SITC SITE Centers Corp

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 and year ended December 31, 2022.

“SITE Centers had a very productive fourth quarter with results ahead of plan as we continued to execute on our leasing and operational goals,” commented David R. Lukes, President and Chief Executive Officer. "In the last two years, we have executed over 2.0 million square feet of new leases increasing the Company’s leased rate over 380 bp to 95.4% highlighting the quality and strength of our focused portfolio of assets concentrated in the top sub-markets of the country. Additionally, over the course of 2022, we were able to opportunistically recycle capital into Convenience properties improving the Company’s long-term growth profile and expanding on the Company’s investment in this property type. Going forward, SITE remains well positioned with minimal near-term maturities, significant liquidity and a $19 million Signed but Not Opened (SNO) pipeline.”

Results for the Fourth Quarter

• Fourth quarter net income attributable to common shareholders was $25.4 million, or $0.12 per diluted share, as compared to net income of $56.2 million, or $0.26 per diluted share, in the year-ago period. The decrease year-over-year primarily was the result of asset sales within the DDRM Joint Venture and lower management fees, partially offset by base rent growth and the net impact of property acquisitions.
• Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $62.5 million, or $0.29 per diluted share, compared to $63.8 million, or $0.30 per diluted share, in the year-ago period. Fourth quarter net operating income was higher year-over-year driven by base rent growth and the net impact of property acquisitions, offset by lower management fees and uncollectible revenue. Fourth quarter OFFO results included $0.8 million of rental income at SITE Centers’ share related to prior periods primarily from cash basis tenants.

Results for the Year

• Net income attributable to common shareholders for the year ended December 31, 2022 was $157.6 million, or $0.73 per diluted share, as compared to net income of $106.1 million, or $0.51 per diluted share, for the prior year.
• Operating FFO was $253.3 million, or $1.18 per diluted share for the full year 2022, which compares to $245.7 million, or $1.17 per diluted share for 2021. 2022 Operating FFO results included $3.6 million of rental income at SITE Centers’ share related to prior periods primarily from cash basis tenants.

Significant Fourth Quarter 2022 and Recent Activity

• Acquired one convenience shopping center during the fourth quarter, Shops on Montview (Denver, CO), for $5.8 million.
• Sold four shopping centers and land parcels during the fourth quarter for an aggregate price of $166.7 million ($158.2 million at share).
• Repurchased 2.2 million of the Company's common shares in open market transactions at an aggregate cost of $28.8 million, or an average cost of $13.33 per common share, in the fourth quarter with proceeds from the sale of wholly-owned properties.
• In January 2023, acquired two convenience shopping centers for an aggregate price of $26.1 million, including Parker Keystone (Parker, CO) for $11.0 million and Foxtail Center (Timonium, MD) for $15.1 million.

Significant Full-Year 2022 Activity

• Issued the Company’s eighth Corporate Responsibility and Sustainability Report. The Report was completed in alignment with the Global Reporting Initiative ("GRI") and with the Sustainability Accounting Standards Board ("SASB") metrics and frameworks. The report intends to provide updates on the annual results of the Company’s corporate responsibility and sustainability programs and can be found at https://www.sitecenters.com/2021CSR.
• Acquired 16 shopping centers (including through the acquisition of a partner's interest) for an aggregate price of $342.4 million at SITE's share.
• Sold 33 shopping centers and land parcels for $885.5 million ($371.1 million at share), including the Company's 20% interest in the SAU Joint Venture based on a gross asset value of $155.7 million (at 100%) and the Company’s 20% interest in DDRM Pool A based on a gross asset value of $387.6 million (at 100%).
• In June 2022, amended and restated its $950 million revolving credit facility with a fully extended maturity date of June 2027 and refinanced its unsecured term loan facility. The Company also upsized the term loan facility to $200 million from $100 million with the additional proceeds drawn in the second quarter, extended its maturity to June 2027 and swapped the unsecured term loan to a fixed rate of 3.80% (3.99% GAAP) through the loan's maturity in June 2027.
• In the first and second quarters, settled the forward sale of 2.4 million common shares at $15.79 per common share under the ATM program generating proceeds of $38.3 million.
• In the third and fourth quarters, repurchased 3.7 million of the Company's common shares in open market transactions at an aggregate cost of $48.8 million, or an average cost of $13.07 per common share, funded via proceeds from property dispositions.

Key Operating Results

• Reported an increase of 1.8% in SSNOI on a pro rata basis for the fourth quarter of 2022, including redevelopment, as compared to the year-ago period. The fourth quarter of 2021 SSNOI included $1.0 million of rental income at SITE Centers’ share related to 2020 primarily from cash basis tenants, which was a 110 basis-point headwind to fourth quarter 2022 SSNOI growth.
• Reported an increase of 0.8% in SSNOI on a pro rata basis for the full year 2022, including redevelopment, as compared to 2021. 2021 SSNOI included $12.8 million of rental income at SITE Centers’ share related to 2020 primarily from cash basis tenants, which was a 360 basis-point headwind to 2022 SSNOI growth.
• Generated cash new leasing spreads of 26.0% and cash renewal leasing spreads of 6.4%, both on a pro rata basis, for the trailing twelve-month period ended December 31, 2022 and cash new leasing spreads of 55.2% and cash renewal leasing spreads of 7.6%, both on a pro rata basis, for the fourth quarter of 2022.
• Generated straight-lined new leasing spreads of 40.4% and straight-lined renewal leasing spreads of 9.9%, both on a pro rata basis, for the trailing twelve-month period ended December 31, 2022 and straight-lined new leasing spreads of 72.1% and straight-lined renewal leasing spreads of 11.2%, both on a pro rata basis, for the fourth quarter of 2022.
• Reported a leased rate of 95.4% at December 31, 2022 on a pro rata basis, compared to 95.0% on a pro rata basis at September 30, 2022 and 92.7% on a pro rata basis at December 31, 2021. The sequential increase was primarily driven by small-shop (less than 10,000 square feet) leasing activity.
• As of December 31, 2022, the SNO spread was 290 basis points, representing $18.9 million of annualized base rent on a pro rata basis.
• Annualized base rent per occupied square foot on a pro rata basis was $19.52 at December 31, 2022, compared to $18.33 at December 31, 2021.

Guidance

The Company estimates net income attributable to common shareholders for 2023 to be from $0.16 to $0.24 per diluted share and Operating FFO to be from $1.10 to $1.16 per diluted share. The Company does not include a projection of gains or losses on asset sales, impairment charges, transaction or debt extinguishment costs in guidance.

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

 

 

FY 2023E

Per Share – Diluted

Net income attributable to Common Shareholders

 

$0.16 – $0.24

Depreciation and amortization of real estate

 

0.87 - 0.91

Equity in net (income) of JVs

 

(0.01) - (0.00)

JVs' FFO

 

0.04 – 0.05

FFO (NAREIT) and Operating FFO

 

$1.10 – $1.16

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed range of 2023 SSNOI growth 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 which only includes properties owned for comparable periods and excludes all corporate level activity as described below under Non-GAAP Measures and Other Operational Metrics. Key assumptions for 2023 guidance include the following:

 

 

FY 2023E

Joint Venture fee income

 

$5 – $7 million

SSNOI (1)

 

(1.00)% – 2.50%

SSNOI – Adjusted for 2022 Uncollectible Revenue Impact (2)

 

0.00% – 3.50%

(1)

Including redevelopment and approximately $3.4 million included in Uncollectible Revenue, primarily related to rental income from cash basis tenants, reported in 2022 related to prior periods, which is an approximately 100 basis-point headwind to 2023 SSNOI growth.

(2)

Including redevelopment and excluding revenue impact of approximately $3.4 million included in Uncollectible Revenue, primarily related to rental income from cash basis tenants, reported in 2022 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 March 8, 2023. Copies of the Company’s supplemental package and earnings slide presentation are available on the Company’s website.

