SITE Centers Corp. (NYSE:SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter ended June 30, 2024.

"The planned spin-off of Curbline Properties remains on track with further progress in the second quarter across all fronts highlighted by nearly $1 billion of quarterly transactions, 24% trailing-twelve month new leasing spreads for Curbline Properties, and over $50 million of debt repurchased or retired prior to maturity," commented David R. Lukes, President and Chief Executive Officer. "We remain excited to launch and scale what is expected to be the first public real estate company focused exclusively on Convenience properties and remain encouraged by the opportunity set and growth prospects, both organic and via acquisitions, for Curbline Properties."

Results for the Second Quarter

Second quarter net income attributable to common shareholders was $235.5 million, or $1.11 per diluted share, as compared to net income of $2.6 million, or $0.01 per diluted share, in the year-ago period. The increase year-over-year primarily was the result of higher gain on sale from dispositions and interest income partially offset by the impact of lower property Net Operating Income ("NOI") as a result of net property dispositions and the write-off of fees related to the mortgage facility commitment and Curbline transaction costs.
Second quarter operating funds from operations attributable to common shareholders ("Operating FFO" or "OFFO") was $55.9 million, or $0.27 per diluted share, compared to $61.3 million, or $0.29 per diluted share, in the year-ago period. The decrease year-over-year primarily was due to the impact of lower property NOI as a result of net property dispositions, partially offset by higher interest income.

Significant Second Quarter and Recent Activity

Sold 15 shopping centers and a parcel at a shopping center in the second quarter and third quarter to date for an aggregate price of $868.2 million ($839.0 million at share), including 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, including Red Mountain Corner (Phoenix, AZ) for $2.1 million, Sunrise Plaza (Vero Beach, FL) for $5.5 million, Roswell Market Center (Atlanta, GA) for $17.8 million, Wilmette Center (Chicago, IL) for $2.9 million, Crocker Commons (Cleveland, OH) for $18.5 million, Maple Corner (Nashville, Tennessee) for $8.2 million and a ground leased parcel at Collection at Brandon Boulevard (Tampa, FL) for $1.0 million. The Company also acquired its joint venture partner's 80% interest in Meadowmont Village (Raleigh, NC) for $35.4 million.
During the quarter, repurchased $26.7 million aggregate principal amount of outstanding senior unsecured notes due in 2026 and 2027 for total cash consideration, including expenses, of $26.3 million and recorded a gain on retirement of debt of approximately $0.3 million.
In July 2024, announced a one-for-four reverse stock split of the Company's common shares. The Company anticipates the common shares will begin trading on a split-adjusted basis on the NYSE at the opening of trading on August 19, 2024.
Issued the Company's tenth Corporate Responsibility and Sustainability Report. The report was completed in alignment with the Global Reporting Initiative and with the Sustainability Accounting Standards Board metrics and frameworks. The report intends to provide an annual update on the Company's corporate responsibility and sustainability programs and can be found at https://www.sitecenters.com/2023CSR.

Curbline Properties

In October 2023, announced the expected spin-off of the Company's Convenience assets into a separate publicly-traded REIT to be named Curbline Properties Corp. ("Curbline Properties" or "CURB"). The spin-off is expected to be completed on or around October 1, 2024. As of June 30, 2024, the Company has amassed a portfolio of 72 wholly-owned properties to be included in the CURB portfolio, including assets separated or in the process of being separated from SITE Centers properties. The transaction is subject to certain conditions, including the effectiveness of CURB's Form 10 registration statement and final approval and declaration of the distribution by SITE Centers' Board of Directors.
In October 2023, obtained a commitment from affiliates of Apollo, including ATLAS SP Partners, to provide a $1.1 billion mortgage facility to be secured by 40 properties with flexibility to reduce the commitment or loan balance with proceeds from asset sales or other sources of capital. The mortgage is expected to be funded prior to the spin-off date with loan and additional asset sale proceeds expected to be used to retire all unsecured debt, including all outstanding public notes, prior to the spin-off of CURB. In the first and second quarters of 2024, the Company released 13 properties that had previously been identified to serve as collateral for the facility, thereby reducing the committed amount to $554.8 million as of June 30, 2024. The Company expensed $8.6 million of fees related to the facility in the second quarter as a result of the property releases and the corresponding commitment reduction.

