SITE Centers Reports Fourth Quarter and Full-Year 2023 Results and Declares First Quarter Dividend
“The fourth quarter was a significant time period for
Results for the Fourth Quarter
-
Fourth quarter net income attributable to common shareholders was
$193.6 million , or$0.92 per diluted share, as compared to net income of$25.4 million , or$0.12 per diluted share, in the year-ago period. The increase year-over-year primarily was the result of higher gain on sale from dispositions. -
Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was
$54.0 million , or$0.26 per diluted share, compared to$62.5 million , or$0.29 per diluted share, in the year-ago period. The decrease year-over-year primarily was due to the impact of property dispositions, partially offset by property net operating income ("NOI") growth and the net impact of property acquisitions.
Results for the Year
-
Net income attributable to common shareholders for the year ended
December 31, 2023 was$254.5 million , or$1.21 per diluted share, as compared to net income of$157.6 million , or$0.73 per diluted share, for the prior year. -
Operating FFO was
$247.9 million , or$1.18 per diluted share for 2023, which compares to$253.3 million , or$1.18 per diluted share for 2022.
Significant Fourth Quarter and Recent Activity
-
SITE Centers sold 14 wholly owned shopping centers in the fourth quarter and first quarter to date for an aggregate price of$818.6 million including 12 wholly-owned shopping centers sold during the fourth quarter for an aggregate price of$736.2 million . -
Acquired four convenience shopping centers during the quarter for an aggregate price of
$62.4 million , including Point at University (Charlotte, NC ) for$8.9 million ,Estero Crossing (Cape Coral, FL ) for$17.1 million ,Presidential Plaza North (Atlanta, GA ) for$7.4 million , and Shops atLake Pleasant (Phoenix, AZ ) for$29.0 million . -
In October, announced the expected spin-off of the Company’s Convenience assets into a separate publicly-traded REIT to be named
Curbline Properties Corp. (“Curbline Properties” or “CURB”). The spin-off is expected to be completed on or aroundOctober 1, 2024 . As ofDecember 31, 2023 , the Company has amassed a portfolio of 65 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 by SITE Center’s Board of Directors. -
In October, obtained a commitment from affiliates of Apollo, including
ATLAS 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 October, closed on a five-year
$100 million mortgage secured byNassau Park Pavilion (Princeton, NJ ). -
In December, closed on a five-year
$380.6 million ($76.1 million at share) mortgage secured by the 10-property DTP joint venture portfolio. -
In the fourth quarter, recorded a
$1.3 million charge related to the previously announced restructuring plan, which included a Voluntary Retirement Offer. Restructuring charges have been excluded from OFFO.
Significant Full-Year 2023 Activity
-
Issued the Company’s ninth 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 updates on the annual results of the Company’s corporate responsibility and sustainability programs and can be found at https://www.sitecenters.com/2022CSR. -
Acquired 12 Convenience shopping centers for an aggregate price of
$165.1 million . -
Sold 22 shopping centers for
$966.6 million ($876.9 million at share).
Key Quarterly Operating Results
-
Reported an increase of 0.3% in same-store net operating income (“SSNOI”) on a pro rata basis for the fourth quarter of 2023, including redevelopment, as compared to the year-ago period which included a 240 basis-point headwind due to the bankruptcy of
Bed Bath & Beyond to fourth quarter 2023 SSNOI growth. The impact of prior period rental income receipts related to cash basis tenants was immaterial to fourth quarter 2023 SSNOI growth. -
Generated cash new leasing spreads of 29.5% and cash renewal leasing spreads of 6.5%, both on a pro rata basis, for the trailing twelve-month period ended
December 31, 2023 and cash new leasing spreads of 9.2% and cash renewal leasing spreads of 3.1%, both on a pro rata basis, for the fourth quarter of 2023. -
Generated straight-lined new leasing spreads of 41.1% and straight-lined renewal leasing spreads of 11.1%, both on a pro rata basis, for the trailing twelve-month period ended
December 31, 2023 and straight-lined new leasing spreads of 17.3% and straight-lined renewal leasing spreads of 9.0%, both on a pro rata basis, for the fourth quarter of 2023. -
Reported a leased rate of 94.5% at
December 31, 2023 , compared to 94.6% atSeptember 30, 2023 and 95.4% atDecember 31, 2022 , all on a pro rata basis. Net transaction activity was a 50 basis point sequential headwind related to the sale of properties in the fourth quarter with an average leased rate of 97.8%, partially offset by new leasing activity and acquisitions. -
As of
December 31, 2023 , the Signed Not Opened (“SNO”) spread was 250 basis points, representing$14.2 million of annualized base rent on a pro rata basis.
First Quarter Dividend
The Company declared a dividend on its common stock of
Property NOI Projection
The Company projects based on the assumptions below, 2024 property level NOI to be as follows:
Portfolio |
|
NOI Projection ($M) |
|
|
|
|
|
|
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 and assumes that all properties owned as of
December 31, 2023 are held for the full year 2024, -
Assume 2024 SSNOI growth of 3.5% - 5.5% for
Curbline Properties , -
Exclude from NOI G&A allocated to operating expenses which totaled
$2.8 million in 4Q2023, or$11.2 million annualized and -
Adjust NOI for estimated impact of remaining expected parcel separations and include 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 (loss) (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 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.
Safe Harbor
Income Statement: Consolidated Interests |
||||||||
|
in thousands, except per share |
|
|
|
||||
|
|
4Q23 |
|
4Q22 |
|
12M23 |
|
12M22 |
|
Revenues: |
|
|
|
|
|
|
|
|
Rental income (1) |
|
|
|
|
|
|
|
|
Other property revenues |
414 |
|
537 |
|
2,392 |
|
3,701 |
|
|
123,156 |
|
136,433 |
|
539,458 |
|
540,807 |
|
Expenses: |
|
|
|
|
|
|
|
|
Operating and maintenance |
22,331 |
|
22,750 |
|
88,959 |
|
89,278 |
|
Real estate taxes |
15,887 |
|
19,476 |
|
76,762 |
|
80,706 |
|
|
38,218 |
|
42,226 |
|
165,721 |
|
169,984 |
|
|
|
|
|
|
|
|
|
|
Net operating income (2) |
84,938 |
|
94,207 |
|
373,737 |
|
370,823 |
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
JV and other fee income |
1,510 |
|
2,075 |
|
6,817 |
|
11,546 |
|
Interest expense |
(20,011) |
|
(20,386) |
|
(82,002) |
|
(77,692) |
|
Depreciation and amortization |
(46,925) |
|
(50,982) |
|
(212,460) |
|
(203,546) |
|
General and administrative (3) |
(14,932) |
|
(12,161) |
|
(50,867) |
|
(46,564) |
|
Other income (expense), net (4) |
5,200 |
|
(388) |
|
3,189 |
|
(2,540) |
|
Impairment charges |
0 |
|
0 |
|
0 |
|
(2,536) |
|
Income before earnings from JVs and other |
9,780 |
|
12,365 |
|
38,414 |
|
49,491 |
|
|
|
|
|
|
|
|
|
|
Equity in net income of JVs |
82 |
|
424 |
|
6,577 |
|
27,892 |
|
Gain on sale and change in control of interests |
0 |
|
27 |
|
3,749 |
|
45,581 |
|
Gain on disposition of real estate, net |
187,796 |
|
15,352 |
|
219,026 |
|
46,644 |
|
Tax expense |
(1,234) |
|
47 |
|
(2,045) |
|
(816) |
|
Net income |
196,424 |
|
28,215 |
|
265,721 |
|
168,792 |
|
Non-controlling interests |
0 |
|
(18) |
|
(18) |
|
(73) |
|
Net income |
196,424 |
|
28,197 |
|
265,703 |
|
168,719 |
|
Preferred dividends |
(2,789) |
|
(2,789) |
|
(11,156) |
|
(11,156) |
|
Net income Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares – Basic – EPS |
209,323 |
|
212,168 |
|
209,459 |
|
212,998 |
|
Assumed conversion of diluted securities |
85 |
|
661 |
|
162 |
|
885 |
|
Weighted average shares – Diluted – EPS |
209,408 |
|
212,829 |
|
209,621 |
|
213,883 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share – Basic |
|
|
|
|
|
|
|
|
Earnings per common share – Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Rental income: |
|
|
|
|
|
|
|
|
Minimum rents |
|
|
|
|
348,801 |
|
|
|
Ground lease minimum rents |
5,729 |
|
6,747 |
|
24,837 |
|
26,938 |
|
Straight-line rent, net |
907 |
|
589 |
|
3,067 |
|
3,043 |
|
Amortization of (above)/below-market rent, net |
1,099 |
|
1,249 |
|
13,198 |
|
4,656 |
|
Percentage and overage rent |
1,952 |
|
1,635 |
|
6,450 |
|
5,217 |
|
Recoveries |
30,246 |
|
33,763 |
|
134,816 |
|
133,574 |
|
Uncollectible revenue |
(291) |
|
(501) |
|
(1,417) |
|
1,388 |
|
Ancillary and other rental income |
1,997 |
|
2,066 |
|
6,713 |
|
6,482 |
|
Lease termination fees |
15 |
|
168 |
|
601 |
|
3,779 |
|
|
|
|
|
|
|
|
|
(2) |
Includes NOI from WO assets sold in 4Q23 |
4,487 |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
(3) |
Separation charge and other |
1,032 |
|
0 |
|
5,046 |
|
0 |
|
|
|
|
|
|
|
|
|
(4) |
Interest income (fees), net |
4,554 |
|
(146) |
|
4,349 |
|
(655) |
|
Transaction costs |
(1,339) |
|
(237) |
|
(3,187) |
|
(1,305) |
|
Debt extinguishment costs |
(118) |
|
(5) |
|
(76) |
|
(580) |
|
Derivative mark-to-market |
2,103 |
|
0 |
|
2,103 |
|
0 |
Reconciliation: Net Income to FFO and Operating FFO and Other Financial Information |
||||||||
|
in thousands, except per share |
|
|
|
||||
|
|
4Q23 |
|
4Q22 |
|
12M23 |
|
12M22 |
|
Net income attributable to Common Shareholders |
|
|
|
|
|
|
|
|
Depreciation and amortization of real estate |
45,525 |
|
49,833 |
|
207,005 |
|
198,662 |
|
Equity in net income of JVs |
(82) |
|
(424) |
|
(6,577) |
|
(27,892) |
|
JVs' FFO |
1,654 |
|
2,806 |
|
7,981 |
|
12,274 |
|
Non-controlling interests |
0 |
|
18 |
|
18 |
|
73 |
|
Impairment of real estate |
0 |
|
0 |
|
0 |
|
2,536 |
|
Gain on sale and change in control of interests |
0 |
|
(27) |
|
(3,749) |
|
(45,581) |
|
Gain on disposition of real estate, net |
(187,796) |
|
(15,352) |
|
(219,026) |
|
(46,644) |
|
FFO attributable to Common Shareholders |
|
|
|
|
|
|
|
|
Separation and other charges |
1,308 |
|
0 |
|
5,752 |
|
0 |
|
Transaction, debt extinguishment and other (at SITE's share) |
1,838 |
|
239 |
|
4,024 |
|
2,740 |
|
Derivative mark-to market |
(2,103) |
|
0 |
|
(2,103) |
|
0 |
|
RVI disposition fees |
0 |
|
0 |
|
0 |
|
(385) |
|
Total non-operating items, net |
1,043 |
|
239 |
|
7,673 |
|
2,355 |
|
Operating FFO attributable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares & units – Basic: FFO & OFFO |
209,323 |
|
212,308 |
|
209,508 |
|
213,139 |
|
Assumed conversion of dilutive securities |
85 |
|
661 |
|
162 |
|
744 |
|
Weighted average shares & units – Diluted: FFO & OFFO |
209,408 |
|
212,969 |
|
209,670 |
|
213,883 |
|
|
|
|
|
|
|
|
|
|
FFO per share – Basic |
|
|
|
|
|
|
|
|
FFO per share – Diluted |
|
|
|
|
|
|
|
|
Operating FFO per share – Basic |
|
|
|
|
|
|
|
|
Operating FFO per share – Diluted |
|
|
|
|
|
|
|
|
Common stock dividends declared, per share (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures ( |
|
|
|
|
|
|
|
|
Redevelopment costs |
5,311 |
|
4,280 |
|
21,037 |
|
20,731 |
|
Maintenance capital expenditures |
5,936 |
|
4,621 |
|
17,488 |
|
21,088 |
|
Tenant allowances and landlord work |
16,194 |
|
12,032 |
|
55,133 |
|
47,372 |
|
Leasing commissions |
1,941 |
|
2,788 |
|
8,196 |
|
8,798 |
|
Construction administrative costs (capitalized) |
776 |
|
912 |
|
3,171 |
|
3,997 |
|
|
|
|
|
|
|
|
|
|
Certain non-cash items ( |
|
|
|
|
|
|
|
|
Straight-line rent |
939 |
|
806 |
|
3,174 |
|
3,417 |
|
Straight-line fixed CAM |
102 |
|
151 |
|
340 |
|
476 |
|
Amortization of below-market rent/(above), net |
1,197 |
|
1,335 |
|
13,562 |
|
5,018 |
|
Straight-line ground rent expense |
(25) |
|
(35) |
|
(155) |
|
(135) |
|
Debt fair value and loan cost amortization |
(1,310) |
|
(1,267) |
|
(4,901) |
|
(5,121) |
|
Capitalized interest expense |
322 |
|
311 |
|
1,238 |
|
1,119 |
|
Stock compensation expense |
(1,965) |
|
(1,678) |
|
(7,083) |
|
(6,813) |
|
Non-real estate depreciation expense |
(1,402) |
|
(1,151) |
|
(5,466) |
|
(4,893) |
|
|
|
|
|
|
|
|
|
(1) |
Includes |
|
|
|
|
|
|
Balance Sheet: Consolidated Interests |
||||
|
$ in thousands |
|
|
|
|
|
At Period End |
||
|
|
4Q23 |
|
4Q22 |
|
Assets: |
|
|
|
|
Land |
|
|
|
|
Buildings |
3,311,368 |
|
3,733,805 |
|
Fixtures and tenant improvements |
537,872 |
|
576,036 |
|
|
4,779,780 |
|
5,376,693 |
|
Depreciation |
(1,570,377) |
|
(1,652,899) |
|
|
3,209,403 |
|
3,723,794 |
|
Construction in progress and land |
51,379 |
|
56,466 |
|
Real estate, net |
3,260,782 |
|
3,780,260 |
|
|
|
|
|
|
Investments in and advances to JVs |
39,372 |
|
44,608 |
|
Cash |
551,968 |
|
20,254 |
|
Restricted cash |
17,063 |
|
960 |
|
Receivables and straight-line (1) |
65,623 |
|
63,926 |
|
Intangible assets, net (2) |
86,363 |
|
105,945 |
|
Other assets, net |
40,180 |
|
29,064 |
|
Total Assets |
4,061,351 |
|
4,045,017 |
|
|
|
|
|
|
Liabilities and Equity: |
|
|
|
|
Revolving credit facilities |
0 |
|
0 |
|
Unsecured debt |
1,303,243 |
|
1,453,923 |
|
Unsecured term loan |
198,856 |
|
198,521 |
|
Secured debt |
124,176 |
|
54,577 |
|
|
1,626,275 |
|
1,707,021 |
|
Dividends payable |
63,806 |
|
30,389 |
|
Other liabilities (3) |
195,727 |
|
214,985 |
|
Total Liabilities |
1,885,808 |
|
1,952,395 |
|
|
|
|
|
|
Preferred shares |
175,000 |
|
175,000 |
|
Common shares |
21,437 |
|
21,437 |
|
Paid-in capital |
5,974,904 |
|
5,974,216 |
|
Distributions in excess of net income |
(3,934,736) |
|
(4,046,370) |
|
Deferred compensation |
5,167 |
|
5,025 |
|
Accumulated comprehensive income |
6,121 |
|
9,038 |
|
Common shares in treasury at cost |
(72,350) |
|
(51,518) |
|
Non-controlling interests |
0 |
|
5,794 |
|
Total Equity |
2,175,543 |
|
2,092,622 |
|
|
|
|
|
|
Total Liabilities and Equity |
|
|
|
|
|
|
|
|
(1) |
SL rents (including fixed CAM), net |
|
|
|
|
|
|
|
|
(2) |
Operating lease right of use assets |
17,373 |
|
18,197 |
|
|
|
|
|
(3) |
Operating lease liabilities |
37,108 |
|
37,777 |
|
Below-market leases, net |
46,096 |
|
59,825 |
|
|
|
|
|
Reconciliation of Net Income Attributable to SITE to Same Store NOI |
|||||||
$ in thousands |
|
|
|
|
|
|
|
|
4Q23 |
|
4Q22 |
|
4Q23 |
|
4Q22 |
|
|
|
At SITE Centers Share
|
||||
GAAP Reconciliation: |
|
|
|
|
|
|
|
Net income attributable to |
|
|
|
|
|
|
|
Fee income |
(1,510) |
|
(2,075) |
|
(1,510) |
|
(2,075) |
Interest expense |
20,011 |
|
20,386 |
|
20,011 |
|
20,386 |
Depreciation and amortization |
46,925 |
|
50,982 |
|
46,925 |
|
50,982 |
General and administrative |
14,932 |
|
12,161 |
|
14,932 |
|
12,161 |
Other expense (income), net |
(5,200) |
|
388 |
|
(5,200) |
|
388 |
Equity in net income of joint ventures |
(82) |
|
(424) |
|
(82) |
|
(424) |
Tax expense |
1,234 |
|
(47) |
|
1,234 |
|
(47) |
Gain on sale and change in control of interests |
0 |
|
(27) |
|
0 |
|
(27) |
Gain on disposition of real estate, net |
