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Sep 30, 2024
SITE Centers Q3 2024 Earnings Report
SITE Centers reported third quarter results, highlighting strategic dispositions and acquisitions prior to the Curbline spin-off.
Key Takeaways
SITE Centers Corp. reported a net income attributable to common shareholders of $320.2 million, or $6.07 per diluted share, for the third quarter of 2024. The company completed the spin-off of Curbline Properties on October 1 and sold 25 shopping centers for $1.4 billion during the third quarter.
Net income attributable to common shareholders was $320.2 million, or $6.07 per diluted share.
Operating FFO was $42.8 million, or $0.81 per diluted share.
Sold 25 shopping centers for an aggregate price of $1.4 billion.
Acquired seven convenience shopping centers for an aggregate price of $145.3 million.
Forward Guidance
The Company projects, based on the assumptions below, 2024 property level NOI to be between $94.7 million and $96.9 million.
Positive Outlook
- Calculates NOI pursuant to the definition of NOI as described below, excludes NOI from all Curbline properties and all properties sold prior to September 30, 2024 and assumes that all SITE Centers properties owned as of September 30, 2024 are held for the full year 2024
- Includes the Company's share of joint venture NOI
- Includes revenue from the Company's Beachwood, OH office headquarters.
Challenges Ahead
- Excludes from NOI G&A allocated to operating expenses which totaled $2.1 million in 3Q2024, or $8.4 million annualized
Historical Earnings Impact
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Avg. Return Before/After Earnings
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