SITE Centers Reports Third Quarter 2021 Operating Results

Rhea-AI Summary

As of September 30, 2021, SITE Centers Corp. (SITC) reported significant financial improvements with a net income of $25.3 million ($0.12 per diluted share), up from $2.2 million ($0.01 per diluted share) year-over-year. Key factors contributing to this increase included lower uncollectible revenue due to COVID-19, reduced general and administrative expenses, and gains from asset sales. Operating FFO rose to $61.4 million ($0.29 per diluted share). The leased rate increased to 92.3%, with strong leasing spreads. The Company received a $190 million dividend from Retail Value Inc., enhancing its growth prospects.

Positive

• Net income rose to $25.3 million, a significant increase from $2.2 million year-over-year.
• Operating FFO increased to $61.4 million, up from $43.5 million.
• Leasing volume was the highest in over two years, with a leased rate of 92.3%.
• Received a $190 million preferred dividend from Retail Value Inc.
• Acquired Hammond Springs for $31 million, enhancing portfolio value.

Negative

• Lower interest income compared to previous periods.
• Valuation allowance related to former preferred investments.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers located in suburban, high household income communities, announced today operating results for the quarter ended September 30, 2021.

“Third quarter results and recent activity highlight SITE Centers’ continued success and momentum on multiple fronts: new leasing volume was the highest for any quarter in over two years, the Company met 2021 investment goals with the acquisition of Hammond Springs, and in October Retail Value Inc. declared and paid $190 million of preferred dividends to SITE Centers,” commented David R. Lukes, President and Chief Executive Officer. “We believe continued operational and investment momentum, along with the distribution on our preferred investment in RVI, position SITE Centers for a multi-year period of sustainable growth.”

Results for the Quarter

• Third quarter net income attributable to common shareholders was $25.3 million, or $0.12 per diluted share, as compared to net income of $2.2 million, or $0.01 per diluted share, in the year-ago period. The year-over-year increase in net income was primarily attributable to lower uncollectible revenue related to the COVID-19 pandemic, lower general and administrative expenses, gains reported from asset sales and higher disposition fees earned from Retail Value Inc. (‘RVI”), partially offset by lower interest income and the valuation allowance related to the Company’s former preferred investments in the BRE DDR ventures, which were terminated in the fourth quarter of 2020.
• Third quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $61.4 million, or $0.29 per diluted share, compared to $43.5 million, or $0.23 per diluted share, in the year-ago period. The year-over-year increase was primarily attributable to lower uncollectible revenue related to the COVID-19 pandemic and lower general and administrative expenses, partially offset by lower interest income. Third quarter results included $1.6 million of net revenue at SITE Centers’ share related to prior periods primarily from cash basis tenants.

Significant Third Quarter and Recent Activity

• In September 2021, acquired Hammond Springs (Atlanta, GA) for $31.0 million.
• Sold one unconsolidated shopping center and two wholly-owned land parcels for an aggregate sales price of $34.2 million, totaling $21.1 million at SITE Centers’ share.
• In the third quarter of 2021, the Company offered and sold 720,076 common shares on a forward basis under its $250 million ATM program at a weighted-average price of $15.89 per share generating expected gross proceeds before issuance costs of $11.4 million. The shares may be settled at any time before the settlement date, September 9, 2022. Year to date, the Company has offered and sold 1,700,472 shares on a forward basis under its ATM program at a weighted average price of $15.43 per share before issuance costs generating expected gross proceeds of $26.2 million with no shares settled to date.
• On October 6, 2021, SITE Centers received a distribution of $190 million on the RVI Series A Preferred Shares which represents the full amount expected to be paid by RVI on account of the Company’s preferred investment.
• In October 2021, the Company repaid $87.6 million of mortgage debt, which was scheduled to mature in January 2022.

