Attached files
| file | filename |
|---|---|
| 8-K - 8-K - SITE Centers Corp. | sitc-8k_20200213.htm |
Exhibit 99.1
QUARTERLY FINANCIAL SUPPLEMENT THE PERIOD ENDED DECEMBER 31, 2019 SITE
Table of Contents
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Earnings Release & Financial Statements |
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1-10 |
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Company Summary |
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11 |
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12 |
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13 |
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14 |
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15 |
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16 |
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Investments |
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17 |
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18 |
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Debt Summary |
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19 |
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20 |
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21 |
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22 |
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Unconsolidated Joint Ventures |
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23-25 |
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Shopping Center Summary |
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26 |
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27-32 |
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Reporting Policies and Other |
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33-34 |
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35-37 |
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Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100% |
38-42 |
SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as the supply of, and demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and our ability to satisfy conditions to the completion of these arrangements; valuation and risks relating to our joint venture and preferred equity investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; our ability to maintain REIT status; and the finalization of the financial statements for the period ended December 31, 2019. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Form 10-K and Form 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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SITE Centers Corp. |
For additional information: |
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3300 Enterprise Parkway |
Conor Fennerty, EVP and |
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Beachwood, OH 44122 |
Chief Financial Officer |
FOR IMMEDIATE RELEASE:
SITE Centers Reports Fourth Quarter and Year-End 2019 Operating Results
BEACHWOOD, OHIO, February 13, 2020/Business Wire/ -- SITE Centers Corp. (NYSE: SITC) today announced operating results for the quarter and year ended December 31, 2019.
“Fourth quarter results were well ahead of plan capping an excellent first full year of operations since our investor day highlighted by accelerated anchor openings and leasing momentum,” commented David R. Lukes, President and Chief Executive Officer. “We ended the year with a stronger portfolio and balance sheet and are excited about the prospects for 2020 and continued execution on all three drivers of our five-year business plan.”
Results for the Quarter
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• |
Fourth quarter net income attributable to common shareholders was $9.7 million, or $0.05 per diluted share, as compared to net income of $172.5 million, or $0.93 per diluted share, in the year-ago period. The year-over-year decrease in net income was primarily attributable to higher gains on the sale of real estate in 2018. |
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• |
Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $62.3 million, or $0.33 per diluted share, compared to $58.0 million, or $0.31 per diluted share, in the year-ago period. The year-over-year increase in OFFO was primarily attributable to lower general and administrative expenses as well as lower interest expense due to deleveraging efforts. |
Results for the Year
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Net income attributable to common shareholders for the year ended December 31, 2019, was $61.3 million, or $0.33 per diluted share, which compares to net income of $80.9 million, or $0.43 per diluted share for the prior year. |
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Generated Operating FFO of $1.27 per diluted share for the full year 2019, which compares to $1.66 per diluted share for 2018. |
Significant Fourth Quarter Activity
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Announced the expected sale of SITE Centers’ 15% stake in the DDRTC Joint Venture to its partner, TIAA-CREF, based on a gross fund value of $1.14 billion. The transaction is expected to close in the first quarter of 2020. |
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Acquired three shopping centers for an aggregate sales price of $85.1 million. |
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Sold two shopping centers and land for an aggregate sales price of $287.6 million, totaling $76.4 million at SITE Centers’ share, including $46.6 million from the repayment of the Company’s preferred equity investment in its joint venture with Blackstone. |
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Issued 13.225 million common shares resulting in net proceeds of approximately $195.0 million and redeemed all $200.0 million aggregate liquidation preference of its outstanding 6.50% Series J Cumulative Redeemable Preferred Shares (“Class J Preferred Shares”). |
Significant Full Year Activity
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Sold ten shopping centers and land for an aggregate sales price of $550.2 million, or $211.5 million at SITE Centers’ share, including $61.4 million from the repayment of the Company’s preferred equity investment in its two joint ventures with Blackstone. |
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In July 2019, amended and restated its $950 million revolving credit facility to extend the maturity date to January 2024 and reduce the overall interest rate. The Company also amended the interest rate applicable to its unsecured term loan and upsized the facility to $100 million from $50 million. |
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Issued the Company’s fifth annual Corporate Responsibility and Sustainability Report (www.sitecenters.com/2018CSR). This report was completed in accordance with the Global Reporting Institute Standards and outlines the Company’s sustainability strategies and the progress and achievements of its comprehensive environmental, social and governance platforms. |
1
Key Quarterly Operating Results
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Reported 5.1% same store net operating income growth on a pro rata basis for the quarter and 3.6% same store net operating income growth on a pro rata basis for the year ended December 31, 2019. |
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Generated new leasing spreads of 14.5% and renewal leasing spreads of 1.4%, both on a pro rata basis, for the quarter and new leasing spreads of 13.9% and renewal leasing spreads of 4.7%, both on a pro rata basis, for the trailing twelve-month period. |
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Reported a leased rate of 93.8% on a pro rata basis at December 31, 2019, compared to 92.7% at December 31, 2018. |
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Annualized base rent per occupied square foot on a pro rata basis was $18.25 at December 31, 2019, compared to $17.86 at December 31, 2018. |
Guidance
The Company estimates net income attributable to common shareholders for 2020 to be from $0.24 to $0.29 per diluted share and Operating FFO to be $1.10 to $1.14 per diluted share. Disposition fees, debt extinguishment and mark-to-market adjustments of equity awards are excluded from guidance.
Reconciliation of Net Income Attributable to Common Shareholders to FFO and Operating FFO estimates:
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FY2020E Per Share – Diluted |
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Net income attributable to common shareholders |
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$0.24 – $0.29 |
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Depreciation and amortization of real estate |
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0.75 – 0.77 |
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Equity in net (income) of JVs |
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(0.01) – (0.02) |
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JVs' FFO |
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0.10 – 0.12 |
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FFO (NAREIT) and Operating FFO |
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$1.10 – $1.14 |
Other key assumptions for 2020 guidance include:
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FY2020E |
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SSNOI excluding redevelopment (1) |
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1.0% – 2.0% |
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SSNOI including redevelopment (1) |
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2.0% – 3.0% |
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RVI fee income (excluding disposition fees) (2) |
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$12 – $18 million |
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Joint Venture fee income |
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$16 – $20 million |
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Interest income |
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$10 – $13 million |
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(1) |
Excludes impact of lease termination fees and lost rent adjustment. |
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(2) |
Consistent with 2019, guidance excludes impact of disposition fees from Retail Value Inc. for the full year. |
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at https://www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
Conference Call and Supplemental Information
The Company will hold its quarterly conference call today at 9:00 a.m. Eastern Time. To participate with access to the slide presentation, please visit the Investor Relations portion of SITE's website, ir.sitecenters.com, or for audio only, dial 888-317-6003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) using pass code 0413839 at least ten minutes prior to the scheduled start of the call. A replay of the conference call will also be available at ir.sitecenters.com for one year after the call. A copy of the Company’s Supplemental package is available on the Company’s website.
Non-GAAP Measures
Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.
In December 2018, the National Association of Real Estate Investment Trusts (“NAREIT”) issued NAREIT Funds From Operations White Paper - 2018 Restatement (“2018 FFO White Paper”). The purpose of the 2018 FFO White Paper was not to change the fundamental definition of FFO but to clarify existing guidance and to consolidate into a single document alerts and policy bulletins issued by NAREIT since the last FFO white paper was issued in 2002. The 2018 FFO White Paper was effective starting with first quarter 2019
2
reporting. The changes to the Company’s calculation of FFO resulting from the adoption of the 2018 FFO White Paper relate to the exclusion of gains or losses on the sale of land as well as related impairments, gains or losses from changes in control and the reserve adjustment of preferred equity interests. The Company adopted changes in its calculation in 2019 on a retrospective basis.
FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments, including reserve adjustments of preferred equity interests, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.
In calculating the expected range for or amount of net (loss) income attributable to common shareholders to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gains and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs, mark-to-market adjustments of equity awards, hurricane-related activity, certain transaction costs or certain fee income. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.
The Company also uses net operating income (“NOI”), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.
The Company presents NOI information herein on a same store basis or “SSNOI.” The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income (including reimbursements) and expenses, lease termination income in excess of lost rent, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI also excludes activity associated with development and major redevelopment and includes assets owned in comparable periods (15 months for quarter comparisons). SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at its effective ownership interest provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.
FFO, Operating FFO, NOI and SSNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in this release and the accompanying financial supplement. Reconciliation of 2020 SSNOI projected growth target to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort.
Safe Harbor
SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as the supply of, and demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and our ability to satisfy conditions to the completion of these arrangements; valuation and risks relating to our joint venture and preferred equity investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any
3
insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; our ability to maintain REIT status; and the finalization of the financial statements for the period ended December 31, 2019. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Form 10-K and Form 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
4
SITE Centers Corp.
Income Statement: Consolidated Interests
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in thousands, except per share |
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4Q19 |
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4Q18 |
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12M19 |
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12M18 |
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Revenues: |
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Rental income (1) |
$110,866 |
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$120,678 |
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$443,421 |
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$650,594 |
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Other property revenues |
926 |
|
811 |
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4,330 |
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4,266 |
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Business interruption income |
0 |
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0 |
|
885 |
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6,884 |
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111,792 |
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121,489 |
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448,636 |
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661,744 |
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Expenses: |
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|
|
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Operating and maintenance (2) |
17,033 |
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18,759 |
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71,355 |
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104,232 |
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Real estate taxes |
16,046 |
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20,048 |
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68,308 |
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103,760 |
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33,079 |
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38,807 |
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139,663 |
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207,992 |
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Net operating income |
78,713 |
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82,682 |
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308,973 |
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453,752 |
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Other income (expense): |
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Fee income (3) |
13,992 |
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15,087 |
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59,352 |
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45,511 |
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Interest income |
4,351 |
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5,025 |
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18,009 |
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20,437 |
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Interest expense |
(20,748) |
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(25,390) |
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(84,721) |
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(141,305) |
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Depreciation and amortization |
(41,687) |
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(45,587) |
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(165,087) |
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(242,102) |
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General and administrative (4) |
(14,036) |
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(16,286) |
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(58,384) |
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(61,639) |
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Other income (expense), net (5) |
611 |
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(11,579) |
|
357 |
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(110,895) |
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Impairment charges |
0 |
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(930) |
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(3,370) |
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(69,324) |
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Hurricane property loss |
0 |
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0 |
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0 |
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(817) |
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Income (loss) before earnings from JVs and other |
21,196 |
|
3,022 |
|
75,129 |
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(106,382) |
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Equity in net income (loss) of JVs |
6,073 |
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(322) |
|
11,519 |
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9,365 |
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Reserve of preferred equity interests |
(3,438) |
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(6,885) |
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(15,544) |
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(11,422) |
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Gain on disposition of real estate, net |
293 |
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185,763 |
|
31,380 |
|
225,406 |
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Tax benefit (expense) |
168 |
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(251) |
|
(659) |
|
(862) |
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Net income |
24,292 |
|
181,327 |
|
101,825 |
|
116,105 |
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Non-controlling interests |
(290) |
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(480) |
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(1,126) |
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(1,671) |
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Net income SITE Centers |
24,002 |
|
180,847 |
|
100,699 |
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114,434 |
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Write-off of preferred share original issuance costs |
(7,176) |
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0 |
|
(7,176) |
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0 |
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Preferred dividends |
(7,082) |
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(8,383) |
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(32,231) |
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(33,531) |
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Net income Common Shareholders |
$9,744 |
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$172,464 |
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$61,292 |
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$80,903 |
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Weighted average shares – Basic – EPS |
190,360 |
|
184,266 |
|
183,026 |
|
184,528 |
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Assumed conversion of diluted securities |
162 |
|
146 |
|
228 |
|
7 |
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Weighted average shares – Basic & Diluted – EPS |
190,522 |
|
184,412 |
|
183,254 |
|
184,535 |
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Earnings per common share – Basic |
$0.05 |
|
$0.94 |
|
$0.33 |
|
$0.43 |
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Earnings per common share – Diluted |
$0.05 |
|
$0.93 |
|
$0.33 |
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$0.43 |
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|
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(1) |
Rental income: |
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Minimum rents |
$76,121 |
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$82,779 |
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$301,252 |
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$438,627 |
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Ground lease minimum rents |
5,213 |
|
5,198 |
|
20,272 |
|
30,073 |
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Percentage and overage rent |
1,278 |
|
1,323 |
|
4,117 |
|
5,184 |
|
|
Recoveries |
25,529 |
|
29,474 |
|
106,995 |
|
163,337 |
|
|
Lease termination fees |
214 |
|
459 |
|
3,219 |
|
3,775 |
|
|
Ancillary and other rental income |
2,306 |
|
1,445 |
|
7,539 |
|
9,598 |
|
|
Bad debt |
205 |
|
N/A |
|
27 |
|
N/A |
|
|
|
|
|
|
|
|
|
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(2) |
Bad debt (prior to adoption of Topic 842) |
N/A |
|
(302) |
|
N/A |
|
(334) |
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|
|
|
|
|
|
|
|
|
(3) |
Fee Income: |
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|
|
|
|
|
|
|
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JV and other fees |
7,399 |
|
6,854 |
|
29,305 |
|
28,425 |
|
|
RVI fees |
6,401 |
|
6,896 |
|
24,895 |
|
14,127 |
|
|
RVI disposition fees |
192 |
|
1,337 |
|
3,352 |
|
2,959 |
|
|
RVI refinancing fee |
0 |
|
0 |
|
1,800 |
|
0 |
|
|
|
|
|
|
|
|
|
|
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(4) |
Mark-to-market adjustment (PRSUs) |
928 |
|
21 |
|
(1,891) |
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0 |
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5
SITE Centers Corp.
Income Statement: Consolidated Interests
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$ in thousands |
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
|
4Q18 |
|
12M19 |
|
12M18 |
|
(5) |
Other income (expense), net |
|
|
|
|
|
|
|
|
|
Transaction costs - spin-off |
0 |
|
(26) |
|
0 |
|
(37,702) |
|
|
Transaction and other expense, net |
611 |
|
(1,766) |
|
775 |
|
(4,973) |
|
|
Debt extinguishment costs, net |
0 |
|
(9,787) |
|
(418) |
|
(68,220) |
6
SITE Centers Corp.
Reconciliation: Net Income (Loss) to FFO and Operating FFO
and Other Financial Information
|
in thousands, except per share |
|
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|||||
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|
4Q19 |
|
4Q18 |
|
12M19 |
|
12M18 |
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|
Net income attributable to Common Shareholders |
$9,744 |
|
$172,464 |
|
$61,292 |
|
$80,903 |
|
|
Depreciation and amortization of real estate |
39,889 |
|
44,154 |
|
158,813 |
|
236,151 |
|
|
Equity in net (income) loss of JVs |
(6,073) |
|
322 |
|
(11,519) |
|
(9,365) |
|
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JVs' FFO |
9,359 |
|
7,134 |
|
33,528 |
|
27,982 |
|
|
Non-controlling interests |
28 |
|
28 |
|
113 |
|
615 |
|
|
Impairment of real estate |
0 |
|
930 |
|
3,370 |
|
69,324 |
|
|
Reserve of preferred equity interests |
3,438 |
|
6,885 |
|
15,544 |
|
11,422 |
|
|
Gain on disposition of real estate, net |
(293) |
|
(185,551) |
|
(31,380) |
|
(225,194) |
|
|
FFO attributable to Common Shareholders |
$56,092 |
|
$46,366 |
|
$229,761 |
|
$191,838 |
|
|
RVI disposition and refinancing fees |
(192) |
|
(1,337) |
|
(5,152) |
|
(2,959) |
|
|
Mark-to-market adjustment (PRSUs) |
(928) |
|
0 |
|
1,891 |
|
0 |
|
|
Hurricane property (income) loss, net |
0 |
|
135 |
|
(885) |
|
639 |
|
|
Separation charges |
0 |
|
0 |
|
0 |
|
4,641 |
|
|
Debt extinguishment, transaction, net |
189 |
|
12,759 |
|
632 |
|
112,096 |
|
|
Joint ventures - debt extinguishment, other |
(53) |
|
106 |
|
(60) |
|
1,019 |
|
|
Write-off of preferred share original issuance costs |
7,176 |
|
0 |
|
7,176 |
|
0 |
|
|
Total non-operating items, net |
6,192 |
|
11,663 |
|
3,602 |
|
115,436 |
|
|
Operating FFO attributable to Common Shareholders |
$62,284 |
|
$58,029 |
|
$233,363 |
|
$307,274 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares & units – Basic: FFO & OFFO |
190,501 |
|
184,413 |
|
183,168 |
|
184,684 |
|
|
Assumed conversion of dilutive securities |
162 |
|
5 |
|
228 |
|
7 |
|
|
Weighted average shares & units – Diluted: FFO & OFFO |
190,663 |
|
184,418 |
|
183,396 |
|
184,691 |
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share – Basic |
$0.29 |
|
$0.25 |
|
$1.25 |
|
$1.04 |
|
|
FFO per share – Diluted |
$0.29 |
|
$0.25 |
|
$1.25 |
|
$1.04 |
|
|
Operating FFO per share – Basic |
$0.33 |
|
$0.31 |
|
$1.27 |
|
$1.66 |
|
|
Operating FFO per share – Diluted |
$0.33 |
|
$0.31 |
|
$1.27 |
|
$1.66 |
|
|
Common stock dividends declared, per share |
$0.20 |
|
$0.20 |
|
$0.80 |
|
$1.16 |
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (SITE Centers share): |
|
|
|
|
|
|
|
|
|
Development and redevelopment costs |
15,052 |
|
8,551 |
|
56,647 |
|
53,611 |
|
|
Maintenance capital expenditures |
2,871 |
|
7,051 |
|
12,544 |
|
14,797 |
|
|
Tenant allowances and landlord work |
12,435 |
|
9,274 |
|
36,040 |
|
34,371 |
|
|
Leasing commissions |
1,891 |
|
807 |
|
5,516 |
|
3,508 |
|
|
Construction administrative costs (capitalized) |
1,272 |
|
1,999 |
|
3,756 |
|
5,681 |
|
|
|
|
|
|
|
|
|
|
|
|
Certain non-cash items (SITE Centers share): |
|
|
|
|
|
|
|
|
|
Straight-line rent |
(76) |
|
276 |
|
1,322 |
|
385 |
|
|
Straight-line fixed CAM |
195 |
|
0 |
|
776 |
|
0 |
|
|
Amortization of (above)/below-market rent, net |
1,266 |
|
1,215 |
|
4,594 |
|
2,853 |
|
|
Straight-line rent expense |
(69) |
|
(657) |
|
(1,089) |
|
(770) |
|
|
Debt fair value and loan cost amortization |
(1,128) |
|
(1,119) |
|
(4,557) |
|
(7,526) |
|
|
Capitalized interest expense |
329 |
|
212 |
|
1,280 |
|
1,148 |
|
|
Stock compensation expense |
(146) |
|
(1,752) |
|
(9,241) |
|
(6,273) |
|
|
Non-real estate depreciation expense |
(1,746) |
|
(1,385) |
|
(6,027) |
|
(5,775) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
SITE Centers Corp.
Balance Sheet: Consolidated Interests
|
$ in thousands |
|
|
|
|
|
|
|
At Period End |
||
|
|
|
4Q19 |
|
4Q18 |
|
|
Assets: |
|
|
|
|
|
Land |
$881,397 |
|
$873,548 |
|
|
Buildings |
3,277,440 |
|
3,251,030 |
|
|
Fixtures and tenant improvements |
491,312 |
|
448,371 |
|
|
|
4,650,149 |
|
4,572,949 |
|
|
Depreciation |
(1,289,148) |
|
(1,172,357) |
|
|
|
3,361,001 |
|
3,400,592 |
|
|
Construction in progress and land |
59,663 |
|
54,917 |
|
|
Real estate, net |
3,420,664 |
|
3,455,509 |
|
|
|
|
|
|
|
|
Investments in and advances to JVs |
181,906 |
|
139,732 |
|
|
Investment in and advances to affiliate (1) |
190,105 |
|
223,985 |
|
|
Receivable – preferred equity interests, net |
112,589 |
|
189,891 |
|
|
Cash |
16,080 |
|
11,087 |
|
|
Restricted cash |
3,053 |
|
2,563 |
|
|
Notes receivable |
7,541 |
|
19,675 |
|
|
Receivables and straight-line (2) |
60,594 |
|
67,335 |
|
|
Intangible assets, net (3) |
79,813 |
|
77,419 |
|
|
Other assets, net |
21,277 |
|
19,135 |
|
|
Total Assets |
4,093,622 |
|
4,206,331 |
|
|
|
|
|
|
|
|
Liabilities and Equity: |
|
|
|
|
|
Revolving credit facilities |
5,000 |
|
100,000 |
|
|
Unsecured debt |
1,647,963 |
|
1,646,007 |
|
|
Unsecured term loan |
99,460 |
|
49,655 |
|
|
Secured debt |
94,874 |
|
88,743 |
|
|
|
1,847,297 |
|
1,884,405 |
|
|
Dividends payable |
44,036 |
|
45,262 |
|
|
Other liabilities (4) |
220,811 |
|
203,662 |
|
|
Total Liabilities |
2,112,144 |
|
2,133,329 |
|
|
|
|
|
|
|
|
Preferred shares |
325,000 |
|
525,000 |
|
|
Common shares |
19,382 |
|
18,471 |
|
|
Paid-in capital |
5,700,400 |
|
5,544,220 |
|
|
Distributions in excess of net income |
(4,066,099) |
|
(3,980,151) |
|
|
Deferred compensation |
7,929 |
|
8,193 |
|
|
Other comprehensive income |
(491) |
|
(1,381) |
|
|
Common shares in treasury at cost |
(7,707) |
|
(44,278) |
|
|
Non-controlling interests |
3,064 |
|
2,928 |
|
|
Total Equity |
1,981,478 |
|
2,073,002 |
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
$4,093,622 |
|
$4,206,331 |
|
|
|
|
|
|
|
(1) |
Preferred investment in RVI |
$190,000 |
|
$190,000 |
|
|
Receivable from RVI |
105 |
|
33,985 |
|
|
|
|
|
|
|
(2) |
Straight-line rents receivable |
31,231 |
|
31,098 |
|
|
|
|
|
|
|
(3) |
Operating lease right of use assets (related to adoption of Topic 842) |
21,792 |
|
0 |
|
|
|
|
|
|
|
(4) |
Operating lease liabilities (related to adoption of Topic 842) |
40,725 |
|
0 |
|
|
Below-market leases, net |
46,961 |
|
50,332 |
8
SITE Centers Corp.
