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Sep 30, 2023
SITE Centers Q3 2023 Earnings Report
Reported steady demand for vacant space and recycling of capital into Convenience assets.
Key Takeaways
SITE Centers Corp. announced Q3 2023 results, reflecting steady demand for vacant space and capital recycling into Convenience assets. Net income attributable to common shareholders was $45.9 million, or $0.22 per diluted share. Operating FFO was $69.9 million, or $0.33 per diluted share.
Third quarter net income attributable to common shareholders was $45.9 million, or $0.22 per diluted share.
Third quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $69.9 million, or $0.33 per diluted share.
SITE Centers sold 11 wholly owned shopping centers in the third quarter and fourth quarter to date for an aggregate price of $645.6 million including five wholly-owned shopping centers during the third quarter for an aggregate price of $118.3 million.
Acquired three convenience shopping centers during the quarter for an aggregate price of $28.1 million.
Forward Guidance
The Company has updated its 2023 full-year guidance for net income attributable to common shareholders and Operating FFO per share to reflect third quarter results and announced transaction activity.
Positive Outlook
- Joint Venture fee income $6 – $7 million
- SSNOI 1.50% – 3.00%
- SSNOI – Adjusted for 2022 Uncollectible Revenue Impact 2.50% – 4.00%
- Net income attributable to Common Shareholders $0.28 – $0.33
- Operating FFO $1.16 – $1.18
Challenges Ahead
- General economic conditions, including inflation and interest rate volatility
- Local conditions such as the supply of, and demand for, retail real estate space in our geographic markets
- The impact of e-commerce
- Dependence on rental income from real property
Historical Earnings Impact
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Avg. Return Before/After Earnings
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