$SITC
Site Centers Corp

2020 Q2 Form 10-Q Financial Statement

#000156459020034938 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $107.6M $128.7M
YoY Change -16.39% -39.17%
Cost Of Revenue $33.90M $36.50M
YoY Change -7.12% -40.75%
Gross Profit $73.70M $92.10M
YoY Change -19.98% -38.56%
Gross Profit Margin 68.51% 71.59%
Selling, General & Admin $13.50M $14.90M
YoY Change -9.4% -39.92%
% of Gross Profit 18.32% 16.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.90M $40.10M
YoY Change 2.0% -44.69%
% of Gross Profit 55.5% 43.54%
Operating Expenses $88.24M $55.00M
YoY Change 60.44% -68.13%
Operating Profit $73.70M $92.12M
YoY Change -19.99% -37.33%
Interest Expense $19.81M -$14.80M
YoY Change -233.86% -132.95%
% of Operating Profit 26.88% -16.07%
Other Income/Expense, Net -$16.87M -$85.00K
YoY Change 19750.59% -99.89%
Pretax Income -$4.061M $17.84M
YoY Change -122.76% -895.85%
Income Tax $300.0K $306.0K
% Of Pretax Income 1.71%
Net Earnings -$4.403M $17.28M
YoY Change -125.48% -618.98%
Net Earnings / Revenue -4.09% 13.43%
Basic Earnings Per Share -$0.05 $0.05
Diluted Earnings Per Share -$0.05 $0.05
COMMON SHARES
Basic Shares Outstanding 193.2M 180.6M
Diluted Shares Outstanding 193.2M 181.2M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $128.0M $9.000M
YoY Change 1322.22% -71.88%
Cash & Equivalents $128.7M $9.421M
Short-Term Investments
Other Short-Term Assets $9.000M $7.000M
YoY Change 28.57% -41.67%
Inventory
Prepaid Expenses
Receivables $81.00M $64.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $218.0M $80.00M
YoY Change 172.5% -59.39%
LONG-TERM ASSETS
Property, Plant & Equipment $3.403B $3.403B
YoY Change 0.0% -42.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $364.0M $565.0M
YoY Change -35.58% 76.01%
Other Assets $7.000M $6.000M
YoY Change 16.67% -92.68%
Total Long-Term Assets $3.831B $4.063B
YoY Change -5.71% -37.56%
TOTAL ASSETS
Total Short-Term Assets $218.0M $80.00M
Total Long-Term Assets $3.831B $4.063B
Total Assets $4.049B $4.143B
YoY Change -2.27% -38.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $197.0M $171.0M
YoY Change 15.2% -50.29%
Accrued Expenses $41.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $202.0M $257.0M
YoY Change -21.4% -39.24%
LONG-TERM LIABILITIES
Long-Term Debt $1.887B $1.859B
YoY Change 1.51% -48.22%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.887B $1.859B
YoY Change 1.51% -48.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $202.0M $257.0M
Total Long-Term Liabilities $1.887B $1.859B
Total Liabilities $2.092B $2.119B
YoY Change -1.27% -47.25%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $18.47M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.957B $2.024B
YoY Change
Total Liabilities & Shareholders Equity $4.049B $4.143B
YoY Change -2.26% -38.2%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$4.403M $17.28M
YoY Change -125.48% -618.98%
Depreciation, Depletion And Amortization $40.90M $40.10M
YoY Change 2.0% -44.69%
Cash From Operating Activities $36.00M $77.90M
YoY Change -53.79% -25.1%
INVESTING ACTIVITIES
Capital Expenditures -$17.20M -$26.10M
YoY Change -34.1% -21.86%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$41.80M
YoY Change -99.76% -120.39%
Cash From Investing Activities -$17.20M -$68.10M
YoY Change -74.74% -139.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -404.4M -10.40M
YoY Change 3788.46% -95.57%
NET CHANGE
Cash From Operating Activities 36.00M 77.90M
Cash From Investing Activities -17.20M -68.10M
Cash From Financing Activities -404.4M -10.40M
Net Change In Cash -385.6M -600.0K
YoY Change 64166.67% -101.46%
FREE CASH FLOW
Cash From Operating Activities $36.00M $77.90M
Capital Expenditures -$17.20M -$26.10M
Free Cash Flow $53.20M $104.0M
YoY Change -48.85% -24.31%

Facts In Submission

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us-gaap Proceeds From Collection Of Notes Receivable
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Use Of Estimates
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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:2.27%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates in Preparation of Financial Statements</p> <p style="margin-bottom:10pt;margin-top:10pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) 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.  <span style="color:#000000;">The Company considered impacts to its estimates related to COVID-19, as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. </span>Actual results could differ from those estimates.  </p>
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us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
23367000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q2 sitc Fee And Other Income Other
FeeAndOtherIncomeOther
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FeeAndOtherIncomeOther
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FeeAndOtherIncomeOther
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FeeAndOtherIncomeOther
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CompanyShareInAccumulatedEquityOfUnconsolidatedJointVentures
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InvestmentInRedeemableNoncontrollingInterestEquityPreferred
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EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
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CY2020Q2 sitc Equity Method Investment Difference Between Carrying Amount And Underlying Equity Deferred Development Fees Net Of Portion Relating To Company Interest
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1453000
CY2019Q4 sitc Equity Method Investment Difference Between Carrying Amount And Underlying Equity Deferred Development Fees Net Of Portion Relating To Company Interest
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityDeferredDevelopmentFeesNetOfPortionRelatingToCompanyInterest
2452000
CY2019Q4 us-gaap Other Assets
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IncomeLossFromEquityMethodInvestmentsBeforeAmortizationOfBasisDifferentials
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IncomeLossFromEquityMethodInvestmentsBeforeAmortizationOfBasisDifferentials
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sitc Income Loss From Equity Method Investments Before Amortization Of Basis Differentials
IncomeLossFromEquityMethodInvestmentsBeforeAmortizationOfBasisDifferentials
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IncomeLossFromEquityMethodInvestmentsBeforeAmortizationOfBasisDifferentials
2447000
CY2020Q2 sitc Amortization Of Basis Differentials
AmortizationOfBasisDifferentials
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CY2019Q2 sitc Amortization Of Basis Differentials
AmortizationOfBasisDifferentials
189000
sitc Amortization Of Basis Differentials
AmortizationOfBasisDifferentials
221000
sitc Amortization Of Basis Differentials
AmortizationOfBasisDifferentials
387000
CY2020Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2020Q2 sitc Interest Income Earned On Preferred Interests In Joint Ventures
InterestIncomeEarnedOnPreferredInterestsInJointVentures
3500000
CY2019Q2 sitc Interest Income Earned On Preferred Interests In Joint Ventures
InterestIncomeEarnedOnPreferredInterestsInJointVentures
4200000
sitc Interest Income Earned On Preferred Interests In Joint Ventures
InterestIncomeEarnedOnPreferredInterestsInJointVentures
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OtherRevenueEarnedFromUnconsolidatedJointVentures
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OtherRevenueEarnedFromUnconsolidatedJointVentures
800000
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InterestIncomeAndOtherRevenueEarnedFromUnconsolidatedJointVentures
3900000
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InterestIncomeAndOtherRevenueEarnedFromUnconsolidatedJointVentures
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7000000.0
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FeeAndOtherIncomeEarnedFromUnconsolidatedJointVentures
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CY2020Q2 sitc Reserve Adjustment Of Preferred Equity Interests
ReserveAdjustmentOfPreferredEquityInterests
4900000
sitc Reserve Adjustment Of Preferred Equity Interests
ReserveAdjustmentOfPreferredEquityInterests
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CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2020Q2 us-gaap Operating Lease Right Of Use Asset
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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NotesReceivableNet
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CY2019Q4 us-gaap Notes Receivable Net
NotesReceivableNet
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CY2019Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
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OtherAssetsMiscellaneous
2417000
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OtherAssetsMiscellaneous
2959000
CY2020Q2 us-gaap Deposits Assets
DepositsAssets
3962000
CY2019Q4 us-gaap Deposits Assets
DepositsAssets
4087000
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DeferredFinanceCostsNet
7132000
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DeferredFinanceCostsNet
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OtherAssets
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BelowMarketLeaseNet
44437000
CY2019Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
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CY2020Q2 sitc Amortization Of Intangible Assets Excluding Above And Below Market Leases
AmortizationOfIntangibleAssetsExcludingAboveAndBelowMarketLeases
3300000
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AmortizationOfIntangibleAssetsExcludingAboveAndBelowMarketLeases
4300000
sitc Amortization Of Intangible Assets Excluding Above And Below Market Leases
AmortizationOfIntangibleAssetsExcludingAboveAndBelowMarketLeases
7100000
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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-493000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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-1172000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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679000
CY2020Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2019Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
600000
CY2020Q2 sitc Reserve Of Preferred Equity Interests
ReserveOfPreferredEquityInterests
4900000
CY2019Q2 sitc Reserve Of Preferred Equity Interests
ReserveOfPreferredEquityInterests
4600000
sitc Reserve Of Preferred Equity Interests
ReserveOfPreferredEquityInterests
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sitc Reserve Of Preferred Equity Interests
ReserveOfPreferredEquityInterests
5700000
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ImpairmentChargesIncludingDiscontinuedOperationsAndInvestment
4900000
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ImpairmentChargesIncludingDiscontinuedOperationsAndInvestment
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sitc Impairment Charges Including Discontinued Operations And Investment
ImpairmentChargesIncludingDiscontinuedOperationsAndInvestment
22900000
sitc Impairment Charges Including Discontinued Operations And Investment
ImpairmentChargesIncludingDiscontinuedOperationsAndInvestment
6300000
sitc Reserve Of Preferred Equity Interests
ReserveOfPreferredEquityInterests
22900000
us-gaap Profit Loss
ProfitLoss
30225000
us-gaap Profit Loss
ProfitLoss
53632000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
505000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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565000
CY2020Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5133000
CY2019Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8383000
CY2020Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2019Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
175000
CY2020Q2 sitc Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
NetIncomeLossAttributableToCommonShareholdersAfterAllocationToParticipatingSecurities
-9746000
CY2019Q2 sitc Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
NetIncomeLossAttributableToCommonShareholdersAfterAllocationToParticipatingSecurities
8719000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
193170000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180551000
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
658000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
826000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193170000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193448000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181374000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareDiluted
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CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
800000
us-gaap Treasury Stock Value Acquired Cost Method
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7500000
CY2020Q2 sitc Rental Income
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98079000
CY2020Q2 us-gaap Other Income
OtherIncome
9492000
CY2020Q2 us-gaap Revenues
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CY2020Q2 sitc Rental Operating Expense
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CY2020Q2 us-gaap Depreciation And Amortization
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CY2020Q2 us-gaap Investment Income Interest
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3550000
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CY2020Q2 sitc Unallocated Expense
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CY2020Q2 us-gaap Income Loss From Equity Method Investments
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CY2020Q2 sitc Reserve Adjustment Of Preferred Equity Interests
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4878000
CY2020Q2 sitc Gain Loss On Sale Of Interest In Joint Venture
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-128000
CY2020Q2 us-gaap Gain Loss On Sale Of Properties
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2000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019Q2 sitc Rental Income
RentalIncome
112274000
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16383000
CY2019Q2 us-gaap Revenues
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CY2019Q2 us-gaap Operating Income Loss
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CY2019Q2 us-gaap Depreciation And Amortization
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CY2019Q2 us-gaap Investment Income Interest
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4521000
CY2019Q2 us-gaap Other Nonoperating Income Expense
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CY2019Q2 sitc Unallocated Expense
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36019000
CY2019Q2 us-gaap Income Loss From Equity Method Investments
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1791000
CY2019Q2 us-gaap Gain Loss On Sale Of Properties
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213000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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17843000
sitc Rental Income
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us-gaap Other Income
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26273000
us-gaap Revenues
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sitc Rental Operating Expense
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sitc Unallocated Expense
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us-gaap Income Loss From Equity Method Investments
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sitc Reserve Adjustment Of Preferred Equity Interests
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22935000
sitc Gain Loss On Sale Of Interest In Joint Venture
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45553000
us-gaap Gain Loss On Sale Of Properties
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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30800000
CY2020Q2 us-gaap Real Estate Gross At Carrying Value
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4739604000
CY2020Q2 us-gaap Notes Receivable Net
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sitc Rental Income
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224495000
us-gaap Other Income
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35184000
us-gaap Revenues
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sitc Rental Operating Expense
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us-gaap Asset Impairment Charges
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us-gaap Depreciation And Amortization
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us-gaap Investment Income Interest
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us-gaap Other Nonoperating Income Expense
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sitc Unallocated Expense
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us-gaap Income Loss From Equity Method Investments
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sitc Reserve Adjustment Of Preferred Equity Interests
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5733000
us-gaap Gain Loss On Sale Of Properties
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16590000
CY2019Q2 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
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CY2019Q2 us-gaap Notes Receivable Net
NotesReceivableNet
19670000

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