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 ended September 30, 2023.

“Third quarter results reflect a continuation of year-to-date trends including steady demand for vacant space in the Company’s supply constrained markets and recycling of capital from highly leased properties into Convenience assets,” commented David R. Lukes, President and Chief Executive Officer. “Rent commencements, the backfill of vacant space from bankruptcies and tactical redevelopment deliveries remain significant tailwinds for SITE Centers going forward.”

Results for the Quarter

• Third quarter net income attributable to common shareholders was $45.9 million, or $0.22 per diluted share, as compared to net income of $63.4 million, or $0.30 per diluted share, in the year-ago period. The decrease year-over-year primarily was the result of lower income from joint ventures as a result of asset sales in the third quarter of 2022, partially offset by higher gain on sale from asset sales, property net operating income ("NOI") growth and the net impact of property acquisitions.
• Third quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $69.9 million, or $0.33 per diluted share, compared to $62.8 million, or $0.29 per diluted share, in the year-ago period primarily due to property NOI growth and the net impact of property acquisitions. Third quarter OFFO included $8.1 million, or $0.04 per diluted share, of income related to below-market lease adjustments primarily for terminated Bed, Bath & Beyond leases.

Significant Third Quarter and Recent Activity

• SITE Centers sold 11 wholly owned shopping centers in the third quarter and fourth quarter to date for an aggregate price of $645.6 million including five wholly-owned shopping centers during the third quarter for an aggregate price of $118.3 million.
• Acquired three convenience shopping centers during the quarter for an aggregate price of $28.1 million, including Towne Crossing Shops (Richmond, VA) for $4.2 million, Oaks at Slaughter (Austin, TX) for $14.1 million and Marketplace at 249 (Houston, TX) for $9.8 million.
• In the third quarter, recorded a $1.3 million charge related to the previously announced restructuring plan, which included a Voluntary Retirement Offer. The balance of the total charges is expected to be incurred in the fourth quarter of 2023. Restructuring charges have been excluded from OFFO.
• In October, closed on a five-year, $100 million mortgage secured by Nassau Park Pavilion (Princeton, NJ).
• In October, acquired two convenience shopping centers for an aggregate price of $26.0 million, including Estero Crossing (Fort Myers, FL) for $17.1 million and Point at University (Charlotte, NC) for $8.9 million.

Key Quarterly Operating Results

• Reported an increase of 2.9% in same-store net operating income (“SSNOI”) on a pro rata basis for the third quarter of 2023, including redevelopment, as compared to the year-ago period. The impact of prior period rental income receipts related to cash basis tenants was immaterial to third quarter 2023 SSNOI growth.
• Generated cash new leasing spreads of 37.7% and cash renewal leasing spreads of 7.3%, both on a pro rata basis, for the trailing twelve-month period ended September 30, 2023 and cash new leasing spreads of 58.2% and cash renewal leasing spreads of 6.6%, both on a pro rata basis, for the third quarter of 2023.
• Generated straight-lined new leasing spreads of 50.9% and straight-lined renewal leasing spreads of 11.5%, both on a pro rata basis, for the trailing twelve-month period ended September 30, 2023 and straight-lined new leasing spreads of 73.0% and straight-lined renewal leasing spreads of 10.2%, both on a pro rata basis, for the third quarter of 2023.

• Reported a leased rate of 94.6% at September 30, 2023, compared to 95.5% at June 30, 2023 and 95.0% at September 30, 2022, all on a pro rata basis. The sequential decline was primarily related to the recapture of the remaining units leased by Bed, Bath & Beyond and the sale of properties in the third quarter with an average leased rate of 98.5%, partially offset by new leasing activity.
• As of September 30, 2023, the Signed Not Opened (“SNO”) spread was 260 basis points, representing $17.9 million of annualized base rent on a pro rata basis.

