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Mar 31, 2023
SITE Centers Q1 2023 Earnings Report
SITE Centers had a strong start to the year with elevated leasing activity, a sequential increase in the Signed Not Opened (SNO) pipeline, and continued progress on the tactical redevelopment pipeline.
Key Takeaways
SITE Centers reported a strong first quarter in 2023, marked by elevated leasing activity, an increase in the SNO pipeline, and progress in redevelopment, despite an uptick in tenant bankruptcies.
Net income attributable to common shareholders was $12.5 million, or $0.06 per diluted share, compared to $11.1 million, or $0.05 per diluted share, in the year-ago period.
Operating FFO was $62.7 million, or $0.30 per diluted share, compared to $61.6 million, or $0.29 per diluted share, in the year-ago period.
Acquired two convenience shopping centers for an aggregate price of $26.1 million.
Reported an increase of 4.2% in same-store net operating income (SSNOI) on a pro rata basis.
Forward Guidance
The Company has updated its 2023 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.
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