SITE Centers Corp. (NYSE:SITC) Q2 2023 Earnings Conference Call July 25, 2023 8:00 AM ET

Company Participants

Stephanie Ruys de Perez - Vice President of Capital Markets

David Lukes - Chief Executive Officer

Conor Fennerty - Chief Financial Officer

Conference Call Participants

Dori Kesten - Wells Fargo

Todd Thomas - KeyBanc Capital Markets

Craig Mailman - Citi

Ravi Vaidya - Mizuho Securities

Samir Khanal - Evercore ISI

Alexander Goldfarb - Piper Sandler

Floris Van Dijkum - Compass Point

Ki Bin Kim - Truist

Linda Tsai - Jeffries

Mike Mueller - JPMorgan

Ronald Kamdem - Morgan Stanley

Paulina Rojas Schmidt - Green Street

Operator

Good morning, and welcome to the SITE Centers' Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Stephanie Ruys de Perez, Vice President of Capital Markets and Asset Management at SITE Centers. Please go ahead.

Stephanie Ruys de Perez

Thank you, Operator. Good morning, and welcome to SITE Centers' second quarter 2023 earnings conference call. Joining me today are Chief Executive Officer, David Lukes; and Chief Financial Officer, Conor Fennerty. In addition to the press release distributed this morning, we have posted our quarterly financial supplement and slide presentation on our Web site at www.sitecenters.com, which are intended to support our prepared remarks during today's call.

Please be aware that certain of our statements today may contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from our forward-looking statements. Additional information may be found in our earnings press release and in our filings with the SEC, including our most recent report on Form 10-K and 10-Q.

In addition, we will be discussing non-GAAP financial measures on today's call, including FFO, operating FFO and same-store net operating income. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's quarterly financial supplement.

At this time, it is my pleasure to introduce our Chief Executive Officer, David Lukes.

David Lukes

Good morning, and thank you for joining our second quarter earnings call. We had another strong quarter with results ahead of budget, an uptick in leasing volume and demand across all unit sizes, and continued progress sourcing investments which are additive to the long-term growth profile of the company. The net result of all this activity is a significant Signed Not Opened pipeline, with commencements ramping over the next few quarters, into 2024, which provides a tailwind for the next several years, and an offset to the impact from recaptured space from bankrupt tenants.