Key Quarterly Operating Results

Reported an increase of 0.8% in same-store net operating income ("SSNOI") on a pro rata basis for the second quarter of 2024 as compared to the year-ago period.
Generated cash new leasing spreads of 38.8% and cash renewal leasing spreads of 6.9%, both on a pro rata basis, for the trailing twelve-month period ended June 30, 2024, and cash new leasing spreads of 44.2% and cash renewal leasing spreads of 9.1%, both on a pro rata basis, for the second quarter of 2024.
Generated straight-lined new leasing spreads of 50.1% and straight-lined renewal leasing spreads of 11.6%, both on a pro rata basis, for the trailing twelve-month period ended June 30, 2024, and straight-lined new leasing spreads of 50.6% and straight-lined renewal leasing spreads of 14.8%, both on a pro rata basis, for the second quarter of 2024.
Reported a leased rate of 93.2% at June 30, 2024 compared to 94.2% at March 31, 2024 and 95.5% at June 30, 2023, all on a pro rata basis. The sequential decline was primarily related to the sale of properties in the second quarter with an average leased rate of 96.7%.
As of June 30, 2024, the Signed Not Opened ("SNO") spread was 230 basis points, representing $10.2 million of annualized base rent on a pro rata basis.

Property NOI Projection

The Company projects, based on the assumptions below, 2024 property level NOI to be as follows:

	Portfolio		NOI Projection ($M)
	SITE Centers		$198.3 – $204.4
	Curbline Properties		$82.6 – $84.9

These projections:

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.

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI and assumed range of 2024 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which for the same-store calculation only includes properties owned for comparable periods and excludes all corporate level activity as described below under Non-GAAP Measures and Other Operational Metrics.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company's e-mail distributions for press releases and other investor news, please click here.

Conference Call and Supplemental Information

The Company will hold its quarterly conference call today at 8:00 a.m. Eastern Time. To participate with access to the slide presentation, please visit the Investor Relations portion of SITE's website, ir.sitecenters.com, or for audio only, dial 888‑317‑6003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) using pass code 2886949 at least ten minutes prior to the scheduled start of the call. The call will also be webcast and available in a listen-only mode on SITE Centers' website at ir.sitecenters.com. If you are unable to participate during the live call, a replay of the conference call will also be available at ir.sitecenters.com for further review. You may also access the telephone replay by dialing 877-344-7529 (U.S.), 855-669-9658 (Canada) or 412-317-0088 (international) using passcode 7227743 through August 30, 2024. Copies of the Company's supplemental package and earnings slide presentation are available on the Company's website.

Non-GAAP Measures and Other Operational Metrics

Funds from Operations ("FFO") is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust ("REIT") performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

FFO is generally defined and calculated by the Company as net income (computed in accordance with generally accepted accounting principles in the United States ("GAAP")), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income from non-controlling interests and adding the Company's proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company's calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

The Company also uses NOI, a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

The Company presents NOI information herein on a same store basis or "SSNOI." The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income and reimbursements and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. SSNOI includes assets owned in comparable periods (15 months for prior period comparisons). In addition, SSNOI is presented including activity associated with redevelopment. SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI at its effective ownership interest provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

FFO, Operating FFO, NOI and SSNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company's operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI and assumed rate of 2024 SSNOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which for the same-store calculation only includes properties owned for comparable periods and excludes all corporate level activity as noted above.

