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SITE Centers Reports Second Quarter 2022 Operating Results

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter ended June 30, 2022.

“SITE Centers had an extremely productive second quarter with the highest quarterly new leasing volume since the first quarter of 2017 and significant capital recycling as we continue to invest in our Convenience thesis,” commented David R. Lukes, President and Chief Executive Officer. “Coupled with recently closed refinancings, our Company remains well positioned given our focused portfolio in the top sub-markets of the country, significant Signed but Not Opened (SNO) pipeline and balance sheet strength.”

Results for the Quarter

  • Second quarter net income attributable to common shareholders was $57.6 million, or $0.27 per diluted share, as compared to net income of $13.8 million, or $0.06 per diluted share, in the year-ago period.
  • Second quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $66.5 million, or $0.31 per diluted share, compared to $65.3 million, or $0.31 per diluted share, in the year-ago period. The year-over-year increase was primarily attributable to increased property net operating income driven by base rent growth and the net impact of property investments, partially offset by lower management fees and higher uncollectible revenue due to lower reserve adjustments. Second quarter OFFO results included $1.2 million of net revenue at SITE Centers’ share related to prior periods primarily from cash basis tenants and related reserve adjustments.

Significant Second Quarter and Recent 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 seven shopping centers during the quarter for an aggregate price of $165.2 million, including La Fiesta Square and Lafayette Mercantile (San Francisco, California) for $103.8 million, Fairfax Marketplace, Fairfax Pointe and Boulevard Marketplace (Washington, D.C.) for $34.9 million, Shops at Tanglewood (Houston, Texas) for $22.2 million, and Shoppes of Crabapple (Atlanta, Georgia) for $4.4 million.
  • Sold 14 shopping centers and one parcel at a wholly-owned shopping center during the quarter for an aggregate price of $268.1 million ($94.6 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 50% interest in Lennox Town Center based on a gross asset value of $77.0 million (at 100%).
  • Amended and restated its $950 million revolving credit facility with a fully extended maturity date of June 2027. The Company also refinanced its unsecured term loan facility, upsizing the term facility to $200 million from $100 million, with the additional proceeds drawn in the second quarter, and extending its maturity to June 2027.
  • Sold 201,800 common shares under the ATM program at $16.03 per share before issuance costs generating gross proceeds of $3.2 million.
  • In July 2022, acquired Parkwood Shops (Atlanta, GA) for $8.4 million.
  • In July 2022, closed a $360 million refinancing of the DDRM Joint Venture's mortgage debt. The joint venture's existing debt outstanding as of June 30, 2022 was repaid at closing.
  • In July 2022, the DDRM Joint Venture sold 13 shopping centers (DDRM Joint Venture Pool A) for an aggregate sales price of $387.6 million ($77.5 million at share) with the related mortgage debt repaid upon closing. Fee income from these properties totaled $0.7 million in the second quarter of 2022.
  • In July 2022, the DDRM Joint Venture sold Oviedo Park Crossing (Orlando, Florida) for $28.0 million ($5.6 million at share) with related mortgage debt repaid upon closing.

Key Quarterly Operating Results

  • Reported a decrease of 2.4% in SSNOI on a pro rata basis for the second quarter of 2022, including redevelopment, as compared to the year-ago period. The second quarter of 2021 SSNOI included $6.7 million of net revenue at SITE Centers’ share related to 2020 primarily from cash basis tenants which was a 720 basis point headwind to second quarter 2022 SSNOI growth.
  • Generated new leasing spreads of 20.0% and renewal leasing spreads of 4.2%, both on a pro rata basis, for the trailing twelve-month period ended June 30, 2022 and new leasing spreads of 31.6% and renewal leasing spreads of 4.8%, both on a pro rata basis, for the second quarter of 2022.
  • Reported a leased rate of 94.4% at June 30, 2022 on a pro rata basis, compared to 92.7% on a pro rata basis at December 31, 2021 and 91.8% on a pro rata basis at June 30, 2021. Second quarter transaction activity had a positive 40 basis point impact on the leased rate.
  • As of June 30, 2022, the SNO spread was 340 basis points representing $21.8 million of annualized base rent on a pro rata basis.
  • Annualized base rent per occupied square foot on a pro rata basis was $18.86 at June 30, 2022, compared to $18.39 at June 30, 2021.

