SITE CENTERS CORP.

SITC
Delayed Quote. Delayed  - 09/25 04:10:00 pm
6.86USD +0.88%

SITE Centers : Reports Second Quarter 2020 Operating Results

07/28/2020 | 06:31am

SITE Centers Corp. (NYSE: SITC) today announced operating results for the quarter ended June 30, 2020.

“Despite unprecedented operating conditions, second quarter results demonstrate the durability of our assets with 100% of our properties operational and over 90% of our tenants currently open for business,” commented David R. Lukes, President and Chief Executive Officer. “Our agreement with Blackstone to unwind our BRE DDR joint ventures further improves our Company’s financial position and outlook with substantial liquidity, no material near-term maturities, and no material capital commitments.”

Results for the Quarter

  • Second quarter net loss attributable to common shareholders was $9.7 million, or $0.05 per diluted share, as compared to net income of $8.9 million, or $0.05 per diluted share, in the year-ago period. The year-over-year decrease in net income was primarily attributable to the impact of the COVID-19 pandemic.
  • Second quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $39.9 million, or $0.21 per diluted share, compared to $57.0 million, or $0.31 per diluted share, in the year-ago period.

Significant Quarter and Recent Activity

  • Entered into agreements with affiliates of Blackstone to terminate the BRE DDR III and BRE DDR IV joint ventures. Additional details are provided in the “BRE DDR Joint Ventures” section of this release.
  • The Company’s Board of Directors suspended payment of dividends on its common shares for the third quarter of 2020. The Board of Directors has not made any decisions with respect to its dividend policy beyond the third quarter of 2020 and intends to maintain compliance with REIT taxable income distribution requirements.
  • Repaid $360 million of the outstanding balance on the Company’s $970 million unsecured lines of credit. Including $128 million of consolidated cash and availability under lines of credit, total liquidity as of June 30, 2020 was $813 million.
  • Issued the Company’s sixth Corporate Responsibility and Sustainability Report. The Report was completed in alignment with the Global Reporting Initiative (GRI) and with the Sustainability Accounting Standards Board (SASB) metrics and frameworks and provides updates on the annual results of the Company’s corporate responsibility and sustainability programs. The full Report can be found at https://www.sitecenters.com/2019CRS.

Key Quarterly Operating Results

  • Reported a decrease of 19.1% in same store net operating income on a pro rata basis for the second quarter of 2020, excluding redevelopment primarily due to the impact of the COVID-19 pandemic. Including redevelopment, same store net operating income for the second quarter of 2020 decreased by 18.1%.
  • Generated new leasing spreads of 23.1% and renewal leasing spreads of 6.6%, both on a pro rata basis, for the quarter and new leasing spreads of 16.9% and renewal leasing spreads of 3.8%, both on a pro rata basis, for the trailing twelve-month period.
  • Reported a leased rate of 92.4% at June 30, 2020 on a pro rata basis, compared to 92.9% on a pro rata basis at March 31, 2020 and 93.9% at June 30, 2019. The sequential decline was primarily related to the bankruptcy of 24 Hour Fitness.
  • As of June 30, 2020, the signed but not opened spread was 200 basis points representing $11 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 $18.51 at June 30, 2020, compared to $17.98 at June 30, 2019.

COVID-19 Update

  • Furthered our property level COVID-19 pandemic response to include: property level social media and email marketing campaigns to help communities identify operating tenants, facilitated gift card and purchase promotion program to connect local businesses with members of the communities, instituted heightened cleaning and disinfection protocols, installed social distancing and hygiene signage around our properties to follow CDC guidelines, developed and implemented our Vendor COVID Operating Protocolto promote safe and responsible operations by our vendors, developed and implemented a COVID Operating Protocol for all property operations staff, deployed online purchase pick-up locations across the portfolio, and completed a tenant survey to identify specific tenant needs around curbside and online purchase pick-up.
  • As of July 24, 2020, all of the Company’s properties remain open and operational with 92% 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.
  • As of July 24, 2020, the Company’s tenants had paid approximately 64% of second quarter rents and 71% of July rents. The Company has reached deferral arrangements with tenants representing an additional 17% of second quarter rents and 10% of July 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. Pursuant to these agreements:
    • 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 $13.6 million as of June 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 June 30, 2020.
    • At the closing of the BRE DDR IV transaction, an affiliate of Blackstone will transfer 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 will be redeemed, thereby leaving the Company as the sole owner of (i) the seven properties currently owned by BRE DDR IV, including Echelon Village Plaza and Larkins Corner, in which the Company did not previously have a material economic interest, and (ii) BRE DDR IV’s restricted and unrestricted cash ($11.2 million in the aggregate as of June 30, 2020). At closing, these seven properties will be subject to existing mortgage loans which had an aggregate outstanding principal balance of $147.0 million as of June 30, 2020.

The closings of the two transactions are not conditioned on one another and each transaction is expected to close as soon as all applicable conditions have been satisfied including receipt of lender consents.

DDR BRE Acquisition Properties

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

 

$17.34

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

 

$12.40

Southmont Plaza

 

Allentown-Bethlehem-Easton, PA-NJ

 

Easton

 

PA

 

5%

 

BREDDR IV

 

251

 

386

 

$16.51

Ashbridge Square

 

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

 

Downingtown

 

PA

 

5%

 

BREDDR IV

 

386

 

386

 

$8.87

Larkin's Corner

 

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

 

Boothwyn

 

PA

 

0%

 

BREDDR IV

 

225

 

225

 

$9.73

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 8:00 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 2698100 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 10146103 through August 28, 2020. A copy of the Company’s Supplemental package is 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 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 outbreak of COVID-19 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 rent; 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 June 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

 

 

 

 

 

2Q20

 

2Q19

 

6M20

 

6M19

 

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

$98,079

 

$112,274

 

$210,608

 

$224,495

 

Other property revenues

181

 

1,177

 

1,734

 

2,646

 

 

98,260

 

113,451

 

212,342

 

227,141

 

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance

16,519

 

18,743

 

34,999

 

37,584

 

Real estate taxes

17,348

 

17,798

 

35,005

 

35,541

 

 

33,867

 

36,541

 

70,004

 

73,125

 

 

 

 

 

 

 

 

 

 

Net operating income

64,393

 

76,910

 

142,338

 

154,016

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Fee income (2)

9,311

 

15,206

 

24,539

 

32,538

 

Interest income

3,550

 

4,521

 

7,035

 

9,042

 

Interest expense

(19,811)

 

(21,087)

 

(40,398)

 

(42,813)

 

Depreciation and amortization

(40,873)

 

(40,060)

 

(83,866)

 

(82,668)

 

General and administrative (3)

(13,502)

 

(14,932)

 

(24,878)

 

(29,044)

 

Other (expense) income, net (4)

(612)

 

(85)

 

(18,021)

 

68

 

Impairment charges

0

 

0

 

0

 

(620)

 

Income before earnings from JVs and other

2,456

 

20,473

 

6,749

 

40,519

 

 

 

 

 

 

 

 

 

 

Equity in net (loss) income of JVs

(1,513)

 

1,791

 

658

 

2,834

 

Reserve of preferred equity interests

(4,878)

 

(4,634)

 

(22,935)

 

(5,733)

 

(Loss) gain on sale of joint venture interest

(128)

 

0

 

45,553

 

0

 

Gain on disposition of real estate, net

2

 

213

 

775

 

16,590

 

Tax expense

(342)

 

(306)

 

(575)

 

(578)

 

Net (loss) income

(4,403)

 

17,537

 

30,225

 

53,632

 

Non-controlling interests

(210)

 

(260)

 

(505)

 

(565)

 

Net (loss) income SITE Centers

(4,613)

 

17,277

 

29,720

 

53,067

 

Preferred dividends

(5,133)

 

(8,383)

 

(10,266)

 

(16,766)

 

Net (loss) income Common Shareholders

($9,746)

 

$8,894

 

$19,454

 

$36,301

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic – EPS

193,170

 

180,551

 

193,448

 

180,548

 

Assumed conversion of diluted securities

0

 

658

 

0

 

826

 

Weighted average shares – Basic & Diluted – EPS

193,170

 

181,209

 

193,448

 

181,374

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Basic

$(0.05)

 

$0.05

 

$0.10

 

$0.20

 

Earnings per common share – Diluted

$(0.05)

 

$0.05

 

$0.10

 

$0.20

 

 

 

 

 

 

 

 

 

(1)

Rental income:

 

 

 

 

 

 

 

 

Minimum rents

$77,040

 

$74,877

 

$151,681

 

$149,838

 

Ground lease minimum rents

5,432

 

5,023

 

10,900

 

10,041

 

Recoveries

27,340

 

27,987

 

54,539

 

55,448

 

Uncollectible revenue

(13,241)

 

768

 

(13,730)

 

327

 

Percentage and overage rent

363

 

910

 

964

 

2,286

 

Ancillary and other rental income

981

 

2,679

 

3,065

 

3,938

 

Lease termination fees

164

 

30

 

3,189

 

2,617

 

 

 

 

 

 

 

 

 

(2)

Fee Income:

 

 

 

 

 

 

 

 

JV and other fees

3,780

 

7,245

 

11,378

 

15,122

 

RVI fees

5,321

 

6,446

 

11,395

 

13,002

 

RVI disposition fees

210

 

1,515

 

1,766

 

2,614

 

RVI refinancing fee

0

 

0

 

0

 

1,800

 

 

 

 

 

 

 

 

 

(3)

Mark-to-market adjustment (PRSUs)

(261)

 

(501)

 

1,906

 

(1,400)

 

 

 

 

 

 

 

 

 

(4)

Other income (expense), net

 

 

 

 

 

 

 

 

Transaction and other expense, net

(612)

 

1

 

(835)

 

164

 

Debt extinguishment costs, net

0

 

(86)

 

(17,186)

 

(96) 

 SITE Centers Corp.

Reconciliation: Net (Loss) Income to FFO and Operating FFO and Other Financial Information

 

in thousands, except per share

 

 

 

 

 

2Q20

 

2Q19

 

6M20

 

6M19

 

Net (loss) income attributable to Common Shareholders

($9,746)

 

$8,894

 

$19,454

 

$36,301

 

Depreciation and amortization of real estate

39,456

 

38,638

 

81,075

 

79,595

 

Equity in net loss (income) of JVs

1,513

 

(1,791)

 

(658)

 

(2,834)

 

JVs' FFO

2,998

 

7,696

 

10,141

 

15,671

 

Non-controlling interests

0

 

28

 

28

 

56

 

Impairment of real estate

0

 

0

 

0

 

620

 

Reserve of preferred equity interests

4,878

 

4,634

 

22,935

 

5,733

 

Loss (gain) on sale of joint venture interest

128

 

0

 

(45,553)

 

0

 

Gain on disposition of real estate, net

(2)

 

(213)

 

(775)

 

(16,590)

 

FFO attributable to Common Shareholders

$39,225

 

$57,886

 

$86,647

 

$118,552

 

RVI disposition and refinancing fees

(210)

 

(1,515)

 

(1,766)

 

(4,414)

 

Mark-to-market adjustment (PRSUs)

261

 

501

 

(1,906)

 

1,400

 

Debt extinguishment, transaction, net

612

 

99

 

18,021

 

121

 

Joint ventures - debt extinguishment, other

0

 

32

 

42

 

46

 

Total non-operating items, net

663

 

(883)

 

14,391

 

(2,847)

 

Operating FFO attributable to Common Shareholders

$39,888

 

$57,003

 

$101,038

 

$115,705

 

 

 

 

 

 

 

 

 

 

Weighted average shares & units – Basic: FFO & OFFO

193,311

 

180,693

 

193,589

 

180,691

 

Assumed conversion of dilutive securities

0

 

658

 

0

 

826

 

Weighted average shares & units – Diluted: FFO & OFFO

193,311

 

181,351

 

193,589

 

181,517

 

 

 

 

 

 

 

 

 

 

FFO per share – Basic

$0.20

 

$0.32

 

$0.45

 

$0.66

 

FFO per share – Diluted

$0.20

 

$0.32

 

$0.45

 

$0.65

 

Operating FFO per share – Basic

$0.21

 

$0.32

 

$0.52

 

$0.64

 

Operating FFO per share – Diluted

$0.21

 

$0.31

 

$0.52

 

$0.64

 

Common stock dividends declared, per share

$0.00

 

$0.20

 

$0.20

 

$0.40

 

 

 

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share):

 

 

 

 

 

 

 

 

Development and redevelopment costs

5,408

 

14,537

 

14,142

 

21,387

 

Maintenance capital expenditures

5,340

 

4,429

 

7,595

 

5,827

 

Tenant allowances and landlord work

5,208

 

6,696

 

15,591

 

15,006

 

Leasing commissions

658

 

1,240

 

1,626

 

2,083

 

Construction administrative costs (capitalized)

640

 

934

 

1,480

 

1,560

 

 

 

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share):

 

 

 

 

 

 

 

 

Straight-line rent

213

 

516

 

(1,129)

 

832

 

Straight-line fixed CAM

149

 

185

 

298

 

385

 

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

1,148

 

1,074

 

2,550

 

2,270

 

Straight-line rent expense

(53)

 

(415)

 

(122)

 

(835)

 

Debt fair value and loan cost amortization

(1,243)

 

(1,140)

 

(2,353)

 

(2,262)

 

Capitalized interest expense

271

 

279

 

558

 

550

 

Stock compensation expense

(2,555)

 

(2,713)

 

(2,379)

 

(5,467)

 

Non-real estate depreciation expense

(1,351)

 

(1,372)

 

(2,668)

 

(2,930)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

$ in thousands

 

 

 

 

 

At Period End

 

 

2Q20

 

4Q19

 

Assets:

 

 

 

 

Land

$881,581

 

$881,397

 

Buildings

3,302,821

 

3,277,440

 

Fixtures and tenant improvements

498,999

 

491,312

 

 

4,683,401

 

4,650,149

 

Depreciation

(1,358,535)

 

(1,289,148)

 

 

3,324,866

 

3,361,001

 

Construction in progress and land

56,203

 

59,663

 

Real estate, net

3,381,069

 

3,420,664

 

 

 

 

 

 

Investments in and advances to JVs

84,257

 

181,906

 

Investment in and advances to affiliate (1)

190,280

 

190,105

 

Receivable – preferred equity interests, net

89,049

 

112,589

 

Cash

128,486

 

16,080

 

Restricted cash

198

 

3,053

 

Notes receivable

0

 

7,541

 

Receivables and straight-line (2)

81,184

 

60,594

 

Intangible assets, net (3)

71,740

 

79,813

 

Other assets, net

22,268

 

21,277

 

Total Assets

4,048,531

 

4,093,622

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Revolving credit facilities

285,000

 

5,000

 

Unsecured debt

1,448,536

 

1,647,963

 

Unsecured term loan

99,548

 

99,460

 

Secured debt

53,765

 

94,874

 

 

1,886,849

 

1,847,297

 

Dividends payable

5,133

 

44,036

 

Other liabilities (4)

196,745

 

220,811

 

Total Liabilities

2,088,727

 

2,112,144

 

 

 

 

 

 

Preferred shares

325,000

 

325,000

 

Common shares

19,400

 

19,382

 

Paid-in capital

5,704,719

 

5,700,400

 

Distributions in excess of net income

(4,085,559)

 

(4,066,099)

 

Deferred compensation

5,434

 

7,929

 

Other comprehensive income

188

 

(491)

 

Common shares in treasury at cost

(12,669)

 

(7,707)

 

Non-controlling interests

3,291

 

3,064

 

Total Equity

1,959,804

 

1,981,478

 

 

 

 

 

 

Total Liabilities and Equity

$4,048,531

 

$4,093,622

 

 

 

 

 

(1)

Preferred investment in RVI

$190,000

 

$190,000

 

Receivable from RVI

280

 

105

 

 

 

 

 

(2)

SL rents (including fixed CAM), net

31,363

 

31,909

 

 

 

 

 

(3)

Operating lease right of use assets

21,588

 

$21,792

 

 

 

 

 

(4)

Operating lease liabilities

40,636

 

40,725

 

Below-market leases, net

44,437

 

46,961

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

 

 

 

 

 

 

 

 

2Q20

 

2Q19

 

2Q20

 

2Q19

 

SITE Centers at 100%

 

At SITE Centers Share

(Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net (loss) income attributable to SITE Centers

($4,613)

 

$17,277

 

($4,613)

 

$17,277

Fee income

(9,311)

 

(15,206)

 

(9,311)

 

(15,206)

Interest income

(3,550)

 

(4,521)

 

(3,550)

 

(4,521)

Interest expense

19,811

 

21,087

 

19,811

 

21,087

Depreciation and amortization

40,873

 

40,060

 

40,873

 

40,060

General and administrative

13,502

 

14,932

 

13,502

 

14,932

Other expense, net

612

 

85

 

612

 

85

Equity in net loss (income) of joint ventures

1,513

 

(1,791)

 

1,513

 

(1,791)

Reserve of preferred equity interests

4,878

 

4,634

 

4,878

 

4,634

Tax expense

342

 

306

 

342

 

306

Loss on sale of joint venture interest

128

 

0

 

128

 

0

Gain on disposition of real estate, net

(2)

 

(213)

 

(2)

 

(213)

Income from non-controlling interests

210

 

260

 

210

 

260

Consolidated NOI

64,393

 

76,910

 

64,393

 

76,910

SITE Centers' consolidated JV

0

 

0

 

(404)

 

(434)

Consolidated NOI, net of non-controlling interests

64,393

 

76,910

 

63,989

 

76,476

 

 

 

 

 

 

 

 

Net (loss) income from unconsolidated joint ventures

(13,053)

 

1,153

 

(1,674)

 

1,571

Interest expense

15,100

 

25,286

 

2,985

 

4,395

Depreciation and amortization

23,575

 

36,969

 

4,219

 

6,004

Impairment charges

1,520

 

0

 

304

 

0

Preferred share expense

4,554

 

5,484

 

227

 

274

Other expense, net

2,941

 

5,885

 

620

 

1,026

(Gain) loss on disposition of real estate, net

(4)

 

321

 

4

 

30

Unconsolidated NOI

$34,633

 

$75,098

 

6,685

 

13,300

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

 

 

 

 

70,674

 

89,776

Less: Non-Same Store NOI adjustments

 

 

 

 

(899)

 

(4,543)

Total SSNOI including redevelopment

 

 

 

 

69,775

 

85,233

Less: Redevelopment Same Store NOI adjustments

 

 

 

 

(5,257)

 

(5,450)

Total SSNOI excluding redevelopment

 

 

 

 

$64,518

 

$79,783

 

 

 

 

 

 

 

 

SSNOI % Change including redevelopment

 

 

 

 

(18.1%)

 

 

SSNOI % Change excluding redevelopment

 

 

 

 

(19.1%)

 

 

SITE Centers Corp.

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

 

 

 

 

 

 

 

 

6M20

 

6M19

 

6M20

 

6M19

 

SITE Centers at 100%

 

At SITE Centers Share

(Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income attributable to SITE Centers

$29,720

 

$53,067

 

$29,720

 

$53,067

Fee income

(24,539)

 

(32,538)

 

(24,539)

 

(32,538)

Interest income

(7,035)

 

(9,042)

 

(7,035)

 

(9,042)

Interest expense

40,398

 

42,813

 

40,398

 

42,813

Depreciation and amortization

83,866

 

82,668

 

83,866

 

82,668

General and administrative

24,878

 

29,044

 

24,878

 

29,044

Other expense (income), net

18,021

 

(68)

 

18,021

 

(68)

Impairment charges

0

 

620

 

0

 

620

Equity in net income of joint ventures

(658)

 

(2,834)

 

(658)

 

(2,834)

Reserve of preferred equity interests

22,935

 

5,733

 

22,935

 

5,733

Tax expense

575

 

578

 

575

 

578

Gain on sale of joint venture interest

(45,553)

 

0

 

(45,553)

 

0

Gain on disposition of real estate, net

(775)

 

(16,590)

 

(775)

 

(16,590)

Income from non-controlling interests

505

 

565

 

505

 

565

Consolidated NOI

142,338

 

154,016

 

142,338

 

154,016

SITE Centers' consolidated JV

0

 

0

 

(881)

 

(878)

Consolidated NOI, net of non-controlling interests

142,338

 

154,016

 

141,457

 

153,138

 

 

 

 

 

 

 

 

Net (loss) income from unconsolidated joint ventures

(31,707)

 

7,819

 

307

 

2,345

Interest expense

32,855

 

50,942

 

6,314

 

8,824

Depreciation and amortization

53,679

 

76,473

 

9,415

 

12,171

Impairment charges

33,240

 

12,267

 

1,890

 

2,453

Preferred share expense

9,084

 

10,943

 

454

 

547

Other expense, net

7,598

 

11,341

 

1,556

 

2,022

Gain on disposition of real estate, net

(8,910)

 

(15,645)

 

(1,735)

 

(1,525)

Unconsolidated NOI

$95,839

 

$154,140

 

18,201

 

26,837

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

 

 

 

 

159,658

 

179,975

Less: Non-Same Store NOI adjustments

 

 

 

 

(5,404)

 

(12,761)

Total SSNOI including redevelopment

 

 

 

 

154,254

 

167,214

Less: Redevelopment Same Store NOI adjustments

 

 

 

 

(10,497)

 

(11,003)

Total SSNOI excluding redevelopment

 

 

 

 

$143,757

 

$156,211

 

 

 

 

 

 

 

 

SSNOI % Change including redevelopment

 

 

 

 

(7.8%)

 

 

SSNOI % Change excluding redevelopment

 

 

 

 

(8.0%)

 

 

 

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