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SITE Centers Reports Third Quarter 2019 Operating Results

October 30, 2019 GMT

BEACHWOOD, Ohio--(BUSINESS WIRE)--Oct 30, 2019--

SITE Centers Corp. (NYSE: SITC) today announced operating results for the quarter ended September 30, 2019.

“I am thrilled to announce another quarter of above plan results and execution on our five-year business plan,” commented David R. Lukes, president and chief executive officer. “Our growth is increasingly being fueled by occupancy improvement and anchor openings, many of them earlier than expected, and we expect this trend to strengthen into the fourth quarter and 2020. In addition, the sale of our interest in the DDRTC Joint Venture portfolio to our partner, TIAA-CREF, will provide capital for re-investment, materially enhance our portfolio quality and further strengthen our business.”

Results for the Quarter

Significant Third Quarter and Recent Activity

Key Quarterly Operating Results

Guidance

The Company has updated its 2019 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 as well as the impact of the above mentioned common share issuance completed in October and expected redemption of the Class J Preferred Shares. Disposition and refinancing fees from RVI as well as mark-to-market adjustments of equity awards are excluded from guidance. The guidance update is as follows:

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

 

 

FY2019E (prior)
Per Share – Diluted

 

FY2019E (revised)
Per Share – Diluted

Net income attributable to common shareholders

 

$0.25 – $0.30

$0.27 – $0.30

Depreciation and amortization of real estate

 

0.83 – 0.87

0.83 – 0.86

Equity in net (income) of JVs

 

(0.04)

(0.04)

JVs' FFO

 

0.15 – 0.18

0.16 – 0.18

Gain on disposition of real estate (nine months actual)

 

(0.09)

(0.17)

Impairment of real estate / reserve of preferred equity interests (nine months actual)

 

0.04

0.08

FFO (NAREIT)

 

$1.18 – $1.22

$1.16 – $1.18

Write off of estimated Class J Preferred Shares’ original issuance costs (1)

 

-

0.04

Operating FFO

 

$1.18 – $1.22

$1.20 – $1.22

(1)

Guidance includes impact of the previously disclosed common share issuance in October 2019 as well as the expected redemption of the Class J Preferred Shares.

Other key assumptions for 2019 guidance include:

 

 

 

FY2019E (prior)

FY2019E (revised)

SSNOI

 

 

2.25% – 3.25%

2.75% – 3.25%

RVI fee income (excluding disposition/refinancing fees) (2)

 

 

$21 – $23 million

$23 – $24 million

Joint Venture fee income

 

 

$23 – $27 million

$27 – $29 million

Interest income

 

 

$14 – $17 million

$16 – $17 million

General & administrative expenses (3)

 

 

$60 million

$60 million

(2)

Consistent with prior quarters, guidance excludes impact of disposition and refinancing fees from RVI for the full year.

(3)

Consistent with prior quarters, guidance excludes mark-to-market adjustments of equity awards for the full year.

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 9:00 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 4590014 at least ten minutes prior to the scheduled start of the call. A replay of the conference call will also be available at ir.sitecenters.com for one year after the call. 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.

In December 2018, the National Association of Real Estate Investment Trusts (“NAREIT”) issued NAREIT Funds From Operations White Paper - 2018 Restatement (“2018 FFO White Paper”). The purpose of the 2018 FFO White Paper was not to change the fundamental definition of FFO but to clarify existing guidance and to consolidate into a single document alerts and policy bulletins issued by NAREIT since the last FFO white paper was issued in 2002. The 2018 FFO White Paper was effective starting with first quarter 2019 reporting. The changes to the Company’s calculation of FFO resulting from the adoption of the 2018 FFO White Paper relate to the exclusion of gains or losses on the sale of land as well as related impairments, gains or losses from changes in control and the reserve adjustment of preferred equity interests. The Company adopted changes in its calculation in 2019 on a retrospective basis.

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.