The Company calculates Cash Leasing Spreads by comparing the prior tenant's annual base rent in the final year of the prior lease to the executed tenant's annual base rent in the first year of the executed lease. Straight-Lined Leasing Spreads are calculated by comparing the prior tenant's average base rent over the prior lease term to the executed tenant's average base rent over the term of the executed lease. For both SITE Cash and Straight-Lined Leasing Spreads, the reported calculation includes only comparable leases which are deals executed within one year of the date that the prior tenant vacated. Deals executed after one year of the date the prior tenant vacated, deals which are a combination of existing units, new leases at redevelopment properties, and deals for units vacant at the time of acquisition are considered non-comparable and excluded from the calculation. For both Curbline Properties Cash and Straight-Lined Leasing Spreads, the reported calculation includes both leases vacant greater than twelve months along with split and combination deals. The Curbline Properties calculation excludes first generation units and spaces vacant at the time of acquisition.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to complete the spin-off of Curbline Properties in a timely manner or at all; our ability to secure equity or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and the finalization of the financial statements for the period ended June 30, 2024. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SITE Centers Corp. Income Statement: Consolidated Interests

	in thousands, except per share
		2Q24	2Q23	6M24	6M23
	Revenues:
	Rental income (1)	$113,480	$135,954	$233,072	$271,826
	Other property revenues	649	429	1,678	1,390
		114,129	136,383	234,750	273,216
	Expenses:
	Operating and maintenance	19,251	22,476	39,795	45,642
	Real estate taxes	16,148	20,279	32,886	40,332
		35,399	42,755	72,681	85,974

	Net operating income (2)	78,730	93,628	162,069	187,242

	Other income (expense):
	JV and other fee income	1,542	1,775	3,012	3,634
	Interest expense	(18,426)	(20,921)	(37,339)	(40,844)
	Depreciation and amortization	(40,439)	(58,698)	(83,589)	(112,714)
	General and administrative (3)	(12,713)	(14,031)	(23,785)	(24,676)
	Other income (expense), net (4)	(6,214)	(634)	(6,319)	(1,321)
	Impairment charges	0	0	(66,600)	0
	Income (loss) before earnings from JVs and other	2,480	1,119	(52,551)	11,321

	Equity in net income of JVs	61	4,618	78	5,977
	Gain on sale and change in control of interests	2,669	0	2,669	3,749
	Gain on disposition of real estate, net	233,316	(22)	265,030	183
	Tax expense	(281)	(362)	(533)	(575)
	Net income	238,245	5,353	214,693	20,655
	Non-controlling interests	0	0	0	(18)
	Net income SITE Centers	238,245	5,353	214,693	20,637
	Preferred dividends	(2,789)	(2,789)	(5,578)	(5,578)
	Net income Common Shareholders	$235,456	$2,564	$209,115	$15,059

	Weighted average shares – Basic – EPS	209,553	209,266	209,486	209,616
	Assumed conversion of diluted securities	1,756	181	767	445
	Weighted average shares – Diluted – EPS	211,309	209,447	210,253	210,061

	Earnings per common share – Basic	$1.12	$0.01	$1.00	$0.07
	Earnings per common share – Diluted	$1.11	$0.01	$0.99	$0.07

(1)	Rental income:
	Minimum rents	$73,510	$89,023	$149,572	$177,996
	Ground lease minimum rents	5,296	6,343	10,740	12,812
	Straight-line rent, net	1,464	988	2,144	1,664
	Amortization of (above)/below-market rent, net	961	1,691	2,113	2,876
	Percentage and overage rent	1,460	2,252	3,387	3,403
	Recoveries	28,550	34,501	58,232	69,817
	Uncollectible revenue	(369)	(548)	(14)	(315)
	Ancillary and other rental income	1,058	1,448	2,294	3,205
	Lease termination fees	1,550	256	4,604	368

(2)	Includes NOI from wholly-owned assets sold in 2024	11,206	N/A	26,438	N/A

(3)	Separation charge	0	2,928	0	2,928

(4)	Interest income (fees), net	8,550	(90)	15,844	(114)
	Transaction costs	(4,191)	(544)	(7,589)	(1,207)
	Debt extinguishment costs	(9,780)	0	(10,445)	0
	Gain on debt retirement	277	0	1,037	0
	Loss on equity derivative instruments	(1,070)	0	(5,166)	0

SITE Centers Corp. Reconciliation: Net Income to FFO and Operating FFO and Other Financial Information

	in thousands, except per share
		2Q24	2Q23	6M24	6M23
	Net income attributable to Common Shareholders	$235,456	$2,564	$209,115	$15,059
	Depreciation and amortization of real estate	39,203	57,350	81,022	110,067
	Equity in net income of JVs	(61)	(4,618)	(78)	(5,977)
	JVs' FFO	1,564	2,201	3,148	4,183
	Non-controlling interests	0	0	0	18
	Impairment of real estate	0	0	66,600	0
	Gain on sale and change in control of interests	(2,669)	0	(2,669)	(3,749)
	(Gain) loss on disposition of real estate, net	(233,316)	22	(265,030)	(183)
	FFO attributable to Common Shareholders	$40,177	$57,519	$92,108	$119,418
	Gain on debt retirement	(277)	0	(1,037)	0
	Loss on equity derivative instruments	1,070	0	5,166	0
	Transaction, debt extinguishment and other (at SITE's share)	14,083	677	18,222	1,506
	Separation and Other charges	830	3,099	1,225	3,099
	Total non-operating items, net	15,706	3,776	23,576	4,605
	Operating FFO attributable to Common Shareholders	$55,883	$61,295	$115,684	$124,023

	Weighted average shares & units – Basic: FFO & OFFO	209,553	209,326	209,486	209,717
	Assumed conversion of dilutive securities	723	181	767	445
	Weighted average shares & units – Diluted: FFO & OFFO	210,276	209,507	210,253	210,162

	FFO per share – Basic	$0.19	$0.27	$0.44	$0.57
	FFO per share – Diluted	$0.19	$0.27	$0.44	$0.57
	Operating FFO per share – Basic	$0.27	$0.29	$0.55	$0.59
	Operating FFO per share – Diluted	$0.27	$0.29	$0.55	$0.59
	Common stock dividends declared, per share	$0.13	$0.13	$0.26	$0.26

	Capital expenditures (SITE Centers share):
	Redevelopment costs	2,957	3,707	6,010	8,117
	Maintenance capital expenditures	2,371	4,878	3,657	7,024
	Tenant allowances and landlord work	9,446	11,031	21,481	25,752
	Leasing commissions	2,359	2,066	4,318	4,394
	Construction administrative costs (capitalized)	853	805	1,814	1,601

	Certain non-cash items (SITE Centers share):
	Straight-line rent	1,510	1,024	2,224	1,720
	Straight-line fixed CAM	59	69	123	144
	Amortization of below-market rent/(above), net	1,041	1,782	2,310	3,051
	Straight-line ground rent expense	(1)	(41)	(6)	(105)
	Debt fair value and loan cost amortization	(1,405)	(1,198)	(2,816)	(2,426)
	Capitalized interest expense	179	308	471	594
	Stock compensation expense	(2,057)	(1,742)	(3,945)	(3,362)
	Non-real estate depreciation expense	(1,237)	(1,349)	(2,569)	(2,652)

SITE Centers Corp. Balance Sheet: Consolidated Interests

	$ in thousands
		At Period End
		2Q24	4Q23
	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
	Depreciation	(1,322,286)	(1,570,377)
		2,614,809	3,209,403
	Construction in progress and land	34,304	51,379
	Real estate, net	2,649,113	3,260,782

	Investments in and advances to JVs	32,576	39,372
	Cash	1,181,292	551,968
	Restricted cash	4,286	17,063
	Receivables and straight-line (1)	48,165	65,623
	Intangible assets, net (2)	92,423	86,363
	Other assets, net	37,710	40,180
	Total Assets	4,045,565	4,061,351

	Liabilities and Equity:
	Revolving credit facilities	0	0
	Unsecured debt	1,216,029	1,303,243
	Unsecured term loan	199,023	198,856
	Secured debt	98,579	124,176
		1,513,631	1,626,275
	Dividends payable	30,170	63,806
	Other liabilities (3)	167,665	195,727
	Total Liabilities	1,711,466	1,885,808

	Preferred shares	175,000	175,000
	Common shares	21,437	21,437
	Paid-in capital	5,973,663	5,974,904
	Distributions in excess of net income	(3,780,374)	(3,934,736)
	Deferred compensation	4,937	5,167
	Accumulated comprehensive income	8,572	6,121
	Common shares in treasury at cost	(69,136)	(72,350)
	Total Equity	2,334,099	2,175,543

	Total Liabilities and Equity	$4,045,565	$4,061,351

(1)	SL rents (including fixed CAM), net	$27,477	$31,206

(2)	Operating lease right of use assets	16,350	17,373
	Below market ground leases (as lessee)	13,670	0

(3)	Operating lease liabilities	36,091	37,108
	Below-market leases, net	37,977	46,096

SITE Centers Corp. Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands
	2Q24	2Q23	2Q24	2Q23
	SITE Centers at 100%		At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE Centers	$238,245	$5,353	$238,245	$5,353
Fee income	(1,542)	(1,775)	(1,542)	(1,775)
Interest expense	18,426	20,921	18,426	20,921
Depreciation and amortization	40,439	58,698	40,439	58,698
General and administrative	12,713	14,031	12,713	14,031
Other expense (income), net	6,214	634	6,214	634
Equity in net income of joint ventures	(61)	(4,618)	(61)	(4,618)
Tax expense	281	362	281	362
Gain on sale and change in control of interests	(2,669)	0	(2,669)	0
(Gain) loss on disposition of real estate, net	(233,316)	22	(233,316)	22
Consolidated NOI	78,730	93,628	78,730	93,628
Less: Non-Same Store NOI adjustments			(15,651)	(31,002)
Total Consolidated SSNOI			$63,079	$62,626

Consolidated SSNOI % Change			0.7%

Net income from unconsolidated joint ventures	7,334	15,860	1,582	3,233
Interest expense	7,902	6,307	1,758	1,441
Depreciation and amortization	6,785	8,281	1,663	1,938
Other expense (income), net	2,048	2,378	472	538
Gain on disposition of real estate, net	(8,426)	(14,874)	(1,685)	(2,975)
Unconsolidated NOI	$15,643	$17,952	3,790	4,175
Less: Non-Same Store NOI adjustments			(320)	(807)
Total Unconsolidated SSNOI at SITE share			$3,470	$3,368

Unconsolidated SSNOI % Change			3.0%

SSNOI % Change at SITE Share			0.8%

SITE Centers Corp. Reconciliation of Net Income Attributable to SITE to Same Store NOI

$ in thousands
	6M24	6M23	6M24	6M23
	SITE Centers at 100%		At SITE Centers Share (Non-GAAP)
GAAP Reconciliation:
Net income attributable to SITE Centers	$214,693	$20,637	$214,693	$20,637
Fee income	(3,012)	(3,634)	(3,012)	(3,634)
Interest expense	37,339	40,844	37,339	40,844
Depreciation and amortization	83,589	112,714	83,589	112,714
General and administrative	23,785	24,676	23,785	24,676
Other expense (income), net	6,319	1,321	6,319	1,321
Impairment charges	66,600	0	66,600	0
Equity in net income of joint ventures	(78)	(5,977)	(78)	(5,977)
Tax expense	533	575	533	575
Gain on sale and change in control of interests	(2,669)	(3,749)	(2,669)	(3,749)
Gain on disposition of real estate, net	(265,030)	(183)	(265,030)	(183)
Income from non-controlling interests	0	18	0	18
Consolidated NOI	162,069	187,242	162,069	187,242
Less: Non-Same Store NOI adjustments			(36,200)	(62,359)
Total Consolidated SSNOI			$125,869	$124,883

Consolidated SSNOI % Change			0.8%

Net income from unconsolidated joint ventures	6,179	20,627	1,406	4,237
Interest expense	16,173	13,348	3,590	3,028
Depreciation and amortization	13,930	17,343	3,390	4,029
Other expense (income), net	3,944	4,938	913	1,112
Gain on disposition of real estate, net	(8,397)	(20,178)	(1,679)	(4,037)
Unconsolidated NOI	$31,829	$36,078	7,620	8,369
Less: Non-Same Store NOI adjustments			(789)	(1,681)
Total Unconsolidated SSNOI at SITE share			$6,831	$6,688

Unconsolidated SSNOI % Change			2.1%

SSNOI % Change at SITE Share			0.9%

View source version on businesswire.com: https://www.businesswire.com/news/home/20240730770180/en/

SITE Centers Reports Second Quarter 2024 Results