SITE Centers Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SITE Centers Corp. has filed its 2023 10-K report detailing financial performance and assets.</b>

AI Summary

SITE Centers Corp. (SITC) filed a Annual Report (10-K) with the SEC on February 23, 2024. SITE Centers Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as DDR Corp. and Developers Diversified Realty Corp. The filing includes data points related to various assets, liabilities, and financial instruments. Specific property names and locations such as Charlotte One, Easton PA, and Foxtail Center are mentioned. The report covers financial activities and balances for the fiscal year 2023 and prior periods.

Why It Matters

For investors and stakeholders tracking SITE Centers Corp., this filing contains several important signals. This filing provides a comprehensive overview of SITE Centers Corp.'s financial health and operational status for the fiscal year 2023. Investors and analysts can use this report to assess the company's real estate portfolio, debt levels, and overall financial strategy.

Risk Assessment

Risk Level: medium — SITE Centers Corp. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the sheer volume of data and specific financial instruments mentioned suggests a complex financial structure that requires careful analysis to fully understand potential risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand SITE Centers Corp.'s current financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (SITE Centers Corp. 10-K filing)
• 2024-02-23 — Filing Date (SITE Centers Corp. 10-K filing)
• 1934 Act — SEC Act (Governing act for the 10-K filing)
• 001-11690 — SEC File Number (SITE Centers Corp. 10-K filing)

Key Players & Entities

• SITE Centers Corp. (company) — Filer of the 10-K report
• DDR Corp. (company) — Former name of SITE Centers Corp.
• Developers Diversified Realty Corp. (company) — Former name of SITE Centers Corp.
• OH (location) — State of incorporation for SITE Centers Corp.
• Beachwood (location) — City for business and mail address of SITE Centers Corp.
• Charlotte One (company) — Specific property mentioned
• Easton PA (company) — Specific property mentioned
• Foxtail Center (company) — Specific property mentioned

FAQ

Risk Factors

• Asset Impairment Charges [medium — financial]: The filing references 'AssetImpairmentCharges', indicating potential write-downs in asset values.
• Valuation Allowance of Deferred Tax Assets [medium — financial]: The report mentions 'ValuationAllowanceOfDeferredTaxAssets', suggesting potential uncertainty regarding the realizability of deferred tax assets.
• Cash Flow Hedge [medium — financial]: References to 'AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterest' point to the use of financial instruments for hedging, which can introduce complexity and risk.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date SITE Centers Corp. filed its 10-K.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by SITE Centers Corp., providing detailed financial and operational information.)

Key Financial Figures

• $20 — base rent per occupied square foot was $20.35, on a pro rata basis. The primary
• $1.1 billion — s obtained a financing commitment for a $1.1 billion mortgage facility (the "Mortgage Facili

Filing Documents

• sitc-20231231.htm (10-K) — 6095KB
• sitc-ex21_subsidiaries.htm (EX-21.SUBSIDIARIES) — 144KB
• sitc-ex23_consent.htm (EX-23.CONSENT) — 3KB
• sitc-ex31_1.htm (EX-31.1) — 15KB
• sitc-ex31_2.htm (EX-31.2) — 15KB
• sitc-ex32_1.htm (EX-32.1) — 7KB
• sitc-ex32_2.htm (EX-32.2) — 7KB
• sitc-ex97_clawback.htm (EX-97.CLAWBACK) — 37KB
• 0000950170-24-019352.txt (&nbsp;) — 21730KB
• sitc-20231231.xsd (EX-101.SCH) — 2634KB
• sitc-20231231_htm.xml (XML) — 4395KB

Risk Factors

Risk Factors 6 1B. Unresolved Staff Comments 20 1C. Cybersecurity 2.

Properties

Properties 21 3.

Legal Proceedings

Legal Proceedings 28 4. Mine Safety Disclosures 28 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 6. [Reserved] 29 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 52 9A.

Controls and Procedures

Controls and Procedures 53 9B. Other Information 53 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 53 PART III 10. Directors, Executive Officers and Corporate Governance 54 11 .

Executive Compensation

Executive Compensation 54 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 55 13 . Certain Relationships and Related Transactions, and Director Independence 55 14. Principal Accountant Fees and Services 55 PART IV 15. Exhibits and Financial Statement Schedules 56 16. Form 10-K Summary 59 2 Table of Contents P ART I

BUSI NESS

Item 1. BUSI NESS Overview SITE Centers Corp., an Ohio corporation (the "Company" or "SITE Centers"), is a self-administered and self-managed Real Estate Investment Trust ("REIT") engaged in the business of owning, leasing, acquiring, redeveloping, developing and managing shopping centers. Unless otherwise provided, references herein to the Company or SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries and consolidated and unconsolidated joint ventures. The Company is self-administered and self-managed, and therefore, has not engaged, nor does it expect to retain, any REIT advisor. The Company manages all of its shopping centers which are collectively referred to herein as the "Portfolio Properties". At December 31, 2023, the Company owned 114 shopping centers (including 13 shopping centers owned through unconsolidated joint ventures) aggregated 22.6 million square feet of gross leasable area ("GLA") through all its properties (wholly-owned and joint venture). At December 31, 2023, the aggregate occupancy of the Company's operating shopping center portfolio was 92.0% on a pro rata basis, and the average annualized base rent per occupied square foot was $20.35, on a pro rata basis. The primary source of the Company's income is generated from the rental of the Company's Portfolio Properties to tenants. In addition, the Company generates revenue from its management contracts with its unconsolidated joint ventures. Strategy The overall investment, operating and financing policies of the Company, which govern a variety of activities, such as capital allocations, dividends and status as a REIT, are determined by management and the Board of Directors. The Board of Directors may amend or revise the Company's policies from time to time without a vote of the Company's shareholders. The Company's mission is to own and manage open-air shopping centers located in suburban, high household income communities. The Company strives to deliver total

RISK FACTORS

Item 1A. RISK FACTORS Summary of Risk Factors The following is a summary of material risks that could affect the Company's business, results of operations, financial condition, liquidity and cash flows. The risks summarized below are discussed in greater detail in the risk factors that follow and are not the only risks the Company faces. The Company's business operations could also be affected by additional factors that are not presently known to it or that the Company currently considers to be immaterial to its operations. Investors should carefully consider each of the following risks and all of the other information contained in this Annual Report on Form 10-K. If any of the following risks actually occur, the Company's business, financial condition or results of operations could be negatively affected. Risks Related to the Company's Business, Properties and Strategies The economic performance and value of the Company's shopping centers depend on many factors, including broad economic climate and local conditions, each of which could have an adverse impact on the Company's cash flows and operating results. An increase in e-commerce market share may have an adverse impact on the Company's tenants and business. The Company leases a substantial portion of its square footage to large national tenants, making it vulnerable to changes in the business and financial condition of, or demand for, its space by such tenants. The Company's dependence on rental income may adversely affect its ability to meet its debt obligations and make distributions to shareholders. Inflationary pressures could adversely impact operating results. The Company's expenses may remain constant or increase even if income from the Company's properties decreases. Property ownership through partnerships and joint ventures could limit the Company's control of those investments and reduce its expected return. 6 Table of Contents The Company's real estate assets may be subject

View Full Filing

View this 10-K filing on SEC EDGAR