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SITE Centers Reports Fourth Quarter and Full-Year 2021 Operating Results

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers located in suburban, high household income communities, announced today operating results for the quarter and year ended December 31, 2021.

“Fourth quarter and full-year 2021 results were ahead of expectations on almost every front with record new leasing activity and above-guidance investment volume funded, in part, by proceeds from the $190 million of preferred dividends paid to SITE Centers by Retail Value Inc.,” commented David R. Lukes, President and Chief Executive Officer. “We believe the elevated levels of demand for space at our properties from national credit tenants, along with investments made in 2021 that offer expected occupancy and rent upside, position SITE Centers for a multi-year period of sustainable growth.”

Results for the Fourth Quarter

  • Fourth quarter net income attributable to common shareholders was $56.2 million, or $0.26 per diluted share, as compared to a net loss of $6.4 million, or $0.03 per diluted share, in the year-ago period. The year-over-year increase in net income was primarily attributable to increased property net operating income driven by revenue growth, the impact of property acquisitions and lower uncollectible revenue as well as gains associated with the sale of joint venture assets.
  • Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $63.8 million, or $0.30 per diluted share, compared to $48.3 million, or $0.25 per diluted share, in the year-ago period. The year-over-year increase was primarily attributable to increased property net operating income driven by revenue growth, the impact of property acquisitions and lower uncollectible revenue partially offset by lower management fees. Fourth quarter Operating FFO results included $1.4 million of net revenue at SITE Centers’ share related to prior periods primarily from cash basis tenants and related reserve adjustments.

Results for the Year

  • Net income attributable to common shareholders for the year ended December 31, 2021 was $106.1 million, or $0.51 per diluted share, which compares to net income of $15.2 million, or $0.08 per diluted share, for the prior year.
  • Operating FFO was $1.17 per diluted share for the full year 2021, which compares to $0.99 per diluted share for 2020. 2021 Operating FFO results included $13.8 million of net revenue, or $0.07 per diluted share, at SITE Centers’ share related to prior periods primarily from cash basis tenants and related reserve adjustments.

Significant Fourth Quarter and Recent Activity

  • In December 2021, acquired partner Madison International’s 80% interest in six assets for $107.2 million ($134 million at 100%) with the mortgage debt related to the properties repaid upon closing. Five of the six properties are anchored by Publix, are located in key Florida sub-markets where the Company has an existing presence including Miami and Tampa, and offer upside from a mix of leasing and tactical redevelopment opportunities.
  • In December 2021, acquired the remaining interest in a 67% consolidated joint venture that owned one shopping center, Paradise Village Gateway (Phoenix, Arizona), for $15.1 million ($45.8 million at 100%) with the mortgage debt related to the property repaid upon closing. The joint venture partner’s 33% ownership was previously reflected as non-controlling interest on the Company’s balance sheet. In addition, the Company repaid mortgage debt of $27.6 million at closing. The property was 57.4% leased at closing offering significant expected occupancy upside.
  • Acquired Emmet Street North (Charlottesville, Virginia), one income producing parcel adjacent to Nassau Park Pavilion (Princeton, New Jersey) and one land parcel adjacent to Belgate Shopping Center (Charlotte, North Carolina) for an aggregate purchase price of $20.8 million.
  • Sold two unconsolidated shopping centers for an aggregate sales price of $82.1 million, totaling $54.7 million at SITE Centers’ share.
  • Agreed to sell its 20% interest in the SAU Joint Venture to its partner, the State of Utah, based on a gross asset value of $155.7 million (at 100%). The transaction is expected to close by June 2022. Fee income from the SAU joint venture totaled $1.0 million in 2021.
  • In October 2021, received a cash distribution of $190.0 million on the Retail Value Inc. (“RVI”) Series A Preferred Shares, which represents the full amount to be paid by RVI on account of the Company’s preferred investment.
  • In the fourth quarter of 2021, the Company sold 525,226 common shares on a forward basis under its ATM program at a weighted-average price of $16.87 per share before issuance costs, generating expected gross proceeds of $8.9 million. The shares may be settled at any time before the settlement date, December 8, 2022, with no shares settled to date.
  • In October 2021, repaid $87.6 million of consolidated mortgage debt, which was scheduled to mature in January 2022.
  • In the first quarter of 2022, acquired Artesia Village (Scottsdale, Arizona) for an aggregate price of $14.5 million.