Guidance

The Company has updated its 2022 full-year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the second quarter operating results. Impairment charges, gains on sale of assets, transaction and debt extinguishment costs are excluded from guidance. The guidance update is as follows:

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

 

FY 2022E (prior)

Per Share – Diluted

 

FY 2022E (Revised)

Per Share – Diluted

Net income attributable to Common Shareholders

$0.17 – $0.24

 

$0.36 – $0.41

Depreciation and amortization of real estate

0.85 – 0.90

 

0.89 – 0.94

Equity in net (income) of JVs

(0.01) – 0.00

 

(0.01) – 0.00

JVs' FFO

0.05 – 0.07

 

0.05 – 0.07

Impairment of real estate (reported actual)

N/A

 

0.01

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

(0.01)

 

(0.21)

Gain on disposition of real estate (reported actual)

N/A

 

(0.02)

FFO (NAREIT)

$1.10 – $1.15

 

$1.12 – $1.15

Debt extinguishment, transaction and other (reported actual)

N/A

 

0.01

Operating FFO

$1.10 – $1.15

 

$1.13 – $1.16

Other key assumptions for 2022 full-year guidance include:

 

FY 2022E (prior)

 

FY 2022E (revised)

Joint Venture fee income

$8.0 – $10.0 million

 

$8.0 – $10.0 million

RVI fee income

$0.5 – $1.0 million

 

$0.5 – $1.0 million

SSNOI (1)

(0.75)% – 0.75%

 

(0.25)% – 1.00%

SSNOI – Adjusted for 2021 Uncollectible Revenue Impact (2)

3.00% – 4.50%

 

3.50% – 4.75%

(1)

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 an approximately 380 basis point headwind to 2022 SSNOI growth.

(2)

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 9:30 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 8321830 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 7015390 through August 28, 2022. Copies of the Company’s supplemental package and earnings slide presentation are available on the Company’s website.

Non-GAAP Measures

Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States (“GAAP”)), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

In calculating the expected range for or amount of net (loss) income attributable to common shareholders to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gain and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs, certain transaction costs or certain fee income. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

The Company also uses net operating income (“NOI”), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

The Company presents NOI information herein on a same store basis or “SSNOI.” The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income (including reimbursements) and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI includes assets owned in comparable periods (15 months for quarter comparisons). In addition, SSNOI is presented including activity associated with development and major redevelopment. SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at its effective ownership interest provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

FFO, Operating FFO, NOI and SSNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein. Reconciliation of the 2022 SSNOI projected growth target to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as the supply of, and demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and the Company’s ability to satisfy conditions to the completion of these arrangements; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; our ability to maintain REIT status; and the finalization of the financial statements for the period ended June 30, 2022. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The 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

 

 

 

 

 

2Q22

 

2Q21

 

6M22

 

6M21

 

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

$136,203

 

$126,230

 

$266,087

 

$246,120

 

Other property revenues

922

 

484

 

2,097

 

581

 

 

137,125

 

126,714

 

268,184

 

246,701

 

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance

22,278

 

19,422

 

44,214

 

39,638

 

Real estate taxes

20,624

 

19,535

 

40,807

 

39,199

 

 

42,902

 

38,957

 

85,021

 

78,837

 

 

 

 

 

 

 

 

 

 

Net operating income

94,223

 

87,757

 

183,163

 

167,864

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Fee income (2)

3,557

 

8,754

 

6,818

 

16,906

 

Interest expense

(18,909)

 

(19,136)

 

(37,167)

 

(38,531)

 

Depreciation and amortization

(51,021)

 

(47,217)

 

(101,385)

 

(92,777)

 

General and administrative (3)

(11,353)

 

(12,425)

 

(23,604)

 

(29,820)

 

Other expense, net

(1,147)

 

(324)

 

(1,651)

 

(690)

 

Impairment charges

(2,536)

 

0

 

(2,536)

 

(7,270)

 

Income before earnings from JVs and other

12,814

 

17,409

 

23,638

 

15,682

 

 

 

 

 

 

 

 

 

 

Equity in net income of JVs

1,381

 

4,850

 

1,550

 

9,235

 

Gain on sale and change in control of interests

41,970

 

0

 

45,326

 

13,908

 

Gain on disposition of real estate, net

4,597

 

218

 

4,455

 

198

 

Tax expense

(353)

 

(490)

 

(605)

 

(855)

