SITE Centers Reports Second Quarter 2024 Results
“The planned spin-off of
Results for the Second Quarter
-
Second quarter net income attributable to common shareholders was
$235.5 million , or$1.11 per diluted share, as compared to net income of$2.6 million , or$0.01 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 and the write-off of fees related to the mortgage facility commitment and Curbline transaction costs. -
Second quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was
$55.9 million , or$0.27 per diluted share, compared to$61.3 million , or$0.29 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 Second Quarter and Recent Activity
-
Sold 15 shopping centers and a parcel at a shopping center in the second quarter and third quarter to date for an aggregate price of
$868.2 million ($839.0 million at share), including 13 shopping centers and a parcel at a shopping center during the second quarter for an aggregate price of$800.7 million ($771.5 million at share). -
Acquired six convenience shopping centers and a ground leased parcel of land during the second quarter and third quarter to date for an aggregate price of
$56.0 million , including Red Mountain Corner (Phoenix, AZ ) for$2.1 million ,Sunrise Plaza (Vero Beach, FL ) for$5.5 million , Roswell Market Center (Atlanta, GA ) for$17.8 million , Wilmette Center (Chicago, IL ) for$2.9 million ,Crocker Commons (Cleveland, OH ) for$18.5 million , Maple Corner (Nashville, Tennessee ) for$8.2 million and a ground leased parcel at Collection atBrandon Boulevard (Tampa, FL ) for$1.0 million . The Company also acquired its joint venture partner's 80% interest inMeadowmont Village (Raleigh, NC ) for$35.4 million . -
During the quarter, repurchased
$26.7 million aggregate principal amount of outstanding senior unsecured notes due in 2026 and 2027 for total cash consideration, including expenses, of$26.3 million and recorded a gain on retirement of debt of approximately$0.3 million . -
In
July 2024 , announced a one-for-four reverse stock split of the Company’s common shares. The Company anticipates the common shares will begin trading on a split-adjusted basis on the NYSE at the opening of trading onAugust 19, 2024 . -
Issued the Company's tenth Corporate Responsibility and Sustainability Report. The report was completed in alignment with the
Global Reporting Initiative and with theSustainability Accounting Standards Board metrics and frameworks. The report intends to provide an annual update on the Company's corporate responsibility and sustainability programs and can be found at https://www.sitecenters.com/2023CSR.
-
In
October 2023 , announced the expected spin-off of the Company’s Convenience assets into a separate publicly-traded REIT to be namedCurbline Properties Corp. (“Curbline Properties” or “CURB”). The spin-off is expected to be completed on or aroundOctober 1, 2024 . As ofJune 30, 2024 , the Company has amassed a portfolio of 72 wholly-owned properties to be included in the CURB portfolio, including assets separated or in the process of being separated fromSITE Centers properties. The transaction is subject to certain conditions, including the effectiveness of CURB’s Form 10 registration statement and final approval and declaration of the distribution bySITE Centers' Board of Directors. -
In
October 2023 , obtained a commitment from affiliates of Apollo, includingATLAS SP Partners , to provide a$1.1 billion mortgage facility to be secured by 40 properties with flexibility to reduce the commitment or loan balance with proceeds from asset sales or other sources of capital. The mortgage is expected to be funded prior to the spin-off date with loan and additional asset sale proceeds expected to be used to retire all unsecured debt, including all outstanding public notes, prior to the spin-off of CURB. In the first and second quarters of 2024, the Company released 13 properties that had previously been identified to serve as collateral for the facility, thereby reducing the committed amount to$554.8 million as ofJune 30, 2024 . The Company expensed$8.6 million of fees related to the facility in the second quarter as a result of the property releases and the corresponding commitment reduction.
Key Quarterly Operating Results
- Reported an increase of 0.8% in same-store net operating income (“SSNOI”) on a pro rata basis for the second quarter of 2024 as compared to the year-ago period.
-
Generated cash new leasing spreads of 38.8% and cash renewal leasing spreads of 6.9%, both on a pro rata basis, for the trailing twelve-month period ended
June 30, 2024 , and cash new leasing spreads of 44.2% and cash renewal leasing spreads of 9.1%, both on a pro rata basis, for the second quarter of 2024. -
Generated straight-lined new leasing spreads of 50.1% and straight-lined renewal leasing spreads of 11.6%, both on a pro rata basis, for the trailing twelve-month period ended
June 30, 2024 , and straight-lined new leasing spreads of 50.6% and straight-lined renewal leasing spreads of 14.8%, both on a pro rata basis, for the second quarter of 2024. -
Reported a leased rate of 93.2% at
June 30, 2024 compared to 94.2% atMarch 31, 2024 and 95.5% atJune 30, 2023 , all on a pro rata basis. The sequential decline was primarily related to the sale of properties in the second quarter with an average leased rate of 96.7%. -
As of
June 30, 2024 , the Signed Not Opened (“SNO”) spread was 230 basis points, representing$10.2 million of annualized base rent on a pro rata basis.
Property NOI Projection
The Company projects, based on the assumptions below, 2024 property level NOI to be as follows:
Portfolio |
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NOI Projection ($M) |
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These projections:
-
Calculate NOI pursuant to the definition of NOI used in the SSNOI calculation as described below, except that it includes lease termination fees (SITC and CURB NOI includes
$1.1M and$3.3M of YTD 2024 termination fees, respectively), excludes NOI from all properties sold prior toJune 30, 2024 , assumes allSITE Centers properties owned as ofJune 30, 2024 are held for the full year 2024 and includes NOI forCurbline Properties assets acquired in 2024 from the date of acquisition, -
Assume 2024 SSNOI growth of 3.5% – 5.5% for
Curbline Properties , -
Exclude from NOI G&A allocated to operating expenses which totaled
$2.2 million in 2Q2024, or$8.8 million annualized and -
Adjust NOI for the estimated impact of remaining expected parcel separations and includes NOI for
SITE Centers from itsBeachwood, OH office headquarters.
In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI and assumed range of 2024 SSNOI 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 described below under Non-GAAP Measures and Other Operational Metrics.
About
Conference Call and Supplemental Information
The Company will hold its quarterly conference call today at
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 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.
The Company presents NOI information herein on a same store basis or “SSNOI.” The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income and reimbursements and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI includes assets owned in comparable periods (15 months for prior period comparisons). In addition, SSNOI is presented including activity associated with redevelopment. SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at its effective ownership interest provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.
FFO, Operating FFO, NOI and SSNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI and assumed rate of 2024 SSNOI 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.
The Company calculates Cash Leasing Spreads by comparing the prior tenant's annual base rent in the final year of the prior lease to the executed tenant's annual base rent in the first year of the executed lease. Straight-Lined Leasing Spreads are calculated by comparing the prior tenant's average base rent over the prior lease term to the executed tenant's average base rent over the term of the executed lease. For both SITE Cash and Straight-Lined Leasing Spreads, the reported calculation includes only comparable leases which are deals executed within one year of the date that the prior tenant vacated. Deals executed after one year of the date the prior tenant vacated, deals which are a combination of existing units, new leases at redevelopment properties, and deals for units vacant at the time of acquisition are considered non-comparable and excluded from the calculation. For both Curbline Properties Cash and Straight-Lined Leasing Spreads, the reported calculation includes both leases vacant greater than twelve months along with split and combination deals.
Safe Harbor
Income Statement: Consolidated Interests |
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in thousands, except per share |
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2Q24 |
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2Q23 |
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6M24 |
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6M23 |
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Revenues: |
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|
|
|
|
|
|
|
Rental income (1) |
|
|
|
|
|
|
|
|
Other property revenues |
649 |
|
429 |
|
1,678 |
|
1,390 |
|
|
114,129 |
|
136,383 |
|
234,750 |
|
273,216 |
|
Expenses: |
|
|
|
|
|
|
|
|
Operating and maintenance |
19,251 |
|
22,476 |
|
39,795 |
|
45,642 |
|
Real estate taxes |
16,148 |
|
20,279 |
|
32,886 |
|
40,332 |
|
|
35,399 |
|
42,755 |
|
72,681 |
|
85,974 |
|
|
|
|
|
|
|
|
|
|
Net operating income (2) |
78,730 |
|
93,628 |
|
162,069 |
|
187,242 |
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
JV and other fee income |
1,542 |
|
1,775 |
|
3,012 |
|
3,634 |
|
Interest expense |
(18,426) |
|
(20,921) |
|
(37,339) |
|
(40,844) |
|
Depreciation and amortization |
(40,439) |
|
(58,698) |
|
(83,589) |
|
(112,714) |
|
General and administrative (3) |
(12,713) |
|
(14,031) |
|
(23,785) |
|
(24,676) |
|
Other income (expense), net (4) |
(6,214) |
|
(634) |
|
(6,319) |
|
(1,321) |
|
Impairment charges |
0 |
|
0 |
|
(66,600) |
|
0 |
|
Income (loss) before earnings from JVs and other |
2,480 |
|
1,119 |
|
(52,551) |
|
11,321 |
|
|
|
|
|
|
|
|
|
|
Equity in net income of JVs |
61 |
|
4,618 |
|
78 |
|
5,977 |
|
Gain on sale and change in control of interests |
2,669 |
|
0 |
|
2,669 |
|
3,749 |
|
Gain on disposition of real estate, net |
233,316 |
|
(22) |
|
265,030 |
|
183 |
|
Tax expense |
(281) |
|
(362) |
|
(533) |
|
(575) |
|
Net income |
238,245 |
|
5,353 |
|
214,693 |
|
20,655 |
|
Non-controlling interests |
0 |
|
0 |
|
0 |
|
(18) |
|
Net income |
238,245 |
|
5,353 |
|
214,693 |
|
20,637 |
|
Preferred dividends |
(2,789) |
|
(2,789) |
|
(5,578) |
|
(5,578) |
|
Net income Common Shareholders |
|
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|
|
|
|
|
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Weighted average shares – Basic – EPS |
209,553 |
|
209,266 |
|
209,486 |
|
209,616 |
|
Assumed conversion of diluted securities |
1,756 |
|
181 |
|
767 |
|
445 |
|
Weighted average shares – Diluted – EPS |
211,309 |
|
209,447 |
|
210,253 |
|
210,061 |
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|
|
|
|
|
|
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Earnings per common share – Basic |
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Earnings per common share – Diluted |
|
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(1) |
Rental income: |
|
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|
|
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Minimum rents |
|
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|
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Ground lease minimum rents |
5,296 |
|
6,343 |
|
10,740 |
|
12,812 |
|
Straight-line rent, net |
1,464 |
|
988 |
|
2,144 |
|
1,664 |
|
Amortization of (above)/below-market rent, net |
961 |
|
1,691 |
|
2,113 |
|
2,876 |
|
Percentage and overage rent |
1,460 |
|
2,252 |
|
3,387 |
|
3,403 |
|
Recoveries |
28,550 |
|
34,501 |
|
58,232 |
|
69,817 |
|
Uncollectible revenue |
(369) |
|
(548) |
|
(14) |
|
(315) |
|
Ancillary and other rental income |
1,058 |
|
1,448 |
|
2,294 |
|
3,205 |
|
Lease termination fees |
1,550 |
|
256 |
|
4,604 |
|
368 |
|
|
|
|
|
|
|
|
|
(2) |
Includes NOI from wholly-owned assets sold in 2024 |
11,206 |
|
N/A |
|
26,438 |
|
N/A |
|
|
|
|
|
|
|
|
|
(3) |
Separation charge |
0 |
|
2,928 |
|
0 |
|
2,928 |
|
|
|
|
|
|
|
|
|
(4) |
Interest income (fees), net |
8,550 |
|
(90) |
|
15,844 |
|
(114) |
|
Transaction costs |
(4,191) |
|
(544) |
|
(7,589) |
|
(1,207) |
|
Debt extinguishment costs |
(9,780) |
|
0 |
|
(10,445) |
|
0 |
|
Gain on debt retirement |
277 |
|
0 |
|
1,037 |
|
0 |
|
Loss on equity derivative instruments |
(1,070) |
|
0 |
|
(5,166) |
|
0 |
Reconciliation: Net Income to FFO and Operating FFO and Other Financial Information |
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in thousands, except per share |
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|
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|
2Q24 |
|
2Q23 |
|
6M24 |
|
6M23 |
|
Net income attributable to Common Shareholders |
|
|
|
|
|
|
|
|
Depreciation and amortization of real estate |
39,203 |
|
57,350 |
|
81,022 |
|
110,067 |
|
Equity in net income of JVs |
(61) |
|
(4,618) |
|
(78) |
|
(5,977) |
|
JVs' FFO |
1,564 |
|
2,201 |
|
3,148 |
|
4,183 |
|
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 |
(2,669) |
|
0 |
|
(2,669) |
|
(3,749) |
|
(Gain) loss on disposition of real estate, net |
(233,316) |
|
22 |
|
(265,030) |
|
(183) |
|
FFO attributable to Common Shareholders |
|
|
|
|
|
|
|
|
Gain on debt retirement |
(277) |
|
0 |
|
(1,037) |
|
0 |
|
Loss on equity derivative instruments |
1,070 |
|
0 |
|
5,166 |
|
0 |
|
Transaction, debt extinguishment and other (at SITE's share) |
14,083 |
|
677 |
|
18,222 |
|
1,506 |
|
Separation and Other charges |
830 |
|
3,099 |
|
1,225 |
|
3,099 |
|
Total non-operating items, net |
15,706 |
|
3,776 |
|
23,576 |
|
4,605 |
|
Operating FFO attributable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares & units – Basic: FFO & OFFO |
209,553 |
|
209,326 |
|
209,486 |
|
209,717 |
|
Assumed conversion of dilutive securities |
723 |
|
181 |
|
767 |
|
445 |
|
Weighted average shares & units – Diluted: FFO & OFFO |
210,276 |
|
209,507 |
|
210,253 |
|
210,162 |
|
|
|
|
|
|
|
|
|
|
FFO per share – Basic |
|
|
|
|
|
|
|
|
FFO per share – Diluted |
|
|
|
|
|
|
|
|
Operating FFO per share – Basic |
|
|
|
|
|
|
|
|
Operating FFO per share – Diluted |
|
|
|
|
|
|
|
|
Common stock dividends declared, per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures ( |
|
|
|
|
|
|
|
|
Redevelopment costs |
2,957 |
|
3,707 |
|
6,010 |
|
8,117 |
|
Maintenance capital expenditures |
2,371 |
|
4,878 |
|
3,657 |
|
7,024 |
|
Tenant allowances and landlord work |
9,446 |
|
11,031 |
|
21,481 |
|
25,752 |
|
Leasing commissions |
2,359 |
|
2,066 |
|
4,318 |
|
4,394 |
|
Construction administrative costs (capitalized) |
853 |
|
805 |
|
1,814 |
|
1,601 |
|
|
|
|
|
|
|
|
|
|
Certain non-cash items ( |
|
|
|
|
|
|
|
|
Straight-line rent |
1,510 |
|
1,024 |
|
2,224 |
|
1,720 |
|
Straight-line fixed CAM |
59 |
|
69 |
|
123 |
|
144 |
|
Amortization of below-market rent/(above), net |
1,041 |
|
1,782 |
|
2,310 |
|
3,051 |
|
Straight-line ground rent expense |
(1) |
|
(41) |
|
(6) |
|
(105) |
|
Debt fair value and loan cost amortization |
(1,405) |
|
(1,198) |
|
(2,816) |
|
(2,426) |
|
Capitalized interest expense |
179 |
|
308 |
|
471 |
|
594 |
|
Stock compensation expense |
(2,057) |
|
(1,742) |
|
(3,945) |
|
(3,362) |
|
Non-real estate depreciation expense |
(1,237) |
|
(1,349) |
|
(2,569) |
|
(2,652) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Balance Sheet: Consolidated Interests |
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$ in thousands |
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At Period End |
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|
2Q24 |
|
4Q23 |
|
Assets: |
|
|
|
|
Land |
|
|
|
|
Buildings |
2,709,676 |
|
3,311,368 |
|
Fixtures and tenant improvements |
460,678 |
|
537,872 |
|
|
3,937,095 |
|
4,779,780 |
|
Depreciation |
(1,322,286) |
|
(1,570,377) |
|
|
2,614,809 |
|
3,209,403 |
|
Construction in progress and land |
34,304 |
|
51,379 |
|
Real estate, net |
2,649,113 |
|
3,260,782 |
|
|
|
|
|
|
Investments in and advances to JVs |
32,576 |
|
39,372 |
|
Cash |
1,181,292 |
|
551,968 |
|
Restricted cash |
4,286 |
|
17,063 |
|
Receivables and straight-line (1) |
48,165 |
|
65,623 |
|
Intangible assets, net (2) |
92,423 |
|
86,363 |
|
Other assets, net |
37,710 |
|
40,180 |
|
Total Assets |
4,045,565 |
|
4,061,351 |
|
|
|
|
|
|
Liabilities and Equity: |
|
|
|
|
Revolving credit facilities |
0 |
|
0 |
|
Unsecured debt |
1,216,029 |
|
1,303,243 |
|
Unsecured term loan |
199,023 |
|
198,856 |
|
Secured debt |
98,579 |
|
124,176 |
|
|
1,513,631 |
|
1,626,275 |
|
Dividends payable |
30,170 |
|
63,806 |
|
Other liabilities (3) |
167,665 |
|
195,727 |
|
Total Liabilities |
1,711,466 |
|
1,885,808 |
|
|
|
|
|
|
Preferred shares |
175,000 |
|
175,000 |
|
Common shares |
21,437 |
|
21,437 |
|
Paid-in capital |
5,973,663 |
|
5,974,904 |
|
Distributions in excess of net income |
(3,780,374) |
|
(3,934,736) |
|
Deferred compensation |
4,937 |
|
5,167 |
|
Accumulated comprehensive income |
8,572 |
|
6,121 |
|
Common shares in treasury at cost |
(69,136) |
|
(72,350) |
|
Total Equity |
2,334,099 |
|
2,175,543 |
|
|
|
|
|
|
Total Liabilities and Equity |
|
|
|
|
|
|
|
|
(1) |
SL rents (including fixed CAM), net |
|
|
|
|
|
|
|
|
(2) |
Operating lease right of use assets |
16,350 |
|
17,373 |
|
Below market ground leases (as lessee) |
13,670 |
|
0 |
|
|
|
|
|
(3) |
Operating lease liabilities |
36,091 |
|
37,108 |
|
Below-market leases, net |
37,977 |
|
46,096 |
|
|
|
|
|
Reconciliation of Net Income Attributable to SITE to Same Store NOI |
|||||||
$ in thousands |
|
|
|
|
|
|
|
|
2Q24 |
|
2Q23 |
|
2Q24 |
|
2Q23 |
|
|
|
At SITE Centers Share
|
||||
GAAP Reconciliation: |
|
|
|
|
|
|
|
Net income attributable to |
|
|
|
|
|
|
|
Fee income |
(1,542) |
|
(1,775) |
|
(1,542) |
|
(1,775) |
Interest expense |
18,426 |
|
20,921 |
|
18,426 |
|
20,921 |
Depreciation and amortization |
40,439 |
|
58,698 |
|
40,439 |
|
58,698 |
General and administrative |
12,713 |
|
14,031 |
|
12,713 |
|
14,031 |
Other expense (income), net |
6,214 |
|
634 |
|
6,214 |
|
634 |
Equity in net income of joint ventures |
