$SITC
SITE Centers Corp.

2016 Q1 Form 10-Q Financial Statement

#000156459016017579 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $254.4M $254.8M $258.8M
YoY Change -1.7% -0.77% 7.17%
Cost Of Revenue $73.00M $70.20M $76.40M
YoY Change -4.45% 7.18% 8.22%
Gross Profit $181.4M $184.6M $182.5M
YoY Change -0.6% 5.37% 6.79%
Gross Profit Margin 71.3% 72.45% 70.51%
Selling, General & Admin $17.90M $17.90M $18.60M
YoY Change -3.76% -30.08% -8.37%
% of Gross Profit 9.87% 9.7% 10.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $96.90M $102.5M $103.0M
YoY Change -5.93% -5.18% -5.75%
% of Gross Profit 53.42% 55.53% 56.45%
Operating Expenses $187.8M $120.5M $477.0M
YoY Change -60.62% -4.06% 142.42%
Operating Profit $181.4M $64.10M $182.5M
YoY Change -0.6% 29.23% 8.21%
Interest Expense $57.90M -$57.20M $63.02M
YoY Change -8.13% 16.02% 5.56%
% of Operating Profit 31.92% -89.24% 34.54%
Other Income/Expense, Net -$47.07M $0.00 -$59.29M
YoY Change -20.6% -100.0% -2.41%
Pretax Income $33.95M $4.600M -$263.1M
YoY Change -112.9% -114.47% 1241.29%
Income Tax $458.0K $300.0K $4.900M
% Of Pretax Income 1.35% 6.52%
Net Earnings $45.57M $93.47M -$243.8M
YoY Change -118.69% -973.51% 1365.07%
Net Earnings / Revenue 17.91% 36.68% -94.19%
Basic Earnings Per Share $0.11 $0.24 -$0.69
Diluted Earnings Per Share $0.11 $0.24 -$0.69
COMMON SHARES
Basic Shares Outstanding 364.7M 362.7M 359.8M
Diluted Shares Outstanding 365.0M 365.2M 359.8M

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.00M $22.00M $56.00M
YoY Change -57.14% 4.76% -65.85%
Cash & Equivalents $23.72M $32.52M $55.99M
Short-Term Investments
Other Short-Term Assets $39.00M $29.00M $25.00M
YoY Change 56.0% 107.14% 8.7%
Inventory
Prepaid Expenses
Receivables $125.0M $129.0M $133.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $188.0M $180.0M $214.0M
YoY Change -12.15% 7.14% -29.84%
LONG-TERM ASSETS
Property, Plant & Equipment $7.913B $8.065B $8.104B
YoY Change -2.36% -4.28% -1.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $467.0M $468.0M $410.0M
YoY Change 13.9% 12.77% -7.03%
Other Assets $16.00M $16.00M $36.00M
YoY Change -55.56% -5.88% -44.62%
Total Long-Term Assets $8.748B $8.917B $8.997B
YoY Change -2.77% -4.64% -2.83%
TOTAL ASSETS
Total Short-Term Assets $188.0M $180.0M $214.0M
Total Long-Term Assets $8.748B $8.917B $8.997B
Total Assets $8.936B $9.097B $9.211B
YoY Change -2.99% -4.44% -3.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $390.0M $425.0M $403.0M
YoY Change -3.23% -5.13% -1.23%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $465.0M $494.0M $471.0M
YoY Change -1.27% -2.95% 0.21%
LONG-TERM LIABILITIES
Long-Term Debt $5.032B $5.140B $5.247B
YoY Change -4.1% -1.38% 0.06%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.032B $5.140B $5.247B
YoY Change -4.1% -1.38% 0.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $465.0M $494.0M $471.0M
Total Long-Term Liabilities $5.032B $5.140B $5.247B
Total Liabilities $5.505B $5.634B $5.718B
YoY Change -3.72% -1.54% -0.23%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $36.54M $36.53M
YoY Change 1.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.85M
YoY Change
Treasury Stock Shares $919.0K $945.3K $1.025M
Shareholders Equity $3.430B $3.455B $3.466B
YoY Change
Total Liabilities & Shareholders Equity $8.936B $9.097B $9.211B
YoY Change -2.99% -4.66% -3.69%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income $45.57M $93.47M -$243.8M
YoY Change -118.69% -973.51% 1365.07%
Depreciation, Depletion And Amortization $96.90M $102.5M $103.0M
YoY Change -5.93% -5.18% -5.75%
Cash From Operating Activities $81.80M $132.6M $62.70M
YoY Change 30.46% 26.41% -31.77%
INVESTING ACTIVITIES
Capital Expenditures -$106.8M -$143.9M -$59.30M
YoY Change 80.1% 55.57% 26.17%
Acquisitions
YoY Change
Other Investing Activities $203.9M $143.8M $116.9M
YoY Change 74.42% -322.26% -15.84%
Cash From Investing Activities $97.10M -$100.0K $57.60M
YoY Change 68.58% -99.94% -37.29%
FINANCING ACTIVITIES
Cash Dividend Paid $68.64M $61.47M
YoY Change 11.67% 11.54%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $7.979M $492.1M
YoY Change -98.38% 885.49%
Cash From Financing Activities -177.2M -132.4M -85.40M
YoY Change 107.49% 117.41% -19.87%
NET CHANGE
Cash From Operating Activities 81.80M 132.6M 62.70M
Cash From Investing Activities 97.10M -100.0K 57.60M
Cash From Financing Activities -177.2M -132.4M -85.40M
Net Change In Cash 1.700M 100.0K 34.90M
YoY Change -95.13% -100.09% -54.78%
FREE CASH FLOW
Cash From Operating Activities $81.80M $132.6M $62.70M
Capital Expenditures -$106.8M -$143.9M -$59.30M
Free Cash Flow $188.6M $276.5M $122.0M
YoY Change 54.59% 40.07% -12.16%

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GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
25094000
CY2015Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-268008000
CY2016Q1 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
0
CY2015Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
59281000
CY2016Q1 us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
186736000
CY2015Q1 us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
102909000
CY2016Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
17056000
CY2015Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
3496000
CY2016Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
126000
CY2015Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
9155000
CY2016Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
506000
CY2015Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1320000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
96580000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
57599000
CY2016Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
140000000
CY2015Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-21494000
CY2016Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0
CY2015Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
491972000
CY2016Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
240000000
CY2015Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7979000
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
492076000
CY2016Q1 ddr Proceeds From Payments For Issuance Or Repurchase Of Common Shares
ProceedsFromPaymentsForIssuanceOrRepurchaseOfCommonShares
-232000
CY2015Q1 ddr Proceeds From Payments For Issuance Or Repurchase Of Common Shares
ProceedsFromPaymentsForIssuanceOrRepurchaseOfCommonShares
2734000
CY2016Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
321000
CY2015Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5070000
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
68639000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
61468000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-177171000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-85402000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1302000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
34898000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
158000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
20937000
CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55993000
CY2016Q1 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
0
CY2015Q1 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
33700000
CY2016Q1 us-gaap Transfer Of Investments
TransferOfInvestments
0
CY2015Q1 us-gaap Transfer Of Investments
TransferOfInvestments
1400000
CY2016Q1 ddr Management And Other Fee Income
ManagementAndOtherFeeIncome
8200000
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:12pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">Use of Estimates in Preparation of Financial Statements</p> <p style="margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year.&nbsp;&nbsp;Actual results could differ from those estimates.&nbsp;&nbsp;</p></div>
CY2015Q1 ddr Management And Other Fee Income
ManagementAndOtherFeeIncome
8100000
CY2016Q1 ddr Ancillary And Other Property Income
AncillaryAndOtherPropertyIncome
4100000
CY2015Q1 ddr Ancillary And Other Property Income
AncillaryAndOtherPropertyIncome
4200000
CY2016Q1 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
1200000
CY2015Q1 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
200000
CY2016Q1 us-gaap Other Income
OtherIncome
0
CY2015Q1 us-gaap Other Income
OtherIncome
200000
CY2016Q1 ddr Companys Share In Accumulated Equity Of Unconsolidated Joint Ventures
CompanysShareInAccumulatedEquityOfUnconsolidatedJointVentures
108531000
CY2016Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
26600000
CY2015Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
27300000
CY2015Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
67900000
CY2015Q4 ddr Companys Share In Accumulated Equity Of Unconsolidated Joint Ventures
CompanysShareInAccumulatedEquityOfUnconsolidatedJointVentures
115871000
CY2016Q1 ddr Investment In Redeemable Noncontrolling Interest Equity Preferred
InvestmentInRedeemableNoncontrollingInterestEquityPreferred
398410000
CY2015Q4 ddr Investment In Redeemable Noncontrolling Interest Equity Preferred
InvestmentInRedeemableNoncontrollingInterestEquityPreferred
395156000
CY2016Q1 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
-40209000
CY2015Q4 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
-42402000
CY2016Q1 ddr Equity Method Investment Difference Between Carrying Amount And Underlying Equity Deferred Development Fees Net Of Portion Relating To Companys Interest
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityDeferredDevelopmentFeesNetOfPortionRelatingToCompanysInterest
2477000
CY2015Q4 ddr Equity Method Investment Difference Between Carrying Amount And Underlying Equity Deferred Development Fees Net Of Portion Relating To Companys Interest
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityDeferredDevelopmentFeesNetOfPortionRelatingToCompanysInterest
2449000
CY2016Q1 us-gaap Due From Joint Ventures
DueFromJointVentures
2577000
CY2015Q4 us-gaap Due From Joint Ventures
DueFromJointVentures
1556000
CY2016Q1 ddr Income Loss From Equity Method Investments Before Amortization Of Basis Differentials
IncomeLossFromEquityMethodInvestmentsBeforeAmortizationOfBasisDifferentials
11274000
CY2015Q1 ddr Income Loss From Equity Method Investments Before Amortization Of Basis Differentials
IncomeLossFromEquityMethodInvestmentsBeforeAmortizationOfBasisDifferentials
-247000
CY2016Q1 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
5537000
CY2015Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
6293000
CY2016Q1 us-gaap Deposits Assets
DepositsAssets
7734000
CY2015Q4 us-gaap Notes Receivable Related Parties
NotesReceivableRelatedParties
437600000
CY2016Q1 ddr Amortization Of Basis Differentials
AmortizationOfBasisDifferentials
3147000
CY2015Q1 ddr Amortization Of Basis Differentials
AmortizationOfBasisDifferentials
308000
CY2016Q1 us-gaap Management Fees Revenue
ManagementFeesRevenue
6200000
CY2015Q1 us-gaap Management Fees Revenue
ManagementFeesRevenue
6300000
CY2016Q1 ddr Development Fees And Leasing Commissions Related To Joint Ventures Revenue
DevelopmentFeesAndLeasingCommissionsRelatedToJointVenturesRevenue
1900000
CY2015Q1 ddr Development Fees And Leasing Commissions Related To Joint Ventures Revenue
DevelopmentFeesAndLeasingCommissionsRelatedToJointVenturesRevenue
1600000
CY2016Q1 ddr Interest Income
InterestIncome
8300000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
19500000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
25600000
CY2016Q1 us-gaap Notes Receivable Related Parties
NotesReceivableRelatedParties
441000000
CY2015Q1 ddr Interest Income
InterestIncome
6300000
CY2016Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
295750000
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
311048000
CY2016Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
38630000
CY2015Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
28923000
CY2015Q4 us-gaap Deposits Assets
DepositsAssets
7536000
CY2016Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5768000
CY2015Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6113000
CY2016Q1 ddr Revolving Credit Facilities And Term Loans
RevolvingCreditFacilitiesAndTermLoans
947451000
CY2015Q4 ddr Revolving Credit Facilities And Term Loans
RevolvingCreditFacilitiesAndTermLoans
807185000
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.20
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
626000
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
798000
CY2016Q1 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
300000
CY2015Q1 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
873000
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
210000
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
437000
CY2016Q1 ddr Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
NetIncomeLossAttributableToCommonShareholdersAfterAllocationToParticipatingSecurities
39769000
CY2015Q1 ddr Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
NetIncomeLossAttributableToCommonShareholdersAfterAllocationToParticipatingSecurities
-249818000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
364691000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
359818000
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
351000
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365042000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
359818000
CY2016Q1 us-gaap Other Ownership Interests Units Outstanding
OtherOwnershipInterestsUnitsOutstanding
398701
CY2015Q1 us-gaap Other Ownership Interests Units Outstanding
OtherOwnershipInterestsUnitsOutstanding
1441890
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.19
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.1725
CY2016Q1 ddr Rental Operating Expense
RentalOperatingExpense
73042000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
181381000
CY2016Q1 ddr Segment Reporting Information Unallocated Expense
SegmentReportingInformationUnallocatedExpense
76231000
CY2016Q1 ddr Segment Reporting Information Gross Assets
SegmentReportingInformationGrossAssets
9973081000
CY2015Q1 ddr Rental Operating Expense
RentalOperatingExpense
76355000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
182470000
CY2015Q1 ddr Segment Reporting Information Unallocated Expense
SegmentReportingInformationUnallocatedExpense
86515000
CY2015Q1 ddr Segment Reporting Information Gross Assets
SegmentReportingInformationGrossAssets
10047415000
CY2015Q1 us-gaap Notes Receivable Net
NotesReceivableNet
47184000

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