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 (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 or certain transaction costs. 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 and 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 prior period comparisons). In addition, SSNOI is presented including activity associated with major and tactical 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. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed rate of 2023 SSNOI growth 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 which only includes properties owned for comparable periods and excludes all corporate level activity as noted above.

The Company calculates Cash Leasing Spreads by comparing the prior tenant's annual base rent in the final year of the prior lease to the executed tenant's annual base rent in the first year of the executed lease. Straight-Lined Leasing Spreads are calculated by comparing the prior tenant's average base rent over the prior lease term to the executed tenant's average base rent over the term of the executed lease. For both Cash and Straight-Lined Leasing Spreads, the reported calculation includes only comparable leases which are deals executed within one year of the date that the prior tenant vacated. Deals executed after one year of the date the prior tenant vacated, deals which are a combination of existing units, new leases at major redevelopment properties, and deals for units vacant at the time of acquisition are considered non-comparable and excluded from 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 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 December 31, 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

 

 

 

 

 

4Q22

 

4Q21

 

12M22

 

12M21

 

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

$135,896

 

$124,110

 

$537,106

 

$490,799

 

Other property revenues

537

 

449

 

3,701

 

1,544

 

 

136,433

 

124,559

 

540,807

 

492,343

 

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance

22,750

 

18,516

 

89,278

 

76,716

 

Real estate taxes

19,476

 

17,712

 

80,706

 

76,071

 

 

42,226

 

36,228

 

169,984

 

152,787

 

 

 

 

 

 

 

 

 

 

Net operating income

94,207

 

88,331

 

370,823

 

339,556

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Fee income (2)

2,075

 

10,257

 

11,546

 

40,521

 

Interest expense

(20,386)

 

(18,682)

 

(77,692)

 

(76,383)

 

Depreciation and amortization

(50,982)

 

(48,322)

 

(203,546)

 

(185,768)

 

General and administrative (3)

(12,161)

 

(13,505)

 

(46,564)

 

(55,052)

 

Other (expense) income, net

(388)

 

29

 

(2,540)

 

(1,185)

 

Impairment charges

0

 

0

 

(2,536)

 

(7,270)

 

Income before earnings from JVs and other

12,365

 

18,108

 

49,491

 

54,419

 

 

 

 

 

 

 

 

 

 

Equity in net income of JVs

424

 

36,238

 

27,892

 

47,297

 

Gain on sale and change in control of interests

27

 

5,242

 

45,581

 

19,185

 

Gain (loss) on disposition of real estate, net

15,352

 

(4)

 

46,644

 

6,065

 

Tax benefit (expense)

47

 

(493)

 

(816)

 

(1,550)

 

Net income

28,215

 

59,091

 

168,792

 

125,416

 

Non-controlling interests

(18)

 

(97)

 

(73)

 

(481)

 

Net income SITE Centers

28,197

 

58,994

 

168,719

 

124,935

 

Write-off of preferred share original issuance costs

0

 

0

 

0

 

(5,156)

 

Preferred dividends

(2,789)

 

(2,789)

 

(11,156)

 

(13,656)

 

Net income Common Shareholders

$25,408

 

$56,205

 

$157,563

 

$106,123

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic – EPS

212,168

 

211,226

 

212,998

 

208,004

 

Assumed conversion of diluted securities

661

 

1,121

 

885

 

1,139

 

Weighted average shares – Basic & Diluted – EPS

212,829

 

212,347

 

213,883

 

209,143

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Basic

$0.12

 

$0.27

 

$0.74

 

$0.51

 

Earnings per common share – Diluted

$0.12

 

$0.26

 

$0.73

 

$0.51

 

 

 

 

 

 

 

 

 

(1)

Rental income:

 

 

 

 

 

 

 

 

Minimum rents

$90,180

 

$81,370

 

$352,029

 

$317,732

 

Ground lease minimum rents

6,747

 

6,609

 

26,938

 

26,016

 

Straight-line rent, net

589

 

213

 

3,043

 

669

 

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

1,249

 

950

 

4,656

 

3,721

 

Percentage and overage rent

1,635

 

1,580

 

5,217

 

4,929

 

Recoveries

33,763

 

30,012

 

133,574

 

120,530

 

Uncollectible revenue

(501)

 

1,115

 

1,388

 

9,383

 

Ancillary and other rental income

2,066

 

2,149

 

6,482

 

6,576

 

Lease termination fees

168

 

112

 

3,779

 

1,243

 

 

 

 

 

 

 

 

 

(2)

Fee income:

 

 

 

 

 

 

 

 

JV and other fees

1,950

 

3,702

 

10,566

 

14,519

 

RVI fees

125

 

6,555

 

980

 

26,002

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

4Q22

 

4Q21

 

12M22

 

12M21

 

Net income attributable to Common Shareholders

$25,408

 

$56,205

 

$157,563

 

$106,123

 

Depreciation and amortization of real estate

49,833

 

46,880

 

198,662

 

180,158

 

Equity in net income of JVs

(424)

 

(36,238)

 

(27,892)

 

(47,297)

 

JVs' FFO

2,806

 

4,638

 

12,274

 

21,703

 

Non-controlling interests

18

 

17

 

73

 

67

 

Impairment of real estate

0

 

0

 

2,536

 

7,270

 

Gain on sale and change in control of interests

(27)

 

(5,242)

 

(45,581)

 

(19,185)

 

(Gain) loss on disposition of real estate, net

(15,352)

 

4

 

(46,644)

 

(6,065)

 

FFO attributable to Common Shareholders

$62,262

 

$66,264

 

$250,991

 

$242,774

 

RVI disposition fees

0

 

(2,924)

 

(385)

 

(9,016)

 

Mark-to-market adjustment (PRSUs)

0

 

0

 

0

 

5,589

 

Debt extinguishment, transaction, net

242

 

325

 

1,886

 

1,047

 

Joint ventures – debt extinguishment and other, net

(3)

 

105

 

854

 

137

 

Write-off of preferred share original issuance costs

0

 

0

 

0

 

5,156

 

Total non-operating items, net

239

 

(2,494)

 

2,355

 

2,913

 

Operating FFO attributable to Common Shareholders

$62,501

 

$63,770

 

$253,346

 

$245,687

 

 

 

 

 

 

 

 

 

 

Weighted average shares & units – Basic: FFO & OFFO

212,308

 

211,367

 

213,139

 

208,145

 

Assumed conversion of dilutive securities

661

 

980

 

744

 

998

 

Weighted average shares & units – Diluted: FFO & OFFO

212,969

 

212,347

 

213,883

 

209,143

 

 

 

 

 

 

 

 

 

 

FFO per share – Basic

$0.29

 

$0.31

 

$1.18

 

$1.17

 

FFO per share – Diluted

$0.29

 

$0.31

 

$1.17

 

$1.16

 

Operating FFO per share – Basic

$0.29

 

$0.30

 

$1.19

 

$1.18

 

Operating FFO per share – Diluted

$0.29

 

$0.30

 

$1.18

 

$1.17

 

Common stock dividends declared, per share

$0.13

 

$0.12

 

$0.52

 

$0.47

 

 

 

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share):

 

 

 

 

 

 

 

 

Redevelopment costs (major and tactical)

4,280

 

2,706

 

20,731

 

15,404

 

Maintenance capital expenditures

4,621

 

3,618

 

21,088

 

13,067

 

Tenant allowances and landlord work

12,032

 

11,299

 

47,372

 

38,839

 

Leasing commissions

2,788

 

1,639

 

8,798

 

6,045

 

Construction administrative costs (capitalized)

912

 

887

 

3,997

 

3,107

 

 

 

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share):

 

 

 

 

 

 

 

 

Straight-line rent

806

 

237

 

3,417

 

796

 

