UK Markets closed

SITE Centers Reports Third Quarter 2021 Operating Results

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·24-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

BEACHWOOD, Ohio, October 25, 2021--(BUSINESS WIRE)--SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers located in suburban, high household income communities, announced today operating results for the quarter ended September 30, 2021.

"Third quarter results and recent activity highlight SITE Centers’ continued success and momentum on multiple fronts: new leasing volume was the highest for any quarter in over two years, the Company met 2021 investment goals with the acquisition of Hammond Springs, and in October Retail Value Inc. declared and paid $190 million of preferred dividends to SITE Centers," commented David R. Lukes, President and Chief Executive Officer. "We believe continued operational and investment momentum, along with the distribution on our preferred investment in RVI, position SITE Centers for a multi-year period of sustainable growth."

Results for the Quarter

  • Third quarter net income attributable to common shareholders was $25.3 million, or $0.12 per diluted share, as compared to net income of $2.2 million, or $0.01 per diluted share, in the year-ago period. The year-over-year increase in net income was primarily attributable to lower uncollectible revenue related to the COVID-19 pandemic, lower general and administrative expenses, gains reported from asset sales and higher disposition fees earned from Retail Value Inc. (‘RVI"), partially offset by lower interest income and the valuation allowance related to the Company’s former preferred investments in the BRE DDR ventures, which were terminated in the fourth quarter of 2020.

  • Third quarter operating funds from operations attributable to common shareholders ("Operating FFO" or "OFFO") was $61.4 million, or $0.29 per diluted share, compared to $43.5 million, or $0.23 per diluted share, in the year-ago period. The year-over-year increase was primarily attributable to lower uncollectible revenue related to the COVID-19 pandemic and lower general and administrative expenses, partially offset by lower interest income. Third quarter results included $1.6 million of net revenue at SITE Centers’ share related to prior periods primarily from cash basis tenants.

Significant Third Quarter and Recent Activity

  • In September 2021, acquired Hammond Springs (Atlanta, GA) for $31.0 million.

  • Sold one unconsolidated shopping center and two wholly-owned land parcels for an aggregate sales price of $34.2 million, totaling $21.1 million at SITE Centers’ share.

  • In the third quarter of 2021, the Company offered and sold 720,076 common shares on a forward basis under its $250 million ATM program at a weighted-average price of $15.89 per share generating expected gross proceeds before issuance costs of $11.4 million. The shares may be settled at any time before the settlement date, September 9, 2022. Year to date, the Company has offered and sold 1,700,472 shares on a forward basis under its ATM program at a weighted average price of $15.43 per share before issuance costs generating expected gross proceeds of $26.2 million with no shares settled to date.

  • On October 6, 2021, SITE Centers received a distribution of $190 million on the RVI Series A Preferred Shares which represents the full amount expected to be paid by RVI on account of the Company’s preferred investment.

  • In October 2021, the Company repaid $87.6 million of mortgage debt, which was scheduled to mature in January 2022.

Key Quarterly Operating Results

  • Reported an increase of 21.6% in SSNOI on a pro rata basis for the third quarter of 2021, including redevelopment, as compared to the year-ago period. The third quarter 2021 results were favorably impacted by lower year-over-year uncollectible revenue and prior period rent collections from cash basis tenants.

  • Generated new leasing spreads of 7.3% and renewal leasing spreads of 0.6%, both on a pro rata basis, for the trailing twelve-month period ended September 30, 2021 and new leasing spreads of 18.1% and renewal leasing spreads of 2.6%, both on a pro rata basis, for the third quarter of 2021.

  • Reported a leased rate of 92.3% at September 30, 2021 on a pro rata basis, compared to 91.6% on a pro rata basis at December 31, 2020 and 91.9% at September 30, 2020.

  • As of September 30, 2021, the signed but not opened spread was 210 basis points representing $11.9 million of annualized base rent on a pro rata basis.

  • Annualized base rent per occupied square foot on a pro rata basis was $18.44 at September 30, 2021, compared to $18.53 at September 30, 2020.

COVID-19 Update

  • As of October 15, 2021, all of the Company’s properties remain open and operational with 100% of tenants, at the Company’s share and based on average base rents open for business.

  • As of October 15, 2021, the Company’s tenants had paid approximately 99% of third quarter 2021 rents. The payment rates for the Company’s tenants, at the Company’s share and based on average base rents are reflected as follows:

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

As of October 15, 2021

91%

96%

97%

98%

99%

99%

As of July 21, 2021

89%

93%

97%

97%

98%

N/A

As of April 16, 2021

84%

89%

95%

96%

N/A

N/A

As of February 12, 2021

79%

88%

94%

N/A

N/A

N/A

As of October 23, 2020

70%

84%

N/A

N/A

N/A

N/A

As of July 24, 2020

64%

N/A

N/A

N/A

N/A

N/A

  • As of October 15, 2021, agreed upon rent deferral arrangements with tenants that remain unpaid represented approximately 1% of 2020 rents. Agreed upon rental deferral arrangements for the first quarter of 2021 through third quarter of 2021 are immaterial.

Guidance

The Company has updated its 2021 full year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the third quarter operating results. RVI disposition and refinancing fees, impairment charges, gains on sale of assets and debt extinguishment are excluded from guidance. The guidance update is as follows:

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

FY 2021E (prior)
Per Share – Diluted

FY 2021E (revised)
Per Share – Diluted

Net income attributable to Common Shareholders

$0.15 – $0.20

$0.28 – $0.30

Depreciation and amortization of real estate

0.83 – 0.86

0.83 – 0.86

Equity in net (income) of JVs

(0.05)

(0.06)

JVs' FFO

0.08 – 0.10

0.09 – 0.11

Gain on sale of joint venture interest, net (reported actual)

(0.07)

(0.10)

Impairment of real estate (reported actual)

0.03

0.03

FFO (NAREIT)

$1.00 – $1.04

$1.10 – $1.11

Disposition fees (reported actual)

(0.03)

Mark-to-market adjustment (PRSUs) and other (reported actual)

0.03

0.03

Write-off of Class K Preferred Share original issuance costs

0.03

0.03

Operating FFO

$1.06 – $1.10

$1.13 – $1.14

Other key assumptions for 2021 guidance include:

FY 2021E (prior)

FY 2021E (revised)

Joint Venture fee income

$12 – $14 million

$13 – $14 million

RVI fee income (excluding disposition fees) (1)

$15 – $17 million

$16 – $17 million

SSNOI (2)

10.5% – 13.0%

12.5% – 14.0%

(1) Consistent with 2019 and 2020, guidance excludes impact of disposition and refinancing fees from RVI for the full year.

(2) Including redevelopment.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Conference Call and Supplemental Information

The Company will hold its quarterly conference call today at 8:00 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 8760189 at least ten minutes prior to the scheduled start of the call. The call will also be webcast and available in a listen-only mode on SITE Centers’ website at ir.sitecenters.com. If you are unable to participate during the live call, a replay of the conference call will also be available at ir.sitecenters.com for further review. You may also access the telephone replay by dialing 877-344-7529 (U.S.), 855-669-9658 (Canada) or 412-317-0088 (international) using passcode 10158874 through November 25, 2021. Copies of the Company’s Supplemental package and earnings slide presentation are available on the Company’s website.

Non-GAAP Measures

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

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

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

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

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

FFO, Operating FFO, NOI and SSNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein. Reconciliation of the 2021 SSNOI projected growth target to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, the impact of the COVID-19 pandemic on the Company’s ability to manage its properties and finance its operations and on tenants’ ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay 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 investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; our ability to maintain REIT status; and the finalization of the financial statements for the period ended September 30, 2021. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The impacts of the COVID-19 pandemic may also exacerbate the risks described therein, any of which could have a material effect on the Company. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SITE Centers Corp.

Income Statement: Consolidated Interests

in thousands, except per share

3Q21

3Q20

9M21

9M20

Revenues:

Rental income (1)

$120,569

$95,874

$366,689

$306,482

Other property revenues

514

70

1,095

1,804

121,083

95,944

367,784

308,286

Expenses:

Operating and maintenance

18,562

15,775

58,200

50,774

Real estate taxes

19,160

16,542

58,359

51,547

37,722

32,317

116,559

102,321

Net operating income

83,361

63,627

251,225

205,965

Other income (expense):

Fee income (2)

13,358

9,610

30,264

34,149

Interest expense

(19,170)

(18,089)

(57,701)

(58,487)

Depreciation and amortization

(44,669)

(41,148)

(137,446)

(125,014)

General and administrative (3)

(11,727)

(13,664)

(41,547)

(38,542)

Other expense, net (4)

(524)

3,259

(1,214)

(7,727)

Impairment charges

0

0

(7,270)

0

Income before earnings from JVs and other

20,629

3,595

36,311

10,344

Equity in net income of JVs

1,824

250

11,059

908

Adjustment (reserve) of preferred equity interests

0

3,542

0

(19,393)

Gain on sale of joint venture interests

35

82

13,943

45,635

Gain on disposition of real estate, net

5,871

218

6,069

993

Tax expense

(202)

(284)

(1,057)

(859)

Net income

28,157

7,403

66,325

37,628

Non-controlling interests

(93)

(116)

(384)

(621)

Net income SITE Centers

28,064

7,287

65,941

37,007

Write-off of preferred share original issuance costs

0

0

(5,156)

0

Preferred dividends

(2,789)

(5,133)

(10,867)

(15,399)

Net income Common Shareholders

$25,275

$2,154

$49,918

$21,608

Weighted average shares – Basic – EPS

211,048

193,203

206,918

193,366

Assumed conversion of diluted securities

1,143

162

1,156

0

Weighted average shares – Basic & Diluted – EPS

212,191

193,365

208,074

193,366

Earnings per common share – Basic

$0.12

$0.01

$0.24

$0.11

Earnings per common share – Diluted

$0.12

$0.01

$0.24

$0.11

(1)

Rental income:

Minimum rents

$79,256

$75,158

$236,362

$225,627

Ground lease minimum rents

6,547

5,418

19,407

16,319

Percentage and overage rent

1,016

806

3,349

1,770

Straight-line rent, net

687

551

456

(269)

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

897

1,026

2,771

3,058

Recoveries

29,441

25,833

90,518

80,371

Uncollectible revenue

1,083

(14,188)

8,268

(27,918)

Ancillary and other rental income

1,586

1,194

4,427

4,260

Lease termination fees

56

76

1,131

3,264

(2)

Fee Income:

JV and other fees

3,846

4,037

10,817

15,416

RVI fees

4,012

4,717

13,355

16,111

RVI disposition fees

5,500

856

6,092

2,622

(3)

Mark-to-market adjustment (PRSUs)

0

(289)

(5,589)

1,617

Executive separation charge

0

(1,650)

0

(1,650)

(4)

Other income (expense), net:

Transaction and other expense, net

(356)

(186)

(707)

(1,021)

Interest income

(168)

3,445

(492)

10,480

Debt extinguishment costs, net

0

0

(15)

(17,186)

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

in thousands, except per share

3Q21

3Q20

9M21

9M20

Net income attributable to Common Shareholders

$25,275

$2,154

$49,918

$21,608

Depreciation and amortization of real estate

43,283

39,812

133,279

120,889

Equity in net income of JVs

(1,824)

(250)

(11,059)

(908)

JVs' FFO

5,659

4,388

17,065

14,529

Non-controlling interests

17

0

49

28

Impairment of real estate

0

0

7,270

0

(Adjustment) reserve of preferred equity interests

0

(3,542)

0

19,393

Gain on sale of joint venture interests

(35)

(82)

(13,943)

(45,635)

Gain on disposition of real estate, net

(5,871)

(218)

(6,069)

(993)

FFO attributable to Common Shareholders

$66,504

$42,262

$176,510

$128,911

RVI disposition fees

(5,500)

(856)

(6,092)

(2,622)

Mark-to-market adjustment (PRSUs)

0

289

5,589

(1,617)

Executive separation charge

0

1,650

0

1,650

Debt extinguishment, transaction, net

356

186

722

18,207

Joint ventures - debt extinguishment, other

1

0

32

42

Write-off of preferred share original issuance costs

0

0

5,156

0

Total non-operating items, net

(5,143)

1,269

5,407

15,660

Operating FFO attributable to Common Shareholders

$61,361

$43,531

$181,917

$144,571

Weighted average shares & units – Basic: FFO & OFFO

211,189

193,343

207,059

193,507

Assumed conversion of dilutive securities

1,143

21

1,156

0

Weighted average shares & units – Diluted: FFO & OFFO

212,332

193,364

208,215

193,507

FFO per share – Basic

$0.31

$0.22

$0.85

$0.67

FFO per share – Diluted

$0.31

$0.22

$0.85

$0.67

Operating FFO per share – Basic

$0.29

$0.23

$0.88

$0.75

Operating FFO per share – Diluted

$0.29

$0.23

$0.87

$0.75

Common stock dividends declared, per share

$0.12

$0.00

$0.35

$0.20

Capital expenditures (SITE Centers share):

Redevelopment costs (major and tactical)

6,143

3,289

12,698

17,431

Maintenance capital expenditures

3,153

3,394

9,449

10,989

Tenant allowances and landlord work

9,763

2,655

27,540

18,246

Leasing commissions

1,838

786

4,406

2,412

Construction administrative costs (capitalized)

805

715

2,220

2,195

Certain non-cash items (SITE Centers share):

Straight-line rent

727

739

559

(390)

Straight-line fixed CAM

149

155

416

450

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

993

1,230

3,082

3,780

Straight-line ground rent expense

(25)

(45)

(97)

(167)

Debt fair value and loan cost amortization

(1,261)

(1,233)

(3,717)

(3,587)

Capitalized interest expense

200

234

462

792

Stock compensation expense

(1,947)

(2,710)

(11,323)

(5,088)

Non-real estate depreciation expense

(1,319)

(1,270)

(3,971)

(3,938)

SITE Centers Corp.

Balance Sheet: Consolidated Interests

$ in thousands

At Period End

3Q21

4Q20

Assets:

Land

$962,872

$953,556

Buildings

3,533,242

3,488,499

Fixtures and tenant improvements

544,374

509,866

5,040,488

4,951,921

Depreciation

(1,536,248)

(1,427,057)

3,504,240

3,524,864

Construction in progress and land

42,143

37,467

Real estate, net

3,546,383

3,562,331

Investments in and advances to JVs

72,684

77,297

Investment in and advances to affiliate (1)

190,121

190,035

Cash

61,924

69,742

Restricted cash

3,414

4,672

Receivables and straight-line (2)

59,910

73,517

Intangible assets, net (3)

97,474

111,022

Other assets, net

20,383

19,668

Total Assets

4,052,293

4,108,284

Liabilities and Equity:

Revolving credit facilities

0

135,000

Unsecured debt

1,451,229

1,449,613

Unsecured term loan

99,767

99,635

Secured debt

241,561

249,260

1,792,557

1,933,508

Dividends payable

28,251

14,844

Other liabilities (4)

213,018

215,109

Total Liabilities

2,033,826

2,163,461

Preferred shares

175,000

325,000

Common shares

21,110

19,400

Paid-in capital

5,942,466

5,705,164

Distributions in excess of net income

(4,123,534)

(4,099,534)

Deferred compensation

4,590

5,479

Other comprehensive income

0

(2,682)

Common shares in treasury at cost

(4,815)

(11,319)

Non-controlling interests

3,650

3,315

Total Equity

2,018,467

1,944,823

Total Liabilities and Equity

$4,052,293

$4,108,284

(1)

Preferred investment in RVI

$190,000

$190,000

Receivable from RVI

121

35

(2)

SL rents (including fixed CAM), net

31,178

30,552

(3)

Operating lease right of use assets

19,469

$20,604

(4)

Operating lease liabilities

38,889

39,794

Below-market leases, net

54,802

57,348

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

3Q21

3Q20

3Q21

3Q20

SITE Centers at 100%

At SITE Centers Share
(Non-GAAP)

GAAP Reconciliation:

Net income attributable to SITE Centers

$28,064

$7,287

$28,064

$7,287

Fee income

(13,358)

(9,610)

(13,358)

(9,610)

Interest expense

19,170

18,089

19,170

18,089

Depreciation and amortization

44,669

41,148

44,669

41,148

General and administrative

11,727

13,664

11,727

13,664

Other expense (income), net

524

(3,259)

524

(3,259)

Impairment charges

0

0

0

0

Equity in net income of joint ventures

(1,824)

(250)

(1,824)

(250)

Adjustment of preferred equity interests

0

(3,542)

0

(3,542)

Tax expense

202

284

202

284

Gain on sale of joint venture interests

(35)

(82)

(35)

(82)

Gain on disposition of real estate, net

(5,871)

(218)

(5,871)

(218)

Income from non-controlling interests

93

116

93

116

Consolidated NOI

83,361

63,627

83,361

63,627

SITE Centers' consolidated JV

0

0

(284)

(320)

Consolidated NOI, net of non-controlling interests

83,361

63,627

83,077

63,307

Net income (loss) from unconsolidated joint ventures

4,863

(4,748)

1,756

59

Interest expense

10,980

14,700

2,706

2,937

Depreciation and amortization

16,605

23,901

3,805

4,250

Impairment charges

0

0

0

0

Preferred share expense

0

4,626

0

231

Other expense, net

2,832

3,246

700

694

Loss (gain) on disposition of real estate, net

455

(319)

91

(43)

Unconsolidated NOI

$35,735

$41,406

9,058

8,128

Total Consolidated + Unconsolidated NOI

92,135

71,435

Less: Non-Same Store NOI adjustments

(516)

3,923

Total SSNOI including redevelopment

91,619

75,358

Less: Redevelopment Same Store NOI adjustments

(3,643)

(2,338)

Total SSNOI excluding redevelopment

$87,976

$73,020

SSNOI % Change including redevelopment

21.6%

SSNOI % Change excluding redevelopment

20.5%

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

9M21

9M20

9M21

9M20

SITE Centers at 100%

At SITE Centers Share
(Non-GAAP)

GAAP Reconciliation:

Net income attributable to SITE Centers

$65,941

$37,007

$65,941

$37,007

Fee income

(30,264)

(34,149)

(30,264)

(34,149)

Interest expense

57,701

58,487

57,701

58,487

Depreciation and amortization

137,446

125,014

137,446

125,014

General and administrative

41,547

38,542

41,547

38,542

Other expense, net

1,214

7,727

1,214

7,727

Impairment charges

7,270

0

7,270

0

Equity in net income of joint ventures

(11,059)

(908)

(11,059)

(908)

Reserve of preferred equity interests

0

19,393

0

19,393

Tax expense

1,057

859

1,057

859

Gain on sale of joint venture interests

(13,943)

(45,635)

(13,943)

(45,635)

Gain on disposition of real estate, net

(6,069)

(993)

(6,069)

(993)

Income from non-controlling interests

384

621

384

621

Consolidated NOI

251,225

205,965

251,225

205,965

SITE Centers' consolidated JV

0

0

(958)

(1,200)

Consolidated NOI, net of non-controlling interests

251,225

205,965

250,267

204,765

Net income (loss) from unconsolidated joint ventures

53,525

(36,455)

9,943

366

Interest expense

32,898

47,555

8,113

9,251

Depreciation and amortization

50,309

77,580

11,480

13,665

Impairment charges

0

33,240

0

1,890

Preferred share expense

0

13,710

0

685

Other expense, net

8,806

10,844

2,186

2,250

Gain on disposition of real estate, net

(36,132)

(9,229)

(4,387)

(1,778)

Unconsolidated NOI

$109,406

$137,245

27,335

26,329

Total Consolidated + Unconsolidated NOI

277,602

231,094

Less: Non-Same Store NOI adjustments

490

9,705

Total SSNOI including redevelopment

278,092

240,799

Less: Redevelopment Same Store NOI adjustments

(11,071)

(7,478)

Total SSNOI excluding redevelopment

$267,021

$233,321

SSNOI % Change including redevelopment

15.5%

SSNOI % Change excluding redevelopment

14.4%

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005208/en/

Contacts

Conor Fennerty, EVP and
Chief Financial Officer
216-755-5500

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting