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SITE Centers Reports First Quarter 2022 Operating Results

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 March 31, 2022.

“SITE Centers had an excellent start to the year with another quarter of record new leasing activity as compared to the last 5 years and the deployment of the remaining proceeds from the $190 million of preferred dividends paid to SITE Centers by Retail Value Inc.,” commented David R. Lukes, President and Chief Executive Officer. “Looking forward, our portfolio is well positioned across our key submarkets to produce sustainable Net Operating Income (NOI) growth driven by the Company’s significant Signed but Not Opened (“SNO”) pipeline and upside from recent investments.”

Results for the Quarter

  • First quarter net income attributable to common shareholders was $11.1 million, or $0.05 per diluted share, as compared to net income of $10.9 million, or $0.05 per diluted share, in the year-ago period.
  • First quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $61.6 million, or $0.29 per diluted share, compared to $55.3 million, or $0.28 per diluted share, in the year-ago period. The year-over-year increase was primarily attributable to increased property net operating income driven by revenue growth and the impact of property acquisitions partially offset by lower management fees. First quarter OFFO results included $1.3 million of net revenue at SITE Centers’ share related to prior periods primarily from cash basis tenants and related reserve adjustments.

Significant First Quarter and Recent Activity

  • Acquired three shopping centers (including through the acquisition of partner’s interest) during the quarter for an aggregate price of $140.1 million, including Artesia Village (Scottsdale, Arizona) for $14.5 million, our partner’s 80% interest in Casselberry Commons (Orlando, Florida) for $35.6 million ($44.5 million at 100%), and Shops at Boca Center (Boca Raton, Florida) for $90.0 million.
  • In March 2022, settled 2.2 million common shares previously offered and sold on a forward basis in 2021 under our ATM program, resulting in gross proceeds of $35.1 million.
  • In March 2022, repaid $34.3 million of consolidated mortgage debt, which was scheduled to mature in September 2022.
  • In April 2022, acquired Shoppes of Crabapple (Alpharetta, Georgia) for an aggregate purchase price of $4.4 million.
  • In April 2022, closed on the previously announced disposition of the Company’s 20% interest in the SAU Joint Venture to its partner, the State of Utah, based on a gross asset value of $155.7 million (at 100%). Fee income from the SAU joint venture totaled $1.0 million in 2021.

Key Quarterly Operating Results

  • Reported an increase of 2.9% in SSNOI on a pro rata basis for the first quarter of 2022, including redevelopment, as compared to the year-ago period. The first quarter of 2021 SSNOI included $5 million of net revenue at SITE Centers’ share related to 2020 primarily from cash basis tenants.
  • Generated new leasing spreads of 13.3% and renewal leasing spreads of 4.3%, both on a pro rata basis, for the trailing twelve-month period ended March 31, 2022 and new leasing spreads of 15.4% and renewal leasing spreads of 5.6%, both on a pro rata basis, for the first quarter of 2022.
  • Reported a leased rate of 93.2% at March 31, 2022 on a pro rata basis, compared to 92.7% on a pro rata basis at December 31, 2021 and 91.4% on a pro rata basis at March 31, 2021.
  • As of March 31, 2022, the SNO spread was 300 basis points representing $18.3 million of annualized base rent on a pro rata basis.
  • Annualized base rent per occupied square foot on a pro rata basis was $18.55 at March 31, 2022, compared to $18.39 at March 31, 2021.

Guidance

The Company has updated its 2022 full-year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the first quarter operating results. RVI disposition fees, impairment charges, gains on sale of assets, transaction and debt extinguishment costs 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 2022E (original)

Per Share – Diluted

 

FY 2022E (revised)

Per Share – Diluted

Net income attributable to Common Shareholders

$0.19 – $0.26

 

$0.17 – $0.24

Depreciation and amortization of real estate

0.80 – 0.85

 

0.85 – 0.90

Equity in net (income) of JVs

(0.01) – 0.00

 

(0.01) – 0.00

JVs' FFO

0.05 – 0.07

 

0.05 – 0.07

Gain on change in control of interests (first quarter actual)

N/A

 

(0.01)

FFO (NAREIT) and Operating FFO

$1.08 – $1.13

 

$1.10 – $1.15

Other key assumptions for 2022 full-year guidance include:

 

FY 2022E (original)

 

FY 2022E (revised)

Joint Venture fee income

$8.0 – $10.0 million

 

$8.0 – $10.0 million

RVI fee income (excluding disposition fees) (1)

$0.5 – $1.0 million

 

$0.5 – $1.0 million

SSNOI (2)

(1.50)% – 0.50%

 

(0.75)% – 0.75%

SSNOI – Adjusted for 2021 Uncollectible Revenue Impact (3)

2.25% – 4.25%

 

3.00% – 4.50%

(1)

Consistent with 2021, guidance excludes impact of disposition fees from RVI.