Significant Full-Year 2021 Activity

  • Acquired ten shopping centers (including through the acquisition of partners’ interests), one income producing parcel and one land parcel for an aggregate price of $222.8 million.
  • Sold six unconsolidated shopping centers and several wholly-owned land parcels for an aggregate sales price of $166.6 million, totaling $96.5 million at SITE Centers’ share.
  • Sold a parcel of undeveloped land in Richmond Hills, Ontario held in a joint venture. SITE Centers’ share of net proceeds totaled $22.1 million after accounting for customary closing costs and foreign currency translation but before income taxes.
  • Over the course of the year, sold 2,225,698 common shares on a forward basis under its ATM program at a weighted-average price of $15.77 per share before issuance costs generating expected gross proceeds of $35.1 million. No shares have been settled to date.
  • In March 2021, sold 17.25 million common shares in a registered public offering resulting in net proceeds of $225.3 million.
  • In April 2021, redeemed all $150.0 million aggregate liquidation preference of its outstanding 6.250% Series K Cumulative Redeemable Preferred Shares.

Key Quarterly Operating Results

  • Reported an increase of 14.9% in SSNOI on a pro rata basis for the fourth quarter of 2021, including redevelopment, as compared to the year-ago period. The fourth quarter 2021 results were favorably impacted by lower year-over-year uncollectible revenue and prior period rent collections from cash basis tenants in addition to higher minimum rent.
  • Generated new leasing spreads of 13.1% and renewal leasing spreads of 2.2%, both on a pro rata basis, for the trailing twelve-month period ended December 31, 2021 and new leasing spreads of 14.7% and renewal leasing spreads of 4.0%, both on a pro rata basis, for the fourth quarter of 2021.
  • Reported a leased rate of 92.7% at December 31, 2021 on a pro rata basis, compared to 92.3% on a pro rata basis at September 30, 2021 and 91.6% on a pro rata basis at December 31, 2020. Fourth quarter transaction activity had a negative impact on the leased and commenced rate.
  • As of December 31, 2021, the signed but not opened spread was 260 basis points representing $15.2 million of annualized base rent on a pro rata basis.
  • Annualized base rent per occupied square foot on a pro rata basis was $18.33 at December 31, 2021, compared to $18.50 at December 31, 2020.

Base Rent Collections Overview

  • As of January 31, 2022, the Company’s tenants, at the Company’s share, had paid approximately 99% of 2021 rent.

Guidance

The Company estimates net income attributable to common shareholders for 2022 to be from $0.19 to $0.26 per diluted share and Operating FFO to be from $1.08 to $1.13 per diluted share.

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

 

FY 2022E

Per Share – Diluted

Net income attributable to Common Shareholders

$0.19 – $0.26

Depreciation and amortization of real estate

0.80 – 0.85

Equity in net (income) of JVs

(0.01) - 0.00

JVs' FFO

0.05 – 0.07

FFO (NAREIT) and Operating FFO

$1.08 – $1.13

Other key assumptions for 2022 guidance include:

 

FY 2022E

Joint Venture fee income

$8.0 – $10.0 million

RVI fee income (excluding disposition fees) (1)

$0.5 – $1.0 million

SSNOI (2)

(1.50)% – 0.50%

SSNOI – Adjusted for 2021 Uncollectible Revenue Impact (3)

2.25% – 4.25%

(1)

Consistent with 2021, guidance excludes impact of disposition fees from RVI.

