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Mar 31, 2022
SITE Centers Q1 2022 Earnings Report
Reported operating results for the first quarter of 2022.
Key Takeaways
SITE Centers reported an excellent start to the year with record new leasing activity and the deployment of proceeds from preferred dividends. The portfolio is well positioned to produce sustainable NOI growth.
Net income attributable to common shareholders was $11.1 million, or $0.05 per diluted share.
Operating FFO was $61.6 million, or $0.29 per diluted share.
Acquired three shopping centers for an aggregate price of $140.1 million.
Reported an increase of 2.9% in SSNOI on a pro rata basis.
Forward 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.
Positive Outlook
- Joint Venture fee income $8.0 – $10.0 million
- RVI fee income (excluding disposition fees) $0.5 – $1.0 million
- SSNOI – Adjusted for 2021 Uncollectible Revenue Impact 3.00% – 4.50%
Challenges Ahead
- SSNOI (0.75)% – 0.75%
- Net income attributable to Common Shareholders $0.17 – $0.24
- Depreciation and amortization of real estate 0.85 – 0.90
- Equity in net (income) of JVs (0.01) – 0.00
- JVs' FFO 0.05 – 0.07
Historical Earnings Impact
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Avg. Return Before/After Earnings
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