SITE Centers Reports Third Quarter 2022 Operating Results

Rhea-AI Summary

SITE Centers Corp. (NYSE: SITC) reported strong third-quarter results for the period ending September 30, 2022. Net income attributable to common shareholders was $63.4 million, or $0.30 per diluted share, significantly up from $25.3 million, or $0.12 per diluted share, in the previous year. Operating FFO was stable at $62.8 million, or $0.29 per diluted share. The company's leasing performance improved, with a leased rate of 95.0%. Notably, SITE Centers acquired five convenience shopping centers for $31.4 million and sold 15 centers for $450.6 million, enhancing their portfolio and balance sheet.

Positive

• Net income increased to $63.4 million from $25.3 million year-over-year.
• Leased rate improved to 95.0%, up from 92.3% year-over-year.
• Acquired five shopping centers for $31.4 million, boosting portfolio quality.
• Sold 15 shopping centers for $450.6 million, strengthening balance sheet.
• Operating FFO remained stable at $62.8 million, reflecting solid performance.

Negative

• Lower management fees from joint ventures negatively impacted net operating income.
• Operating FFO included $0.3 million of net revenue related to prior periods, indicating reliance on past revenue.

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 September 30, 2022.

“Third quarter results reflect a continuation of year-to-date trends with excellent operational and leasing performance, continued capital recycling and investments in our Convenience thesis, and further strengthening of our balance sheet,” commented David R. Lukes, President and Chief Executive Officer. “Our Company and focused portfolio, clustered in the top sub-markets of the country, remains well positioned with minimal near-term debt maturities and a significant Signed but Not Opened (SNO) pipeline.”

Results for the Quarter

• Third quarter net income attributable to common shareholders was $63.4 million, or $0.30 per diluted share, as compared to net income of $25.3 million, or $0.12 per diluted share, in the year-ago period.
• Third quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $62.8 million, or $0.29 per diluted share, compared to $61.4 million, or $0.29 per diluted share, in the year-ago period. Third quarter net operating income was higher year-over year driven by base rent growth and the net impact of property acquisitions, partially offset by lower management fees from joint ventures and Retail Value Inc. ("RVI"). Third quarter OFFO results included $0.3 million of net revenue at SITE Centers’ share related to prior periods primarily from cash basis tenants and related reserve adjustments.

Significant Third Quarter and Recent Activity

• Acquired five convenience shopping centers during the quarter for an aggregate price of $31.4 million, including Parkwood Shops (Atlanta, GA) for $8.4 million and a four-property portfolio (Phoenix, AZ) including Chandler Center, Shops at Power and Baseline, Northsight Plaza and Broadway Center for $23.0 million.
• Sold 15 shopping centers during the quarter for an aggregate price of $450.6 million ($118.1 million at share), including the Company’s 20% interest in the DDRM Joint Venture Pool A, based on a gross asset value of $387.6 million (at 100%).
• In September, proceeds from the sale of one wholly-owned property (Columbus, OH) of $35.0 million were used to pay down debt and repurchase 1.6 million of the Company's common shares in open market transactions at an aggregate cost of $20.0 million, or $12.74 per share.
• Closed a $360 million refinancing of the DDRM Joint Venture's existing mortgage debt. Proceeds from the DDRM joint venture sales (including Pool A) were subsequently applied to repay a portion of the refinanced facility.
• In August, the Company swapped the recently refinanced $200.0 million unsecured term loan to a fixed rate of 3.8% (3.99% GAAP) through the loan’s maturity in June 2027.

Key Quarterly Operating Results

• Reported an increase of 1.1% in SSNOI on a pro rata basis for the third quarter of 2022, including redevelopment, as compared to the year-ago period. The third quarter of 2021 SSNOI included $0.9 million of net revenue at SITE Centers’ share related to 2020 primarily from cash basis tenants, which was a 100 basis point headwind to third quarter 2022 SSNOI growth.
• Generated new leasing spreads of 18.6% and renewal leasing spreads of 5.6%, both on a pro rata basis, for the trailing twelve-month period ended September 30, 2022 and new leasing spreads of 10.8% and renewal leasing spreads of 7.1%, both on a pro rata basis, for the third quarter of 2022.
• Reported a leased rate of 95.0% at September 30, 2022 on a pro rata basis, compared to 94.4% on a pro rata basis at June 30, 2022 and 92.3% on a pro rata basis at September 30, 2021. The sequential and year-over-year increase was primarily driven by small-shop (less than 10,000 square feet) leasing activity with a 520 basis point increase on a pro rata basis from September 30, 2021.
• As of September 30, 2022, the SNO spread was 350 basis points, representing $21.7 million of annualized base rent on a pro rata basis as store openings were offset by new leasing activity.
• Annualized base rent per occupied square foot on a pro rata basis was $19.11 at September 30, 2022, compared to $18.44 at September 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 third 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)		FY 2022E (revised)
	Per Share – Diluted		Per Share – Diluted
Net income attributable to Common Shareholders	$0.36 – $0.41		$0.64 – $0.66
Depreciation and amortization of real estate	0.89 – 0.94		0.92 - 0.94
Equity in net (income) of JVs	(0.01) – 0.00		(0.12)
JVs' FFO	0.05 – 0.07		0.04 – 0.05
Impairment of real estate (reported actual)	0.01		0.01
Gain on sale and change in control of interests (reported actual)	(0.21)		(0.21)
Gain on disposition of real estate (reported actual)	(0.02)		(0.15)
FFO (NAREIT)	$1.12 – $1.15		$1.15 – $1.16
Debt extinguishment, transaction and other (reported actual)	0.01		0.01
Operating FFO	$1.13 – $1.16		$1.16 – $1.17

Other key assumptions for 2022 full-year guidance include:

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

(1)		Including redevelopment and approximately $13 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 $13 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 8:30 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 4603833 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 8477474 through November 25, 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; the impact of pandemics (including the COVID-19 pandemic) and other public health crises; our ability to maintain REIT status; and the finalization of the financial statements for the period ended September 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 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
		3Q22		3Q21		9M22		9M21
	Revenues:
	Rental income (1)	$135,123		$120,569		$401,210		$366,689
	Other property revenues	1,067		514		3,164		1,095
		136,190		121,083		404,374		367,784
	Expenses:
	Operating and maintenance	22,314		18,562		66,528		58,200
	Real estate taxes	20,423		19,160		61,230		58,359
		42,737		37,722		127,758		116,559
	Net operating income	93,453		83,361		276,616		251,225
	Other income (expense):
	Fee income (2)	2,653		13,358		9,471		30,264
	Interest expense	(20,139)		(19,170)		(57,306)		(57,701)
	Depreciation and amortization	(51,179)		(44,669)		(152,564)		(137,446)
	General and administrative (3)	(10,799)		(11,727)		(34,403)		(41,547)
	Other expense, net	(501)		(524)		(2,152)		(1,214)
	Impairment charges	0		0		(2,536)		(7,270)
	Income before earnings from JVs and other	13,488		20,629		37,126		36,311
	Equity in net income of JVs	25,918		1,824		27,468		11,059
	Gain on sale and change in control of interests	228		35		45,554		13,943
	Gain on disposition of real estate, net	26,837		5,871		31,292		6,069
	Tax expense	(258)		(202)		(863)		(1,057)
	Net income	66,213		28,157		140,577		66,325
	Non-controlling interests	(18)		(93)		(55)		(384)
	Net income SITE Centers	66,195		28,064		140,522		65,941
	Write-off of preferred share original issuance costs	0		0		0		(5,156)
	Preferred dividends	(2,789)		(2,789)		(8,367)		(10,867)
	Net income Common Shareholders	$63,406		$25,275		$132,155		$49,918
	Weighted average shares – Basic – EPS	213,846		211,048		213,278		206,918
	Assumed conversion of diluted securities	482		1,143		582		1,156
	Weighted average shares – Basic & Diluted – EPS	214,328		212,191		213,860		208,074
	Earnings per common share – Basic	$0.30		$0.12		$0.62		$0.24
	Earnings per common share – Diluted	$0.30		$0.12		$0.62		$0.24
(1)	Rental income:
	Minimum rents	$89,686		$79,256		$261,849		$236,362
	Ground lease minimum rents	6,733		6,547		20,191		19,407
	Straight-line rent, net	921		687		2,454		456
	Amortization of (above)/below-market rent, net	1,189		897		3,407		2,771
	Percentage and overage rent	797		1,016		3,582		3,349
	Recoveries	33,214		29,441		99,811		90,518
	Uncollectible revenue	(381)		1,083		1,889		8,268
	Ancillary and other rental income	1,619		1,586		4,416		4,427
	Lease termination fees	1,345		56		3,611		1,131
(2)	Fee income:
	JV and other fees	2,528		3,846		8,616		10,817
	RVI fees	125		4,012		470		13,355
	RVI disposition fees	0		5,500		385		6,092
(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
		3Q22		3Q21		9M22		9M21
	Net income attributable to Common Shareholders	$63,406		$25,275		$132,155		$49,918
	Depreciation and amortization of real estate	49,925		43,283		148,828		133,279
	Equity in net income of JVs	(25,918)		(1,824)		(27,468)		(11,059)
	JVs' FFO	1,271		5,659		9,469		17,065
	Non-controlling interests	18		17		55		49
	Impairment of real estate	0		0		2,536		7,270
	Gain on sale and change in control of interests	(228)		(35)		(45,554)		(13,943)
	Gain on disposition of real estate, net	(26,837)		(5,871)		(31,292)		(6,069)
	FFO attributable to Common Shareholders	$61,637		$66,504		$188,729		$176,510
	RVI disposition fees	0		(5,500)		(385)		(6,092)
	Mark-to-market adjustment (PRSUs)	0		0		0		5,589
	Debt extinguishment, transaction, net	341		356		1,643		722
	Joint ventures – debt extinguishment and other, net	855		1		858		32
	Write-off of preferred share original issuance costs	0		0		0		5,156
	Total non-operating items, net	1,196		(5,143)		2,116		5,407
	Operating FFO attributable to Common Shareholders	$62,833		$61,361		$190,845		$181,917
	Weighted average shares & units – Basic: FFO & OFFO	213,987		211,189		213,419		207,059
	Assumed conversion of dilutive securities	341		1,143		441		1,156
	Weighted average shares & units – Diluted: FFO & OFFO	214,328		212,332		213,860		208,215
	FFO per share – Basic	$0.29		$0.31		$0.88		$0.85
	FFO per share – Diluted	$0.29		$0.31		$0.88		$0.85
	Operating FFO per share – Basic	$0.29		$0.29		$0.89		$0.88
	Operating FFO per share – Diluted	$0.29		$0.29		$0.89		$0.87
	Common stock dividends declared, per share	$0.13		$0.12		$0.39		$0.35
	Capital expenditures (SITE Centers share):
	Redevelopment costs (major and tactical)	4,606		6,143		16,451		12,698
	Maintenance capital expenditures	6,480		3,153		16,467		9,449
	Tenant allowances and landlord work	13,739		9,763		35,340		27,540
	Leasing commissions	1,642		1,838		6,010		4,406
	Construction administrative costs (capitalized)	939		805		3,085		2,220
	Certain non-cash items (SITE Centers share):
	Straight-line rent	906		727		2,611		559
	Straight-line fixed CAM	114		149		325		416
	Amortization of (above)/below-market rent, net	1,287		993		3,683		3,082
	Straight-line ground rent expense	(34)		(25)		(100)		(97)
	Debt fair value and loan cost amortization	(1,340)		(1,261)		(3,854)		(3,717)
	Capitalized interest expense	341		200		808		462
	Stock compensation expense	(1,694)		(1,947)		(5,135)		(11,323)
	Non-real estate depreciation expense	(1,256)		(1,319)		(3,742)		(3,971)

SITE Centers Corp.
Balance Sheet: Consolidated Interests
	$ in thousands
		At Period End
		3Q22		4Q21
	Assets:
	Land	$1,095,662		$1,011,401
	Buildings	3,848,821		3,624,164
	Fixtures and tenant improvements	587,962		556,056
		5,532,445		5,191,621
	Depreciation	(1,672,242)		(1,571,569)
		3,860,203		3,620,052
	Construction in progress and land	59,812		47,260
	Real estate, net	3,920,015		3,667,312
	Investments in and advances to JVs	46,001		64,626
	Cash	20,883		41,807
	Restricted cash	3,119		1,445
	Receivables and straight-line (1)	59,446		61,382
	Intangible assets, net (2)	116,348		113,106
	Other assets, net	31,159		17,373
	Total Assets	4,196,971		3,967,051
	Liabilities and Equity:
	Revolving credit facilities	80,000		0
	Unsecured debt	1,453,384		1,451,768
	Unsecured term loan	198,437		99,810
	Secured debt	90,235		125,799
		1,822,056		1,677,377
	Dividends payable	30,528		28,243
	Other liabilities (3)	226,952		218,779
	Total Liabilities	2,079,536		1,924,399
	Preferred shares	175,000		175,000
	Common shares	21,437		21,129
	Paid-in capital	5,974,001		5,934,166
	Distributions in excess of net income	(4,044,178)		(4,092,783)
	Deferred compensation	4,865		4,695
	Accumulative comprehensive income	9,782		0
	Common shares in treasury at cost	(29,266)		(5,349)
	Non-controlling interests	5,794		5,794
	Total Equity	2,117,435		2,042,652
	Total Liabilities and Equity	$4,196,971		$3,967,051
(1)	SL rents (including fixed CAM), net	$34,082		$31,526
(2)	Operating lease right of use assets	17,795		19,047
(3)	Operating lease liabilities	37,339		38,491
	Below-market leases, net	63,267		59,690

SITE Centers Corp.
Reconciliation of Net Income Attributable to SITE to Same Store NOI
$ in thousands
	3Q22		3Q21		3Q22		3Q21
	SITE Centers at 100%				At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE Centers	$66,195		$28,064		$66,195		$28,064
Fee income	(2,653)		(13,358)		(2,653)		(13,358)
Interest expense	20,139		19,170		20,139		19,170
Depreciation and amortization	51,179		44,669		51,179		44,669
General and administrative	10,799		11,727		10,799		11,727
Other expense, net	501		524		501		524
Equity in net income of joint ventures	(25,918)		(1,824)		(25,918)		(1,824)
Tax expense	258		202		258		202
Gain on sale and change in control of interests	(228)		(35)		(228)		(35)
Gain on disposition of real estate, net	(26,837)		(5,871)		(26,837)		(5,871)
Income from non-controlling interests	18		93		18		93
Consolidated NOI, net of non-controlling interests	93,453		83,361		93,453		83,361
Net income from unconsolidated joint ventures	105,872		4,863		21,272		1,756
Interest expense	8,241		10,980		1,831		2,706
Depreciation and amortization	9,450		16,605		2,156		3,805
Impairment charges	9,010		0		1,802		0
Other expense, net	6,120		2,832		1,286		700
(Gain) loss on disposition of real estate, net	(119,813)		455		(23,963)		91
Unconsolidated NOI	$18,880		$35,735		4,384		9,058
Total Consolidated + Unconsolidated NOI					97,837		92,419
Less: Non-Same Store NOI adjustments					(6,079)		(1,683)
Total SSNOI including redevelopment					91,758		90,736
Less: Redevelopment Same Store NOI adjustments					(863)		(759)
Total SSNOI excluding redevelopment					$90,895		$89,977
SSNOI % Change including redevelopment					1.1%
SSNOI % Change excluding redevelopment					1.0%

SITE Centers Corp.
Reconciliation of Net Income Attributable to SITE to Same Store NOI
$ in thousands
	9M22		9M21		9M22		9M21
	SITE Centers at 100%				At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE Centers	$140,522		$65,941		$140,522		$65,941
Fee income	(9,471)		(30,264)		(9,471)		(30,264)
Interest expense	57,306		57,701		57,306		57,701
Depreciation and amortization	152,564		137,446		152,564		137,446
General and administrative	34,403		41,547		34,403		41,547
Other expense, net	2,152		1,214		2,152		1,214
Impairment charges	2,536		7,270		2,536		7,270
Equity in net income of joint ventures	(27,468)		(11,059)		(27,468)		(11,059)
Tax expense	863		1,057		863		1,057
Gain on sale and change in control of interests	(45,554)		(13,943)		(45,554)		(13,943)
Gain on disposition of real estate, net	(31,292)		(6,069)		(31,292)		(6,069)
Income from non-controlling interests	55		384		55		384
Consolidated NOI, net of non-controlling interests	276,616		251,225		276,616		251,225
Net income from unconsolidated joint ventures	105,833		53,525		21,887		9,943
Interest expense	26,560		32,898		5,982		8,113
Depreciation and amortization	37,123		50,309		8,304		11,480
Impairment charges	17,550		0		3,510		0
Other expense, net	11,114		8,806		2,468		2,186
Gain on disposition of real estate, net	(121,505)		(36,132)		(24,254)		(4,387)
Unconsolidated NOI	$76,675		$109,406		17,897		27,335
Total Consolidated + Unconsolidated NOI					294,513		278,560
Less: Non-Same Store NOI adjustments					(19,604)		(4,637)
Total SSNOI including redevelopment					274,909		273,923
Less: Redevelopment Same Store NOI adjustments					(2,618)		(2,211)
Total SSNOI excluding redevelopment					$272,291		$271,712
SSNOI % Change including redevelopment					0.4%
SSNOI % Change excluding redevelopment					0.2%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221025005234/en/

SITE Centers Corp.

Conor Fennerty, EVP and

Chief Financial Officer

216-755-5500

Source: SITE Centers Corp.

FAQ

What were the third quarter results for SITC in 2022?

SITE Centers reported a net income of $63.4 million in Q3 2022, compared to $25.3 million in Q3 2021.

How did the leasing performance of SITC change in Q3 2022?

Leased rate improved to 95.0% in Q3 2022, up from 92.3% in Q3 2021.

What acquisitions did SITC make in the third quarter of 2022?

SITE Centers acquired five convenience shopping centers for $31.4 million.

How much did SITC earn from asset sales in Q3 2022?

The company sold 15 shopping centers for a total of $450.6 million in Q3 2022.

What is the updated guidance for SITC's net income and Operating FFO for 2022?

Updated guidance for net income is $0.64 - $0.66 per share and Operating FFO is $1.16 - $1.17 per share.