent received from cash basis tenants, reported in 2021 related to prior periods.

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 9:30 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 8321830 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 7015390 through August 28, 2022. 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, (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 including 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 2022 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, 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 June 30, 2022. 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
		2Q22		2Q21		6M22		6M21
	Revenues:
	Rental income (1)	$136,203		$126,230		$266,087		$246,120
	Other property revenues	922		484		2,097		581
		137,125		126,714		268,184		246,701
	Expenses:
	Operating and maintenance	22,278		19,422		44,214		39,638
	Real estate taxes	20,624		19,535		40,807		39,199
		42,902		38,957		85,021		78,837
	Net operating income	94,223		87,757		183,163		167,864
	Other income (expense):
	Fee income (2)	3,557		8,754		6,818		16,906
	Interest expense	(18,909)		(19,136)		(37,167)		(38,531)
	Depreciation and amortization	(51,021)		(47,217)		(101,385)		(92,777)
	General and administrative (3)	(11,353)		(12,425)		(23,604)		(29,820)
	Other expense, net	(1,147)		(324)		(1,651)		(690)
	Impairment charges	(2,536)		0		(2,536)		(7,270)
	Income before earnings from JVs and other	12,814		17,409		23,638		15,682
	Equity in net income of JVs	1,381		4,850		1,550		9,235
	Gain on sale and change in control of interests	41,970		0		45,326		13,908
	Gain on disposition of real estate, net	4,597		218		4,455		198
	Tax expense	(353)		(490)		(605)		(855)
	Net income	60,409		21,987		74,364		38,168
	Non-controlling interests	(19)		(118)		(37)		(291)
	Net income SITE Centers	60,390		21,869		74,327		37,877
	Write-off of preferred share original issuance costs	0		(5,156)		0		(5,156)
	Preferred dividends	(2,789)		(2,945)		(5,578)		(8,078)
	Net income Common Shareholders	$57,601		$13,768		$68,749		$24,643
	Weighted average shares – Basic – EPS	213,864		211,035		212,989		204,819
	Assumed conversion of diluted securities	1,047		846		1,245		808
	Weighted average shares – Basic & Diluted – EPS	214,911		211,881		214,234		205,627
	Earnings per common share – Basic	$0.27		$0.06		$0.32		$0.12
	Earnings per common share – Diluted	$0.27		$0.06		$0.32		$0.12
(1)	Rental income:
	Minimum rents	$87,936		$78,870		$172,163		$157,106
	Ground lease minimum rents	6,751		6,516		13,458		12,860
	Straight-line rent, net	537		116		1,533		(231)
	Amortization of (above)/below-market rent, net	1,061		870		2,218		1,874
	Percentage and overage rent	1,648		1,311		2,785		2,333
	Recoveries	33,763		30,482		66,597		61,077
	Uncollectible revenue	1,162		5,787		2,270		7,185
	Ancillary and other rental income	1,333		1,496		2,797		2,841
	Lease termination fees	2,012		782		2,266		1,075
(2)	Fee Income:
	JV and other fees	3,025		3,571		6,088		6,971
	RVI fees	147		4,591		345		9,343
	RVI disposition fees	385		592		385		592
(3)	Mark-to-market adjustment (PRSUs)	0		0		0		(5,589)