Key Quarterly Operating Results

• Reported an increase of 21.6% in SSNOI on a pro rata basis for the third quarter of 2021, including redevelopment, as compared to the year-ago period. The third quarter 2021 results were favorably impacted by lower year-over-year uncollectible revenue and prior period rent collections from cash basis tenants.
• Generated new leasing spreads of 7.3% and renewal leasing spreads of 0.6%, both on a pro rata basis, for the trailing twelve-month period ended September 30, 2021 and new leasing spreads of 18.1% and renewal leasing spreads of 2.6%, both on a pro rata basis, for the third quarter of 2021.
• Reported a leased rate of 92.3% at September 30, 2021 on a pro rata basis, compared to 91.6% on a pro rata basis at December 31, 2020 and 91.9% at September 30, 2020.
• As of September 30, 2021, the signed but not opened spread was 210 basis points representing $11.9 million of annualized base rent on a pro rata basis.
• Annualized base rent per occupied square foot on a pro rata basis was $18.44 at September 30, 2021, compared to $18.53 at September 30, 2020.

COVID-19 Update

• As of October 15, 2021, all of the Company’s properties remain open and operational with 100% of tenants, at the Company’s share and based on average base rents open for business.
• As of October 15, 2021, the Company’s tenants had paid approximately 99% of third quarter 2021 rents. The payment rates for the Company’s tenants, at the Company’s share and based on average base rents are reflected as follows:

		2Q20		3Q20		4Q20		1Q21		2Q21		3Q21
As of October 15, 2021		91%		96%		97%		98%		99%		99%
As of July 21, 2021		89%		93%		97%		97%		98%		N/A
As of April 16, 2021		84%		89%		95%		96%		N/A		N/A
As of February 12, 2021		79%		88%		94%		N/A		N/A		N/A
As of October 23, 2020		70%		84%		N/A		N/A		N/A		N/A
As of July 24, 2020		64%		N/A		N/A		N/A		N/A		N/A

• As of October 15, 2021, agreed upon rent deferral arrangements with tenants that remain unpaid represented approximately 1% of 2020 rents. Agreed upon rental deferral arrangements for the first quarter of 2021 through third quarter of 2021 are immaterial.

Guidance

The Company has updated its 2021 full year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the third quarter operating results. RVI disposition and refinancing fees, impairment charges, gains on sale of assets and debt extinguishment are excluded from guidance. The guidance update is as follows:

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

		FY 2021E (prior) Per Share – Diluted		FY 2021E (revised) Per Share – Diluted
Net income attributable to Common Shareholders		$0.15 – $0.20		$0.28 – $0.30
Depreciation and amortization of real estate		0.83 – 0.86		0.83 – 0.86
Equity in net (income) of JVs		(0.05)		(0.06)
JVs' FFO		0.08 – 0.10		0.09 – 0.11
Gain on sale of joint venture interest, net (reported actual)		(0.07)		(0.10)
Impairment of real estate (reported actual)		0.03		0.03
FFO (NAREIT)		$1.00 – $1.04		$1.10 – $1.11
Disposition fees (reported actual)		—		(0.03)
Mark-to-market adjustment (PRSUs) and other (reported actual)		0.03		0.03
Write-off of Class K Preferred Share original issuance costs		0.03		0.03
Operating FFO		$1.06 – $1.10		$1.13 – $1.14

Other key assumptions for 2021 guidance include:

		FY 2021E (prior)		FY 2021E (revised)
Joint Venture fee income		$12 – $14 million		$13 – $14 million
RVI fee income (excluding disposition fees) (1)		$15 – $17 million		$16 – $17 million
SSNOI (2)		10.5% – 13.0%		12.5% – 14.0%
(1) Consistent with 2019 and 2020, guidance excludes impact of disposition and refinancing fees from RVI for the full year.
(2) Including redevelopment.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Conference Call and Supplemental Information

The Company will hold its quarterly conference call today at 8:00 a.m. Eastern Time. To participate with access to the slide presentation, please visit the Investor Relations portion of SITE's website, ir.sitecenters.com, or for audio only, dial 888-317-6003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) using pass code 8760189 at least ten minutes prior to the scheduled start of the call. The call will also be webcast and available in a listen-only mode on SITE Centers’ website at ir.sitecenters.com. If you are unable to participate during the live call, a replay of the conference call will also be available at ir.sitecenters.com for further review. You may also access the telephone replay by dialing 877-344-7529 (U.S.), 855-669-9658 (Canada) or 412-317-0088 (international) using passcode 10158874 through November 25, 2021. Copies of the Company’s Supplemental package and earnings slide presentation are available on the Company’s website.