Guidance

The Company has updated its 2023 full-year guidance for net income attributable to common shareholders and Operating FFO per share to reflect third quarter results and announced transaction activity. Impairment charges, gains on sale of interests and 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 2023E (prior)

Per Share – Diluted

 

FY 2023E (revised)

Per Share – Diluted

Net income attributable to Common Shareholders

$0.11 – $0.19

 

$0.28 – $0.33

Depreciation and amortization of real estate

0.96 – 1.00

 

0.97 – 1.00

Equity in net (income) of JVs

(0.03)

 

(0.03)

JVs' FFO

0.04

 

0.04

Gain on disposition of real estate (reported actual)

—

 

(0.15)

Gain on sale and change in control of interests (reported actual)

(0.02)

 

(0.02)

FFO (NAREIT)

$1.10 – $1.14

 

$1.12 – $1.14

Transaction, debt extinguishment and other at SITE share (reported actual)

—

 

0.01

Separation and other charges

0.03

 

0.03

Operating FFO

$1.13 – $1.17

 

$1.16 – $1.18

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 (prior)

 

FY 2023E (revised)

Joint Venture fee income

$5 – $7 million

 

$6 – $7 million

SSNOI (1)

0.00% – 3.00%

 

1.50% – 3.00%

SSNOI – Adjusted for 2022 Uncollectible Revenue Impact (2)

1.00% – 4.00%

 

2.50% – 4.00%

(1)

Including redevelopment for assets owned as of September 30, 2023 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 for assets owned as of September 30, 2023 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 a conference call to discuss quarterly results and other business updates today at 5:30 p.m. Eastern Time. All interested parties can access the call by dialing 888-317-6003 (U.S.), 866-284-3684 (Canada), or 412-317-6061 (international) using passcode 5228692. The call will also be webcast and available in a listen-only mode on SITE Centers’ website at ir.sitecenters.com. SITE Centers no longer intends to host its previously announced earnings conference call on November 2, 2023. Copies of the Company’s supplemental package 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 and 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 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 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, 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 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 secure equity or debt financing on commercially acceptable terms or at all; 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, 2023. 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

 

 

 

 

 

3Q23

 

3Q22

 

9M23

 

9M22

 

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

$142,498

 

$135,123

 

$414,324

 

$401,210

 

Other property revenues

588

 

1,067

 

1,978

 

3,164

 

 

143,086

 

136,190

 

416,302

 

404,374

 

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance

20,986

 

22,314

 

66,628

 

66,528

 

Real estate taxes

20,543

 

20,423

 

60,875

 

61,230

 

 

41,529

 

42,737

 

127,503

 

127,758

 

 

 

 

 

 

 

 

 

 

Net operating income (2)

101,557

 

93,453

 

288,799

 

276,616

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

JV and other fee income

1,673

 

2,653

 

5,307

 

9,471

 

Interest expense

(21,147)

 

(20,139)

 

(61,991)

 

(57,306)

 

Depreciation and amortization

(52,821)

 

(51,179)

 

(165,535)

 

(152,564)

 

General and administrative (3)

(11,259)

 

(10,799)

 

(35,935)

 

(34,403)

 

Other income (expense), net

(690)

 

(501)

 

(2,011)

 

(2,152)

 

Impairment charges

0

 

0

 

0

 

(2,536)

 

Income before earnings from JVs and other

17,313

 

13,488

 

28,634

 

37,126

 

 

 

 

 

 

 

 

 

 

Equity in net income of JVs

518

 

25,918

 

6,495

 

27,468

 

Gain on sale and change in control of interests

0

 

228

 

3,749

 

45,554

 

Gain on disposition of real estate, net

31,047

 

26,837

 

31,230

 

31,292

 

Tax expense

(236)

 

(258)

 

(811)

 

(863)

 

Net income

48,642

 

66,213

 

69,297

 

140,577

 

Non-controlling interests

0

 

(18)

 

(18)

 

(55)

 

Net income SITE Centers

48,642

 

66,195

 

69,279

 

140,522

 

Preferred dividends

(2,789)

 

(2,789)

 

(8,367)

 

(8,367)

 

Net income Common Shareholders

$45,853

 

$63,406

 

$60,912

 

$132,155

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic – EPS

209,286

 

213,846

 

209,505

 

213,278

 

Assumed conversion of diluted securities

113

 

482

 

241

 

582

 

Weighted average shares – Diluted – EPS

209,399

 

214,328

 