(2)

Including redevelopment and approximately $14 million included in Uncollectible Revenue, primarily related to rent received from cash basis tenants, reported in 2021 related to prior periods, which is approximately 380 basis point headwind to 2022 SSNOI growth.

(3)

Including redevelopment and excluding revenue impact of approximately $14 million included in Uncollectible Revenue, primarily related to rent received from cash basis tenants, reported in 2021 related to prior periods.

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 0768163 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 3558458 through May 26, 2022. 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, (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 including 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 2022 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 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 March 31, 2022. 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

 

 

 

1Q22

 

1Q21

 

Revenues:

 

 

 

 

Rental income (1)

$

129,884

 

 

$

119,890

 

 

Other property revenues

 

1,175

 

 

 

97

 

 

 

 

131,059

 

 

 

119,987

 

 

Expenses:

 

 

 

 

Operating and maintenance

 

21,936

 

 

 

20,216

 

 

Real estate taxes

 

20,183

 

 

 

19,664

 

 

 

 

42,119

 

 

 

39,880

 

 

 

 

 

 

 

Net operating income

 

88,940

 

 

 

80,107

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

Fee income (2)

 

3,261

 

 

 

8,152

 

 

Interest expense

 

(18,258

)

 

 

(19,395

)

 

Depreciation and amortization

 

(50,364

)

 

 

(45,560

)

 

General and administrative (3)

 

(12,251

)

 

 

(17,395

)

 

Other expense, net

 

(504

)

 

 

(366

)

 

Impairment charges

 

0

 

 

 

(7,270

)

 

Income (loss) before earnings from JVs and other

 

10,824

 

 

 

(1,727

)

 

 

 

 

 

 

Equity in net income of JVs

 

169

 

 

 

4,385

 

 

Gain on change in control of interests

 

3,356

 

 

 

13,908

 

 

Loss on disposition of real estate, net

 

(142

)

 

 

(20

)

 

Tax expense

 

(252

)

 

 

(365

)

 

Net income

 

13,955

 

 

 

16,181

 

 

Non-controlling interests

 

(18

)

 

 

(173

)

 

Net income SITE Centers

 

13,937

 

 

 

16,008

 

 

Preferred dividends

 

(2,789

)

 

 

(5,133

)

 

Net income Common Shareholders

$

11,148

 

 

$

10,875

 

 

 

 

 

 

 

Weighted average shares – Basic – EPS

 

212,103

 

 

 

198,534

 

 

Assumed conversion of diluted securities

 

1,100

 

 

 

911

 

 

Weighted average shares – Basic & Diluted – EPS

 

213,203

 

 

 

199,445

 

 

 

 

 

 

 

Earnings per common share – Basic

$

0.05

 

 

$

0.05

 

 

Earnings per common share – Diluted

$

0.05

 

 

$

0.05

 

 

 

 

 

 

(1)

Rental income:

 

 

 

 

Minimum rents

$

84,227

 

 

$

78,237

 

 

Ground lease minimum rents

 

6,707

 

 

 

6,344

 

 

Straight-line rent, net

 

996

 

 

 

(347

)

 

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

 

1,157

 

 

 

1,004

 

 

Percentage and overage rent

 

1,137

 

 

 

1,021

 

 

Recoveries

 

32,833

 

 

 

30,595

 

 

Uncollectible revenue

 

1,108

 

 

 

1,398

 

 

Ancillary and other rental income

 

1,465

 

 

 

1,345

 

 

Lease termination fees

 

254

 

 

 

293

 

 

 

 

 

 

(2)

Fee Income:

 

 

 

 

JV and other fees

 

3,063

 

 

 

3,400

 

 

RVI fees

 

198

 

 

 

4,752

 

 

 

 

 

 

(3)

Mark-to-market adjustment (PRSUs)

 

0

 

 

 

(5,589

)

 

 

 

 

 

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

 

in thousands, except per share

 

 

 

1Q22

 

1Q21

 

Net income attributable to Common Shareholders

$

11,148

 

 

$

10,875

 

 

Depreciation and amortization of real estate

 

49,128

 

 

 

44,188

 

 

Equity in net income of JVs

 

(169

)

 

 

(4,385

)

 

JVs' FFO

 

4,315

 

 

 

5,435

 

 

Non-controlling interests

 

18

 

 

 

16

 

 

Impairment of real estate

 

0

 

 

 

7,270

 

 

Gain on change in control of interests

 

(3,356

)

 

 

(13,908

)

 

Loss on disposition of real estate, net

 

142

 

 

 

20

 

 

FFO attributable to Common Shareholders

$

61,226

 

 

$

49,511

 

 

Mark-to-market adjustment (PRSUs)

 

0

 

 

 

5,589

 

 

Transaction and other costs

 

332

 

 

 

202

 

 

Total non-operating items, net

 

332

 

 

 

5,791

 

 

Operating FFO attributable to Common Shareholders

$

61,558

 

 

$

55,302

 

 

 

 

 

 

 

Weighted average shares & units – Basic: FFO & OFFO

 

212,244

 

 

 

198,674

 

 

Assumed conversion of dilutive securities

 

1,100

 

 

 

911

 

 

Weighted average shares & units – Diluted: FFO & OFFO

 

213,344

 

 

 

199,585

 

 

 

 

 

 

 

FFO per share – Basic

$

0.29

 

 

$

0.25

 

 

FFO per share – Diluted

$

0.29

 

 

$

0.25

 

 

Operating FFO per share – Basic

$

0.29

 

 

$

0.28

 

 

Operating FFO per share – Diluted

$

0.29

 

 

$

0.28

 

 

Common stock dividends declared, per share

$

0.13

 

 

$

0.11

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share):

 

 

 

 

Redevelopment costs (major and tactical)

 

8,151

 

 

 

2,801

 

 

Maintenance capital expenditures

 

2,256

 

 

 

1,450

 

 

Tenant allowances and landlord work

 

9,368

 

 

 

11,170

 

 

Leasing commissions

 

1,758

 

 

 

1,434

 

 

Construction administrative costs (capitalized)

 

1,175

 

 

 

611

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share):

 

 

 

 

Straight-line rent

 

1,080

 

 

 

(301

)

 

Straight-line fixed CAM

 

103

 

 

 

131

 

 

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

 

1,243

 

 

 

1,125

 

 

Straight-line ground rent expense

 

(34

)

 

 

(37

)

 

Debt fair value and loan cost amortization

 

(1,286

)

 

 

(1,180

)

 

Capitalized interest expense

 

223

 

 

 

111

 

 

Stock compensation expense

 

(1,723

)

 

 

(7,569

)

 

Non-real estate depreciation expense

 

(1,238

)

 

 

(1,306

)

 

 

 

 

 

 

 

 

 

 

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

$ in thousands

 

 

 

 

 

At Period End

 

 

1Q22

 

4Q21

 

Assets:

 

 

 

 

Land

$

1,051,198

 

 

$

1,011,401

 

 

Buildings

 

3,718,886

 

 

 

3,624,164

 

 

Fixtures and tenant improvements

 

563,879

 

 

 

556,056

 

 

 

 

5,333,963

 

 

 

5,191,621

 

 

Depreciation

 

(1,611,259

)

 

 

(1,571,569

)

 

 

 

3,722,704

 

 

 

3,620,052

 

 

Construction in progress and land

 

56,629

 

 

 

47,260

 

 

Real estate, net

 

3,779,333

 

 

 

3,667,312

 

 

 

 

 

 

 

Investments in and advances to JVs

 

57,047

 

 

 

64,626

 

 

Cash

 

17,188

 

 

 

41,807

 

 

Restricted cash

 

2,026

 

 

 

1,445

 

 

Receivables and straight-line (1)

 

52,480

 

 

 

61,382

 

 

Intangible assets, net (2)

 

120,388

 

 

 

113,106

 

 

Other assets, net

 

23,019

 

 

 

17,373

 

 

Total Assets

 

4,051,481

 

 

 

3,967,051

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Revolving credit facilities

 

115,000

 

 

 

0

 

 

Unsecured debt

 

1,452,307

 

 

 

1,451,768

 

 

Unsecured term loan

 

99,854

 

 

 

99,810

 

 

Secured debt

 

91,168

 

 

 

125,799

 

 

 

 

1,758,329

 

 

 

1,677,377

 

 

Dividends payable

 

30,694

 

 

 

28,243

 

 

Other liabilities (3)

 

206,340

 

 

 

218,779

 

 

Total Liabilities

 

1,995,363

 

 

 

1,924,399

 

 

 

 

 

 

 

Preferred shares

 

175,000

 

 

 

175,000

 

 

Common shares

 

21,417

 

 

 

21,129

 

 

Paid-in capital

 

5,968,724

 

 

 