Non-GAAP Measures

Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States (“GAAP”)), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments, including reserve adjustments of preferred equity interests, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

In calculating the expected range for or amount of net (loss) income attributable to common shareholders to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gain and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs, certain transaction costs or certain fee income. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

The Company also uses net operating income (“NOI”), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

The Company presents NOI information herein on a same store basis or “SSNOI.” The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income (including reimbursements) and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI includes assets owned in comparable periods (15 months for quarter comparisons). In addition, SSNOI is presented both including and excluding activity associated with development and major redevelopment. SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at its effective ownership interest provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

FFO, Operating FFO, NOI and SSNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein. Reconciliation of the 2021 SSNOI projected growth target to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, the impact of the COVID-19 pandemic on the Company’s ability to manage its properties and finance its operations and on tenants’ ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay ongoing and deferred rents; the Company’s ability to pay dividends; local conditions such as the supply of, and demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and the Company’s ability to satisfy conditions to the completion of these arrangements; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; our ability to maintain REIT status; and the finalization of the financial statements for the period ended September 30, 2021. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The impacts of the COVID-19 pandemic may also exacerbate the risks described therein, any of which could have a material effect on the Company. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SITE Centers Corp.
Income Statement: Consolidated Interests
		in thousands, except per share
				3Q21		3Q20		9M21		9M20
		Revenues:
		Rental income (1)		$120,569		$95,874		$366,689		$306,482
		Other property revenues		514		70		1,095		1,804
				121,083		95,944		367,784		308,286
		Expenses:
		Operating and maintenance		18,562		15,775		58,200		50,774
		Real estate taxes		19,160		16,542		58,359		51,547
				37,722		32,317		116,559		102,321
		Net operating income		83,361		63,627		251,225		205,965
		Other income (expense):
		Fee income (2)		13,358		9,610		30,264		34,149
		Interest expense		(19,170)		(18,089)		(57,701)		(58,487)
		Depreciation and amortization		(44,669)		(41,148)		(137,446)		(125,014)
		General and administrative (3)		(11,727)		(13,664)		(41,547)		(38,542)
		Other expense, net (4)		(524)		3,259		(1,214)		(7,727)
		Impairment charges		0		0		(7,270)		0
		Income before earnings from JVs and other		20,629		3,595		36,311		10,344
		Equity in net income of JVs		1,824		250		11,059		908
		Adjustment (reserve) of preferred equity interests		0		3,542		0		(19,393)
		Gain on sale of joint venture interests		35		82		13,943		45,635
		Gain on disposition of real estate, net		5,871		218		6,069		993
		Tax expense		(202)		(284)		(1,057)		(859)
		Net income		28,157		7,403		66,325		37,628
		Non-controlling interests		(93)		(116)		(384)		(621)
		Net income SITE Centers		28,064		7,287		65,941		37,007
		Write-off of preferred share original issuance costs		0		0		(5,156)		0
		Preferred dividends		(2,789)		(5,133)		(10,867)		(15,399)
		Net income Common Shareholders		$25,275		$2,154		$49,918		$21,608
		Weighted average shares – Basic – EPS		211,048		193,203		206,918		193,366
		Assumed conversion of diluted securities		1,143		162		1,156		0
		Weighted average shares – Basic & Diluted – EPS		212,191		193,365		208,074		193,366
		Earnings per common share – Basic		$0.12		$0.01		$0.24		$0.11
		Earnings per common share – Diluted		$0.12		$0.01		$0.24		$0.11
(1)		Rental income:
		Minimum rents		$79,256		$75,158		$236,362		$225,627
		Ground lease minimum rents		6,547		5,418		19,407		16,319
		Percentage and overage rent		1,016		806		3,349		1,770
		Straight-line rent, net		687		551		456		(269)
		Amortization of (above)/below-market rent, net		897		1,026		2,771		3,058
		Recoveries		29,441		25,833		90,518		80,371
		Uncollectible revenue		1,083		(14,188)		8,268		(27,918)
		Ancillary and other rental income		1,586		1,194		4,427		4,260
		Lease termination fees		56		76		1,131		3,264
(2)		Fee Income:
		JV and other fees		3,846		4,037		10,817		15,416
		RVI fees		4,012		4,717		13,355		16,111
		RVI disposition fees		5,500		856		6,092		2,622
(3)		Mark-to-market adjustment (PRSUs)		0		(289)		(5,589)		1,617
		Executive separation charge		0		(1,650)		0		(1,650)
(4)		Other income (expense), net:
		Transaction and other expense, net		(356)		(186)		(707)		(1,021)
		Interest income		(168)		3,445		(492)		10,480
		Debt extinguishment costs, net		0		0		(15)		(17,186)

