SITE Centers Corp. (SITC) Reports Q3 FFO of $0.29
Tweet
Share
E-mailGet Alerts SITC Hot Sheet
Join SI Premium – FREE
SITE Centers Corp. (NYSE: SITC) reported Q3 FFO of $0.29, versus $0.23 reported last year. Revenue for the quarter came in at $121.1 million, versus $95.94 million reported last year.
Guidance:
The Company has updated its 2021 full year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the third quarter operating results. RVI disposition and refinancing fees, impairment charges, gains on sale of assets and debt extinguishment are excluded from guidance. The guidance update is as follows:
Reconciliation of Net Income Attributable to Common Shareholders to FFO and Operating FFO estimates:
| FY 2021E (prior) |
| FY 2021E (revised) | |
Net income attributable to Common Shareholders | $0.15 – $0.20 |
| $0.28 – $0.30 | |
Depreciation and amortization of real estate | 0.83 – 0.86 |
| 0.83 – 0.86 | |
Equity in net (income) of JVs | (0.05) |
| (0.06) | |
JVs' FFO | 0.08 – 0.10 |
| 0.09 – 0.11 | |
Gain on sale of joint venture interest, net (reported actual) | (0.07) |
| (0.10) | |
Impairment of real estate (reported actual) | 0.03 |
| 0.03 | |
FFO (NAREIT) | $1.00 – $1.04 |
| $1.10 – $1.11 | |
Disposition fees (reported actual) | — |
| (0.03) | |
Mark-to-market adjustment (PRSUs) and other (reported actual) | 0.03 |
| 0.03 | |
Write-off of Class K Preferred Share original issuance costs | 0.03 |
| 0.03 | |
Operating FFO | $1.06 – $1.10 |
| $1.13 – $1.14 |
Other key assumptions for 2021 guidance include:
| FY 2021E (prior) |
| FY 2021E (revised) | |
Joint Venture fee income | $12 – $14 million |
| $13 – $14 million | |
RVI fee income (excluding disposition fees) (1) | $15 – $17 million |
| $16 – $17 million | |
SSNOI (2) | 10.5% – 13.0% |
| 12.5% – 14.0% |
For earnings history and earnings-related data on SITE Centers Corp. (SITC) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Micron surges 5.5% on blockbuster Anthropic AI deal ahead of earnings
- Ridgepost Capital acquires Stellus Capital Management for $4B AUM
- Jefferies Reinstates Talen Energy (TLN) at Hold
Create E-mail Alert Related Categories
Earnings, GuidanceRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
