SITC-A SITE Centers Corp

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2024

SITE Centers Corp.

(Exact name of Registrant as Specified in Its Charter)

Ohio	1-11690	34-1723097
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
3300 Enterprise Parkway, Beachwood, Ohio		44122
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (216) 755-5500

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares, Par Value $0.10 Per Share		SITC		New York Stock Exchange
Depositary Shares, each representing 1/20 of a share of 6.375% Class A Cumulative Redeemable Preferred Shares without Par Value		SITC PRA		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

 

On October 30, 2024, SITE Centers Corp. (the “Company”) issued a quarterly financial supplement containing financial and property information of the Company (“Quarterly Supplement”) for the quarter ended September 30, 2024, which includes a News Release containing financial results of the Company. A copy of the Company’s Quarterly Financial Supplement dated September 30, 2024, is attached hereto as Exhibit 99.1, which is incorporated herein by reference. This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

Number Description

 

99.1	Quarterly financial supplement dated as of September 30, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		SITE Centers Corp.
Date: October 30, 2024		By:	/s/ Jeffrey A. Scott
		Name: Jeffery A. Scott
		Title: Senior Vice President and Chief Accounting               Officer

 

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SITE Centers Corp.

Table of Contents

 

Section	Page
Earnings Release & Financial Statements
Press Release	1-6
Company Summary
Portfolio Summary	7
Capital Structure and Debt Detail	8
Lease Expirations	9
Top 30 Tenants	10
Investments
Acquisitions	11
Dispositions	12
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures	13-15
Shopping Center Summary
Property List	16
Reporting Policies and Other
Notable Accounting and Supplemental Policies	17-18
Non-GAAP Measures	19-20
Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100%	21-23

 

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, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, 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, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; 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; our ability to enter into agreements to sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to finance our businesses on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; 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; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and the finalization of the financial statements for the period ended September 30, 2024. 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 Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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SITE Centers Corp.		For additional information:
3300 Enterprise Parkway		Gerald Morgan, EVP and
Beachwood, OH 44122 216-755-5500		Chief Financial Officer

 

FOR IMMEDIATE RELEASE:

SITE Centers Reports Third Quarter 2024 Results

 

Beachwood, Ohio, October 30, 2024 - SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers primarily in suburban, high household income communities, announced today operating results for the quarter ended September 30, 2024.

 

"SITE Centers completed the planned spin-off of Curbline Properties on October 1, unlocking a unique and scalable opportunity focused on convenience real estate and providing investors with two distinct business plans,” commented David R. Lukes, President and Chief Executive Officer. “Following the disposition of 25 properties during the third quarter for an aggregate price of $1.4 billion, the Company has completed the sale of substantially all of the properties that had been in its active disposition pipeline prior to the spin-off. Going forward, SITE Centers intends to maximize value through continued leasing, asset management and potential additional asset sales.”

Results for the Third Quarter

Significant Third Quarter and Recent Activity

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Curbline Properties

Key Quarterly Operating Results

Property NOI Projection

The Company projects, based on the assumptions below, 2024 property level NOI to be between $94.7 million and $96.9 million.

This projection:

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers located primarily 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.

Supplemental Information

Copies of the Company's quarterly financial supplement are available on the Investor Relations portion of the Company's website, ir.sitecenter.com.

 

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 (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 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/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses 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 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.

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FFO, Operating FFO and NOI 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 to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation.

 

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, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, 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, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; 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; our ability to enter into agreements to sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to finance our businesses on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; 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; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and the finalization of the financial statements for the period ended September 30, 2024. 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 Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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SITE Centers Corp.

Income Statement: Consolidated Interests

	in thousands, except per share
		3Q24		3Q23		9M24		9M23
	Revenues:
	Rental income (1)	$89,017		$142,498		$322,089		$414,324
	Other property revenues	412		588		2,090		1,978
		89,429		143,086		324,179		416,302
	Expenses:
	Operating and maintenance	16,185		20,986		55,980		66,628
	Real estate taxes	12,170		20,543		45,056		60,875
		28,355		41,529		101,036		127,503
	Net operating income (2)	61,074		101,557		223,143		288,799
	Other income (expense):
	JV and other fee income	1,334		1,673		4,346		5,307
	Interest expense	(16,706)		(21,147)		(54,045)		(61,991)
	Depreciation and amortization	(34,251)		(52,821)		(117,840)		(165,535)
	General and administrative (3)	(15,111)		(11,259)		(38,896)		(35,935)
	Other income (expense), net (4)	(41,655)		(690)		(47,974)		(2,011)
	Impairment charges	0		0		(66,600)		0
	(Loss) income before earnings from JVs and other	(45,315)		17,313		(97,866)		28,634
	Equity in net income of JVs	328		518		406		6,495
	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
	Tax expense	(199)		(236)		(732)		(811)
	Net income	322,953		48,642		537,646		69,297
	Non-controlling interests	0		0		0		(18)
	Net income SITE Centers	322,953		48,642		537,646		69,279
	Preferred dividends	(2,789)		(2,789)		(8,367)		(8,367)
	Net income Common Shareholders	$320,164		$45,853		$529,279		$60,912
	Weighted average shares – Basic – EPS (5)	52,400		52,322		52,381		52,376
	Assumed conversion of diluted securities (5)	153		28		177		60
	Weighted average shares – Diluted – EPS (5)	52,553		52,350		52,558		52,436
	Earnings per common share – Basic (5)	$6.09		$0.87		$10.07		$1.16
	Earnings per common share – Diluted (5)	$6.07		$0.87		$10.03		$1.16
(1)	Rental income:
	Minimum rents	$57,036		$89,717		$206,608		$267,713
	Ground lease minimum rents	4,555		6,296		15,295		19,108
	Straight-line rent, net	1,472		496		3,616		2,160
	Amortization of (above)/below-market rent, net	1,167		9,223		3,280		12,099
	Percentage and overage rent	1,063		1,095		4,450		4,498
	Recoveries	22,134		34,753		80,366		104,570
	Uncollectible revenue	95		(811)		81		(1,126)
	Ancillary and other rental income	917		1,511		3,211		4,716
	Lease termination fees	578		218		5,182		586
(2)	Includes NOI from assets sold in 2024 and properties included in the CURB spin-off	40,291		N/A		160,765		N/A
(3)	Separation and other charges	595		1,086		1,348		4,014
(4)	Interest income (fees), net	13,997		(92)		29,841		(206)
	Transaction costs	(23,847)		(641)		(31,436)		(1,848)
	Debt extinguishment costs	(32,559)		43		(43,004)		43
	Gain on debt retirement	0		0		1,037		0
	Gain (loss) on derivative instruments	754		0		(4,412)		0
(5)	Prior periods presented have been adjusted to reflect the Company's one-for-four reverse stock split

 

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SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

 

	in thousands, except per share
		3Q24		3Q23		9M24		9M23
	Net income attributable to Common Shareholders	$320,164		$45,853		$529,279		$60,912
	Depreciation and amortization of real estate	33,253		51,412		114,276		161,480
	Equity in net income of JVs	(328)		(518)		(406)		(6,495)
	JVs' FFO	1,555		2,145		4,703		6,327
	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

 

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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
(1)	On October 1, 2024, $800 million was used to capitalize Curbline 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

 

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SITE Centers Corp.