SITE Centers Corp. Reconciliation: Net Income to FFO and Operating FFO and Other Financial Information
in thousands, except per share
	2Q22		2Q21		6M22		6M21
Net income attributable to Common Shareholders	$57,601		$13,768		$68,749		$24,643
Depreciation and amortization of real estate	49,775		45,807		98,903		89,995
Equity in net income of JVs	(1,381)		(4,850)		(1,550)		(9,235)
JVs' FFO	3,883		5,971		8,198		11,406
Non-controlling interests	19		17		37		33
Impairment of real estate	2,536		0		2,536		7,270
Gain on sale and change in control of interests	(41,970)		0		(45,326)		(13,908)
Gain on disposition of real estate, net	(4,597)		(218)		(4,455)		(198)
FFO attributable to Common Shareholders	$65,866		$60,495		$127,092		$110,006
RVI disposition fees	(385)		(592)		(385)		(592)
Mark-to-market adjustment (PRSUs)	0		0		0		5,589
Debt extinguishment, transaction, net	971		165		1,302		367
Joint ventures – debt extinguishment and other, net	2		30		2		30
Write-off of preferred share original issuance costs	0		5,156		0		5,156
Total non-operating items, net	588		4,759		919		10,550
Operating FFO attributable to Common Shareholders	$66,454		$65,254		$128,011		$120,556
Weighted average shares & units – Basic: FFO & OFFO	214,005		211,176		213,130		204,959
Assumed conversion of dilutive securities	906		846		1,104		808
Weighted average shares & units – Diluted: FFO & OFFO	214,911		212,022		214,234		205,767
FFO per share – Basic	$0.31		$0.29		$0.60		$0.54
FFO per share – Diluted	$0.31		$0.29		$0.59		$0.53
Operating FFO per share – Basic	$0.31		$0.31		$0.60		$0.59
Operating FFO per share – Diluted	$0.31		$0.31		$0.60		$0.59
Common stock dividends declared, per share	$0.13		$0.12		$0.26		$0.23
Capital expenditures (SITE Centers share):
Redevelopment costs (major and tactical)	3,694		3,754		11,845		6,555
Maintenance capital expenditures	7,731		4,846		9,987		6,296
Tenant allowances and landlord work	12,233		6,607		21,601		17,777
Leasing commissions	2,610		1,134		4,368		2,568
Construction administrative costs (capitalized)	971		803		2,145		1,415
Certain non-cash items (SITE Centers share):
Straight-line rent	625		133		1,705		(168)
Straight-line fixed CAM	108		136		211		267
Amortization of (above)/below-market rent, net	1,152		964		2,396		2,089
Straight-line ground rent expense	(32)		(35)		(66)		(72)
Debt fair value and loan cost amortization	(1,228)		(1,277)		(2,514)		(2,457)
Capitalized interest expense	245		151		467		262
Stock compensation expense	(1,717)		(1,807)		(3,440)		(9,376)
Non-real estate depreciation expense	(1,248)		(1,345)		(2,486)		(2,652)

SITE Centers Corp. Balance Sheet: Consolidated Interests
	$ in thousands
		At Period End
		2Q22		4Q21
	Assets:
	Land	$1,089,401		$1,011,401
	Buildings	3,826,799		3,624,164
	Fixtures and tenant improvements	573,740		556,056
		5,489,940		5,191,621
	Depreciation	(1,644,345)		(1,571,569)
		3,845,595		3,620,052
	Construction in progress and land	62,830		47,260
	Real estate, net	3,908,425		3,667,312
	Investments in and advances to JVs	53,025		64,626
	Cash	38,533		41,807
	Restricted cash	2,647		1,445
	Receivables and straight-line (1)	54,825		61,382
	Intangible assets, net (2)	122,297		113,106
	Other assets, net	23,666		17,373
	Total Assets	4,203,418		3,967,051
	Liabilities and Equity:
	Revolving credit facilities	125,000		0
	Unsecured debt	1,452,846		1,451,768
	Unsecured term loan	198,354		99,810
	Secured debt	90,704		125,799
		1,866,904		1,677,377
	Dividends payable	30,695		28,243
	Other liabilities (3)	215,141		218,779
	Total Liabilities	2,112,740		1,924,399
	Preferred shares	175,000		175,000
	Common shares	21,437		21,129
	Paid-in capital	5,973,435		5,934,166
	Distributions in excess of net income	(4,079,844)		(4,092,783)
	Deferred compensation	4,703		4,695
	Common shares in treasury at cost	(9,847)		(5,349)
	Non-controlling interests	5,794		5,794
	Total Equity	2,090,678		2,042,652
	Total Liabilities and Equity	$4,203,418		$3,967,051
(1)	SL rents (including fixed CAM), net	$33,206		$31,526
(2)	Operating lease right of use assets	18,187		19,047
(3)	Operating lease liabilities	37,697		38,491
	Below-market leases, net	63,575		59,690

SITE Centers Corp. Reconciliation of Net Income Attributable to SITE to Same Store NOI
$ in thousands
	2Q22		2Q21		2Q22		2Q21
	SITE Centers at 100%				At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE Centers	$60,390		$21,869		$60,390		$21,869
Fee income	(3,557)		(8,754)		(3,557)		(8,754)
Interest expense	18,909		19,136		18,909		19,136
Depreciation and amortization	51,021		47,217		51,021		47,217
General and administrative	11,353		12,425		11,353		12,425
Other expense, net	1,147		324		1,147		324
Impairment charges	2,536		0		2,536		0
Equity in net income of joint ventures	(1,381)		(4,850)		(1,381)		(4,850)
Tax expense	353		490		353		490
Gain on sale and change in control of interests	(41,970)		0		(41,970)		0
Gain on disposition of real estate, net	(4,597)		(218)		(4,597)		(218)
Income from non-controlling interests	19		118		19		118
Consolidated NOI, net of non-controlling interests	94,223		87,757		94,223		87,757
Net income from unconsolidated joint ventures	1,339		15,146		589		3,809
Interest expense	9,030		10,971		2,063		2,706
Depreciation and amortization	13,328		16,587		2,969		3,791
Impairment charges	3,340		0		668		0
Other expense, net	2,422		3,010		585		744
Gain on disposition of real estate, net	(1,790)		(8,186)		(357)		(1,637)
Unconsolidated NOI	$27,669		$37,528		6,517		9,413
Total Consolidated + Unconsolidated NOI					100,740		97,170
Less: Non-Same Store NOI adjustments					(5,628)		321
Total SSNOI including redevelopment					95,112		97,491
Less: Redevelopment Same Store NOI adjustments					(897)		(730)
Total SSNOI excluding redevelopment					$94,215		$96,761
SSNOI % Change including redevelopment					(2.4%)
SSNOI % Change excluding redevelopment					(2.6%)

SITE Centers Corp. Reconciliation of Net Income Attributable to SITE to Same Store NOI
$ in thousands
	6M22		6M21		6M22		6M21
	SITE Centers at 100%				At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE Centers	$74,327		$37,877		$74,327		$37,877
Fee income	(6,818)		(16,906)		(6,818)		(16,906)
Interest expense	37,167		38,531		37,167		38,531
Depreciation and amortization	101,385		92,777		101,385		92,777
General and administrative	23,604		29,820		23,604		29,820
Other expense, net	1,651		690		1,651		690
Impairment charges	2,536		7,270		2,536		7,270
Equity in net income of joint ventures	(1,550)		(9,235)		(1,550)		(9,235)
Tax expense	605		855		605		855
Gain on sale and change in control of interests	(45,326)		(13,908)		(45,326)		(13,908)
Gain on disposition of real estate, net	(4,455)		(198)		(4,455)		(198)
Income from non-controlling interests	37		291		37		291
Consolidated NOI, net of non-controlling interests	183,163		167,864		183,163		167,864
Net (loss) income from unconsolidated joint ventures	(39)		48,662		615		8,187
Interest expense	18,319		21,918		4,151		5,407
Depreciation and amortization	27,673		33,704		6,148		7,675
Impairment charges	8,540		0		1,708		0
Other expense, net	4,994		5,974		1,182		1,486
Gain on disposition of real estate, net	(1,692)		(36,587)		(291)		(4,478)
Unconsolidated NOI	$57,795		$73,671		13,513		18,277
Total Consolidated + Unconsolidated NOI					196,676		186,141
Less: Non-Same Store NOI adjustments					(9,234)		1,158
Total SSNOI including redevelopment					187,442		187,299
Less: Redevelopment Same Store NOI adjustments					(207)		(164)
Total SSNOI excluding redevelopment					$187,235		$187,135
SSNOI % Change including redevelopment					0.1%
SSNOI % Change excluding redevelopment					0.1%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728005225/en/

SITE Centers Corp.

Conor Fennerty, EVP and Chief Financial Officer

216-755-5500

Source: SITE Centers Corp.

FAQ

What were SITE Centers' second quarter 2022 financial results?

SITE Centers reported a net income of $57.6 million and Operating FFO of $66.5 million for the second quarter of 2022.

What is the updated guidance for SITE Centers in 2022?

The updated guidance for 2022 includes net income per share of $0.36 - $0.41 and Operating FFO per share of $1.13 - $1.16.

How many shopping centers did SITE Centers acquire in Q2 2022?

SITE Centers acquired seven shopping centers during the second quarter of 2022 for a total of $165.2 million.

What was the leased rate for SITE Centers as of June 30, 2022?

The leased rate stood at 94.4% as of June 30, 2022.

Did SITE Centers experience any significant revenue changes in Q2 2022?

Yes, SITE Centers reported a 2.4% decrease in SSNOI year-over-year due to prior revenue adjustments.