NEW YORK, Oct. 04, 2024 (GLOBE NEWSWIRE) -- IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company developing novel, off-the-shelf, immune-modulating therapeutic cancer vaccines based on its T-win® platform, today announced two abstracts accepted for poster presentation at the Society for Immunotherapy of Cancer's 39th Annual Meeting (SITC 2024) taking place taking place in Houston, Texas on November 8-10, 2024. The first abstract accepted for poster presentation contains updated and expanded ...

Core Insights - Lyell Immunopharma, Inc. announced the acceptance of three abstracts for presentation at the 39th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) from Nov. 6-10, 2024, in Houston, TX, focusing on its pipeline of cell therapies and anti-exhaustion technology [1][2][4] Group 1: Clinical Trials and Presentations - The first presentation will showcase translational data from the LYL797 Phase 1 clinical trial, highlighting solid tumor infiltration and cell killing by reprogrammed ROR1 CAR T cells [2] - The second presentation will discuss multiomic profiling of LYL119, a reprogrammed ROR1 CAR T product, which generates T cells with reduced exhaustion and enhanced memory characteristics [3] - The third presentation will focus on utilizing Stim-R™ Technology to reduce irradiated feeder cells in the tumor-infiltrating lymphocyte culture process [3] Group 2: Company Overview - Lyell is a clinical-stage T-cell reprogramming company with a diverse pipeline of cell therapies, including three product candidates in or entering Phase 1 clinical development for solid tumors and hematologic malignancies [4] - The company employs novel anti-exhaustion technology to address barriers such as T-cell exhaustion and lack of durable stemness, aiming for improved clinical outcomes [4] - Lyell is based in South San Francisco, California, with additional facilities in Seattle and Bothell, Washington [4]

PHILADELPHIA and VANCOUVER, British Columbia, Sept. 09, 2024 (GLOBE NEWSWIRE) -- BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX: BCT) ("BriaCell" or the "Company"), a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care, announces a poster presentation at the Society for Immunotherapy of Cancer (SITC) 39th Annual Meeting, held November 6-10, 2024, in Houston, TX. "We are thrilled to be invited to present our data at this prestigious conference," stated Mi ...

