SITE Centers Corp
For the period ended Jun 30, 2024. Filed Jul 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 31, 2024
SITC$0.67-81.3%Stored close · as of Nov 6, 2026
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Item 1. Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023
CONSOLIDATED BALANCE SHEETS
(unaudited; in thousands, except share amounts)
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Land | $766,741 | $930,540 |
| Buildings | 2,709,676 | 3,311,368 |
| Fixtures and tenant improvements | 460,678 | 537,872 |
| 3,937,095 | 4,779,780 | |
| Less: Accumulated depreciation | (1,322,286) | (1,570,377) |
| 2,614,809 | 3,209,403 | |
| Construction in progress and land | 34,304 | 51,379 |
| Total real estate assets, net | 2,649,113 | 3,260,782 |
| Investments in and advances to joint ventures, net | 32,576 | 39,372 |
| Cash and cash equivalents | 1,181,292 | 551,968 |
| Restricted cash | 4,286 | 17,063 |
| Accounts receivable | 48,165 | 65,623 |
| Other assets, net | 130,133 | 126,543 |
| $4,045,565 | $4,061,351 | |
| Liabilities and Equity | ||
| Unsecured indebtedness: | ||
| Senior notes, net | $1,216,029 | $1,303,243 |
| Term loan, net | 199,023 | 198,856 |
| Revolving credit facility | — | — |
| 1,415,052 | 1,502,099 | |
| Mortgage indebtedness, net | 98,579 | 124,176 |
| Total indebtedness | 1,513,631 | 1,626,275 |
| Accounts payable and other liabilities | 167,665 | 195,727 |
| Dividends payable | 30,170 | 63,806 |
| Total liabilities | 1,711,466 | 1,885,808 |
| 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, 2024 and December 31, 2023 | 175,000 | 175,000 |
| Common shares, with par value, $0.10 stated value; 300,000,000 shares authorized; 214,375,816 and 214,373,833 shares issued at June 30, 2024 and December 31, 2023, respectively | 21,437 | 21,437 |
| Additional paid-in capital | 5,973,663 | 5,974,904 |
| Accumulated distributions in excess of net income | (3,780,374) | (3,934,736) |
| Deferred compensation obligation | 4,937 | 5,167 |
| Accumulated other comprehensive income | 8,572 | 6,121 |
| Less: Common shares in treasury at cost: 5,087,072 and 5,340,654 shares at June 30, 2024 and December 31, 2023, respectively | (69,136) | (72,350) |
| Total equity | 2,334,099 | 2,175,543 |
| $4,045,565 | $4,061,351 | |
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