(187,796) |
|
(15,352) |
|
(187,796) |
|
(15,352) |
Income from non-controlling interests |
0 |
|
18 |
|
0 |
|
18 |
Consolidated NOI |
84,938 |
|
94,207 |
|
84,938 |
|
94,207 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(6,934) |
|
(16,640) |
Total Consolidated SSNOI |
|
|
|
|
78,004 |
|
77,567 |
|
|
|
|
|
|
|
|
Consolidated SSNOI % Change |
|
|
|
|
0.6% |
|
|
|
|
|
|
|
|
|
|
Net (loss) income from unconsolidated joint ventures |
(926) |
|
1,013 |
|
(99) |
|
361 |
Interest expense |
6,585 |
|
7,495 |
|
1,498 |
|
1,682 |
Depreciation and amortization |
7,429 |
|
9,395 |
|
1,778 |
|
2,153 |
Other expense (income), net |
3,445 |
|
1,189 |
|
752 |
|
298 |
(Gain) loss on disposition of real estate, net |
(165) |
|
1,408 |
|
(33) |
|
289 |
Unconsolidated NOI |
|
|
|
|
3,896 |
|
4,783 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(155) |
|
(831) |
Total Unconsolidated SSNOI at SITE share |
|
|
|
|
3,741 |
|
3,952 |
|
|
|
|
|
|
|
|
Unconsolidated SSNOI % Change |
|
|
|
|
(5.3%) |
|
|
|
|
|
|
|
|
|
|
SSNOI % Change at SITE Share |
|
|
|
|
0.3% |
|
|
Reconciliation of Net Income Attributable to SITE to Same Store NOI |
|||||||
$ in thousands |
|
|
|
|
|
|
|
|
12M23 |
|
12M22 |
|
12M23 |
|
12M22 |
|
|
|
At SITE Centers Share
|
||||
GAAP Reconciliation: |
|
|
|
|
|
|
|
Net income attributable to |
|
|
|
|
|
|
|
Fee income |
(6,817) |
|
(11,546) |
|
(6,817) |
|
(11,546) |
Interest expense |
82,002 |
|
77,692 |
|
82,002 |
|
77,692 |
Depreciation and amortization |
212,460 |
|
203,546 |
|
212,460 |
|
203,546 |
General and administrative |
50,867 |
|
46,564 |
|
50,867 |
|
46,564 |
Other expense (income), net |
(3,189) |
|
2,540 |
|
(3,189) |
|
2,540 |
Impairment charges |
0 |
|
2,536 |
|
0 |
|
2,536 |
Equity in net income of joint ventures |
(6,577) |
|
(27,892) |
|
(6,577) |
|
(27,892) |
Tax expense |
2,045 |
|
816 |
|
2,045 |
|
816 |
Gain on sale and change in control of interests |
(3,749) |
|
(45,581) |
|
(3,749) |
|
(45,581) |
Gain on disposition of real estate, net |
(219,026) |
|
(46,644) |
|
(219,026) |
|
(46,644) |
Income from non-controlling interests |
18 |
|
73 |
|
18 |
|
73 |
Consolidated NOI |
373,737 |
|
370,823 |
|
373,737 |
|
370,823 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(69,445) |
|
(74,177) |
Total Consolidated SSNOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated SSNOI % Change |
|
|
|
|
2.6% |
|
|
|
|
|
|
|
|
|
|
Net income from unconsolidated joint ventures |
21,246 |
|
106,846 |
|
4,625 |
|
22,248 |
Interest expense |
25,601 |
|
34,055 |
|
5,840 |
|
7,664 |
Depreciation and amortization |
32,578 |
|
46,518 |
|
7,656 |
|
10,457 |
Impairment charges |
0 |
|
17,550 |
|
0 |
|
3,510 |
Other expense (income), net |
10,467 |
|
12,303 |
|
2,345 |
|
2,766 |
Gain on disposition of real estate, net |
(21,316) |
|
(120,097) |
|
(4,265) |
|
(23,965) |
Unconsolidated NOI |
|
|
|
|
16,201 |
|
22,680 |
Less: Non-Same Store NOI adjustments |
|
|
|
|
(1,280) |
|
(7,800) |
Total Unconsolidated SSNOI at SITE share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated SSNOI % Change |
|
|
|
|
0.3% |
|
|
|
|
|
|
|
|
|
|
SSNOI % Change at SITE Share |
|
|
|
|
2.5% |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213280385/en/
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