Reconciliation of Net Income (Loss) Attributable to SITE to Same Store NOI (1)
|
$ in thousands |
|
|
|
|
|
|
|
|
|
4Q19 |
|
4Q18 |
|
4Q19 |
|
4Q18 |
|
|
SITE Centers at 100% |
|
At SITE Centers Share (Non-GAAP) |
||||
|
GAAP Reconciliation: |
|
|
|
|
|
|
|
|
Net income attributable to SITE Centers |
$24,002 |
|
$180,847 |
|
$24,002 |
|
$180,847 |
|
Fee income |
(13,992) |
|
(15,087) |
|
(13,992) |
|
(15,087) |
|
Interest income |
(4,351) |
|
(5,025) |
|
(4,351) |
|
(5,025) |
|
Interest expense |
20,748 |
|
25,390 |
|
20,748 |
|
25,390 |
|
Depreciation and amortization |
41,687 |
|
45,587 |
|
41,687 |
|
45,587 |
|
General and administrative |
14,036 |
|
16,286 |
|
14,036 |
|
16,286 |
|
Other (income) expense, net |
(611) |
|
11,579 |
|
(611) |
|
11,579 |
|
Impairment charges |
0 |
|
930 |
|
0 |
|
930 |
|
Hurricane property income |
0 |
|
0 |
|
0 |
|
0 |
|
Equity in net (income) loss of joint ventures |
(6,073) |
|
322 |
|
(6,073) |
|
322 |
|
Reserve of preferred equity interests |
3,438 |
|
6,885 |
|
3,438 |
|
6,885 |
|
Tax (benefit) expense |
(168) |
|
251 |
|
(168) |
|
251 |
|
Gain on disposition of real estate, net |
(293) |
|
(185,763) |
|
(293) |
|
(185,763) |
|
Income from non-controlling interests |
290 |
|
480 |
|
290 |
|
480 |
|
Consolidated NOI |
78,713 |
|
82,682 |
|
78,713 |
|
82,682 |
|
SITE Centers' consolidated JV |
0 |
|
0 |
|
(473) |
|
(435) |
|
Consolidated NOI, net of non-controlling interests |
78,713 |
|
82,682 |
|
78,240 |
|
82,247 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) from unconsolidated joint ventures |
63,196 |
|
(58,751) |
|
5,828 |
|
(6,797) |
|
Interest expense |
20,415 |
|
23,997 |
|
3,666 |
|
3,985 |
|
Depreciation and amortization |
36,409 |
|
34,541 |
|
5,991 |
|
5,189 |
|
Impairment charges |
1,540 |
|
72,732 |
|
77 |
|
9,719 |
|
Preferred share expense |
5,345 |
|
5,801 |
|
268 |
|
290 |
|
Other expense, net |
4,205 |
|
5,394 |
|
990 |
|
968 |
|
Gain on disposition of real estate, net |
(51,806) |
|
(10,829) |
|
(2,665) |
|
(1,111) |
|
Unconsolidated NOI |
$79,304 |
|
$72,885 |
|
14,155 |
|
12,243 |
|
|
|
|
|
|
|
|
|
|
Total Consolidated + Unconsolidated NOI |
|
|
|
|
92,395 |
|
94,490 |
|
Less: Non-Same Store NOI adjustments |
|
|
|
|
(7,673) |
|
(13,872) |
|
Total SSNOI |
|
|
|
|
$84,722 |
|
$80,618 |
|
|
|
|
|
|
|
|
|
|
SSNOI % Change |
|
|
|
|
5.1% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes major redevelopment activity. |
|||||||
9
SITE Centers Corp.
Reconciliation of Net Income (Loss) Attributable to SITE to Same Store NOI (1)
|
$ in thousands |
|
|
|
|
|
|
|
|
|
12M19 |
|
12M18 |
|
12M19 |
|
12M18 |
|
|
SITE Centers at 100% |
|
At SITE Centers Share (Non-GAAP) |
||||
|
GAAP Reconciliation: |
|
|
|
|
|
|
|
|
Net income attributable to SITE Centers |
$100,699 |
|
$114,434 |
|
$100,699 |
|
$114,434 |
|
Fee income |
(59,352) |
|
(45,511) |
|
(59,352) |
|
(45,511) |
|
Interest income |
(18,009) |
|
(20,437) |
|
(18,009) |
|
(20,437) |
|
Interest expense |
84,721 |
|
141,305 |
|
84,721 |
|
141,305 |
|
Depreciation and amortization |
165,087 |
|
242,102 |
|
165,087 |
|
242,102 |
|
General and administrative |
58,384 |
|
61,639 |
|
58,384 |
|
61,639 |
|
Other (income) expense, net |
(357) |
|
110,895 |
|
(357) |
|
110,895 |
|
Impairment charges |
3,370 |
|
69,324 |
|
3,370 |
|
69,324 |
|
Hurricane property loss |
0 |
|
817 |
|
0 |
|
817 |
|
Equity in net income of joint ventures |
(11,519) |
|
(9,365) |
|
(11,519) |
|
(9,365) |
|
Reserve of preferred equity interests |
15,544 |
|
11,422 |
|
15,544 |
|
11,422 |
|
Tax expense |
659 |
|
862 |
|
659 |
|
862 |
|
Gain on disposition of real estate, net |
(31,380) |
|
(225,406) |
|
(31,380) |
|
(225,406) |
|
Income from non-controlling interests |
1,126 |
|
1,671 |
|
1,126 |
|
1,671 |
|
Consolidated NOI |
308,973 |
|
453,752 |
|
308,973 |
|
453,752 |
|
SITE Centers' consolidated JV |
0 |
|
0 |
|
(1,787) |
|
(1,620) |
|
Consolidated NOI, net of non-controlling interests |
308,973 |
|
453,752 |
|
307,186 |
|
452,132 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) from unconsolidated joint ventures |
77,042 |
|
(73,582) |
|
10,504 |
|
(2,551) |
|
Interest expense |
93,887 |
|
96,312 |
|
16,408 |
|
15,229 |
|
Depreciation and amortization |
149,749 |
|
145,849 |
|
24,186 |
|
20,093 |
|
Impairment charges |
13,807 |
|
177,522 |
|
2,530 |
|
23,747 |
|
Preferred share expense |
21,832 |
|
24,875 |
|
1,092 |
|
1,244 |
|
Other expense, net |
20,563 |
|
24,891 |
|
3,978 |
|
4,263 |
|
Gain on disposition of real estate, net |
(67,011) |
|
(93,753) |
|
(4,180) |
|
(13,749) |
|
Unconsolidated NOI |
$309,869 |
|
$302,114 |
|
54,518 |
|
48,276 |
|
|
|
|
|
|
|
|
|
|
Total Consolidated + Unconsolidated NOI |
|
|
|
|
361,704 |
|
500,408 |
|
Less: Non-Same Store NOI adjustments |
|
|
|
|
(38,701) |
|
(188,675) |
|
Total SSNOI |
|
|
|
|
$323,003 |
|
$311,733 |
|
|
|
|
|
|
|
|
|
|
SSNOI % Change |
|
|
|
|
3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes major redevelopment activity. |
|||||||
10
SITE Centers Corp.
Portfolio Summary
|
GLA in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2019 |
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
Shopping Center Count |
|
|
|
|
|
|
|
|
|
|
|
Operating Centers - 100% |
|
170 |
|
169 |
|
171 |
|
173 |
|
177 |
|
Wholly Owned |
|
69 |
|
66 |
|
68 |
|
69 |
|
70 |
|
JV Portfolio |
|
101 |
|
103 |
|
103 |
|
104 |
|
107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Leasable Area (GLA) |
|
|
|
|
|
|
|
|
|
|
|
Owned and Ground Lease - Pro Rata Share |
|
23,650 |
|
23,578 |
|
23,833 |
|
23,985 |
|
23,942 |
|
Wholly Owned |
|
19,572 |
|
19,392 |
|
19,646 |
|
19,726 |
|
19,616 |
|
JV Portfolio - Pro Rata Share |
|
4,078 |
|
4,186 |
|
4,187 |
|
4,259 |
|
4,326 |
|
Unowned - 100% |
|
15,077 |
|
15,301 |
|
15,332 |
|
15,742 |
|
16,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Operational Overview |
|
|
|
|
|
|
|
|
|
|
|
Pro Rata Share |
|
|
|
|
|
|
|
|
|
|
|
Base Rent PSF |
|
$18.25 |
|
$18.04 |
|
$17.98 |
|
$17.92 |
|
$17.86 |
|
Base Rent PSF < 10K |
|
$28.54 |
|
$28.16 |
|
$27.84 |
|
$27.68 |
|
$27.58 |
|
Base Rent PSF > 10K |
|
$15.32 |
|
$15.24 |
|
$15.21 |
|
$15.15 |
|
$15.10 |
|
Commenced Rate |
|
90.9% |
|
91.1% |
|
90.0% |
|
89.4% |
|
90.1% |
|
Leased Rate |
|
93.8% |
|
94.2% |
|
93.9% |
|
93.0% |
|
92.7% |
|
Leased Rate < 10K SF |
|
87.6% |
|
88.0% |
|
88.9% |
|
89.4% |
|
89.1% |
|
Leased Rate > 10K SF |
|
95.7% |
|
96.1% |
|
95.3% |
|
94.0% |
|
93.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned SITE |
|
|
|
|
|
|
|
|
|
|
|
Base Rent PSF |
|
$18.80 |
|
$18.59 |
|
$18.53 |
|
$18.48 |
|
$18.41 |
|
Leased Rate |
|
93.7% |
|
94.5% |
|
94.0% |
|
93.0% |
|
92.6% |
|
Leased Rate < 10K SF |
|
88.0% |
|
88.4% |
|
89.3% |
|
90.0% |
|
89.5% |
|
Leased Rate > 10K SF |
|
95.4% |
|
96.2% |
|
95.3% |
|
93.8% |
|
93.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Venture at Pro Rata Share |
|
|
|
|
|
|
|
|
|
|
|
Base Rent PSF |
|
$15.70 |
|
$15.61 |
|
$15.55 |
|
$15.45 |
|
$15.46 |
|
Leased Rate |
|
94.3% |
|
93.0% |
|
93.4% |
|
93.0% |
|
93.4% |
|
Leased Rate < 10K SF |
|
85.9% |
|
86.1% |
|
87.1% |
|
87.0% |
|
87.6% |
|
Leased Rate > 10K SF |
|
97.3% |
|
95.5% |
|
95.6% |
|
95.1% |
|
95.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational Statistics |
|
|
|
|
|
|
|
|
|
|
|
% of Aggregate Property NOI - Wholly Owned |
|
84.7% |
|
84.0% |
|
84.4% |
|
84.0% |
|
86.0% |
|
% of Aggregate Property NOI - Joint Venture – Pro Rata Share |
|
15.3% |
|
16.0% |
|
15.6% |
|
16.0% |
|
14.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly SITE SSNOI at share |
|
5.1% |
|
1.6% |
|
5.7% |
|
2.0% |
|
2.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM Total Leasing - at pro rata share (GLA in 000's) |
|
2,971 |
|
3,013 |
|
3,591 |
|
3,873 |
|
3,808 |
|
TTM Blended New and Renewal Rent Spreads - at pro rata share |
|
6.3% |
|
6.9% |
|
7.9% |
|
8.6% |
|
8.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
SITE Centers Corp.
Capital Structure
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2017 |
|
Capital Structure |
|
|
|
|
|
|
|
Market Value Per Share |
|
$14.02 |
|
$11.07 |
|
$17.92 |
|
|
|
|
|
|
|
|
|
Common Shares Outstanding |
|
193,821 |
|
181,657 |
|
184,237 |
|
Operating Partnership Units |
|
141 |
|
141 |
|
186 |
|
Total Outstanding Common Shares |
|
193,962 |
|
181,798 |
|
184,423 |
|
|
|
|
|
|
|
|
|
Common Shares Equity |
|
$2,719,342 |
|
$2,012,502 |
|
$3,304,857 |
|
|
|
|
|
|
|
|
|
Perpetual Preferred Stock - Class J |
|
0 |
|
200,000 |
|
200,000 |
|
Perpetual Preferred Stock - Class K |
|
150,000 |
|
150,000 |
|
150,000 |
|
Perpetual Preferred Stock - Class A |
|
175,000 |
|
175,000 |
|
175,000 |
|
Total Perpetual Preferred Stock |
|
$325,000 |
|
$525,000 |
|
$525,000 |
|
|
|
|
|
|
|
|
|
Unsecured Credit Facilities |
|
5,000 |
|
100,000 |
|
0 |
|
Unsecured Term Loan |
|
100,000 |
|
50,000 |
|
400,000 |
|
Unsecured Notes Payable |
|
1,656,156 |
|
1,655,687 |
|
2,827,052 |
|
Mortgage Debt (includes JVs at SITE share) |
|
372,498 |
|
440,405 |
|
988,740 |
|
Total Debt (includes JVs at SITE share) |
|
2,133,654 |
|
2,246,092 |
|
4,215,792 |
|
Less: Cash (including restricted cash) |
|
19,133 |
|
13,650 |
|
94,724 |
|
Net Debt |
|
$2,114,521 |
|
$2,232,442 |
|
$4,121,068 |
|
|
|
|
|
|
|
|
|
Total Market Capitalization |
|
$5,158,863 |
|
$4,769,944 |
|
$7,950,925 |
|
|
|
|
|
|
|
|
|
Leverage / Public Debt Covenants |
|
|
|
|
|
|
|
Consolidated Net Effective Debt |
|
1,827,239 |
|
1,870,363 |
|
3,763,739 |
|
Consolidated Adjusted EBITDA - annualized |
|
366,900 |
|
378,488 |
|
622,576 |
|
Consolidated Net Debt / Adjusted EBITDA (1) |
|
5.0X |
|
4.9X |
|
6.0X |
|
|
|
|
|
|
|
|
|
Pro-Rata Net Effective Debt |
|
2,098,008 |
|
2,218,568 |
|
4,102,455 |
|
Pro-Rata Adjusted EBITDA - annualized |
|
382,652 |
|
395,324 |
|
637,736 |
|
Pro-Rata Net Debt / Adjusted EBITDA (1) |
|
5.5X |
|
5.6X |
|
6.4X |
|
|
|
|
|
|
|
|
|
Outstanding Debt & Obligations |
|
1,868,599 |
|
1,909,399 |
|
3,884,947 |
|
Undepreciated Real Estate Assets |
|
5,194,413 |
|
5,181,474 |
|
8,631,815 |
|
Total Debt to Real Estate Assets Ratio |
|
36% |
|
37% |
|
45% |
|
Covenant |
|
65% |
|
65% |
|
65% |
|
|
|
|
|
|
|
|
|
Secured Debt & Obligations |
|
94,196 |
|
87,467 |
|
640,553 |
|
Total Assets |
|
5,374,643 |
|
5,372,921 |
|
9,115,651 |
|
Secured Debt to Assets Ratio |
|
2% |
|
2% |
|
7% |
|
Covenant |
|
40% |
|
40% |
|
40% |
|
|
|
|
|
|
|
|
|
Unencumbered Real Estate Assets |
|
4,500,271 |
|
4,439,863 |
|
6,973,787 |
|
Unsecured Debt & Obligations |
|
1,774,404 |
|
1,821,932 |
|
3,244,394 |
|
Unencumbered Assets to Unsecured Debt |
|
254% |
|
244% |
|
215% |
|
Covenant |
|
135% |
|
135% |
|
135% |
|
|
|
|
|
|
|
|
|
Net Income Available for Debt Service |
|
336,137 |
|
370,272 |
|
560,295 |
|
Maximum Annual Service Charge |
|
89,365 |
|
149,201 |
|
217,754 |
|
Fixed Charge Coverage Ratio |
|
3.8X |
|
2.5X |
|
2.6X |
|
Covenant |
|
1.5X |
|
1.5X |
|
1.5X |
|
Net Income Available for Debt Service Excluding Other Expenses (2) |
|
336,304 |
|
453,329 |
|
623,575 |
|
Fixed Charge Coverage Ratio Excluding Other Expenses (2) |
|
3.8X |
|
3.0X |
|
2.9X |
|
|
|
|
|
|
|
|
|
Credit Ratings (Outlook) |
|
|
|
|
|
|
|
Moody's |
|
Baa3 (Stable) |
|
Baa3 (Stable) |
|
Baa3 (Stable) |
|
S&P |
|
BBB- (Stable) |
|
BBB- (Stable) |
|
BBB- (Stable) |
|
Fitch |
|
BBB (Stable) |
|
BBB (Stable) |
|
BBB- (Positive) |
|
|
|
|
|
|
|
|
|
(1) Excludes Perpetual Preferred Stock. See definition in the Non-GAAP Measures section. |
|
|
|
|
||
|
(2) Other Expenses include Debt Extinguishment Costs and RVI transaction costs. |
|
|
|
|
|
|
12
SITE Centers Corp.
Same Store Metrics (1)
|
$ in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Same Store at 100% (2) |
|
Same Store at SITE Share (2) |
||||
|
SITE at share |
4Q19 |
4Q18 |
Change |
|
4Q19 |
4Q18 |
Change |
|
|
|
|
|
|
|
|
|
|
Leased rate |
93.9% |
93.6% |
0.3% |
|
94.5% |
93.8% |
0.7% |
|
Commenced rate |
91.5% |
91.8% |
(0.3%) |
|
92.3% |
92.0% |
0.3% |
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Minimum rents |
$145,754 |
$143,671 |
|
|
$85,086 |
$83,204 |
|
|
Recoveries |
44,330 |
46,012 |
|
|
25,891 |
27,375 |
|
|
Percentage and overage rent |
2,407 |
2,035 |
|
|
1,481 |
998 |
|
|
Ancillary and other rental income |
3,921 |
2,123 |
|
|
2,167 |
1,203 |
|
|
Bad debt |
132 |
(604) |
|
|
249 |
(379) |
|
|
|
196,544 |
193,237 |
1.7% |
|
114,874 |
112,401 |
2.2% |
|
Expenses: |
|
|
|
|
|
|
|
|
Operating and maintenance |
(25,949) |
(25,010) |
|
|
(14,545) |
(14,161) |
|
|
Real estate taxes |
(27,015) |
(28,802) |
|
|
(15,607) |
(17,622) |
|
|
|
(52,964) |
(53,812) |
(1.6%) |
|
(30,152) |
(31,783) |
(5.1%) |
|
Total SSNOI (4) |
$143,580 |
$139,425 |
3.0% |
|
$84,722 |
$80,618 |
5.1% |
|
|
|
|
|
|
|
|
|
|
Non-Same Store NOI |
14,437 |
16,142 |
|
|
7,673 |
13,872 |
|
|
Total Consolidated + Unconsolidated NOI |
$158,017 |
$155,567 |
|
|
$92,395 |
$94,490 |
|
|
|
|
|
|
|
|
|
|
|
SSNOI Operating Margin |
73.1% |
72.2% |
|
|
73.8% |
71.7% |
|
|
SSNOI Recovery Rate |
83.7% |
85.5% |
|
|
85.9% |
86.1% |
|
|
|
Same Store at 100% (2) |
|
Same Store at SITE Share (2) |
||||
|
YTD SITE at share |
12M19 |
12M18 |
Change |
|
12M19 |
12M18 |
Change |
|
|
|
|
|
|
|
|
|
|
Leased rate |
93.9% |
93.6% |
0.3% |
|
94.5% |
93.8% |
0.7% |
|
Commenced rate |
91.5% |
91.8% |
(0.3%) |
|
92.3% |
92.0% |
0.3% |
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Minimum rents |
$570,593 |
$564,244 |
|
|
$328,640 |
$323,235 |
|
|
Recoveries |
182,696 |
179,689 |
|
|
107,686 |
104,860 |
|
|
Percentage and overage rents |
5,995 |
5,174 |
|
|
4,137 |
3,047 |
|
|
Ancillary and other rental income |
12,320 |
7,748 |
|
|
7,511 |
4,419 |
|
|
Bad debt |
(1,290) |
(1,955) |
|
|
(153) |
(953) |
|
|
|
770,314 |
754,900 |
2.0% |
|
447,821 |
434,608 |
3.0% |
|
Expenses: |
|
|
|
|
|
|
|
|
Operating and maintenance |
(104,241) |
(100,251) |
|
|
(58,600) |
(56,135) |
|
|
Real estate taxes |
(112,341) |
(112,523) |
|
|
(66,218) |
(66,740) |
|
|
|
(216,582) |
(212,774) |
1.8% |
|
(124,818) |
(122,875) |
1.6% |
|
Total SSNOI (5) |
$553,732 |
$542,126 |
2.1% |
|
$323,003 |
$311,733 |
3.6% |
|
|
|
|
|
|
|
|
|
|
Non-Same Store NOI (3) |
65,110 |
213,740 |
|
|
38,701 |
188,675 |
|
|
Total Consolidated + Unconsolidated NOI |
$618,842 |
$755,866 |
|
|
$361,704 |
$500,408 |
|
|
|
|
|
|
|
|
|
|
|
SSNOI Operating Margin |
71.9% |
71.8% |
|
|
72.1% |
71.7% |
|
|
SSNOI Recovery Rate |
84.4% |
84.5% |
|
|
86.3% |
85.3% |
|
|
|
|||||||
|
(1) See calculation definition in the Non-GAAP Measures section. |
|||||||
|
(2) The Company adopted Topic 842, Leases in the first quarter. All prior periods have been restated to conform to the 2019 presentation. |
|||||||
|
(3) See Investments section for detail on major redevelopment activity. Represents 10.7% of YTD19 total NOI at SITE share. |
|||||||
|
(4) Presented SSNOI methodology is unchanged. Excluding lost rent related to lease terminations, 4Q 2019 SSNOI would be 2.6% and 4.8% at 100% and at SITE share, respectively. |
|||||||
|
(5) Presented SSNOI methodology is unchanged. Excluding lost rent related to lease terminations, YTD 2019 SSNOI would be 1.8% and 3.3% at 100% and at SITE share, respectively. |
|||||||
13
SITE Centers Corp.
Leasing Summary
|
At pro rata share except for count |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leasing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Pool |
|
Total Pool |
||||||||
|
|
Count |
GLA |
New Rent PSF |
Prior Rent PSF |
Rent Spread |
Wtd Avg Term (Years) |
|
Count |
GLA |
New Rent PSF |
Wtd Avg Term (Years) |
|
New Leases |
|
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
26 |
51,563 |
$31.18 |
$27.23 |
14.5% |
8.4 |
|
62 |
226,442 |
$20.84 |
10.1 |
|
3Q19 |
33 |
67,845 |
$28.22 |
$24.78 |
13.9% |
10.1 |
|
60 |
180,619 |
$19.37 |
9.7 |
|
2Q19 |
33 |
124,738 |
$20.09 |
$18.76 |
7.1% |
8.2 |
|
60 |
219,838 |
$19.06 |
8.6 |
|
1Q19 |
26 |
101,757 |
$19.84 |
$16.10 |
23.2% |
9.3 |
|
53 |
254,655 |
$18.89 |
9.7 |
|
|
118 |
345,903 |
$23.26 |
$20.42 |
13.9% |
9.0 |
|
235 |
881,554 |
$19.53 |
9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
110 |
401,113 |
$18.87 |
$18.61 |
1.4% |
6.1 |
|
110 |
401,113 |
$18.87 |
6.1 |
|
3Q19 |
124 |
593,997 |
$17.65 |
$16.87 |
4.6% |
5.5 |
|
124 |
593,997 |
$17.65 |
5.5 |
|
2Q19 |
95 |
653,418 |
$17.10 |
$16.27 |
5.1% |
5.1 |
|
95 |
653,418 |
$17.10 |
5.1 |
|
1Q19 |
115 |
440,461 |
$17.15 |
$15.90 |
7.9% |
5.5 |
|
115 |
440,461 |
$17.15 |
5.5 |
|
|
444 |
2,088,989 |
$17.60 |
$16.81 |
4.7% |
5.5 |
|
444 |
2,088,989 |
$17.60 |
5.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New + Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
136 |
452,676 |
$20.27 |
$19.59 |
3.5% |
6.5 |
|
172 |
627,555 |
$19.58 |
7.6 |
|
3Q19 |
157 |
661,842 |
$18.73 |
$17.68 |
5.9% |
6.2 |
|
184 |
774,616 |
$18.05 |
6.6 |
|
2Q19 |
128 |
778,156 |
$17.58 |
$16.67 |
5.5% |
5.7 |
|
155 |
873,256 |
$17.59 |
6.1 |
|
1Q19 |
141 |
542,218 |
$17.65 |
$15.94 |
10.7% |
6.3 |
|
168 |
695,116 |
$17.79 |
7.1 |
|
|
562 |
2,434,892 |
$18.41 |
$17.32 |
6.3% |
6.1 |
|
679 |
2,970,543 |
$18.18 |
6.8 |
|
Net Effective Rents |
|
|
|
|
|
|
|
|
|
|
|
|
|
Avg |
Capex PSF |
NER |
Wtd Avg |
% of GLA |
||||
|
|
GLA |
Rent PSF |
TA |
LL Work |
LC |
Total |
PSF |
Term (Years) |
>10K SF |
<10K SF |
|
New Leases (1) |
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
149,782 |
$22.00 |
$3.86 |
$2.33 |
$1.11 |
$7.30 |
$14.70 |
9.1 |
57% |
43% |
|
3Q19 |
168,160 |
$19.94 |
$2.66 |
$1.68 |
$0.85 |
$5.19 |
$14.75 |
9.8 |
62% |
38% |
|
2Q19 |
193,568 |
$19.92 |
$2.31 |
$4.90 |
$0.80 |
$8.01 |
$11.91 |
8.4 |
65% |
35% |
|
1Q19 |
199,059 |
$19.87 |
$3.17 |
$2.10 |
$0.60 |
$5.87 |
$14.00 |
9.6 |
65% |
35% |
|
|
710,569 |
$20.35 |
$2.99 |
$2.75 |
$0.82 |
$6.56 |
$13.79 |
9.2 |
62% |
38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Renewals |
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
401,113 |
$19.30 |
$0.61 |
$0.01 |
$0.06 |
$0.68 |
$18.62 |
6.1 |
62% |
38% |
|
3Q19 |
593,997 |
$17.94 |
$0.32 |
$0.00 |
$0.00 |
$0.32 |
$17.62 |
5.5 |
78% |
22% |
|
2Q19 |
653,418 |
$17.21 |
$0.03 |
$0.00 |
$0.01 |
$0.04 |
$17.17 |
5.1 |
85% |
15% |
|
1Q19 |
440,461 |
$17.41 |
$0.37 |
$0.00 |
$0.01 |
$0.38 |
$17.03 |
5.5 |
71% |
29% |
|
|
2,088,989 |
$17.86 |
$0.30 |
$0.00 |
$0.02 |
$0.32 |
$17.54 |
5.5 |
76% |
24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
New + Renewals |
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
550,895 |
$20.03 |
$1.78 |
$0.85 |
$0.44 |
$3.06 |
$16.97 |
7.0 |
61% |
39% |
|
3Q19 |
762,157 |
$18.38 |
$1.09 |
$0.55 |
$0.28 |
$1.92 |
$16.46 |
6.5 |
74% |
26% |
|
2Q19 |
846,986 |
$17.83 |
$0.76 |
$1.58 |
$0.26 |
$2.60 |
$15.23 |
5.9 |
81% |
19% |
|
1Q19 |
639,520 |
$18.18 |
$1.59 |
$0.92 |
$0.27 |
$2.78 |
$15.40 |
6.8 |
69% |
31% |
|
|
2,799,558 |
$18.49 |
$1.26 |
$0.99 |
$0.31 |
$2.56 |
$15.93 |
6.5 |
72% |
28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Leases exclude development and redevelopment activity. |
|
|
||||||||
14
SITE Centers Corp.
Top 50 Tenants (excludes DDRTC)
|
|
|
|
|
|
|
|
||||||
|
|
|
Number of Units |
Base Rent |
Owned GLA |
Credit Ratings |
|||||||
|
|
|
Tenant |
WO |
JV |
Total |
Pro Rata |
% of Total |
At 100% |
Pro Rata |
% of Total |
At 100% |
(S&P/Moody's/Fitch) |
|
1 |
|
TJX Companies (1) |
46 |
25 |
71 |
$21,395 |
6.0% |
$27,233 |
1,534 |
6.8% |
2,096 |
A+/A2/NR |
|
2 |
|
Bed Bath & Beyond (2) |
28 |
11 |
39 |
11,686 |
3.3% |
15,528 |
854 |
3.8% |
1,136 |
BB/Baa3/NR |
|
3 |
|
PetSmart |
23 |
12 |
35 |
9,477 |
2.7% |
12,654 |
558 |
2.5% |
776 |
B-/B3/NR |
|
4 |
|
Dick's Sporting Goods (3) |
12 |
7 |
19 |
9,356 |
2.6% |
12,757 |
580 |
2.6% |
881 |
NR |
|
5 |
|
Michaels |
20 |
13 |
33 |
7,928 |
2.2% |
10,903 |
535 |
2.4% |
786 |
B+/NR/NR |
|
6 |
|
Ulta |
25 |
13 |
38 |
7,303 |
2.1% |
9,862 |
286 |
1.3% |
406 |
NR |
|
7 |
|
Gap (4) |
19 |
14 |
33 |
6,914 |
2.0% |
9,808 |
364 |
1.6% |
530 |
BB/Baa2/NR |
|
8 |
|
Best Buy |
8 |
5 |
13 |
6,655 |
1.9% |
9,038 |
407 |
1.8% |
581 |
BBB/Baa1/NR |
|
9 |
|
Nordstrom Rack |
9 |
1 |
10 |
6,373 |
1.8% |
7,047 |
328 |
1.5% |
362 |
BBB/Baa2/BBB+ |
|
10 |
|
Ross Stores (5) |
15 |
23 |
38 |
6,300 |
1.8% |
12,117 |
554 |
2.5% |
1,096 |
A-/A2/NR |
|
11 |
|
Kroger (6) |
6 |
7 |
13 |
6,242 |
1.8% |
8,514 |
461 |
2.0% |
766 |
BBB/Baa1/NR |
|
12 |
|
AMC Theatres |
2 |
5 |
7 |
6,236 |
1.8% |
10,959 |
257 |
1.1% |
519 |
B/B2/NR |
|
13 |
|
Kohl's |
6 |
8 |
14 |
5,731 |
1.6% |
10,517 |
665 |
2.9% |
1,221 |
BBB/Baa2/BBB |
|
14 |
|
Barnes & Noble |
9 |
5 |
14 |
5,593 |
1.6% |
7,329 |
257 |
1.1% |
357 |
NR |
|
15 |
|
Whole Foods |
3 |
2 |
5 |
4,938 |
1.4% |
5,679 |
208 |
0.9% |
259 |
A+/A3/NR |
|
16 |
|
Burlington |
5 |
4 |
9 |
4,469 |
1.3% |
5,970 |
263 |
1.2% |
426 |
BB+/NR/BB+ |
|
17 |
|
DSW |
11 |
3 |
14 |
4,066 |
1.1% |
4,880 |
247 |
1.1% |
298 |
NR |
|
18 |
|
Five Below |
20 |
15 |
35 |
3,950 |
1.1% |
5,769 |
204 |
0.9% |
306 |
NR |
|
19 |
|
Petco |
12 |
7 |
19 |
3,712 |
1.0% |
5,207 |
179 |
0.8% |
258 |
CCC+/B3/NR |
|
20 |
|
Office Depot (7) |
11 |
8 |
19 |
3,581 |
1.0% |
5,611 |
266 |
1.2% |
413 |
B/Ba3/NR |
|
21 |
|
Party City |
13 |
6 |
19 |
3,450 |
1.0% |
4,648 |
171 |
0.8% |
237 |
NR |
|
22 |
|
Cinemark |
2 |
2 |
4 |
3,111 |
0.9% |
4,231 |
200 |
0.9% |
266 |
BB/NR/NR |
|
23 |
|
Pier 1 Imports |
9 |
7 |
16 |
3,111 |
0.9% |
4,235 |
118 |
0.5% |
175 |
CCC-/NR/NR |
|
24 |
|
Jo-Ann |
8 |
5 |
13 |
3,108 |
0.9% |
3,973 |
273 |
1.2% |
381 |
B-/B2/NR |
|
25 |
|
Staples |
7 |
9 |
16 |
2,970 |
0.8% |
4,659 |
190 |
0.8% |
313 |
B+/B1/NR |
|
26 |
|
Regal Cinemas |
3 |
0 |
3 |
2,803 |
0.8% |
2,803 |
138 |
0.6% |
138 |
NR |
|
27 |
|
Total Wine & More |
5 |
1 |
6 |
2,764 |
0.8% |
3,013 |
139 |
0.6% |
152 |
NR |
|
28 |
|
Dollar Tree Stores |
18 |
14 |
32 |
2,708 |
0.8% |
3,903 |
233 |
1.0% |
345 |
BBB-/Baa3/NR |
|
29 |
|
Hobby Lobby |
6 |
0 |
6 |
2,455 |
0.7% |
2,455 |
315 |
1.4% |
315 |
NR |
|
30 |
|
Giant Eagle |
2 |
2 |
4 |
2,423 |
0.7% |
4,292 |
203 |
0.9% |
369 |
NR |
|
31 |
|
LA Fitness |
3 |
1 |
4 |
2,379 |
0.7% |
2,966 |
144 |
0.6% |
175 |
NR |
|
32 |
|
Home Depot |
3 |
2 |
5 |
2,332 |
0.7% |
3,613 |
334 |
1.5% |
600 |
A/A2/A |
|
33 |
|
Macy's (8) |
4 |
0 |
4 |
2,293 |
0.6% |
2,293 |
183 |
0.8% |
183 |
BBB-/Baa3/BBB |
|
34 |
|
24 Hour Fitness |
3 |
1 |
4 |
2,243 |
0.6% |
3,863 |
105 |
0.5% |
189 |
B-/NR/NR |
|
35 |
|
Publix |
2 |
18 |
20 |
2,142 |
0.6% |
8,808 |
247 |
1.1% |
964 |
NR |
|
36 |
|
Tailored Brands (9) |
12 |
4 |
16 |
2,096 |
0.6% |
2,677 |
75 |
0.3% |
107 |
B/NR/NR |
|
37 |
|
Ascena (10) |
14 |
7 |
21 |
2,068 |
0.6% |
2,611 |
86 |
0.4% |
113 |
CCC/Caa2/NR |
|
38 |
|
Caleres Inc. |
10 |
5 |
15 |
2,014 |
0.6% |
2,729 |
96 |
0.4% |
132 |
BB/Ba2/NR |
|
39 |
|
Mattress Firm |
13 |
10 |
23 |
2,009 |
0.6% |
3,071 |
64 |
0.3% |
105 |
NR |
|
40 |
|
AT&T |
16 |
19 |
35 |
1,996 |
0.6% |
3,229 |
57 |
0.3% |
97 |
BBB/Baa2/A- |
|
41 |
|
Carter's Childrenswear |
14 |
10 |
24 |
1,968 |
0.6% |
2,568 |
68 |
0.3% |
95 |
BB+/NR/NR |
|
42 |
|
Ahold Delhaize (11) |
1 |
6 |
7 |
1,956 |
0.6% |
5,745 |
119 |
0.5% |
385 |
BBB/Baa1/BBB+ |
|
43 |
|
Lowe's |
2 |
2 |
4 |
1,900 |
0.5% |
3,590 |
322 |
1.4% |
531 |
BBB+/Baa1/NR |
|
44 |
|
Target |
3 |
1 |
4 |
1,826 |
0.5% |
2,091 |
502 |
2.2% |
570 |
A/A2/A- |
|
45 |
|
Panera |
10 |
6 |
16 |
1,651 |
0.5% |
2,288 |
54 |
0.2% |
77 |
NR |
|
46 |
|
L Brands (12) |
12 |
8 |
20 |
1,644 |
0.5% |
2,106 |
56 |
0.2% |
74 |
BB-/Ba2/NR |
|
47 |
|
Darden (13) |
8 |
2 |
10 |
1,514 |
0.4% |
1,745 |
61 |
0.3% |
73 |
BBB/Baa2/BBB |
|
48 |
|
Signet Jewelers (14) |
10 |
3 |
13 |
1,504 |
0.4% |
1,670 |
39 |
0.2% |
45 |
BB-/NR/B+ |
|
49 |
|
Kirkland's |
8 |
2 |
10 |
1,497 |
0.4% |
1,640 |
74 |
0.3% |
81 |
NR |
|
50 |
|
Beall's |
5 |
5 |
10 |
1,485 |
0.4% |
2,378 |
210 |
0.9% |
369 |
NR |
|
|
|
Top 50 Total |
516 |
346 |
862 |
$209,325 |
59.1% |
$297,275 |
13,883 |
61.5% |
21,129 |
|
|
|
|
Total Portfolio |
|
|
|
$354,281 |
100.0% |
$512,773 |
22,579 |
100.0% |
34,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) T.J. Maxx (19) / Marshalls (25) / HomeGoods (18) / Sierra Trading (5) / HomeSense (3) / Combo Store (1) |
(8) Macy's Furniture Gallery (3) / Bloomingdale's the Outlet Store (1) |
|||||||||||
|
(2) Bed Bath (19) / World Market (12) / buybuy Baby (7) / CTS (1) |
|
(9) Men's Wearhouse (11) / Jos. A. Bank (4) / K&G Fashion Superstore (1) |
||||||||||
|
(3) Dick's Sporting Goods (16) / Golf Galaxy (3) |
|
(10) Ann Taylor (2) / Catherine's (2) / Justice (8) / Lane Bryant (6) / Maurice's (3) |
||||||||||
|
(4) Gap (2) / Old Navy (30) / Banana Republic (1) |
|
(11) Stop & Shop (4) / Food Lion (2) / Martin's (1) |
||||||||||
|
(5) Ross Dress For Less (36) / dd's Discounts (2) |
|
(12) Bath & Body Works (17) / Victoria's Secret (3) |
||||||||||
|
(6) Kroger (8) / Harris Teeter (3) / King Soopers (1) / Mariano's (1) |
|
(13) Longhorn Steakhouse (6) / Olive Garden (4) |
||||||||||
|
(7) Office Depot (10) / OfficeMax (9) |
|
(14) Kay Jewelers (8) / Jared (4) / Zales (1) |
||||||||||
15
SITE Centers Corp.
Lease Expirations
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumes no exercise of lease options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than 10K SF |
|
Less than 10K SF |
|
Total |
||||||||||||||||||
|
Year |
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR > 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR < 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR Total |
|
MTM |
2 |
|
22 |
416 |
|
$18.91 |
0.2% |
|
46 |
|
55 |
$1,446 |
|
$26.29 |
1.2% |
|
48 |
|
77 |
$1,862 |
|
$24.18 |
0.5% |
|
2020 |
55 |
|
656 |
9,090 |
|
$13.86 |
4.1% |
|
324 |
|
465 |
12,344 |
|
$26.55 |
10.4% |
|
379 |
|
1,121 |
21,434 |
|
$19.12 |
6.2% |
|
2021 |
124 |
|
1,852 |
26,232 |
|
$14.16 |
11.7% |
|
440 |
|
560 |
15,619 |
|
$27.89 |
13.1% |
|
564 |
|
2,412 |
41,851 |
|
$17.35 |
12.2% |
|
2022 |
143 |
|
2,407 |
35,725 |
|
$14.84 |
15.9% |
|
451 |
|
675 |
18,903 |
|
$28.00 |
15.9% |
|
594 |
|
3,082 |
54,628 |
|
$17.72 |
15.9% |
|
2023 |
145 |
|
2,444 |
33,943 |
|
$13.89 |
15.1% |
|
419 |
|
658 |
18,782 |
|
$28.54 |
15.8% |
|
564 |
|
3,102 |
52,725 |
|
$17.00 |
15.4% |
|
2024 |
141 |
|
2,429 |
33,556 |
|
$13.81 |
15.0% |
|
394 |
|
544 |
16,032 |
|
$29.47 |
13.5% |
|
535 |
|
2,973 |
49,588 |
|
$16.68 |
14.4% |
|
2025 |
90 |
|
1,553 |
25,725 |
|
$16.56 |
11.5% |
|
172 |
|
264 |
7,362 |
|
$27.89 |
6.2% |
|
262 |
|
1,817 |
33,087 |
|
$18.21 |
9.6% |
|
2026 |
49 |
|
669 |
10,088 |
|
$15.08 |
4.5% |
|
108 |
|
240 |
7,361 |
|
$30.67 |
6.2% |
|
157 |
|
909 |
17,449 |
|
$19.20 |
5.1% |
|
2027 |
35 |
|
635 |
12,358 |
|
$19.46 |
5.5% |
|
90 |
|
187 |
5,369 |
|
$28.71 |
4.5% |
|
125 |
|
822 |
17,727 |
|
$21.57 |
5.2% |
|
2028 |
40 |
|
628 |
9,313 |
|
$14.83 |
4.1% |
|
110 |
|
230 |
6,836 |
|
$29.72 |
5.8% |
|
150 |
|
858 |
16,149 |
|
$18.82 |
4.7% |
|
2029 |
34 |
|
629 |
11,292 |
|
$17.95 |
5.0% |
|
100 |
|
207 |
6,265 |
|
$30.27 |
5.3% |
|
134 |
|
836 |
17,557 |
|
$21.00 |
5.1% |
|
Thereafter |
38 |
|
923 |
16,679 |
|
$18.07 |
7.4% |
|
38 |
|
99 |
2,551 |
|
$25.77 |
2.1% |
|
76 |
|
1,022 |
19,230 |
|
$18.82 |
5.6% |
|
Total |
896 |
|
14,847 |
$224,417 |
|
$15.12 |
100.0% |
|
2,692 |
|
4,184 |
$118,870 |
|
$28.41 |
100.0% |
|
3,588 |
|
19,031 |
$343,287 |
|
$18.04 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumes all lease options are exercised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than 10K SF |
|
Less than 10K SF |
|
Total |
||||||||||||||||||
|
Year |
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR > 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR < 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR Total |
|
MTM |
2 |
|
22 |
$416 |
|
$18.91 |
0.2% |
|
43 |
|
54 |
$1,429 |
|
$26.46 |
1.2% |
|
45 |
|
76 |
$1,845 |
|
$24.28 |
0.5% |
|
2020 |
19 |
|
153 |
1,863 |
|
$12.18 |
0.8% |
|
202 |
|
255 |
7,095 |
|
$27.82 |
6.0% |
|
221 |
|
408 |
8,958 |
|
$21.96 |
2.6% |
|
2021 |
17 |
|
228 |
4,280 |
|
$18.77 |
1.9% |
|
282 |
|
295 |
8,577 |
|
$29.07 |
7.2% |
|
299 |
|
523 |
12,857 |
|
$24.58 |
3.7% |
|
2022 |
26 |
|
306 |
5,372 |
|
$17.56 |
2.4% |
|
247 |
|
319 |
8,851 |
|
$27.75 |
7.4% |
|
273 |
|
625 |
14,223 |
|
$22.76 |
4.1% |
|
2023 |
17 |
|
132 |
2,995 |
|
$22.69 |
1.3% |
|
255 |
|
307 |
8,340 |
|
$27.17 |
7.0% |
|
272 |
|
439 |
11,335 |
|
$25.82 |
3.3% |
|
2024 |
18 |
|
226 |
3,609 |
|
$15.97 |
1.6% |
|
221 |
|
238 |
7,388 |
|
$31.04 |
6.2% |
|
239 |
|
464 |
10,997 |
|
$23.70 |
3.2% |
|
2025 |
23 |
|
257 |
3,994 |
|
$15.54 |
1.8% |
|
174 |
|
245 |
6,699 |
|
$27.34 |
5.6% |
|
197 |
|
502 |
10,693 |
|
$21.30 |
3.1% |
|
2026 |
18 |
|
204 |
4,225 |
|
$20.71 |
1.9% |
|
129 |
|
195 |
5,866 |
|
$30.08 |
4.9% |
|
147 |
|
399 |
10,091 |
|
$25.29 |
2.9% |
|
2027 |
24 |
|
325 |
5,783 |
|
$17.79 |
2.6% |
|
165 |
|
248 |
7,863 |
|
$31.71 |
6.6% |
|
189 |
|
573 |
13,646 |
|
$23.82 |
4.0% |
|
2028 |
37 |
|
513 |
7,028 |
|
$13.70 |
3.1% |
|
161 |
|
272 |
8,311 |
|
$30.56 |
7.0% |
|
198 |
|
785 |
15,339 |
|
$19.54 |
4.5% |
|
2029 |
26 |
|
362 |
5,135 |
|
$14.19 |
2.3% |
|
142 |
|
209 |
6,064 |
|
$29.01 |
5.1% |
|
168 |
|
571 |
11,199 |
|
$19.61 |
3.3% |
|
Thereafter |
669 |
|
12,119 |
179,717 |
|
$14.83 |
80.1% |
|
671 |
|
1,547 |
42,387 |
|
$27.40 |
35.7% |
|
1,340 |
|
13,666 |
222,104 |
|
$16.25 |
64.7% |
|
Total |
896 |
|
14,847 |
$224,417 |
|
$15.12 |
100.0% |
|
2,692 |
|
4,184 |
$118,870 |
|
$28.41 |
100.0% |
|
3,588 |
|
19,031 |
$343,287 |
|
$18.04 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Excludes ground leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
16
SITE Centers Corp.
Redevelopments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SITE Own % |
|
Project Yield |
|
Est. Total Net Cost |
|
Cost Incurred To Date |
|
Est. Remain Costs |
|
Placed In Service |
|
CIP (1) |
|
Initial Occupancy |
|
Est. Stabilized Quarter |
|
Key Tenants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopments – Major (2) |
|
|
8% |
|
$95,213 |
|
$23,902 |
|
$71,311 |
|
$4,735 |
|
$14,919 |
|
|
|
|
|
|
|
Redevelopments – Tactical (3) |
|
|
10% |
|
62,719 |
|
33,885 |
|
28,834 |
|
17,116 |
|
16,769 |
|
|
|
|
|
|
|
Other (4) |
|
|
N/A |
|
N/A |
|
19,564 |
|
0 |
|
0 |
|
19,564 |
|
|
|
|
|
|
|
Undeveloped land (5) |
|
|
N/A |
|
N/A |
|
8,411 |
|
0 |
|
0 |
|
8,411 |
|
|
|
|
|
|
|
|
|
|
|
|
$157,932 |
|
$85,762 |
|
$100,145 |
|
$21,851 |
|
$59,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopments – Major |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Collection at Brandon Boulevard (Tampa, FL) |
100% |
|
|
|
27,732 |
|
18,155 |
|
9,577 |
|
4,735 |
|
9,921 |
|
4Q19 |
|
4Q20 |
|
Lucky's, Bealls, Crunch Fitness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1000 Van Ness (San Francisco, CA) |
100% |
|
|
|
4,810 |
|
0 |
|
4,810 |
|
0 |
|
0 |
|
1Q20 |
|
2Q20 |
|
CGV Cinemas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Bay Plaza (Phase II) (Cleveland, OH) |
100% |
|
|
|
12,000 |
|
1,660 |
|
10,340 |
|
0 |
|
1,660 |
|
1Q20 |
|
2Q22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodfield Village Green (Chicago, IL) |
100% |
|
|
|
11,856 |
|
53 |
|
11,803 |
|
0 |
|
53 |
|
3Q22 |
|
3Q23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppers World (Boston, MA) |
100% |
|
|
|
20,426 |
|
1,950 |
|
18,476 |
|
0 |
|
1,950 |
|
TBD |
|
TBD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandy Plains Village (Atlanta, GA) |
100% |
|
|
|
8,556 |
|
1,167 |
|
7,389 |
|
0 |
|
418 |
|
TBD |
|
TBD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Perimeter Pointe (Atlanta, GA) |
100% |
|
|
|
9,833 |
|
917 |
|
8,916 |
|
0 |
|
917 |
|
TBD |
|
TBD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$95,213 |
|
$23,902 |
|
$71,311 |
|
$4,735 |
|
$14,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Balance is in addition to SITE's pro rata share of joint venture CIP of $7 million. |
|||||||||||||||||||
|
(2) Non-stabilized portion of projects excluded from same store NOI. Includes large-scale shopping center expansion and repurposing projects. |
|||||||||||||||||||
|
(3) Projects included in same store NOI. Includes outparcels, first generation space and small-scale shopping center expansions and other capital improvements. |
|||||||||||||||||||
|
(4) Includes predevelopment and retenanting expenditures. |
|||||||||||||||||||
|
(5) Balance is in addition to owned land adjacent to existing centers with an estimated value of $23 million and cost basis of the headquarters (non-income producing) of $32 million. |
|||||||||||||||||||
17
SITE Centers Corp.
Transactions
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
SITE |
|
Owned |
|
At 100% |
|
At SITE Share |
||
|
|
|
Property Name |
City, State |
Own % |
|
GLA |
|
Price |
Debt |
|
Price |
Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/02/19 |
|
Vintage Plaza |
Austin, TX |
100.0% |
|
41 |
|
$12,645 |
$0 |
|
$12,645 |
$0 |
|
11/07/19 |
|
The Blocks |
Portland, OR |
100.0% |
|
97 |
|
50,500 |
0 |
|
50,500 |
0 |
|
12/12/19 |
|
Southtown Center |
Tampa, FL |
100.0% |
|
44 |
|
22,000 |
9,100 |
|
22,000 |
9,100 |
|
|
|
|
Total 2019 |
|
|
182 |
|
$85,145 |
$9,100 |
|
$85,145 |
$9,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/10/19 |
|
Northpoint SC (BRE DDR Retail Holdings III) |
Cape Coral, FL |
5.0% |
|
112 |
|
$17,836 |
$7,449 |
|
$892 |
$372 |
|
01/11/19 |
|
Winchester Station (BRE DDR Retail Holdings III) |
Winchester, VA |
5.0% |
|
183 |
|
30,550 |
15,205 |
|
1,528 |
760 |
|
01/15/19 |
|
Heritage Square (1) |
Monmouth Junction, NJ |
0.3% |
|
81 |
|
14,700 |
13,497 |
|
44 |
40 |
|
01/16/19 |
|
Largo Town Center (Other) |
Upper Marlboro, MD |
20.0% |
|
277 |
|
43,950 |
0 |
|
8,790 |
0 |
|
03/08/19 |
|
Vista Village |
Vista, CA |
100.0% |
|
194 |
|
66,200 |
0 |
|
66,200 |
0 |
|
|
|
Preferred equity repayment |
|
|
|
|
|
12,406 |
|
|
12,406 |
|
|
|
|
|
1Q 2019 Total |
|
|
847 |
|
$185,642 |
$36,151 |
|
$89,860 |
$1,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
04/16/19 |
|
Westside Centre (TIAA) |
Huntsville, AL |
15.0% |
|
477 |
|
$35,900 |
$23,625 |
|
$5,385 |
$3,544 |
|
06/19/19 |
|
North Towne Commons |
Toledo, OH |
100.0% |
|
80 |
|
750 |
0 |
|
750 |
0 |
|
|
|
Preferred equity repayment |
|
|
|
|
|
1,194 |
|
|
1,194 |
|
|
|
|
|
2Q 2019 Total |
|
|
557 |
|
$37,844 |
$23,625 |
|
$7,329 |
$3,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
08/09/19 |
|
Duvall Village |
Bowie, MD |
100.0% |
|
88 |
|
$10,000 |
$0 |
|
$10,000 |
$0 |
|
08/27/19 |
|
Prairie Market outparcel (BRE DDR Retail Holdings III) |
Oswego, IL |
5.0% |
|
11 |
|
1,300 |
0 |
|
65 |
0 |
|
09/26/19 |
|
Orchards Market Center |
Vancouver, WA |
100.0% |
|
178 |
|
26,600 |
0 |
|
26,600 |
0 |
|
|
|
Preferred equity repayment |
|
|
|
|
|
1,255 |
|
|
1,255 |
|
|
|
|
|
3Q 2019 Total |
|
|
277 |
|
$39,155 |
$0 |
|
$37,920 |
$0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/28/19 |
|
Loan repayment (Kildeer Marketplace) |
Kildeer, IL |
100.0% |
|
|
|
$12,040 |
$0 |
|
$12,040 |
$0 |
|
12/09/19 |
|
Eastland Center (BRE DDR Retail Holdings III) |
West Covina, CA |
5.0% |
|
812 |
|
184,750 |
90,000 |
|
9,238 |
4,500 |
|
12/20/19 |
|
Barrett Pavilion (DDRTC) |
Kennesaw, GA |
15.0% |
|
459 |
|
42,000 |
0 |
|
6,300 |
0 |
|
|
|
Preferred equity repayment |
|
|
|
|
|
46,550 |
|
|
46,550 |
|
|
|
|
Non-operating sales |
|
|
|
|
|
2,256 |
|
|
2,256 |
|
|
|
|
|
4Q 2019 Total |
|
|
1,271 |
|
$287,596 |
$90,000 |
|
$76,384 |
$4,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2019 |
|
|
2,952 |
|
$550,237 |
$149,776 |
|
$211,493 |
$9,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/23/20 |
|
Crossroads Plaza (DDRM Properties) |
Lumberton, NJ |
20.0% |
|
100 |
|
$25,000 |
$16,071 |
|
$5,000 |
$3,214 |
|
01/21/20 |
|
Non-operating sales |
|
|
|
|
|
320 |
|
|
320 |
|
|
|
|
|
1Q 2020 QTD |
|
|
100 |
|
$25,320 |
$16,071 |
|
$5,320 |
$3,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Asset included in the collateral for BRE DDR Retail Holdings IV preferred interest. The Company does not have a material interest, but provides property asset management services. |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18
SITE Centers Corp.
Debt Summary
|
$ in thousands |
|
|
|
|
|
|
|
|
|
|
Consolidated Debt |
Unconsolidated Debt |
Total Debt |
|||||
|
Debt Composition |
100% |
SITE Share |
Interest Rate |
100% |
SITE Share |
Interest Rate |
SITE Share |
Interest Rate |
|
Unsecured Credit Facilities |
$5,000 |
$5,000 |
2.68% |
|
|
|
$5,000 |
2.68% |
|
Unsecured Term Loan |
100,000 |
100,000 |
2.78% |
|
|
|
100,000 |
2.78% |
|
Unsecured Public Debt |
1,656,156 |
1,656,156 |
4.33% |
|
|
|
1,656,156 |
4.33% |
|
Fixed Rate Mortgage Loans |
94,196 |
84,765 |
4.62% |
$1,037,162 |
$212,841 |
4.57% |
297,606 |
4.59% |
|
Variable Rate Mortgage Loans |
0 |
0 |
0.00% |
616,729 |
74,892 |
4.74% |
74,892 |
4.74% |
|
Subtotal |
$1,855,352 |
$1,845,921 |
4.26% |
$1,653,891 |
$287,733 |
4.62% |
$2,133,654 |
4.31% |
|
Fair Market Value Adjustment |
983 |
983 |
|
2,226 |
111 |
|
1,094 |
|
|
Unamortized Loan Costs, Net |
(9,038) |
(8,993) |
|
(15,971) |
(2,373) |
|
(11,366) |
|
|
Total |
$1,847,297 |
$1,837,911 |
4.26% |
$1,640,146 |
$285,471 |
4.62% |
$2,123,382 |
4.31% |
|
Consolidated Maturity Schedule (1) |
Principal Payments |
Secured Maturities |
Unsecured Maturities |
Total 100% |
Total SITE Share |
Interest Rate |
|
2020 |
$1,749 |
$39,934 |
$0 |
$41,683 |
$41,683 |
4.96% |
|
2021 |
1,215 |
42,198 |
0 |
43,413 |
43,413 |
4.07% |
|
2022 |
0 |
0 |
200,000 |
200,000 |
200,000 |
4.77% |
|
2023 |
0 |
0 |
187,209 |
187,209 |
187,209 |
3.12% |
|
2024 |
0 |
0 |
65,614 |
65,614 |
56,183 |
4.07% |
|
2025 |
0 |
9,100 |
462,142 |
471,242 |
471,242 |
3.77% |
|
2026 |
0 |
0 |
400,000 |
400,000 |
400,000 |
4.43% |
|
2027 |
0 |
0 |
450,000 |
450,000 |
450,000 |
4.80% |
|
2028 |
0 |
0 |
0 |
0 |
0 |
- |
|
2029 and beyond |
0 |
0 |
0 |
0 |
0 |
- |
|
Unsecured debt discount |
|
|
(3,809) |
(3,809) |
(3,809) |
|
|
Total |
$2,964 |
$91,232 |
$1,761,156 |
$1,855,352 |
$1,845,921 |
4.26% |
|
|
|
|
|
|
|
|
|
Unconsolidated Maturity Schedule (1) |
Principal Payments |
Secured Maturities |
Unsecured Maturities |
Total 100% |
Total SITE Share |
Interest Rate |
|
2020 |
$6,013 |
$20,843 |
$0 |
$26,856 |
$5,780 |
4.72% |
|
2021 |
5,420 |
80,453 |
0 |
85,873 |
32,208 |
5.51% |
|
2022 |
4,246 |
639,709 |
0 |
643,955 |
109,728 |
4.42% |
|
2023 |
3,821 |
35,177 |
0 |
38,998 |
2,639 |
4.26% |
|
2024 |
2,278 |
678,008 |
0 |
680,286 |
96,403 |
4.93% |
|
2025 |
1,867 |
0 |
0 |
1,867 |
644 |
- |
|
2026 |
1,936 |
0 |
0 |
1,936 |
668 |
- |
|
2027 |
2,009 |
106,200 |
0 |
108,209 |
16,622 |
3.89% |
|
2028 |
514 |
65,397 |
0 |
65,911 |
23,041 |
3.70% |
|
2029 and beyond |
0 |
0 |
0 |
0 |
0 |
- |
|
Total |
$28,104 |
$1,625,787 |
$0 |
$1,653,891 |
$287,733 |
4.62% |
|
|
|
|
|
|
|
|
|
% of Total (2) |
Consolidated |
Interest Rate |
Unconsolidated |
Interest Rate |
Total |
Interest Rate |
|
Fixed |
94.3% |
4.3% |
74.0% |
4.6% |
91.6% |
4.4% |
|
Variable |
5.7% |
2.8% |
26.0% |
4.7% |
8.4% |
3.6% |
|
|
|
|
|
|
|
|
|
Recourse to SITE |
95.4% |
4.2% |
0.0% |
0.0% |
82.5% |
4.2% |
|
Non-recourse to SITE |
4.6% |
4.6% |
100.0% |
4.6% |
17.5% |
4.6% |
|
|
|
|
|
|
|
|
|
(1) Assumes borrower extension options are exercised. |
|
|
|
|
|
|
|
(2) Calculations based on SITE share. |
|
|
|
|
||
|
Note: Interest rate is GAAP at SITE Share. |
|
|
|
|
||
|
|
||||||
19
SITE Centers Corp.
Consolidated Debt Detail
|
$ in thousands |
|
|
|
|
|
|
Balance 100% |
Balance SITE Share |
Maturity Date (1) |
GAAP Interest Rate (2) |
|
Bank Debt (3) |
|
|
|
|
|
Unsecured Revolver ($950m) |
$5,000 |
$5,000 |
01/25 |
L + 90 |
|
Unsecured Revolver ($20m) |
0 |
0 |
01/25 |
L + 90 |
|
Unsecured Term Loan ($200m) |
100,000 |
100,000 |
01/23 |
L + 100 |
|
|
$105,000 |
$105,000 |
|
|
|
Public Debt |
|
|
|
|
|
Unsecured Notes |
200,980 |
200,980 |
07/22 |
4.76% |
|
Unsecured Notes |
87,030 |
87,030 |
05/23 |
3.52% |
|
Unsecured Notes |
65,485 |
65,485 |
08/24 |
4.07% |
|
Unsecured Notes |
455,422 |
455,422 |
02/25 |
3.79% |
|
Unsecured Notes |
397,849 |
397,849 |
02/26 |
4.43% |
|
Unsecured Notes |
449,389 |
449,389 |
06/27 |
4.80% |
|
|
$1,656,156 |
$1,656,156 |
|
|
|
Mortgage Debt |
|
|
|
|
|
Polaris Towne Center, OH (4) |
40,081 |
40,081 |
04/20 |
4.96% |
|
Chapel Hills West, CO |
9,841 |
9,841 |
06/21 |
3.60% |
|
Chapel Hills East, CO |
6,596 |
6,596 |
12/21 |
4.76% |
|
Paradise Village Gateway, AZ (SITE 67%) |
28,578 |
19,147 |
01/22 |
4.90% |
|
Southtown Center, FL |
9,100 |
9,100 |
05/25 |
3.51% |
|
|
$94,196 |
$84,765 |
|
|
|
|
|
|
|
|
|
Consolidated Debt Subtotal |
$1,855,352 |
$1,845,921 |
|
|
|
FMV Adjustment – Assumed Debt |
983 |
983 |
|
|
|
Unamortized Loan Costs, Net |
(9,038) |
(8,993) |
|
|
|
Total Consolidated Debt |
$1,847,297 |
$1,837,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate Type |
|
|
|
|
|
Fixed |
$1,750,352 |
$1,740,921 |
5.3 years |
4.35% |
|
Variable |
105,000 |
105,000 |
3.2 years |
2.78% |
|
|
$1,855,352 |
$1,845,921 |
5.2 years |
4.26% |
|
Perpetual Preferred Stock |
|
|
|
|
|
Class K |
150,000 |
150,000 |
April 2018 (5) |
6.25% |
|
Class A |
175,000 |
175,000 |
June 2022 (5) |
6.38% |
|
|
|
|
|
|
|
(1) Assumes borrower extension options are exercised. |
|
|||
|
(2) L = LIBOR |
|
|||
|
(3) Excludes loan fees and unamortized loan costs. |
|
|||
|
(4) Mortgage repaid in January 2020. |
|
|||
|
(5) Earliest redemption date. |
|
|||
20
SITE Centers Corp.
Unconsolidated Debt Detail
|
|
|
|
|
|
|
|
|
|
Joint Venture |
Balance 100% |
Balance SITE Share |
Maturity Date (1) |
GAAP Interest Rate |
|
|
Mortgage Debt |
|
|
|
|
|
|
|
April 2020 Loan Pool (5 assets) |
SAU |
17,410 |
3,482 |
04/20 |
4.74% |
|
|
Flat Shoals Crossing, GA |
SAU |
3,563 |
713 |
04/20 |
4.65% |
|
|
Sun Center Limited, OH (SITE 79%) |
Other |
19,791 |
15,724 |
05/21 |
6.15% |
|
|
RVIP IIIB, Deer Park, IL (SITE 26%) |
Other |
64,233 |
16,540 |
09/21 |
4.91% |
|
|
January 2022 Loan Pool (3 assets) |
BREDDR IV |
93,021 |
4,651 |
01/22 |
4.37% |
|
|
July 2022 Loan Pool (13 assets) |
DDRM |
218,730 |
43,746 |
07/22 |
4.21% |
|
|
July 2022 Loan Pool (15 assets) |
DDRM |
198,396 |
39,679 |
07/22 |
4.38% |
|
|
July 2022 Loan Pool (7 assets) |
DDRM |
95,312 |
19,062 |
07/22 |
5.24% |
|
|
White Oak Village, VA |
BREDDR III |
34,250 |
1,713 |
09/22 |
1.97% |
|
|
Millenia Crossing, FL |
BREDDR IV |
21,098 |
1,055 |
01/23 |
4.20% |
|
|
Midtowne Park, SC |
BREDDR III |
15,736 |
787 |
01/23 |
4.34% |
|
|
Concourse Village, FL |
BREDDR IV |
13,300 |
665 |
02/24 |
4.29% |
|
|
Birkdale Village, NC |
DDRTC |
78,688 |
11,803 |
04/24 |
4.31% |
|
|
April 2024 Loan Pool (10 assets) |
DTP |
364,320 |
72,864 |
04/24 |
4.97% |
|
|
June 2024 Loan Pool (12 assets) |
BREDDR III |
230,000 |
11,500 |
06/24 |
5.31% |
|
|
Overlook at King of Prussia, PA |
DDRTC |
40,800 |
6,120 |
09/27 |
3.89% |
|
|
Marketplace at Millcreek, GA |
DDRTC |
39,600 |
5,940 |
09/27 |
3.88% |
|
|
Winslow Bay Commons, NC |
DDRTC |
25,800 |
3,870 |
09/27 |
3.89% |
|
|
Lennox Town Center Limited, OH (SITE 50%) |
Other |
39,500 |
19,750 |
04/28 |
3.49% |
|
|
May 2028 Loan Pool (7 assets) |
SAU |
40,343 |
8,069 |
05/28 |
4.20% |
|
|
Unconsolidated Debt Subtotal |
|
$1,653,891 |
$287,733 |
|
|
|
|
FMV Adjustment – Assumed Debt |
|
2,226 |
111 |
|
|
|
|
Unamortized Loan Costs, Net |
|
(15,971) |
(2,373) |
|
|
|
|
Total Unconsolidated Debt |
|
$1,640,146 |
$285,471 |
|
|
|
|
|
|
|
|
|
|
|
|
Rate Type |
|
|
|
|
|
|
|
Fixed |
|
$1,037,162 |
$212,841 |
4.2 years |
4.57% |
|
|
Variable |
|
616,729 |
74,892 |
2.8 years |
4.74% |
|
|
|
|
$1,653,891 |
$287,733 |
3.8 years |
4.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Assumes borrower extension options are exercised. |
|
|
|
|||
|
|
|
|
|
|
|
|
21
SITE Centers Corp.
Debt/Adjusted EBITDA
|
|
|
|
|
|
4Q19 |
4Q18 |
|
Consolidated |
|
|
|
Net income to SITE |
$24,002 |
$180,847 |
|
Interest expense |
20,748 |
25,390 |
|
Income taxes, net |
(168) |
251 |
|
Depreciation and amortization |
41,687 |
45,587 |
|
Adjustments for non-controlling interests |
(184) |
(173) |
|
EBITDA – current quarter |
86,085 |
251,902 |
|
Impairments |
0 |
930 |
|
Reserve of preferred equity interest |
3,438 |
6,885 |
|
Gain on disposition of real estate, net |
(293) |
(185,763) |
|
EBITDAre – current quarter |
89,230 |
73,954 |
|
Equity in net (income) loss of JVs |
(6,073) |
322 |
|
Other (income) expense, net |
(738) |
12,759 |
|
Hurricane property loss |
0 |
135 |
|
Adjustments for non-controlling interests |
0 |
212 |
|
JV OFFO (at SITE Share) |
9,306 |
7,240 |
|
Adjusted EBITDA – current quarter (1) |
91,725 |
94,622 |
|
Adjusted EBITDA – annualized |
366,900 |
378,488 |
|
|
|
|
|
Consolidated debt |
1,847,297 |
1,884,405 |
|
Partner share of consolidated debt |
(9,431) |
(9,607) |
|
Loan costs, net |
9,038 |
10,295 |
|
Face value adjustments |
(983) |
(1,546) |
|
Cash and restricted cash |
(18,682) |
(13,184) |
|
Net effective debt |
$1,827,239 |
$1,870,363 |
|
|
|
|
|
Debt/Adjusted EBITDA – Consolidated (2) |
5.0x |
4.9x |
|
|
|
|
|
Pro rata including JVs |
|
|
|
EBITDAre |
92,516 |
81,411 |
|
Adjusted EBITDA – current quarter |
95,663 |
98,831 |
|
Adjusted EBITDA – annualized |
382,652 |
395,324 |
|
|
|
|
|
Consolidated net debt |
1,827,239 |
1,870,363 |
|
JV debt (at SITE Share) |
287,733 |
362,545 |
|
Cash and restricted cash |
(16,964) |
(14,340) |
|
Net effective debt |
$2,098,008 |
$2,218,568 |
|
|
|
|
|
Debt/Adjusted EBITDA – Pro Rata (2) |
5.5x |
5.6x |
|
|
|
|
|
(1) See definition in the Non-GAAP Measures section. |
|
|
|
(2) Excludes perpetual preferred stock. |
|
|
22
SITE Centers Corp.
Unconsolidated Joint Ventures
|
$ and GLA in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Venture |
|
|
SITE Own % |
|
Number of Properties |
|
Owned GLA |
|
4Q19 NOI at 100% (1) |
|
Gross Book Value |
|
Face Value Debt (2) |
|
SITE Preferred Equity (At 100%) |
|
|
TIAA-CREF DDRTC (3) |
|
|
15% |
|
21 |
|
7,139 |
|
$23,432 |
|
$1,265,142 |
|
$184,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison International DDRM |
|
|
20% |
|
35 |
|
5,397 |
|
17,882 |
|
967,914 |
|
512,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blackstone RE Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BREDDR III |
|
|
5% |
|
13 |
|
2,814 |
|
8,460 |
|
421,382 |
|
279,986 |
|
$57,134 |
(4) |
|
BREDDR IV |
|
|
5% |
|
5 |
|
1,120 |
|
3,278 |
|
174,844 |
|
127,419 |
|
55,455 |
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chinese Institutional Investors DTP |
|
|
20% |
|
10 |
|
3,396 |
|
12,035 |
|
572,697 |
|
364,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State of Utah SAU |
|
|
20% |
|
12 |
|
976 |
|
2,447 |
|
134,883 |
|
61,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Various Investors Other |
|
|
Various |
|
4 |
|
1,263 |
|
4,982 |
|
233,776 |
|
123,524 |
|
|
|
|
Total |
|
|
|
|
100 |
(6) |
22,105 |
|
$72,516 |
|
$3,770,638 |
|
$1,653,891 |
|
$112,589 |
|
|
Property management fees |
|
|
|
|
|
|
|
3,641 |
(1) |
|
|
|
|
|
|
|
|
Assets sold in 4Q2019 |
|
|
|
|
|
|
|
3,147 |
(1) |
|
|
|
|
|
|
|
|
Net operating income |
|
|
|
|
|
|
|
$79,304 |
(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Property management fees charged by SITE to the joint venture are included as an expense in NOI, although presented in the combined income statement on the next page in the line item Other Expense. JV NOI was adjusted to reflect the impact of assets sold. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Fair market value of debt adjustment and net unamortized loan costs ($13.7 million or $2.3 million at SITE's Share) are excluded from above. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) The Company expects to complete the sale of its interest in the first quarter of 2020. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Amount is net of $78.2 million valuation allowance and $182.2 million of face value repaid through December 31, 2019. Face value of $135.4 million including accrued interest of $3.0 million. The 8.5% dividend rate has two components, a cash dividend rate of 6.5% and an accrued payment in kind ("PIK") of 2.0%. The Company no longer recognizes the accrued PIK as income due to the valuation allowance. Repayment from net asset sale proceeds are allocated 52.9% to the preferred member unless certain financial covenants have been triggered, in which event 100% to the preferred member. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Amount is net of $9.7 million valuation allowance and $20.5 million of face value repaid through December 31, 2019. Face value of $65.2 million including accrued interest of $1.1 million. The 8.5% dividend rate has two components, a cash dividend rate of 6.5% and an accrued PIK of 2.0%. The Company no longer recognizes the accrued PIK as income due to the valuation allowance. Repayment from net asset sale proceeds are expected to be available to repay the preferred member. Included in the collateral for the preferred equity interest is 95% of the value of the five joint venture properties and 100% of the value of two properties in which the Company does not have a material interest, but to which SITE provides property asset management services. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Excludes one consolidated joint venture asset in which the Company has an effective 67% interest. |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) Amount agrees to the combined income statement of the joint ventures which includes a reconciliation of the Non-GAAP measure to the applicable GAAP measure. See calculation definition in the Non-GAAP Measures section. |
||||||||||||||||
23
SITE Centers Corp.
Unconsolidated Joint Ventures
|
Combined SITE JV Pro Rata Adjustments (1) |
||||
|
|
|
|
|
|
|
Income Statement Pro Rata Adjustments 4Q19 |
|
Balance Sheet Pro Rata Adjustments 4Q19 |
||
|
Revenues: |
|
|
Assets: |
|
|
Rental Income (2) |
$17,969 |
|
Land |
$151,505 |
|
Other income |
1,127 |
|
Buildings |
426,664 |
|
|
19,096 |
|
Improvements |
43,299 |
|
Expenses: |
|
|
|
621,468 |
|
Operating and maintenance |
2,558 |
|
Depreciation |
(170,641) |
|
Real estate taxes |
2,383 |
|
|
450,827 |
|
|
4,941 |
|
Construction in progress and land |
6,714 |
|
Net Operating Income |
14,155 |
|
Real estate, net |
457,541 |
|
|
|
|
Investment in JVs |
1,124 |
|
Other Income (expense): |
|
|
Cash and restricted cash |
16,964 |
|
Fee income |
(926) |
|
Receivables, net |
6,815 |
|
Interest income |
(268) |
|
Other assets, net |
23,038 |
|
Impairment charges |
(77) |
|
Total Assets |
$505,482 |
|
Interest expense |
(3,666) |
|
|
|
|
Depreciation and amortization |
(5,991) |
|
Liabilities and Equity: |
|
|
Other income (expense), net |
(64) |
|
Mortgage debt |
$285,471 |
|
Income before earnings from JVs |
3,163 |
|
Notes payable to SITE |
1,007 |
|
Equity in net income of JVs |
(6,073) |
|
Other liabilities |
21,864 |
|
Basis differences of JVs |
245 |
|
Total Liabilities |
308,342 |
|
Gain on disposition of real estate |
2,665 |
|
JVs share of equity |
185,123 |
|
Net income |
$0 |
|
Distributions in excess of net income |
12,017 |
|
|
|
|
Total Equity |
197,140 |
|
FFO Reconciliation 4Q19 |
|
Total Liabilities and Equity |
$505,482 |
|
|
Income before earnings from JVs |
$3,163 |
|
|
|
|
Depreciation and amortization |
5,991 |
|
|
|
|
Impairment of real estate |
77 |
|
|
|
|
Basis differences of JVs |
128 |
|
|
|
|
FFO at SITE's Ownership Interests |
$9,359 |
|
|
|
|
OFFO at SITE's Ownership Interests |
$9,306 |
|
|
|
|
|
|
|
|
|
|
(1) Information provided for SITE's share of JV investments and can be combined with SITE's consolidated financial statements for the same period. |
||||
|
|
|
|
|
|
|
(2) Rental Income: |
|
|
|
|
|
Minimum rents |
$13,806 |
|
|
|
|
Percentage rent |
197 |
|
|
|
|
Recoveries |
3,966 |
|
|
|
24
SITE Centers Corp.
Unconsolidated Joint Ventures at 100%
|
|
|
|
|
|
|
|
|
|
|
Income Statement |
||||||||
|
|
|
4Q19 |
|
4Q18 |
|
12M19 |
|
12M18 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
Rental income (1) |
|
$102,212 |
|
$100,825 |
|
$414,964 |
|
$419,572 |
|
Other income |
|
6,163 |
|
1,141 |
|
13,317 |
|
7,895 |
|
|
|
108,375 |
|
101,966 |
|
428,281 |
|
427,467 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Operating and maintenance |
|
14,802 |
|
14,602 |
|
59,847 |
|
60,969 |
|
Real estate taxes |
|
14,269 |
|
14,479 |
|
58,565 |
|
64,384 |
|
|
|
29,071 |
|
29,081 |
|
118,412 |
|
125,353 |
|
|
|
|
|
|
|
|
|
|
|
Net operating income |
|
79,304 |
|
72,885 |
|
309,869 |
|
302,114 |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
|
(20,415) |
|
(23,997) |
|
(93,887) |
|
(96,312) |
|
Depreciation and amortization |
|
(36,409) |
|
(34,541) |
|
(149,749) |
|
(145,849) |
|
Impairment charges |
|
(1,540) |
|
(72,732) |
|
(13,807) |
|
(177,522) |
|
Preferred share expense |
|
(5,345) |
|
(5,801) |
|
(21,832) |
|
(24,875) |
|
Other expense, net |
|
(4,205) |
|
(5,394) |
|
(20,563) |
|
(24,891) |
|
|
|
11,390 |
|
(69,580) |
|
10,031 |
|
(167,335) |
|
Gain on disposition of real estate, net |
|
51,806 |
|
10,829 |
|
67,011 |
|
93,753 |
|
Net income (loss) attributable to unconsolidated JVs |
|
63,196 |
|
(58,751) |
|
77,042 |
|
(73,582) |
|
Depreciation and amortization |
|
36,409 |
|
34,541 |
|
149,749 |
|
145,849 |
|
Impairment of real estate |
|
1,540 |
|
72,732 |
|
13,807 |
|
177,522 |
|
Gain on disposition of real estate, net |
|
(51,806) |
|
(10,829) |
|
(67,011) |
|
(93,753) |
|
FFO |
|
$49,339 |
|
$37,693 |
|
$173,587 |
|
$156,036 |
|
FFO at SITE's ownership interests |
|
$9,359 |
|
$7,134 |
|
$33,528 |
|
$27,982 |
|
Operating FFO at SITE's ownership interests |
|
$9,306 |
|
$7,240 |
|
$33,468 |
|
$29,001 |
|
|
|
|
|
|
|
|
|
|
|
(1) Rental Income: |
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$78,065 |
|
$75,751 |
|
$317,103 |
|
$316,635 |
|
Percentage rent |
|
1,186 |
|
1,022 |
|
2,472 |
|
2,501 |
|
Recoveries |
|
22,961 |
|
24,052 |
|
95,389 |
|
100,436 |
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet |
||||||||
|
|
|
|
|
At Period End |
||||
|
|
|
|
|
|
|
4Q19 |
|
4Q18 |
|
Assets: |
|
|
|
|
|
|
|
|
|
Land |
|
|
|
|
|
$895,427 |
|
$1,004,289 |
|
Buildings |
|
|
|
|
|
2,583,053 |
|
2,804,027 |
|
Improvements |
|
|
|
|
|
233,303 |
|
221,412 |
|
|
|
|
|
|
|
3,711,783 |
|
4,029,728 |
|
Depreciation |
|
|
|
|
|
(949,879) |
|
(935,921) |
|
|
|
|
|
|
|
2,761,904 |
|
3,093,807 |
|
Construction in progress and land |
|
|
|
|
|
58,855 |
|
56,498 |
|
Real estate, net |
|
|
|
|
|
2,820,759 |
|
3,150,305 |
|
Cash and restricted cash |
|
|
|
|
|
109,260 |
|
94,111 |
|
Receivables, net |
|
|
|
|
|
37,191 |
|
44,702 |
|
Other assets, net |
|
|
|
|
|
147,129 |
|
186,693 |
|
Total Assets |
|
|
|
|
|
$3,114,339 |
|
$3,475,811 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity: |
|
|
|
|
|
|
|
|
|
Mortgage debt |
|
|
|
|
|
$1,640,146 |
|
$2,212,503 |
|
Notes and accrued interest payable to SITE |
|
|
|
|
|
4,975 |
|
5,182 |
|
Other liabilities |
|
|
|
|
|
142,754 |
|
161,372 |
|
Total Liabilities |
|
|
|
|
|
1,787,875 |
|
2,379,057 |
|
|
|
|
|
|
|
|
|
|
|
Redeemable preferred equity |
|
|
|
|
|
217,871 |
|
274,493 |
|
Accumulated equity |
|
|
|
|
|
1,108,593 |
|
822,261 |
|
Total Equity |
|
|
|
|
|
1,326,464 |
|
1,096,754 |
|
Total Liabilities and Equity |
|
|
|
|
|
$3,114,339 |
|
$3,475,811 |
25
SITE Centers Corp.
Top 20 MSA Exposure
|
|
|
|
|
|
|
||||
|
|
|
|
# of |
Pro Rata |
% of |
Leased |
Pro Rata |
% of |
PRS |
|
|
|
MSA |
Properties |
GLA |
PRS GLA |
Rate % |
ABR |
PRS ABR |
ABR PSF |
|
1 |
|
Atlanta-Sandy Springs-Roswell, GA |
25 |
2,700 |
11.4% |
93.0% |
$33,305 |
9.0% |
$13.66 |
|
2 |
|
Chicago-Naperville-Elgin, IL-IN-WI |
7 |
1,292 |
5.5% |
84.3% |
26,916 |
7.3% |
$25.53 |
|
3 |
|
Columbus, OH |
8 |
1,592 |
6.7% |
98.4% |
23,950 |
6.5% |
$16.29 |
|
4 |
|
Boston-Cambridge-Newton, MA-NH |
2 |
1,421 |
6.0% |
93.7% |
22,789 |
6.2% |
$25.95 |
|
5 |
|
Charlotte-Concord-Gastonia, NC-SC |
6 |
1,474 |
6.2% |
95.9% |
22,753 |
6.2% |
$16.29 |
|
6 |
|
Orlando-Kissimmee-Sanford, FL |
8 |
1,240 |
5.2% |
97.2% |
21,393 |
5.8% |
$17.91 |
|
7 |
|
Denver-Aurora-Lakewood, CO |
5 |
1,386 |
5.9% |
92.9% |
20,995 |
5.7% |
$17.56 |
|
8 |
|
Trenton, NJ |
2 |
1,159 |
4.9% |
97.4% |
20,418 |
5.5% |
$19.82 |
|
9 |
|
Miami-Fort Lauderdale-West Palm Beach, FL |
9 |
1,055 |
4.5% |
97.6% |
17,410 |
4.7% |
$21.58 |
|
10 |
|
Los Angeles-Long Beach-Anaheim, CA |
3 |
896 |
3.8% |
95.8% |
15,461 |
4.2% |
$23.68 |
|
11 |
|
San Antonio-New Braunfels, TX |
3 |
1,055 |
4.5% |
85.3% |
15,416 |
4.2% |
$19.49 |
|
12 |
|
Phoenix-Mesa-Scottsdale, AZ |
4 |
878 |
3.7% |
96.7% |
15,169 |
4.1% |
$18.62 |
|
13 |
|
Cincinnati, OH-KY-IN |
3 |
590 |
2.5% |
90.7% |
9,376 |
2.5% |
$17.40 |
|
14 |
|
Washington-Arlington-Alexandria, DC-VA-MD-WV |
2 |
430 |
1.8% |
100.0% |
9,331 |
2.5% |
$21.51 |
|
15 |
|
New York-Newark-Jersey City, NY-NJ-PA |
8 |
557 |
2.4% |
92.5% |
8,814 |
2.4% |
$17.88 |
|
16 |
|
Portland-Vancouver-Hillsboro, OR-WA |
2 |
400 |
1.7% |
97.2% |
8,412 |
2.3% |
$22.80 |
|
17 |
|
Tampa-St. Petersburg-Clearwater, FL |
9 |
696 |
2.9% |
90.2% |
8,398 |
2.3% |
$16.75 |
|
18 |
|
Cleveland-Elyria, OH |
2 |
564 |
2.4% |
90.7% |
6,958 |
1.9% |
$16.91 |
|
19 |
|
Kansas City, MO-KS |
2 |
495 |
2.1% |
85.8% |
6,356 |
1.7% |
$14.75 |
|
20 |
|
Sacramento--Roseville--Arden-Arcade, CA |
1 |
275 |
1.2% |
99.6% |
6,082 |
1.7% |
$30.91 |
|
|
|
Other |
59 |
3,495 |
14.8% |
94.6% |
48,652 |
13.2% |
$16.16 |
|
|
|
Total |
170 |
23,650 |
100.0% |
93.8% |
$368,354 |
100.0% |
$18.25 |
26
SITE Centers Corp.
Property List (excludes DDRTC)
|
# |
Center |
MSA |
Location |
ST |
SITE Own % |
JV |
Owned GLA |
Total GLA |
ABR PSF |
Anchor Tenants |
|
1 |
Ahwatukee Foothills Towne Center |
Phoenix-Mesa-Scottsdale, AZ |
Phoenix |
AZ |
20% |
DTP |
688 |
703 |
$18.27 |
AMC Theatres, Best Buy, Burlington, HomeGoods, Jo-Ann, Lina Home Furnishing, Marshalls, Michaels, OfficeMax, Ross Dress for Less, Sprouts Farmers Market |
|
2 |
Arrowhead Crossing |
Phoenix-Mesa-Scottsdale, AZ |
Phoenix |
AZ |
100% |
|
345 |
416 |
$16.63 |
Barnes & Noble, DSW, Golf Galaxy, Hobby Lobby, HomeGoods, Nordstrom Rack, Savers (U), Staples, T.J. Maxx |
|
3 |
Deer Valley Towne Center |
Phoenix-Mesa-Scottsdale, AZ |
Phoenix |
AZ |
100% |
|
197 |
460 |
$19.92 |
AMC Theatres (U), Michaels, PetSmart, Ross Dress for Less, Target (U) |
|
4 |
Paradise Village Gateway |
Phoenix-Mesa-Scottsdale, AZ |
Phoenix |
AZ |
67% |
OTHER |
295 |
295 |
$18.80 |
Bed Bath & Beyond, PetSmart, Ross Dress for Less, Staples |
|
5 |
Shops at Prescott Gateway |
Prescott, AZ |
Prescott |
AZ |
5% |
BREDDR III |
35 |
35 |
$29.47 |
Trader Joe's |
|
6 |
Silverado Plaza |
Tucson, AZ |
Tucson |
AZ |
5% |
BREDDR III |
78 |
79 |
$8.54 |
Safeway |
|
7 |
Buena Park Place |
Los Angeles-Long Beach-Anaheim, CA |
Buena Park |
CA |
100% |
|
213 |
244 |
$17.38 |
Aldi, Kohl's, Michaels |
|
8 |
Falcon Ridge Town Center |
Los Angeles-Long Beach-Anaheim, CA |
Fontana |
CA |
100% |
|
291 |
438 |
$24.02 |
24 Hour Fitness, Michaels, Ross Dress for Less, Stater Bros Markets, Target (U) |
|
9 |
The Pike Outlets |
Los Angeles-Long Beach-Anaheim, CA |
Long Beach |
CA |
100% |
|
392 |
392 |
$22.63 |
Cinemark, H & M, Nike, Restoration Hardware |
|
10 |
Ridge at Creekside |
Sacramento-Roseville-Arden-Arcade, CA |
Roseville |
CA |
100% |
|
275 |
289 |
$22.38 |
Bed Bath & Beyond, buybuy BABY, Cost Plus World Market, Macy's Furniture Gallery, REI |
|
11 |
Whole Foods at Bay Place |
San Francisco-Oakland-Hayward, CA |
Oakland |
CA |
100% |
|
57 |
57 |
$46.39 |
Whole Foods |
|
12 |
Hilltop Plaza |
San Francisco-Oakland-Hayward, CA |
Richmond |
CA |
20% |
DDRM |
246 |
246 |
$17.25 |
99 Cents Only, Century Theatre, City Sports Club, dd's Discounts, Ross Dress for Less |
|
13 |
1000 Van Ness |
San Francisco-Oakland-Hayward, CA |
San Francisco |
CA |
100% |
|
122 |
122 |
$20.01 |
The Studio Mix |
|
14 |
Cornerstar |
Denver-Aurora-Lakewood, CO |
Aurora |
CO |
5% |
BREDDR III |
430 |
585 |
$19.36 |
24 Hour Fitness, HomeGoods, Marshalls, Office Depot, Ross Dress for Less, Target (U), Ulta Beauty |
|
15 |
Centennial Promenade |
Denver-Aurora-Lakewood, CO |
Centennial |
CO |
100% |
|
443 |
827 |
$19.42 |
Cavender's, Conn's, Golf Galaxy, HomeGoods, IKEA (U), Michaels, Ross Dress for Less, Stickley Furniture, Total Wine & More |
|
16 |
Chapel Hills |
Denver-Aurora-Lakewood, CO |
Colorado Springs |
CO |
100% |
|
446 |
541 |
$12.53 |
24 Hour Fitness, Barnes & Noble, Best Buy, DSW, Michaels (U), Nordstrom Rack, Old Navy, Pep Boys, PetSmart, Ross Dress for Less, Whole Foods |
|
17 |
University Hills |
Denver-Aurora-Lakewood, CO |
Denver |
CO |
100% |
|
243 |
260 |
$19.71 |
King Soopers, Marshalls, Michaels, Pier 1 Imports |
|
18 |
FlatAcres MarketCenter/Parker Pavilions |
Denver-Aurora-Lakewood, CO |
Parker |
CO |
100% |
|
232 |
641 |
$20.13 |
24 Hour Fitness, Bed Bath & Beyond, Home Depot (U), Kohl's (U), Michaels, Office Depot, Walmart (U) |
|
19 |
Guilford Commons |
Hartford-West Hartford-East Hartford, CT |
Guilford |
CT |
100% |
|
125 |
125 |
$17.06 |
Bed Bath & Beyond, The Fresh Market |
|
20 |
Connecticut Commons |
Hartford-West Hartford-East Hartford, CT |
Plainville |
CT |
20% |
DTP |
561 |
561 |
$13.67 |
A.C. Moore, AMC Theatres, Dick's Sporting Goods, DSW, Kohl's, Lowe's, Marshalls, Old Navy, PetSmart |
|
21 |
Windsor Court |
Hartford-West Hartford-East Hartford, CT |
Windsor |
CT |
100% |
|
79 |
276 |
$19.31 |
HomeGoods (U), Stop & Shop, Target (U) |
|
22 |
The Forum |
Cape Coral-Fort Myers, FL |
Fort Myers |
FL |
5% |
BREDDR III |
190 |
458 |
$16.14 |
Bed Bath & Beyond, Defy Extreme Air Sports, Home Depot (U), Ross Dress for Less, Staples, Target (U) |
|
23 |
Shoppes at Paradise Pointe |
Crestview-Fort Walton Beach-Destin, FL |
Fort Walton Beach |
FL |
20% |
DDRM |
84 |
84 |
$12.28 |
Publix |
|
24 |
Melbourne Shopping Center |
Palm Bay-Melbourne-Titusville, FL |
Melbourne |
FL |
100% |
|
210 |
210 |
$7.97 |
Big Lots, Indian River Antique Mall, Publix |
|
25 |
Village Square at Golf |
Miami-Fort Lauderdale-West Palm Beach, FL |
Boynton Beach |
FL |
20% |
DDRM |
135 |
135 |
$15.90 |
Publix |
|
26 |
Sheridan Square |
Miami-Fort Lauderdale-West Palm Beach, FL |
Dania |
FL |
20% |
DDRM |
67 |
67 |
$11.41 |
Walmart Neighborhood Market |
|
27 |
Concourse Village |
Miami-Fort Lauderdale-West Palm Beach, FL |
Jupiter |
FL |
5% |
BREDDR IV |
134 |
134 |
$17.17 |
Ross Dress for Less, T.J. Maxx |
|
28 |
The Shops at Midtown Miami |
Miami-Fort Lauderdale-West Palm Beach, FL |
Miami |
FL |
100% |
|
467 |
467 |
$20.18 |
Dick's Sporting Goods, HomeGoods, Marshalls, Nordstrom Rack, Ross Dress for Less, Target, west elm |
|
29 |
River Run |
Miami-Fort Lauderdale-West Palm Beach, FL |
Miramar |
FL |
20% |
DDRM |
94 |
107 |
$14.20 |
Publix |
|
30 |
Northlake Commons |
Miami-Fort Lauderdale-West Palm Beach, FL |
Palm Beach Gardens |
FL |
20% |
DDRM |
124 |
245 |
$14.53 |
Home Depot (U), Jo-Ann, Ross Dress for Less |
|
31 |
Flamingo Falls |
Miami-Fort Lauderdale-West Palm Beach, FL |
Pembroke Pines |
FL |
20% |
DDRM |
108 |
148 |
$23.29 |
LA Fitness (U), The Fresh Market |
|
32 |
The Fountains |
Miami-Fort Lauderdale-West Palm Beach, FL |
Plantation |
FL |
100% |
|
430 |
489 |
$16.37 |
Dick's Sporting Goods, Jo-Ann, Kohl's, Marshalls/HomeGoods, Total Wine & More |
|
33 |
Midway Plaza |
Miami-Fort Lauderdale-West Palm Beach, FL |
Tamarac |
FL |
20% |
DDRM |
228 |
228 |
$13.55 |
Publix, Ross Dress for Less |
|
34 |
Carillon Place |
Naples-Immokalee-Marco Island, FL |
Naples |
FL |
100% |
|
265 |
281 |
$15.28 |
Bealls Outlet, DSW, OfficeMax, Ross Dress for Less, T.J. Maxx, Walmart Neighborhood Market |
|
35 |
Countryside Shoppes |
Naples-Immokalee-Marco Island, FL |
Naples |
FL |
20% |
DDRM |
74 |
74 |
$11.88 |
Aldi, Athletica Health & Fitness |
27
SITE Centers Corp.
Property List (excludes DDRTC)
|
# |
Center |
MSA |
Location |
ST |
SITE Own % |
JV |
Owned GLA |
Total GLA |
ABR PSF |
Anchor Tenants |
|
36 |
Heather Island |
Ocala, FL |
Ocala |
FL |
20% |
DDRM |
71 |
71 |
$11.51 |
Publix |
|
37 |
Casselberry Commons |
Orlando-Kissimmee-Sanford, FL |
Casselberry |
FL |
20% |
DDRM |
246 |
249 |
$14.89 |
Publix, Ross Dress for Less, Stein Mart, T.J. Maxx |
|
38 |
Chickasaw Trail Shopping Center |
Orlando-Kissimmee-Sanford, FL |
Orlando |
FL |
20% |
DDRM |
75 |
81 |
$12.53 |
Publix |
|
39 |
Lee Vista Promenade |
Orlando-Kissimmee-Sanford, FL |
Orlando |
FL |
100% |
|
311 |
311 |
$15.27 |
Academy Sports, Bealls Outlet, Epic Theatres, HomeGoods, Michaels, Ross Dress for Less |
|
40 |
Millenia Crossing |
Orlando-Kissimmee-Sanford, FL |
Orlando |
FL |
5% |
BREDDR IV |
100 |
100 |
$26.79 |
Nordstrom Rack |
|
41 |
Skyview Plaza |
Orlando-Kissimmee-Sanford, FL |
Orlando |
FL |
20% |
DDRM |
263 |
263 |
$10.45 |
Badcock Home Furniture &more, dd's Discounts, Publix, Ross Dress for Less |
|
42 |
Oviedo Park Crossing |
Orlando-Kissimmee-Sanford, FL |
Oviedo |
FL |
20% |
DDRM |
186 |
321 |
$11.10 |
Bed Bath & Beyond, Lowe's (U), Michaels, OfficeMax, Ross Dress for Less, T.J. Maxx |
|
43 |
Winter Garden Village |
Orlando-Kissimmee-Sanford, FL |
Winter Garden |
FL |
100% |
|
759 |
1,129 |
$19.86 |
Bealls, Bed Bath & Beyond, Best Buy, Burlington, Forever 21, Havertys, Jo-Ann, LA Fitness, Lowe's (U), Marshalls, PetSmart, Ross Dress for Less, Staples, Target (U) |
|
44 |
Creekwood Crossing |
North Port-Sarasota-Bradenton, FL |
Bradenton |
FL |
20% |
DDRM |
235 |
397 |
$11.66 |
Bealls, Bealls Outlet, Big Lots, Circustrix, Lowe's (U) |
|
45 |
Lake Brandon Plaza |
Tampa-St. Petersburg-Clearwater, FL |
Brandon |
FL |
100% |
|
178 |
198 |
$14.17 |
Jo-Ann, Nordstrom Rack, Publix, Total Wine & More |
|
46 |
Lake Brandon Village |
Tampa-St. Petersburg-Clearwater, FL |
Brandon |
FL |
100% |
|
114 |
258 |
$14.86 |
buybuy BABY, Lowe's (U), PetSmart |
|
47 |
The Collection at Brandon Boulevard |
Tampa-St. Petersburg-Clearwater, FL |
Brandon |
FL |
100% |
|
217 |
217 |
$9.19 |
Bealls Outlet, Chuck E. Cheese's, Kane Furniture |
|
48 |
Shoppes at Golden Acres |
Tampa-St. Petersburg-Clearwater, FL |
New Port Richey |
FL |
20% |
DDRM |
131 |
131 |
$11.44 |
Pepin Academies, Publix |
|
49 |
The Shoppes of Boot Ranch |
Tampa-St. Petersburg-Clearwater, FL |
Palm Harbor |
FL |
100% |
|
52 |
229 |
$25.97 |
Publix (U), Target (U) |
|
50 |
Nature Coast Commons |
Tampa-St. Petersburg-Clearwater, FL |
Spring Hill |
FL |
5% |
BREDDR III |
226 |
552 |
$16.17 |
Aldi, Best Buy, JCPenney (U), PetSmart, Ross Dress for Less, Walmart (U) |
|
51 |
North Pointe Plaza |
Tampa-St. Petersburg-Clearwater, FL |
Tampa |
FL |
20% |
DDRM |
108 |
226 |
$14.47 |
Publix, Walmart (U) |
|
52 |
Southtown Center |
Tampa-St. Petersburg-Clearwater, FL |
Tampa |
FL |
100% |
|
44 |
44 |
$32.55 |
— |
|
53 |
The Shoppes at New Tampa |
Tampa-St. Petersburg-Clearwater, FL |
Wesley Chapel |
FL |
20% |
DDRM |
159 |
188 |
$16.00 |
Bealls, Office Depot (U), Publix |
|
54 |
Brookhaven Plaza |
Atlanta-Sandy Springs-Roswell, GA |
Atlanta |
GA |
20% |
SAU |
70 |
70 |
$20.96 |
Stein Mart |
|
55 |
Cascade Corners |
Atlanta-Sandy Springs-Roswell, GA |
Atlanta |
GA |
20% |
SAU |
67 |
67 |
$7.76 |
Kroger |
|
56 |
Cascade Crossing |
Atlanta-Sandy Springs-Roswell, GA |
Atlanta |
GA |
20% |
SAU |
63 |
63 |
$10.63 |
Publix |
|
57 |
Perimeter Pointe |
Atlanta-Sandy Springs-Roswell, GA |
Atlanta |
GA |
100% |
|
353 |
353 |
$18.86 |
Dick's Sporting Goods, HomeGoods, LA Fitness, Regal Cinemas |
|
58 |
Hickory Flat Village |
Atlanta-Sandy Springs-Roswell, GA |
Canton |
GA |
20% |
SAU |
74 |
88 |
$13.70 |
Publix |
|
59 |
Riverstone Plaza |
Atlanta-Sandy Springs-Roswell, GA |
Canton |
GA |
20% |
DDRM |
308 |
335 |
$12.77 |
Bealls Outlet, Belk, Michaels, Publix, Ross Dress for Less |
|
60 |
Cumming Marketplace |
Atlanta-Sandy Springs-Roswell, GA |
Cumming |
GA |
100% |
|
310 |
708 |
$13.14 |
Home Depot (U), Lowe's, Michaels, OfficeMax, Walmart (U) |
|
61 |
Cumming Town Center |
Atlanta-Sandy Springs-Roswell, GA |
Cumming |
GA |
100% |
|
311 |
311 |
$15.61 |
Ashley Furniture HomeStore, Best Buy, Dick's Sporting Goods, Staples, T.J. Maxx/HomeGoods |
|
62 |
Sharon Greens |
Atlanta-Sandy Springs-Roswell, GA |
Cumming |
GA |
100% |
|
98 |
101 |
$12.04 |
Kroger |
|
63 |
Flat Shoals Crossing |
Atlanta-Sandy Springs-Roswell, GA |
Decatur |
GA |
20% |
SAU |
70 |
70 |
$10.51 |
Publix |
|
64 |
Hairston Crossing |
Atlanta-Sandy Springs-Roswell, GA |
Decatur |
GA |
20% |
DDRM |
58 |
58 |
$9.12 |
Goodwill |
|
65 |
Market Square |
Atlanta-Sandy Springs-Roswell, GA |
Douglasville |
GA |
100% |
|
125 |
125 |
$11.49 |
Bargain Hunt |
|
66 |
Paradise Shoppes of Ellenwood |
Atlanta-Sandy Springs-Roswell, GA |
Ellenwood |
GA |
20% |
DDRM |
68 |
68 |
$12.94 |
— |
|
67 |
Stonebridge Village |
Atlanta-Sandy Springs-Roswell, GA |
Flowery Branch |
GA |
5% |
BREDDR III |
157 |
504 |
$17.94 |
Home Depot (U), Kohl's (U), PetSmart, Ross Dress for Less, T.J. Maxx, Target (U) |
|
68 |
Towne Center Prado |
Atlanta-Sandy Springs-Roswell, GA |
Marietta |
GA |
20% |
DTP |
287 |
287 |
$12.86 |
Publix, Ross Dress for Less, Stein Mart |
|
69 |
Sandy Plains Village |
Atlanta-Sandy Springs-Roswell, GA |
Roswell |
GA |
100% |
|
174 |
174 |
$14.67 |
Movie Tavern |
|
70 |
Presidential Commons |
Atlanta-Sandy Springs-Roswell, GA |
Snellville |
GA |
100% |
|
376 |
376 |
$11.93 |
buybuy BABY, Home Depot, Jo-Ann, Kroger, Stein Mart |
|
71 |
Deshon Plaza |
Atlanta-Sandy Springs-Roswell, GA |
Stone Mountain |
GA |
20% |
SAU |
64 |
64 |
$10.98 |
Publix |
|
72 |
Johns Creek Town Center |
Atlanta-Sandy Springs-Roswell, GA |
Suwanee |
GA |
100% |
|
303 |
303 |
$14.64 |
Kohl's, Michaels, PetSmart, Sprouts Farmers Market, Staples, Stein Mart |
|
73 |
Cofer Crossing |
Atlanta-Sandy Springs-Roswell, GA |
Tucker |
GA |
20% |
DDRM |
136 |
278 |
$9.10 |
HomeGoods, Kroger, Walmart (U) |
28
SITE Centers Corp.
Property List (excludes DDRTC)
|
# |
Center |
MSA |
Location |
ST |
SITE Own % |
JV |
Owned GLA |
Total GLA |
ABR PSF |
Anchor Tenants |
|
74 |
Glynn Isles |
Brunswick, GA |
Brunswick |
GA |
5% |
BREDDR III |
193 |
518 |
$16.41 |
Ashley Furniture HomeStore (U), Dick's Sporting Goods, Lowe's (U), Michaels, Office Depot, PetSmart, Ross Dress for Less, Target (U) |
|
75 |
3030 North Broadway |
Chicago-Naperville-Elgin, IL-IN-WI |
Chicago |
IL |
100% |
|
132 |
132 |
$34.29 |
Mariano's, XSport Fitness |
|
76 |
The Maxwell |
Chicago-Naperville-Elgin, IL-IN-WI |
Chicago |
IL |
100% |
|
240 |
240 |
$27.45 |
Burlington, Dick's Sporting Goods, Nordstrom Rack, T.J. Maxx |
|
77 |
Deer Park Town Center |
Chicago-Naperville-Elgin, IL-IN-WI |
Deer Park |
IL |
50% |
OTHER |
356 |
406 |
$31.70 |
Barnes & Noble (U), Century Theatre, Crate & Barrel, Gap |
|
78 |
Woodfield Village Green |
Chicago-Naperville-Elgin, IL-IN-WI |
Schaumburg |
IL |
100% |
|
509 |
675 |
$23.08 |
Bloomingdale's The Outlet Store, Container Store, Costco (U), HomeGoods, Marshalls, Michaels, Nordstrom Rack, PetSmart, Sierra Trading Post, Trader Joe's |
|
79 |
Brookside Marketplace |
Chicago-Naperville-Elgin, IL-IN-WI |
Tinley Park |
IL |
20% |
DTP |
317 |
602 |
$15.51 |
Best Buy, Dick's Sporting Goods, HomeGoods, Kohl's (U), Michaels, PetSmart, Ross Dress for Less, T.J. Maxx, Target (U) |
|
80 |
Highland Grove Shopping Center |
Chicago-Naperville-Elgin, IL-IN-WI |
Highland |
IN |
20% |
DDRM |
312 |
541 |
$14.79 |
Best Buy (U), Burlington, Dick's Sporting Goods (U), Kohl's, Marshalls, Michaels, Target (U) |
|
81 |
Merriam Town Center / Merriam Village |
Kansas City, MO-KS |
Merriam |
KS |
100% |
|
418 |
924 |
$14.83 |
Cinemark, Dick's Sporting Goods, Hobby Lobby, Home Depot (U), IKEA (U), Marshalls, OfficeMax, PetSmart |
|
82 |
Harundale Plaza |
Baltimore-Columbia-Towson, MD |
Glen Burnie |
MD |
20% |
OTHER |
218 |
218 |
$13.77 |
Regency Furniture |
|
83 |
Gateway Center |
Boston-Cambridge-Newton, MA-NH |
Everett |
MA |
100% |
|
640 |
640 |
$16.29 |
Costco, Dollar Tree, Home Depot, Michaels, Old Navy, Target, Total Wine & More |
|
84 |
Shoppers World |
Boston-Cambridge-Newton, MA-NH |
Framingham |
MA |
100% |
|
782 |
782 |
$26.09 |
A.C. Moore, AMC Theatres, Barnes & Noble, Best Buy, DSW, Hobby Lobby, HomeSense, Kohl's, Macy's Furniture Gallery, Marshalls, Nordstrom Rack, PetSmart, Sierra Trading Post, T.J. Maxx |
|
85 |
Riverdale Shops |
Springfield, MA |
West Springfield |
MA |
20% |
DDRM |
274 |
274 |
$14.98 |
Kohl's, Stop & Shop |
|
86 |
Valley Center |
Saginaw, MI |
Saginaw |
MI |
5% |
BREDDR III |
409 |
419 |
$10.24 |
Barnes & Noble, Burlington, Dick's Sporting Goods, DSW, HomeGoods, Michaels, PetSmart, T.J. Maxx |
|
87 |
Independence Commons |
Kansas City, MO-KS |
Independence |
MO |
20% |
DTP |
386 |
403 |
$15.94 |
AMC Theatres, Barnes & Noble, Best Buy, Kohl's, Marshalls, Ross Dress for Less |
|
88 |
The Promenade at Brentwood |
St. Louis, MO-IL |
Brentwood |
MO |
100% |
|
338 |
338 |
$15.37 |
Burlington, Micro Center, PetSmart, Target, Trader Joe's |
|
89 |
East Hanover Plaza |
New York-Newark-Jersey City, NY-NJ-PA |
East Hanover |
NJ |
100% |
|
98 |
359 |
$20.75 |
Costco (U), HomeGoods, HomeSense, Target (U) |
|
90 |
Edgewater Towne Center |
New York-Newark-Jersey City, NY-NJ-PA |
Edgewater |
NJ |
100% |
|
76 |
76 |
$27.17 |
Whole Foods |
|
91 |
Freehold Marketplace |
New York-Newark-Jersey City, NY-NJ-PA |
Freehold |
NJ |
100% |
|
21 |
359 |
$33.40 |
Sam's Club (U), Walmart (U) |
|
92 |
Lewandowski Commons |
New York-Newark-Jersey City, NY-NJ-PA |
Lyndhurst |
NJ |
20% |
SAU |
78 |
78 |
$24.71 |
Stop & Shop |
|
93 |
Route 22 Retail Center |
New York-Newark-Jersey City, NY-NJ-PA |
Union |
NJ |
20% |
DTP |
112 |
237 |
$19.30 |
Dick's Sporting Goods, Target (U) |
|
94 |
Consumer Centre |
New York-Newark-Jersey City, NY-NJ-PA |
West Long Branch |
NJ |
100% |
|
293 |
293 |
$13.87 |
buybuy BABY, Dick's Sporting Goods, Home Depot |
|
95 |
West Falls Plaza |
New York-Newark-Jersey City, NY-NJ-PA |
Woodland Park |
NJ |
20% |
DDRM |
91 |
91 |
$20.41 |
andThat!, Cost Plus World Market |
|
96 |
Crossroads Plaza |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
Lumberton |
NJ |
20% |
DDRM |
100 |
215 |
$19.13 |
Lowe's (U), ShopRite |
|
97 |
Hamilton Marketplace |
Trenton, NJ |
Hamilton |
NJ |
100% |
|
542 |
970 |
$19.15 |
Barnes & Noble, Bed Bath & Beyond, BJ's Wholesale Club (U), Kohl's, Lowe's (U), Michaels, Ross Dress for Less, ShopRite, Staples, Walmart (U) |
|
98 |
Nassau Park Pavilion |
Trenton, NJ |
Princeton |
NJ |
100% |
|
616 |
1,124 |
$17.98 |
Best Buy, Burlington, buybuy BABY, Dick's Sporting Goods, Home Depot (U), HomeGoods, HomeSense, Michaels, PetSmart, Raymour & Flanigan, Target (U), T.J. Maxx, Walmart (U), Wegmans |
|
99 |
The Hub |
New York-Newark-Jersey City, NY-NJ-PA |
Hempstead |
NY |
5% |
BREDDR IV |
249 |
249 |
$12.40 |
Home Depot, Super Stop & Shop |
|
100 |
Belgate Shopping Center |
Charlotte-Concord-Gastonia, NC-SC |
Charlotte |
NC |
100% |
|
289 |
911 |
$15.78 |
Burlington, Cost Plus World Market, Furniture Row (U), Hobby Lobby, IKEA (U), Marshalls, Old Navy, PetSmart, T.J. Maxx, Walmart (U) |
|
101 |
Carolina Pavilion |
Charlotte-Concord-Gastonia, NC-SC |
Charlotte |
NC |
100% |
|
708 |
853 |
$14.07 |
AMC Theatres, Autozone, Bed Bath & Beyond, Big Lots, buybuy BABY, Conn's, Floor & Decor, Frontgate Outlet Store, Jo-Ann, Nordstrom Rack, Old Navy, Ross Dress for Less, Sears Outlet, Target (U), Value City Furniture |
|
102 |
Cotswold Village |
Charlotte-Concord-Gastonia, NC-SC |
Charlotte |
NC |
100% |
|
261 |
261 |
$22.94 |
Harris Teeter, Marshalls, PetSmart |
|
103 |
The Shops at The Fresh Market |
Charlotte-Concord-Gastonia, NC-SC |
Cornelius |
NC |
100% |
|
131 |
131 |
$12.79 |
Stein Mart, The Fresh Market |
|
104 |
Fayetteville Pavilion |
Fayetteville, NC |
Fayetteville |
NC |
20% |
DDRM |
274 |
274 |
$12.88 |
Christmas Tree Shops, Food Lion, Marshalls, Michaels, PetSmart |
|
105 |
Shoppes at Oliver's Crossing |
Greensboro-High Point, NC |
Winston Salem |
NC |
20% |
DDRM |
77 |
77 |
$13.91 |
Lowes Foods |
|
106 |
Meadowmont Village |
Raleigh, NC |
Chapel Hill |
NC |
20% |
DDRM |
146 |
146 |
$21.74 |
Harris Teeter |
|
107 |
Clayton Corners |
Raleigh, NC |
Clayton |
NC |
20% |
DDRM |
126 |
126 |
$12.81 |
Lowes Foods |
29
SITE Centers Corp.
Property List (excludes DDRTC)
|
# |
Center |
MSA |
Location |
ST |
SITE Own % |
JV |
Owned GLA |
Total GLA |
ABR PSF |
Anchor Tenants |
|
108 |
Sexton Commons |
Raleigh, NC |
Fuquay Varina |
NC |
20% |
DDRM |
49 |
49 |
$17.91 |
— |
|
109 |
Poyner Place |
Raleigh, NC |
Raleigh |
NC |
20% |
DTP |
254 |
428 |
$17.18 |
Cost Plus World Market, Marshalls, Ross Dress for Less, Target (U) |
|
110 |
University Centre |
Wilmington, NC |
Wilmington |
NC |
20% |
DTP |
418 |
525 |
$11.15 |
Bed Bath & Beyond, Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less, Sam's Club (U) |
|
111 |
Kenwood Square |
Cincinnati, OH-KY-IN |
Cincinnati |
OH |
100% |
|
427 |
461 |
$18.32 |
Dick's Sporting Goods, Macy's Furniture Gallery, Marshalls/HomeGoods, Michaels, T.J. Maxx, The Fresh Market |
|
112 |
Western Hills Square |
Cincinnati, OH-KY-IN |
Cincinnati |
OH |
5% |
BREDDR III |
34 |
258 |
$12.78 |
Kroger (U), PetSmart, Walmart (U) |
|
113 |
Waterstone Center |
Cincinnati, OH-KY-IN |
Mason |
OH |
100% |
|
161 |
433 |
$16.31 |
Barnes & Noble, Best Buy, Costco (U), Michaels, Target (U) |
|
114 |
Stow Community Center |
Cleveland-Elyria, OH |
Stow |
OH |
100% |
|
406 |
508 |
$14.91 |
Bed Bath & Beyond, Giant Eagle, Hobby Lobby, Kohl's, OfficeMax, Target (U) |
|
115 |
West Bay Plaza |
Cleveland-Elyria, OH |
Westlake |
OH |
100% |
|
158 |
158 |
$22.41 |
Fresh Thyme Farmers Market, HomeSense |
|
116 |
Easton Market |
Columbus, OH |
Columbus |
OH |
100% |
|
502 |
552 |
$15.40 |
Bed Bath & Beyond, buybuy BABY, DSW, HomeGoods, Marshalls, Michaels, Nordstrom Rack, PetSmart, Ross Dress for Less, Sierra Trading Post, T.J. Maxx, Value City Furniture |
|
117 |
Hilliard Rome Commons |
Columbus, OH |
Columbus |
OH |
20% |
DDRM |
106 |
106 |
$14.92 |
Burlington, HomeGoods |
|
118 |
Lennox Town Center |
Columbus, OH |
Columbus |
OH |
50% |
OTHER |
374 |
374 |
$13.01 |
AMC Theatres, Barnes & Noble, Marshalls, Staples, Target |
|
119 |
Polaris Towne Center |
Columbus, OH |
Columbus |
OH |
100% |
|
459 |
730 |
$17.01 |
Best Buy, Big Lots, Jo-Ann, Kroger, Lowe's (U), OfficeMax, T.J. Maxx, Target (U) |
|
120 |
Sun Center |
Columbus, OH |
Columbus |
OH |
79% |
OTHER |
316 |
418 |
$15.70 |
Ashley Furniture HomeStore, Michaels, Staples, Stein Mart, Whole Foods |
|
121 |
Perimeter Center |
Columbus, OH |
Dublin |
OH |
100% |
|
136 |
136 |
$17.23 |
Giant Eagle |
|
122 |
Derby Square |
Columbus, OH |
Grove City |
OH |
20% |
DDRM |
125 |
134 |
$11.24 |
Giant Eagle |
|
123 |
Powell Center |
Columbus, OH |
Lewis Center |
OH |
5% |
BREDDR III |
202 |
233 |
$13.54 |
Giant Eagle, HomeGoods, Marshalls, Michaels |
|
124 |
Springfield Commons |
Toledo, OH |
Toledo |
OH |
20% |
DDRM |
272 |
272 |
$11.65 |
Bed Bath & Beyond, Kohl's, Planet Fitness |
|
125 |
Tanasbourne Town Center |
Portland-Vancouver-Hillsboro, OR-WA |
Hillsboro |
OR |
100% |
|
303 |
565 |
$20.35 |
Barnes & Noble, Bed Bath & Beyond, Best Buy (U), Marshalls, Michaels, Nordstrom Rack (U), Office Depot, Ross Dress for Less, Sierra Trading Post, Target (U) |
|
126 |
The Blocks |
Portland-Vancouver-Hillsboro, OR-WA |
Portland |
OR |
100% |
|
97 |
97 |
$31.33 |
— |
|
127 |
Southmont Plaza |
Allentown-Bethlehem-Easton, PA-NJ |
Easton |
PA |
5% |
BREDDR IV |
251 |
386 |
$15.76 |
Barnes & Noble, Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Lowe's (U), Michaels, Staples |
|
128 |
Ashbridge Square |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
Downingtown |
PA |
5% |
BREDDR IV |
386 |
386 |
$9.48 |
Christmas Tree Shops, Home Depot, Jo-Ann |
|
129 |
Ashley Crossing |
Charleston-North Charleston, SC |
Charleston |
SC |
20% |
DTP |
208 |
217 |
$10.59 |
Food Lion, Kohl's, Marshalls |
|
130 |
Wando Crossing |
Charleston-North Charleston, SC |
Mount Pleasant |
SC |
100% |
|
214 |
335 |
$13.72 |
Marshalls/HomeGoods, Michaels, Office Depot, T.J. Maxx, Walmart (U) |
|
131 |
Midtowne Park |
Greenville-Anderson-Mauldin, SC |
Anderson |
SC |
5% |
BREDDR III |
167 |
174 |
$9.85 |
Dick's Sporting Goods, Kohl's, Staples |
|
132 |
The Point |
Greenville-Anderson-Mauldin, SC |
Greenville |
SC |
20% |
SAU |
104 |
104 |
$17.71 |
REI, Whole Foods |
|
133 |
The Plaza at Carolina Forest |
Myrtle Beach-Conway-North Myrtle Beach, SC-NC |
Myrtle Beach |
SC |
20% |
SAU |
138 |
141 |
$13.73 |
Kroger |
|
134 |
American Way |
Memphis, TN-MS-AR |
Memphis |
TN |
20% |
SAU |
110 |
110 |
$7.11 |
— |
|
135 |
Crossroads Square |
Morristown, TN |
Morristown |
TN |
20% |
SAU |
70 |
95 |
$6.09 |
Bargain Hunt, OfficeMax (U) |
|
136 |
Cool Springs Pointe |
Nashville-Davidson-Murfreesboro-Franklin, TN |
Brentwood |
TN |
100% |
|
198 |
198 |
$16.15 |
Best Buy, Ross Dress for Less, Royal Furniture |
|
137 |
Vintage Plaza |
Austin, TX |
Round Rock |
TX |
100% |
|
41 |
41 |
$25.99 |
— |
|
138 |
Eastchase Market |
Dallas-Fort Worth-Arlington, TX |
Fort Worth |
TX |
5% |
BREDDR III |
262 |
420 |
$12.42 |
Aldi (U), AMC Theatres, Marshalls, Ross Dress for Less, Spec's Wine, Spirits, & Finer Foods, Target (U) |
|
139 |
The Marketplace at Highland Village |
Dallas-Fort Worth-Arlington, TX |
Highland Village |
TX |
100% |
|
207 |
451 |
$17.92 |
DSW, LA Fitness, T.J. Maxx/HomeGoods, Walmart (U) |
|
140 |
Bandera Pointe |
San Antonio-New Braunfels, TX |
San Antonio |
TX |
100% |
|
500 |
851 |
$13.20 |
Barnes & Noble, Gold's Gym, Jo-Ann, Kohl's (U), Lowe's, Old Navy, Ross Dress for Less, Spec's Wine, Spirits & Finer Foods (U), T.J. Maxx, Target (U), Urban Air Trampoline & Adventure Park |
|
141 |
Terrell Plaza |
San Antonio-New Braunfels, TX |
San Antonio |
TX |
100% |
|
108 |
243 |
$20.13 |
Ross Dress for Less, Target (U) |
|
142 |
Village at Stone Oak |
San Antonio-New Braunfels, TX |
San Antonio |
TX |
100% |
|
448 |
623 |
$21.91 |
Alamo Drafthouse Cinema, Hobby Lobby, HomeGoods, Target (U) |
|
143 |
Commonwealth Center |
Richmond, VA |
Midlothian |
VA |
20% |
DTP |
166 |
166 |
$16.64 |
Michaels, Stein Mart, The Fresh Market |
30
SITE Centers Corp.
Property List (excludes DDRTC)
|
# |
Center |
MSA |
Location |
ST |
SITE Own % |
JV |
Owned GLA |
Total GLA |
ABR PSF |
Anchor Tenants |
|
144 |
Downtown Short Pump |
Richmond, VA |
Richmond |
VA |
100% |
|
126 |
252 |
$22.91 |
Barnes & Noble, Regal Cinemas, Skate Nation (U) |
|
145 |
White Oak Village |
Richmond, VA |
Richmond |
VA |
5% |
BREDDR III |
432 |
956 |
$15.74 |
JCPenney, K&G Fashion Superstore, Lowe's (U), Michaels, PetSmart, Publix, Target (U) |
|
146 |
Kroger Plaza |
Virginia Beach-Norfolk-Newport News, VA-NC |
Virginia Beach |
VA |
20% |
SAU |
68 |
86 |
$4.02 |
Kroger |
|
147 |
Fairfax Towne Center |
Washington-Arlington-Alexandria, DC-VA-MD-WV |
Fairfax |
VA |
100% |
|
253 |
253 |
$20.87 |
Bed Bath & Beyond, Jo-Ann, Regal Cinemas, Safeway, T.J. Maxx |
|
148 |
Springfield Center |
Washington-Arlington-Alexandria, DC-VA-MD-WV |
Springfield |
VA |
100% |
|
177 |
177 |
$22.89 |
Barnes & Noble, Bed Bath & Beyond, DSW, Marshalls, Michaels, The Tile Shop |
|
149 |
Apple Blossom Corners |
Winchester, VA-WV |
Winchester |
VA |
20% |
DDRM |
243 |
243 |
$11.92 |
Books-A-Million, HomeGoods, Kohl's, Martin's |
|
|
|
|
Total |
|
|
|
34,834 |
47,368 |
|
|
|
Note: (U) indicates unowned. Anchors include tenants greater than 20K SF |
|
|
|
|||||||
|
BREDDR III - BRE DDR Retail Holdings III |
|
|
|
|
||||||
|
BREDDR IV - BRE DDR Retail Holdings IV |
|
|
|
|
|
|||||
|
DDRM - DDRM Properties |
|
|
|
|
|
|
|
|||
|
DTP - Dividend Trust Portfolio |
|
|
|
|||||||
|
SAU - DDR-SAU Retail Fund |
|
|
|
|
|
|
|
|||
31
SITE Centers Corp.
Property List - DDRTC
|
|
|
|
|
|
|
|
|||
|
# |
Center |
MSA |
Location |
ST |
SITE Own % |
Owned GLA |
Total GLA |
ABR PSF |
Anchor Tenants |
|
1 |
River Ridge |
Birmingham-Hoover, AL |
Birmingham |
AL |
15% |
172 |
350 |
$16.77 |
Best Buy, Nordstrom Rack, Staples, Target (U) |
|
2 |
Cypress Trace |
Cape Coral-Fort Myers, FL |
Fort Myers |
FL |
15% |
278 |
278 |
$11.47 |
Bealls, Beall's Outlet, Lucky's Market, Ross Dress for Less, Stein Mart |
|
3 |
Market Square |
Cape Coral-Fort Myers, FL |
Fort Myers |
FL |
15% |
119 |
405 |
$16.19 |
American Signature Furniture, Barnes & Noble (U), Cost Plus World Market (U), DSW, Michaels (U), Target (U), Total Wine & More |
|
4 |
Shoppes of Lake Mary |
Orlando-Kissimmee-Sanford, FL |
Lake Mary |
FL |
15% |
74 |
246 |
$24.83 |
Publix (U), Staples, Target (U) |
|
5 |
Marketplace at Millcreek |
Atlanta-Sandy Springs-Roswell, GA |
Buford |
GA |
15% |
402 |
533 |
$14.98 |
2nd & Charles, Bed Bath & Beyond, Burlington, Costco (U), DSW, Marshalls, Michaels, Painted Tree Marketplace, PetSmart, REI, Ross Dress for Less |
|
6 |
Fayette Pavilion |
Atlanta-Sandy Springs-Roswell, GA |
Fayetteville |
GA |
15% |
1,242 |
1,506 |
$9.58 |
Bargain Hunt, Bed Bath & Beyond, Belk, Big Lots, Burlington, Cinemark, Dick's Sporting Goods, Forever 21, Hobby Lobby, Home Depot (U), Jo-Ann, Kohl's, Marshalls, PetSmart, Publix, Ross Dress for Less, Shoppers World, Target (U), Walmart |
|
7 |
Newnan Pavilion |
Atlanta-Sandy Springs-Roswell, GA |
Newnan |
GA |
15% |
468 |
468 |
$8.26 |
Academy Sports, Aldi, Home Depot, Kohl's, PetSmart, Ross Dress for Less, Sky Zone Trampoline Park |
|
8 |
Heritage Pavilion |
Atlanta-Sandy Springs-Roswell, GA |
Smyrna |
GA |
15% |
256 |
256 |
$14.06 |
American Signature Furniture, Marshalls, PetSmart, Ross Dress for Less, T.J. Maxx |
|
9 |
Woodstock Square |
Atlanta-Sandy Springs-Roswell, GA |
Woodstock |
GA |
15% |
219 |
400 |
$14.55 |
Kohl's, OfficeMax, Old Navy, Target (U) |
|
10 |
Eisenhower Crossing |
Macon-Bibb County, GA |
Macon |
GA |
15% |
420 |
722 |
$9.34 |
Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy (U), Home Depot (U), Kroger, Michaels, Old Navy, Ross Dress for Less, Staples, Target (U) |
|
11 |
Village Crossing |
Chicago-Naperville-Elgin, IL-IN-WI |
Skokie |
IL |
15% |
722 |
722 |
$17.90 |
Altitude Trampoline Park, AMC Theatres, Barnes & Noble, Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Jewel-Osco, Michaels, OfficeMax, PetSmart, Tuesday Morning |
|
12 |
Birkdale Village |
Charlotte-Concord-Gastonia, NC-SC |
Huntersville |
NC |
15% |
300 |
388 |
$29.35 |
Barnes & Noble, Dick's Sporting Goods, Regal Cinemas (U) |
|
13 |
Winslow Bay Commons |
Charlotte-Concord-Gastonia, NC-SC |
Mooresville |
NC |
15% |
268 |
442 |
$15.18 |
Dick's Sporting Goods, HomeGoods, Michaels, Ross Dress for Less, T.J. Maxx, Target (U) |
|
14 |
Alexander Place |
Raleigh, NC |
Raleigh |
NC |
15% |
198 |
408 |
$16.85 |
Kohl's, O2 Fitness, Walmart (U) |
|
15 |
Overlook at King of Prussia |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
King Of Prussia |
PA |
15% |
193 |
193 |
$28.42 |
Best Buy, Off 5th, United Artists Theatre |
|
16 |
Warwick Center |
Providence-Warwick, RI-MA |
Warwick |
RI |
15% |
153 |
153 |
$16.54 |
Barnes & Noble, DSW, The Edge Fitness Clubs |
|
17 |
Columbiana Station |
Columbia, SC |
Columbia |
SC |
15% |
375 |
436 |
$16.33 |
buybuy BABY, Columbia Grand Theatre (U), Dick's Sporting Goods, Michaels, PetSmart |
|
18 |
Pavilion of Turkey Creek |
Knoxville, TN |
Knoxville |
TN |
15% |
282 |
663 |
$15.29 |
DSW, Hobby Lobby, OfficeMax, Old Navy, Ross Dress for Less, Target (U), Walmart (U) |
|
19 |
Town & Country Commons |
Knoxville, TN |
Knoxville |
TN |
15% |
655 |
655 |
$11.25 |
Bargain Hunt, Best Buy, Conn's, Dick's Sporting Goods, Jo-Ann, Knoxville 16, Lowe's, Staples, Tuesday Morning |
|
20 |
Bellevue Place |
Nashville-Davidson-Murfreesboro-Franklin, TN |
Nashville |
TN |
15% |
77 |
192 |
$13.29 |
Bed Bath & Beyond, Home Depot (U), Planet Fitness |
|
21 |
Creeks at Virginia Centre |
Richmond, VA |
Glen Allen |
VA |
15% |
266 |
266 |
$15.67 |
Barnes & Noble, Bed Bath & Beyond, Dick's Sporting Goods, Michaels, Ross Dress for Less |
|
|
|
|
Total |
|
|
7,139 |
9,681 |
|
|
|
Note: (U) indicates unowned. Anchors include tenants greater than 20K SF |
|
|
|
||||||
|
TIAA - DDRTC Core Retail Fund. |
|
|
|
||||||
32
SITE Centers Corp.
Notable Accounting and Supplemental Policies
The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Form 10-K and Form 10-Q.
Rental Income (Revenues)
|
|
• |
Percentage and overage rents that are recognized after the tenants’ reported sales have exceeded the applicable sales breakpoint. |
|
|
|
• |
Tenant reimbursements are recognized in the period in which the expenses are incurred. |
|
|
|
• |
Lease termination fees are recognized upon termination of a tenant’s lease when the Company has no further obligations under the lease. |
|
General and Administrative Expenses
|
|
• |
General and administrative expenses include certain internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. |
|
|
|
• |
The Company does not capitalize any executive officer compensation. |
|
|
|
• |
General and administrative expenses include executive property management compensation and related expenses. Property management services’ direct compensation is reflected in operating and maintenance expenses. |
|
Deferred Financing Costs
|
|
• |
Costs incurred in obtaining term financing are included as a reduction of the related debt liability and costs incurred related to the revolving credit facilities are included in other assets on the consolidated balance sheets. All costs are amortized on a straight-line basis over the term of the related debt agreement; such amortization is reflected as interest expense in the consolidated income statements. |
|
Real Estate
|
|
• |
Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property's estimated undiscounted future cash flows, including estimated proceeds from disposition. |
|
|
|
• |
Construction in progress includes shopping center developments and significant expansions and redevelopments. |
|
|
|
• |
Acquisitions of a partner’s interest in an unconsolidated joint venture in which a change of control has occurred are recorded at fair value. |
|
|
|
• |
Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows: |
|
Buildings31.5 to 40 years
Building Improvements5 to 20 years
Furniture/Fixtures/ Shorter of economic life or lease terms
Tenant Improvements
Capitalization
|
|
• |
Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and expenditures that improve or extend the life of the asset are capitalized. |
|
|
|
• |
The Company capitalizes interest on funds used for the construction or expansion of shopping centers and certain construction administration costs. Capitalization of interest and administration costs ceases when construction activities are completed and the property is available for occupancy by tenants or when activities are suspended. |
|
|
|
• |
Interest expense and real estate taxes incurred during construction are capitalized and depreciated over the building life. The Company does not capitalize interest on land held for development which is on hold and is not undergoing any development activities. |
|
33
SITE Centers Corp.
Notable Accounting and Supplemental Policies
|
|
• |
Gains on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers are recognized at closing when the earnings process is deemed to be complete. |
|
Leasing Spreads
|
|
• |
Leasing spreads are calculated by comparing the prior tenant's annual base rent in the final year of the old lease to the new tenant's annual base rent in the first year of the new lease. The reported calculation, "Comparable", only includes deals executed within one year of the date that the prior tenant vacated. "Non-comp" deals consist of deals not executed within one year of the date the prior tenant vacated, deals which resulted in a significant difference in size or deals for space which was vacant at acquisition. |
|
Net Effective Rents
34
SITE Centers Corp.
Non-GAAP Measures
FFO and Operating FFO
The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.
FFO excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from depreciable property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.
In December 2018, the National Association of Real Estate Investment Trusts (“NAREIT”) issued NAREIT Funds From Operations White Paper - 2018 Restatement (“2018 FFO White Paper”). The purpose of the 2018 FFO White Paper was not to change the fundamental definition of FFO but to clarify existing guidance and to consolidate into a single document, alerts and policy bulletins issued by NAREIT since the last FFO white paper was issued in 2002. The 2018 FFO White Paper was effective starting with first quarter 2019 reporting. The changes to the Company’s calculation of FFO resulting from the adoption of the 2018 FFO White Paper relate to the exclusion of gains or losses on the sale of land as well as related impairments, gains or losses from changes in control and the reserve adjustment of preferred equity interests. The Company adopted changes in its calculation in 2019 on a retrospective basis.
FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments, including reserve adjustments of preferred equity interests, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT.
The Company believes that certain charges, income and gains recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include write-off of preferred share original issuance costs, gains/losses on the early extinguishment of debt, hurricane-related activity, certain transaction fee income, transaction costs and other restructuring type costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements. The adjustment for these charges, income and gains may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains are non-recurring. These charges, income and gains could be reasonably expected to recur in future results of operations.
These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part (i) as a disclosure to improve the understanding of the Company’s operating results among the investing public, (ii) as a measure of a real estate asset’s performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) to compare the Company’s performance to that of other publicly traded shopping center REITs. For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company’s operating
35
SITE Centers Corp.
Non-GAAP Measures
performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.
In calculating the expected range for or amount of net (loss) income attributable to common shareholders to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gain and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs, mark-to-market adjustments of equity awards, hurricane-related activity, certain transaction costs or certain fee income. The expected range of net income attributable to common shareholders to estimate projected FFO and Operating FFO for 2019 does include the impact of the common share offering in October 2019 as well as the expected redemption of the Class J Preferred Shares. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.
Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor
Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided herein.
Net Operating Income (“NOI”) and Same Store Net Operating Income (“SSNOI”)
The Company uses NOI, which is a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.
The Company also presents NOI information on a same store basis, or SSNOI. The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income (including reimbursements) and expenses, lease termination income in excess of lost rent, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI also excludes activity associated with development and major redevelopment and includes assets owned in comparable periods (15 months for quarter comparisons). In addition, SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at its effective ownership interest provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above. SSNOI is frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs.
SSNOI is not, and is not intended to be, a presentation in accordance with GAAP. SSNOI information has its limitations as it excludes any capital expenditures associated with the re-leasing of tenant space or as needed to operate the assets. SSNOI does not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use SSNOI as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. SSNOI does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs. SSNOI should not be considered as an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. A reconciliation of SSNOI to its most directly comparable GAAP measure of net income (loss) has been provided in the Press Release and this section. Reconciliations of 2019 SSNOI projected growth targets to the most directly comparable GAAP financial measure are not provided because the Company is unable to provide such reconciliations without reasonable effort.
36
SITE Centers Corp.
Non-GAAP Measures
SITE Pro Rata Share Financial Information
The Company believes that the SITE pro rata share of its joint ventures presented in the quarterly supplement is not, and is not intended to be, a presentation in accordance with GAAP. SITE share financial information is frequently used by the real estate industry including securities analysts, investors and other interested parties to evaluate the performance of SITE compared to other REITs. Other real estate companies may calculate such information in a different manner.
SITE does not control the unconsolidated joint ventures and the presentations of SITE JV Pro Rata Adjustments of the unconsolidated joint ventures presented in the quarterly supplement do not represent the Company’s legal claim to such items. The Company provides this information because the Company believes it assists investors and analysts in estimating the effective interest in SITE’s unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of this information has limitations as an analytical tool. Because of the limitations, this information should not be considered in isolation or as a substitute for the Company’s financial statements as reported under GAAP.
Debt/Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)
The Company uses the ratio Debt to Adjusted EBITDA (“Debt/Adjusted EBITDA”) as it believes it provides a meaningful metric as it relates to the Company’s ability to meet various leverage tests for the corresponding periods.
The Components of Debt/Adjusted EBITDA include net effective debt divided by adjusted EBITDA (annualized), as opposed to net income determined in accordance with GAAP. Adjusted EBITDA is calculated as net income attributable to SITE before interest, income taxes, depreciation and amortization and further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing performance. Net effective debt is calculated as the Company’s consolidated debt outstanding excluding unamortized loan costs and fair market value adjustments, less cash and restricted cash as of the balance sheet date presented. Such amounts are calculated at the Company’s proportionate share of ownership.
The Company also calculates EBITDAre as net income attributable to SITE before interest, income taxes, depreciation and amortization, gains and losses from disposition of real estate property and related investments, impairment charges on real estate property and related investments, including reserve adjustments of preferred equity interests and gain and losses from changes in control. Such amount is also calculated at the Company’s proportionate share of ownership.
Adjusted EBITDA should not be considered as an alternative to earnings as an indicator of the Company’s financial performance, or an alternative to cash flow from operating activities as a measure of liquidity. The Company’s calculation of Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from Adjusted EBITDA are significant components in understanding and assessing the Company’s financial condition. The reconciliations of Adjusted EBITDA and net effective debt used in the consolidated and prorata Debt/Adjusted EBITDA ratios to their most directly comparable GAAP measures of net income (loss) and debt have been provided in the Debt Summary section.
37
SITE Centers Corp.
Portfolio Summary at 100%
|
GLA in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2019 |
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
Shopping Center Summary |
|
|
|
|
|
|
|
|
|
|
|
Operating Centers – 100% |
|
170 |
|
169 |
|
171 |
|
173 |
|
177 |
|
Wholly Owned - SITE |
|
69 |
|
66 |
|
68 |
|
69 |
|
70 |
|
JV Portfolio |
|
101 |
|
103 |
|
103 |
|
104 |
|
107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and Ground Lease GLA – 100% |
|
41,972 |
|
43,058 |
|
43,317 |
|
43,876 |
|
44,317 |
|
Wholly Owned - SITE |
|
19,572 |
|
19,392 |
|
19,646 |
|
19,726 |
|
19,616 |
|
JV Portfolio – 100% |
|
22,400 |
|
23,666 |
|
23,671 |
|
24,150 |
|
24,701 |
|
Unowned GLA – 100% |
|
15,077 |
|
15,301 |
|
15,332 |
|
15,742 |
|
16,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Operational Overview |
|
|
|
|
|
|
|
|
|
|
|
SITE (100%) |
|
|
|
|
|
|
|
|
|
|
|
Base Rent PSF |
|
$16.67 |
|
$16.52 |
|
$16.50 |
|
$16.41 |
|
$16.38 |
|
Base Rent PSF < 10K |
|
$26.48 |
|
$26.25 |
|
$25.98 |
|
$25.79 |
|
$25.68 |
|
Base Rent PSF > 10K |
|
$13.82 |
|
$13.76 |
|
$13.77 |
|
$13.71 |
|
$13.70 |
|
Commenced Rate |
|
90.8% |
|
90.9% |
|
90.4% |
|
90.0% |
|
90.7% |
|
Leased Rate |
|
93.6% |
|
93.6% |
|
93.5% |
|
92.9% |
|
93.1% |
|
Leased Rate < 10K SF |
|
86.3% |
|
86.6% |
|
87.6% |
|
87.9% |
|
88.1% |
|
Leased Rate > 10K SF |
|
95.9% |
|
95.8% |
|
95.3% |
|
94.4% |
|
94.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Venture (100%) |
|
|
|
|
|
|
|
|
|
|
|
Base Rent PSF |
|
$14.90 |
|
$14.90 |
|
$14.91 |
|
$14.83 |
|
$14.84 |
|
Leased Rate |
|
93.4% |
|
92.9% |
|
93.1% |
|
92.8% |
|
93.6% |
|
Leased Rate < 10K SF |
|
85.0% |
|
85.2% |
|
86.3% |
|
86.4% |
|
87.0% |
|
Leased Rate > 10K SF |
|
96.3% |
|
95.4% |
|
95.4% |
|
94.8% |
|
95.7% |
38
SITE Centers Corp.
Leasing Summary
|
Wholly Owned at 100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leasing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Pool |
|
Total Pool |
||||||||
|
|
Count |
GLA |
New Rent PSF |
Prior Rent PSF |
Rent Spread |
Wtd Avg Term (Years) |
|
Count |
GLA |
New Rent PSF |
Wtd Avg Term (Years) |
|
New Leases |
|
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
13 |
40,420 |
$34.56 |
$30.02 |
15.1% |
8.4 |
|
28 |
148,577 |
$24.32 |
10.2 |
|
3Q19 |
13 |
47,657 |
$32.40 |
$28.04 |
15.5% |
10.8 |
|
24 |
148,830 |
$19.81 |
10.1 |
|
2Q19 |
15 |
111,701 |
$20.02 |
$18.88 |
6.0% |
8.1 |
|
25 |
187,007 |
$19.07 |
8.6 |
|
1Q19 |
13 |
71,346 |
$23.70 |
$18.53 |
27.9% |
9.4 |
|
33 |
218,938 |
$19.93 |
9.9 |
|
|
54 |
271,124 |
$25.33 |
$22.06 |
14.8% |
9.1 |
|
110 |
703,352 |
$20.61 |
9.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
44 |
301,773 |
$20.27 |
$20.14 |
0.6% |
6.4 |
|
44 |
301,773 |
$20.27 |
6.4 |
|
3Q19 |
49 |
473,518 |
$18.25 |
$17.50 |
4.3% |
5.7 |
|
49 |
473,518 |
$18.25 |
5.7 |
|
2Q19 |
39 |
558,842 |
$17.84 |
$16.96 |
5.2% |
5.1 |
|
39 |
558,842 |
$17.84 |
5.1 |
|
1Q19 |
46 |
342,775 |
$17.70 |
$16.23 |
9.1% |
5.4 |
|
46 |
342,775 |
$17.70 |
5.4 |
|
|
178 |
1,676,908 |
$18.36 |
$17.53 |
4.7% |
5.6 |
|
178 |
1,676,908 |
$18.36 |
5.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New + Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
57 |
342,193 |
$21.96 |
$21.30 |
3.1% |
6.8 |
|
72 |
450,350 |
$21.61 |
7.8 |
|
3Q19 |
62 |
521,175 |
$19.54 |
$18.47 |
5.8% |
6.4 |
|
73 |
622,348 |
$18.62 |
6.8 |
|
2Q19 |
54 |
670,543 |
$18.20 |
$17.28 |
5.3% |
5.7 |
|
64 |
745,849 |
$18.15 |
6.0 |
|
1Q19 |
59 |
414,121 |
$18.74 |
$16.62 |
12.8% |
6.3 |
|
79 |
561,713 |
$18.57 |
7.3 |
|
|
232 |
1,948,032 |
$19.33 |
$18.16 |
6.4% |
6.2 |
|
288 |
2,380,260 |
$19.03 |
6.9 |
|
Net Effective Rents |
|
|
|
|
|
|
|
|
|
|
|
Avg |
Capex PSF |
NER |
Wtd Avg |
|||
|
|
GLA |
Rent PSF |
TA |
LL Work |
LC |
Total |
PSF |
Term (Years) |
|
New Leases (1) |
|
|
|
|
|
|
|
|
|
4Q19 |
71,917 |
$30.04 |
$4.98 |
$3.39 |
$1.81 |
$10.18 |
$19.86 |
8.7 |
|
3Q19 |
136,371 |
$20.38 |
$2.83 |
$1.60 |
$0.88 |
$5.31 |
$15.07 |
10.3 |
|
2Q19 |
160,737 |
$19.90 |
$2.26 |
$5.80 |
$0.84 |
$8.90 |
$11.00 |
8.4 |
|
1Q19 |
163,342 |
$21.38 |
$3.46 |
$1.76 |
$0.62 |
$5.84 |
$15.54 |
9.9 |
|
|
532,367 |
$21.85 |
$3.16 |
$3.02 |
$0.91 |
$7.09 |
$14.76 |
9.3 |
|
|
|
|
|
|
|
|
|
|
|
Renewals |
|
|
|
|
|
|
|
|
|
4Q19 |
301,773 |
$20.78 |
$0.75 |
$0.00 |
$0.07 |
$0.82 |
$19.96 |
6.4 |
|
3Q19 |
473,518 |
$18.58 |
$0.39 |
$0.00 |
$0.00 |
$0.39 |
$18.19 |
5.7 |
|
2Q19 |
558,842 |
$17.94 |
$0.01 |
$0.00 |
$0.00 |
$0.01 |
$17.93 |
5.1 |
|
1Q19 |
342,775 |
$17.97 |
$0.16 |
$0.00 |
$0.00 |
$0.16 |
$17.81 |
5.4 |
|
|
1,676,908 |
$18.64 |
$0.30 |
$0.00 |
$0.02 |
$0.32 |
$18.32 |
5.6 |
|
|
|
|
|
|
|
|
|
|
|
New + Renewals |
|
|
|
|
|
|
|
|
|
4Q19 |
373,690 |
$22.56 |
$1.75 |
$0.81 |
$0.49 |
$3.05 |
$19.51 |
7.0 |
|
3Q19 |
609,889 |
$18.98 |
$1.22 |
$0.55 |
$0.30 |
$2.07 |
$16.91 |
6.7 |
|
2Q19 |
719,579 |
$18.38 |
$0.72 |
$1.85 |
$0.27 |
$2.84 |
$15.54 |
5.9 |
|
1Q19 |
506,117 |
$19.07 |
$1.66 |
$0.80 |
$0.28 |
$2.74 |
$16.33 |
7.0 |
|
|
2,209,275 |
$19.41 |
$1.27 |
$1.04 |
$0.32 |
$2.63 |
$16.78 |
6.6 |
|
|
|
|
|
|
|
|
|
|
|
(1) New Leases exclude development and redevelopment activity. |
||||||||
|
|
||||||||
39
SITE Centers Corp.
Leasing Summary
|
Unconsolidated Joint Ventures at 100% |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leasing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Pool |
|
Total Pool |
||||||||
|
|
Count |
GLA |
New Rent PSF |
Prior Rent PSF |
Rent Spread |
Wtd Avg Term (Years) |
|
Count |
GLA |
New Rent PSF |
Wtd Avg Term (Years) |
|
New Leases |
|
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
13 |
72,478 |
$19.15 |
$17.19 |
11.4% |
8.8 |
|
34 |
300,243 |
$14.72 |
9.7 |
|
3Q19 |
20 |
139,112 |
$17.20 |
$16.95 |
1.5% |
8.1 |
|
36 |
215,036 |
$16.15 |
8.0 |
|
2Q19 |
18 |
72,840 |
$18.52 |
$15.24 |
21.5% |
8.3 |
|
35 |
178,445 |
$15.95 |
8.6 |
|
1Q19 |
13 |
165,145 |
$10.87 |
$10.11 |
7.5% |
8.9 |
|
20 |
189,088 |
$11.86 |
8.4 |
|
|
64 |
449,575 |
$15.40 |
$14.20 |
8.5% |
8.5 |
|
125 |
882,812 |
$14.71 |
8.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
66 |
565,472 |
$14.46 |
$13.87 |
4.3% |
4.9 |
|
66 |
565,472 |
$14.46 |
4.9 |
|
3Q19 |
75 |
659,663 |
$15.14 |
$14.53 |
4.2% |
5.0 |
|
75 |
659,663 |
$15.14 |
5.0 |
|
2Q19 |
56 |
579,385 |
$13.30 |
$12.62 |
5.4% |
5.3 |
|
56 |
579,385 |
$13.30 |
5.3 |
|
1Q19 |
69 |
638,349 |
$14.80 |
$14.74 |
0.4% |
5.7 |
|
69 |
638,349 |
$14.80 |
5.7 |
|
|
266 |
2,442,869 |
$14.46 |
$13.98 |
3.4% |
5.2 |
|
266 |
2,442,869 |
$14.46 |
5.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New + Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
4Q19 |
79 |
637,950 |
$14.99 |
$14.25 |
5.2% |
5.5 |
|
100 |
865,715 |
$14.55 |
6.6 |
|
3Q19 |
95 |
798,775 |
$15.50 |
$14.95 |
3.7% |
5.6 |
|
111 |
874,699 |
$15.39 |
5.8 |
|
2Q19 |
74 |
652,225 |
$13.88 |
$12.91 |
7.5% |
5.8 |
|
91 |
757,830 |
$13.93 |
6.2 |
|
1Q19 |
82 |
803,494 |
$13.99 |
$13.79 |
1.5% |
6.2 |
|
89 |
827,437 |
$14.13 |
6.2 |
|
|
330 |
2,892,444 |
$14.61 |
$14.01 |
4.3% |
5.8 |
|
391 |
3,325,681 |
$14.52 |
6.2 |
|
Net Effective Rents |
|
|
|
|
|
|
|
|
|
|
|
Avg |
Capex PSF |
NER |
Wtd Avg |
|||
|
|
GLA |
Rent PSF |
TA |
LL Work |
LC |
Total |
PSF |
Term (Years) |
|
New Leases |
|
|
|
|
|
|
|
|
|
4Q19 |
300,243 |
$15.24 |
$2.53 |
$1.92 |
$0.62 |
$5.07 |
$10.17 |
9.7 |
|
3Q19 |
215,036 |
$16.76 |
$1.50 |
$1.59 |
$0.58 |
$3.67 |
$13.09 |
8.0 |
|
2Q19 |
178,445 |
$16.79 |
$2.68 |
$0.58 |
$0.54 |
$3.80 |
$12.99 |
8.6 |
|
1Q19 |
189,088 |
$12.32 |
$1.31 |
$4.29 |
$0.48 |
$6.08 |
$6.24 |
8.4 |
|
|
882,812 |
$15.30 |
$2.09 |
$2.07 |
$0.57 |
$4.73 |
$10.57 |
8.8 |
|
|
|
|
|
|
|
|
|
|
|
Renewals |
|
|
|
|
|
|
|
|
|
4Q19 |
565,472 |
$14.66 |
$0.07 |
$0.02 |
$0.00 |
$0.09 |
$14.57 |
4.9 |
|
3Q19 |
659,663 |
$15.31 |
$0.00 |
$0.00 |
$0.01 |
$0.01 |
$15.30 |
5.0 |
|
2Q19 |
579,385 |
$13.47 |
$0.18 |
$0.00 |
$0.02 |
$0.20 |
$13.27 |
5.3 |
|
1Q19 |
638,349 |
$15.02 |
$1.11 |
$0.00 |
$0.05 |
$1.16 |
$13.86 |
5.7 |
|
|
2,442,869 |
$14.65 |
$0.37 |
$0.01 |
$0.02 |
$0.40 |
$14.25 |
5.2 |
|
|
|
|
|
|
|
|
|
|
|
New + Renewals |
|
|
|
|
|
|
|
|
|
4Q19 |
865,715 |
$14.86 |
$1.33 |
$1.00 |
$0.32 |
$2.65 |
$12.21 |
6.6 |
|
3Q19 |
874,699 |
$15.66 |
$0.52 |
$0.55 |
$0.20 |
$1.27 |
$14.39 |
5.8 |
|
2Q19 |
757,830 |
$14.25 |
$1.01 |
$0.20 |
$0.19 |
$1.40 |
$12.85 |
6.2 |
|
1Q19 |
827,437 |
$14.40 |
$1.18 |
$1.31 |
$0.18 |
$2.67 |
$11.73 |
6.2 |
|
|
3,325,681 |
$14.82 |
$1.02 |
$0.78 |
$0.23 |
$2.03 |
$12.79 |
6.2 |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
40
SITE Centers Corp.
Lease Expirations
|
Wholly Owned at 100%; $ and GLA in thousands |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumes no exercise of lease options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than 10K SF |
|
Less than 10K SF |
|
Total |
||||||||||||||||||
|
Year |
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR > 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR < 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR Total |
|
MTM |
1 |
|
18 |
$351 |
|
$19.50 |
0.2% |
|
20 |
|
43 |
$1,120 |
|
$26.05 |
1.2% |
|
21 |
|
61 |
$1,471 |
|
$24.11 |
0.5% |
|
2020 |
19 |
|
447 |
6,880 |
|
$15.39 |
3.5% |
|
130 |
|
376 |
10,117 |
|
$26.91 |
10.5% |
|
149 |
|
823 |
16,997 |
|
$20.65 |
5.8% |
|
2021 |
50 |
|
1,363 |
20,402 |
|
$14.97 |
10.5% |
|
164 |
|
429 |
11,955 |
|
$27.87 |
12.3% |
|
214 |
|
1,792 |
32,357 |
|
$18.06 |
11.1% |
|
2022 |
67 |
|
2,005 |
31,006 |
|
$15.46 |
16.0% |
|
185 |
|
532 |
15,334 |
|
$28.82 |
15.8% |
|
252 |
|
2,537 |
46,340 |
|
$18.27 |
15.9% |
|
2023 |
73 |
|
2,128 |
30,047 |
|
$14.12 |
15.5% |
|
171 |
|
534 |
15,698 |
|
$29.40 |
16.2% |
|
244 |
|
2,662 |
45,745 |
|
$17.18 |
15.7% |
|
2024 |
68 |
|
2,033 |
29,181 |
|
$14.35 |
15.0% |
|
155 |
|
413 |
12,802 |
|
$31.00 |
13.2% |
|
223 |
|
2,446 |
41,983 |
|
$17.16 |
14.4% |
|
2025 |
48 |
|
1,297 |
22,361 |
|
$17.24 |
11.5% |
|
76 |
|
210 |
6,110 |
|
$29.10 |
6.3% |
|
124 |
|
1,507 |
28,471 |
|
$18.89 |
9.8% |
|
2026 |
24 |
|
578 |
9,004 |
|
$15.58 |
4.6% |
|
59 |
|
205 |
6,464 |
|
$31.53 |
6.7% |
|
83 |
|
783 |
15,468 |
|
$19.75 |
5.3% |
|
2027 |
19 |
|
561 |
11,051 |
|
$19.70 |
5.7% |
|
43 |
|
152 |
4,315 |
|
$28.39 |
4.5% |
|
62 |
|
713 |
15,366 |
|
$21.55 |
5.3% |
|
2028 |
17 |
|
519 |
8,013 |
|
$15.44 |
4.1% |
|
54 |
|
189 |
5,471 |
|
$28.95 |
5.7% |
|
71 |
|
708 |
13,484 |
|
$19.05 |
4.6% |
|
2029 |
20 |
|
569 |
10,553 |
|
$18.55 |
5.4% |
|
50 |
|
168 |
5,161 |
|
$30.72 |
5.3% |
|
70 |
|
737 |
15,714 |
|
$21.32 |
5.4% |
|
Thereafter |
23 |
|
808 |
15,066 |
|
$18.65 |
7.8% |
|
21 |
|
88 |
2,255 |
|
$25.63 |
2.3% |
|
44 |
|
896 |
17,321 |
|
$19.33 |
6.0% |
|
Total |
429 |
|
12,326 |
$193,915 |
|
$15.73 |
100.0% |
|
1,128 |
|
3,339 |
$96,802 |
|
$28.99 |
100.0% |
|
1,557 |
|
15,665 |
$290,717 |
|
$18.56 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumes all lease options are exercised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than 10K SF |
|
Less than 10K SF |
|
Total |
||||||||||||||||||
|
Year |
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR > 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR < 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR Total |
|
MTM |
1 |
|
18 |
$351 |
|
$19.50 |
0.2% |
|
20 |
|
43 |
$1,120 |
|
$26.05 |
1.2% |
|
21 |
|
61 |
$1,471 |
|
$24.11 |
0.5% |
|
2020 |
7 |
|
108 |
1,445 |
|
$13.38 |
0.7% |
|
75 |
|
200 |
5,694 |
|
$28.47 |
5.9% |
|
82 |
|
308 |
7,139 |
|
$23.18 |
2.5% |
|
2021 |
10 |
|
207 |
3,988 |
|
$19.27 |
2.1% |
|
98 |
|
215 |
6,247 |
|
$29.06 |
6.5% |
|
108 |
|
422 |
10,235 |
|
$24.25 |
3.5% |
|
2022 |
11 |
|
238 |
4,330 |
|
$18.19 |
2.2% |
|
93 |
|
245 |
6,967 |
|
$28.44 |
7.2% |
|
104 |
|
483 |
11,297 |
|
$23.39 |
3.9% |
|
2023 |
4 |
|
85 |
2,274 |
|
$26.75 |
1.2% |
|
86 |
|
235 |
6,578 |
|
$27.99 |
6.8% |
|
90 |
|
320 |
8,852 |
|
$27.66 |
3.0% |
|
2024 |
10 |
|
196 |
3,293 |
|
$16.80 |
1.7% |
|
81 |
|
171 |
5,668 |
|
$33.15 |
5.9% |
|
91 |
|
367 |
8,961 |
|
$24.42 |
3.1% |
|
2025 |
8 |
|
184 |
2,933 |
|
$15.94 |
1.5% |
|
78 |
|
204 |
5,771 |
|
$28.29 |
6.0% |
|
86 |
|
388 |
8,704 |
|
$22.43 |
3.0% |
|
2026 |
8 |
|
152 |
3,392 |
|
$22.32 |
1.7% |
|
56 |
|
157 |
4,906 |
|
$31.25 |
5.1% |
|
64 |
|
309 |
8,298 |
|
$26.85 |
2.9% |
|
2027 |
12 |
|
258 |
5,146 |
|
$19.95 |
2.7% |
|
70 |
|
190 |
6,094 |
|
$32.07 |
6.3% |
|
82 |
|
448 |
11,240 |
|
$25.09 |
3.9% |
|
2028 |
22 |
|
454 |
6,225 |
|
$13.71 |
3.2% |
|
71 |
|
217 |
6,718 |
|
$30.96 |
6.9% |
|
93 |
|
671 |
12,943 |
|
$19.29 |
4.5% |
|
2029 |
10 |
|
296 |
4,324 |
|
$14.61 |
2.2% |
|
56 |
|
155 |
4,659 |
|
$30.06 |
4.8% |
|
66 |
|
451 |
8,983 |
|
$19.92 |
3.1% |
|
Thereafter |
326 |
|
10,130 |
156,214 |
|
$15.42 |
80.6% |
|
344 |
|
1,307 |
36,380 |
|
$27.83 |
37.6% |
|
670 |
|
11,437 |
192,594 |
|
$16.84 |
66.2% |
|
Total |
429 |
|
12,326 |
$193,915 |
|
$15.73 |
100.0% |
|
1,128 |
|
3,339 |
$96,802 |
|
$28.99 |
100.0% |
|
1,557 |
|
15,665 |
$290,717 |
|
$18.56 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Excludes ground leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
41
SITE Centers Corp.
Lease Expirations
|
Unconsolidated Joint Ventures at 100%; $ and GLA in thousands |
|
|
|
|
|
|
|
|
|||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumes no exercise of lease options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than 10K SF |
|
Less than 10K SF |
|
Total |
||||||||||||||||||
|
Year |
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR > 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR < 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR Total |
|
MTM |
1 |
|
21 |
$326 |
|
$15.52 |
0.2% |
|
26 |
|
52 |
$1,333 |
|
$25.63 |
1.3% |
|
27 |
|
73 |
$1,659 |
|
$22.73 |
0.6% |
|
2020 |
36 |
|
1,054 |
10,642 |
|
$10.10 |
6.3% |
|
194 |
|
459 |
10,669 |
|
$23.24 |
10.0% |
|
230 |
|
1,513 |
21,311 |
|
$14.09 |
7.7% |
|
2021 |
74 |
|
2,463 |
29,244 |
|
$11.87 |
17.2% |
|
276 |
|
688 |
17,375 |
|
$25.25 |
16.3% |
|
350 |
|
3,151 |
46,619 |
|
$14.79 |
16.9% |
|
2022 |
76 |
|
2,366 |
27,392 |
|
$11.58 |
16.1% |
|
266 |
|
758 |
17,926 |
|
$23.65 |
16.8% |
|
342 |
|
3,124 |
45,318 |
|
$14.51 |
16.4% |
|
2023 |
72 |
|
1,874 |
21,841 |
|
$11.65 |
12.8% |
|
248 |
|
718 |
17,368 |
|
$24.19 |
16.3% |
|
320 |
|
2,592 |
39,209 |
|
$15.13 |
14.2% |
|
2024 |
73 |
|
2,388 |
27,447 |
|
$11.49 |
16.1% |
|
239 |
|
699 |
16,617 |
|
$23.77 |
15.6% |
|
312 |
|
3,087 |
44,064 |
|
$14.27 |
15.9% |
|
2025 |
42 |
|
1,400 |
17,531 |
|
$12.52 |
10.3% |
|
96 |
|
289 |
6,617 |
|
$22.90 |
6.2% |
|
138 |
|
1,689 |
24,148 |
|
$14.30 |
8.7% |
|
2026 |
25 |
|
609 |
6,981 |
|
$11.46 |
4.1% |
|
49 |
|
173 |
4,230 |
|
$24.45 |
4.0% |
|
74 |
|
782 |
11,211 |
|
$14.34 |
4.1% |
|
2027 |
16 |
|
357 |
5,938 |
|
$16.63 |
3.5% |
|
47 |
|
159 |
4,218 |
|
$26.53 |
4.0% |
|
63 |
|
516 |
10,156 |
|
$19.68 |
3.7% |
|
2028 |
23 |
|
697 |
8,414 |
|
$12.07 |
4.9% |
|
56 |
|
171 |
5,045 |
|
$29.50 |
4.7% |
|
79 |
|
868 |
13,459 |
|
$15.51 |
4.9% |
|
2029 |
14 |
|
405 |
4,805 |
|
$11.86 |
2.8% |
|
50 |
|
157 |
3,939 |
|
$25.09 |
3.7% |
|
64 |
|
562 |
8,744 |
|
$15.56 |
3.2% |
|
Thereafter |
15 |
|
675 |
9,492 |
|
$14.06 |
5.6% |
|
17 |
|
46 |
1,119 |
|
$24.33 |
1.1% |
|
32 |
|
721 |
10,611 |
|
$14.72 |
3.8% |
|
Total |
467 |
|
14,309 |
$170,053 |
|
$11.88 |
100.0% |
|
1,564 |
|
4,369 |
$106,456 |
|
$24.37 |
100.0% |
|
2,031 |
|
18,678 |
$276,509 |
|
$14.80 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumes all lease options are exercised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than 10K SF |
|
Less than 10K SF |
|
Total |
||||||||||||||||||
|
Year |
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR > 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR < 10K |
|
# of Leases |
|
Expiring SF |
ABR |
|
Rent PSF |
% of ABR Total |
|
MTM |
1 |
|
21 |
326 |
|
$15.52 |
0.2% |
|
23 |
|
47 |
$1,210 |
|
$25.74 |
1.1% |
|
24 |
|
68 |
$1,536 |
|
$22.59 |
0.6% |
|
2020 |
12 |
|
298 |
2,894 |
|
$9.71 |
1.7% |
|
127 |
|
273 |
6,329 |
|
$23.18 |
5.9% |
|
139 |
|
571 |
9,223 |
|
$16.15 |
3.3% |
|
2021 |
7 |
|
125 |
1,752 |
|
$14.02 |
1.0% |
|
184 |
|
396 |
10,326 |
|
$26.08 |
9.7% |
|
191 |
|
521 |
12,078 |
|
$23.18 |
4.4% |
|
2022 |
15 |
|
318 |
4,379 |
|
$13.77 |
2.6% |
|
154 |
|
380 |
9,199 |
|
$24.21 |
8.6% |
|
169 |
|
698 |
13,578 |
|
$19.45 |
4.9% |
|
2023 |
13 |
|
261 |
3,640 |
|
$13.95 |
2.1% |
|
169 |
|
433 |
10,676 |
|
$24.66 |
10.0% |
|
182 |
|
694 |
14,316 |
|
$20.63 |
5.2% |
|
2024 |
8 |
|
162 |
2,155 |
|
$13.30 |
1.3% |
|
140 |
|
368 |
9,061 |
|
$24.62 |
8.5% |
|
148 |
|
530 |
11,216 |
|
$21.16 |
4.1% |
|
2025 |
15 |
|
267 |
3,807 |
|
$14.26 |
2.2% |
|
96 |
|
232 |
5,105 |
|
$22.00 |
4.8% |
|
111 |
|
499 |
8,912 |
|
$17.86 |
3.2% |
|
2026 |
10 |
|
214 |
2,858 |
|
$13.36 |
1.7% |
|
73 |
|
191 |
4,469 |
|
$23.40 |
4.2% |
|
83 |
|
405 |
7,327 |
|
$18.09 |
2.6% |
|
2027 |
12 |
|
274 |
2,913 |
|
$10.63 |
1.7% |
|
95 |
|
269 |
7,112 |
|
$26.44 |
6.7% |
|
107 |
|
543 |
10,025 |
|
$18.46 |
3.6% |
|
2028 |
15 |
|
339 |
3,881 |
|
$11.45 |
2.3% |
|
90 |
|
263 |
6,652 |
|
$25.29 |
6.2% |
|
105 |
|
602 |
10,533 |
|
$17.50 |
3.8% |
|
2029 |
16 |
|
337 |
3,855 |
|
$11.44 |
2.3% |
|
86 |
|
228 |
5,566 |
|
$24.41 |
5.2% |
|
102 |
|
565 |
9,421 |
|
$16.67 |
3.4% |
|
Thereafter |
343 |
|
11,693 |
137,593 |
|
$11.77 |
80.9% |
|
327 |
|
1,289 |
30,751 |
|
$23.86 |
28.9% |
|
670 |
|
12,982 |
168,344 |
|
$12.97 |
60.9% |
|
Total |
467 |
|
14,309 |
$170,053 |
|
$11.88 |
100.0% |
|
1,564 |
|
4,369 |
$106,456 |
|
$24.37 |
100.0% |
|
2,031 |
|
18,678 |
$276,509 |
|
$14.80 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Excludes ground leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
42
SITE CENTERS INVESTOR RELATIONS DEPARTMENT 3300 Enterprise Pkwy, Beachwood, OH 44122 O: 216-755-5500 F: 216-755-1500 sitecenters.com • NYSE: SITC