 

Net income

60,409

 

21,987

 

74,364

 

38,168

 

Non-controlling interests

(19)

 

(118)

 

(37)

 

(291)

 

Net income SITE Centers

60,390

 

21,869

 

74,327

 

37,877

 

Write-off of preferred share original issuance costs

0

 

(5,156)

 

0

 

(5,156)

 

Preferred dividends

(2,789)

 

(2,945)

 

(5,578)

 

(8,078)

 

Net income Common Shareholders

$57,601

 

$13,768

 

$68,749

 

$24,643

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic – EPS

213,864

 

211,035

 

212,989

 

204,819

 

Assumed conversion of diluted securities

1,047

 

846

 

1,245

 

808

 

Weighted average shares – Basic & Diluted – EPS

214,911

 

211,881

 

214,234

 

205,627

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Basic

$0.27

 

$0.06

 

$0.32

 

$0.12

 

Earnings per common share – Diluted

$0.27

 

$0.06

 

$0.32

 

$0.12

 

 

 

 

 

 

 

 

 

(1)

Rental income:

 

 

 

 

 

 

 

 

Minimum rents

$87,936

 

$78,870

 

$172,163

 

$157,106

 

Ground lease minimum rents

6,751

 

6,516

 

13,458

 

12,860

 

Straight-line rent, net

537

 

116

 

1,533

 

(231)

 

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

1,061

 

870

 

2,218

 

1,874

 

Percentage and overage rent

1,648

 

1,311

 

2,785

 

2,333

 

Recoveries

33,763

 

30,482

 

66,597

 

61,077

 

Uncollectible revenue

1,162

 

5,787

 

2,270

 

7,185

 

Ancillary and other rental income

1,333

 

1,496

 

2,797

 

2,841

 

Lease termination fees

2,012

 

782

 

2,266

 

1,075

 

 

 

 

 

 

 

 

 

(2)

Fee Income:

 

 

 

 

 

 

 

 

JV and other fees

3,025

 

3,571

 

6,088

 

6,971

 

RVI fees

147

 

4,591

 

345

 

9,343

 

RVI disposition fees

385

 

592

 

385

 

592

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

2Q22

 

2Q21

 

6M22

 

6M21

Net income attributable to Common Shareholders

$57,601

 

$13,768

 

$68,749

 

$24,643

Depreciation and amortization of real estate

49,775

 

45,807

 

98,903

 

89,995

Equity in net income of JVs

(1,381)

 

(4,850)

 

(1,550)

 

(9,235)

JVs' FFO

3,883

 

5,971

 

8,198

 

11,406

Non-controlling interests

19

 

17

 

37

 

33

Impairment of real estate

2,536

 

0

 

2,536

 

7,270

Gain on sale and change in control of interests

(41,970)

 

0

 

(45,326)

 

(13,908)

Gain on disposition of real estate, net

(4,597)

 

(218)

 

(4,455)

 

(198)

FFO attributable to Common Shareholders

$65,866

 

$60,495

 

$127,092

 

$110,006

RVI disposition fees

(385)

 

(592)

 

(385)

 

(592)

Mark-to-market adjustment (PRSUs)

0

 

0

 

0

 

5,589

Debt extinguishment, transaction, net

971

 

165

 

1,302

 

367

Joint ventures – debt extinguishment and other, net

2

 

30

 

2

 

30

Write-off of preferred share original issuance costs

0

 

5,156

 

0

 

5,156

Total non-operating items, net

588

 

4,759

 

919

 

10,550

Operating FFO attributable to Common Shareholders

$66,454

 

$65,254

 

$128,011

 

$120,556

 

 

 

 

 

 

 

 

Weighted average shares & units – Basic: FFO & OFFO

214,005

 

211,176

 

213,130

 

204,959

Assumed conversion of dilutive securities

906

 

846

 

1,104

 

808

Weighted average shares & units – Diluted: FFO & OFFO

214,911

 

212,022

 

214,234

 

205,767

 

 

 

 

 

 

 

 

FFO per share – Basic

$0.31

 

$0.29

 

$0.60

 

$0.54

FFO per share – Diluted

$0.31

 

$0.29

 

$0.59

 

$0.53

Operating FFO per share – Basic

$0.31

 

$0.31

 

$0.60

 

$0.59

Operating FFO per share – Diluted

$0.31

 

