[Company & Portfolio Overview](index=2&type=section&id=Company%20%26%20Portfolio%20Overview) SITE Centers Corp. is a REIT focused on owning and managing open-air shopping centers in high-income suburban communities [Company Overview](index=2&type=section&id=Company%20Overview) SITE Centers Corp. is a self-managed REIT specializing in open-air shopping centers in high-income suburban communities - The Company is a publicly traded, self-administered, and self-managed REIT on the NYSE under the ticker **SITC**[9](index=9&type=chunk) - SITE Centers focuses on owning and managing open-air shopping centers located in suburban areas with high household incomes[39](index=39&type=chunk)[49](index=49&type=chunk) [Portfolio Overview](index=2&type=section&id=Portfolio%20Overview) As of June 30, 2024, SITE Centers' portfolio comprises 112 open-air shopping centers with 15.1 million square feet GLA, 93.2% leased, primarily in the Southeast and leased to national retailers Portfolio Statistics (as of June 30, 2024) | Metric | Value | | :--- | :--- | | Wholly-Owned Properties | 101 | | Leased Rate (Pro Rata) | 93.2% | | Average Household Income | $113K | | Shopping Center Count | 112 | | Gross Leasable Area (Pro Rata Share) | 15,051 (in thousands sq ft) | - The portfolio has a high concentration of national retailers, which make up **86%** of the tenant mix, with the remaining **14%** being local tenants[40](index=40&type=chunk) - Geographically, the portfolio is heavily weighted towards the Southeast region, accounting for **50%** of the properties, with Miami, Atlanta, and Chicago MSAs being the top three by Annualized Base Rent (ABR), each contributing approximately **9%**[40](index=40&type=chunk)[60](index=60&type=chunk) Quarterly Operational Overview (Pro Rata Share) | Metric | 6/30/2024 | 6/30/2023 | | :--- | :--- | :--- | | Base Rent PSF | $21.98/sq ft | $19.89/sq ft | | Commenced Rate | 90.9% | 92.4% | | Leased Rate | 93.2% | 95.5% | [Earnings Release & Financial Performance](index=4&type=section&id=Earnings%20Release%20%26%20Financial%20Performance) This section details SITE Centers' Q2 2024 financial results, including net income, FFO, balance sheet, and future NOI projections, reflecting portfolio transformation efforts [Second Quarter 2024 Highlights](index=4&type=section&id=Second%20Quarter%202024%20Highlights) SITE Centers reported a significant increase in Q2 2024 net income driven by property sales, while Operating FFO per share decreased amid active portfolio transformation and spin-off progress - The planned spin-off of Curbline Properties Corp. is on track, with significant progress made in Q2, including nearly **$1 billion** in transactions[19](index=19&type=chunk)[43](index=43&type=chunk)[46](index=46&type=chunk) - Sold **15** shopping centers for an aggregate price of **$868.2 million** and acquired **six** convenience shopping centers for **$56.0 million** during the second quarter and third quarter to date[18](index=18&type=chunk) - Repurchased **$26.7 million** of senior unsecured notes, resulting in a gain on debt retirement of approximately **$0.3 million**[18](index=18&type=chunk) - Announced a **one-for-four reverse stock split** of common shares, expected to be effective August 19, 2024[18](index=18&type=chunk) Q2 2024 Key Financial Results (per diluted share) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income per Share | $1.11 | $0.01 | +$1.10 | | Operating FFO per Share | $0.27 | $0.29 | -$0.02 | [Financial Statements (Consolidated)](index=8&type=section&id=Financial%20Statements%20(Consolidated)) Consolidated revenues decreased in Q2 2024 due to dispositions, while net income surged to **$238.2 million** driven by real estate gains, increasing cash to **$1.18 billion** Consolidated Income Statement Highlights (in thousands) | Account | 2Q24 | 2Q23 | | :--- | :--- | :--- | | Total Revenues | $114,129 | $136,383 | | Net Operating Income | $78,730 | $93,628 | | Gain on disposition of real estate, net | $233,316 | $(22) | | **Net Income** | **$238,245** | **$5,353** | | **Earnings per common share – Diluted** | **$1.11** | **$0.01** | Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Real estate, net | $2,649,113 | $3,260,782 | | Cash | $1,181,292 | $551,968 | | **Total Assets** | **$4,045,565** | **$4,061,351** | | Total Debt (Unsecured + Secured) | $1,513,631 | $1,626,275 | | **Total Liabilities** | **$1,711,466** | **$1,885,808** | | **Total Equity** | **$2,334,099** | **$2,175,543** | [FFO & OFFO Reconciliation](index=9&type=section&id=FFO%20%26%20OFFO%20Reconciliation) Q2 2024 FFO decreased to **$40.2 million** and Operating FFO to **$55.9 million**, primarily due to lower property NOI from net dispositions FFO & Operating FFO Reconciliation (in thousands, except per share) | Metric | 2Q24 | 2Q23 | | :--- | :--- | :--- | | Net income Common Shareholders | $235,456 | $2,564 | | Adjustments (Depreciation, Gains, etc.) | ($195,279) | $54,955 | | **FFO attributable to Common Shareholders** | **$40,177** | **$57,519** | | Non-operating items, net | $15,706 | $3,776 | | **Operating FFO attributable to Common Shareholders** | **$55,883** | **$61,295** | | **FFO per share – Diluted** | **$0.19** | **$0.27** | | **Operating FFO per share – Diluted** | **$0.27** | **$0.29** | [Property NOI Projection](index=5&type=section&id=Property%20NOI%20Projection) SITE Centers projects full-year 2024 property NOI between **$198.3 million** and **$204.4 million**, with Curbline Properties projected at **$82.6 million** to **$84.9 million** 2024 Property NOI Projection ($M) | Portfolio | NOI Projection ($M) | | :--- | :--- | | SITE Centers | $198.3 – $204.4 | | Curbline Properties | $82.6 – $84.9 | - The projections assume a 2024 Same-Store NOI (SSNOI) growth of **3.5% to 5.5%** for Curbline Properties[198](index=198&type=chunk) [Portfolio Metrics](index=12&type=section&id=Portfolio%20Metrics) This section provides key operational metrics including same-store performance, leasing activity, lease expiration schedules, and tenant diversification [Same Store Metrics](index=12&type=section&id=Same%20Store%20Metrics) Q2 2024 Same-Store Net Operating Income (SSNOI) at SITE's share increased by **0.8%**, with the consolidated same-store leased rate at **93.2%** - Same-store net operating income (SSNOI) on a pro rata basis increased by **0.8%** for Q2 2024 compared to the same period last year[47](index=47&type=chunk) Same Store NOI Performance (at SITE share) | Period | Total SSNOI at SITE share ($ thousands) | % Change YoY | | :--- | :--- | :--- | | Q2 2024 | $66,549 | 0.8% | | 6M 2024 | $132,700 | 0.9% | Consolidated Same Store Operating Metrics | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Leased Rate | 93.2% | 94.7% | | Commenced Rate | 90.8% | 90.9% | | Operating Margin | 70.0% | 70.2% | [Leasing Summary](index=13&type=section&id=Leasing%20Summary) SITE Centers reported strong Q2 2024 leasing performance with **44.2%** cash new leasing spreads, and a **230 basis point** Signed Not Opened (SNO) spread representing **$10.2 million** in future ABR - The Signed Not Opened (SNO) spread was **230 basis points** as of June 30, 2024, which represents **$10.2 million** of future annualized base rent on a pro rata basis[47](index=47&type=chunk) Q2 2024 Leasing Spreads (Pro Rata Share) | Lease Type | Cash Spread | Straight-Lined Spread | | :--- | :--- | :--- | | **SITE New Leases** | 44.2% | 50.6% | | **SITE Renewals** | 9.1% | 14.8% | | **Curbline New Leases** | 64.5% | 97.3% | | **Curbline Renewals** | 14.7% | 28.7% | Trailing Twelve-Month Leasing Spreads (Pro Rata Share) | Lease Type | Cash Spread | Straight-Lined Spread | | :--- | :--- | :--- | | **SITE New Leases** | 38.8% | 50.1% | | **SITE Renewals** | 6.9% | 11.6% | | **Curbline New Leases** | 24.4% | 49.2% | | **Curbline Renewals** | 11.3% | 22.4% | [Lease Expirations](index=15&type=section&id=Lease%20Expirations) Approximately **10.2%** of ABR is set to expire in 2025, with the largest concentration of **17.3%** in 2028, indicating future re-leasing opportunities Lease Expiration Schedule by ABR (Pro Rata, No Options Exercised) | Year | % of ABR Expiring | | :--- | :--- | | 2024 (Remaining) | 1.6% | | 2025 | 10.2% | | 2026 | 8.8% | | 2027 | 15.3% | | 2028 | 17.3% | | Thereafter | 46.8% | - The schedule shows a significant portion of leases expiring between **2027 and 2029**, representing a key period for re-leasing and rent negotiations[68](index=68&type=chunk) [Top Tenants](index=16&type=section&id=Top%20Tenants) The tenant base is diversified, with the top 10 tenants accounting for **20.3%** of pro rata base rent, led by TJX Companies at **3.8%** Top 5 Tenants by Pro Rata Base Rent | Rank | Tenant | % of Total Pro Rata Base Rent | | :--- | :--- | :--- | | 1 | TJX Companies | 3.8% | | 2 | PetSmart | 2.2% | | 3 | Dick's Sporting Goods | 2.1% | | 4 | Ross Stores | 2.1% | | 5 | Burlington | 1.9% | - The top **50** tenants in the portfolio represent **45.0%** of the total pro rata base rent[95](index=95&type=chunk) [Investments & Transactions](index=17&type=section&id=Investments%20%26%20Transactions) This section details SITE Centers' redevelopment pipeline and recent transaction activity, reflecting ongoing portfolio refinement efforts [Redevelopment Pipeline](index=17&type=section&id=Redevelopment%20Pipeline) SITE Centers has a redevelopment pipeline with estimated net costs of **$7.4 million** and an **11%** estimated yield, with projects stabilizing between Q2 2026 and Q1 2027 Redevelopment Pipeline Summary (in thousands) | Metric | Value | | :--- | :--- | | Estimated Net Costs | $7,418 | | Estimated Yield | 11% | | Costs to Date | $2,479 | | Estimated Remaining Costs | $4,939 | - The pipeline includes two main projects: Shops at Tanasbourne (Portland, OR) and Shops at Boca Center (Boca Raton, FL)[97](index=97&type=chunk) [Transactions](index=18&type=section&id=Transactions) Year-to-date 2024, SITE Centers has been a net seller, disposing of **$987.6 million** in properties and acquiring **$127.4 million** in assets as part of its portfolio refinement strategy 2024 YTD Transactions Summary (in thousands) | Transaction Type | Price (At 100%) | Price (At Share) | | :--- | :--- | :--- | | Acquisitions | $127,410 | $112,080 | | Dispositions | $987,580 | $958,380 | - Significant Q2 dispositions included a six-property portfolio sold for **$495.0 million** and Johns Creek Town Center for **$58.9 million**[99](index=99&type=chunk) - Key Q2 acquisitions included Meadowmont Village for **$44.3 million** (acquiring the remaining **80%** interest) and Roswell Market Center for **$17.8 million**[18](index=18&type=chunk)[99](index=99&type=chunk) [Capital & Debt Structure](index=11&type=section&id=Capital%20%26%20Debt%20Structure) This section details SITE Centers' capital and debt structure, including market capitalization, debt composition, maturity schedule, and leverage ratios [Capital Structure](index=11&type=section&id=Capital%20Structure) As of June 30, 2024, SITE Centers' total market capitalization was **$3.64 billion**, with a net debt position significantly reduced to **$427.8 million** due