$SITC
Site Centers Corp

2022 Q1 Form 10-Q Financial Statement

#000156459022016456 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $134.3M $128.1M
YoY Change 4.82% -0.91%
Cost Of Revenue $42.12M $39.90M
YoY Change 5.56% 10.53%
Gross Profit $92.20M $88.30M
YoY Change 4.42% -5.26%
Gross Profit Margin 68.64% 68.91%
Selling, General & Admin $12.25M $17.40M
YoY Change -29.59% 52.63%
% of Gross Profit 13.29% 19.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.36M $45.60M
YoY Change 10.45% 6.05%
% of Gross Profit 54.62% 51.64%
Operating Expenses $62.62M $110.1M
YoY Change -43.13% 102.4%
Operating Profit $29.59M -$21.81M
YoY Change -235.68% -123.4%
Interest Expense $18.26M $19.40M
YoY Change -5.86% -230.17%
% of Operating Profit 61.71%
Other Income/Expense, Net -$504.0K -$366.0K
YoY Change 37.7% -97.9%
Pretax Income $14.21M $16.55M
YoY Change -14.14% -52.54%
Income Tax $252.0K $365.0K
% Of Pretax Income 1.77% 2.21%
Net Earnings $13.94M $16.01M
YoY Change -12.94% -53.77%
Net Earnings / Revenue 10.38% 12.49%
Basic Earnings Per Share $0.05 $0.05
Diluted Earnings Per Share $0.05 $0.05
COMMON SHARES
Basic Shares Outstanding 212.1M 198.5M
Diluted Shares Outstanding 213.2M 199.4M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.19M $191.0M
YoY Change -91.0% -62.84%
Cash & Equivalents $17.19M $193.7M
Short-Term Investments
Other Short-Term Assets $13.96M $14.00M
YoY Change -0.29% 27.27%
Inventory
Prepaid Expenses
Receivables $52.48M $64.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $83.63M $269.0M
YoY Change -68.91% -53.7%
LONG-TERM ASSETS
Property, Plant & Equipment $3.798B $3.541B
YoY Change 7.26% 3.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $57.05M $266.0M
YoY Change -78.55% -27.91%
Other Assets $5.675M $9.000M
YoY Change -36.94% 12.5%
Total Long-Term Assets $3.968B $3.906B
YoY Change 1.58% 1.08%
TOTAL ASSETS
Total Short-Term Assets $83.63M $269.0M
Total Long-Term Assets $3.968B $3.906B
Total Assets $4.051B $4.175B
YoY Change -2.96% -6.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $206.3M $195.0M
YoY Change 5.82% 4.28%
Accrued Expenses
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 $237.0M $223.0M
YoY Change 6.29% -3.46%
LONG-TERM LIABILITIES
Long-Term Debt $1.758B $1.780B
YoY Change -1.22% -20.78%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.758B $1.780B
YoY Change -1.22% -20.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $237.0M $223.0M
Total Long-Term Liabilities $1.758B $1.780B
Total Liabilities $1.995B $2.007B
YoY Change -0.58% -18.99%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $21.42M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.050B $2.168B
YoY Change
Total Liabilities & Shareholders Equity $4.051B $4.175B
YoY Change -2.96% -6.08%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $13.94M $16.01M
YoY Change -12.94% -53.77%
Depreciation, Depletion And Amortization $50.36M $45.60M
YoY Change 10.45% 6.05%
Cash From Operating Activities $50.02M $56.11M
YoY Change -10.85% 56.51%
INVESTING ACTIVITIES
Capital Expenditures -$158.2M -$18.10M
YoY Change 773.97% -21.3%
Acquisitions
YoY Change
Other Investing Activities $3.684M $28.70M
YoY Change -87.16% -81.14%
Cash From Investing Activities -$154.5M $10.54M
YoY Change -1566.02% -91.84%
FINANCING ACTIVITIES
Cash Dividend Paid $28.21M $14.84M
YoY Change 90.03% -66.29%
Common Stock Issuance & Retirement, Net $33.78M -$225.5M
YoY Change -114.98% -3107.05%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.45M 52.64M
YoY Change 52.82% -84.06%
NET CHANGE
Cash From Operating Activities 50.02M 56.11M
Cash From Investing Activities -154.5M 10.54M
Cash From Financing Activities 80.45M 52.64M
Net Change In Cash -24.04M 119.3M
YoY Change -120.15% -75.91%
FREE CASH FLOW
Cash From Operating Activities $50.02M $56.11M
Capital Expenditures -$158.2M -$18.10M
Free Cash Flow $208.2M $74.21M
YoY Change 180.57% 26.1%

