SITE Centers Corp. (NYSE: SITC) today announced operating
results for the quarter ended September 30, 2020.
“We made continued progress in terms of store openings and
collections in the third quarter and we are encouraged by improving
leasing activity and volume,” commented David R. Lukes, President
and Chief Executive Officer. “With the closing of the first of the
two Blackstone joint venture transactions earlier this month, we
added to our liquidity position and the Company remains well
positioned with no material near-term maturities and no material
capital commitments.”
Results for the Quarter
- Third quarter net income attributable to common shareholders
was $2.2 million, or $0.01 per diluted share, as compared to net
income of $15.2 million, or $0.08 per diluted share, in the
year-ago period. The period-over-period decrease in net income was
primarily attributable to the impact of the COVID-19 pandemic
partially offset by the change in the BRE preferred investment
reserve.
- Third quarter operating funds from operations attributable to
common shareholders (“Operating FFO” or “OFFO”) was $43.5 million,
or $0.23 per diluted share, compared to $55.4 million, or $0.30 per
diluted share, in the year-ago period.
Significant Third Quarter and Recent Activity
- On October 15, 2020, an affiliate of Blackstone transferred its
common equity interest in BRE DDR IV to the Company for
consideration of $1.00 and the Company’s preferred investment in
the BRE DDR IV joint venture was redeemed, thereby leaving the
Company as the sole owner of (i) the seven properties owned by the
BRE DDR IV joint venture, including Echelon Village Plaza and
Larkin’s Corner, in which the Company did not previously have a
material economic interest, and (ii) BRE DDR IV’s restricted and
unrestricted cash ($8.9 million in the aggregate as of October 15,
2020). These seven properties are subject to existing mortgage
loans which had an aggregate outstanding principal balance of
$146.6 million as of October 15, 2020. Additional details are
provided in the “BRE DDR Joint Ventures” section of this
release.
- Sold one unconsolidated shopping center and a wholly-owned land
parcel for an aggregate sales price of $2.9 million or $0.7 million
at the Company’s share.
- As previously disclosed, on September 14, 2020, the Company
eliminated the executive position of Chief Operating Officer
resulting in a separation charge of $1.7 million. The charge is
excluded from third quarter and full year OFFO.
Key Quarterly Operating Results
- Reported a decrease of 17.8% in same store net operating income
on a pro rata basis for the third quarter of 2020, excluding
redevelopment primarily due to the impact of the COVID-19 pandemic.
Including redevelopment, same store net operating income for the
third quarter of 2020 decreased by 16.5%.
- Generated new leasing spreads of 12.9% and renewal leasing
spreads of 5.5%, both on a pro rata basis, for the quarter and new
leasing spreads of 17.7% and renewal leasing spreads of 4.1%, both
on a pro rata basis, for the trailing twelve-month period.
- Reported a leased rate of 91.9% at September 30, 2020 on a pro
rata basis, compared to 92.4% on a pro rata basis at June 30, 2020
and 94.2% at September 30, 2019. The sequential decline was
primarily related to the bankruptcy of Ascena and Pier 1 with the
Company’s anchored leased rate increasing 40 basis points
sequentially due to new leasing activity.
- As of September 30, 2020, the signed but not opened spread was
220 basis points representing $10.9 million of annualized base rent
on a pro rata basis scheduled to commence.
- Annualized base rent per occupied square foot on a pro rata
basis was $18.53 at September 30, 2020, compared to $18.04 at
September 30, 2019.
COVID-19 Update
- Reopened SITE Centers’ headquarters in Cleveland, Ohio and
select regional offices in order to allow employees to return on a
voluntary basis. The Company continues to offer remote working to
respond to the needs of our employees.
- COVID-19 pandemic response remains at the forefront of our
property operations objectives. As tenants ramped up their in-store
operations, SITE Centers worked to facilitate curbside and online
purchase pick-up, continued with the Company’s social media and
property level promotional programs, and worked to promote social
distancing and CDC protocols among shopping center patrons through
signage and other measures. Our property operations teams continued
to maintain heightened cleaning and disinfection procedures in
accordance with CDC guidelines and worked diligently to promote
that vendor partners’ operations in accordance with SITE’s Vendor
COVID Operating Protocol.
- As of October 23, 2020, all of the Company’s properties remain
open and operational with 98% of tenants, at the Company’s share
and based on average base rents, open for business. This compares
to an open rate low of 45% as of April 5, 2020 and 92% as of July
24, 2020.
- As of October 23, 2020, the Company’s tenants had paid
approximately 70% of second quarter rent and 84% of third quarter
rent. The payment rates for the Company’s tenants are reflected as
follows:
Second Quarter 2020
July 2020
August 2020
September 2020
October 2020
As of October 23, 2020
70%
80%
82%
90%
90%
As of July 24, 2020
64%
71%
N/A
N/A
N/A
- As of October 23, 2020, the Company has reached deferral
arrangements with tenants representing 16% of second quarter 2020
rents and 8% of third quarter 2020 rents.
BRE DDR Joint Ventures
On July 14, 2020, the Company entered into agreements with
affiliates of Blackstone to terminate the BRE DDR III and BRE DDR
IV joint ventures. As described above, the BRE DDR IV transaction
closed on October 15, 2020. BRE DDR III is expected to close by
year end. At the closing of the BRE DDR III transaction, the
Company will transfer its common and preferred equity interests in
BRE DDR III to an affiliate of Blackstone in exchange for (i) BRE
DDR III’s interests in White Oak Village and Midtowne Park, (ii)
50% of the unrestricted cash then held by BRE DDR III (BRE DDR
III’s unrestricted cash balance was $18.5 million as of September
30, 2020), and (iii) $1.9 million in cash. At closing, the White
Oak Village and Midtowne Park properties will continue to be
subject to existing mortgage loans which had an aggregate
outstanding principal balance of $50.0 million as of September 30,
2020. This transaction is expected to close in the fourth quarter
of 2020 as soon as all applicable conditions have been satisfied
including receipt of lender consents.
BRE DDR IV Acquisition Properties (Closed October 15,
2020)
Center
MSA
Location
ST
SITE
Own %
JV
Owned
GLA
Total
GLA
ABR
PSF
Concourse Village
Miami-Fort Lauderdale-West Palm Beach,
FL
Jupiter
FL
5%
BREDDR IV
134
134
$17.40
Millenia Crossing
Orlando-Kissimmee-Sanford, FL
Orlando
FL
5%
BREDDR IV
100
100
$26.30
Echelon Village Plaza
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
Voorhees
NJ
0%
BREDDR IV
89
89
$20.58
The Hub
New York-Newark-Jersey City, NY-NJ-PA
Hempstead
NY
5%
BREDDR IV
249
249
$12.42
Southmont Plaza
Allentown-Bethlehem-Easton, PA-NJ
Easton
PA
5%
BREDDR IV
251
386
$16.25
Ashbridge Square
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
Downingtown
PA
5%
BREDDR IV
386
386
$9.47
Larkin's Corner
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
Boothwyn
PA
0%
BREDDR IV
225
225
$9.78
BRE DDR III Acquisition Properties
Center
MSA
Location
ST
SITE
Own %
JV
Owned
GLA
Total
GLA
ABR
PSF
Midtowne Park
Greenville-Anderson-Mauldin, SC
Anderson
SC
5%
BREDDR III
167
174
$9.83
White Oak Village
Richmond, VA
Richmond
VA
5%
BREDDR III
432
956
$15.99
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping
centers that provide a highly-compelling shopping experience and
merchandise mix for retail partners and consumers. 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
https://www.sitecenters.com. To be included in the Company’s e-mail
distributions for press releases and other investor news, please
click here.
Conference Call and Supplemental Information
The Company will hold its quarterly conference call today at
8:30 a.m. Eastern Time. To participate with access to the slide
presentation, please visit the Investor Relations portion of SITE's
website, ir.sitecenters.com, or for audio only, dial 888-317-6003
(U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) using
pass code 9120571 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’ web site 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 10148482 through November 27, 2020.
Copies of the Company’s Supplemental package and earnings slide
presentation are available on the Company’s website.
Non-GAAP Measures
Funds from Operations (“FFO”) is a supplemental non-GAAP
financial measure used as a standard in the real estate industry
and is a widely accepted measure of real estate investment trust
(“REIT”) performance. Management believes that both FFO and
Operating FFO provide additional indicators of the financial
performance of a REIT. The Company also believes that FFO and
Operating FFO more appropriately measure the core operations of the
Company and provide benchmarks to its peer group.
FFO is generally defined and calculated by the Company as net
income (loss) (computed in accordance with generally accepted
accounting principles in the United States (“GAAP”)), adjusted to
exclude (i) preferred share dividends, (ii) gains and losses from
disposition of real estate property and related investments, which
are presented net of taxes, (iii) impairment charges on real estate
property and related investments, including reserve adjustments of
preferred equity interests, (iv) gains and losses from changes in
control and (v) certain non-cash items. These non-cash items
principally include real property depreciation and amortization of
intangibles, equity income (loss) from joint ventures and equity
income (loss) from non-controlling interests and adding the
Company’s proportionate share of FFO from its unconsolidated joint
ventures and non-controlling interests, determined on a consistent
basis. The Company’s calculation of FFO is consistent with the
definition of FFO provided by NAREIT. The Company calculates
Operating FFO as FFO excluding certain non-operating charges,
income and gains. Operating FFO is useful to investors as the
Company removes non-comparable charges, income and gains to analyze
the results of its operations and assess performance of the core
operating real estate portfolio. Other real estate companies may
calculate FFO and Operating FFO in a different manner.
The Company also uses net operating income (“NOI”), a non-GAAP
financial measure, as a supplemental performance measure. NOI is
calculated as property revenues less property-related expenses. The
Company believes NOI provides useful information to investors
regarding the Company’s financial condition and results of
operations because it reflects only those income and expense items
that are incurred at the property level and, when compared across
periods, reflects the impact on operations from trends in occupancy
rates, rental rates, operating costs and acquisition and
disposition activity on an unleveraged basis.
The Company presents NOI information herein on a same store
basis or “SSNOI.” The Company defines SSNOI as property revenues
less property-related expenses, which exclude straight-line rental
income (including reimbursements) and expenses, lease termination
income, management fee expense, fair market value of leases and
expense recovery adjustments. SSNOI includes assets owned in
comparable periods (15 months for quarter comparisons). In
addition, SSNOI is presented both including and excluding activity
associated with development and major redevelopment. SSNOI excludes
all non-property and corporate level revenue and expenses. Other
real estate companies may calculate NOI and SSNOI in a different
manner. The Company believes SSNOI at its effective ownership
interest provides investors with additional information regarding
the operating performances of comparable assets because it excludes
certain non-cash and non-comparable items as noted above.
FFO, Operating FFO, NOI and SSNOI do not represent cash
generated from operating activities in accordance with GAAP, are
not necessarily indicative of cash available to fund cash needs and
should not be considered as alternatives to net income computed in
accordance with GAAP, as indicators of the Company’s operating
performance or as alternatives to cash flow as a measure of
liquidity. Reconciliations of these non-GAAP measures to their most
directly comparable GAAP measures have been provided herein.
Safe Harbor
SITE Centers Corp. considers portions of the information in this
press release to be forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, both as amended, with respect to
the Company's expectation for future periods. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that its expectations will be achieved. For this purpose,
any statements contained herein that are not historical fact may be
deemed to be forward-looking statements. There are a number of
important factors that could cause our results to differ materially
from those indicated by such forward-looking statements, including,
among other factors, the impact of the COVID-19 pandemic on the
Company’s ability to manage its properties and finance its
operations and on tenants’ ability to operate their businesses,
generate sales and meet their financial obligations, including the
obligation to pay ongoing and deferred rents; the Company’s ability
to pay dividends; local conditions such as the supply of, and
demand for, retail real estate space in the area; the impact of
e-commerce; dependence on rental income from real property; the
loss of, significant downsizing of or bankruptcy of a major tenant
and the impact of any such event on rental income from other
tenants and our properties; redevelopment and construction
activities may not achieve a desired return on investment; our
ability to buy or sell assets on commercially reasonable terms; our
ability to complete acquisitions or dispositions of assets under
contract; our ability to secure equity or debt financing on
commercially acceptable terms or at all; impairment charges; our
ability to enter into definitive agreements with regard to our
financing and joint venture arrangements and the Company’s ability
to satisfy conditions to the completion of these arrangements;
valuation and risks relating to our joint venture and preferred
equity investments; the termination of any joint venture
arrangements or arrangements to manage real property and the
ability to satisfy conditions of such terminations; 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 and our
ability to maintain REIT status; and the finalization of the
financial statements for the period ended September 30, 2020. 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
Form 10-K and Form 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
3Q20
3Q19
9M20
9M19
Revenues:
Rental income (1)
$95,874
$108,060
$306,482
$332,555
Other property revenues
70
759
1,804
3,404
Business interruption income
0
885
0
885
95,944
109,704
308,286
336,844
Expenses:
Operating and maintenance
15,775
16,738
50,774
54,322
Real estate taxes
16,542
16,721
51,547
52,262
32,317
33,459
102,321
106,584
Net operating income
63,627
76,245
205,965
230,260
Other income (expense):
Fee income (2)
9,610
12,821
34,149
45,360
Interest income
3,445
4,616
10,480
13,658
Interest expense
(18,089)
(21,160)
(58,487)
(63,973)
Depreciation and amortization
(41,148)
(40,732)
(125,014)
(123,400)
General and administrative (3)
(13,664)
(15,304)
(38,542)
(44,348)
Other expense, net (4)
(186)
(322)
(18,207)
(254)
Impairment charges
0
(2,750)
0
(3,370)
Income before earnings from JVs and
other
3,595
13,414
10,344
53,933
Equity in net income of JVs
250
2,612
908
5,446
Adjustment (reserve) of preferred equity
interests
3,542
(6,373)
(19,393)
(12,106)
Gain on sale of joint venture interest
82
0
45,635
0
Gain on disposition of real estate,
net
218
14,497
993
31,087
Tax expense
(284)
(249)
(859)
(827)
Net income
7,403
23,901
37,628
77,533
Non-controlling interests
(116)
(271)
(621)
(836)
Net income SITE Centers
7,287
23,630
37,007
76,697
Preferred dividends
(5,133)
(8,382)
(15,399)
(25,148)
Net income Common Shareholders
$2,154
$15,248
$21,608
$51,549
Weighted average shares – Basic –
EPS
193,203
180,567
193,366
180,555
Assumed conversion of diluted
securities
162
940
0
1,064
Weighted average shares – Basic &
Diluted – EPS
193,365
181,507
193,366
181,619
Earnings per common share –
Basic
$0.01
$0.08
$0.11
$0.28
Earnings per common share –
Diluted
$0.01
$0.08
$0.11
$0.28
(1)
Rental income:
Minimum rents
$76,735
$75,293
$228,416
$225,131
Ground lease minimum rents
5,418
5,018
16,319
15,059
Recoveries
25,833
26,018
80,371
81,466
Uncollectible revenue
(14,188)
(505)
(27,918)
(178)
Percentage and overage rent
806
553
1,770
2,839
Ancillary and other rental income
1,194
1,295
4,260
5,233
Lease termination fees
76
388
3,264
3,005
(2)
Fee Income:
JV and other fees
4,037
6,783
15,416
21,905
RVI fees
4,717
5,492
16,111
18,495
RVI disposition fees
856
546
2,622
3,160
RVI refinancing fee
0
0
0
1,800
(3)
Mark-to-market adjustment (PRSUs)
(289)
(1,418)
1,617
(2,818)
Executive separation charge
(1,650)
0
(1,650)
0
(4)
Other income (expense), net
Transaction and other expense, net
(186)
0
(1,021)
164
Debt extinguishment costs, net
0
(322)
(17,186)
(418)
SITE Centers Corp.
Reconciliation: Net Income
to FFO and Operating FFO
and Other Financial