to asset sales Capital Structure (as of June 30, 2024, in thousands) | Component | Value | | :--- | :--- | | Common Shares Equity | $3,038,649 | | Total Debt (includes JVs at SITE share) | $1,624,693 | | Less: Cash | ($1,196,881) | | **Net Debt** | **$427,812** | | **Total Market Capitalization** | **$3,641,461** | [Debt Profile](index=19&type=section&id=Debt%20Profile) SITE Centers' total debt at share was **$1.62 billion** with a **4.61%** weighted average interest rate and **2.2-year** maturity, predominantly fixed-rate and unsecured Debt Composition (at SITE Share, in thousands) | Debt Type | Balance ($) | Interest Rate | | :--- | :--- | :--- | | Unsecured Public Debt | $1,217,893 | 4.36% | | Unsecured Term Loan | $200,000 | 3.99% | | Mortgage Loans | $206,800 | 6.43% (Blended) | | **Total** | **$1,624,693** | **4.61%** | Debt Maturity Schedule (Total at SITE Share, in thousands) | Year | Amount Maturing ($) | | :--- | :--- | | 2024 | $386 | | 2025 | $402,523 | | 2026 | $401,794 | | 2027 | $650,162 | | 2028 | $94,633 | - The company's debt is predominantly fixed-rate, accounting for **98.1%** of the total debt at SITE's share, which mitigates interest rate risk[77](index=77&type=chunk)[101](index=101&type=chunk) [Leverage & Covenants](index=14&type=section&id=Leverage%20%26%20Covenants) SITE Centers' leverage significantly improved, with pro-rata Net Debt to Adjusted EBITDA decreasing to **3.4x**, and the company remains in compliance with all debt covenants Leverage Ratios (TTM) | Metric | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Average Consolidated Net Debt / Adjusted EBITDA | 3.1x | 5.2x | | Average Pro-Rata Net Debt / Adjusted EBITDA | 3.4x | 5.5x | Debt Covenant Compliance | Covenant | Ratio | Limit | | :--- | :--- | :--- | | Total Debt to Real Estate Assets | 38% | < 65% | | Secured Debt to Assets | 2% | < 40% | | Unencumbered Assets to Unsecured Debt | 267% | > 135% | | Fixed Charge Coverage | 3.9x | > 1.5x | [Unconsolidated Joint Ventures](index=22&type=section&id=Unconsolidated%20Joint%20Ventures) This section provides an overview of SITE Centers' unconsolidated joint ventures, including portfolio details and financial contributions [JV Overview & Financials](index=22&type=section&id=JV%20Overview%20%26%20Financials) SITE Centers holds interests in **11** properties through unconsolidated joint ventures, generating **$15.6 million** in Q2 2024 NOI at 100% and **$1.6 million** in SITE's share of FFO Unconsolidated Joint Venture Portfolio (as of June 30, 2024) | Joint Venture | SITE Own % | Number of Properties | Leased Rate | Debt Balance (100%) | | :--- | :--- | :--- | :--- | :--- | | Chinese Institutional Investors DTP | 20% | 10 | 95.5% | $380.6M | | Prudential RVIP IIIB | 50% | 1 | 81.6% | $61.7M | JV Financial Highlights (at 100%) | Metric | 2Q24 | 6M24 | | :--- | :--- | :--- | | Net Operating Income | $15,643K | $31,829K | | Net Income | $7,334K | $6,179K | | FFO | $5,693K | $11,712K | - SITE's share of FFO from its unconsolidated joint ventures was **$1.6 million** for Q2 2024[141](index=141&type=chunk) [Shopping Center Summary](index=25&type=section&id=Shopping%20Center%20Summary) This section provides a detailed list of all shopping centers within the portfolio, including key operational and ownership data [Property List](index=25&type=section&id=Property%20List) The comprehensive property list details **112** shopping centers, providing key information such as MSA, GLA, ABR per square foot, and major anchor tenants - The property list details **112** centers, including **101** wholly-owned and **11** in joint ventures[113](index=113&type=chunk)[114](index=114&type=chunk) - Information provided for each property includes MSA, location, ownership structure, GLA, ABR per square foot, and major anchor tenants (those greater than **20K SF**)[113](index=113&type=chunk)[143](index=143&type=chunk) [Reporting Policies & Definitions](index=28&type=section&id=Reporting%20Policies%20and%20Other) This section outlines SITE Centers' key accounting policies and provides definitions for non-GAAP financial measures used in performance evaluation [Notable Accounting Policies](index=28&type=section&id=Notable%20Accounting%20Policies) Key accounting policies cover revenue recognition, capitalization of expenditures, and distinct methodologies for calculating leasing spreads for SITE Centers and Curbline Properties - Revenue from lease termination fees is recognized upon lease termination, and tenant reimbursements are recognized as expenses are incurred[118](index=118&type=chunk) - The company capitalizes expenditures that improve or extend asset life, as well as interest and certain administrative costs during construction, while maintenance and repairs are expensed[151](index=151&type=chunk) - The calculation for leasing spreads differs for SITE Centers and Curbline Properties, with SITE excluding certain non-comparable deals and long-vacant leases, while Curbline includes them[28](index=28&type=chunk)[125](index=125&type=chunk) [Non-GAAP Measures Definitions](index=30&type=section&id=Non-GAAP%20Measures%20Definitions) The report defines key non-GAAP measures such as FFO, Operating FFO (OFFO), Net Operating Income (NOI), and Same Store NOI (SSNOI) used for performance evaluation - **FFO (Funds from Operations):** Calculated per NAREIT definition as net income adjusted for real estate depreciation, gains/losses on property sales, and impairment charges, serving as a standard REIT performance measure[25](index=25&type=chunk)[50](index=50&type=chunk)[128](index=128&type=chunk) - **Operating FFO (OFFO):** A company-specific metric that further adjusts FFO by removing items management deems non-comparable or not indicative of core portfolio performance, such as transaction costs and gains on debt retirement[50](index=50&type=chunk)[178](index=178&type=chunk) - **NOI and SSNOI (Net Operating Income):** NOI represents property revenues less property-related expenses, while SSNOI compares NOI for a consistent pool of properties to measure organic operational performance[26](index=26&type=chunk)[51](index=51&type=chunk)[180](index=180&type=chunk)