209,746

 

213,860

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Basic

$0.22

 

$0.30

 

$0.29

 

$0.62

 

Earnings per common share – Diluted

$0.22

 

$0.30

 

$0.29

 

$0.62

 

 

 

 

 

 

 

 

 

(1)

Rental income:

 

 

 

 

 

 

 

 

Minimum rents

$89,717

 

$89,686

 

$267,713

 

$261,849

 

Ground lease minimum rents

6,296

 

6,733

 

19,108

 

20,191

 

Straight-line rent, net

496

 

921

 

2,160

 

2,454

 

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

9,223

 

1,189

 

12,099

 

3,407

 

Percentage and overage rent

1,095

 

797

 

4,498

 

3,582

 

Recoveries

34,753

 

33,214

 

104,570

 

99,811

 

Uncollectible revenue

(811)

 

(381)

 

(1,126)

 

1,889

 

Ancillary and other rental income

1,511

 

1,619

 

4,716

 

4,416

 

Lease termination fees

218

 

1,345

 

586

 

3,611

 

 

 

 

 

 

 

 

 

(2)

Includes NOI from WO assets sold in 3Q23

1,645

 

N/A

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

(3)

Separation charge and other

1,086

 

0

 

4,014

 

0

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

 

 

in thousands, except per share

 

 

 

 

 

3Q23

 

3Q22

 

9M23

 

9M22

 

Net income attributable to Common Shareholders

$45,853

 

$63,406

 

$60,912

 

$132,155

 

Depreciation and amortization of real estate

51,412

 

49,925

 

161,480

 

148,828

 

Equity in net income of JVs

(518)

 

(25,918)

 

(6,495)

 

(27,468)

 

JVs' FFO

2,145

 

1,271

 

6,327

 

9,469

 

Non-controlling interests

0

 

18

 

18

 

55

 

Impairment of real estate

0

 

0

 

0

 

2,536

 

Gain on sale and change in control of interests

0

 

(228)

 

(3,749)

 

(45,554)

 

Gain on disposition of real estate, net

(31,047)

 

(26,837)

 

(31,230)

 

(31,292)

 

FFO attributable to Common Shareholders

$67,845

 

$61,637

 

$187,263

 

$188,729

 

Separation and other charges

1,345

 

0

 

4,444

 

0

 

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

679

 

1,196

 

2,186

 

2,501

 

RVI disposition fees

0

 

0

 

0

 

(385)

 

Total non-operating items, net

2,024

 

1,196

 

6,630

 

2,116

 

Operating FFO attributable to Common Shareholders

$69,869

 

$62,833

 

$193,893

 

$190,845

 

 

 

 

 

 

 

 

 

 

Weighted average shares & units – Basic: FFO & OFFO

209,286

 

213,987

 

209,571

 

213,419

 

Assumed conversion of dilutive securities

113

 

341

 

241

 

441

 

Weighted average shares & units – Diluted: FFO & OFFO

209,399

 

214,328

 

209,812

 

213,860

 

 

 

 

 

 

 

 

 

 

FFO per share – Basic

$0.32

 

$0.29

 

$0.89

 

$0.88

 

FFO per share – Diluted

$0.32

 

$0.29

 

$0.89

 

$0.88

 

Operating FFO per share – Basic

$0.33

 

$0.29

 

$0.93

 

$0.89

 

Operating FFO per share – Diluted

$0.33

 

$0.29

 

$0.92

 

$0.89

 

Common stock dividends declared, per share

$0.13

 

$0.13

 

$0.39

 

$0.39

 

 

 

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share):

 

 

 

 

 

 

 

 

Redevelopment costs

7,609

 

4,606

 

15,726

 

16,451

 

Maintenance capital expenditures

4,528

 

6,480

 

11,552

 

16,467

 

Tenant allowances and landlord work

13,187

 

13,739

 

38,939

 

35,340

 

Leasing commissions

1,861

 

1,642

 

6,255

 

6,010

 

Construction administrative costs (capitalized)

795

 

939

 

2,395

 

3,085

 

 

 

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share):

 

 

 

 

 

 

 

 

Straight-line rent

516

 

906

 

2,236

 

2,611

 

Straight-line fixed CAM

94

 

114

 

238

 

325

 

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

9,314

 

1,287

 

12,364

 

3,683

 

Straight-line ground rent expense

(25)

 

(34)

 

(130)

 

(100)

 

Debt fair value and loan cost amortization

(1,165)

 

(1,340)

 

(3,591)

 

(3,854)

 

Capitalized interest expense

321

 

341

 

916

 

808

 

Stock compensation expense

(1,756)

 

(1,694)

 

(5,119)

 

(5,135)

 

Non-real estate depreciation expense

(1,411)

 

(1,256)

 

(4,064)

 

(3,742)

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

 

$ in thousands

 

 

 

 

 

At Period End

 

 

3Q23

 

4Q22

 

Assets:

 

 

 

 

Land

$1,082,330

 

$1,066,852

 

Buildings

3,717,850

 

3,733,805

 

Fixtures and tenant improvements

597,874

 

576,036

 

 

5,398,054

 

5,376,693

 

Depreciation

(1,730,179)

 

(1,652,899)

 

 

3,667,875

 

3,723,794

 

Construction in progress and land

62,809

 

56,466

 

Real estate, net

3,730,684

 

3,780,260

 

 

 

 

 

 

Investments in and advances to JVs

40,830

 

44,608

 

Cash

26,560

 

20,254

 

Restricted cash

36,701

 

960

 

Receivables and straight-line (1)

65,192

 

63,926

 

Intangible assets, net (2)

92,127

 

105,945

 

Other assets, net

33,028

 

29,064

 

Total Assets

4,025,122

 

4,045,017

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Revolving credit facilities

135,000

 

0

 

Unsecured debt

1,368,282

 

1,453,923

 

Unsecured term loan

198,772

 

198,521

 

Secured debt

38,100

 

54,577

 

 

1,740,154

 

1,707,021

 

Dividends payable

30,100

 

30,389

 

Other liabilities (3)

208,151

 

214,985

 

Total Liabilities

1,978,405

 

1,952,395

 

 

 

 

 

 

Preferred shares

175,000

 

175,000

 

Common shares

21,437

 

21,437

 

Paid-in capital

5,972,902

 

5,974,216

 

Distributions in excess of net income

(4,067,355)

 

(4,046,370)

 

Deferred compensation

5,053

 

5,025

 

Accumulated comprehensive income

12,055

 

9,038

 

Common shares in treasury at cost

(72,375)

 

(51,518)

 

Non-controlling interests

0

 

5,794

 

Total Equity

2,046,717

 

2,092,622

 

 

 

 

 

 

Total Liabilities and Equity

$4,025,122

 

$4,045,017

 

 

 

 

 

(1)

SL rents (including fixed CAM), net

$35,718

 

$33,879

 

 

 

 

 

(2)

Operating lease right of use assets

17,665

 

18,197

 

 

 

 

 

(3)

Operating lease liabilities

37,375

 

37,777

 

Below-market leases, net

48,833

 

59,825

 

 

 

 

 

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

 

$ in thousands

 

 

 

 

 

 

 

 

3Q23

 

3Q22

 

3Q23

 

3Q22

 

SITE Centers at 100%

 

At SITE Centers Share (Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income attributable to SITE Centers

$48,642

 

$66,195

 

$48,642

 

$66,195

Fee income

(1,673)

 

(2,653)

 

(1,673)

 

(2,653)

Interest expense

21,147

 

20,139

 

21,147

 

20,139

Depreciation and amortization

52,821

 

51,179

 

52,821

 

51,179

General and administrative

11,259

 

10,799

 

11,259

 

10,799

Other expense (income), net

690

 

501

 

690

 

501

Equity in net income of joint ventures

(518)

 

(25,918)

 

(518)

 

(25,918)

Tax expense

236

 

258

 

236

 

258

Gain on sale and change in control of interests

0

 

(228)

 

0

 

(228)

Gain on disposition of real estate, net

(31,047)

 

(26,837)

 

(31,047)

 

(26,837)

Income from non-controlling interests

0

 

18

 

0

 

18

Consolidated NOI

101,557

 

93,453

 

101,557

 

93,453

Less: Non-Same Store NOI adjustments

 

 

 

 

(12,271)

 

(6,602)

Total Consolidated SSNOI

 

 

 

 

89,286

 

86,851

 

 

 

 

 

 

 

 

Consolidated SSNOI % Change

 

 

 

 

2.8%

 

 

 

 

 

 

 

 

 

 

Net income from unconsolidated joint ventures

1,545

 

105,872

 

487

 

21,272

Interest expense

5,668

 

8,241

 

1,314

 

1,831

Depreciation and amortization

7,806

 

9,450

 

1,849

 

2,156

Impairment charges

0

 

9,010

 

0

 

1,802

Other expense (income), net

2,084

 

6,120

 

481

 

1,286

Gain on disposition of real estate, net

(973)

 

(119,813)

 

(195)

 

(23,963)

Unconsolidated NOI

$16,130

 

$18,880

 

3,936

 

4,384

Less: Non-Same Store NOI adjustments

 

 

 

 

(101)

 

(781)

Total Unconsolidated SSNOI at SITE share

 

 

 

 

$3,835

 

$3,603

 

 

 

 

 

 

 

 

Unconsolidated SSNOI % Change

 

 

 

 

6.4%

 

 

 

 

 

 

 

 

 

 

SSNOI % Change at SITE Share

 

 

 

 

2.9%

 

 

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

 

$ in thousands

 

 

 

 

 

 

 

 

9M23

 

9M22

 

9M23

 

9M22

 

SITE Centers at 100%

 

At SITE Centers Share (Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income attributable to SITE Centers

$69,279

 

$140,522

 

$69,279

 

$140,522

Fee income

(5,307)

 

(9,471)

 

(5,307)

 

(9,471)

Interest expense

61,991

 

57,306

 

61,991

 

57,306

Depreciation and amortization

165,535

 

152,564

 

165,535

 

152,564

General and administrative

35,935

 

34,403

 

35,935

 

34,403

Other expense (income), net

2,011

 

2,152

 

2,011

 

2,152

Impairment charges

0

 

2,536

 

0

 

2,536

Equity in net income of joint ventures

(6,495)

 

(27,468)

 

(6,495)

 

(27,468)

Tax expense

811

 

863

 

811

 

863

Gain on sale and change in control of interests

(3,749)

 

(45,554)

 

(3,749)

 

(45,554)

Gain on disposition of real estate, net

(31,230)

 

(31,292)

 

(31,230)

 

(31,292)

Income from non-controlling interests

18

 

55

 

18

 

55

Consolidated NOI

288,799

 

276,616

 

288,799

 

276,616

Less: Non-Same Store NOI adjustments

 

 

 

 

(25,710)

 

(20,747)

Total Consolidated SSNOI

 

 

 

 

$263,089

 

$255,869

 

 

 

 

 

 

 

 

Consolidated SSNOI % Change

 

 

 

 

2.8%

 

 

 

 

 

 

 

 

 

 

Net income from unconsolidated joint ventures

22,172

 

105,833

 

4,724

 

21,887

Interest expense

19,016

 

26,560

 

4,342

 

5,982

Depreciation and amortization

25,149

 

37,123

 

5,878

 

8,304

Impairment charges

0

 

17,550

 

0

 

3,510

Other expense (income), net

7,022

 

11,114

 

1,593

 

2,468

Gain on disposition of real estate, net

(21,151)

 

(121,505)

 

(4,232)

 

(24,254)

Unconsolidated NOI

$52,208

 

$76,675

 

12,305

 

17,897

Less: Non-Same Store NOI adjustments

 

 

 

 

(1,124)

 

(6,969)

Total Unconsolidated SSNOI at SITE share

 

 

 

 

$11,181

 

$10,928

 

 

 

 

 

 

 

 

Unconsolidated SSNOI % Change

 

 

 

 

2.3%

 

 

 

 

 

 

 

 

 

 

SSNOI % Change at SITE Share

 

 

 

 

2.8%

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231030326612/en/

Conor Fennerty, EVP and Chief Financial Officer 216-755-5500