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SITE Centers Reports Third Quarter 2024 Results

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SITE Centers (NYSE: SITC) reported third quarter 2024 results, highlighting net income of $320.2 million ($6.07 per diluted share), up from $45.9 million in the year-ago period. Operating FFO was $42.8 million ($0.81 per diluted share), down from $69.9 million. The company completed significant transactions including the sale of 25 shopping centers for $1.4 billion and the spin-off of Curbline Properties. The company's leased rate decreased to 91.3% from 94.6% year-over-year. SITE Centers projects 2024 property level NOI between $94.7-$96.9 million.

SITE Centers (NYSE: SITC) ha riportato i risultati del terzo trimestre del 2024, evidenziando un reddito netto di 320,2 milioni di dollari (6,07 dollari per azione diluita), in aumento rispetto ai 45,9 milioni di dollari dello stesso periodo dell'anno precedente. L'FFO operativo è stato di 42,8 milioni di dollari (0,81 dollari per azione diluita), in calo rispetto ai 69,9 milioni di dollari. L'azienda ha completato importanti transazioni, tra cui la vendita di 25 centri commerciali per 1,4 miliardi di dollari e la scissione di Curbline Properties. Il tasso di locazione dell'azienda è sceso al 91,3% rispetto al 94,6% dell'anno precedente. SITE Centers prevede un NOI a livello di proprietà per il 2024 compreso tra 94,7-96,9 milioni di dollari.

SITE Centers (NYSE: SITC) reportó los resultados del tercer trimestre de 2024, destacando un ingreso neto de 320,2 millones de dólares (6,07 dólares por acción diluida), en comparación con los 45,9 millones de dólares del mismo período del año anterior. El FFO operativo fue de 42,8 millones de dólares (0,81 dólares por acción diluida), disminuyendo desde los 69,9 millones de dólares. La compañía completó transacciones significativas, incluida la venta de 25 centros comerciales por 1,4 mil millones de dólares y la escisión de Curbline Properties. La tasa de arrendamiento de la empresa disminuyó al 91,3% desde el 94,6% año tras año. SITE Centers proyecta un NOI a nivel de propiedad para 2024 entre 94,7-96,9 millones de dólares.

SITE 센터 (NYSE: SITC)는 2024년 3분기 실적을 발표하면서 순이익이 3억 2020만 달러 (희석 주당 6.07 달러)로 증가했으며, 이는 작년 같은 기간의 4천 590만 달러에서 상승한 수치입니다. 운영 FFO는 4천 280만 달러 (희석 주당 0.81 달러)로서, 6천 990만 달러에서 감소했습니다. 회사는 25개의 쇼핑 센터를 14억 달러에 매각하고 Curbline Properties를 분사하는 등 중요한 거래를 완료했습니다. 회사의 임대율은 전년 대비 91.3%로 감소했으며, 작년의 94.6%에서 하락했습니다. SITE 센터는 2024년 부동산 수준 NOI를 9천 470만~9천 690만 달러로 예상하고 있습니다.

SITE Centers (NYSE: SITC) a annoncé les résultats du troisième trimestre 2024, mettant en évidence un revenu net de 320,2 millions de dollars (6,07 dollars par action diluée), en hausse par rapport à 45,9 millions de dollars pour la même période l'année précédente. L'FFO opérationnel était de 42,8 millions de dollars (0,81 dollar par action diluée), en baisse par rapport à 69,9 millions de dollars. L'entreprise a réalisé d'importantes transactions, y compris la vente de 25 centres commerciaux pour 1,4 milliard de dollars et la scission de Curbline Properties. Le taux de location de la société a diminué à 91,3% contre 94,6% l'année dernière. SITE Centers projette un NOI au niveau des propriétés pour 2024 compris entre 94,7-96,9 millions de dollars.

SITE Centers (NYSE: SITC) hat die Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei einen Nettogewinn von 320,2 Millionen Dollar (6,07 Dollar pro verwässerter Aktie) hervorgehoben, im Vergleich zu 45,9 Millionen Dollar im Vorjahreszeitraum. Das operative FFO betrug 42,8 Millionen Dollar (0,81 Dollar pro verwässerter Aktie) und sank von 69,9 Millionen Dollar. Das Unternehmen hat bedeutende Transaktionen abgeschlossen, darunter den Verkauf von 25 Einkaufszentren für 1,4 Milliarden Dollar und die Abspaltung von Curbline Properties. Die Vermietungsquote des Unternehmens sank auf 91,3% von 94,6% im Vorjahr. SITE Centers prognostiziert ein NOI auf Immobilieebene für 2024 zwischen 94,7–96,9 Millionen Dollar.

Positive
  • Sale of 25 shopping centers generating $1.4 billion
  • Net income increased to $320.2 million from $45.9 million year-over-year
  • Successful completion of Curbline Properties spin-off
Negative
  • Operating FFO decreased to $42.8 million from $69.9 million year-over-year
  • Leased rate declined to 91.3% from 94.6% year-over-year
  • Debt extinguishment costs of approximately $32.5 million recorded

Insights

The Q3 results reveal significant strategic shifts with mixed financial implications. Net income surged to $320.2 million ($6.07 per share), primarily driven by property dispositions, but Operating FFO declined to $42.8 million ($0.81 per share) from $69.9 million year-over-year.

The completion of $1.4 billion in property sales and the Curbline spin-off marks a major portfolio restructuring. The 91.3% leased rate shows some deterioration from 94.6% last year, indicating potential occupancy challenges. The projected 2024 NOI range of $94.7-96.9 million reflects the smaller post-spin-off portfolio.

The debt restructuring, including the redemption of senior notes and new $530 million mortgage facility, improves the balance sheet but incurred significant one-time costs. The planned redemption of preferred shares signals continued capital structure optimization.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers primarily in suburban, high household income communities, announced today operating results for the quarter ended September 30, 2024.

"SITE Centers completed the planned spin-off of Curbline Properties on October 1, unlocking a unique and scalable opportunity focused on convenience real estate and providing investors with two distinct business plans,” commented David R. Lukes, President and Chief Executive Officer. “Following the disposition of 25 properties during the third quarter for an aggregate price of $1.4 billion, the Company has completed the sale of substantially all of the properties that had been in its active disposition pipeline prior to the spin-off. Going forward, SITE Centers intends to maximize value through continued leasing, asset management and potential additional asset sales.”

Results for the Third Quarter

  • Third quarter net income attributable to common shareholders was $320.2 million, or $6.07 per diluted share, as compared to net income of $45.9 million, or $0.87 per diluted share, in the year-ago period. The increase year-over-year primarily was the result of higher gain on sale from dispositions and interest income partially offset by the impact of lower property Net Operating Income (“NOI") as a result of net property dispositions, debt extinguishment costs including the write-off of fees related to the original mortgage facility commitment and Curbline Properties Corp. ("Curbline" or "CURB") transaction costs.
  • Third quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $42.8 million, or $0.81 per diluted share, compared to $69.9 million, or $1.33 per diluted share, in the year-ago period. The decrease year-over-year primarily was due to the impact of lower property NOI as a result of net property dispositions, partially offset by higher interest income.

Significant Third Quarter and Recent Activity

  • Sold 25 shopping centers during the third quarter for an aggregate price of $1.4 billion.
  • Acquired seven convenience shopping centers during the third quarter for an aggregate price of $145.3 million. All of these properties were included in the Curbline spin-off.
  • During the quarter, redeemed all remaining outstanding senior unsecured notes due in 2025, 2026 and 2027 for total cash consideration, including expenses, of $1.2 billion and recorded debt extinguishment costs of approximately $6.7 million. The 2027 notes were partially hedged and, in August 2024, the related swaption agreements, which did not qualify for hedge accounting, were terminated and the Company received a cash payment of $1.3 million.
  • In August 2024, repaid the $200.0 million term loan and terminated the revolving credit facility which had no balance outstanding and recorded $4.8 million of aggregate debt extinguishment costs. The term loan was hedged with an interest rate swap which was also terminated in August 2024 and the Company received a cash payment of $6.8 million.
  • In August 2024, the Company closed and funded a $530.0 million mortgage facility secured by 23 properties. At September 30, 2024, the outstanding principal balance on the mortgage facility was $206.9 million secured by 13 properties. The Company recorded debt extinguishment costs of $10.1 million in the three months ended September 30, 2024 due to disposition-related repayments. Additionally, the Company wrote off $10.9 million in fees in the third quarter relating to the termination of the original $1.1 billion mortgage facility commitment obtained in October 2023.
  • On August 19, 2024, the Company’s common shares began trading on a split-adjusted basis (one-for-four) on the NYSE at the opening of trading. All prior year common share and earnings per share amounts have been adjusted for comparability.
  • On October 24, 2024, the Company provided notice of its intent to redeem all of its outstanding 6.375% Class A Cumulative Redeemable Preferred Shares and the associated depositary shares.

Curbline Properties

  • On October 1, 2024, the previously announced spin-off of Curbline was completed. At the time of spin-off, Curbline's portfolio consisted of 79 properties and Curbline was capitalized with $800.0 million of unrestricted cash and had no outstanding indebtedness.

Key Quarterly Operating Results

  • Reported a leased rate of 91.3% at September 30, 2024 compared to 93.2% at June 30, 2024 and 94.6% at September 30, 2023, all on a pro rata basis. The September 30, 2024 leased rate has been adjusted to reflect the removal of all properties included in the CURB spin-off.

Property NOI Projection

The Company projects, based on the assumptions below, 2024 property level NOI to be between $94.7 million and $96.9 million.

This projection:

  • Calculates NOI pursuant to the definition of NOI as described below, excludes NOI from all Curbline properties and all properties sold prior to September 30, 2024 and assumes that all SITE Centers properties owned as of September 30, 2024 are held for the full year 2024,
  • Includes the Company's share of joint venture NOI,
  • Excludes from NOI G&A allocated to operating expenses which totaled $2.1 million in 3Q2024, or $8.4 million annualized, and
  • Includes revenue from the Company's Beachwood, OH office headquarters.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers located primarily 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.

Supplemental Information

Copies of the Company's quarterly financial supplement are available on the Investor Relations portion of the Company's website, ir.sitecenter.com.

Non-GAAP Measures and Other Operational Metrics

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

FFO is generally defined and calculated by the Company as net income (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 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/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses 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.

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

FFO, Operating FFO and NOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to finance our businesses on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and the finalization of the financial statements for the period ended September 30, 2024. 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

 

 

 

 

 

 

3Q24

 

 

 

3Q23

 

 

 

9M24

 

 

 

9M23

 

 

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

$

89,017

 

 

$

142,498

 

 

$

322,089

 

 

$

414,324

 

 

Other property revenues

 

412

 

 

 

588

 

 

 

2,090

 

 

 

1,978

 

 

 

 

89,429

 

 

 

143,086

 

 

 

324,179

 

 

 

416,302

 

 

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance

 

16,185

 

 

 

20,986

 

 

 

55,980

 

 

 

66,628

 

 

Real estate taxes

 

12,170

 

 

 

20,543

 

 

 

45,056

 

 

 

60,875

 

 

 

 

28,355

 

 

 

41,529

 

 

 

101,036

 

 

 

127,503

 

 

 

 

 

 

 

 

 

 

 

Net operating income (2)

 

61,074

 

 

 

101,557

 

 

 

223,143

 

 

 

288,799

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

JV and other fee income

 

1,334

 

 

 

1,673

 

 

 

4,346

 

 

 

5,307

 

 

Interest expense

 

(16,706

)

 

 

(21,147

)

 

 

(54,045

)

 

 

(61,991

)

 

Depreciation and amortization

 

(34,251

)

 

 

(52,821

)

 

 

(117,840

)

 

 

(165,535

)

 

General and administrative (3)

 

(15,111

)

 

 

(11,259

)

 

 

(38,896

)

 

 

(35,935

)

 

Other income (expense), net (4)

 

(41,655

)

 

 

(690

)

 

 

(47,974

)

 

 

(2,011

)

 

Impairment charges

 

0

 

 

 

0

 

 

 

(66,600

)

 

 

0

 

 

(Loss) income before earnings from JVs and other

 

(45,315

)

 

 

17,313

 

 

 

(97,866

)

 

 

28,634

 

 

 

 

 

 

 

 

 

 

 

Equity in net income of JVs

 

328

 

 

 

518

 

 

 

406

 

 

 

6,495

 

 

Gain on sale and change in control of interests

 

0

 

 

 

0

 

 

 

2,669

 

 

 

3,749

 

 

Gain on disposition of real estate, net

 

368,139

 

 

 

31,047

 

 

 

633,169

 

 

 

31,230

 

 

Tax expense

 

(199

)

 

 

(236

)

 

 

(732

)

 

 

(811

)

 

Net income

 

322,953

 

 

 

48,642

 

 

 

537,646

 

 

 

69,297

 

 

Non-controlling interests

 

0

 

 

 

0

 

 

 

0

 

 

 

(18

)

 

Net income SITE Centers

 

322,953

 

 

 

48,642

 

 

 

537,646

 

 

 

69,279

 

 

Preferred dividends

 

(2,789

)

 

 

(2,789

)

 

 

(8,367

)

 

 

(8,367

)

 

Net income Common Shareholders

$

320,164

 

 

$

45,853

 

 

$

529,279

 

 

$

60,912

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic – EPS (5)

 

52,400

 

 

 

52,322

 

 

 

52,381

 

 

 

52,376

 

 

Assumed conversion of diluted securities (5)

 

153

 

 

 

28

 

 

 

177

 

 

 

60

 

 

Weighted average shares – Diluted – EPS (5)

 

52,553

 

 

 

52,350

 

 

 

52,558

 

 

 

52,436

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Basic (5)

$

6.09

 

 

$

0.87

 

 

$

10.07

 

 

$

1.16

 

 

Earnings per common share – Diluted (5)

$

6.07

 

 

$

0.87

 

 

$

10.03

 

 

$

1.16

 

 

 

 

 

 

 

 

 

 

(1)

Rental income:

 

 

 

 

 

 

 

 

Minimum rents

$

57,036

 

 

$

89,717

 

 

$

206,608

 

 

$

267,713

 

 

Ground lease minimum rents

 

4,555

 

 

 

6,296

 

 

 

15,295

 

 

 

19,108

 

 

Straight-line rent, net

 

1,472

 

 

 

496

 

 

 

3,616

 

 

 

2,160

 

 

Amortization of (above)/below-market rent, net

 

1,167

 

 

 

9,223

 

 

 

3,280

 

 

 

12,099

 

 

Percentage and overage rent

 

1,063

 

 

 

1,095

 

 

 

4,450

 

 

 

4,498

 

 

Recoveries

 

22,134

 

 

 

34,753

 

 

 

80,366

 

 

 

104,570

 

 

Uncollectible revenue

 

95

 

 

 

(811

)

 

 

81

 

 

 

(1,126

)

 

Ancillary and other rental income

 

917

 

 

 

1,511

 

 

 

3,211

 

 

 

4,716

 

 

Lease termination fees

 

578

 

 

 

218

 

 

 

5,182

 

 

 

586

 

 

 

 

 

 

 

 

 

 

(2)

Includes NOI from assets sold in 2024 and properties included in the CURB spin-off

 

40,291

 

 

 

N/A

 

 

 

160,765

 

 

 

N/A

 

 

 

 

 

 

 

 

 

 

(3)

Separation and other charges

 

595

 

 

 

1,086

 

 

 

1,348

 

 

 

4,014

 

 

 

 

 

 

 

 

 

 

(4)

Interest income (fees), net

 

13,997

 

 

 

(92

)

 

 

29,841

 

 

 

(206

)

 

Transaction costs

 

(23,847

)

 

 

(641

)

 

 

(31,436

)

 

 

(1,848

)

 

Debt extinguishment costs

 

(32,559

)

 

 

43

 

 

 

(43,004

)

 

 

43

 

 

Gain on debt retirement

 

0

 

 

 

0

 

 

 

1,037

 

 

 

0

 

 

Gain (loss) on derivative instruments

 

754

 

 

 

0

 

 

 

(4,412

)

 

 

0

 

 

 

 

 

 

 

 

 

 

(5)

Prior periods presented have been adjusted to reflect the Company's one-for-four reverse stock split

 

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

 

 

in thousands, except per share

 

 

 

 

 

 

3Q24

 

 

 

3Q23

 

 

 

9M24

 

 

 

9M23

 

 

Net income attributable to Common Shareholders

$

320,164

 

 

$

45,853

 

 

$

529,279

 

 

$

60,912

 

 

Depreciation and amortization of real estate

 

33,253

 

 

 

51,412

 

 

 

114,276

 

 

 

161,480

 

 

Equity in net income of JVs

 

(328

)

 

 

(518

)

 

 

(406

)

 

 

(6,495

)

 

JVs' FFO

 

1,555

 

 

 

2,145

 

 

 

4,703

 

 

 

6,327

 

 

Non-controlling interests

 

0

 

 

 

0

 

 

 

0

 

 

 

18

 

 

Impairment of real estate

 

0

 

 

 

0

 

 

 

66,600

 

 

 

0

 

 

Gain on sale and change in control of interests

 

0

 

 

 

0

 

 

 

(2,669

)

 

 

(3,749

)

 

Gain on disposition of real estate, net

 

(368,139

)

 

 

(31,047

)

 

 

(633,169

)

 

 

(31,230

)

 

FFO attributable to Common Shareholders

($

13,495

)

 

$

67,845

 

 

$

78,614

 

 

$

187,263

 

 

Gain on debt retirement

 

0

 

 

 

0

 

 

 

(1,037

)

 

 

0

 

 

Transaction, debt extinguishment and other (at SITE's share)

 

55,653

 

 

 

679

 

 

 

79,041

 

 

 

2,186

 

 

Separation and other charges

 

595

 

 

 

1,345

 

 

 

1,820

 

 

 

4,444

 

 

Total non-operating items, net

 

56,248

 

 

 

2,024

 

 

 

79,824

 

 

 

6,630

 

 

Operating FFO attributable to Common Shareholders

$

42,753

 

 

$

69,869

 

 

$

158,438

 

 

$

193,893

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares & units – Basic: FFO & OFFO (1)

 

52,400

 

 

 

52,322

 

 

 

52,381

 

 

 

52,393

 

 

Assumed conversion of dilutive securities (1)

 

153

 

 

 

28

 

 

 

177

 

 

 

60

 

 

Weighted average shares & units – Diluted: FFO & OFFO (1)

 

52,553

 

 

 

52,350

 

 

 

52,558

 

 

 

52,453

 

 

 

 

 

 

 

 

 

 

 

FFO per share – Basic (1)

$

(0.26

)

 

$

1.30

 

 

$

1.50

 

 

$

3.57

 

 

FFO per share – Diluted (1)

$

(0.26

)

 

$

1.30

 

 

$

1.50

 

 

$

3.57

 

 

Operating FFO per share – Basic (1)

$

0.82

 

 

$

1.34

 

 

$

3.02

 

 

$

3.70

 

 

Operating FFO per share – Diluted (1)

$

0.81

 

 

$

1.33

 

 

$

3.01

 

 

$

3.70

 

 

Common stock dividends declared, per share (1)

$

0.00

 

 

$

0.52

 

 

$

1.04

 

 

$

1.56

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share):

 

 

 

 

 

 

 

 

Redevelopment costs

 

1,182

 

 

 

7,609

 

 

 

7,192

 

 

 

15,726

 

 

Maintenance capital expenditures

 

1,792

 

 

 

4,528

 

 

 

5,449

 

 

 

11,552

 

 

Tenant allowances and landlord work

 

7,397

 

 

 

13,187

 

 

 

28,878

 

 

 

38,938

 

 

Leasing commissions

 

850

 

 

 

1,861

 

 

 

5,168

 

 

 

6,255

 

 

Construction administrative costs (capitalized)

 

839

 

 

 

795

 

 

 

2,653

 

 

 

2,395

 

 

 

 

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share):

 

 

 

 

 

 

 

 

Straight-line rent

 

1,491

 

 

 

516

 

 

 

3,715

 

 

 

2,236

 

 

Straight-line fixed CAM

 

33

 

 

 

94

 

 

 

156

 

 

 

238

 

 

Amortization of below-market rent/(above), net

 

1,301

 

 

 

9,314

 

 

 

3,611

 

 

 

12,364

 

 

Straight-line ground rent expense

 

(9

)

 

 

(25

)

 

 

(16

)

 

 

(130

)

 

Debt fair value and loan cost amortization

 

(1,709

)

 

 

(1,165

)

 

 

(4,525

)

 

 

(3,591

)

 

Capitalized interest expense

 

76

 

 

 

321

 

 

 

547

 

 

 

916

 

 

Stock compensation expense

 

(2,013

)

 

 

(1,756

)

 

 

(5,958

)

 

 

(5,119

)

 

Non-real estate depreciation expense

 

(1,001

)

