SITE Centers Corp. 10-Q: Acquisition Event Disclosed
Ticker: SITC · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 894315
Sentiment: neutral
Topics: 10-Q, acquisition, real-estate
TL;DR
**SITE Centers Corp. 10-Q filed: Acquisition on July 26th!**
AI Summary
SITE Centers Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and includes a subsequent event on July 26, 2024, related to an acquisition. The company's address is 3300 Enterprise Parkway, Beachwood, OH 44122, and its phone number is 216-755-5500.
Why It Matters
This 10-Q filing provides investors with an update on SITE Centers Corp.'s financial health and strategic moves, including a recent acquisition that could impact future performance.
Risk Assessment
Risk Level: medium — The filing indicates a recent acquisition, which introduces potential integration risks and financial implications that warrant investor attention.
Key Numbers
- N/A — Revenue (Specific revenue figures for the quarter are not detailed in the provided text snippet.)
- N/A — Net Income (Specific net income figures for the quarter are not detailed in the provided text snippet.)
- N/A — Total Assets (Specific total asset figures for the quarter are not detailed in the provided text snippet.)
Key Players & Entities
- SITE Centers Corp. (company) — Filer
- 2024-06-30 (date) — Reporting Period End Date
- 3300 Enterprise Parkway, Beachwood, OH 44122 (address) — Company Business Address
- 216-755-5500 (phone_number) — Company Business Phone
- 2024-07-26 (date) — Subsequent Event - Acquisition Date
- JpMorgan Chase Bank Na (company) — Revolving Credit Facility Lender
FAQ
What was the nature of the acquisition that occurred on July 26, 2024?
The filing identifies a 'SubsequentEventMember' related to an 'AcquisitionMember' on July 26, 2024, but the specific details of the acquisition are not provided in this snippet.
What is the company's primary business activity?
SITE Centers Corp. is classified under 'REAL ESTATE INVESTMENT TRUSTS [6798]'.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Does the company have any unsecured debt facilities?
Yes, the filing mentions 'us-gaap:RevolvingCreditFacilityMember' and 'us-gaap:UnsecuredDebtMember' as of June 30, 2024.
What was the company formerly known as?
The company was formerly known as DDR Corp. and Developers Diversified Realty Corp., with name changes on September 14, 2011, and February 18, 1994, respectively.
Filing Stats: 4,450 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-07-31 16:05:30
Key Financial Figures
- $0.10 — had 209,562,059 shares of common stock, $0.10 par value per share, outstanding. SIT
Filing Documents
- sitc-20240630.htm (10-Q) — 2365KB
- sitc-ex10_1.htm (EX-10.1) — 405KB
- 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
- 0000950170-24-088552.txt ( ) — 8249KB
- sitc-20240630.xsd (EX-101.SCH) — 1127KB
- sitc-20240630_htm.xml (XML) — 1209KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements – Unaudited
Financial Statements – Unaudited Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the Three Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Operations for the Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 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 18 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 38
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 39 Item 1A.
Risk Factors
Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40
SIGNATURES
SIGNATURES 41 2 SITE Centers Corp. CONSOLIDATED B ALANCE SHEETS (unaudited; in thousands, except share amounts) June 30, 2024 December 31, 2023 Assets Land $ 766,741 $ 930,540 Buildings 2,709,676 3,311,368 Fixtures and tenant improvements 460,678 537,872 3,937,095 4,779,780 Less: Accumulated depreciation ( 1,322,286 ) ( 1,570,377 ) 2,614,809 3,209,403 Construction in progress and land 34,304 51,379 Total real estate assets, net 2,649,113 3,260,782 Investments in and advances to joint ventures, net 32,576 39,372 Cash and cash equivalents 1,181,292 551,968 Restricted cash 4,286 17,063 Accounts receivable 48,165 65,623 Other assets, net 130,133 126,543 $ 4,045,565 $ 4,061,351 Liabilities and Equity Unsecured indebtedness: Senior notes, net $ 1,216,029 $ 1,303,243 Term loan, net 199,023 198,856 Revolving credit facility — — 1,415,052 1,502,099 Mortgage indebtedness, net 98,579 124,176 Total indebtedness 1,513,631 1,626,275 Accounts payable and other liabilities 167,665 195,727 Dividends payable 30,170 63,806 Total liabilities 1,711,466 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 June 30, 2024 and December 31, 2023 175,000 175,000 Common shares, with par value, $ 0.10 stated value; 300,000,000 shares authorized; 214,375,816 and 214,373,833 shares issued at June 30, 2024 and December 31, 2023, respectively 21,437 21,437 Additional paid-in capital 5,973,663 5,974,904 Accumulated distributions in excess of net income ( 3,780,374 ) ( 3,934,736 ) Deferred compensation obligation 4,937 5,167 Accumulated other comprehensive income 8,572 6,121 Less: Common shares in treasury at cost: 5,087