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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 June 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 July 24, 2020, the registrant had 193,191,145 shares of common stock, $0.10 par value per share, outstanding.

 

 

 


SITE Centers Corp.

QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED June 30, 2020

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements – Unaudited

 

 

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

2

 

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

3

 

Consolidated Statements of Operations for the Six Months Ended June 30, 2020 and 2019

4

 

Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2020 and 2019

5

 

Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2020 and 2019

6

 

Consolidated Statements of Cash Flows for the Six Months Ended June 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)

 

 

June 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

Land

$

881,581

 

 

$

881,397

 

Buildings

 

3,302,821

 

 

 

3,277,440

 

Fixtures and tenant improvements

 

498,999

 

 

 

491,312

 

 

 

4,683,401

 

 

 

4,650,149

 

Less: Accumulated depreciation

 

(1,358,535

)

 

 

(1,289,148

)

 

 

3,324,866

 

 

 

3,361,001

 

Construction in progress and land

 

56,203

 

 

 

59,663

 

Total real estate assets, net

 

3,381,069

 

 

 

3,420,664

 

Investments in and advances to joint ventures, net

 

173,306

 

 

 

294,495

 

Investment in and advances to affiliate

 

190,280

 

 

 

190,105

 

Cash and cash equivalents

 

128,486

 

 

 

16,080

 

Restricted cash

 

198

 

 

 

3,053

 

Accounts receivable

 

81,184

 

 

 

60,594

 

Other assets, net

 

94,008

 

 

 

108,631

 

 

$

4,048,531

 

 

$

4,093,622

 

Liabilities and Equity

 

 

 

 

 

 

 

Unsecured indebtedness:

 

 

 

 

 

 

 

Senior notes, net

$

1,448,536

 

 

$

1,647,963

 

Term loan, net

 

99,548

 

 

 

99,460

 

Revolving credit facilities

 

285,000

 

 

 

5,000

 

 

 

1,833,084

 

 

 

1,752,423

 

Mortgage indebtedness, net

 

53,765

 

 

 

94,874

 

Total indebtedness

 

1,886,849

 

 

 

1,847,297

 

Accounts payable and other liabilities

 

196,745

 

 

 

220,811

 

Dividends payable

 

5,133

 

 

 

44,036

 

Total liabilities

 

2,088,727

 

 

 

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 June 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 June 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 June 30, 2020 and December 31, 2019, respectively

 

19,400

 

 

 

19,382

 

Additional paid-in capital

 

5,704,719

 

 

 

5,700,400

 

Accumulated distributions in excess of net income

 

(4,085,559

)

 

 

(4,066,099

)

Deferred compensation obligation

 

5,434

 

 

 

7,929

 

Accumulated other comprehensive income (loss)

 

188

 

 

 

(491

)

Less: Common shares in treasury at cost: 1,059,881 and 325,318 shares at June 30, 2020 and

   December 31, 2019, respectively

 

(12,669

)

 

 

(7,707

)

Total SITE Centers shareholders' equity

 

1,956,513

 

 

 

1,978,414

 

Non-controlling interests

 

3,291

 

 

 

3,064

 

Total equity

 

1,959,804

 

 

 

1,981,478

 

 

$

4,048,531

 

 

$

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 June 30,

 

 

2020

 

 

2019

 

Revenues from operations:

 

 

 

 

 

 

 

Rental income

$

98,079

 

 

$

112,274

 

Fee and other income

 

9,492

 

 

 

16,383

 

 

 

107,571

 

 

 

128,657

 

Rental operation expenses:

 

 

 

 

 

 

 

Operating and maintenance

 

16,519

 

 

 

18,743

 

Real estate taxes

 

17,348

 

 

 

17,798

 

General and administrative

 

13,502

 

 

 

14,932

 

Depreciation and amortization

 

40,873

 

 

 

40,060

 

 

 

88,242

 

 

 

91,533

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

3,550

 

 

 

4,521

 

Interest expense

 

(19,811

)

 

 

(21,087

)

Other expense, net

 

(612

)

 

 

(85

)

 

 

(16,873

)

 

 

(16,651

)

Income before earnings from equity method investments and other items

 

2,456

 

 

 

20,473

 

Equity in net (loss) income of joint ventures

 

(1,513

)

 

 

1,791

 

Reserve of preferred equity interests, net

 

(4,878

)

 

 

(4,634

)

Loss on sale of joint venture interest

 

(128

)

 

 

 

Gain on disposition of real estate, net

 

2

 

 

 

213

 

(Loss) income before tax expense

 

(4,061

)

 

 

17,843

 

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

 

(342

)

 

 

(306

)

Net (loss) income

$

(4,403

)

 

$

17,537

 

Income attributable to non-controlling interests, net

 

(210

)

 

 

(260

)

Net (loss) income attributable to SITE Centers

$

(4,613

)

 

$

17,277

 

Preferred dividends

 

(5,133

)

 

 

(8,383

)

Net (loss) income attributable to common shareholders

$

(9,746

)

 

$

8,894

 

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

Basic

$

(0.05

)

 

$

0.05

 

Diluted

$

(0.05

)

 

$

0.05

 

 

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)

 

Six Months

 

 

Ended June 30,

 

 

2020

 

 

2019

 

Revenues from operations:

 

 

 

 

 

 

 

Rental income

$

210,608

 

 

$

224,495

 

Fee and other income

 

26,273

 

 

 

35,184

 

 

 

236,881

 

 

 

259,679

 

Rental operation expenses:

 

 

 

 

 

 

 

Operating and maintenance

 

34,999

 

 

 

37,584

 

Real estate taxes

 

35,005

 

 

 

35,541

 

Impairment charges

 

 

 

 

620

 

General and administrative

 

24,878

 

 

 

29,044

 

Depreciation and amortization

 

83,866

 

 

 

82,668

 

 

 

178,748

 

 

 

185,457

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

7,035

 

 

 

9,042

 

Interest expense

 

(40,398

)

 

 

(42,813

)

Other (expense) income, net

 

(18,021

)

 

 

68

 

 

 

(51,384

)

 

 

(33,703

)

Income before earnings from equity method investments and other items

 

6,749

 

 

 

40,519

 

Equity in net income of joint ventures

 

658

 

 

 

2,834

 

Reserve of preferred equity interests, net

 

(22,935

)

 

 

(5,733

)

Gain on sale of joint venture interest

 

45,553

 

 

 

 

Gain on disposition of real estate, net

 

775

 

 

 

16,590

 

Income before tax expense

 

30,800

 

 

 

54,210

 

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

 

(575

)

 

 

(578

)

Net income

$

30,225

 

 

$

53,632

 

Income attributable to non-controlling interests, net

 

(505

)

 

 

(565

)

Net income attributable to SITE Centers

$

29,720

 

 

$

53,067

 

Preferred dividends

 

(10,266

)

 

 

(16,766

)

Net income attributable to common shareholders

$

19,454

 

 

$

36,301

 

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

Basic

$

0.10

 

 

$

0.20

 

Diluted

$

0.10

 

 

$

0.20

 

 

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

4


SITE Centers Corp.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME  

(unaudited; in thousands)

 

 

Three Months

 

 

Six Months

 

 

Ended June 30,

 

 

Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net (loss) income

$

(4,403

)

 

$

17,537

 

 

$

30,225

 

 

$

53,632

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation, net

 

292

 

 

 

191

 

 

 

(493

)

 

 

378

 

Change in cash flow hedges reclassed to earnings

 

 

 

 

117

 

 

 

1,172

 

 

 

234

 

Total other comprehensive income

 

292

 

 

 

308

 

 

 

679

 

 

 

612

 

Comprehensive (loss) income

$

(4,111

)

 

$

17,845

 

 

$

30,904

 

 

$

54,244

 

Total comprehensive income attributable to non-controlling interests

 

(210

)

 

 

(260

)

 

 

(505

)

 

 

(565

)

Total comprehensive (loss) income attributable to SITE Centers

$

(4,321

)

 

$

17,585

 

 

$

30,399

 

 

$

53,679

 

 

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 (Income)

 

 

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

 

 

 

 

17

 

 

 

109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

126

 

Repurchase of common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,500

)

 

 

 

 

 

(7,500

)

Stock-based compensation, net

 

 

 

 

 

 

 

3,012

 

 

 

 

 

 

(1,935

)

 

 

 

 

 

1,607

 

 

 

 

 

 

2,684

 

Distributions to non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(278

)

 

 

(278

)

Dividends declared-common shares

 

 

 

 

 

 

 

 

 

 

(38,914

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,914

)

Dividends declared-preferred shares

 

 

 

 

 

 

 

 

 

 

(5,133

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,133

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

34,333

 

 

 

 

 

 

387

 

 

 

 

 

 

295

 

 

 

35,015

 

Balance, March 31, 2020

 

325,000

 

 

 

19,399

 

 

 

5,703,521

 

 

 

(4,075,813

)

 

 

5,994

 

 

 

(104

)

 

 

(13,600

)

 

 

3,081

 

 

 

1,967,478

 

Issuance of common shares related

   to stock plans

 

 

 

 

1

 

 

 

(187

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(186

)

Stock-based compensation, net

 

 

 

 

 

 

 

1,385

 

 

 

 

 

 

(560

)

 

 

 

 

 

931

 

 

 

 

 

 

1,756

 

Dividends declared-preferred shares

 

 

 

 

 

 

 

 

 

 

(5,133

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,133

)

Comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

(4,613

)

 

 

 

 

 

292

 

 

 

 

 

 

210

 

 

 

(4,111

)

Balance, June 30, 2020

$

325,000

 

 

$

19,400

 

 

$

5,704,719

 

 

$

(4,085,559

)

 

$

5,434

 

 

$

188

 

 

$

(12,669

)

 

$

3,291

 

 

$

1,959,804

 

 

 

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, 2018

$

525,000

 

 

$

18,471

 

 

$

5,544,220

 

 

$

(3,980,151

)

 

$

8,193

 

 

$

(1,381

)

 

$

(44,278

)

 

$

2,928

 

 

$

2,073,002

 

Issuance of common shares related

   to stock plans

 

 

 

 

1

 

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32

 

Repurchase of common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,069

)

 

 

 

 

 

(14,069

)

Stock-based compensation, net

 

 

 

 

 

 

 

1,044

 

 

 

 

 

 

(239

)

 

 

 

 

 

1,644

 

 

 

 

 

 

2,449

 

Distributions to non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(212

)

 

 

(212

)

Dividends declared-common shares

 

 

 

 

 

 

 

 

 

 

(36,252

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,252

)

Dividends declared-preferred shares

 

 

 

 

 

 

 

 

 

 

(8,383

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,383

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

35,790

 

 

 

 

 

 

304

 

 

 

 

 

 

305

 

 

 

36,399

 

Balance, March 31, 2019

 

525,000

 

 

 

18,472

 

 

 

5,545,295

 

 

 

(3,988,996

)

 

 

7,954

 

 

 

(1,077

)

 

 

(56,703

)

 

 

3,021

 

 

 

2,052,966

 

Issuance of common shares related

   to stock plans

 

 

 

 

 

 

 

 

(32

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32

)

Stock-based compensation, net

 

 

 

 

 

 

 

1,144

 

 

 

 

 

 

92

 

 

 

 

 

 

44

 

 

 

 

 

 

1,280

 

Distributions to non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(167

)

 

 

(167

)

Dividends declared-common shares

 

 

 

 

 

 

 

 

 

 

(36,258

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,258

)

Dividends declared-preferred shares

 

 

 

 

 

 

 

 

 

 

(8,383

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,383

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

17,277

 

 

 

 

 

 

308

 

 

 

 

 

 

260

 

 

 

17,845

 

Balance, June 30, 2019

$

525,000

 

 

$

18,472

 

 

$

5,546,407

 

 

$

(4,016,360

)

 

$

8,046

 

 

$

(769

)

 

$

(56,659

)

 

$

3,114

 

 

$

2,027,251

 

 

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

6


SITE Centers Corp.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in thousands)

 

 

Six Months

 

 

Ended June 30,

 

 

2020

 

 

2019

 

Cash flow from operating activities: