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Dec 31, 2023
SITE Centers Q4 2023 Earnings Report
SITE Centers reported fourth quarter and full-year 2023 results and declared first quarter dividend.
Key Takeaways
SITE Centers Corp. reported net income attributable to common shareholders of $193.6 million, or $0.92 per diluted share, for the fourth quarter of 2023. Operating FFO was $54.0 million, or $0.26 per diluted share.
Net income attributable to common shareholders was $193.6 million, or $0.92 per diluted share.
Operating FFO was $54.0 million, or $0.26 per diluted share.
Sold 12 wholly-owned shopping centers during the fourth quarter for an aggregate price of $736.2 million.
Acquired four convenience shopping centers during the quarter for an aggregate price of $62.4 million.
Forward Guidance
The Company projects based on the assumptions below, 2024 property level NOI to be as follows: Portfolio NOI Projection ($M) SITE Centers $260.7 – $269.8 Curbline Properties $73.9 – $77.9
Positive Outlook
- Calculate NOI pursuant to the definition of NOI used in the SSNOI calculation as described below except that it includes lease termination fees and assumes that all properties owned as of December 31, 2023 are held for the full year 2024,
- Assume 2024 SSNOI growth of 3.5% - 5.5% for Curbline Properties,
- Exclude from NOI G&A allocated to operating expenses which totaled $2.8 million in 4Q2023, or $11.2 million annualized and
- Adjust NOI for estimated impact of remaining expected parcel separations and include NOI for SITE Centers from its Beachwood, OH office headquarters.
- Calculate NOI pursuant to the definition of NOI used in the SSNOI calculation as described below except that it includes lease termination fees and assumes that all properties owned as of December 31, 2023 are held for the full year 2024,
Challenges Ahead
- Assume 2024 SSNOI growth of 3.5% - 5.5% for Curbline Properties,
Historical Earnings Impact
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Avg. Return Before/After Earnings
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