Straight-line fixed CAM

151

 

154

 

476

 

570

 

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

1,335

 

1,034

 

5,018

 

4,116

 

Straight-line ground rent expense

(35)

 

(25)

 

(135)

 

(121)

 

Debt fair value and loan cost amortization

(1,267)

 

(1,305)

 

(5,121)

 

(5,023)

 

Capitalized interest expense

311

 

186

 

1,119

 

648

 

Stock compensation expense

(1,678)

 

(1,709)

 

(6,813)

 

(13,032)

 

Non-real estate depreciation expense

(1,151)

 

(1,401)

 

(4,893)

 

(5,372)

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

$ in thousands

 

 

 

 

 

At Period End

 

 

4Q22

 

4Q21

 

Assets:

 

 

 

 

Land

$1,066,852

 

$1,011,401

 

Buildings

3,733,805

 

3,624,164

 

Fixtures and tenant improvements

576,036

 

556,056

 

 

5,376,693

 

5,191,621

 

Depreciation

(1,652,899)

 

(1,571,569)

 

 

3,723,794

 

3,620,052

 

Construction in progress and land

56,466

 

47,260

 

Real estate, net

3,780,260

 

3,667,312

 

 

 

 

 

 

Investments in and advances to JVs

44,608

 

64,626

 

Cash

20,254

 

41,807

 

Restricted cash

960

 

1,445

 

Receivables and straight-line (1)

63,926

 

61,382

 

Intangible assets, net (2)

105,945

 

113,106

 

Other assets, net

29,064

 

17,373

 

Total Assets

4,045,017

 

3,967,051

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Revolving credit facilities

0

 

0

 

Unsecured debt

1,453,923

 

1,451,768

 

Unsecured term loan

198,521

 

99,810

 

Secured debt

54,577

 

125,799

 

 

1,707,021

 

1,677,377

 

Dividends payable

30,389

 

28,243

 

Other liabilities (3)

214,985

 

218,779

 

Total Liabilities

1,952,395

 

1,924,399

 

 

 

 

 

 

Preferred shares

175,000

 

175,000

 

Common shares

21,437

 

21,129

 

Paid-in capital

5,974,216

 

5,934,166

 

Distributions in excess of net income

(4,046,370)

 

(4,092,783)

 

Deferred compensation

5,025

 

4,695

 

Accumulative comprehensive income

9,038

 

0

 

Common shares in treasury at cost

(51,518)

 

(5,349)

 

Non-controlling interests

5,794

 

5,794

 

Total Equity

2,092,622

 

2,042,652

 

 

 

 

 

 

Total Liabilities and Equity

$4,045,017

 

$3,967,051

 

 

 

 

 

(1)

SL rents (including fixed CAM), net

$33,879

 

$31,526

 

 

 

 

 

(2)

Operating lease right of use assets

18,197

 

19,047

 

 

 

 

 

(3)

Operating lease liabilities

37,777

 

38,491

 

Below-market leases, net

59,825

 

59,690

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

 

 

 

 

 

 

 

 

4Q22

 

4Q21

 

4Q22

 

4Q21

 

SITE Centers at 100%

 

At SITE Centers Share (Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income attributable to SITE Centers

$28,197

 

$58,994

 

$28,197

 

$58,994

Fee income

(2,075)

 

(10,257)

 

(2,075)

 

(10,257)

Interest expense

20,386

 

18,682

 

20,386

 

18,682

Depreciation and amortization

50,982

 

48,322

 

50,982

 

48,322

General and administrative

12,161

 

13,505

 

12,161

 

13,505

Other expense (income), net

388

 

(29)

 

388

 

(29)

Equity in net income of joint ventures

(424)

 

(36,238)

 

(424)

 

(36,238)

Tax (benefit) expense

(47)

 

493

 

(47)

 

493

Gain on sale and change in control of interests

(27)

 

(5,242)

 

(27)

 

(5,242)

(Gain) loss on disposition of real estate, net

(15,352)

 