(2)

Including redevelopment and approximately $14 million included in Uncollectible Revenue, primarily related to rent received from cash basis tenants, reported in 2021 related to prior periods, which is approximately 380 basis point headwind to 2022 SSNOI growth.

(3)

Including redevelopment and excluding revenue impact of approximately $14 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 1508588 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 3804753 through March 9, 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, including reserve adjustments of preferred equity interests, (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 both including and excluding 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, the impact of the COVID-19 pandemic on the Company’s ability to manage its properties and finance its operations and on tenants’ ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay rents; the Company’s ability to pay dividends; 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; our ability to maintain REIT status; and the finalization of the financial statements for the period ended December 31, 2021. 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 impacts of the COVID-19 pandemic may also exacerbate the risks described therein, any of which could have a material effect on the Company. 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

 

 

 

 

 

 

4Q21

 

 

 

4Q20

 

 

 

12M21

 

 

 

12M20

 

 

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

$

124,110

 

 

$

108,382

 

 

$

490,799

 

 

$

414,864

 

 

Other property revenues

 

449

 

 

 

91

 

 

 

1,544

 

 

 

1,895

 

 

 

 

124,559

 

 

 

108,473

 

 

 

492,343

 

 

 

416,759

 

 

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance

 

18,516

 

 

 

18,027

 

 

 

76,716

 

 

 

68,801

 

 

Real estate taxes

 

17,712

 

 

 

18,054

 

 

 

76,071

 

 

 

69,601

 

 

 

 

36,228

 

 

 

36,081

 

 

 

152,787

 

 

 

138,402

 

 

 

 

 

 

 

 

 

 

 

Net operating income

 

88,331

 

 

 

72,392

 

 

 

339,556

 

 

 

278,357

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Fee income (2)

 

10,257

 

 

 

9,425

 

 

 

40,521

 

 

 

43,574

 

 

Interest expense

 

(18,682

)

 

 

(19,117

)

 

 

(76,383

)

 

 

(77,604

)

 

Depreciation and amortization

 

(48,322

)

 

 

(45,655

)

 

 

(185,768

)

 

 

(170,669

)

 

General and administrative (3)

 

(13,505

)

 

 

(14,339

)

 

 

(55,052

)

 

 

(52,881

)

 

Other income (expense), net (4)

 

29

 

 

 

1,215

 

 

 

(1,185

)

 

 

(6,512

)

 

Impairment charges

 

0

 

 

 

(5,200

)

 

 

(7,270

)

 

 

(5,200

)

 

Income (loss) before earnings from JVs and other

 

18,108

 

 

 

(1,279

)

 

 

54,419

 

 

 

9,065

 

 

 

 

 

 

 

 

 

 

 

Equity in net income of JVs

 

36,238

 

 

 

608

 

 

 

47,297

 

 

 

1,516

 

 

Reserve of preferred equity interests

 

0

 

 

 

0

 

 

 

0

 

 

 

(19,393

)

 

Gain (loss) on sale and change in control of interests, net

 

5,242

 

 

 

(171

)

 

 

19,185

 

 

 

45,464

 

 

(Loss) gain on disposition of real estate, net

 

(4

)

 

 

76

 

 

 

6,065

 

 

 

1,069

 

 

Tax expense

 

(493

)

 

 

(272

)

 

 

(1,550

)

 

 

(1,131

)

 

Net income (loss)

 

59,091

 

 

 

(1,038

)

 

 

125,416

 

 

 

36,590

 

 

Non-controlling interests

 

(97

)

 

 

(247

)

 

 

(481

)

 

 

(869

)

 

Net income (loss) SITE Centers

 

58,994

 

 

 

(1,285

)

 

 

124,935

 

 

 

35,721

 

 

Write-off of preferred share original issuance costs

 

0

 

 

 

0

 

 

 

(5,156

)

 

 

0

 

 

Preferred dividends

 

(2,789

)

 

 

(5,133

)

 

 

(13,656

)

