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SITE Centers Reports Third Quarter 2022 Operating Results

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%

 

 

 

Contacts

SITE Centers Corp.

Conor Fennerty, EVP and

Chief Financial Officer

216-755-5500

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