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Jun 30, 2023
SITE Centers Q2 2023 Earnings Report
Reported second quarter results ahead of expectations driven by elevated demand for space.
Key Takeaways
SITE Centers Corp. announced operating results for the quarter ended June 30, 2023. Second quarter results were ahead of expectations and demand for space across unit sizes in the high-quality portfolio remains elevated.
Net income attributable to common shareholders was $2.6 million, or $0.01 per diluted share.
Operating FFO was $61.3 million, or $0.29 per diluted share.
Same-store net operating income increased 1.7%.
Leased rate of 95.5% at June 30, 2023.
Revenue by Segment
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 second quarter operating results.
Positive Outlook
- Net income attributable to Common Shareholders $0.11 – $0.19
- Depreciation and amortization of real estate 0.96 – 1.00
- JVs' FFO 0.04
- Operating FFO $1.13 – $1.17
- SSNOI – Adjusted for 2022 Uncollectible Revenue Impact 1.00% – 4.00%
Challenges Ahead
- Equity in net (income) of JVs (0.03)
- Gain on sale and change in control of interests (reported actual) (0.02)
- FFO (NAREIT) $1.10 – $1.14
- Separation and other charges 0.03
- Joint Venture fee income $5 – $7 million
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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