Information
in thousands, except per share
3Q20
3Q19
9M20
9M19
Net income attributable to Common
Shareholders
$2,154
$15,248
$21,608
$51,549
Depreciation and amortization of real
estate
39,812
39,329
120,889
118,924
Equity in net income of JVs
(250)
(2,612)
(908)
(5,446)
JVs' FFO
4,388
8,498
14,529
24,169
Non-controlling interests
0
28
28
84
Impairment of real estate
0
2,750
0
3,370
(Adjustment) reserve of preferred equity
interests
(3,542)
6,373
19,393
12,106
Gain on sale of joint venture interest
(82)
0
(45,635)
0
Gain on disposition of real estate,
net
(218)
(14,497)
(993)
(31,087)
FFO attributable to Common
Shareholders
$42,262
$55,117
$128,911
$173,669
RVI disposition and refinancing fees
(856)
(546)
(2,622)
(4,960)
Mark-to-market adjustment (PRSUs)
289
1,418
(1,617)
2,818
Hurricane property income, net
0
(885)
0
(885)
Executive separation charge
1,650
0
1,650
0
Debt extinguishment, transaction, net
186
322
18,207
443
Joint ventures - debt extinguishment,
other
0
(52)
42
(6)
Total non-operating items, net
1,269
257
15,660
(2,590)
Operating FFO attributable to Common
Shareholders
$43,531
$55,374
$144,571
$171,079
Weighted average shares & units –
Basic: FFO & OFFO
193,343
180,708
193,507
180,697
Assumed conversion of dilutive
securities
21
940
0
1,064
Weighted average shares & units –
Diluted: FFO & OFFO
193,364
181,648
193,507
181,761
FFO per share – Basic
$0.22
$0.31
$0.67
$0.96
FFO per share – Diluted
$0.22
$0.30
$0.67
$0.96
Operating FFO per share – Basic
$0.23
$0.31
$0.75
$0.95
Operating FFO per share –
Diluted
$0.23
$0.30
$0.75
$0.94
Common stock dividends declared, per
share
$0.00
$0.20
$0.20
$0.60
Capital expenditures (SITE Centers
share):
Development and redevelopment costs
3,289
20,207
17,431
41,594
Maintenance capital expenditures
3,394
3,846
10,989
9,673
Tenant allowances and landlord work
2,655
8,600
18,246
23,606
Leasing commissions
786
1,542
2,412
3,625
Construction administrative costs
(capitalized)
715
924
2,195
2,484
Certain non-cash items (SITE Centers
share):
Straight-line rent
739
566
(390)
1398
Straight-line fixed CAM
155
196
450
581
Amortization of (above)/below-market rent,
net
1,230
1,058
3,780
3,328
Straight-line rent expense
(45)
(186)
(167)
(1,020)
Debt fair value and loan cost
amortization
(1,233)
(1,166)
(3,587)
(3,429)
Capitalized interest expense
234
400
792
951
Stock compensation expense
(2,710)
(3,628)
(5,088)
(9,095)
Non-real estate depreciation expense
(1,270)
(1,352)
(3,938)
(4,282)
SITE Centers Corp.
Balance Sheet:
Consolidated Interests
$ in thousands
At Period End
3Q20
4Q19
Assets:
Land
$881,543
$881,397
Buildings
3,312,645
3,277,440
Fixtures and tenant improvements
501,431
491,312
4,695,619
4,650,149
Depreciation
(1,393,578)
(1,289,148)
3,302,041
3,361,001
Construction in progress and land
52,042
59,663
Real estate, net
3,354,083
3,420,664
Investments in and advances to JVs
79,119
181,906
Investment in and advances to affiliate
(1)
190,770
190,105
Receivable – preferred equity interests,
net
96,128
112,589
Cash
57,224
16,080
Restricted cash
289
3,053
Notes receivable
0
7,541
Receivables and straight-line (2)
79,208
60,594
Intangible assets, net (3)
67,766
79,813
Other assets, net
20,275
21,277
Total Assets
3,944,862
4,093,622
Liabilities and Equity:
Revolving credit facilities
175,000
5,000
Unsecured debt
1,449,075
1,647,963
Unsecured term loan
99,591
99,460
Secured debt
53,316
94,874
1,776,982
1,847,297
Dividends payable
5,133
44,036
Other liabilities (4)
203,035
220,811
Total Liabilities
1,985,150
2,112,144
Preferred shares
325,000
325,000
Common shares
19,400
19,382
Paid-in capital
5,706,225
5,700,400
Distributions in excess of net income
(4,083,405)
(4,066,099)
Deferred compensation
5,442
7,929
Other comprehensive income
(3,728)
(491)
Common shares in treasury at cost
(12,463)
(7,707)
Non-controlling interests
3,241
3,064
Total Equity
1,959,712
1,981,478
Total Liabilities and Equity
$3,944,862
$4,093,622
(1)
Preferred investment in RVI
$190,000
$190,000
Receivable from RVI
770
105
(2)
SL rents (including fixed CAM), net
32,021
31,909
(3)
Operating lease right of use assets
21,024
$21,792
(4)
Operating lease liabilities
40,174
40,725
Below-market leases, net
43,205
46,961
SITE Centers Corp.