SITE Centers Corp's (SITC) well-located portfolio of retail real estate assets concentrated mostly in the suburban and high household income regions positions it well for growth. Its focus on the aggressive capitalrecycling program also augurs well. However, rising e-commerce adoption and elevated interest rates add to its woes. This retail real estate investment trust's (REIT) aggressive capital-recycling program highlights its prudent capital-management practices and helps preserve balance sheet strength. ...

SITE Centers Corp. (SITC) has provided an update on its transaction and financing activities for the second quarter of 2024. In the second quarter of 2024 to date, the company disposed of two properties for $50.2 million bringing total dispositions since Jun 30, 2023, to $1 billion. It has $650 million of additional assets under contract, expected to close by the end of the second quarter of 2024 subject to standard closing conditions. According to the management, overall pricing levels for the completed an ...

A month has gone by since the last earnings report for SITE CENTERS CORP. (SITC) . Shares have added about 1.9% in that time frame, underperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is SITE Centers Corp. due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. SITE Centers Q1 OFFO Beat Estimates, ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements – Unaudited](index=3&type=section&id=Item%201.%20Financial%20Statements%20%E2%80%93%20Unaudited) The company's unaudited statements show a Q1 net loss of $23.6 million, a shift from prior-year income due to a significant impairment charge Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$3,892,578** | **$4,061,351** | | Total Real Estate Assets, Net | $3,113,287 | $3,260,782 | | Cash and Cash Equivalents | $551,285 | $551,968 | | **Total Liabilities** | **$1,768,634** | **$1,885,808** | | Total Indebtedness | $1,565,231 | $1,626,275 | | **Total Equity** | **$2,123,944** | **$2,175,543** | Consolidated Statement of Operations Summary (in thousands) | Account | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total Revenues | $122,091 | $138,692 | | Impairment Charges | $66,600 | $0 | | **Net (Loss) Income** | **($23,552)** | **$15,302** | | Net (Loss) Income Attributable to Common Shareholders | ($26,341) | $12,495 | | **Diluted (Loss) Earnings Per Share** | **($0.13)** | **$0.06** | Consolidated Statement of Cash Flows Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | $39,952 | $42,167 | | Net Cash Flow from Investing Activities | $78,137 | ($50,826) | | Net Cash Flow from Financing Activities | ($130,402) | $12,904 | - During Q1 2024, the company acquired two convenience centers for a total of **$19.1 million**[24](index=24&type=chunk) - The company recorded significant impairment charges of **$66.6 million** in Q1 2024, triggered by a change in hold period assumptions for certain assets[53](index=53&type=chunk) - Subsequent to the quarter end, through April 26, 2024, the company sold two shopping centers for an aggregate price of **$50.2 million**[57](index=57&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Q1 net loss, driven by dispositions and impairments, and outlines the planned spin-off of its convenience assets - The company plans to spin off its convenience assets into a separate, publicly traded REIT named **Curbline Properties Corp.**, with an expected completion date around October 1, 2024[63](index=63&type=chunk)[68](index=68&type=chunk) - In preparation for the spin-off, the company obtained a financing commitment for a **$1.0 billion mortgage facility** to repay all outstanding unsecured indebtedness[64](index=64&type=chunk) - **Same Store Net Operating Income (SSNOI)** at SITE's share increased by **1.5%** for Q1 2024 compared to Q1 2023, driven by higher base rents for non-anchor tenants[101](index=101&type=chunk) Key Financial Metrics (in thousands, except per share) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (loss) income attributable to common shareholders | ($26,341) | $12,495 | | FFO attributable to common shareholders | $51,931 | $61,899 | | Operating FFO attributable to common shareholders | $59,801 | $62,728 | | (Loss) earnings per share – Diluted | ($0.13) | $0.06 | [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q1 2024 revenues decreased due to property dispositions, while operating expenses rose significantly from a $66.6 million impairment charge - A significant impairment charge of **$66.6 million** was recorded in Q1 2024, triggered by a change in the hold period assumptions for certain assets[77](index=77&type=chunk) - Interest income was **$7.3 million** in Q1 2024, compared to zero in the prior-year period, related to excess cash from sale proceeds held in money market accounts[79](index=79&type=chunk) Change in Base and Percentage Rental Income (in millions) | Component | Increase (Decrease) | | :--- | :--- | | Acquisition of shopping centers | $2.4 | | Comparable Portfolio Properties | $1.5 | | Disposition of shopping centers | ($17.1) | | **Total** | **($13.2)** | Change in Key Operating Expenses (in millions) | Expense Category | Operating and Maintenance | Real Estate Taxes | Depreciation and Amortization | | :--- | :--- | :--- | :--- | | Acquisition of shopping centers | $0.4 | $0.3 | $1.6 | | Comparable Portfolio Properties | $0.5 | $0.1 | $0.0 | | Disposition of shopping centers | ($3.5) | ($3.7) | ($12.5) | | **Total Change** | **($2.6)** | **($3.3)** | **($10.9)** | [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) Q1 2024 FFO decreased to $51.9 million due to net property dispositions, while Same Store Net Operating Income grew by 1.5% - The decrease in FFO was primarily due to the impact of **net property dispositions**, partially offset by property revenue growth and increased interest income[94](index=94&type=chunk) - Consolidated **Same Store Net Operating Income (SSNOI)** increased by **1.6%** in Q1 2024 compared to Q1 2023[101](index=101&type=chunk) Reconciliation of Net (Loss) Income to FFO (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (loss) income attributable to common shareholders | ($26,341) | $12,495 | | Depreciation and amortization of real estate investments | 41,819 | 52,717 | | Impairment of real estate | 66,600 | — | | Gain on disposition of real estate, net | (31,714) | (205) | | Joint ventures' FFO & other adjustments | 1,567 | (1,504) | | **FFO attributable to common shareholders** | **$51,931** | **$61,899** | | Non-operating items, net | 7,870 | 829 | | **Operating FFO attributable to common shareholders** | **$59,801** | **$62,728** | [Liquidity, Capital Resources and Financing Activities](index=31&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Financing%20Activities) The company maintains strong liquidity with $551.3 million in cash and full availability of its $950.0 million credit facility - At March 31, 2024, the company had **$551.3 million in unrestricted cash** and **$950.0 million available** under its Revolving Credit Facility[107](index=107&type=chunk) - The company has addressed all 2024 consolidated debt maturities and is preparing for **$425.9 million** in 2025 maturities[107](index=107&type=chunk) - Cash provided by investing activities increased by **$129.0 million** year-over-year, primarily due to a $111.9 million increase in proceeds from real estate dispositions[121](index=121&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk from interest rates is mitigated by having 100% of its consolidated debt at fixed rates - The company has mitigated interest rate risk on its **$200.0 million variable-rate Term Loan** by swapping the SOFR component to a fixed rate of 2.75%[158](index=158&type=chunk)[159](index=159&type=chunk) - A hypothetical **100 basis-point increase** in market interest rates would decrease the fair value of the company's fixed-rate debt from $1,546.4 million to $1,514.7 million[160](index=160&type=chunk) Consolidated Debt Summary (in millions) | Debt Type | Amount | Weighted Average Maturity (Years) | Weighted Average Interest Rate | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | Fixed-Rate Debt | $1,565.2 | 2.3 | 4.3% | 100.0% | | Variable-Rate Debt | $0 | — | — | 0.0% | [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes - The CEO and CFO concluded that the Company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[164](index=164&type=chunk) - **No changes** in the Company's internal control over financial reporting occurred during Q1 2024 that materially affected, or are reasonably likely to materially affect, these controls[165](index=165&type=chunk) [PART II. OTHER INFORMATION](index=33&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings not expected to have a material adverse effect on its financial condition - The Company is subject to various legal proceedings which are **not expected to have a material adverse effect** on the Company[168](index=168&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K - **No new risk factors** are reported in this Form 10-Q[169](index=169&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 187,958 shares in Q1 2024, with $73.4 million remaining under its authorized share repurchase program - The company repurchased a total of **187,958 shares** in Q1 2024, primarily to satisfy tax withholding obligations for employee equity plans[171](index=171&type=chunk) - As of March 31, 2024, the company has **$73.4 million remaining** under its $100 million share repurchase program authorized in December 2022[171](index=171&type=chunk)[172](index=172&type=chunk) [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including required officer certifications and interactive data files - Exhibits filed include **CEO and CFO certifications** pursuant to Sarbanes-Oxley Act rules[179](index=179&type=chunk) - The financial statements and notes have been formatted in **iXBRL** (Inline Extensible Business Reporting Language) and are attached as Exhibit 101[178](index=178&type=chunk)

SITE Centers Corp. (NYSE:SITC) Q1 2024 Earnings Conference Call April 30, 2024 8:00 AM ET Company Participants Stephanie Ruys - Vice President, Capital Markets David Lukes - Chief Executive Officer Conor Fennerty - Chief Financial Officer Conference Call Participants Dori Kesten - Wells Fargo Craig Mailman - Citi Alexander Goldfarb - Piper Sandler Todd Thomas - KeyBanc Capital Ronald Kamdem - Morgan Stanley Floris Van Dijkum - Compass Point Samir Khanal - Evercore ISI Michael Mueller - JPMorgan Paulina Roj ...