Portfolio Summary

					9/30/2024 (1)		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Shopping Center Count
Operating Centers - 100%					33		112		114		114		119
Wholly Owned					22		101		101		101		106
JV Portfolio					11		11		13		13		13
Gross Leasable Area (GLA)
Owned and Ground Lease - Pro Rata Share					5,917		15,051		18,686		19,312		22,329
Wholly Owned					5,060		14,194		17,740		18,369		21,386
JV Portfolio - Pro Rata Share					857		857		946		943		943
Quarterly Operational Overview
Pro Rata Share
Base Rent PSF					$19.60		$21.98		$20.69		$20.35		$20.20
Base Rent PSF < 10K					$31.12		$33.67		$33.18		$32.76		$32.09
Base Rent PSF > 10K					$16.05		$16.38		$15.66		$15.48		$15.88
Commenced Rate					89.8%		90.9%		91.6%		92.0%		92.0%
Commenced Rate < 10K SF					84.8%		88.1%		88.6%		88.2%		87.3%
Commenced Rate > 10K SF					91.4%		92.3%		92.9%		93.5%		93.7%
Leased Rate					91.3%		93.2%		94.2%		94.5%		94.6%
Leased Rate < 10K SF					87.0%		90.6%		91.0%		90.9%		91.0%
Leased Rate > 10K SF					92.7%		94.5%		95.5%		95.9%		95.9%
Top 10 MSA Exposure
		MSA	Properties		GLA		% of GLA		ABR		% of ABR		ABR PSF
1		Chicago-Naperville-Elgin, IL-IN-WI	4		613		10.4%		$15,111		16.0%		$29.36
2		Trenton, NJ	1		759		12.8%		12,133		12.8%		$18.32
3		Orlando-Kissimmee-Sanford, FL	1		629		10.6%		11,582		12.2%		$20.66
4		Phoenix-Mesa-Scottsdale, AZ	3		501		8.5%		7,147		7.6%		$18.60
5		Atlanta-Sandy Springs-Roswell, GA	3		591		10.0%		6,773		7.2%		$15.37
6		Los Angeles-Long Beach-Anaheim, CA	1		390		6.6%		6,183		6.5%		$26.54
7		St. Louis, MO-IL	1		338		5.7%		5,532		5.8%		$25.52
8		Denver-Aurora-Lakewood, CO	3		413		7.0%		5,072		5.4%		$14.28
9		Cleveland-Elyria, OH	1		406		6.9%		5,052		5.3%		$12.78
10		New York-Newark-Jersey City, NY-NJ-PA	3		196		3.3%		4,399		4.7%		$24.63
		Other	12		1,081		18.3%		15,613		16.5%		$17.61
		Total	33		5,917		100.0%		$94,597		100.0%		$19.60
Note: $ and GLA in thousands except shopping center count and base rent PSF; Top 10 MSA figures for SITE at share except for property count. All results exclude the Company's owned Beachwood, OH headquarters office buildings.
(1) 3Q2024 figures adjusted to reflect the removal of all properties included in the CURB spin-off

 

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SITE Centers Corp.

Capital Structure & Debt Detail

 

$, shares and units in thousands, except per share
				September 30, 2024		December 31, 2023		December 31, 2022
Capital Structure
Market Value Per Share				$60.50		$13.63		$13.66
Common Shares Outstanding				52,430		209,328		210,853
Operating Partnership Units				0		0		141
Total Outstanding Common Shares				52,430		209,328		210,994
Common Shares Equity				$3,172,015		$2,853,141		$2,882,178
Perpetual Preferred Stock - Class A				175,000		175,000		175,000
Unsecured Credit Facilities				0		0		0
Unsecured Term Loan				0		200,000		200,000
Unsecured Notes Payable				0		1,305,758		1,457,741
Mortgage Debt (includes JVs at SITE share)				413,579		240,882		165,408
Total Debt (includes JVs at SITE share)				413,579		1,746,640		1,823,149
Less: Cash (including restricted cash)				1,196,881		581,760		31,011
Net Debt				($783,302)		$1,164,880		$1,792,138
Total Market Capitalization				$2,563,713		$4,193,020		$4,849,316

 

$ in thousands
	Balance 100%		Balance SITE Share		Maturity Date		GAAP Interest Rate
Mortgage Debt
SITE Loan Pool (13 assets)(1)	$206,900		$206,900		09/26		SOFR + 275
Deer Park Town Center, IL(2)	61,424		30,559		12/26		3.83%
Nassau Park Pavilion, NJ	100,000		100,000		11/28		6.99%
DTP Loan Pool (10 assets)	380,600		76,120		01/29		7.48%
	$748,924		$413,579
Consolidated	$306,900		$306,900
Unconsolidated	442,024		106,679
Consolidated & Unconsolidated Debt Subtotal	748,924		413,579
Unamortized Loan Costs, Net	(22,192)		(9,297)
Total Consolidated & Unconsolidated Debt	$726,732		$404,282
Rate Type
Fixed	$480,600		$176,120		4.2 years		7.20%
Variable	268,324		237,459		2.0 years		8.37%
	$748,924		$413,579		3.4 years		7.87%
Perpetual Preferred Stock
Class A	175,000		175,000		N/A(3)		6.38%
Note: Maturity dates assume all borrower extension options are exercised. GAAP interest rates shown as swapped or capped all-in interest rate where applicable.
(1) 6.25% SOFR Interest Rate Cap through September 2026. Rate excludes loan fees and unamortized loan costs.
(2) 1.00% SOFR Interest Rate Cap through December 2024. Debt shown at share including promote.
(3) Redeemable at par as of June 2022.

 

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SITE Centers Corp.

Lease Expirations

 

At pro rata share except for count; $ and GLA in thousands
Assumes no exercise of lease options
	Greater than 10K SF									Less than 10K SF									Total
Year	# of Leases		Expiring SF	% of SF > 10K	ABR	% of ABR > 10K		Rent PSF		# of Leases		Expiring SF	% of SF < 10K	ABR	% of ABR < 10K		Rent PSF		# of Leases		Expiring SF	% of SF Total	ABR	% of ABR Total		Rent PSF
MTM	0		0	0.0%	$0	0.0%		$0.00		4		5	0.4%	$165	0.5%		$33.00		4		5	0.1%	$165	0.2%		$33.00
2024	0		0	0.0%	0	0.0%		$0.00		7		14	1.2%	392	1.1%		$28.00		7		14	0.3%	392	0.4%		$28.00
2025	11		206	5.0%	4,111	7.0%		$19.96		60		134	11.3%	3,607	10.0%		$26.92		71		340	6.4%	7,718	8.2%		$22.70
2026	25		386	9.3%	3,642	6.2%		$9.44		74		141	11.9%	4,202	11.7%		$29.80		99		527	9.9%	7,844	8.3%		$14.88
2027	31		625	15.1%	10,812	18.5%		$17.30		64		174	14.7%	5,119	14.2%		$29.42		95		799	15.0%	15,931	16.8%		$19.94
2028	33		816	19.8%	9,989	17.1%		$12.24		67		141	11.9%	4,347	12.1%		$30.83		100		957	18.0%	14,336	15.2%		$14.98
2029	28		567	13.7%	8,925	15.2%		$15.74		69		171	14.4%	5,471	15.2%		$31.99		97		738	13.9%	14,396	15.2%		$19.51
2030	20		391	9.5%	5,814	9.9%		$14.87		41		90	7.6%	2,730	7.6%		$30.33		61		481	9.0%	8,544	9.0%		$17.76
2031	11		280	6.8%	2,930	5.0%		$10.46		18		50	4.2%	1,363	3.8%		$27.26		29		330	6.2%	4,293	4.5%		$13.01
2032	9		203	4.9%	2,423	4.1%		$11.94		34		95	8.0%	2,891	8.0%		$30.43		43		298	5.6%	5,314	5.6%		$17.83
2033	10		148	3.6%	2,614	4.5%		$17.66		32		83	7.0%	2,949	8.2%		$35.53		42		231	4.3%	5,563	5.9%		$24.08
Thereafter	14		507	12.3%	7,288	12.4%		$14.37		34		89	7.5%	2,813	7.8%		$31.61		48		596	11.2%	10,101	10.7%		$16.95
Total	192		4,129	100.0%	$58,548	100.0%		$14.18		504		1,187	100.0%	$36,049	100.0%		$30.37		696		5,316	100.0%	$94,597	100.0%		$17.79
Signed Not Open	6		57		$910			$15.96		17		31		$1,086			$35.03		23		88		$1,996			$22.68
Vacant	12		331							96		182							108		513
Assumes all lease options are exercised
	Greater than 10K SF									Less than 10K SF									Total
Year	# of Leases		Expiring SF	% of SF > 10K	ABR	% of ABR > 10K		Rent PSF		# of Leases		Expiring SF	% of SF < 10K	ABR	% of ABR < 10K		Rent PSF		# of Leases		Expiring SF	% of SF Total	ABR	% of ABR Total		Rent PSF
MTM	0		0	0.0%	$0	0.0%		$0.00		4		5	0.4%	$165	0.5%		$33.00		4		5	0.1%	$165	0.2%		$33.00
2024	0		0	0.0%	0	0.0%		$0.00		6		13	1.1%	353	1.0%		$27.15		6		13	0.2%	353	0.4%		$27.15
2025	2		15	0.4%	433	0.7%		$28.87		39		77	6.5%	2,117	5.9%		$27.49		41		92	1.7%	2,550	2.7%		$27.72
2026	3		15	0.4%	172	0.3%		$11.47		37		59	5.0%	1,713	4.8%		$29.03		40		74	1.4%	1,885	2.0%		$25.47
2027	5		35	0.8%	659	1.1%		$18.83		28		64	5.4%	1,836	5.1%		$28.69		33		99	1.9%	2,495	2.6%		$25.20
2028	6		90	2.2%	1,456	2.5%		$16.18		42		79	6.7%	2,777	7.7%		$35.15		48		169	3.2%	4,233	4.5%		$25.05
2029	4		70	1.7%	1,437	2.5%		$20.53		47		96	8.1%	3,092	8.6%		$32.21		51		166	3.1%	4,529	4.8%		$27.28
2030	7		102	2.5%	1,582	2.7%		$15.51		36		65	5.5%	1,829	5.1%		$28.14		43		167	3.1%	3,411	3.6%		$20.43
2031	8		63	1.5%	807	1.4%		$12.81		28		46	3.9%	1,269	3.5%		$27.59		36		109	2.1%	2,076	2.2%		$19.05
2032	8		182	4.4%	3,360	5.7%		$18.46		38		91	7.7%	2,779	7.7%		$30.54		46		273	5.1%	6,139	6.5%		$22.49
2033	11		174	4.2%	3,217	5.5%		$18.49		23		53	4.5%	1,381	3.8%		$26.06		34		227	4.3%	4,598	4.9%		$20.26
Thereafter	138		3,383	81.9%	45,425	77.6%		$13.43		176		539	45.4%	16,738	46.4%		$31.05		314		3,922	73.8%	62,163	65.7%		$15.85
Total	192		4,129	100.0%	$58,548	100.0%		$14.18		504		1,187	100.0%	$36,049	100.0%		$30.37		696		5,316	100.0%	$94,597	100.0%		$17.79
Note: Includes ground leases. All data as of September 30, 2024 and adjusted to reflect the removal of all properties included in the CURB spin-off.

 

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SITE Centers Corp.

Top 30 Tenants

 

$ and GLA in thousands
			Number of Units			Base Rent			Owned GLA
		Tenant	WO	JV	Total	Pro Rata	% of Total	At 100%	Pro Rata	% of Total	At 100%
1		TJX Companies (1)	9	9	18	4,349	4.6%	6,459	287	4.9%	466
2		Dick's Sporting Goods	4	4	8	4,198	4.4%	5,924	249	4.2%	395
3		Burlington	5	1	6	4,181	4.4%	4,565	228	3.9%	261
4		Kroger (2)	2	0	2	3,494	3.7%	3,494	124	2.1%	124
5		PetSmart	7	3	10	3,134	3.3%	3,854	185	3.1%	228
6		LA Fitness (3)	3	0	3	3,104	3.3%	3,104	135	2.3%	135
7		Best Buy	3	3	6	2,802	3.0%	4,372	166	2.8%	279
8		Ross Stores	4	6	10	1,954	2.1%	3,736	158	2.7%	303
9		Ulta	4	5	9	1,420	1.5%	2,309	52	0.9%	96
10		Five Below	7	5	12	1,386	1.5%	2,036	77	1.3%	112
11		Cinemark	1	1	2	1,300	1.4%	1,300	100	1.7%	124
12		Michaels	4	4	8	1,294	1.4%	2,274	111	1.9%	188
13		Cineworld (Regal Cinemas)	2	0	2	1,215	1.3%	1,215	91	1.5%	91
14		Gap (4)	3	7	10	1,174	1.2%	2,543	67	1.1%	149
15		At Home	1	0	1	1,110	1.2%	1,110	143	2.4%	143
16		Kohl's	1	3	4	1,104	1.2%	2,748	134	2.3%	324
17		Wegmans	1	0	1	1,048	1.1%	1,048	117	2.0%	117
18		AMC Theatres	0	3	3	1,019	1.1%	5,093	46	0.8%	232
19		Barnes & Noble	2	1	3	1,014	1.1%	1,334	55	0.9%	71
20		Whole Foods	1	0	1	991	1.0%	991	42	0.7%	42
21		Giant Eagle	1	0	1	934	1.0%	934	91	1.5%	91
22		Cost Plus	2	1	3	917	1.0%	1,152	41	0.7%	56
23		Party City	3	2	5	875	0.9%	1,200	46	0.8%	68
24		Marcus Corporation	1	0	1	856	0.9%	856	44	0.7%	44
25		Forever 21	2	0	2	761	0.8%	761	32	0.5%	32
26		JOANN	1	3	4	738	0.8%	1,340	50	0.8%	111
27		Nordstrom Rack	1	0	1	731	0.8%	731	37	0.6%	37
28		Staples	2	1	3	719	0.8%	947	45	0.8%	61
29		Caleres Inc.	4	1	5	701	0.7%	881	32	0.5%	40
30		Target	1	0	1	693	0.7%	693	154	2.6%	154
		Top 30 Total	82	63	145	$49,216	52.0%	$69,004	3,139	53.1%	4,574
		Total Portfolio				$94,597	100.0%	$137,741	5,917	100.0%	8,813
(1) T.J. Maxx (3) / Marshalls (6) / HomeGoods (5) / Sierra Trading (2) / HomeSense (2)
(2) Harris Teeter (1) / Mariano's (1)
(3) LA Fitness (2) / Xsport Fitness (1)
(4) Gap (2) / Old Navy (7) / Banana Republic (1)
Note: All data as of September 30, 2024 and adjusted to reflect the removal of all properties included in the CURB spin-off.

 

 

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SITE Centers Corp.

