Shares of SITE Centers Corp. (SITC) rose 2.63% in the Jul 30 regular trading session on the NYSE after it reported second-quarter 2024 operating funds from operations (OFFO) per share of 27 cents, which beat the Zacks Consensus Estimate of 24 cents. The results reflected a rise in base rent per square foot and same-store net operating income (NOI). SITE Centers generated revenues of $114.1 million, which missed the Zacks Consensus Estimate of $114.7 million. On a year-over-year basis, the top line declined ...

NO GROCERY COMPO NENT MOUNTAIN NORTHWEST MID-ATLANTIC TEXAS DICK'S PETSMART GAP ULTA • National tenants represent 93% of the SNO pipeline as of 2Q24 (70% publicly traded) five B LEASED RATE COMMENCED RATE 85% 87% 89% 91% 93% 95% 92.6% 90.3% 230 BP SPREAD SITE CENTERS LEASED AND COMMENCED RATE 2024+ SNO COMMENCEMENT SCHEDULE (ABR) $8 3Q24 4Q24 2025+ 0 $2 $4 $6 CUMULATIVE SNO ABR ($M)$1m$3m $6m Note: All figures as of June 30, 2024. SITE CENTERS 2Q24 CONFERENCE CALL 36 2024 YTD DISPOSITION OVERVIEW The Compan ...

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]

For the quarter ended June 2024, SITE CENTERS CORP. (SITC) reported revenue of $114.13 million, down 16.3% over the same period last year. EPS came in at $0.27, compared to $0.01 in the year-ago quarter. The reported revenue represents a surprise of -0.50% over the Zacks Consensus Estimate of $114.7 million. With the consensus EPS estimate being $0.24, the EPS surprise was +12.50%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wal ...

SITE CENTERS CORP. (SITC) came out with quarterly funds from operations (FFO) of $0.27 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to FFO of $0.29 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 12.50%. A quarter ago, it was expected that this company would post FFO of $0.24 per share when it actually produced FFO of $0.28, delivering a surprise of 16.67%. Over the last four quarters, the comp ...

Quarterly Financial Supplement RECENT ACQUISITION CROCKER COMMONS WESTLAKE, OHIO 上 Nigal Cre SITC LISTED NYSE SITE CENTERS COMPANY & PORTFOLIO OVERVIEW PORTFOLIO COMPOSITION 101 93.2% GRI G R B SITE Centers Corp. Table of Contents Company Summary Portfolio Summary 10 Capital Structure 11 Same Store Metrics 12 Leasing Summary 13-14 Lease Expirations 15 Top 50 Tenants 16 Shopping Center Summary Property List 25-27 S l E T FOR THE PERIOD ENDED JUNE 30, 2024 Exhibit 99.1 The Company is a self-administered and s ...

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, ...

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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 SITE Centers Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization ...