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Sep 30, 2022
SITE Centers Q3 2022 Earnings Report
Reported operating results for the quarter ended September 30, 2022.
Key Takeaways
SITE Centers reported excellent operational and leasing performance, continued capital recycling and investments, and further strengthening of the balance sheet.
Net income attributable to common shareholders was $63.4 million, or $0.30 per diluted share.
Operating FFO was $62.8 million, or $0.29 per diluted share.
Acquired five convenience shopping centers for an aggregate price of $31.4 million.
Sold 15 shopping centers for an aggregate price of $450.6 million.
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 third quarter operating results.
Positive Outlook
- Net income attributable to Common Shareholders $0.64 – $0.66
- Depreciation and amortization of real estate 0.92 - 0.94
- JVs' FFO 0.04 – 0.05
- Impairment of real estate (reported actual) 0.01
- Gain on sale and change in control of interests (reported actual) (0.21)
Challenges Ahead
- Equity in net (income) of JVs (0.12)
- Gain on disposition of real estate (reported actual) (0.15)
- FFO (NAREIT) $1.15 – $1.16
- Debt extinguishment, transaction and other (reported actual) 0.01
Historical Earnings Impact
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Avg. Return Before/After Earnings
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