Site Centers Corp

NYSE:SITCUnited States

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 0 0 (2,669) (3,749) Gain on disposition of real estate, net (368,139) (31,047) (633,169) (31,230) -------- ------- -------- ------- FFO attributable to Common Shareholders ($ 13,495) $ 67,845 $ 78,614 $187,263 Gain on debt retirement 0 0 (1,037) 0 Transaction, debt extinguishment and other (at SITE's share) 55,653 679 79,041 2,186 Separation and other charges 595 1,345 1,820 4,444 -------- ------- -------- ------- Total non-operating items, net 56,248 2,024 79,824 6,630 -------- ------- -------- ------- Operating FFO attributable to Common Shareholders $ 42,753 $ 69,869 $ 158,438 $193,893 Weighted average shares & units -- Basic: FFO & OFFO (1) 52,400 52,322 52,381 52,393 Assumed conversion of dilutive securities (1) 153 28 177 60 -------- ------- -------- ------- Weighted average shares & units -- Diluted: FFO & OFFO (1) 52,553 52,350 52,558 52,453 FFO per share -- Basic (1) $ (0.26) $ 1.30 $ 1.50 $ 3.57 FFO per share -- Diluted (1) $ (0.26) $ 1.30 $ 1.50 $ 3.57 Operating FFO per share -- Basic (1) $ 0.82 $ 1.34 $ 3.02 $ 3.70 Operating FFO per share -- Diluted (1) $ 0.81 $ 1.33 $ 3.01 $ 3.70 Common stock dividends declared, per share (1) $ 0.00 $ 0.52 $ 1.04 $ 1.56 Capital expenditures (SITE Centers share): Redevelopment costs 1,182 7,609 7,192 15,726 Maintenance capital expenditures 1,792 4,528 5,449 11,552 Tenant allowances and landlord work 7,397 13,187 28,878 38,938 Leasing commissions 850 1,861 5,168 6,255 Construction administrative costs (capitalized) 839 795 2,653 2,395 Certain non-cash items (SITE Centers share): Straight-line rent 1,491 516 3,715 2,236 Straight-line fixed CAM 33 94 156 238 Amortization of below-market rent/(above), net 1,301 9,314 3,611 12,364 Straight-line ground rent expense (9) (25) (16) (130) Debt fair value and loan cost amortization (1,709) (1,165) (4,525) (3,591) Capitalized interest expense 76 321 547 916 Stock compensation expense (2,013) (1,756) (5,958) (5,119) Non-real estate depreciation expense (1,001) (1,411) (3,571) (4,064) (1) Prior periods presented have been adjusted to reflect the Company's one-for-four reverse stock split SITE Centers Corp. Balance Sheet: Consolidated Interests $ in thousands At Period End 3Q24 4Q23 ---------- ---------- Assets: Land $ 613,990 $ 930,540 Buildings 1,700,647 3,311,368 Fixtures and tenant improvements 323,926 537,872 ---------- ---------- 2,638,563 4,779,780 Depreciation (799,336) (1,570,377) ---------- ---------- 1,839,227 3,209,403 Construction in progress and land 17,887 51,379 ---------- ---------- Real estate, net 1,857,114 3,260,782 Investments in and advances to JVs 32,179 39,372 Cash (1) 1,063,088 551,968 Restricted cash 21,038 17,063 Receivables and straight-line (2) 38,842 65,623 Intangible assets, net (3) 93,108 86,363 Other assets, net 21,729 40,180 ---------- ---------- Total Assets 3,127,098 4,061,351 Liabilities and Equity: Revolving credit facilities 0 0 Unsecured debt 0 1,303,243 Unsecured term loan 0 198,856 Secured debt 300,842 124,176 ---------- ---------- 300,842 1,626,275 Dividends payable 2,789 63,806 Other liabilities (4) 171,541 195,727 ---------- ---------- Total Liabilities 475,172 1,885,808 Preferred shares 175,000 175,000 Common shares 5,247 5,239 Paid-in capital 5,927,905 5,923,919 Distributions in excess of net income (3,460,210) (3,934,736) Deferred compensation 4,968 5,167 Accumulated comprehensive income 6,113 6,121 Common shares in treasury at cost (7,097) (5,167) ---------- ---------- Total Equity 2,651,926 2,175,543 Total Liabilities and Equity $ 3,127,098 $ 4,061,351 On October 1, 2024, $800 million was used to capitalize Curbline (1) Properties (2) SL rents (including fixed CAM), net $ 17,152 $ 31,206 (3) Operating lease right of use assets 16,086 17,373 Below market ground leases (as lessee) 13,653 0 (4) Operating lease liabilities 35,819 37,108 Below-market leases, net 38,729 46,096 Excludes costs to complete redevelopment projects at Curbline assets