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Jun 30, 2022
SITE Centers Q2 2022 Earnings Report
Reported second quarter operating results.
Key Takeaways
SITE Centers Corp. announced operating results for the quarter ended June 30, 2022. The company had the highest quarterly new leasing volume since the first quarter of 2017 and significant capital recycling as they continue to invest in their Convenience thesis.
Second quarter net income attributable to common shareholders was $57.6 million, or $0.27 per diluted share, as compared to net income of $13.8 million, or $0.06 per diluted share, in the year-ago period.
Second quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $66.5 million, or $0.31 per diluted share, compared to $65.3 million, or $0.31 per diluted share, in the year-ago period.
Acquired seven shopping centers during the quarter for an aggregate price of $165.2 million.
Sold 14 shopping centers and one parcel at a wholly-owned shopping center during the quarter for an aggregate price of $268.1 million ($94.6 million at share).
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 second quarter operating results.
Historical Earnings Impact
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