Acquisitions

 

$ and GLA in thousands
Acquisitions				SITE		Owned		Price
		Property Name	MSA	Own %		GLA		At 100%		At Share
02/02/24		Meadowmont Village-Outparcels & Parcel K	Raleigh, NC	20%		14		$8,100		$1,620
02/14/24		Grove at Harper's Preserve	Houston-The Woodlands-Sugar Land, TX	100%		22		10,650		10,650
03/29/24		Shops at Gilbert Crossroads	Phoenix-Mesa-Scottsdale, AZ	100%		15		8,460		8,460
			1Q 2024 Total			51		$27,210		$20,730
04/17/24		Collection at Brandon Boulevard- Ground Lease	Tampa-St. Petersburg-Clearwater, FL	100%		0		$1,000		$1,000
05/24/24		Wilmette Center	Chicago-Naperville-Elgin, IL-IN-WI	100%		9		2,850		2,850
05/30/24		Meadowmont Village	Raleigh, NC	100%		199		44,250		35,400
05/31/24		Sunrise Plaza	Sebastian-Vero Beach-West Vero Corridor, FL	100%		17		5,500		5,500
06/13/24		Red Mountain Corner	Phoenix-Mesa-Scottsdale, AZ	100%		6		2,100		2,100
06/14/24		Roswell Market Center	Atlanta-Sandy Springs-Roswell, GA	100%		82		17,750		17,750
			2Q 2024 Total			313		$73,450		$64,600
07/02/24		Crocker Commons	Cleveland-Elyria, OH	100%		29		$18,500		$18,500
07/26/24		Maple Corner	Nashville-Davidson-Murfreesboro-Franklin, TN	100%		20		8,250		8,250
08/22/24		Village Plaza	Houston-The Woodlands-Sugar Land, TX	100%		42		31,000		31,000
08/23/24		Brookhaven Station	Atlanta-Sandy Springs-Roswell, GA	100%		45		30,200		30,200
09/09/24		Loma Alta Station	San Diego-Carlsbad, CA	100%		35		12,350		12,350
09/12/24		Nine Mile Corner	Denver-Aurora-Lakewood, CO	100%		18		10,880		10,880
09/18/24		Crossroads Marketplace	Los Angeles-Long Beach-Anaheim, CA	100%		77		34,150		34,150
			3Q 2024 Total			266		$145,330		$145,330
			Total 2024 YTD			630		$245,990		$230,660

 

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SITE Centers Corp.

Dispositions

$ and GLA in thousands
Dispositions				SITE		Owned		Price
		Property Name	MSA	Own %		GLA		At 100%		At Share
01/22/24		The Marketplace at Highland Village	Dallas-Fort Worth-Arlington, TX	100%		207		$42,100		$42,100
01/26/24		Casselberry Commons (1)	Orlando-Kissimmee-Sanford, FL	100%		237		40,300		40,300
03/01/24		Chapel Hills East	Denver-Aurora-Lakewood, CO	100%		225		37,000		37,000
			1Q 2024 Total			669		$119,400		$119,400
04/17/24		Cool Springs Pointe	Nashville-Davidson-Murfreesboro-Franklin, TN	100%		198		$34,550		$34,550
04/25/24		Market Square (2)	Atlanta-Sandy Springs-Roswell, GA	100%		117		15,600		15,600
06/05/24		Hilltop Plaza	San Francisco-Oakland-Hayward, CA	20%		246		36,500		7,300
06/07/24		Johns Creek Town Center	Atlanta-Sandy Springs-Roswell, GA	100%		303		58,850		58,850
06/13/24		Six Property Portfolio (3)	Various	100%		2,368		495,000		495,000
06/24/24		Carillon Place (4)	Naples-Immokalee-Marco Island, FL	100%		250		54,700		54,700
06/27/24		The Hub	New York-Newark-Jersey City, NY-NJ-PA	100%		249		41,000		41,000
06/28/24		Cumming Marketplace-Lowe's Parcel	Atlanta-Sandy Springs-Roswell, GA	100%		135		17,200		17,200
06/28/24		Belgate Shopping Center	Charlotte-Concord-Gastonia, NC-SC	100%		269		47,250		47,250
			2Q 2024 Total			4,135		$800,650		$771,450
07/19/24		Two Property Portfolio (5)	Atlanta-Sandy Springs-Roswell, GA	100%		406		$67,530		$67,530
07/29/24		Midway Plaza (6)	Miami-Fort Lauderdale-West Palm Beach, FL	100%		218		36,425		36,425
07/29/24		Bandera Pointe (7)	San Antonio-New Braunfels, TX	100%		438		58,325		58,325
07/31/24		Lee Vista Promenade	Orlando-Kissimmee-Sanford, FL	100%		314		68,500		68,500
08/20/24		Three Property Portfolio (8)	Various	100%		894		137,500		137,500
08/22/24		Guilford Commons	Hartford-West Hartford-East Hartford, CT	100%		129		26,500		26,500
08/22/24		Woodfield Village Green	Chicago-Naperville-Elgin, IL-IN-WI	100%		390		93,200		93,200
08/27/24		Falcon Ridge Town Center (9)	Los Angeles-Long Beach-Anaheim, CA	100%		250		64,700		64,700
08/29/24		Centennial Promenade	Denver-Aurora-Lakewood, CO	100%		443		98,100		98,100
09/10/24		White Oak Village (10)	Richmond, VA	100%		398		63,503		63,503
09/18/24		Springfield Center	Washington-Arlington-Alexandria, DC-VA-MD-WV	100%		177		49,100		49,100
09/24/24		Hamilton Marketplace (11)	Trenton, NJ	100%		485		116,500		116,500
09/26/24		Whole Foods at Bay Place	San Francisco-Oakland-Hayward, CA	100%		57		44,400		44,400
09/26/24		The Shops at Midtown Miami (12)	Miami-Fort Lauderdale-West Palm Beach, FL	100%		348		83,750		83,750
09/26/24		Ridge at Creekside(13)	Sacramento-Roseville-Arden-Arcade, CA	100%		186		39,750		39,750
09/26/24		Echelon Village Plaza (14)	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	100%		85		8,500		8,500
09/26/24		Three Property Portfolio (15)	Various	100%		960		180,500		180,500
09/27/24		University Hills (16)	Denver-Aurora-Lakewood, CO	100%		210		56,500		56,500
09/27/24		Village Square at Golf	Miami-Fort Lauderdale-West Palm Beach, FL	100%		135		31,101		31,101
09/30/24		The Collection at Brandon Boulevard	Tampa-St. Petersburg-Clearwater, FL	100%		222		37,200		37,200
			3Q 2024 Total			6,745		$1,361,584		$1,361,584
			Total 2024 YTD			11,549		$2,281,634		$2,252,434
(1) Excludes 8K SF retained by SITE Centers (Shops at Casselberry).
(2) Excludes 9K SF retained by SITE Centers (Plaza at Market Square).
(3) Includes Arrowhead Crossing, Easton Market, Kenwood Square, Polaris Towne Center, Tanasbourne Town Center, and The Fountains. Excludes SF retained by SITE Centers (71K SF Shops on Polaris, 8K SF Shops at Tanasbourne, and 14K SF Shops at the Fountains).
(4) Excludes 15K SF retained by SITE Centers (Shops at Carillon).
(5) Includes Cumming Marketplace and Cumming Town Center. Excludes SF retained by SITE Centers (44K SF Marketplace Plaza South and 37K SF Marketplace Plaza North).
(6) Excludes 10K SF retained by SITE Centers (Shops at Midway).
(7) Excludes 3K SF retained by SITE Centers (Bandera Corner).
(8) Includes Carolina Pavilion, Millenia Crossing, and Lake Brandon Village. Excludes SF retained by SITE Centers (10K SF Carolina Station and 12K SF Shops at Lake Brandon).
(9) Excludes 27K SF retained by SITE Centers (Shops on Summit).
(10) Excludes 34K SF retained by SITE Centers (White Oak Plaza).
(11) Excludes 62K SF retained by SITE Centers (Shops at Hamilton).
(12) Excludes 119K SF retained by SITE Centers (Collection at Midtown Miami).
(13) Excludes 57K SF retained by SITE Centers (Creekside Shops).
(14) Excludes 4K SF retained by SITE Centers (Shops at Echelon Village).
(15) Includes Fairfax Towne Center, Presidential Commons, and Village At Stone Oak. Excludes 10K SF retained by SITE Centers (Presidential Plaza South).
(16) Excludes 26K SF retained by SITE Centers (Shops at University Hills).