Financial Performance - For the six months ended June 30, 2024, net income attributable to common shareholders was $209.1 million, a significant increase from $15.1 million in the prior year[57]. - Net income attributable to SITE Centers for the three months ended June 30, 2024, was $238.2 million, a significant increase of $232.9 million compared to $5.4 million in the same period of 2023[80]. - Net income attributable to SITE Centers for the six months ended June 30, 2024, was $214.7 million, compared to $20.6 million for the same period in 2023[95]. - Total expenses from operations for the six months ended June 30, 2024, were $246.7 million, an increase of $23.3 million from $223.4 million in the same period of 2023[73]. - The Company recorded impairment charges of $66.6 million for the six months ended June 30, 2024, due to changes in hold period assumptions[74]. Funds From Operations (FFO) - The Company reported Funds From Operations (FFO) attributable to common shareholders of $92.1 million for the six months ended June 30, 2024, compared to $119.4 million in the same period of 2023[57]. - FFO attributable to common shareholders for the three months ended June 30, 2024, was $40.177 million, a decrease of $17.342 million from $57.519 million in the same period of 2023[88]. - Operating FFO attributable to common shareholders for the six months ended June 30, 2024, was $115.684 million, down $8.339 million from $124.023 million in the prior year[88]. - The decrease in FFO for the six months ended June 30, 2024, was primarily due to net property dispositions and a write-off of $9.3 million in fees related to a $1.1 billion Mortgage Facility commitment[88]. Property and Leasing Activity - As of June 30, 2024, the Company owned approximately 17.9 million square feet of gross leasable area (GLA) across 112 shopping centers, including 11 through unconsolidated joint ventures[57]. - The Company leased approximately 1.8 million square feet of GLA, including 37 new leases and 156 renewals, during the six months ended June 30, 2024[66]. - The aggregate occupancy of the Company's operating shopping center portfolio was 90.9% at June 30, 2024, down from 92.3% at June 30, 2023[66]. - The Company had approximately $34 million in construction in progress for various active redevelopments and anticipates an additional $5 million yet to be incurred[123]. - As of June 30, 2024, the Company executed new leases and renewals totaling approximately 1.4 million square feet, indicating strong retailer demand[131]. Debt and Financing - A financing commitment for a $1.1 billion mortgage facility was obtained, with the committed amount reduced to $554.8 million as of June 30, 2024, due to the release of collateral properties[59]. - The weighted-average debt outstanding was $1.6 billion with a weighted-average interest rate of 4.5% for the six months ended June 30, 2024, compared to $1.8 billion and 4.4% in 2023[77]. - The Company had total consolidated debt outstanding of $1.5 billion as of June 30, 2024, down from $1.6 billion at December 31, 2023[98]. - The Company has $400.4 million in senior notes maturing in 2025, with plans to fund repayment through cash on hand, asset sales, and additional financing[128]. - The Company plans to use retained cash flow and proceeds from asset sales to repay indebtedness and fund capital expenditures[143]. Asset Sales and Spin-off Plans - The Company plans to spin off its convenience assets into a separate publicly traded REIT named Curbline Properties Corp., expected to be completed around October 1, 2024[58]. - The Company generated approximately $1.8 billion of gross proceeds from sales of properties from July 1, 2023, to July 26, 2024[61]. - The Company sold 15 wholly-owned shopping centers in 2024, contributing to significant gains from dispositions[80]. - The Company plans to sell additional assets post-separation of Curbline to repay outstanding indebtedness and redeem preferred stock, contingent on market conditions[136]. Cash Flow and Dividends - As of June 30, 2024, the Company reported cash flow provided by operating activities of $106.4 million, a decrease of $20.4 million compared to $126.8 million in the same period of 2023[109]. - Cash flow provided by investing activities increased significantly by $839.0 million, primarily due to an increase in proceeds from the disposition of real estate and joint ventures of $843.6 million[110]. - The Company declared common and preferred cash dividends totaling $60.3 million for the six months ended June 30, 2024, maintaining a similar level compared to $60.2 million in 2023[111]. Market and Economic Conditions - The Company faces risks from inflation, rising interest rates, and changing consumer behaviors that could impact tenant performance and leasing activity[135]. - The Company is subject to financial covenants that, if violated, could lead to higher finance costs or accelerated maturities[127]. - The Company must make distributions to shareholders to maintain its REIT status, which could require borrowing funds under unfavorable terms[140]. Environmental and Governance Considerations - The Company faces potential liabilities and increased costs due to environmental, social, and governance initiatives[141].

Financial Data and Key Metrics Changes - The company reported nearly $1 billion in transactions for the quarter and repurchased or retired over $50 million in debt [2][7] - Total NOI for the Curbline portfolio is expected to be approximately $84 million in 2024, up from $79 million previously projected [20] - Same-store NOI for the Curbline portfolio is anticipated to average greater than 3% for the next three years [5][20] Business Line Data and Key Metrics Changes - The Curbline portfolio includes 72 wholly-owned convenience properties, totaling 2.4 million square feet, expected to generate about $84 million of NOI [6] - Leasing activity for Curbline has shown strong momentum, with nearly 50% straight-line new leasing rent spreads for the trailing 12-month period [149] - The company acquired five convenience properties in the second quarter for a total of $65 million, with additional acquisitions of $27 million in the third quarter [14] Market Data and Key Metrics Changes - The company noted that same-store NOI growth is expected to be between 3.5% and 5.5% for 2024, reflecting strong demand in the convenience sector [20][90] - The Curbline portfolio is expected to capture growing market rents with minimal landlord capital due to high tenant retention [5][27] Company Strategy and Development Direction - The planned spin-off of the Convenience portfolio into Curbline Properties is set for October 1, 2024, with Curbline expected to have no debt and $600 million in cash [7][22] - SITE Centers will focus on a diversified portfolio post-spin, including assets in major markets with strong tenant sales [9][11] - The company aims to maximize value for stakeholders through continued leasing and asset management while remaining flexible to market signals [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the capital efficiency of the business, which has become increasingly important as capital costs rise [4] - The company remains optimistic about the unique opportunities in the convenience subsector, highlighting a significant growth potential [27] - Management noted that leasing demand remains steady from both existing retailers and new concepts entering suburban markets [15][19] Other Important Information - The company has closed $951 million in wholly-owned property sales year-to-date, with total dispositions since July 1, 2023, exceeding $1.8 billion at a blended cap rate of 7.1% [8] - The balance sheet is positioned to support both SITE and Curbline's business plans, with significant cash reserves and no outstanding debt for Curbline [22][153] Q&A Session Summary Question: What is the timing for the Form 10? - Management expects it to be released sometime in September [30] Question: Can you explain the recent cap rate trends? - The increase in cap rates is attributed to higher leasing activity, with a caution that the small denominator can lead to volatility [25] Question: What is the expected mix of tenants in the Curbline portfolio? - The focus is on maintaining a balance between credit and growth, with a significant portion of the portfolio occupied by high credit tenants [134] Question: How does the company view the current leasing environment? - Management noted strong demand for convenience properties, with a high occupancy rate expected to remain stable [162] Question: What is the expected impact of economic cycles on the portfolio? - The portfolio is well-positioned to withstand economic downturns, with a high percentage of national tenants mitigating risks [170]

Core Insights - SITE Centers Corp. reported revenue of $114.13 million for the quarter ended June 2024, a decrease of 16.3% year-over-year, and an EPS of $0.27, up from $0.01 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $114.7 million by 0.50%, while the EPS exceeded the consensus estimate of $0.24 by 12.50% [1] Revenue Breakdown - Rental income from percentage and overage rent was $1.46 million, significantly lower than the estimated $1.98 million, reflecting a year-over-year decline of 35.2% [3] - Ancillary and other rental income was reported at $1.06 million, below the average estimate of $1.39 million, marking a year-over-year decrease of 26.9% [3] - Total rental income was $113.48 million, compared to the estimated $116.64 million, representing a year-over-year decline of 16.5% [3] - Recoveries from rental income were $28.55 million, slightly above the estimate of $28.24 million, but down 17.3% from the previous year [3] - Other property revenues increased to $0.65 million, surpassing the estimate of $0.81 million, showing a year-over-year growth of 51.3% [3] - Lease termination fees reached $1.55 million, significantly higher than the estimated $0.49 million, reflecting a remarkable increase of 505.5% year-over-year [3] - Minimum rents were reported at $73.51 million, below the estimate of $75.64 million, indicating a year-over-year decline of 17.4% [3] - Uncollectible revenue was reported at -$0.37 million, slightly worse than the estimated -$0.33 million [3] Stock Performance - Over the past month, SITE Centers Corp. shares have returned +8.6%, outperforming the Zacks S&P 500 composite, which saw a change of +0.1% [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]

分组1 - SITE Centers Corp. reported quarterly funds from operations (FFO) of $0.27 per share, exceeding the Zacks Consensus Estimate of $0.24 per share, but down from $0.29 per share a year ago, representing an FFO surprise of 12.50% [1] - The company posted revenues of $114.13 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.50%, and down from $136.38 million year-over-year [2] - Over the last four quarters, SITE Centers Corp. has surpassed consensus FFO estimates three times and topped consensus revenue estimates two times [2] 分组2 - The stock has gained approximately 14.5% since the beginning of the year, matching the S&P 500's gain of 14.5% [3] - The current consensus FFO estimate for the coming quarter is $0.22 on revenues of $106.25 million, and for the current fiscal year, it is $0.90 on revenues of $445.59 million [7] - The REIT and Equity Trust - Retail industry is currently in the top 19% of Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

[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 ...