NYSE$SITC
SITE Centers Corp · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported second quarter results ahead of expectations driven by elevated demand for space.
SITE Centers Corp. announced operating results for the quarter ended June 30, 2023. Second quarter results were ahead of expectations and demand for space across unit sizes in the high-quality portfolio remains elevated.
- Net income attributable to common shareholders was $2.6 million, or $0.01 per diluted share.
- Operating FFO was $61.3 million, or $0.29 per diluted share.
- Same-store net operating income increased 1.7%.
- Leased rate of 95.5% at June 30, 2023.
Headline financials
Revenue & EPS history
SITE Centers · Revenue · Quarterly
$138M
Revenue by segment
SITE Centers · $136M total across 2 segments · Q2 2023
- Rental Income$136M—99.7%
- Other Property Revenues$429K—0.3%
Forward guidance
The Company has updated its 2023 full-year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the second quarter operating results.
Tailwinds
- Net income attributable to Common Shareholders $0.11 – $0.19
- Depreciation and amortization of real estate 0.96 – 1.00
- JVs' FFO 0.04
- Operating FFO $1.13 – $1.17
- SSNOI – Adjusted for 2022 Uncollectible Revenue Impact 1.00% – 4.00%
Headwinds
- Equity in net (income) of JVs (0.03)
- Gain on sale and change in control of interests (reported actual) (0.02)
- FFO (NAREIT) $1.10 – $1.14
- Separation and other charges 0.03
- Joint Venture fee income $5 – $7 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.3%
Avg return
Earnings day
-0.0%
Avg return
5 days after
-2.2%
Avg return
30 days after
49%
33 / 68 earnings
Positive
+8.6%
Q2 2017
Best reaction
-8.8%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.7% | -1.1% | -11.2% | |
| Q4 2025 | -8.8% | -6.7% | -22.1% | |
| Q3 2025 | -1.9% | -15.5% | -15.0% | |
| Q1 2025 | +0.1% | +3.1% | -1.7% | |
| Q4 2024 | -5.1% | -7.6% | -13.1% | |
| Q3 2024 | -6.8% | -5.6% | -9.3% | |
| Q2 2024 | -1.0% | -1.3% | -3.5% | |
| Q1 2024 | +0.3% | +2.0% | +3.7% | |
| Q4 2023 | +2.4% | +2.1% | +0.9% | |
| Q3 2023 | +5.2% | +15.0% | +17.1% | |
| Q2 2023 | -3.4% | -4.8% | -11.8% | |
| Q1 2023 | -0.8% | +3.3% | -3.7% | |
| Q4 2022 | -0.8% | +1.3% | -11.1% | |
| Q3 2022 | +3.2% | +6.4% | +14.5% | |
| Q2 2022 | +3.9% | +0.4% | -4.1% | |
| Q1 2022 | -1.9% | -5.5% | -6.3% | |
| Q4 2021 | +1.6% | +2.0% | +8.5% | |
| Q3 2021 | +0.9% | -3.2% | +2.6% | |
| Q2 2021 | +2.9% | +2.7% | +5.1% | |
| Q1 2021 | +3.4% | +3.0% | -0.8% | |
| Q4 2020 | +2.7% | +6.3% | +7.1% | |
| Q3 2020 | -8.7% | -9.1% | +45.5% | |
| Q2 2020 | +7.8% | +4.3% | +10.0% | |
| Q1 2020 | -4.9% | -7.3% | -5.7% | |
| Q4 2019 | +2.9% | +3.5% | -35.7% | |
| Q3 2019 | +0.5% | +0.5% | -6.3% | |
| Q2 2019 | +3.6% | +3.1% | +0.1% | |
| Q1 2019 | +4.3% | +4.9% | +3.7% | |
| Q4 2018 | -0.6% | +0.8% | -1.5% | |
| Q3 2018 | +4.7% | +3.0% | -5.3% | |
| Q2 2018 | +0.3% | -2.3% | +5.4% | |
| Q1 2018 | +2.4% | +11.4% | +11.1% | |
| Q4 2017 | +7.6% | +5.3% | -2.1% | |
| Q3 2017 | +1.8% | +2.4% | -1.5% | |
| Q2 2017 | +8.6% | +2.5% | +0.6% | |
| Q1 2017 | -7.8% | -11.5% | -25.5% | |
| Q4 2016 | -4.0% | -6.2% | -14.6% | |
| Q3 2016 | -5.9% | -5.1% | -5.8% | |
| Q2 2016 | -0.6% | +1.9% | -4.6% | |
| Q1 2016 | -1.2% | — | — | |
| Q4 2015 | -1.1% | — | — | |
| Q3 2015 | +1.4% | — | — | |
| Q2 2015 | -0.6% | — | — | |
| Q1 2015 | -3.1% | — | — | |
| Q4 2014 | +0.8% | — | — | |
| Q3 2014 | -0.3% | — | — | |
| Q2 2014 | -1.4% | — | — | |
| Q1 2014 | +0.6% | — | — | |
| Q4 2013 | +1.0% | — | — | |
| Q3 2013 | -2.5% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q1 2013 | +0.6% | — | — | |
| Q4 2012 | -1.2% | — | — | |
| Q3 2012 | +2.1% | — | — | |
| Q2 2012 | -0.8% | — | — | |
| Q1 2012 | +0.8% | — | — | |
| Q4 2011 | -0.2% | — | — | |
| Q3 2011 | -6.4% | — | — | |
| Q2 2011 | -3.5% | — | — | |
| Q1 2010 | +2.2% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2008 | +0.3% | — | — | |
| Q4 2010 | +0.3% | — | — | |
| Q3 2010 | -6.3% | — | — | |
| Q3 2009 | -6.3% | — | — | |
| Q2 2010 | -1.2% | — | — | |
| Q2 2009 | -1.2% | — | — | |
| Q4 2009 | -1.2% | — | — |
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