(61) |
|
(4,618) |
|
(61) |
|
(4,618) |
Tax expense |
281 |
|
362 |
|
281 |
|
362 |
Gain on sale and change in control of interests |
(2,669) |
|
0 |
|
(2,669) |
|
0 |
(Gain) loss on disposition of real estate, net |
(233,316) |
|
22 |
|
(233,316) |
|
22 |
Consolidated NOI |
78,730 |
|
93,628 |
|
78,730 |
|
93,628 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(15,651) |
|
(31,002) |
Total Consolidated SSNOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated SSNOI % Change |
|
|
|
|
0.7% |
|
|
|
|
|
|
|
|
|
|
Net income from unconsolidated joint ventures |
7,334 |
|
15,860 |
|
1,582 |
|
3,233 |
Interest expense |
7,902 |
|
6,307 |
|
1,758 |
|
1,441 |
Depreciation and amortization |
6,785 |
|
8,281 |
|
1,663 |
|
1,938 |
Other expense (income), net |
2,048 |
|
2,378 |
|
472 |
|
538 |
Gain on disposition of real estate, net |
(8,426) |
|
(14,874) |
|
(1,685) |
|
(2,975) |
Unconsolidated NOI |
|
|
|
|
3,790 |
|
4,175 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(320) |
|
(807) |
Total Unconsolidated SSNOI at SITE share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated SSNOI % Change |
|
|
|
|
3.0% |
|
|
|
|
|
|
|
|
|
|
SSNOI % Change at SITE Share |
|
|
|
|
0.8% |
|
|
Reconciliation of Net Income Attributable to SITE to Same Store NOI |
|||||||
$ in thousands |
|
|
|
|
|
|
|
|
6M24 |
|
6M23 |
|
6M24 |
|
6M23 |
|
|
|
At SITE Centers Share
|
||||
GAAP Reconciliation: |
|
|
|
|
|
|
|
Net income attributable to |
|
|
|
|
|
|
|
Fee income |
(3,012) |
|
(3,634) |
|
(3,012) |
|
(3,634) |
Interest expense |
37,339 |
|
40,844 |
|
37,339 |
|
40,844 |
Depreciation and amortization |
83,589 |
|
112,714 |
|
83,589 |
|
112,714 |
General and administrative |
23,785 |
|
24,676 |
|
23,785 |
|
24,676 |
Other expense (income), net |
6,319 |
|
1,321 |
|
6,319 |
|
1,321 |
Impairment charges |
66,600 |
|
0 |
|
66,600 |
|
0 |
Equity in net income of joint ventures |
(78) |
|
(5,977) |
|
(78) |
|
(5,977) |
Tax expense |
533 |
|
575 |
|
533 |
|
575 |
Gain on sale and change in control of interests |
(2,669) |
|
(3,749) |
|
(2,669) |
|
(3,749) |
Gain on disposition of real estate, net |
(265,030) |
|
(183) |
|
(265,030) |
|
(183) |
Income from non-controlling interests |
0 |
|
18 |
|
0 |
|
18 |
Consolidated NOI |
162,069 |
|
187,242 |
|
162,069 |
|
187,242 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(36,200) |
|
(62,359) |
Total Consolidated SSNOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated SSNOI % Change |
|
|
|
|
0.8% |
|
|
|
|
|
|
|
|
|
|
Net income from unconsolidated joint ventures |
6,179 |
|
20,627 |
|
1,406 |
|
4,237 |
Interest expense |
16,173 |
|
13,348 |
|
3,590 |
|
3,028 |
Depreciation and amortization |
13,930 |
|
17,343 |
|
3,390 |
|
4,029 |
Other expense (income), net |
3,944 |
|
4,938 |
|
913 |
|
1,112 |
Gain on disposition of real estate, net |
(8,397) |
|
(20,178) |
|
(1,679) |
|
(4,037) |
Unconsolidated NOI |
|
|
|
|
7,620 |
|
8,369 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(789) |
|
(1,681) |
Total Unconsolidated SSNOI at SITE share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated SSNOI % Change |
|
|
|
|
2.1% |
|
|
|
|
|
|
|
|
|
|
SSNOI % Change at SITE Share |
|
|
|
|
0.9% |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240730770180/en/
216-755-5500
Source: