SITE Centers Corp. Q3 2024 10-Q Filed
Ticker: SITC · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 894315
Sentiment: neutral
Topics: real-estate, 10-Q, financials, REIT
TL;DR
**SITE Centers Corp. Q3 10-Q is in. Financials updated, risk management tools like swaps are active.**
AI Summary
SITE Centers Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial information for the third quarter, including assets and liabilities related to real estate operations. Key financial instruments like interest rate swaps and swaptions are mentioned, indicating active management of financial risks.
Why It Matters
This filing provides investors with an update on SITE Centers Corp.'s financial health and operational performance for the third quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing mentions various financial instruments and real estate assets, indicating inherent risks associated with the real estate investment trust sector.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the specific date for which financial data is reported.)
- 2024-10-30 — Filing Date (Shows when the report was officially submitted to the SEC.)
Key Players & Entities
- SITE Centers Corp. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of reporting period
- 2024-10-30 (date) — Filing date
- 3300 Enterprise Parkway, Beachwood, OH 44122 (address) — Company business and mailing address
FAQ
What is the primary business of SITE Centers Corp.?
SITE Centers Corp. is a real estate investment trust (REIT) as indicated by its Standard Industrial Classification code [6798].
What was the previous name of SITE Centers Corp.?
SITE Centers Corp. was formerly known as DDR CORP and DEVELOPERS DIVERSIFIED REALTY CORP, with name changes occurring on 2011-09-14 and 1994-02-18, respectively.
What financial instruments are mentioned in the filing related to risk management?
The filing mentions 'InterestRateSwapMember' and 'SwaptionMember', indicating the use of these financial derivatives for risk management.
What specific property locations are mentioned?
The filing references 'VeroBeachFloridaMember' and 'SunrisePlazaMember'.
What is the fiscal year end for SITE Centers Corp.?
The fiscal year end for SITE Centers Corp. is December 31st.
Filing Stats: 4,384 words · 18 min read · ~15 pages · Grade level 16.1 · Accepted 2024-10-30 08:00:28
Key Financial Figures
- $0.10 — ad 52,430,161 sh ares of common stock, $0.10 par value per share, outstanding. SIT
Filing Documents
- sitc-20240930.htm (10-Q) — 2374KB
- sitc-ex3_1.htm (EX-3.1) — 958KB
- sitc-ex4_1.htm (EX-4.1) — 2492KB
- sitc-ex10_1.htm (EX-10.1) — 253KB
- sitc-ex10_2.htm (EX-10.2) — 353KB
- sitc-ex10_3.htm (EX-10.3) — 295KB
- sitc-ex10_4.htm (EX-10.4) — 327KB
- sitc-ex10_5.htm (EX-10.5) — 24KB
- sitc-ex10_6.htm (EX-10.6) — 14KB
- sitc-ex31_1.htm (EX-31.1) — 16KB
- sitc-ex31_2.htm (EX-31.2) — 16KB
- sitc-ex32_1.htm (EX-32.1) — 7KB
- sitc-ex32_2.htm (EX-32.2) — 7KB
- 0000950170-24-118598.txt ( ) — 13554KB
- sitc-20240930.xsd (EX-101.SCH) — 1213KB
- sitc-20240930_htm.xml (XML) — 1262KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements – Unaudited
Financial Statements – Unaudited Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the Three Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Operations for the Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 19 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 38 Item 4.
Controls and Procedures
Controls and Procedures 39
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 40 Item 1A.
Risk Factors
Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41
SIGNATURES
SIGNATURES 42 2 SITE Centers Corp. CONSOLIDATED B ALANCE SHEETS (unaudited; in thousands, except share amounts) September 30, 2024 December 31, 2023 Assets Land $ 613,990 $ 930,540 Buildings 1,700,647 3,311,368 Fixtures and tenant improvements 323,926 537,872 2,638,563 4,779,780 Less: Accumulated depreciation ( 799,336 ) ( 1,570,377 ) 1,839,227 3,209,403 Construction in progress and land 17,887 51,379 Total real estate assets, net 1,857,114 3,260,782 Investments in and advances to joint ventures, net 32,179 39,372 Cash and cash equivalents 1,063,088 551,968 Restricted cash 21,038 17,063 Accounts receivable 38,842 65,623 Other assets, net 114,837 126,543 $ 3,127,098 $ 4,061,351 Liabilities and Equity Indebtedness $ 300,842 $ 1,626,275 Accounts payable and other liabilities 171,541 195,727 Dividends payable 2,789 63,806 Total liabilities 475,172 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 September 30, 2024 and December 31, 2023 175,000 175,000 Common shares, with par value, $ 0.10 stated value; 75,000,000 shares authorized; 52,467,187 and 52,393,384 shares issued at September 30, 2024 and December 31, 2023, respectively 5,247 5,239 Additional paid-in capital 5,927,905 5,923,919 Accumulated distributions in excess of net income ( 3,460,210 ) ( 3,934,736 ) Deferred compensation obligation 4,968 5,167 Accumulated other comprehensive income 6,113 6,121 Less: Common shares in treasury at cost: 105,895 and 73,701 shares at September 30, 2024 and December 31, 2023, respectively ( 7,097 ) ( 5,167 ) Total equity 2,651,926 2,175,543 $ 3,127,098 $ 4,061,351 The accompanying notes are an integra