5,934,166

 

 

Distributions in excess of net income

 

(4,109,540

)

 

 

(4,092,783

)

 

Deferred compensation

 

4,671

 

 

 

4,695

 

 

Common shares in treasury at cost

 

(9,948

)

 

 

(5,349

)

 

Non-controlling interests

 

5,794

 

 

 

5,794

 

 

Total Equity

 

2,056,118

 

 

 

2,042,652

 

 

 

 

 

 

 

Total Liabilities and Equity

$

4,051,481

 

 

$

3,967,051

 

 

 

 

 

 

(1)

SL rents (including fixed CAM), net

$

32,608

 

 

$

31,526

 

 

 

 

 

 

(2)

Operating lease right of use assets

 

18,620

 

 

 

19,047

 

 

 

 

 

 

(3)

Operating lease liabilities

 

38,098

 

 

 

38,491

 

 

Below-market leases, net

 

63,365

 

 

 

59,690

 

 

 

 

 

 

SITE Centers Corp.

 

Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands

 

 

 

 

 

 

 

 

1Q22

 

1Q21

 

1Q22

 

1Q21

 

SITE Centers at 100%

 

At SITE Centers Share

(Non-GAAP)

GAAP Reconciliation:

 

 

 

 

 

 

 

Net income attributable to SITE Centers

$

13,937

 

 

$

16,008

 

 

$

13,937

 

 

$

16,008

 

Fee income

 

(3,261

)

 

 

(8,152

)

 

 

(3,261

)

 

 

(8,152

)

Interest expense

 

18,258

 

 

 

19,395

 

 

 

18,258

 

 

 

19,395

 

Depreciation and amortization

 

50,364

 

 

 

45,560

 

 

 

50,364

 

 

 

45,560

 

General and administrative

 

12,251

 

 

 

17,395

 

 

 

12,251

 

 

 

17,395

 

Other expense, net

 

504

 

 

 

366

 

 

 

504

 

 

 

366

 

Impairment charges

 

0

 

 

 

7,270

 

 

 

0

 

 

 

7,270

 

Equity in net income of joint ventures

 

(169

)

 

 

(4,385

)

 

 

(169

)

 

 

(4,385

)

Tax expense

 

252

 

 

 

365

 

 

 

252

 

 

 

365

 

Gain on change in control of interests

 

(3,356

)

 

 

(13,908

)

 

 

(3,356

)

 

 

(13,908

)

Loss on disposition of real estate, net

 

142

 

 

 

20

 

 

 

142

 

 

 

20

 

Income from non-controlling interests

 

18

 

 

 

173

 

 

 

18

 

 

 

173

 

Consolidated NOI, net of non-controlling interests

 

88,940

 

 

 

80,107

 

 

 

88,940

 

 

 

80,107

 

 

 

 

 

 

 

 

 

Net (loss) income from unconsolidated joint ventures

 

(1,378

)

 

 

33,516

 

 

 

26

 

 

 

4,378

 

Interest expense

 

9,289

 

 

 

10,947

 

 

 

2,088

 

 

 

2,701

 

Depreciation and amortization

 

14,345

 

 

 

17,117

 

 

 

3,179

 

 

 

3,884

 

Impairment charges

 

5,200

 

 

 

0

 

 

 

1,040

 

 

 

0

 

Other expense, net

 

2,572

 

 

 

2,964

 

 

 

597

 

 

 

742

 

Loss (gain) on disposition of real estate, net

 

98

 

 

 

(28,401

)

 

 

66

 

 

 

(2,841

)

Unconsolidated NOI

$

30,126

 

 

$

36,143

 

 

 

6,996

 

 

 

8,864

 

 

 

 

 

 

 

 

 

Total Consolidated + Unconsolidated NOI

 

 

 

 

 

95,936

 

 

 

88,971

 

Less: Non-Same Store NOI adjustments

 

 

 

 

 

(2,301

)

 

 

1,981

 

Total SSNOI including redevelopment

 

 

 

 

 

93,635

 

 

 

90,952

 

Less: Redevelopment Same Store NOI adjustments

 

 

 

 

 

(859

)

 

 

(733

)

Total SSNOI excluding redevelopment

 

 

 

 

$

92,776

 

 

$

90,219

 

 

 

 

 

 

 

 

 

SSNOI % Change including redevelopment

 

 

 

 

 

2.9

%

 

 

SSNOI % Change excluding redevelopment

 

 

 

 

 

2.8

%

 

 

 

Contacts

SITE Centers Corp.

Conor Fennerty, EVP and Chief Financial Officer

216-755-5500

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