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closJo

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                  

Commission file number 1-11690

 

SITE Centers Corp.

(Exact name of registrant as specified in its charter)

 

 

Ohio

 

34-1723097

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

   3300 Enterprise Parkway

Beachwood, OH

 

44122

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (216) 755-5500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Shares, Par Value $0.10 Per Share

 

SITC

 

New York Stock Exchange

 

 

 

 

 

Depositary Shares, each representing 1/20 of a share of 6.375% Class A Cumulative Redeemable Preferred Shares without Par Value

 

SITC PRA

 

New York Stock Exchange

 

 

 

 

 

Depositary Shares, each representing 1/20 of a share of 6.25% Class K Cumulative Redeemable Preferred Shares without Par Value

 

SITC PRK

 

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

     

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 26, 2020, the registrant had 193,219,781 shares of common stock, $0.10 par value per share, outstanding.

 

 

 


SITE Centers Corp.

QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED September 30, 2020

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements – Unaudited

 

 

Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

2

 

Consolidated Statements of Operations for the Three Months Ended September 30, 2020 and 2019

3

 

Consolidated Statements of Operations for the Nine Months Ended September 30, 2020 and 2019

4

 

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019

5

 

Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2020 and 2019

6

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

7

 

Notes to Condensed Consolidated Financial Statements

8

Item 2.

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

20

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

40

Item 4.

Controls and Procedures

41

 

 

 

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

44

 

 

 

SIGNATURES

45

 

 

1


SITE Centers Corp.

CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands, except share amounts)

 

 

September 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

Land

$

881,543

 

 

$

881,397

 

Buildings

 

3,312,645

 

 

 

3,277,440

 

Fixtures and tenant improvements

 

501,431

 

 

 

491,312

 

 

 

4,695,619

 

 

 

4,650,149

 

Less: Accumulated depreciation

 

(1,393,578

)

 

 

(1,289,148

)

 

 

3,302,041

 

 

 

3,361,001

 

Construction in progress and land

 

52,042

 

 

 

59,663

 

Total real estate assets, net

 

3,354,083

 

 

 

3,420,664

 

Investments in and advances to joint ventures, net

 

175,247

 

 

 

294,495

 

Investment in and advances to affiliate

 

190,770

 

 

 

190,105

 

Cash and cash equivalents

 

57,224

 

 

 

16,080

 

Restricted cash

 

289

 

 

 

3,053

 

Accounts receivable

 

79,208

 

 

 

60,594

 

Other assets, net

 

88,041

 

 

 

108,631

 

 

$

3,944,862

 

 

$

4,093,622

 

Liabilities and Equity

 

 

 

 

 

 

 

Unsecured indebtedness:

 

 

 

 

 

 

 

Senior notes, net

$

1,449,075

 

 

$

1,647,963

 

Term loan, net

 

99,591

 

 

 

99,460

 

Revolving credit facilities

 

175,000

 

 

 

5,000

 

 

 

1,723,666

 

 

 

1,752,423

 

Mortgage indebtedness, net

 

53,316

 

 

 

94,874

 

Total indebtedness

 

1,776,982

 

 

 

1,847,297

 

Accounts payable and other liabilities

 

203,035

 

 

 

220,811

 

Dividends payable

 

5,133

 

 

 

44,036

 

Total liabilities

 

1,985,150

 

 

 

2,112,144

 

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, 2020 and

   December 31, 2019

 

175,000

 

 

 

175,000

 

Class K—6.25% cumulative redeemable preferred shares, without par value, $500 liquidation value;

   750,000 shares authorized; 300,000 shares issued and outstanding at September 30, 2020 and

   December 31, 2019

 

150,000

 

 

 

150,000

 

Common shares, with par value, $0.10 stated value; 300,000,000 shares authorized; 193,995,499 and

   193,823,409 shares issued at September 30, 2020 and December 31, 2019, respectively

 

19,400

 

 

 

19,382

 

Additional paid-in capital

 

5,706,225

 

 

 

5,700,400

 

Accumulated distributions in excess of net income

 

(4,083,405

)

 

 

(4,066,099

)

Deferred compensation obligation

 

5,442

 

 

 

7,929

 

Accumulated other comprehensive loss

 

(3,728

)

 

 

(491

)

Less: Common shares in treasury at cost: 1,041,169 and 325,318 shares at September 30, 2020 and

   December 31, 2019, respectively

 

(12,463

)

 

 

(7,707

)

Total SITE Centers shareholders' equity

 

1,956,471

 

 

 

1,978,414

 

Non-controlling interests

 

3,241

 

 

 

3,064

 

Total equity

 

1,959,712

 

 

 

1,981,478

 

 

$

3,944,862

 

 

$

4,093,622

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.  

 

 


2


SITE Centers Corp.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

 

Three Months

 

 

Ended September 30,

 

 

2020

 

 

2019

 

Revenues from operations:

 

 

 

 

 

 

 

Rental income

$

95,874

 

 

$

108,060

 

Fee and other income

 

9,680

 

 

 

13,580

 

Business interruption income

 

 

 

 

885

 

 

 

105,554

 

 

 

122,525

 

Rental operation expenses:

 

 

 

 

 

 

 

Operating and maintenance

 

15,775

 

 

 

16,738

 

Real estate taxes

 

16,542

 

 

 

16,721

 

Impairment charges

 

 

 

 

2,750

 

General and administrative

 

13,664

 

 

 

15,304

 

Depreciation and amortization

 

41,148

 

 

 

40,732

 

 

 

87,129

 

 

 

92,245

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

3,445

 

 

 

4,616

 

Interest expense

 

(18,089

)

 

 

(21,160

)

Other expense, net

 

(186

)

 

 

(322

)

 

 

(14,830

)

 

 

(16,866

)

Income before earnings from equity method investments and other items

 

3,595

 

 

 

13,414

 

Equity in net income of joint ventures

 

250

 

 

 

2,612

 

Adjustment (reserve) of preferred equity interests, net

 

3,542

 

 

 

(6,373

)

Gain on sale of joint venture interest

 

82

 

 

 

 

Gain on disposition of real estate, net

 

218

 

 

 

14,497

 

Income before tax expense

 

7,687

 

 

 

24,150

 

Tax expense of taxable REIT subsidiaries and state franchise and income taxes

 

(284

)

 

 

(249

)

Net income

$

7,403

 

 

$

23,901

 

Income attributable to non-controlling interests, net

 

(116

)

 

 

(271

)

Net income attributable to SITE Centers

$

7,287

 

 

$

23,630

 

Preferred dividends

 

(5,133

)

 

 

(8,382

)

Net income attributable to common shareholders

$

2,154

 

 

$

15,248

 

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

Basic

$

0.01

 

 

$

0.08

 

Diluted

$

0.01

 

 

$

0.08

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

3


SITE Centers Corp.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

 

Nine Months

 

 

Ended September 30,

 

 

2020

 

 

2019

 

Revenues from operations:

 

 

 

 

 

 

 

Rental income

$

306,482

 

 

$

332,555

 

Fee and other income

 

35,953

 

 

 

48,764

 

Business interruption income

 

 

 

 

885

 

 

 

342,435

 

 

 

382,204

 

Rental operation expenses:

 

 

 

 

 

 

 

Operating and maintenance

 

50,774

 

 

 

54,322

 

Real estate taxes

 

51,547

 

 

 

52,262

 

Impairment charges

 

 

 

 

3,370

 

General and administrative

 

38,542

 

 

 

44,348

 

Depreciation and amortization

 

125,014

 

 

 

123,400

 

 

 

265,877

 

 

 

277,702

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

10,480

 

 

 

13,658

 

Interest expense

 

(58,487

)

 

 

(63,973

)

Other expense, net

 

(18,207

)

 

 

(254

)

 

 

(66,214

)

 

 

(50,569

)

Income before earnings from equity method investments and other items

 

10,344

 

 

 

53,933

 

Equity in net income of joint ventures

 

908

 

 

 

5,446

 

Reserve of preferred equity interests, net

 

(19,393

)

 

 

(12,106

)

Gain on sale of joint venture interest

 

45,635

 

 

 

 

Gain on disposition of real estate, net

 

993

 

 

 

31,087

 

Income before tax expense

 

38,487

 