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, mark-to-market adjustments of equity awards, hurricane-related activity, certain transaction costs or certain fee income. The expected range of net income attributable to common shareholders to estimate projected FFO and Operating FFO for 2019 does include the impact of the common share issuance in October 2019 as well as the expected redemption of the Class J Preferred Shares. 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 in excess of lost rent, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI also excludes activity associated with development and major redevelopment and includes assets owned in comparable periods (15 months for quarter comparisons). 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 are included in this release and the accompanying financial supplement. Reconciliation of 2019 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, local conditions such as supply of space or a reduction in demand for real estate in the area; competition from other available space; 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; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and our ability to satisfy conditions to the completion of these arrangements; 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 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; any change in strategy; our ability to maintain REIT status; and the finalization of the financial statements for the period ended September 30, 2019. 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 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

 

 

 

 

 

3Q19

 

3Q18

 

9M19

 

9M18

 

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

$108,060

 

$126,148

 

$332,555

 

$529,916

 

Other property revenues

759

 

1,045

 

3,404

 

3,455

 

Business interruption income

885

 

1,784

 

885

 

6,884

 

 

109,704

 

128,977

 

336,844

 

540,255

 

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance (2)

16,738

 

18,386

 

54,322

 

85,473

 

Real estate taxes

16,721

 

21,211

 

52,262

 

83,712

 

 

33,459

 

39,597

 

106,584

 

169,185

 

 

 

 

 

 

 

 

 

 

Net operating income

76,245

 

89,380

 

230,260

 

371,070

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Fee income (3)

12,821

 

15,118

 

45,360

 

30,424

 

Interest income

4,616

 

5,055

 

13,658

 

15,412

 

Interest expense

(21,160)

 

(26,962)

 

(63,973)

 

(115,915)

 

Depreciation and amortization

(40,732)

 

(49,629)

 

(123,400)

 

(196,515)

 

General and administrative

(15,304)

 

(15,232)

 

(44,348)

 

(45,353)

 

Other income (expense), net (4)

(322)

 

(1,454)

 

(254)

 

(99,316)

 

Impairment charges

(2,750)

 

(19,890)

 

(3,370)

 

(68,394)

 

Hurricane property income (loss)

0

 

157

 

0

 

(817)

 

Income (loss) before earnings from JVs and other

13,414

 

(3,457)

 

53,933

 

(109,404)

 

 

 

 

 

 

 

 

 

 

Equity in net income (loss) of JVs

2,612

 

(2,920)

 

5,446

 

9,687

 

Reserve of preferred equity interests

(6,373)

 

(2,201)

 

(12,106)

 

(4,537)

 

Gain on disposition of real estate, net

14,497

 

124

 

31,087

 

39,643

 

Tax expense

(249)

 

(238)

 

(827)

 

(611)

 

Net income (loss)

23,901

 

(8,692)

 

77,533

 

(65,222)

 

Non-controlling interests

(271)

 

(239)

 

(836)

 

(1,191)

 

Net income (loss) SITE Centers

23,630

 

(8,931)

 

76,697

 

(66,413)

 

Preferred dividends

(8,382)

 

(8,382)

 

(25,148)

 

(25,148)

 

Net income (loss) Common Shareholders

$15,248

 

($17,313)

 

$51,549

 

($91,561)

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic – EPS

180,567

 

184,655

 

180,555

 

184,616

 

Assumed conversion of diluted securities

940

 

0

 

1,064

 

0

 

Weighted average shares – Basic & Diluted – EPS

181,507

 

184,655

 

181,619

 

184,616

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Basic

$0.08

 

$(0.09)

 

$0.28

 

$(0.50)

 

Earnings per common share – Diluted

$0.08

 

$(0.09)

 

$0.28

 

$(0.50)

 

 

 

 

 

 

 

 

 

 

Rental income:

 

 

 

 

 

 

 

(1)

Minimum rents

$75,293

 

$86,854

 

$225,131

 

$355,849

 

Ground lease minimum rents

5,018

 

5,305

 

15,059

 

24,875

 

Percentage and overage rent

553

 

600

 

2,839

 

3,861

 

Recoveries

26,018

 

31,951

 

81,466

 

133,863

 

Lease termination fees

388

 

99

 

3,005

 

3,316

 

Ancillary and other rental income

1,295

 

1,339

 

5,233

 

8,152

 

Bad debt

(505)

 

N/A

 

(178)

 

N/A

 

 

 

 

 

 

 

 

 

(2)

Bad debt (prior to adoption of Topic 842)

N/A

 

(132)

 

N/A

 

(31)

 

 

 

 

 

 

 

 

 

(3)

Fee Income:

 

 

 

 

 

 

 

 

JV and other fees

6,783

 

6,265

 

21,905

 

21,571

 

RVI fees

5,492

 

7,231

 

18,495

 

7,231

 

RVI disposition fees

546

 

1,622

 

3,160

 

1,622

 

RVI refinancing fee

0

 

0

 

1,800

 

0

 

 

 

 

 

 

 

 

 

(4)

Other income (expense), net

 

 

 

 

 

 

 

 

Transaction costs - spin-off

0

 

(528)

 

0

 

(37,044)

 

Transaction and other expense, net

0

 

(893)

 

164

 

(3,839)

 

Debt extinguishment costs, net

(322)

(33)

(418)

(58,433) 

SITE Centers Corp.

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

 

in thousands, except per share

 

 

 

 

 

3Q19

 

3Q18

 

9M19

 

9M18

 

Net income (loss) attributable to Common Shareholders

$15,248

 

($17,313)

 

$51,549

 

($91,561)

 

Depreciation and amortization of real estate

39,329

 

48,242

 

118,924

 

191,997

 

Equity in net (income) loss of JVs

(2,612)

 

2,920

 

(5,446)

 

(9,687)

 

JVs' FFO

8,498

 

7,036

 

24,169

 

20,847

 

Non-controlling interests

28

 

28

 

84

 

587

 

Impairment of real estate

2,750

 

19,890

 

3,370

 

68,394

 

Reserve of preferred equity interests

6,373

 

2,201

 

12,106

 

4,537

 

Gain on disposition of real estate, net

(14,497)

 

(124)

 

(31,087)

 

(39,643)

 

FFO attributable to Common Shareholders

$55,117

 

$62,880

 

$173,669

 

$145,471

 

RVI disposition and refinancing fees

(546)

 

(1,622)

 

(4,960)

 

(1,622)

 

Mark-to-market adjustment (PRSUs)

1,418

 

0

 

2,818

 

0

 

Hurricane property (income) loss, net

(885)

 

(1,941)

 

(885)

 

504

 

Separation charges

0

 

0

 

0

 

4,641

 

Debt extinguishment, transaction, net

322

 

1,475

 

443

 

99,337

 

Joint ventures - debt extinguishment, other

(52)

 

211

 

(6)

 

914

 

Total non-operating items, net

257

 

(1,877)

 

(2,590)

 

103,774

 

Operating FFO attributable to Common Shareholders

$55,374

 

$61,003

 

$171,079

 

$249,245

 

 

 

 

 

 

 

 

 

 

Weighted average shares & units – Basic: FFO & OFFO

180,708

 

184,803

 

180,697

 

184,775

 

Assumed conversion of dilutive securities

940

 

9

 

1,064

 

8

 

Weighted average shares & units – Diluted: FFO & OFFO

181,648

 

184,812

 

181,761

 

184,783

 

 

 

 

 

 

 

 

 

 

FFO per share – Basic

$0.31

 

$0.34

 

$0.96

 

$0.79

 

FFO per share – Diluted

$0.30

 

$0.34

 

$0.96

 

$0.79

 

Operating FFO per share – Basic

$0.31

 

$0.33

 

$0.95

 

$1.35

 

Operating FFO per share – Diluted

$0.30

 

$0.33

 

$0.94

 

$1.35

 

Common stock dividends declared, per share

$0.20

 

$0.20

 

$0.60

 

$0.96

 

 

 

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share):

 

 

 

 

 

 

 

 

Development and redevelopment costs

20,207

 

11,543

 

41,594

 

45,060

 

Maintenance capital expenditures

3,846

 

4,176

 

9,673

 

7,746

 

Tenant allowances and landlord work

8,600

 

5,219

 

23,606

 

25,097

 

Leasing commissions

1,542

 

861

 

3,625

 

2,701

 

Construction administrative costs (capitalized)

924

 

1,120

 

2,484

 

3,682

 

 

 

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share):

 

 

 

 

 

 

 

 

Straight-line rent

566

 

206

 

1398

 

109

 

Straight-line fixed CAM

196

 

0

 

581

 

0

 

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

1,058

 

1,112

 

3,328

 

1,638

 

Straight-line rent expense

(186)

 

(37)

 

(1,020)

 

(113)

 

Debt fair value and loan cost amortization

(1,166)

 

(1,133)

 

(3,429)

 

(6,407)

 

Capitalized interest expense

400

 

268

 

951

 

936

 

Stock compensation expense

(3,628)

 

(1,437)

 

(9,095)

 

(4,521)

 

Non-real estate depreciation expense

(1,352)

 

(1,341)

 

(4,282)

 

(4,389)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

$ in thousands

 

 

 

 

 

At Period End

 

 

3Q19

 

4Q18

 

Assets:

 

 

 

 

Land

$857,782

 

$873,548

 

Buildings

3,209,229

 

3,251,030

 

Fixtures and tenant improvements

466,394

 

448,371

 

 

4,533,405

 

4,572,949

 

Depreciation

(1,255,110)

