NYSE$SITC
SITE Centers Corp · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported operating results for the quarter ended June 30, 2024.
SITE Centers reported a net income attributable to common shareholders of $235.5 million, or $1.11 per diluted share, for the second quarter of 2024. Operating FFO was $55.9 million, or $0.27 per diluted share.
- Net income attributable to common shareholders was $235.5 million, or $1.11 per diluted share.
- Operating FFO was $55.9 million, or $0.27 per diluted share.
- Sold 13 shopping centers and a parcel at a shopping center during the second quarter for an aggregate price of $800.7 million ($771.5 million at share).
- Acquired six convenience shopping centers and a ground leased parcel of land during the second quarter and third quarter to date for an aggregate price of $56.0 million.
Headline financials
Revenue & EPS history
SITE Centers · Revenue · Quarterly
$116M
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 projects, based on the assumptions below, 2024 property level NOI to be as follows:
Tailwinds
- Calculate NOI pursuant to the definition of NOI used in the SSNOI calculation as described below, except that it includes lease termination fees (SITC and CURB NOI includes $1.1M and $3.3M of YTD 2024 termination fees, respectively), excludes NOI from all properties sold prior to June 30, 2024, assumes all SITE Centers properties owned as of June 30, 2024 are held for the full year 2024 and includes NOI for Curbline Properties assets acquired in 2024 from the date of acquisition,
- Assume 2024 SSNOI growth of 3.5% – 5.5% for Curbline Properties,
- Exclude from NOI G&A allocated to operating expenses which totaled $2.2 million in 2Q2024, or $8.8 million annualized and
- Adjust NOI for the estimated impact of remaining expected parcel separations and includes NOI for SITE Centers from its Beachwood, OH office headquarters.
- Portfolio NOI Projection ($M) SITE Centers $198.3 – $204.4 Curbline Properties $82.6 – $84.9
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 2024
-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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