SITE Centers Corp.
Reconciliation: Net Income to FFO and Operating FFO
and Other Financial Information
		in thousands, except per share
				3Q21		3Q20		9M21		9M20
		Net income attributable to Common Shareholders		$25,275		$2,154		$49,918		$21,608
		Depreciation and amortization of real estate		43,283		39,812		133,279		120,889
		Equity in net income of JVs		(1,824)		(250)		(11,059)		(908)
		JVs' FFO		5,659		4,388		17,065		14,529
		Non-controlling interests		17		0		49		28
		Impairment of real estate		0		0		7,270		0
		(Adjustment) reserve of preferred equity interests		0		(3,542)		0		19,393
		Gain on sale of joint venture interests		(35)		(82)		(13,943)		(45,635)
		Gain on disposition of real estate, net		(5,871)		(218)		(6,069)		(993)
		FFO attributable to Common Shareholders		$66,504		$42,262		$176,510		$128,911
		RVI disposition fees		(5,500)		(856)		(6,092)		(2,622)
		Mark-to-market adjustment (PRSUs)		0		289		5,589		(1,617)
		Executive separation charge		0		1,650		0		1,650
		Debt extinguishment, transaction, net		356		186		722		18,207
		Joint ventures - debt extinguishment, other		1		0		32		42
		Write-off of preferred share original issuance costs		0		0		5,156		0
		Total non-operating items, net		(5,143)		1,269		5,407		15,660
		Operating FFO attributable to Common Shareholders		$61,361		$43,531		$181,917		$144,571
		Weighted average shares & units – Basic: FFO & OFFO		211,189		193,343		207,059		193,507
		Assumed conversion of dilutive securities		1,143		21		1,156		0
		Weighted average shares & units – Diluted: FFO & OFFO		212,332		193,364		208,215		193,507
		FFO per share – Basic		$0.31		$0.22		$0.85		$0.67
		FFO per share – Diluted		$0.31		$0.22		$0.85		$0.67
		Operating FFO per share – Basic		$0.29		$0.23		$0.88		$0.75
		Operating FFO per share – Diluted		$0.29		$0.23		$0.87		$0.75
		Common stock dividends declared, per share		$0.12		$0.00		$0.35		$0.20
		Capital expenditures (SITE Centers share):
		Redevelopment costs (major and tactical)		6,143		3,289		12,698		17,431
		Maintenance capital expenditures		3,153		3,394		9,449		10,989
		Tenant allowances and landlord work		9,763		2,655		27,540		18,246
		Leasing commissions		1,838		786		4,406		2,412
		Construction administrative costs (capitalized)		805		715		2,220		2,195
		Certain non-cash items (SITE Centers share):
		Straight-line rent		727		739		559		(390)
		Straight-line fixed CAM		149		155		416		450
		Amortization of (above)/below-market rent, net		993		1,230		3,082		3,780
		Straight-line ground rent expense		(25)		(45)		(97)		(167)
		Debt fair value and loan cost amortization		(1,261)		(1,233)		(3,717)		(3,587)
		Capitalized interest expense		200		234		462		792
		Stock compensation expense		(1,947)		(2,710)		(11,323)		(5,088)
		Non-real estate depreciation expense		(1,319)		(1,270)		(3,971)		(3,938)

SITE Centers Corp.
Balance Sheet: Consolidated Interests
		$ in thousands
				At Period End
				3Q21		4Q20
		Assets:
		Land		$962,872		$953,556
		Buildings		3,533,242		3,488,499
		Fixtures and tenant improvements		544,374		509,866
				5,040,488		4,951,921
		Depreciation		(1,536,248)		(1,427,057)
				3,504,240		3,524,864
		Construction in progress and land		42,143		37,467
		Real estate, net		3,546,383		3,562,331
		Investments in and advances to JVs		72,684		77,297
		Investment in and advances to affiliate (1)		190,121		190,035
		Cash		61,924		69,742
		Restricted cash		3,414		4,672
		Receivables and straight-line (2)		59,910		73,517
		Intangible assets, net (3)		97,474		111,022
		Other assets, net		20,383		19,668
		Total Assets		4,052,293		4,108,284
		Liabilities and Equity:
		Revolving credit facilities		0		135,000
		Unsecured debt		1,451,229		1,449,613
		Unsecured term loan		99,767		99,635
		Secured debt		241,561		249,260
				1,792,557		1,933,508
		Dividends payable		28,251		14,844
		Other liabilities (4)		213,018		215,109
		Total Liabilities		2,033,826		2,163,461
		Preferred shares		175,000		325,000
		Common shares		21,110		19,400
		Paid-in capital		5,942,466		5,705,164
		Distributions in excess of net income		(4,123,534)		(4,099,534)
		Deferred compensation		4,590		5,479
		Other comprehensive income		0		(2,682)
		Common shares in treasury at cost		(4,815)		(11,319)
		Non-controlling interests		3,650		3,315
		Total Equity		2,018,467		1,944,823
		Total Liabilities and Equity		$4,052,293		$4,108,284
(1)		Preferred investment in RVI		$190,000		$190,000
		Receivable from RVI		121		35
(2)		SL rents (including fixed CAM), net		31,178		30,552
(3)		Operating lease right of use assets		19,469		$20,604
(4)		Operating lease liabilities		38,889		39,794
		Below-market leases, net		54,802		57,348

SITE Centers Corp.
Reconciliation of Net Income Attributable to SITE to Same Store NOI
$ in thousands
		3Q21		3Q20		3Q21		3Q20
		SITE Centers at 100%				At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE Centers		$28,064		$7,287		$28,064		$7,287
Fee income		(13,358)		(9,610)		(13,358)		(9,610)
Interest expense		19,170		18,089		19,170		18,089
Depreciation and amortization		44,669		41,148		44,669		41,148
General and administrative		11,727		13,664		11,727		13,664
Other expense (income), net		524		(3,259)		524		(3,259)
Impairment charges		0		0		0		0
Equity in net income of joint ventures		(1,824)		(250)		(1,824)		(250)
Adjustment of preferred equity interests		0		(3,542)		0		(3,542)
Tax expense		202		284		202		284
Gain on sale of joint venture interests		(35)		(82)		(35)		(82)
Gain on disposition of real estate, net		(5,871)		(218)		(5,871)		(218)
Income from non-controlling interests		93		116		93		116
Consolidated NOI		83,361		63,627		83,361		63,627
SITE Centers' consolidated JV		0		0		(284)		(320)
Consolidated NOI, net of non-controlling interests		83,361		63,627		83,077		63,307
Net income (loss) from unconsolidated joint ventures		4,863		(4,748)		1,756		59
Interest expense		10,980		14,700		2,706		2,937
Depreciation and amortization		16,605		23,901		3,805		4,250
Impairment charges		0		0		0		0
Preferred share expense		0		4,626		0		231
Other expense, net		2,832		3,246		700		694
Loss (gain) on disposition of real estate, net		455		(319)		91		(43)
Unconsolidated NOI		$35,735		$41,406		9,058		8,128
Total Consolidated + Unconsolidated NOI						92,135		71,435
Less: Non-Same Store NOI adjustments						(516)		3,923
Total SSNOI including redevelopment						91,619		75,358
Less: Redevelopment Same Store NOI adjustments						(3,643)		(2,338)
Total SSNOI excluding redevelopment						$87,976		$73,020
SSNOI % Change including redevelopment						21.6%
SSNOI % Change excluding redevelopment						20.5%