 

 

78,360

 

Tax expense of taxable REIT subsidiaries and state franchise and income taxes

 

(859

)

 

 

(827

)

Net income

$

37,628

 

 

$

77,533

 

Income attributable to non-controlling interests, net

 

(621

)

 

 

(836

)

Net income attributable to SITE Centers

$

37,007

 

 

$

76,697

 

Preferred dividends

 

(15,399

)

 

 

(25,148

)

Net income attributable to common shareholders

$

21,608

 

 

$

51,549

 

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

Basic

$

0.11

 

 

$

0.28

 

Diluted

$

0.11

 

 

$

0.28

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


SITE Centers Corp.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  

(unaudited; in thousands)

 

 

Three Months

 

 

Nine Months

 

 

Ended September 30,

 

 

Ended September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

$

7,403

 

 

$

23,901

 

 

$

37,628

 

 

$

77,533

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation, net

 

(3,916

)

 

 

(105

)

 

 

(4,409

)

 

 

273

 

Change in cash flow hedges reclassed to earnings

 

 

 

 

117

 

 

 

1,172

 

 

 

351

 

Total other comprehensive (loss) income

 

(3,916

)

 

 

12

 

 

 

(3,237

)

 

 

624

 

Comprehensive income

$

3,487

 

 

$

23,913

 

 

$

34,391

 

 

$

78,157

 

Total comprehensive income attributable to non-controlling interests

 

(116

)

 

 

(271

)

 

 

(621

)

 

 

(836

)

Total comprehensive income attributable to SITE Centers

$

3,371

 

 

$

23,642

 

 

$

33,770

 

 

$

77,321

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.  

 

5


SITE Centers Corp.

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited; in thousands)

 

 

SITE Centers Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares

 

 

Common

Shares

 

 

Additional

Paid-in

Capital

 

 

Accumulated Distributions

in Excess of

Net Income

 

 

Deferred Compensation Obligation

 

 

Accumulated Other Comprehensive Loss

 

 

Treasury

Stock at

Cost

 

 

Non-

Controlling

Interests

 

 

Total

 

Balance, December 31, 2019

$

325,000

 

 

$

19,382

 

 

$

5,700,400

 

 

$

(4,066,099

)

 

$

7,929

 

 

$

(491

)

 

$

(7,707

)

 

$

3,064

 

 

$

1,981,478

 

Issuance of common shares related

   to stock plans

 

 

 

 

18

 

 

 

(78

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(60

)

Repurchase of common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,500

)

 

 

 

 

 

(7,500

)

Stock-based compensation, net

 

 

 

 

 

 

 

4,397

 

 

 

 

 

 

(2,495

)

 

 

 

 

 

2,538

 

 

 

 

 

 

4,440

 

Distributions to non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(278

)

 

 

(278

)

Dividends declared-common shares

 

 

 

 

 

 

 

 

 

 

(38,914

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,914

)

Dividends declared-preferred shares

 

 

 

 

 

 

 

 

 

 

(10,266

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,266

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

29,720

 

 

 

 

 

 

679

 

 

 

 

 

 

505

 

 

 

30,904

 

Balance, June 30, 2020

 

325,000

 

 

 

19,400

 

 

 

5,704,719

 

 

 

(4,085,559

)

 

 

5,434

 

 

 

188

 

 

 

(12,669

)

 

 

3,291

 

 

 

1,959,804

 

Stock-based compensation, net

 

 

 

 

 

 

 

1,506

 

 

 

 

 

 

8

 

 

 

 

 

 

206

 

 

 

 

 

 

1,720

 

Distributions to non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(166

)

 

 

(166

)

Dividends declared-preferred shares

 

 

 

 

 

 

 

 

 

 

(5,133

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,133

)

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

7,287

 

 

 

 

 

 

(3,916

)

 

 

 

 

 

116

 

 

 

3,487

 

Balance, September 30, 2020

$

325,000

 

 

$

19,400

 

 

$

5,706,225

 

 

$

(4,083,405

)

 

$

5,442

 

 

$

(3,728

)

 

$

(12,463

)

 

$

3,241

 

 

$

1,959,712

 

 

 

SITE Centers Equity