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Mar 31, 2024
SITE Centers Q1 2024 Earnings Report
Reported operating results for the quarter ended March 31, 2024, made progress on the planned spin-off of Convenience assets, and remains on track to form the first public real estate company focused exclusively on Convenience properties.
Key Takeaways
SITE Centers reported a net loss attributable to common shareholders of $26.3 million, or $0.13 per diluted share, compared to net income of $12.5 million, or $0.06 per diluted share, in the year-ago period. Operating FFO was $59.8 million, or $0.28 per diluted share, compared to $62.7 million, or $0.30 per diluted share, in the year-ago period. The company sold five wholly-owned shopping centers and acquired two convenience shopping centers.
Net loss attributable to common shareholders was $26.3 million, or $0.13 per diluted share.
Operating FFO was $59.8 million, or $0.28 per diluted share.
Sold five wholly-owned shopping centers for an aggregate price of $169.6 million.
Acquired two convenience shopping centers for an aggregate price of $19.1 million.
Revenue by Segment
Forward Guidance
The Company projects 2024 property level NOI to be as follows: SITE Centers $252.8 – $260.6 million; Curbline Properties $76.9 – $80.2 million. Assume 2024 SSNOI growth of 3.5% – 5.5% for Curbline Properties.
Positive Outlook
- 2024 property level NOI to be $252.8 – $260.6 million for SITE Centers
- 2024 property level NOI to be $76.9 – $80.2 million for Curbline Properties
- Assume 2024 SSNOI growth of 3.5% – 5.5% for Curbline Properties
- All SITE Centers properties owned as of March 31, 2024 are held for the full year 2024
- Includes NOI for Curbline Properties assets acquired in 2024 from the date of acquisition
Challenges Ahead
- Excludes from NOI G&A allocated to operating expenses which totaled $2.6 million in 1Q2024, or $10.2 million annualized
- Adjust NOI for the estimated impact of remaining expected parcel separations
- Includes NOI for SITE Centers from its Beachwood, OH office headquarters
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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