 

(1,172,357)

 

 

3,278,295

 

3,400,592

 

Construction in progress and land

76,525

 

54,917

 

Real estate, net

3,354,820

 

3,455,509

 

 

 

 

 

 

Investments in and advances to JVs

168,149

 

139,732

 

Investment in and advances to affiliate (1)

206,668

 

223,985

 

Receivable – preferred equity interests, net

162,730

 

189,891

 

Cash

23,727

 

11,087

 

Restricted cash

2,296

 

2,563

 

Notes receivable

19,670

 

19,675

 

Receivables and straight-line (2)

60,655

 

67,335

 

Intangible assets, net (3)

77,614

 

77,419

 

Other assets, net

23,532

 

19,135

 

Total Assets

4,099,861

 

4,206,331

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Revolving credit facilities

0

 

100,000

 

Unsecured debt

1,647,474

 

1,646,007

 

Unsecured term loan

99,417

 

49,655

 

Secured debt

86,392

 

88,743

 

 

1,833,283

 

1,884,405

 

Dividends payable

44,643

 

45,262

 

Other liabilities (4)

214,430

 

203,662

 

Total Liabilities

2,092,356

 

2,133,329

 

 

 

 

 

 

Preferred shares

525,000

 

525,000

 

Common shares

18,472

 

18,471

 

Paid-in capital

5,547,534

 

5,544,220

 

Distributions in excess of net income

(4,037,373)

 

(3,980,151)

 

Deferred compensation

8,070

 

8,193

 

Other comprehensive income

(757)

 

(1,381)

 

Common shares in treasury at cost

(56,520)

 

(44,278)

 

Non-controlling interests

3,079

 

2,928

 

Total Equity

2,007,505

 

2,073,002

 

 

 

 

 

 

Total Liabilities and Equity

$4,099,861

 

$4,206,331

 

 

 

 

 

(1)

Preferred investment in RVI

$190,000

 

$190,000

 

Receivable from RVI

16,668

 

33,985

 

 

 

 

 

(2)

Straight-line rents receivable

31,384

 

31,098

 

 

 

 

 

(3)

Operating lease right of use assets (related to adoption of Topic 842)

21,628

 

0

 

 

 

 

 

(4)

Operating lease liabilities (related to adoption of Topic 842)

40,518

 

0

 

Below-market leases, net

46,338

 

50,332

SITE Centers Corp.

Reconciliation of Net Income (Loss) Attributable to SITE to Same Store NOI (1)

$ in thousands

 

 

 

 

 

 

 

 

SITE Centers at 100%

 

At SITE Centers Share
(Non-GAAP)

 

3Q19

 

3Q18

 

3Q19

 

3Q18

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income (loss) attributable to SITE Centers

$23,630

 

($8,931)

 

$23,630

 

($8,931)

Fee income

(12,821)

 

(15,118)

 

(12,821)

 

(15,118)

Interest income

(4,616)

 

(5,055)

 

(4,616)

 

(5,055)

Interest expense

21,160

 

26,962

 

21,160

 

26,962

Depreciation and amortization

40,732

 

49,629

 

40,732

 

49,629

General and administrative

15,304

 

15,232

 

15,304

 

15,232

Other expense, net

322

 

1,454

 

322

 

1,454

Impairment charges

2,750

 

19,890

 

2,750

 

19,890

Hurricane property income

0

 

(157)

 

0

 

(157)

Equity in net (income) loss of joint ventures

(2,612)

 

2,920

 

(2,612)

 

2,920

Reserve of preferred equity interests

6,373

 

2,201

 

6,373

 

2,201

Tax expense

249

 

238

 

249

 

238

Gain on disposition of real estate, net

(14,497)

 

(124)

 

(14,497)

 

(124)

Income from non-controlling interests

271

 

239

 

271

 

239

Consolidated NOI

76,245

 

89,380

 

76,245

 

89,380

SITE Centers' consolidated JV

0

 

0

 

(435)

 

(404)

Consolidated NOI, net of non-controlling interests

76,245

 

89,380

 

75,810

 

88,976

 

 

 

 

 

 

 

 

Net income (loss) from unconsolidated joint ventures

6,027

 

(50,859)

 

2,331

 

(7,735)

Interest expense

22,530

 

23,126

 

3,918

 

3,689

Depreciation and amortization

36,867

 

34,332

 

6,024

 

4,766

Impairment charges

0

 

87,880

 

0

 

13,182

Preferred share expense

5,544

 

6,249

 

277

 

313

Other expense, net

5,017

 

5,460

 

966

 

962

Loss (gain) on disposition of real estate, net

440

 

(32,548)

 

(10)

 

(3,313)

Unconsolidated NOI

76,425

 

73,640

 

13,506

 

11,864

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

152,670

 

163,020

 

89,316

 

100,840

Less: Non-Same Store NOI adjustments

(7,983)

 

(19,362)

 

(5,500)

 

(18,319)

Total SSNOI

$144,687

 

$143,658

 

$83,816

 

$82,521

 

 

 

 

 

 

 

 

SSNOI % Change

0.7%

 

 

 

1.6%

 

 

 

 

 

 

 

 

 

 

(1) Excludes major redevelopment activity.

SITE Centers Corp.

Reconciliation of Net Income (Loss) Attributable to SITE to Same Store NOI (1)

$ in thousands

 

 

 

 

 

 

 

 

SITE Centers at 100%

 

At SITE Centers Share
(Non-GAAP)

 

9M19

 

9M18

 

9M19

 

9M18

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income (loss) attributable to SITE Centers

$76,697

 

($66,413)

 

$76,697

 

($66,413)

Fee income

(45,360)

 

(30,424)

 

(45,360)

 

(30,424)

Interest income

(13,658)

 

(15,412)

 

(13,658)

 

(15,412)

Interest expense

63,973

 

115,915

 

63,973

 

115,915

Depreciation and amortization

123,400

 

196,515

 

123,400

 

196,515

General and administrative

44,348

 

45,353

 

44,348

 

45,353

Other expense, net

254

 

99,316

 

254

 

99,316

Impairment charges

3,370

 

68,394

 

3,370

 

68,394

Hurricane property loss

0

 

817

 

0

 

817

Equity in net income of joint ventures

(5,446)

 

(9,687)

 

(5,446)

 

(9,687)

Reserve of preferred equity interests

12,106

 

4,537

 

12,106

 

4,537

Tax expense

827

 

611

 

827

 

611

Gain on disposition of real estate, net

(31,087)

 

(39,643)

 

(31,087)

 

(39,643)

Income from non-controlling interests

836

 

1,191

 

836

 

1,191

Consolidated NOI

230,260

 

371,070

 

230,260

 

371,070

SITE Centers' consolidated JV

0

 

0

 

(1,314)

 

(1,186)

Consolidated NOI, net of non-controlling interests

230,260

 

371,070

 

228,946

 

369,884

 

 

 

 

 

 

 

 

Net income (loss) from unconsolidated joint ventures

13,846

 

(14,831)

 

4,676

 

4,246

Interest expense

73,472

 

72,315

 

12,742

 

11,244

Depreciation and amortization

113,340

 

111,308

 

18,195

 

14,904

Impairment charges

12,267

 

104,790

 

2,453

 

14,028

Preferred share expense

16,487

 

19,074

 

824

 

954

Other expense, net

16,358

 

19,497

 

2,988

 

3,295

(Gain) loss on disposition of real estate, net

(15,205)

 

(82,924)

 

1,515

 

(12,638)

Unconsolidated NOI

230,565

 

229,229

 

43,393

 

36,033

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

460,825

 

600,299

 

272,339

 

405,917

Less: Non-Same Store NOI adjustments

(30,381)

 

(177,353)

 

(25,536)

 

(166,391)

Total SSNOI

$430,444

 

$422,946

 

$246,803

 

$239,526

 

 

 

 

 

 

 

 

SSNOI % Change

1.8%

 

 

 

3.0%

 

 

 

 

 

 

 

 

 

 

(1) Excludes major redevelopment activity.

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191030005052/en/

CONTACT: Matthew Ostrower, EVP and Chief Financial Officer

216-755-5500

KEYWORD: OHIO UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TEENS WOMEN SENIORS REIT MEN RESTAURANT/BAR FAMILY OFFICE PRODUCTS CONSUMER CONVENIENCE STORE RESIDENTIAL BUILDING & REAL ESTATE CATALOG BRIDAL GENERAL ENTERTAINMENT CONSTRUCTION & PROPERTY OTHER RETAIL HOME GOODS ENTERTAINMENT SUPERMARKET SPECIALTY DISCOUNT/VARIETY DEPARTMENT STORES FOOD/BEVERAGE FASHION RETAIL

SOURCE: SITE Centers Corp.

Copyright Business Wire 2019.

PUB: 10/30/2019 07:00 AM/DISC: 10/30/2019 07:01 AM

http://www.businesswire.com/news/home/20191030005052/en