SITE Centers Reports Third Quarter 2024 Results
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.
- 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
- 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
The completion of
The debt restructuring, including the redemption of senior notes and new
"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
Results for the Third Quarter
-
Third quarter net income attributable to common shareholders was
, or$320.2 million per diluted share, as compared to net income of$6.07 , or$45.9 million 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.$0.87 -
Third quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was
, or$42.8 million per diluted share, compared to$0.81 , or$69.9 million 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.$1.33
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
. All of these properties were included in the Curbline spin-off.$145.3 million -
During the quarter, redeemed all remaining outstanding senior unsecured notes due in 2025, 2026 and 2027 for total cash consideration, including expenses, of
and recorded debt extinguishment costs of approximately$1.2 billion . 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$6.7 million .$1.3 million -
In August 2024, repaid the
term loan and terminated the revolving credit facility which had no balance outstanding and recorded$200.0 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$4.8 million .$6.8 million -
In August 2024, the Company closed and funded a
mortgage facility secured by 23 properties. At September 30, 2024, the outstanding principal balance on the mortgage facility was$530.0 million secured by 13 properties. The Company recorded debt extinguishment costs of$206.9 million in the three months ended September 30, 2024 due to disposition-related repayments. Additionally, the Company wrote off$10.1 million in fees in the third quarter relating to the termination of the original$10.9 million mortgage facility commitment obtained in October 2023.$1.1 billion - 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
of unrestricted cash and had no outstanding indebtedness.$800.0 million
Key Quarterly Operating Results
-
Reported a leased rate of
91.3% at September 30, 2024 compared to93.2% at June 30, 2024 and94.6% 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
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
in 3Q2024, or$2.1 million annualized, and$8.4 million -
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 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
|
||||||||||||||||
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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, |
|
|
|
||||
|
|
|
|
|
||||
(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 |
|
|
|
||||
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030950373/en/
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?
How many properties did SITC sell in Q3 2024?
What is SITC's projected NOI for 2024?