8-K
SITE Centers Corp. (SITC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 2024
SITE Centers Corp.
(Exact name of Registrant as Specified in Its Charter)
| Ohio | 1-11690 | 34-1723097 |
|---|---|---|
| (State or Other Jurisdiction<br><br>of Incorporation) | (Commission File Number) | (IRS Employer<br><br>Identification No.) |
| 3300 Enterprise Parkway,<br><br>Beachwood, Ohio | 44122 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (216)
755-5500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Shares, Par Value $0.10 Per Share | SITC | New York Stock Exchange |
| Depositary Shares, each representing 1/20 of a share of 6.375% Class A Cumulative Redeemable Preferred Shares without Par Value | SITC PRA | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 30, 2024, SITE Centers Corp. (the “Company”) issued a quarterly financial supplement containing financial and property information of the Company (“Quarterly Supplement”) for the quarter ended September 30, 2024, which includes a News Release containing financial results of the Company. A copy of the Company’s Quarterly Financial Supplement dated September 30, 2024, is attached hereto as Exhibit 99.1, which is incorporated herein by reference. This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
| 99.1 | Quarterly financial supplement dated as of September 30, 2024. |
|---|---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| SITE Centers Corp. | ||
|---|---|---|
| Date: October 30, 2024 | By: | /s/ Jeffrey A. Scott |
| Name: Jeffery A. Scott | ||
| Title: Senior Vice President and Chief Accounting<br><br>Officer |
EX-99.1
Exhibit 99.1
SITE Centers Corp.
Table of Contents
| Section | Page |
|---|---|
| Earnings Release & Financial Statements | |
| Press Release | 1-6 |
| Company Summary | |
| Portfolio Summary | 7 |
| Capital Structure and Debt Detail | 8 |
| Lease Expirations | 9 |
| Top 30 Tenants | 10 |
| Investments | |
| Acquisitions | 11 |
| Dispositions | 12 |
| Unconsolidated Joint Ventures | |
| Unconsolidated Joint Ventures | 13-15 |
| Shopping Center Summary | |
| Property List | 16 |
| Reporting Policies and Other | |
| Notable Accounting and Supplemental Policies | 17-18 |
| Non-GAAP Measures | 19-20 |
| Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100% | 21-23 |
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, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, 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 consistency with future results of assumptions based on past performance; 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; our ability to enter into agreements to sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to finance our businesses on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; 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, 2024. 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. | For additional information: |
|---|---|
| 3300 Enterprise Parkway | Gerald Morgan, EVP and |
| Beachwood, OH 44122<br>216-755-5500 | Chief Financial Officer |
FOR IMMEDIATE RELEASE:
SITE Centers Reports Third Quarter 2024 Results
Beachwood, Ohio, October 30, 2024 - SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers primarily in suburban, high household income communities, announced today operating results for the quarter ended September 30, 2024.
"SITE Centers completed the planned spin-off of Curbline Properties on October 1, unlocking a unique and scalable opportunity focused on convenience real estate and providing investors with two distinct business plans,” commented David R. Lukes, President and Chief Executive Officer. “Following the disposition of 25 properties during the third quarter for an aggregate price of $1.4 billion, the Company has completed the sale of substantially all of the properties that had been in its active disposition pipeline prior to the spin-off. Going forward, SITE Centers intends to maximize value through continued leasing, asset management and potential additional asset sales.”
Results for the Third Quarter
- Third quarter net income attributable to common shareholders was $320.2 million, or $6.07 per diluted share, as compared to net income of $45.9 million, or $0.87 per diluted share, in the year-ago period. The increase year-over-year primarily was the result of higher gain on sale from dispositions and interest income partially offset by the impact of lower property Net Operating Income (“NOI") as a result of net property dispositions, debt extinguishment costs including the write-off of fees related to the original mortgage facility commitment and Curbline Properties Corp. ("Curbline" or "CURB") transaction costs.
- Third quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $42.8 million, or $0.81 per diluted share, compared to $69.9 million, or $1.33 per diluted share, in the year-ago period. The decrease year-over-year primarily was due to the impact of lower property NOI as a result of net property dispositions, partially offset by higher interest income.
Significant Third Quarter and Recent Activity
- Sold 25 shopping centers during the third quarter for an aggregate price of $1.4 billion.
- Acquired seven convenience shopping centers during the third quarter for an aggregate price of $145.3 million. All of these properties were included in the Curbline spin-off.
- During the quarter, redeemed all remaining outstanding senior unsecured notes due in 2025, 2026 and 2027 for total cash consideration, including expenses, of $1.2 billion and recorded debt extinguishment costs of approximately $6.7 million. The 2027 notes were partially hedged and, in August 2024, the related swaption agreements, which did not qualify for hedge accounting, were terminated and the Company received a cash payment of $1.3 million.
- In August 2024, repaid the $200.0 million term loan and terminated the revolving credit facility which had no balance outstanding and recorded $4.8 million of aggregate debt extinguishment costs. The term loan was hedged with an interest rate swap which was also terminated in August 2024 and the Company received a cash payment of $6.8 million.
- In August 2024, the Company closed and funded a $530.0 million mortgage facility secured by 23 properties. At September 30, 2024, the outstanding principal balance on the mortgage facility was $206.9 million secured by 13 properties. The Company recorded debt extinguishment costs of $10.1 million in the three months ended September 30, 2024 due to disposition-related repayments. Additionally, the Company wrote off $10.9 million in fees in the third quarter relating to the termination of the original $1.1 billion mortgage facility commitment obtained in October 2023.
- On August 19, 2024, the Company’s common shares began trading on a split-adjusted basis (one-for-four) on the NYSE at the opening of trading. All prior year common share and earnings per share amounts have been adjusted for comparability.
- On October 24, 2024, the Company provided notice of its intent to redeem all of its outstanding 6.375% Class A Cumulative Redeemable Preferred Shares and the associated depositary shares.
Curbline Properties
- On October 1, 2024, the previously announced spin-off of Curbline was completed. At the time of spin-off, Curbline's portfolio consisted of 79 properties and Curbline was capitalized with $800.0 million of unrestricted cash and had no outstanding indebtedness.
Key Quarterly Operating Results
- Reported a leased rate of 91.3% at September 30, 2024 compared to 93.2% at June 30, 2024 and 94.6% at September 30, 2023, all on a pro rata basis. The September 30, 2024 leased rate has been adjusted to reflect the removal of all properties included in the CURB spin-off.
Property NOI Projection
The Company projects, based on the assumptions below, 2024 property level NOI to be between $94.7 million and $96.9 million.
This projection:
- Calculates NOI pursuant to the definition of NOI as described below, excludes NOI from all Curbline properties and all properties sold prior to September 30, 2024 and assumes that all SITE Centers properties owned as of September 30, 2024 are held for the full year 2024,
- Includes the Company's share of joint venture NOI,
- Excludes from NOI G&A allocated to operating expenses which totaled $2.1 million in 3Q2024, or $8.4 million annualized, and
- Includes revenue from the Company's Beachwood, OH office headquarters.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers located primarily 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.
Supplemental Information
Copies of the Company's quarterly financial supplement are available on the Investor Relations portion of the Company's website, ir.sitecenter.com.
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 (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 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/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses 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.
The Company also uses 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.
FFO, Operating FFO and NOI 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 projected NOI 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.
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, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, 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 consistency with future results of assumptions based on past performance; 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; our ability to enter into agreements to sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to finance our businesses on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; 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, 2024. 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 | |||||
|---|---|---|---|---|---|
| 3Q24 | 3Q23 | 9M24 | 9M23 | ||
| Revenues: | |||||
| Rental income (1) | $89,017 | $142,498 | $322,089 | $414,324 | |
| Other property revenues | 412 | 588 | 2,090 | 1,978 | |
| 89,429 | 143,086 | 324,179 | 416,302 | ||
| Expenses: | |||||
| Operating and maintenance | 16,185 | 20,986 | 55,980 | 66,628 | |
| Real estate taxes | 12,170 | 20,543 | 45,056 | 60,875 | |
| 28,355 | 41,529 | 101,036 | 127,503 | ||
| Net operating income (2) | 61,074 | 101,557 | 223,143 | 288,799 | |
| Other income (expense): | |||||
| JV and other fee income | 1,334 | 1,673 | 4,346 | 5,307 | |
| Interest expense | (16,706) | (21,147) | (54,045) | (61,991) | |
| Depreciation and amortization | (34,251) | (52,821) | (117,840) | (165,535) | |
| General and administrative (3) | (15,111) | (11,259) | (38,896) | (35,935) | |
| Other income (expense), net (4) | (41,655) | (690) | (47,974) | (2,011) | |
| Impairment charges | 0 | 0 | (66,600) | 0 | |
| (Loss) income before earnings from JVs and other | (45,315) | 17,313 | (97,866) | 28,634 | |
| Equity in net income of JVs | 328 | 518 | 406 | 6,495 | |
| Gain on sale and change in control of interests | 0 | 0 | 2,669 | 3,749 | |
| Gain on disposition of real estate, net | 368,139 | 31,047 | 633,169 | 31,230 | |
| Tax expense | (199) | (236) | (732) | (811) | |
| Net income | 322,953 | 48,642 | 537,646 | 69,297 | |
| Non-controlling interests | 0 | 0 | 0 | (18) | |
| Net income SITE Centers | 322,953 | 48,642 | 537,646 | 69,279 | |
| Preferred dividends | (2,789) | (2,789) | (8,367) | (8,367) | |
| Net income Common Shareholders | $320,164 | $45,853 | $529,279 | $60,912 | |
| Weighted average shares – Basic – EPS (5) | 52,400 | 52,322 | 52,381 | 52,376 | |
| Assumed conversion of diluted securities (5) | 153 | 28 | 177 | 60 | |
| Weighted average shares – Diluted – EPS (5) | 52,553 | 52,350 | 52,558 | 52,436 | |
| Earnings per common share – Basic (5) | $6.09 | $0.87 | $10.07 | $1.16 | |
| Earnings per common share – Diluted (5) | $6.07 | $0.87 | $10.03 | $1.16 | |
| (1) | Rental income: | ||||
| Minimum rents | $57,036 | $89,717 | $206,608 | $267,713 | |
| Ground lease minimum rents | 4,555 | 6,296 | 15,295 | 19,108 | |
| Straight-line rent, net | 1,472 | 496 | 3,616 | 2,160 | |
| Amortization of (above)/below-market rent, net | 1,167 | 9,223 | 3,280 | 12,099 | |
| Percentage and overage rent | 1,063 | 1,095 | 4,450 | 4,498 | |
| Recoveries | 22,134 | 34,753 | 80,366 | 104,570 | |
| Uncollectible revenue | 95 | (811) | 81 | (1,126) | |
| Ancillary and other rental income | 917 | 1,511 | 3,211 | 4,716 | |
| Lease termination fees | 578 | 218 | 5,182 | 586 | |
| (2) | Includes NOI from assets sold in 2024 and properties included in the CURB spin-off | 40,291 | N/A | 160,765 | N/A |
| (3) | Separation and other charges | 595 | 1,086 | 1,348 | 4,014 |
| (4) | Interest income (fees), net | 13,997 | (92) | 29,841 | (206) |
| Transaction costs | (23,847) | (641) | (31,436) | (1,848) | |
| Debt extinguishment costs | (32,559) | 43 | (43,004) | 43 | |
| Gain on debt retirement | 0 | 0 | 1,037 | 0 | |
| Gain (loss) on derivative instruments | 754 | 0 | (4,412) | 0 | |
| (5) | Prior periods presented have been adjusted to reflect the Company's one-for-four reverse stock split |
SITE Centers Corp.