Reconciliation of Net Income
Attributable to SITE to Same Store NOI
$ in thousands
3Q20
3Q19
3Q20
3Q19
SITE Centers at 100%
At SITE Centers Share
(Non-GAAP)
GAAP
Reconciliation:
Net income attributable to SITE
Centers
$7,287
$23,630
$7,287
$23,630
Fee income
(9,610)
(12,821)
(9,610)
(12,821)
Interest income
(3,445)
(4,616)
(3,445)
(4,616)
Interest expense
18,089
21,160
18,089
21,160
Depreciation and amortization
41,148
40,732
41,148
40,732
General and administrative
13,664
15,304
13,664
15,304
Other expense, net
186
322
186
322
Impairment charges
0
2,750
0
2,750
Equity in net income of joint ventures
(250)
(2,612)
(250)
(2,612)
(Adjustment) reserve of preferred equity
interests
(3,542)
6,373
(3,542)
6,373
Tax expense
284
249
284
249
Gain on sale of joint venture interest
(82)
0
(82)
0
Gain on disposition of real estate,
net
(218)
(14,497)
(218)
(14,497)
Income from non-controlling interests
116
271
116
271
Consolidated NOI
63,627
76,245
63,627
76,245
SITE Centers' consolidated JV
0
0
(320)
(435)
Consolidated NOI, net of
non-controlling interests
63,627
76,245
63,307
75,810
Net (loss) income from unconsolidated
joint ventures
(4,748)
6,027
59
2,331
Interest expense
14,700
22,530
2,937
3,918
Depreciation and amortization
23,901
36,867
4,250
6,024
Impairment charges
0
0
0
0
Preferred share expense
4,626
5,544
231
277
Other expense, net
3,246
5,017
694
966
(Gain) loss on disposition of real estate,
net
(319)
440
(43)
(10)
Unconsolidated NOI
$41,406
$76,425
8,128
13,506
Total Consolidated + Unconsolidated
NOI
71,435
89,316
Less: Non-Same Store NOI adjustments
(1,699)
(5,788)
Total SSNOI including
redevelopment
69,736
83,528
Less: Redevelopment Same Store NOI
adjustments
(5,294)
(5,155)
Total SSNOI excluding
redevelopment
$64,442
$78,373
SSNOI % Change including
redevelopment
(16.5%)
SSNOI % Change excluding
redevelopment
(17.8%)
SITE Centers Corp.
Reconciliation of Net Income
Attributable to SITE to Same Store NOI
$ in thousands
9M20
9M19
9M20
9M19
SITE Centers at 100%
At SITE Centers Share
(Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE
Centers
$37,007
$76,697
$37,007
$76,697
Fee income
(34,149)
(45,360)
(34,149)
(45,360)
Interest income
(10,480)
(13,658)
(10,480)
(13,658)
Interest expense
58,487
63,973
58,487
63,973
Depreciation and amortization
125,014
123,400
125,014
123,400
General and administrative
38,542
44,348
38,542
44,348
Other expense, net
18,207
254
18,207
254
Impairment charges
0
3,370
0
3,370
Equity in net income of joint ventures
(908)
(5,446)
(908)
(5,446)
Reserve of preferred equity interests
19,393
12,106
19,393
12,106
Tax expense
859
827
859
827
Gain on sale of joint venture interest
(45,635)
0
(45,635)
0
Gain on disposition of real estate,
net
(993)
(31,087)
(993)
(31,087)
Income from non-controlling interests
621
836
621
836
Consolidated NOI
205,965
230,260
205,965
230,260
SITE Centers' consolidated JV
0
0
(1,200)
(1,314)
Consolidated NOI, net of
non-controlling interests
205,965
230,260
204,765
228,946
Net (loss) income from unconsolidated
joint ventures
(36,455)
13,846
366
4,676
Interest expense
47,555
73,472
9,251
12,742
Depreciation and amortization
77,580
113,340
13,665
18,195
Impairment charges
33,240
12,267
1,890
2,453
Preferred share expense
13,710
16,487
685
824
Other expense, net
10,844
16,358
2,250
2,988
(Gain) loss on disposition of real estate,
net
(9,229)
(15,205)
(1,778)
1,515
Unconsolidated NOI
$137,245
$230,565
26,329
43,393
Total Consolidated + Unconsolidated
NOI
231,094
272,339
Less: Non-Same Store NOI adjustments
(7,098)
(21,620)
Total SSNOI including
redevelopment
223,996
250,719
Less: Redevelopment Same Store NOI
adjustments
(15,791)
(16,157)
Total SSNOI excluding
redevelopment
$208,205
$234,562
SSNOI % Change including
redevelopment
(10.7%)
SSNOI % Change excluding
redevelopment
(11.2%)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201027005142/en/
Conor Fennerty, EVP and Chief Financial Officer 216-755-5500
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