Facts In Submission

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-1000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-24038000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
119288000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43252000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
74414000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19214000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
193701000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 uncertainties surrounding the severity and duration of the COVID-19 pandemic. </span>Actual results could differ from those estimates.  </p>
CY2021Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
5700000
CY2022Q1 sitc Consolidation Of The Net Assets Of Unconsolidated Joint Ventures Excluding Mortgages
ConsolidationOfTheNetAssetsOfUnconsolidatedJointVenturesExcludingMortgages
42800000
CY2021Q1 sitc Consolidation Of The Net Assets Of Unconsolidated Joint Ventures Excluding Mortgages
ConsolidationOfTheNetAssetsOfUnconsolidatedJointVenturesExcludingMortgages
0
CY2022Q1 sitc Joint Venture Investments Related To Consolidation Of Net Assets
JointVentureInvestmentsRelatedToConsolidationOfNetAssets
8500000
CY2021Q1 sitc Joint Venture Investments Related To Consolidation Of Net Assets
JointVentureInvestmentsRelatedToConsolidationOfNetAssets
0
CY2022Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
30700000
CY2021Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
28300000
CY2022Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
10500000
CY2022Q1 sitc Amount Of Funds In Escrow To Be Received From Canadian Taxing Authority Pending Receipt Of Certain Tax Certificates
AmountOfFundsInEscrowToBeReceivedFromCanadianTaxingAuthorityPendingReceiptOfCertainTaxCertificates
0
CY2021Q1 sitc Amount Of Funds In Escrow To Be Received From Canadian Taxing Authority Pending Receipt Of Certain Tax Certificates
AmountOfFundsInEscrowToBeReceivedFromCanadianTaxingAuthorityPendingReceiptOfCertainTaxCertificates
4100000
CY2022Q1 sitc Fee And Other Income Including Revenue From Contracts With Customers
FeeAndOtherIncomeIncludingRevenueFromContractsWithCustomers
4436000
CY2021Q1 sitc Fee And Other Income Including Revenue From Contracts With Customers
FeeAndOtherIncomeIncludingRevenueFromContractsWithCustomers
8249000
CY2022Q1 sitc Company Share In Accumulated Equity Of Unconsolidated Joint Ventures
CompanyShareInAccumulatedEquityOfUnconsolidatedJointVentures
52192000
CY2021Q4 sitc Company Share In Accumulated Equity Of Unconsolidated Joint Ventures
CompanyShareInAccumulatedEquityOfUnconsolidatedJointVentures
59286000
CY2022Q1 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
2239000
CY2021Q4 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
2946000
CY2022Q1 sitc Equity Method Investment Difference Between Carrying Amount And Underlying Equity Deferred Development Fees Net Of Portion Relating To Company Interest
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityDeferredDevelopmentFeesNetOfPortionRelatingToCompanyInterest
853000
CY2021Q4 sitc Equity Method Investment Difference Between Carrying Amount And Underlying Equity Deferred Development Fees Net Of Portion Relating To Company Interest
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityDeferredDevelopmentFeesNetOfPortionRelatingToCompanyInterest
937000
CY2022Q1 us-gaap Due From Joint Ventures
DueFromJointVentures
3469000
CY2021Q4 us-gaap Due From Joint Ventures
DueFromJointVentures
3331000
CY2022Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
57047000
CY2021Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
64626000
CY2022Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
63365000
CY2021Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
59690000
CY2022Q1 sitc Amortization Of Intangible Assets Excluding Above And Below Market Leases
AmortizationOfIntangibleAssetsExcludingAboveAndBelowMarketLeases
6600000
CY2021Q1 sitc Amortization Of Intangible Assets Excluding Above And Below Market Leases
AmortizationOfIntangibleAssetsExcludingAboveAndBelowMarketLeases
5600000
CY2022Q1 sitc Acquired Interest
AcquiredInterest
0.80
CY2022Q1 sitc Number Of Properties Acquired
NumberOfPropertiesAcquired
1
CY2022Q1 sitc Purchase Price Of Assets At Company Share
PurchasePriceOfAssetsAtCompanyShare
35600000
CY2022Q1 sitc Previous Ownership Interest Stepped Up Due To Change In Control
PreviousOwnershipInterestSteppedUpDueToChangeInControl
0.20
CY2022Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
1758329000
CY2022Q1 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
700000
CY2022Q1 sitc Number Of Properties Acquired
NumberOfPropertiesAcquired
3
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
101768000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
94059000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
18620000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
19047000
CY2022Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
13959000
CY2021Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
7722000
CY2022Q1 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
1799000
CY2021Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
1708000
CY2022Q1 us-gaap Deposits Assets
DepositsAssets
3612000
CY2021Q4 us-gaap Deposits Assets
DepositsAssets
3796000
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3649000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4147000
CY2022Q1 us-gaap Other Assets
OtherAssets
143407000
CY2021Q4 us-gaap Other Assets
OtherAssets
130479000
CY2022Q1 us-gaap Senior Notes
SeniorNotes
1452307000
CY2021Q4 us-gaap Senior Notes
SeniorNotes
1451768000
CY2022Q1 sitc Revolving Credit Facilities And Term Loans
RevolvingCreditFacilitiesAndTermLoans
214854000
CY2021Q4 sitc Revolving Credit Facilities And Term Loans
RevolvingCreditFacilitiesAndTermLoans
99810000
CY2022Q1 us-gaap Notes And Loans Payable
NotesAndLoansPayable
91168000
CY2021Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
125799000
CY2021Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
1677377000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.11
CY2022Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2200000
CY2022Q1 sitc Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
35100000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
13955000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
16181000
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
18000
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
173000
CY2022Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2789000
CY2021Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5133000
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
126000
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
115000
CY2022Q1 sitc Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
NetIncomeLossAttributableToCommonShareholdersAfterAllocationToParticipatingSecurities
11022000
CY2021Q1 sitc Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
NetIncomeLossAttributableToCommonShareholdersAfterAllocationToParticipatingSecurities
10760000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
212103000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
198534000
CY2022Q1 sitc Performance Restricted Stock Units
PerformanceRestrictedStockUnits
1100000
CY2021Q1 sitc Performance Restricted Stock Units
PerformanceRestrictedStockUnits
911000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
213203000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199445000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2022Q1 sitc Common Shares Issued Through Forward Equity Agreement Not Included In Computation Of Diluted Eps
CommonSharesIssuedThroughForwardEquityAgreementNotIncludedInComputationOfDilutedEPS
2200000

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