 

 

(1,411

)

 

 

(3,571

)

 

 

(4,064

)

 

 

 

 

 

 

 

 

 

(1)

Prior periods presented have been adjusted to reflect the Company's one-for-four reverse stock split

 

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

 

$ in thousands

 

 

 

 

 

At Period End

 

 

 

3Q24

 

 

 

4Q23

 

 

Assets:

 

 

 

 

Land

$

613,990

 

 

$

930,540

 

 

Buildings

 

1,700,647

 

 

 

3,311,368

 

 

Fixtures and tenant improvements

 

323,926

 

 

 

537,872

 

 

 

 

2,638,563

 

 

 

4,779,780

 

 

Depreciation

 

(799,336

)

 

 

(1,570,377

)

 

 

 

1,839,227

 

 

 

3,209,403

 

 

Construction in progress and land

 

17,887

 

 

 

51,379

 

 

Real estate, net

 

1,857,114

 

 

 

3,260,782

 

 

 

 

 

 

 

Investments in and advances to JVs

 

32,179

 

 

 

39,372

 

 

Cash (1)

 

1,063,088

 

 

 

551,968

 

 

Restricted cash

 

21,038

 

 

 

17,063

 

 

Receivables and straight-line (2)

 

38,842

 

 

 

65,623

 

 

Intangible assets, net (3)

 

93,108

 

 

 

86,363

 

 

Other assets, net

 

21,729

 

 

 

40,180

 

 

Total Assets

 

3,127,098

 

 

 

4,061,351

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Revolving credit facilities

 

0

 

 

 

0

 

 

Unsecured debt

 

0

 

 

 

1,303,243

 

 

Unsecured term loan

 

0

 

 

 

198,856

 

 

Secured debt

 

300,842

 

 

 

124,176

 

 

 

 

300,842

 

 

 

1,626,275

 

 

Dividends payable

 

2,789

 

 

 

63,806

 

 

Other liabilities (4)

 

171,541

 

 

 

195,727

 

 

Total Liabilities

 

475,172

 

 

 

1,885,808

 

 

 

 

 

 

 

Preferred shares

 

175,000

 

 

 

175,000

 

 

Common shares

 

5,247

 

 

 

5,239

 

 

Paid-in capital

 

5,927,905

 

 

 

5,923,919

 

 

Distributions in excess of net income

 

(3,460,210

)

 

 

(3,934,736

)

 

Deferred compensation

 

4,968

 

 

 

5,167

 

 

Accumulated comprehensive income

 

6,113

 

 

 

6,121

 

 

Common shares in treasury at cost

 

(7,097

)

 

 

(5,167

)

 

Total Equity

 

2,651,926

 

 

 

2,175,543

 

 

 

 

 

 

 

Total Liabilities and Equity

$

3,127,098

 

 

$

4,061,351

 

 

 

 

 

 

(1)

On October 1, 2024, $800 million was used to capitalize Curbline Properties

 

 

 

 

 

 

 

 

(2)

SL rents (including fixed CAM), net

$

17,152

 

 

$

31,206

 

 

 

 

 

 

(3)

Operating lease right of use assets

 

16,086

 

 

 

17,373

 

 

Below market ground leases (as lessee)

 

13,653

 

 

 

0

 

 

 

 

 

 

(4)

Operating lease liabilities

 

35,819

 

 

 

37,108

 

 

Below-market leases, net

 

38,729

 

 

 

46,096

 

 

Excludes costs to complete redevelopment projects at Curbline assets

 

 

 

 

 

 

 

 

 

Gerald Morgan, EVP and

Chief Financial Officer

216-755-5500

Source: SITE Centers Corp.

FAQ

What was SITE Centers (SITC) net income for Q3 2024?

SITE Centers reported net income of $320.2 million ($6.07 per diluted share) for Q3 2024, compared to $45.9 million in Q3 2023.

How many properties did SITC sell in Q3 2024?

SITE Centers sold 25 shopping centers during Q3 2024 for an aggregate price of $1.4 billion.

What is SITC's projected NOI for 2024?

SITE Centers projects 2024 property level NOI to be between $94.7 million and $96.9 million.

What was SITC's leased rate as of September 30, 2024?

SITE Centers reported a leased rate of 91.3% as of September 30, 2024, down from 94.6% in the previous year.

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