SITE Centers Corp. Files 10-Q for Period Ending March 31, 2024

AI Summary

SITE Centers Corp. (SITC) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. SITE Centers Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and accounts, such as Treasury Stock, Accumulated Other Comprehensive Income, and Preferred Stock. Specific assets like Shopping Centers Acquired and properties such as The Grove at Harpers Preserve in Conroe, Texas, are mentioned. Fair value measurements, including Level 1, Level 2, and Level 3 inputs, are detailed for March 31, 2024, and December 31, 2023. The report also references subsequent events, including a disposition on April 26, 2024.

Why It Matters

For investors and stakeholders tracking SITE Centers Corp., this filing contains several important signals. This 10-Q provides investors with an updated view of SITE Centers Corp.'s financial health and asset portfolio as of the end of the first quarter of 2024. The inclusion of fair value measurements and details on specific properties offers insights into the company's real estate holdings and valuation methodologies.

Risk Assessment

Risk Level: medium — SITE Centers Corp. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures. However, the specific details within the report regarding asset valuations, debt, and any disclosed risks could influence the overall risk assessment.

Analyst Insight

Review the detailed fair value measurements and any disclosed subsequent events for potential impacts on the company's asset valuation and strategic direction.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-01 — Filing Date (Filed as of Date)
• 2023-01-01 to 2023-03-31 — Prior Year Q1 Period (Data reference for prior period)
• 2024-01-01 to 2024-03-31 — Current Year Q1 Period (Data reference for current period)

Key Players & Entities

• SITE Centers Corp. (company) — Filer name
• DDR CORP (company) — Former company name
• DEVELOPERS DIVERSIFIED REALTY CORP (company) — Former company name
• The Grove at Harpers Preserve (company) — Property name
• Conroe, Texas (location) — Property location
• The Shops at Gilbert Crossroads (company) — Property name
• Gilbert, Arizona (location) — Property location

FAQ

Industry Context

SITE Centers Corp. operates as a real estate investment trust (REIT) focused on shopping centers. The company's performance is tied to the retail real estate market, tenant occupancy, and rental income.

Regulatory Implications

As a publicly traded company, SITE Centers Corp. is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Analyze the fair value measurements for real estate assets to understand valuation trends.
2. Review any disclosed subsequent events, particularly the disposition mentioned, for financial implications.
3. Examine the details of financial instruments and equity accounts for changes from the previous reporting period.

Key Dates

• 2024-03-31: Quarterly Report Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2024-04-26: Subsequent Event (Disposition) — Indicates a significant event occurring after the reporting period but before the filing date.

Year-Over-Year Comparison

This filing represents the quarterly update for Q1 2024, providing the latest financial data and disclosures compared to previous periods.

Key Financial Figures

• $0.10 — had 209,543,106 shares of common stock, $0.10 par value per share, outstanding. SIT

Filing Documents

• sitc-20240331.htm (10-Q) — 1695KB
• sitc-ex31_1.htm (EX-31.1) — 15KB
• sitc-ex31_2.htm (EX-31.2) — 15KB
• sitc-ex32_1.htm (EX-32.1) — 6KB
• sitc-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-051246.txt ( ) — 6084KB
• sitc-20240331.xsd (EX-101.SCH) — 1053KB
• sitc-20240331_htm.xml (XML) — 784KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements – Unaudited

Financial Statements – Unaudited Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 2 SITE Centers Corp. CONSOLIDATED B ALANCE SHEETS (unaudited; in thousands, except share amounts) March 31, 2024 December 31, 2023 Assets Land $ 906,727 $ 930,540 Buildings 3,185,457 3,311,368 Fixtures and tenant improvements 542,875 537,872 4,635,059 4,779,780 Less: Accumulated depreciation ( 1,575,920 ) ( 1,570,377 ) 3,059,139 3,209,403 Construction in progress and land 54,148 51,379 Total real estate assets, net 3,113,287 3,260,782 Investments in and advances to joint ventures, net 38,607 39,372 Cash and cash equivalents 551,285 551,968 Restricted cash 5,433 17,063 Accounts receivable 57,159 65,623 Other assets, net 126,807 126,543 $ 3,892,578 $ 4,061,351 Liabilities and Equity Unsecured indebtedness: Senior notes, net $ 1,242,191 $ 1,303,243 Term loan, net 198,940 198,856 Revolving credit facility — — 1,441,131 1,502,099 Mortgage indebtedness, net 124,100 124,176 Total indebtedness 1,565,231 1,626,275 Accounts payable and other liabilities 173,242 195,727 Dividends payable 30,161 63,806 Total liabilities 1,768,634 1,885,808 Commitments and contingencies SITE Centers Equity Class A— 6.375 % cumulative redeemable preferred shares, without par value, $ 500 liquidation value; 750,000 shares authorized; 350,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 175,000 175,000 Common shares, with par value, $ 0.10 stated value; 300,000,000 shares authorized; 214,375,205 and 214,373,833 shares issued at March 31, 2024 and December 31, 2023, respectively 21,437 21,437 Additional paid-in capital 5,971,666 5,974,904 Accumulated distributions in excess of net income ( 3,988,449 ) ( 3,934,736 ) Deferred compensation obligation 5,052 5,167 Accumulated other comprehensive income 8,723 6,121 Less: Common shares in treasury at cost: 5,1

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View this 10-Q filing on SEC EDGAR