SITE Centers Corp. (NYSE:SITC) Q1 2023 Earnings Conference Call April 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

Todd Thomas – KeyBanc

Craig Mailman – Citi

Haendel St. Juste – Mizuho

Alexander Goldfarb – Piper Sandler

Ki Bin Kim – Truist

Floris Van Dijkum – Compass Point

Samir Khanal – Evercore ISI

Adam Kramer – Morgan Stanley

Paulina Rojas – Green Street

Mike Mueller – JPMorgan

Linda Tsai – Jefferies

Operator

Good morning. And welcome to the SITE Centers reports First Quarter 2023 Operating Results Conference Call. [Operator Instructions]

I would now like to turn the conference over to Stephanie Ruys de Perez, Vice President of Capital Markets, please go ahead.

Stephanie Ruys de Perez

Thank you, operator. Good morning, and welcome to SITE Centers’ first 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 a slide presentation on to our website 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

Thank you, Stephanie. Good morning, and thank you for joining our first quarter earnings call.

We had a strong start to the year with results ahead of budget, another productive leasing quarter, which pushed our leased rate to an all-time high of 95.9% and continue progress on the lease-up, construction and delivery of our tactical redevelopment pipeline with delivery set to ramp into year end. The net result of all these activities is a $19 million signed, not opened pipeline, with commencements tend to accelerate over the next few quarters into 2024, which provides a significant tailwind for the next several years.