SITE Centers Corp.
Reconciliation of Net Income Attributable to SITE to Same Store NOI
$ in thousands
		9M21		9M20		9M21		9M20
		SITE Centers at 100%				At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE Centers		$65,941		$37,007		$65,941		$37,007
Fee income		(30,264)		(34,149)		(30,264)		(34,149)
Interest expense		57,701		58,487		57,701		58,487
Depreciation and amortization		137,446		125,014		137,446		125,014
General and administrative		41,547		38,542		41,547		38,542
Other expense, net		1,214		7,727		1,214		7,727
Impairment charges		7,270		0		7,270		0
Equity in net income of joint ventures		(11,059)		(908)		(11,059)		(908)
Reserve of preferred equity interests		0		19,393		0		19,393
Tax expense		1,057		859		1,057		859
Gain on sale of joint venture interests		(13,943)		(45,635)		(13,943)		(45,635)
Gain on disposition of real estate, net		(6,069)		(993)		(6,069)		(993)
Income from non-controlling interests		384		621		384		621
Consolidated NOI		251,225		205,965		251,225		205,965
SITE Centers' consolidated JV		0		0		(958)		(1,200)
Consolidated NOI, net of non-controlling interests		251,225		205,965		250,267		204,765
Net income (loss) from unconsolidated joint ventures		53,525		(36,455)		9,943		366
Interest expense		32,898		47,555		8,113		9,251
Depreciation and amortization		50,309		77,580		11,480		13,665
Impairment charges		0		33,240		0		1,890
Preferred share expense		0		13,710		0		685
Other expense, net		8,806		10,844		2,186		2,250
Gain on disposition of real estate, net		(36,132)		(9,229)		(4,387)		(1,778)
Unconsolidated NOI		$109,406		$137,245		27,335		26,329
Total Consolidated + Unconsolidated NOI						277,602		231,094
Less: Non-Same Store NOI adjustments						490		9,705
Total SSNOI including redevelopment						278,092		240,799
Less: Redevelopment Same Store NOI adjustments						(11,071)		(7,478)
Total SSNOI excluding redevelopment						$267,021		$233,321
SSNOI % Change including redevelopment						15.5%
SSNOI % Change excluding redevelopment						14.4%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005208/en/

Conor Fennerty, EVP and

Chief Financial Officer

216-755-5500

Source: SITE Centers Corp.

FAQ

What were SITE Centers' (SITC) net income results for Q3 2021?

SITE Centers reported a net income of $25.3 million, or $0.12 per diluted share, for Q3 2021.

How did SITE Centers perform in terms of Operating FFO in Q3 2021?

Operating funds from operations (OFFO) for Q3 2021 amounted to $61.4 million, equating to $0.29 per diluted share.

What is the leased rate for SITE Centers as of September 30, 2021?

As of September 30, 2021, the leased rate was reported at 92.3%.

What major financial event occurred with Retail Value Inc. in October 2021?

In October 2021, SITE Centers received a $190 million preferred dividend from Retail Value Inc.

What significant acquisition did SITE Centers complete recently?

SITE Centers acquired Hammond Springs in Atlanta, GA for $31 million.