 

 

 

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SITE Centers Corp.

Unconsolidated Joint Ventures

 

$ and GLA in thousands
Joint Venture		SITE Own %		Number of Properties		Owned GLA		Leased Rate		ABR		3Q24 NOI at 100% (1)		Gross RE Assets		Debt Balance at 100% (2)
Chinese Institutional Investors    DTP		20%		10		3,396		96.9%		$15.01		$11,592		$595,061		$380,600
Prudential    RVIP IIIB, Deer Park, IL (3)		50%		1		357		81.3%		$38.06		2,294		109,572		61,424
Total				11		3,753						$13,886		$704,633		$442,024
Property management fees												656	(1)
NOI from assets sold												(24)
Net operating income												$14,518	(4)
(1) Property management fees charged by SITE to the joint venture are included as an expense in NOI, although presented in the combined income statement on the next page in the Other Expense line item.
(2) Excludes unamortized loan costs, net of $16.1 million or $3.2 million at SITE's share.
(3) Ownership shown at share including promote.
(4) Amount agrees to the combined income statement of the joint ventures which includes a reconciliation of the Non-GAAP measure to the applicable GAAP measure.
See calculation definition in the Non-GAAP Measures section.

 

 

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SITE Centers Corp.

Unconsolidated Joint Ventures

 

Combined SITE JV Pro Rata Adjustments (1)
Income Statement Pro Rata Adjustments 3Q24			Balance Sheet Pro Rata Adjustments 3Q24
Revenues:			Assets:
Rental Income (2)	$4,801		Land	$35,066
Other income (3)	90		Buildings	122,029
	4,891		Improvements	16,644
Expenses:				173,739
Operating and maintenance	675		Depreciation	(52,680)
Real estate taxes	597			121,059
	1,272		Construction in progress and land	185
Net Operating Income	3,619		Real estate, net	121,244
			Investment in JVs	354
Other Income (expense):			Cash and restricted cash	11,522
Fee income	(333)		Receivables, net	2,265
Interest expense	(1,729)		Other assets, net	4,516
Depreciation and amortization	(1,607)		Total Assets	139,901
Other income (expense), net	(6)
Loss before earnings from JVs	(56)		Liabilities and Equity:
Equity in net income of JVs	(328)		Mortgage debt	103,440
Basis differences of JVs	(10)		Notes payable to SITE	524
Gain on disposition of real estate	394		Other liabilities	8,136
Net income	$0		Total Liabilities	112,100
			JVs share of equity	354
FFO Reconciliation 3Q24			Distributions in excess of net income	27,447
Loss before earnings from JVs	($56)		Total Equity	27,801
Depreciation and amortization	1,607		Total Liabilities and Equity	$139,901
Basis differences of JVs	4
FFO at SITE's Ownership Interests	$1,555
OFFO at SITE's Ownership Interests	$1,555
(1) Information provided for SITE's share of JV investments and can be combined with SITE's consolidated financial statements for the same period.
(2) Rental Income:
Minimum rents	$3,392
Ground lease minimum rents	136
Straight-line rent, net	19
Amortization of (above) below market rent, net	134
Percentage and overage rent	68
Recoveries	1,049
Uncollectible revenue	3
(3) Other Income:
Ancillary and other rental income	90

 

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SITE Centers Corp.

Unconsolidated Joint Ventures at 100%

$ in thousands
Combined Income Statement
		3Q24		3Q23		9M24		9M23
Revenues:
Rental income (1)		$19,059		$21,383		$61,743		$68,791
Other income (2)		305		299		924		1,651
		19,364		21,682		62,667		70,442
Expenses:
Operating and maintenance		2,578		3,111		8,998		10,195
Real estate taxes		2,268		2,441		7,322		8,039
		4,846		5,552		16,320		18,234
Net operating income		14,518		16,130		46,347		52,208
Other income (expense):
Interest expense		(7,751)		(5,668)		(23,924)		(19,016)
Depreciation and amortization		(6,383)		(7,806)		(20,313)		(25,149)
Other expense, net		(1,367)		(2,084)		(5,311)		(7,022)
		(983)		572		(3,201)		1,021
Gain on disposition of real estate, net		1,968		973		10,365		21,151
Net income attributable to unconsolidated JVs		985		1,545		7,164		22,172
Depreciation and amortization		6,383		7,806		20,313		25,149
Gain on disposition of real estate, net		(1,968)		(973)		(10,365)		(21,151)
FFO		$5,400		$8,378		$17,112		$26,170
FFO at SITE's ownership interests		$1,555		$2,145		$4,703		$6,327
Operating FFO at SITE's ownership interests		$1,555		$2,227		$4,892		$6,707
(1) Rental Income:
Minimum rents		$13,641		$15,233		$43,122		$48,946
Ground lease minimum rents		680		728		2,140		2,179
Straight-line rent, net		58		82		349		308
Amortization of (above) below market rent, net		669		456		1,654		1,329
Percentage and overage rent		138		100		501		547
Recoveries		4,217		4,826		13,981		15,432
Uncollectible revenue		(344)		(42)		(4)		50
(2) Other Income:
Ancillary and other rental income		304		289		847		1,016
Lease termination fees		1		10		77		635
Combined Balance Sheet
						At Period End
						3Q24		4Q23
Assets:
Land						$159,567		$180,588
Buildings						493,274		558,585
Improvements						52,866		58,626
						705,707		797,799
Depreciation						(161,845)		(187,557)
						543,862		610,242
Construction in progress and land						925		1,616
Real estate, net						544,787		611,858
Cash and restricted cash						34,468		41,250
Receivables, net						8,868		9,847
Other assets, net						18,702		25,498
Total Assets						606,825		688,453
Liabilities and Equity:
Mortgage debt						425,892		464,255
Notes and accrued interest payable to SITE						1,993		2,627
Other liabilities						34,778		36,279
Total Liabilities						462,663		503,161
Accumulated equity						144,162		185,292
Total Equity						144,162		185,292
Total Liabilities and Equity						$606,825		$688,453

 

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SITE Centers Corp.

Property List as of September 30, 2024

reflects pro-forma after Curbline spin

 

Note: GLA in thousands. Anchors include tenants greater than 20K SF.

 