 

 

(20,531

)

 

Net income (loss) Common Shareholders

$

56,205

 

 

($

6,418

)

 

$

106,123

 

 

$

15,190

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic – EPS

 

211,226

 

 

 

193,248

 

 

 

208,004

 

 

 

193,336

 

 

Assumed conversion of diluted securities

 

1,121

 

 

 

0

 

 

 

1,139

 

 

 

441

 

 

Weighted average shares – Basic & Diluted – EPS

 

212,347

 

 

 

193,248

 

 

 

209,143

 

 

 

193,777

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Basic

$

0.27

 

 

$

(0.03

)

 

$

0.51

 

 

$

0.08

 

 

Earnings per common share – Diluted

$

0.26

 

 

$

(0.03

)

 

$

0.51

 

 

$

0.08

 

 

 

 

 

 

 

 

 

 

(1

)

Rental income:

 

 

 

 

 

 

 

 

Minimum rents

$

81,370

 

 

$

75,930

 

 

$

317,732

 

 

$

301,557

 

 

Ground lease minimum rents

 

6,609

 

 

 

6,076

 

 

 

26,016

 

 

 

22,395

 

 

Straight-line rent, net

 

213

 

 

 

(1,612

)

 

 

669

 

 

 

(1,881

)

 

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

 

950

 

 

 

1,094

 

 

 

3,721

 

 

 

4,152

 

 

Percentage and overage rent

 

1,580

 

 

 

1,172

 

 

 

4,929

 

 

 

2,942

 

 

Recoveries

 

30,012

 

 

 

26,760

 

 

 

120,530

 

 

 

107,132

 

 

Uncollectible revenue

 

1,115

 

 

 

(3,989

)

 

 

9,383

 

 

 

(31,908

)

 

Ancillary and other rental income

 

2,149

 

 

 

1,725

 

 

 

6,576

 

 

 

5,984

 

 

Lease termination fees

 

112

 

 

 

1,226

 

 

 

1,243

 

 

 

4,491

 

 

 

 

 

 

 

 

 

 

(2

)

Fee Income:

 

 

 

 

 

 

 

 

JV and other fees

 

3,702

 

 

 

3,771

 

 

 

14,519

 

 

 

19,247

 

 

RVI fees

 

3,631

 

 

 

5,133

 

 

 

16,986

 

 

 

21,185

 

 

RVI disposition fees

 

2,924

 

 

 

521

 

 

 

9,016

 

 

 

3,142

 

 

 

 

 

 

 

 

 

 

(3

)

Mark-to-market adjustment (PRSUs)

 

0

 

 

 

(929

)

 

 

(5,589

)

 

 

688

 

 

Executive separation charge

 

0

 

 

 

0

 

 

 

0

 

 

 

(1,650

)

 

 

 

 

 

 

 

 

 

(4

)

Other (expense) income, net:

 

 

 

 

 

 

 

 

Transaction and other expense, net

 

182

 

 

 

(193

)

 

 

(525

)

 

 

(1,214

)

 

Interest

 

(152

)

 

 

1,408

 

 

 

(643

)

 

 

11,888

 

 

Debt extinguishment costs, net

 

(1

)

 

 

0

 

 

 

(17

)

 

 

(17,186

)

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

 

 

in thousands, except per share

 

 

 

 

 

 

4Q21

 

 

 

4Q20

 

 

 

12M21

 

 

 

12M20

 

 

Net income (loss) attributable to Common Shareholders

$

56,205

 

 

($

6,418

)

 

$

106,123

 

 

$

15,190

 

 

Depreciation and amortization of real estate

 

46,880

 

 

 

44,233

 

 

 

180,158

 

 

 

165,122

 

 

Equity in net income of JVs

 

(36,238

)

 

 

(608

)

 

 

(47,297

)

 

 

(1,516

)

 

JVs' FFO

 

4,638

 

 

 

5,142

 

 

 

21,703

 

 

 