$0.31

 

$0.60

 

$0.59

Common stock dividends declared, per share

$0.13

 

$0.12

 

$0.26

 

$0.23

 

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share):

 

 

 

 

 

 

 

Redevelopment costs (major and tactical)

3,694

 

3,754

 

11,845

 

6,555

Maintenance capital expenditures

7,731

 

4,846

 

9,987

 

6,296

Tenant allowances and landlord work

12,233

 

6,607

 

21,601

 

17,777

Leasing commissions

2,610

 

1,134

 

4,368

 

2,568

Construction administrative costs (capitalized)

971

 

803

 

2,145

 

1,415

 

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share):

 

 

 

 

 

 

 

Straight-line rent

625

 

133

 

1,705

 

(168)

Straight-line fixed CAM

108

 

136

 

211

 

267

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

1,152

 

964

 

2,396

 

2,089

Straight-line ground rent expense

(32)

 

(35)

 

(66)

 

(72)

Debt fair value and loan cost amortization

(1,228)

 

(1,277)

 

(2,514)

 

(2,457)

Capitalized interest expense

245

 

151

 

467

 

262

Stock compensation expense

(1,717)

 

(1,807)

 

(3,440)

 

(9,376)

Non-real estate depreciation expense

(1,248)

 

(1,345)

 

(2,486)

 

(2,652)

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

$ in thousands

 

 

 

 

 

At Period End

 

 

2Q22

 

4Q21

 

Assets:

 

 

 

 

Land

$1,089,401

 

$1,011,401

 

Buildings

3,826,799

 

3,624,164

 

Fixtures and tenant improvements

573,740

 

556,056

 

 

5,489,940

 

5,191,621

 

Depreciation

(1,644,345)

 

(1,571,569)

 

 

3,845,595

 

3,620,052

 

Construction in progress and land

62,830

 

47,260

 

Real estate, net

3,908,425

 

3,667,312

 

 

 

 

 

 

Investments in and advances to JVs

53,025

 

64,626

 

Cash

38,533

 

41,807

 

Restricted cash

2,647

 

1,445

 

Receivables and straight-line (1)

54,825

 

61,382

 

Intangible assets, net (2)

122,297

 

113,106

 

Other assets, net

23,666

 

17,373

 

Total Assets

4,203,418

 

3,967,051

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Revolving credit facilities

125,000

 

0

 

Unsecured debt

1,452,846

 

1,451,768

 

Unsecured term loan

198,354

 

99,810

 

Secured debt

90,704

 

125,799

 

 

1,866,904

 

1,677,377

 

Dividends payable

30,695

 

28,243

 

Other liabilities (3)

215,141

 

218,779

 

Total Liabilities

2,112,740

 

1,924,399

 

 

 

 

 

 

Preferred shares

175,000

 

175,000

 

Common shares

21,437

 

21,129

 

Paid-in capital

5,973,435

 

5,934,166

 

Distributions in excess of net income

(4,079,844)

 

(4,092,783)

 

Deferred compensation

4,703

 

4,695

 

Common shares in treasury at cost

(9,847)

 

(5,349)

 

Non-controlling interests

5,794

 

5,794

 

Total Equity

2,090,678

 

2,042,652

 

 

 

 

 

 

Total Liabilities and Equity

$4,203,418

 

$3,967,051

 

 

 

 

 

(1)

SL rents (including fixed CAM), net

$33,206

 

$31,526

 

 

 

 

 

(2)

Operating lease right of use assets

18,187

 

19,047

 

 

 

 

 

(3)

Operating lease liabilities

37,697

 

38,491

 

Below-market leases, net

63,575

 

59,690

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

 

 

 

 

 

 

 

 

2Q22

 

2Q21

 

2Q22

 

2Q21

 

SITE Centers at 100%

 

At SITE Centers Share

(Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income attributable to SITE Centers

$60,390

 

$21,869

 

$60,390

 

$21,869

Fee income

(3,557)

 

(8,754)

 

(3,557)

 

(8,754)

Interest expense

18,909

 

19,136

 

18,909

 

19,136

Depreciation and amortization

51,021

 

47,217

 

51,021

 

47,217

General and administrative

11,353

 

12,425

 

11,353

 

12,425

Other expense, net

1,147

 

324

 

1,147

 

324

Impairment charges

2,536

 

0

 

2,536

 

0

Equity in net income of joint ventures

(1,381)

 

(4,850)

 

(1,381)

 

(4,850)

Tax expense

353

 

490

 

353

 

490

Gain on sale and change in control of interests

(41,970)

 

0

 

(41,970)

 

0

Gain on disposition of real estate, net

(4,597)

 

(218)

 

(4,597)

 

(218)

Income from non-controlling interests

19

 

118

 

19

 

118

Consolidated NOI, net of non-controlling interests

94,223

 

87,757

 

94,223

 

87,757

 

 

 

 

 

 

 

 

Net income from unconsolidated joint ventures

1,339

 

15,146

 

589

 

3,809

Interest expense

9,030

 

10,971

 

2,063

 

2,706

Depreciation and amortization

13,328

 

16,587

 

2,969

 

3,791

Impairment charges

3,340

 

0

 

668

 

0

Other expense, net

2,422

 

3,010

 

585

 

744

Gain on disposition of real estate, net

(1,790)

 

(8,186)

 

(357)

 

(1,637)

Unconsolidated NOI

$27,669

 

$37,528

 

6,517

 

9,413

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

 

 

 

 

100,740

 

97,170

Less: Non-Same Store NOI adjustments

 

 

 

 

(5,628)

 

321

Total SSNOI including redevelopment

 

 

 

 

95,112

 

97,491

Less: Redevelopment Same Store NOI adjustments

 

 

 

 

(897)

 

(730)

Total SSNOI excluding redevelopment

 

 

 

 

$94,215

 

$96,761

 

 

 

 

 

 

 

 

SSNOI % Change including redevelopment

 

 

 

 

(2.4%)

 

 

SSNOI % Change excluding redevelopment

 

 

 

 

(2.6%)

 

 

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

 

 

 

 

 

 

 

 

6M22

 

6M21

 

6M22

 

6M21

 

SITE Centers at 100%

 

At SITE Centers Share

(Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income attributable to SITE Centers

$74,327

 

$37,877

 

$74,327

 

$37,877

Fee income

(6,818)

 

(16,906)

 

(6,818)

 

(16,906)

Interest expense

37,167

 

38,531

 

37,167

 

38,531

Depreciation and amortization

101,385

 

92,777

 

101,385

 

92,777

General and administrative

23,604

 

29,820

 

23,604

 

29,820

Other expense, net

1,651

 

690

 

1,651

 

690

Impairment charges

2,536

 

7,270

 

2,536

 

7,270

Equity in net income of joint ventures

(1,550)

 

(9,235)

 

(1,550)

 

(9,235)

Tax expense

605

 

855

 

605

 

855

Gain on sale and change in control of interests

(45,326)

 

(13,908)

 

(45,326)

 

(13,908)

Gain on disposition of real estate, net

(4,455)

 

(198)

 

(4,455)

 

(198)

Income from non-controlling interests

37

 

291

 

37

 

291

Consolidated NOI, net of non-controlling interests

183,163

 

167,864

 

183,163

 

167,864

 

 

 

 

 

 

 

 

Net (loss) income from unconsolidated joint ventures

(39)

 

48,662

 

615

 

8,187

Interest expense

18,319

 

21,918

 

4,151

 

5,407

Depreciation and amortization

27,673

 

33,704

 

6,148

 

7,675

Impairment charges

8,540

 

0

 

1,708

 

0

Other expense, net

4,994

 

5,974

 

1,182

 

1,486

Gain on disposition of real estate, net

(1,692)

 

(36,587)

 

(291)

 

(4,478)

Unconsolidated NOI

$57,795

 

$73,671

 

13,513

 

18,277

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

 

 

 

 

196,676

 

186,141

Less: Non-Same Store NOI adjustments

 

 

 

 

(9,234)

 

1,158

Total SSNOI including redevelopment

 

 

 

 

187,442

 

187,299

Less: Redevelopment Same Store NOI adjustments

 

 

 

 

(207)

 

(164)

Total SSNOI excluding redevelopment

 

 

 

 

$187,235

 

$187,135

 

 

 

 

 

 

 

 

SSNOI % Change including redevelopment

 

 

 

 

0.1%

 

 

SSNOI % Change excluding redevelopment

 

 

 

 

0.1%

 

 

 

Contacts

SITE Centers Corp.

Conor Fennerty, EVP and Chief Financial Officer

216-755-5500

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