Reconciliation: Net Income to FFO and Operating FFO
and Other Financial Information
| in thousands, except per share | |||||
|---|---|---|---|---|---|
| 3Q24 | 3Q23 | 9M24 | 9M23 | ||
| Net income attributable to Common Shareholders | $320,164 | $45,853 | $529,279 | $60,912 | |
| Depreciation and amortization of real estate | 33,253 | 51,412 | 114,276 | 161,480 | |
| Equity in net income of JVs | (328) | (518) | (406) | (6,495) | |
| JVs' FFO | 1,555 | 2,145 | 4,703 | 6,327 | |
| Non-controlling interests | 0 | 0 | 0 | 18 | |
| Impairment of real estate | 0 | 0 | 66,600 | 0 | |
| Gain on sale and change in control of interests | 0 | 0 | (2,669) | (3,749) | |
| Gain on disposition of real estate, net | (368,139) | (31,047) | (633,169) | (31,230) | |
| FFO attributable to Common Shareholders | ($13,495) | $67,845 | $78,614 | $187,263 | |
| Gain on debt retirement | 0 | 0 | (1,037) | 0 | |
| Transaction, debt extinguishment and other (at SITE's share) | 55,653 | 679 | 79,041 | 2,186 | |
| Separation and other charges | 595 | 1,345 | 1,820 | 4,444 | |
| Total non-operating items, net | 56,248 | 2,024 | 79,824 | 6,630 | |
| Operating FFO attributable to Common Shareholders | $42,753 | $69,869 | $158,438 | $193,893 | |
| Weighted average shares & units – Basic: FFO & OFFO (1) | 52,400 | 52,322 | 52,381 | 52,393 | |
| Assumed conversion of dilutive securities (1) | 153 | 28 | 177 | 60 | |
| Weighted average shares & units – Diluted: FFO & OFFO (1) | 52,553 | 52,350 | 52,558 | 52,453 | |
| FFO per share – Basic (1) | $(0.26) | $1.30 | $1.50 | $3.57 | |
| FFO per share – Diluted (1) | $(0.26) | $1.30 | $1.50 | $3.57 | |
| Operating FFO per share – Basic (1) | $0.82 | $1.34 | $3.02 | $3.70 | |
| Operating FFO per share – Diluted (1) | $0.81 | $1.33 | $3.01 | $3.70 | |
| Common stock dividends declared, per share (1) | $0.00 | $0.52 | $1.04 | $1.56 | |
| Capital expenditures (SITE Centers share): | |||||
| Redevelopment costs | 1,182 | 7,609 | 7,192 | 15,726 | |
| Maintenance capital expenditures | 1,792 | 4,528 | 5,449 | 11,552 | |
| Tenant allowances and landlord work | 7,397 | 13,187 | 28,878 | 38,938 | |
| Leasing commissions | 850 | 1,861 | 5,168 | 6,255 | |
| Construction administrative costs (capitalized) | 839 | 795 | 2,653 | 2,395 | |
| Certain non-cash items (SITE Centers share): | |||||
| Straight-line rent | 1,491 | 516 | 3,715 | 2,236 | |
| Straight-line fixed CAM | 33 | 94 | 156 | 238 | |
| Amortization of below-market rent/(above), net | 1,301 | 9,314 | 3,611 | 12,364 | |
| Straight-line ground rent expense | (9) | (25) | (16) | (130) | |
| Debt fair value and loan cost amortization | (1,709) | (1,165) | (4,525) | (3,591) | |
| Capitalized interest expense | 76 | 321 | 547 | 916 | |
| Stock compensation expense | (2,013) | (1,756) | (5,958) | (5,119) | |
| Non-real estate depreciation expense | (1,001) | (1,411) | (3,571) | (4,064) | |
| (1) | Prior periods presented have been adjusted to reflect the Company's one-for-four reverse stock split |
SITE Centers Corp.
Balance Sheet: Consolidated Interests
| in thousands | ||
|---|---|---|
| 4Q23 | ||
| Assets: | ||
| Land | $930,540 | |
| Buildings | 3,311,368 | |
| Fixtures and tenant improvements | 537,872 | |
| 4,779,780 | ||
| Depreciation | (1,570,377) | |
| 3,209,403 | ||
| Construction in progress and land | 51,379 | |
| Real estate, net | 3,260,782 | |
| Investments in and advances to JVs | 39,372 | |
| Cash (1) | 551,968 | |
| Restricted cash | 17,063 | |
| Receivables and straight-line (2) | 65,623 | |
| Intangible assets, net (3) | 86,363 | |
| Other assets, net | 40,180 | |
| Total Assets | 4,061,351 | |
| Liabilities and Equity: | ||
| Revolving credit facilities | 0 | |
| Unsecured debt | 1,303,243 | |
| Unsecured term loan | 198,856 | |
| Secured debt | 124,176 | |
| 1,626,275 | ||
| Dividends payable | 63,806 | |
| Other liabilities (4) | 195,727 | |
| Total Liabilities | 1,885,808 | |
| Preferred shares | 175,000 | |
| Common shares | 5,239 | |
| Paid-in capital | 5,923,919 | |
| Distributions in excess of net income | (3,934,736) | |
| Deferred compensation | 5,167 | |
| Accumulated comprehensive income | 6,121 | |
| Common shares in treasury at cost | (5,167) | |
| Total Equity | 2,175,543 | |
| Total Liabilities and Equity | $4,061,351 | |
| (1) | On October 1, 2024, 800 million was used to capitalize Curbline Properties | |
| (2) | SL rents (including fixed CAM), net | $31,206 |
| (3) | Operating lease right of use assets | 17,373 |
| Below market ground leases (as lessee) | 0 | |
| (4) | Operating lease liabilities | 37,108 |
| Below-market leases, net | 46,096 | |
| Excludes costs to complete redevelopment projects at Curbline assets |
All values are in US Dollars.
SITE Centers Corp.
Portfolio Summary
| 9/30/2024 (1) | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | ||
|---|---|---|---|---|---|---|
| Shopping Center Count | ||||||
| Operating Centers - 100% | 33 | 112 | 114 | 114 | 119 | |
| Wholly Owned | 22 | 101 | 101 | 101 | 106 | |
| JV Portfolio | 11 | 11 | 13 | 13 | 13 | |
| Gross Leasable Area (GLA) | ||||||
| Owned and Ground Lease - Pro Rata Share | 5,917 | 15,051 | 18,686 | 19,312 | 22,329 | |
| Wholly Owned | 5,060 | 14,194 | 17,740 | 18,369 | 21,386 | |
| JV Portfolio - Pro Rata Share | 857 | 857 | 946 | 943 | 943 | |
| Quarterly Operational Overview | ||||||
| Pro Rata Share | ||||||
| Base Rent PSF | $19.60 | $21.98 | $20.69 | $20.35 | $20.20 | |
| Base Rent PSF < 10K | $31.12 | $33.67 | $33.18 | $32.76 | $32.09 | |
| Base Rent PSF > 10K | $16.05 | $16.38 | $15.66 | $15.48 | $15.88 | |
| Commenced Rate | 89.8% | 90.9% | 91.6% | 92.0% | 92.0% | |
| Commenced Rate < 10K SF | 84.8% | 88.1% | 88.6% | 88.2% | 87.3% | |
| Commenced Rate > 10K SF | 91.4% | 92.3% | 92.9% | 93.5% | 93.7% | |
| Leased Rate | 91.3% | 93.2% | 94.2% | 94.5% | 94.6% | |
| Leased Rate < 10K SF | 87.0% | 90.6% | 91.0% | 90.9% | 91.0% | |
| Leased Rate > 10K SF | 92.7% | 94.5% | 95.5% | 95.9% | 95.9% | |
| Top 10 MSA Exposure | ||||||
| Properties | GLA | % of GLA | ABR | % of ABR | ABR PSF | |
| 1 | 4 | 613 | 10.4% | $15,111 | 16.0% | $29.36 |
| 2 | 1 | 759 | 12.8% | 12,133 | 12.8% | $18.32 |
| 3 | 1 | 629 | 10.6% | 11,582 | 12.2% | $20.66 |
| 4 | 3 | 501 | 8.5% | 7,147 | 7.6% | $18.60 |
| 5 | 3 | 591 | 10.0% | 6,773 | 7.2% | $15.37 |
| 6 | 1 | 390 | 6.6% | 6,183 | 6.5% | $26.54 |
| 7 | 1 | 338 | 5.7% | 5,532 | 5.8% | $25.52 |
| 8 | 3 | 413 | 7.0% | 5,072 | 5.4% | $14.28 |
| 9 | 1 | 406 | 6.9% | 5,052 | 5.3% | $12.78 |
| 10 | 3 | 196 | 3.3% | 4,399 | 4.7% | $24.63 |
| 12 | 1,081 | 18.3% | 15,613 | 16.5% | $17.61 | |
| 33 | 5,917 | 100.0% | $94,597 | 100.0% | $19.60 | |
| Note: and GLA in thousands except shopping center count and base rent PSF; Top 10 MSA figures for SITE at share except for property count. All results exclude the Company's owned Beachwood, OH headquarters office buildings. | ||||||
| (1) 3Q2024 figures adjusted to reflect the removal of all properties included in the CURB spin-off |
All values are in US Dollars.
SITE Centers Corp.
Capital Structure & Debt Detail
| , shares and units in thousands, except per share | ||
|---|---|---|
| December 31, 2023 | December 31, 2022 | |
| Capital Structure | ||
| Market Value Per Share | $13.63 | $13.66 |
| Common Shares Outstanding | 209,328 | 210,853 |
| Operating Partnership Units | 0 | 141 |
| Total Outstanding Common Shares | 209,328 | 210,994 |
| Common Shares Equity | $2,853,141 | $2,882,178 |
| Perpetual Preferred Stock - Class A | 175,000 | 175,000 |
| Unsecured Credit Facilities | 0 | 0 |
| Unsecured Term Loan | 200,000 | 200,000 |
| Unsecured Notes Payable | 1,305,758 | 1,457,741 |
| Mortgage Debt (includes JVs at SITE share) | 240,882 | 165,408 |
| Total Debt (includes JVs at SITE share) | 1,746,640 | 1,823,149 |
| Less: Cash (including restricted cash) | 581,760 | 31,011 |
| Net Debt | $1,164,880 | $1,792,138 |
| Total Market Capitalization | $4,193,020 | $4,849,316 |
All values are in US Dollars.
| in thousands | ||
|---|---|---|
| BalanceSITE Share | GAAP Interest<br>Rate | |
| Mortgage Debt | ||
| SITE Loan Pool (13 assets)(1) | 206,900 | SOFR + 275 |
| Deer Park Town Center, IL(2) | 30,559 | 3.83% |
| Nassau Park Pavilion, NJ | 100,000 | 6.99% |
| DTP Loan Pool (10 assets) | 76,120 | 7.48% |
| 413,579 | ||
| Consolidated | 306,900 | |
| Unconsolidated | 106,679 | |
| Consolidated & Unconsolidated Debt Subtotal | 413,579 | |
| Unamortized Loan Costs, Net | (9,297) | |
| Total Consolidated & Unconsolidated Debt | 404,282 | |
| Rate Type | ||
| Fixed | 176,120 | 7.20% |
| Variable | 237,459 | 8.37% |
| 413,579 | 7.87% | |
| Perpetual Preferred Stock | ||
| Class A | 175,000 | 6.38% |
| Note: Maturity dates assume all borrower extension options are exercised. GAAP interest rates shown as swapped or capped all-in interest rate where applicable. | ||
| (1) 6.25% SOFR Interest Rate Cap through September 2026. Rate excludes loan fees and unamortized loan costs. | ||
| (2) 1.00% SOFR Interest Rate Cap through December 2024. Debt shown at share including promote. | ||
| (3) Redeemable at par as of June 2022. |
All values are in US Dollars.
SITE Centers Corp.
Lease Expirations
| At pro rata share except for count; and GLA in thousands | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assumes no exercise of lease options | ||||||||||||||
| Less than 10K SF | Total | |||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | Rent<br>PSF |
| MTM | 0 | 0.0% | 0 | $0.00 | 4 | 5 | 0.4% | 165 | $33.00 | 4 | 5 | 0.1% | 165 | $33.00 |
| 2024 | 0 | 0.0% | 0 | $0.00 | 7 | 14 | 1.2% | 392 | $28.00 | 7 | 14 | 0.3% | 392 | $28.00 |
| 2025 | 206 | 5.0% | 4,111 | $19.96 | 60 | 134 | 11.3% | 3,607 | $26.92 | 71 | 340 | 6.4% | 7,718 | $22.70 |
| 2026 | 386 | 9.3% | 3,642 | $9.44 | 74 | 141 | 11.9% | 4,202 | $29.80 | 99 | 527 | 9.9% | 7,844 | $14.88 |
| 2027 | 625 | 15.1% | 10,812 | $17.30 | 64 | 174 | 14.7% | 5,119 | $29.42 | 95 | 799 | 15.0% | 15,931 | $19.94 |
| 2028 | 816 | 19.8% | 9,989 | $12.24 | 67 | 141 | 11.9% | 4,347 | $30.83 | 100 | 957 | 18.0% | 14,336 | $14.98 |
| 2029 | 567 | 13.7% | 8,925 | $15.74 | 69 | 171 | 14.4% | 5,471 | $31.99 | 97 | 738 | 13.9% | 14,396 | $19.51 |
| 2030 | 391 | 9.5% | 5,814 | $14.87 | 41 | 90 | 7.6% | 2,730 | $30.33 | 61 | 481 | 9.0% | 8,544 | $17.76 |
| 2031 | 280 | 6.8% | 2,930 | $10.46 | 18 | 50 | 4.2% | 1,363 | $27.26 | 29 | 330 | 6.2% | 4,293 | $13.01 |
| 2032 | 203 | 4.9% | 2,423 | $11.94 | 34 | 95 | 8.0% | 2,891 | $30.43 | 43 | 298 | 5.6% | 5,314 | $17.83 |
| 2033 | 148 | 3.6% | 2,614 | $17.66 | 32 | 83 | 7.0% | 2,949 | $35.53 | 42 | 231 | 4.3% | 5,563 | $24.08 |
| Thereafter | 507 | 12.3% | 7,288 | $14.37 | 34 | 89 | 7.5% | 2,813 | $31.61 | 48 | 596 | 11.2% | 10,101 | $16.95 |
| Total | 4,129 | 100.0% | 58,548 | $14.18 | 504 | 1,187 | 100.0% | 36,049 | $30.37 | 696 | 5,316 | 100.0% | 94,597 | $17.79 |
| Signed Not Open | 57 | 910 | $15.96 | 17 | 31 | 1,086 | $35.03 | 23 | 88 | 1,996 | $22.68 | |||
| Vacant | 331 | 96 | 182 | 108 | 513 | |||||||||
| Assumes all lease options are exercised | ||||||||||||||
| Less than 10K SF | Total | |||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | Rent<br>PSF |
| MTM | 0 | 0.0% | 0 | $0.00 | 4 | 5 | 0.4% | 165 | $33.00 | 4 | 5 | 0.1% | 165 | $33.00 |
| 2024 | 0 | 0.0% | 0 | $0.00 | 6 | 13 | 1.1% | 353 | $27.15 | 6 | 13 | 0.2% | 353 | $27.15 |
| 2025 | 15 | 0.4% | 433 | $28.87 | 39 | 77 | 6.5% | 2,117 | $27.49 | 41 | 92 | 1.7% | 2,550 | $27.72 |
| 2026 | 15 | 0.4% | 172 | $11.47 | 37 | 59 | 5.0% | 1,713 | $29.03 | 40 | 74 | 1.4% | 1,885 | $25.47 |
| 2027 | 35 | 0.8% | 659 | $18.83 | 28 | 64 | 5.4% | 1,836 | $28.69 | 33 | 99 | 1.9% | 2,495 | $25.20 |
| 2028 | 90 | 2.2% | 1,456 | $16.18 | 42 | 79 | 6.7% | 2,777 | $35.15 | 48 | 169 | 3.2% | 4,233 | $25.05 |
| 2029 | 70 | 1.7% | 1,437 | $20.53 | 47 | 96 | 8.1% | 3,092 | $32.21 | 51 | 166 | 3.1% | 4,529 | $27.28 |
| 2030 | 102 | 2.5% | 1,582 | $15.51 | 36 | 65 | 5.5% | 1,829 | $28.14 | 43 | 167 | 3.1% | 3,411 | $20.43 |
| 2031 | 63 | 1.5% | 807 | $12.81 | 28 | 46 | 3.9% | 1,269 | $27.59 | 36 | 109 | 2.1% | 2,076 | $19.05 |
| 2032 | 182 | 4.4% | 3,360 | $18.46 | 38 | 91 | 7.7% | 2,779 | $30.54 | 46 | 273 | 5.1% | 6,139 | $22.49 |
| 2033 | 174 | 4.2% | 3,217 | $18.49 | 23 | 53 | 4.5% | 1,381 | $26.06 | 34 | 227 | 4.3% | 4,598 | $20.26 |
| Thereafter | 3,383 | 81.9% | 45,425 | $13.43 | 176 | 539 | 45.4% | 16,738 | $31.05 | 314 | 3,922 | 73.8% | 62,163 | $15.85 |
| Total | 4,129 | 100.0% | 58,548 | $14.18 | 504 | 1,187 | 100.0% | 36,049 | $30.37 | 696 | 5,316 | 100.0% | 94,597 | $17.79 |
| Note: Includes ground leases. All data as of September 30, 2024 and adjusted to reflect the removal of all properties included in the CURB spin-off. |
All values are in US Dollars.
SITE Centers Corp.
Top 30 Tenants
| and GLA in thousands | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Number of Units | Base Rent | Owned GLA | |||||||
| WO | JV | Total | Pro Rata | % of Total | At 100% | Pro Rata | % of Total | At 100% | |
| 1 | 9 | 9 | 18 | 4,349 | 4.6% | 6,459 | 287 | 4.9% | 466 |
| 2 | 4 | 4 | 8 | 4,198 | 4.4% | 5,924 | 249 | 4.2% | 395 |
| 3 | 5 | 1 | 6 | 4,181 | 4.4% | 4,565 | 228 | 3.9% | 261 |
| 4 | 2 | 0 | 2 | 3,494 | 3.7% | 3,494 | 124 | 2.1% | 124 |
| 5 | 7 | 3 | 10 | 3,134 | 3.3% | 3,854 | 185 | 3.1% | 228 |
| 6 | 3 | 0 | 3 | 3,104 | 3.3% | 3,104 | 135 | 2.3% | 135 |
| 7 | 3 | 3 | 6 | 2,802 | 3.0% | 4,372 | 166 | 2.8% | 279 |
| 8 | 4 | 6 | 10 | 1,954 | 2.1% | 3,736 | 158 | 2.7% | 303 |
| 9 | 4 | 5 | 9 | 1,420 | 1.5% | 2,309 | 52 | 0.9% | 96 |
| 10 | 7 | 5 | 12 | 1,386 | 1.5% | 2,036 | 77 | 1.3% | 112 |
| 11 | 1 | 1 | 2 | 1,300 | 1.4% | 1,300 | 100 | 1.7% | 124 |
| 12 | 4 | 4 | 8 | 1,294 | 1.4% | 2,274 | 111 | 1.9% | 188 |
| 13 | 2 | 0 | 2 | 1,215 | 1.3% | 1,215 | 91 | 1.5% | 91 |
| 14 | 3 | 7 | 10 | 1,174 | 1.2% | 2,543 | 67 | 1.1% | 149 |
| 15 | 1 | 0 | 1 | 1,110 | 1.2% | 1,110 | 143 | 2.4% | 143 |
| 16 | 1 | 3 | 4 | 1,104 | 1.2% | 2,748 | 134 | 2.3% | 324 |
| 17 | 1 | 0 | 1 | 1,048 | 1.1% | 1,048 | 117 | 2.0% | 117 |
| 18 | 0 | 3 | 3 | 1,019 | 1.1% | 5,093 | 46 | 0.8% | 232 |
| 19 | 2 | 1 | 3 | 1,014 | 1.1% | 1,334 | 55 | 0.9% | 71 |
| 20 | 1 | 0 | 1 | 991 | 1.0% | 991 | 42 | 0.7% | 42 |
| 21 | 1 | 0 | 1 | 934 | 1.0% | 934 | 91 | 1.5% | 91 |
| 22 | 2 | 1 | 3 | 917 | 1.0% | 1,152 | 41 | 0.7% | 56 |
| 23 | 3 | 2 | 5 | 875 | 0.9% | 1,200 | 46 | 0.8% | 68 |
| 24 | 1 | 0 | 1 | 856 | 0.9% | 856 | 44 | 0.7% | 44 |
| 25 | 2 | 0 | 2 | 761 | 0.8% | 761 | 32 | 0.5% | 32 |
| 26 | 1 | 3 | 4 | 738 | 0.8% | 1,340 | 50 | 0.8% | 111 |
| 27 | 1 | 0 | 1 | 731 | 0.8% | 731 | 37 | 0.6% | 37 |
| 28 | 2 | 1 | 3 | 719 | 0.8% | 947 | 45 | 0.8% | 61 |
| 29 | 4 | 1 | 5 | 701 | 0.7% | 881 | 32 | 0.5% | 40 |
| 30 | 1 | 0 | 1 | 693 | 0.7% | 693 | 154 | 2.6% | 154 |
| 82 | 63 | 145 | $49,216 | 52.0% | $69,004 | 3,139 | 53.1% | 4,574 | |
| $94,597 | 100.0% | $137,741 | 5,917 | 100.0% | 8,813 | ||||
| (1) T.J. Maxx (3) / Marshalls (6) / HomeGoods (5) / Sierra Trading (2) / HomeSense (2) | |||||||||
| (2) Harris Teeter (1) / Mariano's (1) | |||||||||
| (3) LA Fitness (2) / Xsport Fitness (1) | |||||||||
| (4) Gap (2) / Old Navy (7) / Banana Republic (1) | |||||||||
| Note: All data as of September 30, 2024 and adjusted to reflect the removal of all properties included in the CURB spin-off. |
All values are in US Dollars.
SITE Centers Corp.
Acquisitions
| and GLA in thousands | |||||
|---|---|---|---|---|---|
| Acquisitions | SITE | Owned | Price | ||
| MSA | Own % | GLA | At 100% | At Share | |
| 02/02/24 | Raleigh, NC | 20% | 14 | $8,100 | $1,620 |
| 02/14/24 | Houston-The Woodlands-Sugar Land, TX | 100% | 22 | 10,650 | 10,650 |
| 03/29/24 | Phoenix-Mesa-Scottsdale, AZ | 100% | 15 | 8,460 | 8,460 |
| 1Q 2024 Total | 51 | $27,210 | $20,730 | ||
| 04/17/24 | Tampa-St. Petersburg-Clearwater, FL | 100% | 0 | $1,000 | $1,000 |
| 05/24/24 | Chicago-Naperville-Elgin, IL-IN-WI | 100% | 9 | 2,850 | 2,850 |
| 05/30/24 | Raleigh, NC | 100% | 199 | 44,250 | 35,400 |
| 05/31/24 | Sebastian-Vero Beach-West Vero Corridor, FL | 100% | 17 | 5,500 | 5,500 |
| 06/13/24 | Phoenix-Mesa-Scottsdale, AZ | 100% | 6 | 2,100 | 2,100 |
| 06/14/24 | Atlanta-Sandy Springs-Roswell, GA | 100% | 82 | 17,750 | 17,750 |
| 2Q 2024 Total | 313 | $73,450 | $64,600 | ||
| 07/02/24 | Cleveland-Elyria, OH | 100% | 29 | $18,500 | $18,500 |
| 07/26/24 | Nashville-Davidson-Murfreesboro-Franklin, TN | 100% | 20 | 8,250 | 8,250 |
| 08/22/24 | Houston-The Woodlands-Sugar Land, TX | 100% | 42 | 31,000 | 31,000 |
| 08/23/24 | Atlanta-Sandy Springs-Roswell, GA | 100% | 45 | 30,200 | 30,200 |
| 09/09/24 | San Diego-Carlsbad, CA | 100% | 35 | 12,350 | 12,350 |
| 09/12/24 | Denver-Aurora-Lakewood, CO | 100% | 18 | 10,880 | 10,880 |
| 09/18/24 | Los Angeles-Long Beach-Anaheim, CA | 100% | 77 | 34,150 | 34,150 |
| 3Q 2024 Total | 266 | $145,330 | $145,330 | ||
| Total 2024 YTD | 630 | $245,990 | $230,660 |
All values are in US Dollars.
SITE Centers Corp.
Dispositions
| and GLA in thousands | |||||
|---|---|---|---|---|---|
| Dispositions | SITE | Owned | Price | ||
| MSA | Own % | GLA | At 100% | At Share | |
| 01/22/24 | Dallas-Fort Worth-Arlington, TX | 100% | 207 | $42,100 | $42,100 |
| 01/26/24 | Orlando-Kissimmee-Sanford, FL | 100% | 237 | 40,300 | 40,300 |
| 03/01/24 | Denver-Aurora-Lakewood, CO | 100% | 225 | 37,000 | 37,000 |
| 1Q 2024 Total | 669 | $119,400 | $119,400 | ||
| 04/17/24 | Nashville-Davidson-Murfreesboro-Franklin, TN | 100% | 198 | $34,550 | $34,550 |
| 04/25/24 | Atlanta-Sandy Springs-Roswell, GA | 100% | 117 | 15,600 | 15,600 |
| 06/05/24 | San Francisco-Oakland-Hayward, CA | 20% | 246 | 36,500 | 7,300 |
| 06/07/24 | Atlanta-Sandy Springs-Roswell, GA | 100% | 303 | 58,850 | 58,850 |
| 06/13/24 | Various | 100% | 2,368 | 495,000 | 495,000 |
| 06/24/24 | Naples-Immokalee-Marco Island, FL | 100% | 250 | 54,700 | 54,700 |
| 06/27/24 | New York-Newark-Jersey City, NY-NJ-PA | 100% | 249 | 41,000 | 41,000 |
| 06/28/24 | Atlanta-Sandy Springs-Roswell, GA | 100% | 135 | 17,200 | 17,200 |
| 06/28/24 | Charlotte-Concord-Gastonia, NC-SC | 100% | 269 | 47,250 | 47,250 |
| 2Q 2024 Total | 4,135 | $800,650 | $771,450 | ||
| 07/19/24 | Atlanta-Sandy Springs-Roswell, GA | 100% | 406 | $67,530 | $67,530 |
| 07/29/24 | Miami-Fort Lauderdale-West Palm Beach, FL | 100% | 218 | 36,425 | 36,425 |
| 07/29/24 | San Antonio-New Braunfels, TX | 100% | 438 | 58,325 | 58,325 |
| 07/31/24 | Orlando-Kissimmee-Sanford, FL | 100% | 314 | 68,500 | 68,500 |
| 08/20/24 | Various | 100% | 894 | 137,500 | 137,500 |
| 08/22/24 | Hartford-West Hartford-East Hartford, CT | 100% | 129 | 26,500 | 26,500 |
| 08/22/24 | Chicago-Naperville-Elgin, IL-IN-WI | 100% | 390 | 93,200 | 93,200 |
| 08/27/24 | Los Angeles-Long Beach-Anaheim, CA | 100% | 250 | 64,700 | 64,700 |
| 08/29/24 | Denver-Aurora-Lakewood, CO | 100% | 443 | 98,100 | 98,100 |
| 09/10/24 | Richmond, VA | 100% | 398 | 63,503 | 63,503 |
| 09/18/24 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100% | 177 | 49,100 | 49,100 |
| 09/24/24 | Trenton, NJ | 100% | 485 | 116,500 | 116,500 |
| 09/26/24 | San Francisco-Oakland-Hayward, CA | 100% | 57 | 44,400 | 44,400 |
| 09/26/24 | Miami-Fort Lauderdale-West Palm Beach, FL | 100% | 348 | 83,750 | 83,750 |
| 09/26/24 | Sacramento-Roseville-Arden-Arcade, CA | 100% | 186 | 39,750 | 39,750 |
| 09/26/24 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 100% | 85 | 8,500 | 8,500 |
| 09/26/24 | Various | 100% | 960 | 180,500 | 180,500 |
| 09/27/24 | Denver-Aurora-Lakewood, CO | 100% | 210 | 56,500 | 56,500 |
| 09/27/24 | Miami-Fort Lauderdale-West Palm Beach, FL | 100% | 135 | 31,101 | 31,101 |
| 09/30/24 | Tampa-St. Petersburg-Clearwater, FL | 100% | 222 | 37,200 | 37,200 |
| 3Q 2024 Total | 6,745 | $1,361,584 | $1,361,584 | ||
| Total 2024 YTD | 11,549 | $2,281,634 | $2,252,434 | ||
| (1) Excludes 8K SF retained by SITE Centers (Shops at Casselberry). | |||||
| (2) Excludes 9K SF retained by SITE Centers (Plaza at Market Square). | |||||
| (3) Includes Arrowhead Crossing, Easton Market, Kenwood Square, Polaris Towne Center, Tanasbourne Town Center, and The Fountains. Excludes SF retained by SITE Centers (71K SF Shops on Polaris, 8K SF Shops at Tanasbourne, and 14K SF Shops at the Fountains). | |||||
| (4) Excludes 15K SF retained by SITE Centers (Shops at Carillon). | |||||
| (5) Includes Cumming Marketplace and Cumming Town Center. Excludes SF retained by SITE Centers (44K SF Marketplace Plaza South and 37K SF Marketplace Plaza North). | |||||
| (6) Excludes 10K SF retained by SITE Centers (Shops at Midway). | |||||
| (7) Excludes 3K SF retained by SITE Centers (Bandera Corner). | |||||
| (8) Includes Carolina Pavilion, Millenia Crossing, and Lake Brandon Village. Excludes SF retained by SITE Centers (10K SF Carolina Station and 12K SF Shops at Lake Brandon). | |||||
| (9) Excludes 27K SF retained by SITE Centers (Shops on Summit). | |||||
| (10) Excludes 34K SF retained by SITE Centers (White Oak Plaza). | |||||
| (11) Excludes 62K SF retained by SITE Centers (Shops at Hamilton). | |||||
| (12) Excludes 119K SF retained by SITE Centers (Collection at Midtown Miami). | |||||
| (13) Excludes 57K SF retained by SITE Centers (Creekside Shops). | |||||
| (14) Excludes 4K SF retained by SITE Centers (Shops at Echelon Village). | |||||
| (15) Includes Fairfax Towne Center, Presidential Commons, and Village At Stone Oak. Excludes 10K SF retained by SITE Centers (Presidential Plaza South). | |||||
| (16) Excludes 26K SF retained by SITE Centers (Shops at University Hills). |
All values are in US Dollars.
SITE Centers Corp.
Unconsolidated Joint Ventures
| and GLA in thousands | |||||||
|---|---|---|---|---|---|---|---|
| Joint Venture | Number of Properties | Owned<br>GLA | Leased Rate | ABR | 3Q24 NOIat 100% (1) | Gross<br>RE Assets | Debt Balance<br>at 100% (2) |
| Chinese Institutional Investors DTP | 10 | 3,396 | 96.9% | $15.01 | 11,592 | $595,061 | $380,600 |
| Prudential RVIP IIIB, Deer Park, IL (3) | 1 | 357 | 81.3% | $38.06 | 2,294 | 109,572 | 61,424 |
| Total | 11 | 3,753 | 13,886 | $704,633 | $442,024 | ||
| Property management fees | 656 | ||||||
| NOI from assets sold | (24) | ||||||
| Net operating income | 14,518 | ||||||
| (1) Property management fees charged by SITE to the joint venture are included as an expense in NOI, although presented in the combined income statement on the next page in the Other Expense line item. | |||||||
| (2) Excludes unamortized loan costs, net of 16.1 million or 3.2 million at SITE's share. | |||||||
| (3) Ownership shown at share including promote. | |||||||
| (4) Amount agrees to the combined income statement of the joint ventures which includes a reconciliation of the Non-GAAP measure to the applicable GAAP measure. | |||||||
| See calculation definition in the Non-GAAP Measures section. |
All values are in US Dollars.
SITE Centers Corp.
Unconsolidated Joint Ventures
| Combined SITE JV Pro Rata Adjustments (1) | ||
|---|---|---|
| Income Statement Pro Rata Adjustments 3Q24 | ||
| Revenues: | ||
| Rental Income (2) | 4,801 | $35,066 |
| Other income (3) | 90 | 122,029 |
| 4,891 | 16,644 | |
| Expenses: | 173,739 | |
| Operating and maintenance | 675 | (52,680) |
| Real estate taxes | 597 | 121,059 |
| 1,272 | 185 | |
| Net Operating Income | 3,619 | 121,244 |
| 354 | ||
| Other Income (expense): | 11,522 | |
| Fee income | (333) | 2,265 |
| Interest expense | (1,729) | 4,516 |
| Depreciation and amortization | (1,607) | 139,901 |
| Other income (expense), net | (6) | |
| Loss before earnings from JVs | (56) | |
| Equity in net income of JVs | (328) | 103,440 |
| Basis differences of JVs | (10) | 524 |
| Gain on disposition of real estate | 394 | 8,136 |
| Net income | 0 | 112,100 |
| 354 | ||
| FFO Reconciliation 3Q24 | 27,447 | |
| Loss before earnings from JVs | (56) | 27,801 |
| Depreciation and amortization | 1,607 | $139,901 |
| Basis differences of JVs | 4 | |
| FFO at SITE's Ownership Interests | 1,555 | |
| OFFO at SITE's Ownership Interests | 1,555 | |
| (1) Information provided for SITE's share of JV investments and can be combined with SITE's consolidated financial statements for the same period. | ||
| (2) Rental Income: | ||
| Minimum rents | 3,392 | |
| Ground lease minimum rents | 136 | |
| Straight-line rent, net | 19 | |
| Amortization of (above) below market rent, net | 134 | |
| Percentage and overage rent | 68 | |
| Recoveries | 1,049 | |
| Uncollectible revenue | 3 | |
| (3) Other Income: | ||
| Ancillary and other rental income | 90 |
All values are in US Dollars.
SITE Centers Corp.
Unconsolidated Joint Ventures at 100%
| in thousands | |||
|---|---|---|---|
| Combined Income Statement | |||
| 3Q23 | 9M24 | 9M23 | |
| Revenues: | |||
| Rental income (1) | $21,383 | $61,743 | $68,791 |
| Other income (2) | 299 | 924 | 1,651 |
| 21,682 | 62,667 | 70,442 | |
| Expenses: | |||
| Operating and maintenance | 3,111 | 8,998 | 10,195 |
| Real estate taxes | 2,441 | 7,322 | 8,039 |
| 5,552 | 16,320 | 18,234 | |
| Net operating income | 16,130 | 46,347 | 52,208 |
| Other income (expense): | |||
| Interest expense | (5,668) | (23,924) | (19,016) |
| Depreciation and amortization | (7,806) | (20,313) | (25,149) |
| Other expense, net | (2,084) | (5,311) | (7,022) |
| 572 | (3,201) | 1,021 | |
| Gain on disposition of real estate, net | 973 | 10,365 | 21,151 |
| Net income attributable to unconsolidated JVs | 1,545 | 7,164 | 22,172 |
| Depreciation and amortization | 7,806 | 20,313 | 25,149 |
| Gain on disposition of real estate, net | (973) | (10,365) | (21,151) |
| FFO | $8,378 | $17,112 | $26,170 |
| FFO at SITE's ownership interests | $2,145 | $4,703 | $6,327 |
| Operating FFO at SITE's ownership interests | $2,227 | $4,892 | $6,707 |
| (1) Rental Income: | |||
| Minimum rents | $15,233 | $43,122 | $48,946 |
| Ground lease minimum rents | 728 | 2,140 | 2,179 |
| Straight-line rent, net | 82 | 349 | 308 |
| Amortization of (above) below market rent, net | 456 | 1,654 | 1,329 |
| Percentage and overage rent | 100 | 501 | 547 |
| Recoveries | 4,826 | 13,981 | 15,432 |
| Uncollectible revenue | (42) | (4) | 50 |
| (2) Other Income: | |||
| Ancillary and other rental income | 289 | 847 | 1,016 |
| Lease termination fees | 10 | 77 | 635 |
| Combined Balance Sheet | |||
| At Period End | |||
| 3Q24 | 4Q23 | ||
| Assets: | |||
| Land | $159,567 | $180,588 | |
| Buildings | 493,274 | 558,585 | |
| Improvements | 52,866 | 58,626 | |
| 705,707 | 797,799 | ||
| Depreciation | (161,845) | (187,557) | |
| 543,862 | 610,242 | ||
| Construction in progress and land | 925 | 1,616 | |
| Real estate, net | 544,787 | 611,858 | |
| Cash and restricted cash | 34,468 | 41,250 | |
| Receivables, net | 8,868 | 9,847 | |
| Other assets, net | 18,702 | 25,498 | |
| Total Assets | 606,825 | 688,453 | |
| Liabilities and Equity: | |||
| Mortgage debt | 425,892 | 464,255 | |
| Notes and accrued interest payable to SITE | 1,993 | 2,627 | |
| Other liabilities | 34,778 | 36,279 | |
| Total Liabilities | 462,663 | 503,161 | |
| Accumulated equity | 144,162 | 185,292 | |
| Total Equity | 144,162 | 185,292 | |
| Total Liabilities and Equity | $606,825 | $688,453 |
All values are in US Dollars.
SITE Centers Corp.
Property List as of September 30, 2024
reflects pro-forma after Curbline spin
Note: GLA in thousands. Anchors include tenants greater than 20K SF.
| # | Center | MSA | Location | ST | SITE Own % | JV | Owned<br>GLA | ABR<br>PSF | Anchor Tenants |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Ahwatukee Foothills Towne Center | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 20% | DTP | 691 | $18.53 | AMC Theatres, Best Buy, Big Lots, Burlington, HomeGoods, JOANN, Lina Home Furnishings, Marshalls, Michaels, Ross Dress for Less, Sprouts Farmers Market |
| 2 | Deer Valley Towne Center | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 100% | 152 | $18.90 | Michaels, PetSmart, Ross Dress for Less | |
| 3 | Paradise Village Gateway | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 100% | 211 | $18.67 | PetSmart, Ross Dress for Less, Sun & Ski Sports | |
| 4 | The Pike Outlets | Los Angeles-Long Beach-Anaheim, CA | Long Beach | CA | 100% | 390 | $25.53 | Cinemark, Gold's Gym, H & M, Nike, Restoration Hardware | |
| 5 | Chapel Hills West | Denver-Aurora-Lakewood, CO | Colorado Springs | CO | 100% | 225 | $12.30 | Burlington, PetSmart, Ross Dress for Less, Urban Air Adventure Park | |
| 6 | FlatAcres MarketCenter | Denver-Aurora-Lakewood, CO | Parker | CO | 100% | 136 | $17.78 | 24 Hour Fitness, Michaels | |
| 7 | Parker Pavilions | Denver-Aurora-Lakewood, CO | Parker | CO | 100% | 51 | $17.12 | Office Depot | |
| 8 | Connecticut Commons | Hartford-West Hartford-East Hartford, CT | Plainville | CT | 20% | DTP | 561 | $14.00 | AMC Theatres, Dick's Sporting Goods, DSW, Kohl's, Lowe's, Marshalls, PetSmart |
| 9 | Shoppes at Paradise Pointe | Crestview-Fort Walton Beach-Destin, FL | Fort Walton Beach | FL | 100% | 73 | $12.79 | Publix | |
| 10 | Winter Garden Village | Orlando-Kissimmee-Sanford, FL | Winter Garden | FL | 100% | 628 | $18.59 | Bealls, Best Buy, Burlington, Forever 21, Havertys, JOANN, LA Fitness, Market By Macy's, Marshalls, PetSmart, Ross Dress for Less, Staples | |
| 11 | Perimeter Pointe | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 100% | 360 | $17.66 | Dick's Sporting Goods, LA Fitness, Regal Cinemas | |
| 12 | Towne Center Prado | Atlanta-Sandy Springs-Roswell, GA | Marietta | GA | 20% | DTP | 287 | $13.04 | Going Going Gone, Publix, Ross Dress for Less |
| 13 | Sandy Plains Village | Atlanta-Sandy Springs-Roswell, GA | Roswell | GA | 100% | 174 | $14.46 | Movie Tavern, Painted Tree Marketplace | |
| 14 | 3030 North Broadway | Chicago-Naperville-Elgin, IL-IN-WI | Chicago | IL | 100% | 132 | $35.61 | Mariano's, XSport Fitness | |
| 15 | The Maxwell | Chicago-Naperville-Elgin, IL-IN-WI | Chicago | IL | 100% | 240 | $24.62 | Burlington, Dick's Sporting Goods, Nordstrom Rack | |
| 16 | Deer Park Town Center | Chicago-Naperville-Elgin, IL-IN-WI | Deer Park | IL | 50% | RVIP IIIB | 357 | $38.06 | Century Theatre, Crate & Barrel, Gap |
| 17 | Brookside Marketplace | Chicago-Naperville-Elgin, IL-IN-WI | Tinley Park | IL | 20% | DTP | 317 | $15.86 | Best Buy, Dick's Sporting Goods, HomeGoods, Michaels, PetSmart, Ross Dress for Less, T.J. Maxx |
| 18 | Independence Commons | Kansas City, MO-KS | Independence | MO | 20% | DTP | 386 | $15.56 | AMC Theatres, Best Buy, Bob's Discount Furniture, Kohl's, Marshalls, Ross Dress for Less |
| 19 | The Promenade at Brentwood | St. Louis, MO-IL | Brentwood | MO | 100% | 338 | $16.38 | Burlington, Micro Center, PetSmart, Target, Trader Joe's | |
| 20 | East Hanover Plaza | New York-Newark-Jersey City, NY-NJ-PA | East Hanover | NJ | 100% | 98 | $20.46 | HomeGoods, HomeSense | |
| 21 | Edgewater Towne Center | New York-Newark-Jersey City, NY-NJ-PA | Edgewater | NJ | 100% | 76 | $32.32 | Whole Foods | |
| 22 | Route 22 Retail Center | New York-Newark-Jersey City, NY-NJ-PA | Union | NJ | 20% | DTP | 112 | $16.90 | Big Lots, Dick's Sporting Goods |
| 23 | Nassau Park Pavilion | Trenton, NJ | Princeton | NJ | 100% | 759 | $16.32 | At Home, Best Buy, Burlington, Dick's Sporting Goods, HomeGoods, HomeSense, Michaels, PetSmart, Planet Fitness, Raymour & Flanigan, T.J. Maxx, Wegmans | |
| 24 | Meadowmont Crossing | Raleigh, NC | Chapel Hill | NC | 100% | 92 | $24.71 | — | |
| 25 | Meadowmont Market | Raleigh, NC | Chapel Hill | NC | 100% | 45 | $15.52 | Harris Teeter | |
| 26 | Poyner Place | Raleigh, NC | Raleigh | NC | 20% | DTP | 252 | $17.00 | Cost Plus World Market, Marshalls, Michaels, Ross Dress for Less, Urban Air Trampoline & Adventure Park |
| 27 | University Centre | Wilmington, NC | Wilmington | NC | 20% | DTP | 418 | $11.42 | Crunch Fitness, Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less |
| 28 | Headquarter Office Buildings | Cleveland-Elyria, OH | Beachwood | OH | 100% | 339 | N/A | — | |
| 29 | Stow Community Center | Cleveland-Elyria, OH | Stow | OH | 100% | 406 | $12.79 | Giant Eagle, Hobby Lobby, HomeGoods, Kohl's, T.J. Maxx | |
| 30 | The Blocks | Portland-Vancouver-Hillsboro, OR-WA | Portland | OR | 100% | 97 | $36.60 | — | |
| 31 | Southmont Plaza | Allentown-Bethlehem-Easton, PA-NJ | Easton | PA | 100% | 251 | $17.02 | Barnes & Noble, Best Buy, Dick's Sporting Goods, Michaels, Staples | |
| 32 | Ashley Crossing | Charleston-North Charleston, SC | Charleston | SC | 20% | DTP | 208 | $11.55 | Food Lion, JOANN, Kohl's, Marshalls |
| 33 | Commonwealth Center | Richmond, VA | Midlothian | VA | 20% | DTP | 166 | $15.81 | Michaels, Painted Tree Marketplace, The Fresh Market |
| 34 | Downtown Short Pump | Richmond, VA | Richmond | VA | 100% | 126 | $22.61 | Barnes & Noble, Regal Cinemas | |
| DTP - Dividend Trust Portfolio | |||||||||
| RVIP IIIB - Deer Park, IL |
SITE Centers Corp.
Notable Accounting and Supplemental Policies
The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Form 10-K and Form 10-Q.
Rental Income (Revenues)
- Percentage and overage rents that are recognized after the tenants’ reported sales have exceeded the applicable sales breakpoint.
- Tenant reimbursements are recognized in the period in which the expenses are incurred.
- Lease termination fees are recognized upon termination of a tenant’s lease when the Company has no further obligations under the lease.
Lease Modification Accounting
- Elected not to apply lease modification accounting to lease amendments in which the total amount of rent due under the lease is substantially the same and there has been no increase in the lease term. A majority of the Company’s concession amendments within this category provide for the deferral of rental payments to a later date within the remaining lease term.
- If abatements are granted as part of a lease amendment, the Company has elected to not treat the abatements as variable rent and instead will record the concession’s impact over the tenant’s remaining lease term on a straight-line basis. Modifications to leases that involve an increase in the lease term have been treated as a lease modification.
- For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, regardless if the Company has entered into a deferral agreement to extend the payment terms, the Company has categorized these tenants on the cash basis of accounting. As a result, no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received and all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income. The Company will remove the cash basis designation and resume recording rental income from such tenants during the period earned at such time it believes collection from the tenants is probable based upon a demonstrated payment history or recapitalization event.
General and Administrative Expenses
- General and administrative expenses include certain internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred.
- The Company does not capitalize any executive officer compensation.
- General and administrative expenses include executive property management compensation and related expenses. Property management services’ direct compensation is reflected in operating and maintenance expenses.
Deferred Financing Costs
- Costs incurred in obtaining term financing are included as a reduction of the related debt liability and costs incurred related to the revolving credit facilities are included in other assets on the consolidated balance sheets. All costs are amortized on a straight-line basis over the term of the related debt agreement; such amortization is reflected as interest expense in the consolidated income statements.
SITE Centers Corp.
Notable Accounting and Supplemental Policies
Real Estate
- Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property's estimated undiscounted future cash flows, including estimated proceeds from disposition.
- Construction in progress includes shopping center developments and significant expansions and redevelopments.
- Acquisitions of a partner’s interest in an unconsolidated joint venture in which a change of control has occurred are recorded at fair value.
- Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:
| Buildings | 30 to 40 years |
|---|---|
| Building Improvements | 3 to 20 years |
| Furniture/Fixtures/<br><br>Tenant Improvements | Shorter of economic life or lease terms |
Capitalization
- Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and expenditures that improve or extend the life of the asset are capitalized.
- The Company capitalizes interest on funds used for the construction or expansion of shopping centers and certain construction administration costs. Capitalization of interest and administration costs ceases when construction activities are completed and the property is available for occupancy by tenants or when activities are suspended.
- Interest expense and real estate taxes incurred during construction are capitalized and depreciated over the building life. The Company does not capitalize interest on land held for development which is on hold and is not undergoing any development activities.
Gains on Sales of Real Estate
- Gains on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers are recognized at closing when the earnings process is deemed to be complete.
SITE Centers Corp.
Non-GAAP Measures
Performance Measures
FFO and Operating FFO
The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. 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 excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from depreciable property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.
FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with 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 believes that certain charges, income and gains/losses recorded in its operating results are not comparable or reflective of its core operating performance. 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. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include write-off of preferred share original issuance costs, gains/losses on the early extinguishment of debt, certain transaction fee income, transaction costs and other restructuring type costs, including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements. The adjustment for these charges, income and gains/losses may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains/losses are non-recurring. These charges, income and gains/losses could be reasonably expected to recur in future results of operations.
These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part (i) as a disclosure to improve the understanding of the Company’s operating results among the investing public, (ii) as a measure of a real estate asset’s performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) to compare the Company’s performance to that of other publicly traded shopping center REITs. For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company’s operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.
SITE Centers Corp.
Non-GAAP Measures
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.
Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided herein.
Net Operating Income (“NOI”)
The Company uses NOI, which is 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.
In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which for the same store calculation only includes properties owned for comparable periods and excludes all corporate level activity as noted above.
Other Measures
SITE Pro Rata Share Financial Information
The Company believes that the SITE pro rata share of its joint ventures presented in the quarterly supplement is not, and is not intended to be, a presentation in accordance with GAAP. SITE share financial information is frequently used by the real estate industry including securities analysts, investors and other interested parties to evaluate the performance of SITE compared to other REITs. Other real estate companies may calculate such information in a different manner.
SITE does not control the unconsolidated joint ventures and the presentations of SITE JV Pro Rata Adjustments of the unconsolidated joint ventures presented in the quarterly supplement do not represent the Company’s legal claim to such items. The Company provides this information because the Company believes it assists investors and analysts in estimating the effective interest in SITE’s unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of this information has limitations as an analytical tool. Because of the limitations, this information should not be considered in isolation or as a substitute for the Company’s financial statements as reported under GAAP.
SITE Centers Corp.
Portfolio Summary at 100%
| GLA in thousands | ||||
|---|---|---|---|---|
| 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | |
| Shopping Center Summary | ||||
| Operating Centers – 100% | 112 | 114 | 114 | 119 |
| Wholly Owned - SITE | 101 | 101 | 101 | 106 |
| JV Portfolio | 11 | 13 | 13 | 13 |
| Owned and Ground Lease GLA – 100% | 17,947 | 21,938 | 22,553 | 25,570 |
| Wholly Owned - SITE | 14,194 | 17,740 | 18,369 | 21,386 |
| JV Portfolio – 100% | 3,753 | 4,198 | 4,184 | 4,184 |
| Unowned GLA – 100% | 6,364 | 7,653 | 7,972 | 8,298 |
| Quarterly Operational Overview | ||||
| SITE (100%) | ||||
| Base Rent PSF | $20.92 | $19.98 | $19.69 | $19.63 |
| Base Rent PSF < 10K | $33.01 | $32.54 | $32.17 | $31.59 |
| Base Rent PSF > 10K | $15.67 | $15.21 | $15.06 | $15.45 |
| Commenced Rate | 91.3% | 91.7% | 92.0% | 92.0% |
| Leased Rate | 93.4% | 94.2% | 94.6% | 94.5% |
| Leased Rate < 10K SF | 89.7% | 90.2% | 90.3% | 90.6% |
| Leased Rate > 10K SF | 95.1% | 95.8% | 96.2% | 96.0% |
| Wholly Owned SITE | ||||
| Base Rent PSF | $22.21 | $20.81 | $20.46 | $20.29 |
| Leased Rate | 93.2% | 94.2% | 94.5% | 94.7% |
| Leased Rate < 10K SF | 91.1% | 91.5% | 91.4% | 91.4% |
| Leased Rate > 10K SF | 94.3% | 95.4% | 95.9% | 95.9% |
| Joint Venture (100%) | ||||
| Base Rent PSF | $16.52 | $16.62 | $16.43 | $16.41 |
| Leased Rate | 94.2% | 94.0% | 94.6% | 93.8% |
| Leased Rate < 10K SF | 82.6% | 83.6% | 84.7% | 86.3% |
| Leased Rate > 10K SF | 98.1% | 97.5% | 97.8% | 96.3% |
| Joint Venture at Pro Rata Share | ||||
| Base Rent PSF | $18.53 | $18.41 | $18.20 | $18.16 |
| Leased Rate | 92.6% | 92.5% | 93.0% | 92.3% |
| Leased Rate < 10K SF | 81.0% | 81.8% | 82.3% | 83.3% |
| Leased Rate > 10K SF | 97.6% | 97.1% | 97.4% | 96.0% |
| Note: and GLA in thousands except shopping center counts and base rent PSF. All results exclude the Company's owned Beachwood, OH headquarters office buildings. | ||||
| (1) 3Q24 figures adjusted to reflect the removal of all properties included in the CURB spin-off |
All values are in US Dollars.
SITE Centers Corp.
Leasing Expirations
| Wholly Owned at 100%; and GLA in thousands | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assumes no exercise of lease options | |||||||||||||||||
| Less than 10K SF | Total | ||||||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | % of ABR<br>> 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | % of ABR<br>< 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | % of ABR<br>Total | Rent<br>PSF |
| MTM | 0 | 0.0% | $0 | 0.0% | $0.00 | 2 | 4 | 0.4% | $112 | 0.4% | $28.00 | 2 | 4 | 0.1% | $112 | 0.1% | $28.00 |
| 2024 | 0 | 0.0% | $0 | 0.0% | $0.00 | 5 | 12 | 1.2% | 356 | 1.2% | $29.67 | 5 | 12 | 0.3% | 356 | 0.4% | $29.67 |
| 2025 | 172 | 4.8% | 3,707 | 7.3% | $21.55 | 37 | 118 | 12.0% | 3,174 | 10.8% | $26.90 | 42 | 290 | 6.4% | 6,881 | 8.5% | $23.73 |
| 2026 | 293 | 8.2% | 2,884 | 5.6% | $9.84 | 41 | 113 | 11.5% | 3,410 | 11.6% | $30.18 | 50 | 406 | 8.9% | 6,294 | 7.8% | $15.50 |
| 2027 | 534 | 15.0% | 9,568 | 18.7% | $17.92 | 42 | 151 | 15.3% | 4,311 | 14.6% | $28.55 | 58 | 685 | 15.1% | 13,879 | 17.2% | $20.26 |
| 2028 | 725 | 20.4% | 8,776 | 17.2% | $12.10 | 35 | 115 | 11.7% | 3,349 | 11.4% | $29.12 | 53 | 840 | 18.5% | 12,125 | 15.1% | $14.43 |
| 2029 | 474 | 13.3% | 7,859 | 15.4% | $16.58 | 36 | 135 | 13.7% | 4,317 | 14.7% | $31.98 | 55 | 609 | 13.4% | 12,176 | 15.1% | $19.99 |
| 2030 | 344 | 9.7% | 5,164 | 10.1% | $15.01 | 21 | 74 | 7.5% | 2,326 | 7.9% | $31.43 | 31 | 418 | 9.2% | 7,490 | 9.3% | $17.92 |
| 2031 | 226 | 6.4% | 2,093 | 4.1% | $9.26 | 11 | 40 | 4.1% | 967 | 3.3% | $24.18 | 14 | 266 | 5.9% | 3,060 | 3.8% | $11.50 |
| 2032 | 189 | 5.3% | 2,361 | 4.6% | $12.49 | 19 | 77 | 7.8% | 2,271 | 7.7% | $29.49 | 27 | 266 | 5.9% | 4,632 | 5.8% | $17.41 |
| 2033 | 117 | 3.3% | 1,883 | 3.7% | $16.09 | 22 | 74 | 7.5% | 2,672 | 9.1% | $36.11 | 27 | 191 | 4.2% | 4,555 | 5.7% | $23.85 |
| Thereafter | 480 | 13.5% | 6,765 | 13.2% | $14.09 | 19 | 72 | 7.3% | 2,174 | 7.4% | $30.19 | 29 | 552 | 12.2% | 8,939 | 11.1% | $16.19 |
| Total | 3,554 | 100.0% | $51,060 | 100.0% | $14.37 | 290 | 985 | 100.0% | $29,439 | 100.0% | $29.89 | 393 | 4,539 | 100.0% | $80,499 | 100.0% | $17.73 |
| Assumes all lease options are exercised | |||||||||||||||||
| Less than 10K SF | Total | ||||||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | % of ABR<br>> 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | % of ABR<br>< 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | % of ABR<br>Total | Rent<br>PSF |
| MTM | 0 | 0.0% | 0 | 0.0% | $0.00 | 2 | 4 | 0.4% | $112 | 0.4% | $28.00 | 2 | 4 | 0.1% | $112 | 0.1% | $28.00 |
| 2024 | 0 | 0.0% | 0 | 0.0% | $0.00 | 4 | 11 | 1.1% | 318 | 1.1% | $28.91 | 4 | 11 | 0.2% | 318 | 0.4% | $28.91 |
| 2025 | 12 | 0.3% | 406 | 0.8% | $33.83 | 24 | 67 | 6.8% | 1,840 | 6.3% | $27.46 | 25 | 79 | 1.7% | 2,246 | 2.8% | $28.43 |
| 2026 | 0 | 0.0% | 0 | 0.0% | $0.00 | 18 | 47 | 4.8% | 1,405 | 4.8% | $29.89 | 18 | 47 | 1.0% | 1,405 | 1.7% | $29.89 |
| 2027 | 26 | 0.7% | 515 | 1.0% | $19.81 | 16 | 50 | 5.1% | 1,334 | 4.5% | $26.68 | 18 | 76 | 1.7% | 1,849 | 2.3% | $24.33 |
| 2028 | 75 | 2.1% | 1,188 | 2.3% | $15.84 | 18 | 58 | 5.9% | 1,894 | 6.4% | $32.66 | 22 | 133 | 2.9% | 3,082 | 3.8% | $23.17 |
| 2029 | 61 | 1.7% | 1,342 | 2.6% | $22.00 | 25 | 76 | 7.7% | 2,365 | 8.0% | $31.12 | 27 | 137 | 3.0% | 3,707 | 4.6% | $27.06 |
| 2030 | 93 | 2.6% | 1,450 | 2.8% | $15.59 | 17 | 52 | 5.3% | 1,479 | 5.0% | $28.44 | 21 | 145 | 3.2% | 2,929 | 3.6% | $20.20 |
| 2031 | 44 | 1.2% | 600 | 1.2% | $13.64 | 15 | 33 | 3.4% | 811 | 2.8% | $24.58 | 17 | 77 | 1.7% | 1,411 | 1.8% | $18.32 |
| 2032 | 170 | 4.8% | 3,211 | 6.3% | $18.89 | 23 | 74 | 7.5% | 2,228 | 7.6% | $30.11 | 29 | 244 | 5.4% | 5,439 | 6.8% | $22.29 |
| 2033 | 131 | 3.7% | 2,369 | 4.6% | $18.08 | 15 | 48 | 4.9% | 1,198 | 4.1% | $24.96 | 20 | 179 | 3.9% | 3,567 | 4.4% | $19.93 |
| Thereafter | 2,942 | 82.8% | 39,979 | 78.3% | $13.59 | 113 | 465 | 47.2% | 14,455 | 49.1% | $31.09 | 190 | 3,407 | 75.1% | 54,434 | 67.6% | $15.98 |
| Total | 3,554 | 100.0% | $51,060 | 100.0% | $14.37 | 290 | 985 | 100.0% | $29,439 | 100.0% | $29.89 | 393 | 4,539 | 100.0% | $80,499 | 100.0% | $17.73 |
| Note: Includes ground leases. All data as of September 30, 2024 and adjusted to reflect the removal of all properties included in the CURB spin-off. |
All values are in US Dollars.
SITE Centers Corp.
Leasing Expirations
| Unconsolidated Joint Ventures at 100%; and GLA in thousands | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assumes no exercise of lease options | |||||||||||||||||
| Less than 10K SF | Total | ||||||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | % of ABR<br>> 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | % of ABR<br>< 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | % of ABR<br>Total | Rent<br>PSF |
| MTM | 0 | 0.0% | $0 | 0.0% | $0.00 | 2 | 3 | 0.4% | $108 | 0.5% | $36.00 | 2 | 3 | 0.1% | $108 | 0.2% | $36.00 |
| 2024 | 0 | 0.0% | 0 | 0.0% | $0.00 | 2 | 7 | 0.9% | 178 | 0.8% | $25.43 | 2 | 7 | 0.2% | 178 | 0.3% | $25.43 |
| 2025 | 171 | 6.3% | 2,019 | 5.8% | $11.81 | 23 | 76 | 10.0% | 1,917 | 8.6% | $25.22 | 29 | 247 | 7.1% | 3,936 | 6.9% | $15.94 |
| 2026 | 394 | 14.5% | 3,791 | 10.8% | $9.62 | 33 | 117 | 15.4% | 3,043 | 13.7% | $26.01 | 49 | 511 | 14.7% | 6,834 | 11.9% | $13.37 |
| 2027 | 457 | 16.9% | 6,220 | 17.8% | $13.61 | 22 | 85 | 11.2% | 2,678 | 12.1% | $31.51 | 37 | 542 | 15.6% | 8,898 | 15.5% | $16.42 |
| 2028 | 413 | 15.2% | 5,266 | 15.0% | $12.75 | 32 | 95 | 12.5% | 3,155 | 14.2% | $33.21 | 47 | 508 | 14.6% | 8,421 | 14.7% | $16.58 |
| 2029 | 467 | 17.2% | 5,327 | 15.2% | $11.41 | 33 | 129 | 17.0% | 3,680 | 16.6% | $28.53 | 42 | 596 | 17.2% | 9,007 | 15.7% | $15.11 |
| 2030 | 236 | 8.7% | 3,251 | 9.3% | $13.78 | 20 | 63 | 8.3% | 1,554 | 7.0% | $24.67 | 30 | 299 | 8.6% | 4,805 | 8.4% | $16.07 |
| 2031 | 269 | 9.9% | 4,184 | 11.9% | $15.55 | 7 | 32 | 4.2% | 1,018 | 4.6% | $31.81 | 15 | 301 | 8.7% | 5,202 | 9.1% | $17.28 |
| 2032 | 70 | 2.6% | 311 | 0.9% | $4.44 | 15 | 66 | 8.7% | 2,065 | 9.3% | $31.29 | 16 | 136 | 3.9% | 2,376 | 4.2% | $17.47 |
| 2033 | 99 | 3.7% | 2,053 | 5.9% | $20.74 | 10 | 37 | 4.9% | 1,004 | 4.5% | $27.14 | 15 | 136 | 3.9% | 3,057 | 5.3% | $22.48 |
| Thereafter | 133 | 4.9% | 2,615 | 7.5% | $19.66 | 15 | 49 | 6.5% | 1,805 | 8.1% | $36.84 | 19 | 182 | 5.2% | 4,420 | 7.7% | $24.29 |
| Total | 2,709 | 100.0% | $35,037 | 100.0% | $12.93 | 214 | 759 | 100.0% | $22,205 | 100.0% | $29.26 | 303 | 3,468 | 100.0% | $57,242 | 100.0% | $16.51 |
| Assumes all lease options are exercised | |||||||||||||||||
| Less than 10K SF | Total | ||||||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | % of ABR<br>> 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | % of ABR<br>< 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | % of ABR<br>Total | Rent<br>PSF |
| MTM | 0 | 0.0% | 0 | 0.0% | $0.00 | 2 | 3 | 0.4% | $108 | 0.5% | $36.00 | 2 | 3 | 0.1% | $108 | 0.2% | $36.00 |
| 2024 | 0 | 0.0% | 0 | 0.0% | $0.00 | 2 | 7 | 0.9% | 178 | 0.8% | $25.43 | 2 | 7 | 0.2% | 178 | 0.3% | $25.43 |
| 2025 | 15 | 0.6% | 135 | 0.4% | $9.00 | 15 | 45 | 5.9% | 1,226 | 5.5% | $27.24 | 16 | 60 | 1.7% | 1,361 | 2.4% | $22.68 |
| 2026 | 74 | 2.7% | 859 | 2.5% | $11.61 | 19 | 50 | 6.6% | 1,262 | 5.7% | $25.24 | 22 | 124 | 3.6% | 2,121 | 3.7% | $17.10 |
| 2027 | 49 | 1.8% | 722 | 2.1% | $14.73 | 12 | 44 | 5.8% | 1,413 | 6.4% | $32.11 | 15 | 93 | 2.7% | 2,135 | 3.7% | $22.96 |
| 2028 | 30 | 1.1% | 540 | 1.5% | $18.00 | 24 | 72 | 9.5% | 2,584 | 11.6% | $35.89 | 26 | 102 | 2.9% | 3,124 | 5.5% | $30.63 |
| 2029 | 47 | 1.7% | 473 | 1.4% | $10.06 | 22 | 74 | 9.7% | 2,336 | 10.5% | $31.57 | 24 | 121 | 3.5% | 2,809 | 4.9% | $23.21 |
| 2030 | 42 | 1.6% | 665 | 1.9% | $15.83 | 19 | 56 | 7.4% | 1,400 | 6.3% | $25.00 | 22 | 98 | 2.8% | 2,065 | 3.6% | $21.07 |
| 2031 | 94 | 3.5% | 1,035 | 3.0% | $11.01 | 13 | 46 | 6.1% | 1,413 | 6.4% | $30.72 | 19 | 140 | 4.0% | 2,448 | 4.3% | $17.49 |
| 2032 | 61 | 2.3% | 742 | 2.1% | $12.16 | 15 | 61 | 8.0% | 1,896 | 8.5% | $31.08 | 17 | 122 | 3.5% | 2,638 | 4.6% | $21.62 |
| 2033 | 165 | 6.1% | 2,639 | 7.5% | $15.99 | 8 | 23 | 3.0% | 685 | 3.1% | $29.78 | 14 | 188 | 5.4% | 3,324 | 5.8% | $17.68 |
| Thereafter | 2,132 | 78.7% | 27,227 | 77.7% | $12.77 | 63 | 278 | 36.6% | 7,704 | 34.7% | $27.71 | 124 | 2,410 | 69.5% | 34,931 | 61.0% | $14.49 |
| Total | 2,709 | 100.0% | $35,037 | 100.0% | $12.93 | 214 | 759 | 100.0% | $22,205 | 100.0% | $29.26 | 303 | 3,468 | 100.0% | $57,242 | 100.0% | $16.51 |
| Note: Includes ground leases |
All values are in US Dollars.
SITE CENTERS INVESTOR RELATIONS DEPARTMENT 3300 ENTERPRISE PKWY, BEACHWOOD, OH 44122 O: 216-755-5500 F: 216-755-1500 SITECENTERS.COM NYSE: SITC