19,671

 

 

Non-controlling interests

 

17

 

 

 

7

 

 

 

67

 

 

 

35

 

 

Impairment of real estate

 

0

 

 

 

5,200

 

 

 

7,270

 

 

 

5,200

 

 

Reserve of preferred equity interests

 

0

 

 

 

0

 

 

 

0

 

 

 

19,393

 

 

(Gain) loss on sale and change in control of interests, net

 

(5,242

)

 

 

171

 

 

 

(19,185

)

 

 

(45,464

)

 

Loss (gain) on disposition of real estate, net

 

4

 

 

 

(76

)

 

 

(6,065

)

 

 

(1,069

)

 

FFO attributable to Common Shareholders

$

66,264

 

 

$

47,651

 

 

$

242,774

 

 

$

176,562

 

 

RVI disposition fees

 

(2,924

)

 

 

(521

)

 

 

(9,016

)

 

 

(3,142

)

 

Mark-to-market adjustment (PRSUs)

 

0

 

 

 

929

 

 

 

5,589

 

 

 

(688

)

 

Executive separation charge

 

0

 

 

 

0

 

 

 

0

 

 

 

1,650

 

 

Debt extinguishment, transaction, net

 

325

 

 

 

193

 

 

 

1,047

 

 

 

18,400

 

 

Joint ventures - debt extinguishment, other

 

105

 

 

 

0

 

 

 

137

 

 

 

42

 

 

Write-off of preferred share original issuance costs

 

0

 

 

 

0

 

 

 

5,156

 

 

 

0

 

 

Total non-operating items, net

 

(2,494

)

 

 

601

 

 

 

2,913

 

 

 

16,262

 

 

Operating FFO attributable to Common Shareholders

$

63,770

 

 

$

48,252

 

 

$

245,687

 

 

$

192,824

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares & units – Basic: FFO & OFFO

 

211,367

 

 

 

193,388

 

 

 

208,145

 

 

 

193,477

 

 

Assumed conversion of dilutive securities

 

980

 

 

 

449

 

 

 

998

 

 

 

441

 

 

Weighted average shares & units – Diluted: FFO & OFFO

 

212,347

 

 

 

193,837

 

 

 

209,143

 

 

 

193,918

 

 

 

 

 

 

 

 

 

 

 

FFO per share – Basic

$

0.31

 

 

$

0.25

 

 

$

1.17

 

 

$

0.91

 

 

FFO per share – Diluted

$

0.31

 

 

$

0.25

 

 

$

1.16

 

 

$

0.91

 

 

Operating FFO per share – Basic

$

0.30

 

 

$

0.25

 

 

$

1.18

 

 

$

1.00

 

 

Operating FFO per share – Diluted

$

0.30

 

 

$

0.25

 

 

$

1.17

 

 

$

0.99

 

 

Common stock dividends declared, per share

$

0.12

 

 

$

0.05

 

 

$

0.47

 

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share):

 

 

 

 

 

 

 

 

Redevelopment costs (major and tactical)

 

2,706

 

 

 

2,873

 

 

 

15,404

 

 

 

20,304

 

 

Maintenance capital expenditures

 

3,618

 

 

 

1,328

 

 

 

13,067

 

 

 

12,317

 

 

Tenant allowances and landlord work

 

11,299

 

 

 

6,337

 

 

 

38,839

 

 

 

24,582

 

 

Leasing commissions

 

1,639

 

 

 

1,164

 

 

 

6,045

 

 

 

3,577

 

 

Construction administrative costs (capitalized)

 

887

 

 

 

821

 

 

 

3,107

 

 

 

3,016

 

 

 

 

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share):

 

 

 

 

 

 

 

 

Straight-line rent

 

237

 

 

 

(1,455

)

 

 

796

 

 

 

(1,845

)

 

Straight-line fixed CAM

 

154

 

 

 

167

 

 

 

570

 

 

 

620

 

 

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

 

1,034

 

 

 

1,530

 

 

 

4,116

 

 

 

5,310

 

 

Straight-line ground rent expense

 

(25

)

 

 

(40

)

 

 

(121

)

 

 

(207

)

 

Debt fair value and loan cost amortization

 

(1,305

)

 

 

(1,199

)

 

 

(5,023

)

 

 

(4,784

)

 

Capitalized interest expense

 

186

 

 

 

145

 

 

 

648

 

 

 

937

 

 

Stock compensation expense

 

(1,709

)

 

 

(2,936

)

 

 

(13,032

)

 

 

(8,024

)

 

Non-real estate depreciation expense

 

(1,401

)

 

 

(1,357

)

 

 

(5,372

)

 

 

(5,295

)

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

 

$ in thousands

 

 

 

 

 

At Period End

 

 

 

4Q21

 

 

 

4Q20

 

 

Assets:

 

 

 

 

Land

$

1,011,401

 

 

$

953,556

 

 

Buildings

 

3,624,164

 

 

 

3,488,499

 

 

Fixtures and tenant improvements

 

556,056

 

 

 

509,866

 

 

 

 

5,191,621

 

 

 

4,951,921

 

 

Depreciation

 

(1,571,569

)

 

 

(1,427,057

)

 

 

 

3,620,052

 

 

 

3,524,864

 

 

Construction in progress and land

 

47,260

 

 

 

37,467

 

 

Real estate, net

 

3,667,312

 

 

 

3,562,331

 

 

 

 

 

 

 

Investments in and advances to JVs

 

64,626

 

 

 

77,297

 

 

Investment in and advances to affiliate (1)

 

0

 

 

 

190,035

 

 

Cash

 

41,807

 

 

 

69,742

 

 

Restricted cash

 

1,445

 

 

 

4,672

 

 

Receivables and straight-line (2)

 

61,382

 

 

 

73,517

 

 

Intangible assets, net (3)

 

113,106

 

 

 

111,022

 

 

Other assets, net

 

17,373

 

 

 

19,668

 

 

Total Assets

 

3,967,051

 

 

 

4,108,284

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Revolving credit facilities

 

0

 

 

 

135,000

 

 

Unsecured debt

 

1,451,768

 

 

 

1,449,613

 

 

Unsecured term loan

 

99,810

 

 

 

99,635

 

 

Secured debt

 

125,799

 

 

 

249,260

 

 

 

 

1,677,377

 

 

 

1,933,508

 

 

Dividends payable

 

28,243

 

 

 

14,844

 

 

Other liabilities (4)

 

218,779

 

 

 

215,109

 

 

Total Liabilities

 

1,924,399

 

 

 

2,163,461

 

 

 

 

 

 

 

Preferred shares

 

175,000

 

 

 

325,000

 

 

Common shares

 

21,129

 

 

 

19,400

 

 

Paid-in capital

 

5,934,166

 

 

 

5,705,164

 

 

Distributions in excess of net income

 

(4,092,783

)

 

 

(4,099,534

)

 

Deferred compensation

 

4,695

 

 

 

5,479

 

 

Other comprehensive income

 

0

 

 

 

(2,682

)

 

Common shares in treasury at cost

 

(5,349

)

 

 

(11,319

)

 

Non-controlling interests

 

5,794

 

 

 

3,315

 

 

Total Equity

 

2,042,652

 

 

 

1,944,823

 

 

 

 

 

 

 

Total Liabilities and Equity

$

3,967,051

 

 

$

4,108,284

 

 

 

 

 

 

(1

)

Preferred investment in RVI

$

0

 

 

$

190,000

 

 

Receivable from RVI

 

0

 

 

 

35

 

 

 

 

 

 

(2

)

SL rents (including fixed CAM), net

 

31,526

 

 

 

30,552

 

 

 

 

 

 

(3

)

Operating lease right of use assets

 

19,047

 

 

$

20,604

 

 

 

 

 

 

(4

)

Operating lease liabilities

 

38,491

 

 

 

39,794

 

 

Below-market leases, net

 

59,690

 

 

 

57,348

 

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

 

$ in thousands

 

 

 

 

 

 

 

 

 

4Q21

 

 

 

4Q20

 

 

 

4Q21

 

 

 

4Q20

 

 

SITE Centers at 100%

 

At SITE Centers Share

(Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income (loss) attributable to SITE Centers

$

58,994

 

 

($

1,285

)

 

$

58,994

 

 

($

1,285

)

Fee income

 

(10,257

)

 

 

(9,425

)

 

 

(10,257

)

 

 

(9,425

)

Interest expense

 

18,682

 

 

 

19,117

 

 

 

18,682

 

 

 

19,117

 

Depreciation and amortization

 

48,322

 

 

 

45,655

 

 

 

48,322

 

 

 

45,655

 

General and administrative

 

13,505

 

 

 

14,339

 

 

 

13,505

 

 

 

14,339

 

Other expense (income), net

 

(29

)

 

 

(1,215

)

 

 

(29

)

 

 

(1,215

)

Impairment charges

 

0

 

 

 

5,200

 

 

 

0

 

 

 

5,200

 

Equity in net income of joint ventures

 

(36,238

)

 

 

(608

)

 

 

(36,238

)

 

 

(608

)

Tax expense

 

493

 

 

 

272

 

 

 

493

 

 

 

272

 

(Gain) loss on sale and change in control of interests, net

 

(5,242

)

 

 

171

 

 

 

(5,242

)

 

 

171

 

Loss (gain) on disposition of real estate, net

 

4

 

 

 

(76

)

 

 

4

 

 

 

(76

)

Income from non-controlling interests

 

97

 

 

 

247

 

 

 

97

 

 

 

247

 

Consolidated NOI

 

88,331

 

 

 

72,392

 

 

 

88,331

 

 

 

72,392

 

SITE Centers' consolidated JV

 

0

 

 

 

0

 

 

 

(329

)

 

 

(451

)

Consolidated NOI, net of non-controlling interests

 

88,331

 

 

 

72,392

 

 

 

88,002

 

 

 

71,941

 

 

 

 

 

 

 

 

 

Net income (loss) from unconsolidated joint ventures

 

56,507

 

 

 

(915

)

 

 

39,516

 

 

 

526

 

Interest expense

 

10,481

 

 

 

12,455

 

 

 

2,444

 

 

 

2,817

 

Depreciation and amortization

 

16,309

 

 

 

22,199

 

 

 

3,627

 

 

 

4,586

 

Impairment charges

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Preferred share expense

 

0

 

 

 

1,998

 

 

 

0

 

 

 

100

 

Other expense, net

 

3,268

 

 

 

2,952

 

 

 

765

 

 

 

696

 

Gain on disposition of real estate, net

 

(53,803

)

 

 

(28

)

 

 

(38,510

)

 

 

(6

)

Unconsolidated NOI

$

32,762

 

 

$

38,661

 

 

 

7,842

 

 

 

8,719

 

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

 

 

 

 

 

95,844

 

 

 

80,660

 

Less: Non-Same Store NOI adjustments

 

 

 

 

 

(653

)

 

 

2,176

 

Total SSNOI including redevelopment

 

 

 

 

 

95,191

 

 

 

82,836

 

Less: Redevelopment Same Store NOI adjustments

 

 

 

 

 

(3,852

)

 

 

(2,174

)

Total SSNOI excluding redevelopment

 

 

 

 

$

91,339

 

 

$

80,662

 

 

 

 

 

 

 

 

 

SSNOI % Change including redevelopment

 

 

 

 

 

14.9

%

 

 

SSNOI % Change excluding redevelopment

 

 

 

 

 

13.2

%

 

 

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

 

$ in thousands

 

 

 

 

 

 

 

 

 

12M21

 

 

 

12M20

 

 

 

12M21

 

 

 

12M20

 

 

SITE Centers at 100%

 

At SITE Centers Share

(Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income attributable to SITE Centers

$

124,935

 

 

$

35,721

 

 

$

124,935

 

 

$

35,721

 

Fee income

 

(40,521

)

 

 

(43,574

)

 

 

(40,521

)

 

 

(43,574

)

Interest expense

 

76,383

 

 

 

77,604

 

 

 

76,383

 

 

 

77,604

 

Depreciation and amortization

 

185,768

 

 

 

170,669

 

 

 

185,768

 

 

 

170,669

 

General and administrative

 

55,052

 

 

 

52,881

 

 

 

55,052

 

 

 

52,881

 

Other expense, net

 

1,185

 

 

 

6,512

 

 

 

1,185

 

 

 

6,512

 

Impairment charges

 

7,270

 

 

 

5,200

 

 

 

7,270

 

 

 

5,200

 

Equity in net income of joint ventures

 

(47,297

)

 

 

(1,516

)

 

 

(47,297

)

 

 

(1,516

)

Reserve of preferred equity interests

 

0

 

 

 

19,393

 

 

 

0

 

 

 

19,393

 

Tax expense

 

1,550

 

 

 

1,131

 

 

 

1,550

 

 

 

1,131

 

Gain on sale and change in control of interests, net

 

(19,185

)

 

 

(45,464

)

 

 

(19,185

)

 

 

(45,464

)

Gain on disposition of real estate, net

 

(6,065

)

 

 

(1,069

)

 

 

(6,065

)

 

 

(1,069

)

Income from non-controlling interests

 

481

 

 

 

869

 

 

 

481

 

 

 

869

 

Consolidated NOI

 

339,556

 

 

 

278,357

 

 

 

339,556

 

 

 

278,357

 

SITE Centers' consolidated JV

 

0

 

 

 

0

 

 

 

(1,286

)

 

 

(1,652

)

Consolidated NOI, net of non-controlling interests

 

339,556

 

 

 

278,357

 

 

 

338,270

 

 

 

276,705

 

 

 

 

 

 

 

 

 

Net income (loss) from unconsolidated joint ventures

 

110,032

 

 

 

(37,370

)

 

 

49,459

 

 

 

892

 

Interest expense

 

43,379

 

 

 

60,010

 

 

 

10,557

 

 

 

12,068

 

Depreciation and amortization

 

66,618

 

 

 

99,779

 

 

 

15,107

 

 

 

18,251

 

Impairment charges

 

0

 

 

 

33,240

 

 

 

0

 

 

 

1,890

 

Preferred share expense

 

0

 

 

 

15,708

 

 

 

0

 

 

 

785

 

Other expense, net

 

12,074

 

 

 

13,796

 

 

 

2,951

 

 

 

2,946

 

Gain on disposition of real estate, net

 

(89,935

)

 

 

(9,257

)

 

 

(42,897

)

 

 

(1,784

)

Unconsolidated NOI

$

142,168

 

 

$

175,906

 

 

 

35,177

 

 

 

35,048

 

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

 

 

 

 

 

373,447

 

 

 

311,753

 

Less: Non-Same Store NOI adjustments

 

 

 

 

 

3,061

 

 

 

15,452

 

Total SSNOI including redevelopment

 

 

 

 

 

376,508

 

 

 

327,205

 

Less: Redevelopment Same Store NOI adjustments

 

 

 

 

 

(14,945

)

 

 

(9,655

)

Total SSNOI excluding redevelopment

 

 

 

 

$

361,563

 

 

$

317,550

 

 

 

 

 

 

 

 

 

SSNOI % Change including redevelopment

 

 

 

 

 

15.1

%

 

 

SSNOI % Change excluding redevelopment

 

 

 

 

 

13.9

%

 

 

 

Contacts

Conor Fennerty, EVP and

Chief Financial Officer

216-755-5500

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