#	Center	MSA	Location	ST	SITE Own %	JV	Owned GLA	ABR PSF	Anchor Tenants
1	Ahwatukee Foothills Towne Center	Phoenix-Mesa-Scottsdale, AZ	Phoenix	AZ	20%	DTP	691	$18.53	AMC Theatres, Best Buy, Big Lots, Burlington, HomeGoods, JOANN, Lina Home Furnishings, Marshalls, Michaels, Ross Dress for Less, Sprouts Farmers Market
2	Deer Valley Towne Center	Phoenix-Mesa-Scottsdale, AZ	Phoenix	AZ	100%		152	$18.90	Michaels, PetSmart, Ross Dress for Less
3	Paradise Village Gateway	Phoenix-Mesa-Scottsdale, AZ	Phoenix	AZ	100%		211	$18.67	PetSmart, Ross Dress for Less, Sun & Ski Sports
4	The Pike Outlets	Los Angeles-Long Beach-Anaheim, CA	Long Beach	CA	100%		390	$25.53	Cinemark, Gold's Gym, H & M, Nike, Restoration Hardware
5	Chapel Hills West	Denver-Aurora-Lakewood, CO	Colorado Springs	CO	100%		225	$12.30	Burlington, PetSmart, Ross Dress for Less, Urban Air Adventure Park
6	FlatAcres MarketCenter	Denver-Aurora-Lakewood, CO	Parker	CO	100%		136	$17.78	24 Hour Fitness, Michaels
7	Parker Pavilions	Denver-Aurora-Lakewood, CO	Parker	CO	100%		51	$17.12	Office Depot
8	Connecticut Commons	Hartford-West Hartford-East Hartford, CT	Plainville	CT	20%	DTP	561	$14.00	AMC Theatres, Dick's Sporting Goods, DSW, Kohl's, Lowe's, Marshalls, PetSmart
9	Shoppes at Paradise Pointe	Crestview-Fort Walton Beach-Destin, FL	Fort Walton Beach	FL	100%		73	$12.79	Publix
10	Winter Garden Village	Orlando-Kissimmee-Sanford, FL	Winter Garden	FL	100%		628	$18.59	Bealls, Best Buy, Burlington, Forever 21, Havertys, JOANN, LA Fitness, Market By Macy's, Marshalls, PetSmart, Ross Dress for Less, Staples
11	Perimeter Pointe	Atlanta-Sandy Springs-Roswell, GA	Atlanta	GA	100%		360	$17.66	Dick's Sporting Goods, LA Fitness, Regal Cinemas
12	Towne Center Prado	Atlanta-Sandy Springs-Roswell, GA	Marietta	GA	20%	DTP	287	$13.04	Going Going Gone, Publix, Ross Dress for Less
13	Sandy Plains Village	Atlanta-Sandy Springs-Roswell, GA	Roswell	GA	100%		174	$14.46	Movie Tavern, Painted Tree Marketplace
14	3030 North Broadway	Chicago-Naperville-Elgin, IL-IN-WI	Chicago	IL	100%		132	$35.61	Mariano's, XSport Fitness
15	The Maxwell	Chicago-Naperville-Elgin, IL-IN-WI	Chicago	IL	100%		240	$24.62	Burlington, Dick's Sporting Goods, Nordstrom Rack
16	Deer Park Town Center	Chicago-Naperville-Elgin, IL-IN-WI	Deer Park	IL	50%	RVIP IIIB	357	$38.06	Century Theatre, Crate & Barrel, Gap
17	Brookside Marketplace	Chicago-Naperville-Elgin, IL-IN-WI	Tinley Park	IL	20%	DTP	317	$15.86	Best Buy, Dick's Sporting Goods, HomeGoods, Michaels, PetSmart, Ross Dress for Less, T.J. Maxx
18	Independence Commons	Kansas City, MO-KS	Independence	MO	20%	DTP	386	$15.56	AMC Theatres, Best Buy, Bob's Discount Furniture, Kohl's, Marshalls, Ross Dress for Less
19	The Promenade at Brentwood	St. Louis, MO-IL	Brentwood	MO	100%		338	$16.38	Burlington, Micro Center, PetSmart, Target, Trader Joe's
20	East Hanover Plaza	New York-Newark-Jersey City, NY-NJ-PA	East Hanover	NJ	100%		98	$20.46	HomeGoods, HomeSense
21	Edgewater Towne Center	New York-Newark-Jersey City, NY-NJ-PA	Edgewater	NJ	100%		76	$32.32	Whole Foods
22	Route 22 Retail Center	New York-Newark-Jersey City, NY-NJ-PA	Union	NJ	20%	DTP	112	$16.90	Big Lots, Dick's Sporting Goods
23	Nassau Park Pavilion	Trenton, NJ	Princeton	NJ	100%		759	$16.32	At Home, Best Buy, Burlington, Dick's Sporting Goods, HomeGoods, HomeSense, Michaels, PetSmart, Planet Fitness, Raymour & Flanigan, T.J. Maxx, Wegmans
24	Meadowmont Crossing	Raleigh, NC	Chapel Hill	NC	100%		92	$24.71	—
25	Meadowmont Market	Raleigh, NC	Chapel Hill	NC	100%		45	$15.52	Harris Teeter
26	Poyner Place	Raleigh, NC	Raleigh	NC	20%	DTP	252	$17.00	Cost Plus World Market, Marshalls, Michaels, Ross Dress for Less, Urban Air Trampoline & Adventure Park
27	University Centre	Wilmington, NC	Wilmington	NC	20%	DTP	418	$11.42	Crunch Fitness, Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less
28	Headquarter Office Buildings	Cleveland-Elyria, OH	Beachwood	OH	100%		339	N/A	—
29	Stow Community Center	Cleveland-Elyria, OH	Stow	OH	100%		406	$12.79	Giant Eagle, Hobby Lobby, HomeGoods, Kohl's, T.J. Maxx
30	The Blocks	Portland-Vancouver-Hillsboro, OR-WA	Portland	OR	100%		97	$36.60	—
31	Southmont Plaza	Allentown-Bethlehem-Easton, PA-NJ	Easton	PA	100%		251	$17.02	Barnes & Noble, Best Buy, Dick's Sporting Goods, Michaels, Staples
32	Ashley Crossing	Charleston-North Charleston, SC	Charleston	SC	20%	DTP	208	$11.55	Food Lion, JOANN, Kohl's, Marshalls
33	Commonwealth Center	Richmond, VA	Midlothian	VA	20%	DTP	166	$15.81	Michaels, Painted Tree Marketplace, The Fresh Market
34	Downtown Short Pump	Richmond, VA	Richmond	VA	100%		126	$22.61	Barnes & Noble, Regal Cinemas
DTP - Dividend Trust Portfolio
RVIP IIIB - Deer Park, IL

 

 

 

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SITE Centers Corp.

Notable Accounting and Supplemental Policies

The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Form 10-K and Form 10-Q.

 

Rental Income (Revenues)

 

Lease Modification Accounting

 

General and Administrative Expenses

 

Deferred Financing Costs

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SITE Centers Corp.

Notable Accounting and Supplemental Policies

Real Estate

 

Buildings	30 to 40 years
Building Improvements	3 to 20 years
Furniture/Fixtures/ Tenant Improvements	Shorter of economic life or lease terms

 

Capitalization

 

Gains on Sales of Real Estate

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SITE Centers Corp.

Non-GAAP Measures

 

Performance Measures

FFO and Operating FFO

The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. 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 excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from depreciable property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.

 

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, (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 believes that certain charges, income and gains/losses recorded in its operating results are not comparable or reflective of its core operating performance. 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. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include write-off of preferred share original issuance costs, gains/losses on the early extinguishment of debt, certain transaction fee income, transaction costs and other restructuring type costs, including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements. The adjustment for these charges, income and gains/losses may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains/losses are non-recurring. These charges, income and gains/losses could be reasonably expected to recur in future results of operations.

 

These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part (i) as a disclosure to improve the understanding of the Company’s operating results among the investing public, (ii) as a measure of a real estate asset’s performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) to compare the Company’s performance to that of other publicly traded shopping center REITs. For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company’s operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.

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SITE Centers Corp.

Non-GAAP Measures

 

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 and certain transaction costs. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

 

Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided herein.

 

Net Operating Income (“NOI”)

The Company uses NOI, which is 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.

 

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI 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.

Other Measures

SITE Pro Rata Share Financial Information

The Company believes that the SITE pro rata share of its joint ventures presented in the quarterly supplement is not, and is not intended to be, a presentation in accordance with GAAP. SITE share financial information is frequently used by the real estate industry including securities analysts, investors and other interested parties to evaluate the performance of SITE compared to other REITs. Other real estate companies may calculate such information in a different manner.

 

SITE does not control the unconsolidated joint ventures and the presentations of SITE JV Pro Rata Adjustments of the unconsolidated joint ventures presented in the quarterly supplement do not represent the Company’s legal claim to such items. The Company provides this information because the Company believes it assists investors and analysts in estimating the effective interest in SITE’s unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of this information has limitations as an analytical tool. Because of the limitations, this information should not be considered in isolation or as a substitute for the Company’s financial statements as reported under GAAP.

 

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SITE Centers Corp.

Portfolio Summary at 100%

 

GLA in thousands
		9/30/2024 (1)		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Shopping Center Summary
Operating Centers – 100%		33		112		114		114		119
Wholly Owned - SITE		22		101		101		101		106
JV Portfolio		11		11		13		13		13
Owned and Ground Lease GLA – 100%		8,813		17,947		21,938		22,553		25,570
Wholly Owned - SITE		5,060		14,194		17,740		18,369		21,386
JV Portfolio – 100%		3,753		3,753		4,198		4,184		4,184
Unowned GLA – 100%		2,856		6,364		7,653		7,972		8,298
Quarterly Operational Overview
SITE (100%)
Base Rent PSF		$18.32		$20.92		$19.98		$19.69		$19.63
Base Rent PSF < 10K		$30.21		$33.01		$32.54		$32.17		$31.59
Base Rent PSF > 10K		$14.92		$15.67		$15.21		$15.06		$15.45
Commenced Rate		90.8%		91.3%		91.7%		92.0%		92.0%
Leased Rate		92.8%		93.4%		94.2%		94.6%		94.5%
Leased Rate < 10K SF		86.3%		89.7%		90.2%		90.3%		90.6%
Leased Rate > 10K SF		94.8%		95.1%		95.8%		96.2%		96.0%
Wholly Owned SITE
Base Rent PSF		$19.78		$22.21		$20.81		$20.46		$20.29
Leased Rate		90.9%		93.2%		94.2%		94.5%		94.7%
Leased Rate < 10K SF		88.1%		91.1%		91.5%		91.4%		91.4%
Leased Rate > 10K SF		91.7%		94.3%		95.4%		95.9%		95.9%
Joint Venture (100%)
Base Rent PSF		$16.62		$16.52		$16.62		$16.43		$16.41
Leased Rate		95.4%		94.2%		94.0%		94.6%		93.8%
Leased Rate < 10K SF		84.2%		82.6%		83.6%		84.7%		86.3%
Leased Rate > 10K SF		99.1%		98.1%		97.5%		97.8%		96.3%
Joint Venture at Pro Rata Share
Base Rent PSF		$18.64		$18.53		$18.41		$18.20		$18.16
Leased Rate		93.7%		92.6%		92.5%		93.0%		92.3%
Leased Rate < 10K SF		82.1%		81.0%		81.8%		82.3%		83.3%
Leased Rate > 10K SF		98.6%		97.6%		97.1%		97.4%		96.0%
Note: $ and GLA in thousands except shopping center counts and base rent PSF. All results exclude the Company's owned Beachwood, OH headquarters office buildings.
(1) 3Q24 figures adjusted to reflect the removal of all properties included in the CURB spin-off

 

 

 

 

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SITE Centers Corp.

Leasing Expirations

 

Wholly Owned at 100%; $ and GLA in thousands
Assumes no exercise of lease options
	Greater than 10K SF									Less than 10K SF									Total
Year	# of Leases		Expiring SF	% of SF > 10K	ABR	% of ABR > 10K		Rent PSF		# of Leases		Expiring SF	% of SF < 10K	ABR	% of ABR < 10K		Rent PSF		# of Leases		Expiring SF	% of SF Total	ABR	% of ABR Total		Rent PSF
MTM	0		0	0.0%	$0	0.0%		$0.00		2		4	0.4%	$112	0.4%		$28.00		2		4	0.1%	$112	0.1%		$28.00
2024	0		0	0.0%	$0	0.0%		$0.00		5		12	1.2%	356	1.2%		$29.67		5		12	0.3%	356	0.4%		$29.67
2025	5		172	4.8%	3,707	7.3%		$21.55		37		118	12.0%	3,174	10.8%		$26.90		42		290	6.4%	6,881	8.5%		$23.73
2026	9		293	8.2%	2,884	5.6%		$9.84		41		113	11.5%	3,410	11.6%		$30.18		50		406	8.9%	6,294	7.8%		$15.50
2027	16		534	15.0%	9,568	18.7%		$17.92		42		151	15.3%	4,311	14.6%		$28.55		58		685	15.1%	13,879	17.2%		$20.26
2028	18		725	20.4%	8,776	17.2%		$12.10		35		115	11.7%	3,349	11.4%		$29.12		53		840	18.5%	12,125	15.1%		$14.43
2029	19		474	13.3%	7,859	15.4%		$16.58		36		135	13.7%	4,317	14.7%		$31.98		55		609	13.4%	12,176	15.1%		$19.99
2030	10		344	9.7%	5,164	10.1%		$15.01		21		74	7.5%	2,326	7.9%		$31.43		31		418	9.2%	7,490	9.3%		$17.92
2031	3		226	6.4%	2,093	4.1%		$9.26		11		40	4.1%	967	3.3%		$24.18		14		266	5.9%	3,060	3.8%		$11.50
2032	8		189	5.3%	2,361	4.6%		$12.49		19		77	7.8%	2,271	7.7%		$29.49		27		266	5.9%	4,632	5.8%		$17.41
2033	5		117	3.3%	1,883	3.7%		$16.09		22		74	7.5%	2,672	9.1%		$36.11		27		191	4.2%	4,555	5.7%		$23.85
Thereafter	10		480	13.5%	6,765	13.2%		$14.09		19		72	7.3%	2,174	7.4%		$30.19		29		552	12.2%	8,939	11.1%		$16.19
Total	103		3,554	100.0%	$51,060	100.0%		$14.37		290		985	100.0%	$29,439	100.0%		$29.89		393		4,539	100.0%	$80,499	100.0%		$17.73
Assumes all lease options are exercised
	Greater than 10K SF									Less than 10K SF									Total
Year	# of Leases		Expiring SF	% of SF > 10K	ABR	% of ABR > 10K		Rent PSF		# of Leases		Expiring SF	% of SF < 10K	ABR	% of ABR < 10K		Rent PSF		# of Leases		Expiring SF	% of SF Total	ABR	% of ABR Total		Rent PSF
MTM	0		0	0.0%	0	0.0%		$0.00		2		4	0.4%	$112	0.4%		$28.00		2		4	0.1%	$112	0.1%		$28.00
2024	0		0	0.0%	0	0.0%		$0.00		4		11	1.1%	318	1.1%		$28.91		4		11	0.2%	318	0.4%		$28.91
2025	1		12	0.3%	406	0.8%		$33.83		24		67	6.8%	1,840	6.3%		$27.46		25		79	1.7%	2,246	2.8%		$28.43
2026	0		0	0.0%	0	0.0%		$0.00		18		47	4.8%	1,405	4.8%		$29.89		18		47	1.0%	1,405	1.7%		$29.89
2027	2		26	0.7%	515	1.0%		$19.81		16		50	5.1%	1,334	4.5%		$26.68		18		76	1.7%	1,849	2.3%		$24.33
2028	4		75	2.1%	1,188	2.3%		$15.84		18		58	5.9%	1,894	6.4%		$32.66		22		133	2.9%	3,082	3.8%		$23.17
2029	2		61	1.7%	1,342	2.6%		$22.00		25		76	7.7%	2,365	8.0%		$31.12		27		137	3.0%	3,707	4.6%		$27.06
2030	4		93	2.6%	1,450	2.8%		$15.59		17		52	5.3%	1,479	5.0%		$28.44		21		145	3.2%	2,929	3.6%		$20.20
2031	2		44	1.2%	600	1.2%		$13.64		15		33	3.4%	811	2.8%		$24.58		17		77	1.7%	1,411	1.8%		$18.32
2032	6		170	4.8%	3,211	6.3%		$18.89		23		74	7.5%	2,228	7.6%		$30.11		29		244	5.4%	5,439	6.8%		$22.29
2033	5		131	3.7%	2,369	4.6%		$18.08		15		48	4.9%	1,198	4.1%		$24.96		20		179	3.9%	3,567	4.4%		$19.93
Thereafter	77		2,942	82.8%	39,979	78.3%		$13.59		113		465	47.2%	14,455	49.1%		$31.09		190		3,407	75.1%	54,434	67.6%		$15.98
Total	103		3,554	100.0%	$51,060	100.0%		$14.37		290		985	100.0%	$29,439	100.0%		$29.89		393		4,539	100.0%	$80,499	100.0%		$17.73
Note: Includes ground leases. All data as of September 30, 2024 and adjusted to reflect the removal of all properties included in the CURB spin-off.

 

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SITE Centers Corp.

Leasing Expirations

 

Unconsolidated Joint Ventures at 100%; $ and GLA in thousands
Assumes no exercise of lease options
	Greater than 10K SF									Less than 10K SF									Total
Year	# of Leases		Expiring SF	% of SF > 10K	ABR	% of ABR > 10K		Rent PSF		# of Leases		Expiring SF	% of SF < 10K	ABR	% of ABR < 10K		Rent PSF		# of Leases		Expiring SF	% of SF Total	ABR	% of ABR Total		Rent PSF
MTM	0		0	0.0%	$0	0.0%		$0.00		2		3	0.4%	$108	0.5%		$36.00		2		3	0.1%	$108	0.2%		$36.00
2024	0		0	0.0%	0	0.0%		$0.00		2		7	0.9%	178	0.8%		$25.43		2		7	0.2%	178	0.3%		$25.43
2025	6		171	6.3%	2,019	5.8%		$11.81		23		76	10.0%	1,917	8.6%		$25.22		29		247	7.1%	3,936	6.9%		$15.94
2026	16		394	14.5%	3,791	10.8%		$9.62		33		117	15.4%	3,043	13.7%		$26.01		49		511	14.7%	6,834	11.9%		$13.37
2027	15		457	16.9%	6,220	17.8%		$13.61		22		85	11.2%	2,678	12.1%		$31.51		37		542	15.6%	8,898	15.5%		$16.42
2028	15		413	15.2%	5,266	15.0%		$12.75		32		95	12.5%	3,155	14.2%		$33.21		47		508	14.6%	8,421	14.7%		$16.58
2029	9		467	17.2%	5,327	15.2%		$11.41		33		129	17.0%	3,680	16.6%		$28.53		42		596	17.2%	9,007	15.7%		$15.11
2030	10		236	8.7%	3,251	9.3%		$13.78		20		63	8.3%	1,554	7.0%		$24.67		30		299	8.6%	4,805	8.4%		$16.07
2031	8		269	9.9%	4,184	11.9%		$15.55		7		32	4.2%	1,018	4.6%		$31.81		15		301	8.7%	5,202	9.1%		$17.28
2032	1		70	2.6%	311	0.9%		$4.44		15		66	8.7%	2,065	9.3%		$31.29		16		136	3.9%	2,376	4.2%		$17.47
2033	5		99	3.7%	2,053	5.9%		$20.74		10		37	4.9%	1,004	4.5%		$27.14		15		136	3.9%	3,057	5.3%		$22.48
Thereafter	4		133	4.9%	2,615	7.5%		$19.66		15		49	6.5%	1,805	8.1%		$36.84		19		182	5.2%	4,420	7.7%		$24.29
Total	89		2,709	100.0%	$35,037	100.0%		$12.93		214		759	100.0%	$22,205	100.0%		$29.26		303		3,468	100.0%	$57,242	100.0%		$16.51
Assumes all lease options are exercised
	Greater than 10K SF									Less than 10K SF									Total
Year	# of Leases		Expiring SF	% of SF > 10K	ABR	% of ABR > 10K		Rent PSF		# of Leases		Expiring SF	% of SF < 10K	ABR	% of ABR < 10K		Rent PSF		# of Leases		Expiring SF	% of SF Total	ABR	% of ABR Total		Rent PSF
MTM	0		0	0.0%	0	0.0%		$0.00		2		3	0.4%	$108	0.5%		$36.00		2		3	0.1%	$108	0.2%		$36.00
2024	0		0	0.0%	0	0.0%		$0.00		2		7	0.9%	178	0.8%		$25.43		2		7	0.2%	178	0.3%		$25.43
2025	1		15	0.6%	135	0.4%		$9.00		15		45	5.9%	1,226	5.5%		$27.24		16		60	1.7%	1,361	2.4%		$22.68
2026	3		74	2.7%	859	2.5%		$11.61		19		50	6.6%	1,262	5.7%		$25.24		22		124	3.6%	2,121	3.7%		$17.10
2027	3		49	1.8%	722	2.1%		$14.73		12		44	5.8%	1,413	6.4%		$32.11		15		93	2.7%	2,135	3.7%		$22.96
2028	2		30	1.1%	540	1.5%		$18.00		24		72	9.5%	2,584	11.6%		$35.89		26		102	2.9%	3,124	5.5%		$30.63
2029	2		47	1.7%	473	1.4%		$10.06		22		74	9.7%	2,336	10.5%		$31.57		24		121	3.5%	2,809	4.9%		$23.21
2030	3		42	1.6%	665	1.9%		$15.83		19		56	7.4%	1,400	6.3%		$25.00		22		98	2.8%	2,065	3.6%		$21.07
2031	6		94	3.5%	1,035	3.0%		$11.01		13		46	6.1%	1,413	6.4%		$30.72		19		140	4.0%	2,448	4.3%		$17.49
2032	2		61	2.3%	742	2.1%		$12.16		15		61	8.0%	1,896	8.5%		$31.08		17		122	3.5%	2,638	4.6%		$21.62
2033	6		165	6.1%	2,639	7.5%		$15.99		8		23	3.0%	685	3.1%		$29.78		14		188	5.4%	3,324	5.8%		$17.68
Thereafter	61		2,132	78.7%	27,227	77.7%		$12.77		63		278	36.6%	7,704	34.7%		$27.71		124		2,410	69.5%	34,931	61.0%		$14.49
Total	89		2,709	100.0%	$35,037	100.0%		$12.93		214		759	100.0%	$22,205	100.0%		$29.26		303		3,468	100.0%	$57,242	100.0%		$16.51
Note: Includes ground leases

 

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SITE CENTERS INVESTOR RELATIONS DEPARTMENT 3300 ENTERPRISE PKWY, BEACHWOOD, OH 44122 O: 216-755-5500 F: 216-755-1500 SITECENTERS.COM NYSE: SITC

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v3.24.3

Document and Entity Information	Oct. 30, 2024
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0000894315
Document Type	8-K
Document Period End Date	Oct. 30, 2024
Entity Registrant Name	SITE Centers Corp.
Securities Act File Number	1-11690
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1723097
Entity Emerging Growth Company	false
Entity Address, Address Line One	3300 Enterprise Parkway
Entity Address, City or Town	Beachwood
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44122
City Area Code	(216)
Local Phone Number	755-5500
Entity Information, Former Legal or Registered Name	Not Applicable
Soliciting Material	false
Written Communications	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Shares, Par Value $0.10 Per Share
Trading Symbol	SITC
Security Exchange Name	NYSE
Class A Cumulative Redeemable Preferred Shares [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/20 of a share of 6.375% Class A Cumulative Redeemable Preferred Shares without Par Value
Trading Symbol	SITC PRA
Security Exchange Name	NYSE

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