SITE CENTERS | APRIL 30, 2024 SAFE HARBOR STATEMENT In addition, this presentation includes certain non-GAAP financial measures. Non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the appendix and in the Company's quarterly financial supplement located at www.sitecenters.com/investors. SITE CENTERS 1Q24 CON ...

[Earnings Release & Financial Statements](index=4&type=section&id=Earnings%20Release%20%26%20Financial%20Statements) [Press Release and First Quarter Results](index=4&type=section&id=Press%20Release%20and%20First%20Quarter%20Results) SITE Centers reported a net loss for Q1 2024, primarily due to property dispositions and impairment charges, while advancing its Curbline Properties Corp. spin-off - The company is advancing its plan to spin-off its Convenience assets into a new, publicly-traded REIT named Curbline Properties Corp. (CURB), expected around **October 1, 2024**, with **67 wholly-owned properties** designated for the CURB portfolio[7](index=7&type=chunk)[9](index=9&type=chunk) Q1 2024 Financial Highlights vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (Loss) Income Attributable to Common Shareholders | ($26.3 million) | $12.5 million | | (Loss) Earnings per Diluted Share | ($0.13) | $0.06 | | Operating FFO (OFFO) | $59.8 million | $62.7 million | | OFFO per Diluted Share | $0.28 | $0.30 | - Year-to-date transaction activity includes the sale of **five wholly-owned shopping centers for $169.6 million** and the acquisition of **two convenience shopping centers for $19.1 million**[9](index=9&type=chunk) - The company recorded significant impairment charges of **$66.6 million** related to **three wholly-owned assets** due to changes in hold period assumptions[9](index=9&type=chunk) Key Quarterly Operating Results (Pro Rata Basis) | Metric | Q1 2024 | TTM Ended Q1 2024 | | :--- | :--- | :--- | | Same-Store NOI (SSNOI) Increase | 1.5% | - | | Cash New Leasing Spreads | 11.5% | 29.0% | | Cash Renewal Leasing Spreads | 8.0% | 6.5% | | Leased Rate (as of Mar 31, 2024) | 94.2% | - | | SNO Spread (Annualized Base Rent) | 260 bps ($13.1M) | - | [Financial Statements](index=8&type=section&id=Financial%20Statements) Consolidated financial statements for Q1 2024 show a net loss of $23.6 million, primarily due to property dispositions and impairment charges, with total assets decreasing to $3.9 billion Consolidated Income Statement Summary (in thousands) | Account | 1Q24 | 1Q23 | | :--- | :--- | :--- | | Total Revenues | $120,621 | $136,833 | | Net Operating Income | $83,339 | $93,614 | | Impairment Charges | ($66,600) | $0 | | Gain on Disposition of Real Estate, net | $31,714 | $205 | | **Net (Loss) Income** | **($23,552)** | **$15,302** | | **Net (Loss) Income Common Shareholders** | **($26,341)** | **$12,495** | Reconciliation to Operating FFO (in thousands) | Line Item | 1Q24 | 1Q23 | | :--- | :--- | :--- | | Net (loss) income attributable to Common Shareholders | ($26,341) | $12,495 | | Adjustments (Depreciation, Impairment, Gains, etc.) | +$78,272 | +$49,404 | | FFO attributable to Common Shareholders | $51,931 | $61,899 | | Non-operating items, net | $7,870 | $829 | | **Operating FFO attributable to Common Shareholders** | **$59,801** | **$62,728** | Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Real estate, net | $3,113,287 | $3,260,782 | | Total Assets | $3,892,578 | $4,061,351 | | Total Debt (Unsecured + Secured) | $1,565,231 | $1,626,275 | | Total Liabilities | $1,768,634 | $1,885,808 | | Total Equity | $2,123,944 | $2,175,543 | [Company Summary](index=12&type=section&id=Company%20Summary) [Portfolio Summary](index=12&type=section&id=Portfolio%20Summary) As of March 31, 2024, SITE Centers' pro-rata portfolio comprised 18.7 million square feet with a 94.2% leased rate and an average base rent of $20.69 per square foot Quarterly Operational Overview (Pro Rata Share) | Metric | 3/31/2024 | 12/31/2023 | 3/31/2023 | | :--- | :--- | :--- | :--- | | Owned GLA (in thousands) | 18,686 | 19,312 | 23,014 | | Base Rent PSF | $20.69 | $20.35 | $19.65 | | Leased Rate | 94.2% | 94.5% | 95.9% | | Commenced Rate | 91.6% | 92.0% | 92.9% | - The top 5 MSAs by Annualized Base Rent (ABR) are **Miami (10%)**, **Atlanta (9%)**, **Orlando (7%)**, **Chicago (7%)**, and **Trenton (7%)**, indicating regional concentration[2](index=2&type=chunk)[38](index=38&type=chunk) [Capital Structure](index=13&type=section&id=Capital%20Structure) As of March 31, 2024, SITE Centers had a total market capitalization of $4.4 billion, with total debt of $1.7 billion and a pro-rata Net Debt to Adjusted EBITDA ratio of 4.3x Capitalization Overview (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Common Shares Equity | $3,069,820 | $2,853,141 | | Total Debt (includes JVs at share) | $1,684,996 | $1,746,640 | | Net Debt | $1,116,271 | $1,164,880 | | Total Market Capitalization | $4,361,090 | $4,193,020 | Leverage Ratios | Ratio | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Average Pro-Rata Net Debt / Adjusted EBITDA | 4.3x | 5.1x | | Fixed Charge Coverage Ratio | 3.9x | 4.1x | - Credit ratings as of March 31, 2024, include **Moody's Baa3 (Negative)**, **S&P BBB- (Negative)**, and **Fitch BBB (Positive)**[40](index=40&type=chunk) [Same Store Metrics](index=14&type=section&id=Same%20Store%20Metrics) For Q1 2024, Same Store Net Operating Income (SSNOI) at SITE Centers' share increased by 1.5% year-over-year, driven by a 1.8% rise in same-store revenues Quarterly Same Store NOI Growth (at SITE Share) | Period | SSNOI Change vs. Prior Year | | :--- | :--- | | Q1 2024 | 1.5% | | Q1 2023 | 4.2% | Consolidated SSNOI Breakdown (Q1 2024 vs Q1 2023) | Component | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $109,659 | $107,742 | 1.8% | | Total Expenses | ($33,004) | ($32,265) | 2.3% | | **Total Consolidated SSNOI** | **$76,655** | **$75,477** | **1.6%** | [Leasing Summary](index=15&type=section&id=Leasing%20Summary) In Q1 2024, SITE Centers executed 94 new and renewal leases totaling 594k square feet with a blended cash spread of 8.2%, reflecting strong leasing activity Leasing Spreads (Pro Rata Share) | Lease Type | Q1 2024 (Cash Spread) | TTM (Cash Spread) | Q1 2024 (Straight-lined) | TTM (Straight-lined) | | :--- | :--- | :--- | :--- | :--- | | New Leases | 11.5% | 29.0% | 26.9% | 40.3% | | Renewals | 8.0% | 6.5% | 12.4% | 11.0% | | **New + Renewals** | **8.2%** | **8.8%** | **13.1%** | **13.9%** | - For the trailing twelve months ended March 31, 2024, the company signed **3.5 million square feet** of leases (new and renewals) on a pro-rata basis[37](index=37&type=chunk)[45](index=45&type=chunk) [Lease Expirations](index=17&type=section&id=Lease%20Expirations) The company's lease expiration schedule shows a manageable near-term profile, with 3.0% of ABR expiring in the remainder of 2024, and significant expirations in 2027-2028 Lease Expirations by Year (% of Total ABR, No Options Exercised) | Year | % of Total ABR Expiring | | :--- | :--- | | 2024 (rem.) | 3.0% | | 2025 | 13.2% | | 2026 | 9.3% | | 2027 | 15.9% | | 2028 | 17.2% | - As of March 31, 2024, the Signed Not Opened (SNO) pipeline included **77 leases for 529,000 square feet**, representing **$13.1 million** of future annualized base rent[48](index=48&type=chunk) [Top 50 Tenants](index=18&type=section&id=Top%2050%20Tenants) The tenant base is well-diversified, with the top 50 tenants accounting for 48.5% of total pro-rata annualized base rent, led by TJX Companies Top 5 Tenants by Pro Rata % of Total Base Rent | Tenant | Pro Rata % of Total Base Rent | Credit Rating (S&P/Moody's) | | :--- | :--- | :--- | | 1. TJX Companies | 5.0% | A/A2 | | 2. Dick's Sporting Goods | 2.6% | BBB/Baa3 | | 3. Ross Stores | 2.3% | BBB+/A2 | | 4. PetSmart | 2.2% | B+/B1 | | 5. Burlington | 2.1% | BB+/NR | - The top 10 tenants represent **21.7%** of the total pro-rata base rent, indicating a diversified tenant roster with no single tenant having excessive concentration[51](index=51&type=chunk) [Investments](index=19&type=section&id=Investments) [Redevelopment Pipeline](index=19&type=section&id=Redevelopment%20Pipeline) The company's active redevelopment pipeline consists of three projects with estimated net costs of $24.7 million and an estimated yield of 10% Total Redevelopment Pipeline Summary (in thousands) | Metric | Amount | | :--- | :--- | | Estimated Net Costs | $24,705 | | Costs to Date | $20,282 | | Remaining Costs | $5,840 | | Estimated Yield | 10% | [Transactions](index=20&type=section&id=Transactions) Year-to-date through April 2024, SITE Centers acquired $21.7 million in properties and disposed of $169.6 million, actively shaping its portfolio Transaction Summary YTD 2024 (at Share, in thousands) | Transaction Type | Price | | :--- | :--- | | Acquisitions | $21,730 | | Dispositions | $169,550 | Transaction Summary Q1 2024 (at Share, in thousands) | Transaction Type | Price | | :--- | :--- | | Acquisitions | $20,730 | | Dispositions | $119,400 | [Debt Summary](index=21&type=section&id=Debt%20Summary) [Debt Composition and Maturities](index=21&type=section&id=Debt%20Summary) As of March 31, 2024, SITE Centers' total debt was $1.7 billion, predominantly fixed-rate and unsecured, with a well-laddered maturity schedule Debt Composition (at SITE Share) | Debt Type | Amount (in thousands) | % of Total | | :--- | :--- | :--- | | Unsecured | $1,444,372 | 86.6% | | Secured (Mortgage) | $240,624 | 14.4% | | **Total** | **$1,684,996** | **100.0%** | Debt Maturities (at SITE Share, in thousands) | Year | Amount Maturing | | :--- | :--- | | 2024 | $9,107 | | 2025 | $427,628 | | 2026 | $426,795 | | 2027 | $651,861 | | 2028 | $94,633 | [Debt Detail](index=22&type=section&id=Debt%20Detail) The company's debt portfolio includes a $200 million unsecured term loan and $1.24 billion in unsecured notes, with a weighted average maturity of 2.4 years Major Debt Tranches (at SITE Share, in thousands) | Debt Instrument | Balance | Maturity Date | GAAP Interest Rate | | :--- | :--- | :--- | :--- | | Unsecured Term Loan | $200,000 | Jun 2027 | 3.99% | | Unsecured Notes - 2025 | $400,129 | Feb 2025 | 3.79% | | Unsecured Notes - 2026 | $394,504 | Feb 2026 | 4.43% | | Unsecured Notes - 2027 | $449,739 | Jun 2027 | 4.80% | [Debt/Adjusted EBITDA](index=23&type=section&id=Debt%2FAdjusted%20EBITDA) The company's Debt-to-Adjusted EBITDA ratio improved to 4.3x for the twelve months ending March 31, 2024, reflecting a reduction in net effective debt Debt/Adjusted EBITDA Ratio Trend | Ratio | TTM ended Mar 31, 2024 | TTM ended Mar 31, 2023 | | :--- | :--- | :--- | | Consolidated | 4.0x | 5.0x | | Pro Rata including JVs | 4.3x | 5.3x | - Pro-rata Adjusted EBITDA for the trailing twelve months was **$349.8 million**, with average pro-rata net effective debt at **$1.49 billion**[66](index=66&type=chunk) [Unconsolidated Joint Ventures](index=24&type=section&id=Unconsolidated%20Joint%20Ventures) The company holds interests in 13 properties through three unconsolidated joint ventures, generating $16.2 million in NOI for Q1 2024 with total debt of $483.5 million [Shopping Center Summary](index=27&type=section&id=Shopping%20Center%20Summary) [Property List](index=27&type=section&id=Property%20List) This section provides a comprehensive list of all 114 shopping centers owned by SITE Centers, detailing location, ownership, GLA, ABR, and major tenants - The property list details **114 centers**, including **101 wholly-owned properties** and **13 joint venture properties**[80](index=80&type=chunk)[82](index=82&type=chunk)[86](index=86&type=chunk) [Reporting Policies and Other](index=30&type=section&id=Reporting%20Policies%20and%20Other) [Notable Accounting and Supplemental Policies](index=30&type=section&id=Notable%20Accounting%20and%20Supplemental%20Policies) This section outlines key accounting policies, including revenue recognition, cost capitalization, and depreciation, along with definitions for leasing spread calculations - The company does not capitalize any executive officer compensation, including it in General and Administrative expenses[94](index=94&type=chunk) - Leasing spread calculations for 'Comparable' leases only include deals executed within **one year of prior tenant vacating**, excluding new leases at redevelopment properties or space vacant at acquisition[101](index=101&type=chunk) [Non-GAAP Measures](index=32&type=section&id=Non-GAAP%20Measures) The company utilizes non-GAAP measures like FFO, OFFO, NOI, and SSNOI to provide insight into its core operating performance by excluding certain non-comparable items - **FFO (Funds from Operations):** Calculated per NAREIT definition, it excludes real estate depreciation and gains/losses on property sales to measure the operating performance of the real estate portfolio[105](index=105&type=chunk) - **Operating FFO (OFFO):** A further adjustment to FFO, removing non-comparable or non-core items like gains on debt extinguishment, transaction costs, and other restructuring charges to better reflect the core portfolio's performance[106](index=106&type=chunk) - **SSNOI (Same Store Net Operating Income):** Compares NOI for a consistent pool of properties owned for comparable periods (15 months), excluding non-cash and non-comparable items to show underlying operational trends[113](index=113&type=chunk) [Detailed Leasing Metrics by Ownership](index=35&type=section&id=Leasing%20Metrics%20for%20Wholly-Owned%20and%20Unconsolidated%20Joint%20Ventures%20at%20100%25) This section provides granular portfolio and leasing statistics by ownership, showing Q1 2024 blended cash leasing spreads of 8.4% for wholly-owned and 2.8% for JV portfolios Leased Rate by Ownership (as of March 31, 2024) | Portfolio Segment | Leased Rate | | :--- | :--- | | Wholly Owned - SITE | 94.2% | | Joint Venture (100%) | 94.0% | Q1 2024 Blended (New + Renewal) Cash Leasing Spreads | Portfolio Segment | Cash Spread | | :--- | :--- | | Wholly Owned (100%) | 8.4% | | Unconsolidated JVs (100%) | 2.8% |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-11690 SITE Centers Corp. (Exact Name of Registrant as Specified in Its Charter) Ohio 34-1723097 (State or Other Juris ...

PetVivo Holdings, Inc. (OTC:PETV) Q4 2023 Earnings Conference Call February 13, 2024 8:00 AM ET Company Participants Stephanie Ruys de Perez - VP of Capital Markets David Lukes - CEO Conor Fennerty - CFO Conference Call Participants Alexander Goldfarb - Piper Sandler Craig Mailman - Citi Todd Thomas - KeyBanc Capital Markets Samir Khanal - Evercore ISI Floris Van Dijkum - Compass Point Ki Bin Kim - Truist Dori Kesten - Wells Fargo Paulina Rojas - Green Street Mike Mueller - JPMorgan Operator Good day, and w ...