4

 

(15,352)

 

4

Income from non-controlling interests

18

 

97

 

18

 

97

Consolidated NOI

94,207

 

88,331

 

94,207

 

88,331

 

 

 

 

 

 

 

 

Net income from unconsolidated joint ventures

1,013

 

56,507

 

361

 

39,516

Interest expense

7,495

 

10,481

 

1,682

 

2,444

Depreciation and amortization

9,395

 

16,309

 

2,153

 

3,627

Other expense (income), net

1,189

 

3,268

 

298

 

765

Loss (gain) on disposition of real estate, net

1,408

 

(53,803)

 

289

 

(38,510)

Unconsolidated NOI

$20,500

 

$32,762

 

4,783

 

7,842

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

 

 

 

 

98,990

 

96,173

Less: Non-Same Store NOI adjustments

 

 

 

 

(6,525)

 

(5,314)

Total SSNOI including redevelopment

 

 

 

 

92,465

 

90,859

Less: Redevelopment Same Store NOI adjustments

 

 

 

 

1

 

(143)

Total SSNOI excluding redevelopment

 

 

 

 

$92,466

 

$90,716

 

 

 

 

 

 

 

 

SSNOI % Change including redevelopment

 

 

 

 

1.8%

 

 

SSNOI % Change excluding redevelopment

 

 

 

 

1.9%

 

 

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

 

 

 

 

 

 

 

 

12M22

 

12M21

 

12M22

 

12M21

 

SITE Centers at 100%

 

At SITE Centers Share (Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income attributable to SITE Centers

$168,719

 

$124,935

 

$168,719

 

$124,935

Fee income

(11,546)

 

(40,521)

 

(11,546)

 

(40,521)

Interest expense

77,692

 

76,383

 

77,692

 

76,383

Depreciation and amortization

203,546

 

185,768

 

203,546

 

185,768

General and administrative

46,564

 

55,052

 

46,564

 

55,052

Other expense (income), net

2,540

 

1,185

 

2,540

 

1,185

Impairment charges

2,536

 

7,270

 

2,536

 

7,270

Equity in net income of joint ventures

(27,892)

 

(47,297)

 

(27,892)

 

(47,297)

Tax expense

816

 

1,550

 

816

 

1,550

Gain on sale and change in control of interests

(45,581)

 

(19,185)

 

(45,581)

 

(19,185)

Gain on disposition of real estate, net

(46,644)

 

(6,065)

 

(46,644)

 

(6,065)

Income from non-controlling interests

73

 

481

 

73

 

481

Consolidated NOI

370,823

 

339,556

 

370,823

 

339,556

 

 

 

 

 

 

 

 

Net income from unconsolidated joint ventures

106,846

 

110,032

 

22,248

 

49,459

Interest expense

34,055

 

43,379

 

7,664

 

10,557

Depreciation and amortization

46,518

 

66,618

 

10,457

 

15,107

Impairment charges

17,550

 

0

 

3,510

 

0

Other expense (income), net

12,303

 

12,074

 

2,766

 

2,951

Gain on disposition of real estate, net

(120,097)

 

(89,935)

 

(23,965)

 

(42,897)

Unconsolidated NOI

$97,175

 

$142,168

 

22,680

 

35,177

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

 

 

 

 

393,503

 

374,733

Less: Non-Same Store NOI adjustments

 

 

 

 

(34,404)

 

(18,380)

Total SSNOI including redevelopment

 

 

 

 

359,099

 

356,353

Less: Redevelopment Same Store NOI adjustments

 

 

 

 

(280)

 

(404)

Total SSNOI excluding redevelopment

 

 

 

 

$358,819

 

$355,949

 

 

 

 

 

 

 

 

SSNOI % Change including redevelopment

 

 

 

 

0.8%

 

 

SSNOI % Change excluding redevelopment

 

 

 

 

0.8%

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005196/en/

SITE Centers Corp. Conor Fennerty, EVP and Chief Financial Officer 216-755-5500