SITE Centers Corp. (NYSE:SITC) Q4 2022 Earnings Conference Call February 8, 2023 8:30 AM ET

Company Participants

Stephanie Ruys de Perez – Senior Director

David Lukes – Chief Executive Officer

Conor Fennerty – Chief Financial Officer

Conference Call Participants

Todd Thomas – KeyBanc Capital Markets

Craig Mailman – Citi

Haendel St. Juste – Mizuho

Samir Khanal – Evercore ISI

Floris Van Dijkum – Compass Point

Alexander Goldfarb – Piper Sandler

Ronald Kamdem – Morgan Stanley

Linda Tsai – Jefferies

Mike Mueller – JPMorgan

Operator

Good morning, and welcome to the SITE Centers Reports Fourth Quarter 2022 Operating Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded today.

I would now like to turn the conference over to Stephanie Ruys de Perez. Please go ahead.

Stephanie Ruys de Perez

Thank you, operator. Good morning, and welcome to SITE Centers' fourth quarter 2022 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 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

Good morning and thank you for joining our fourth quarter earnings call. The fourth quarter concluded a very productive year for SITE Centers with results ahead of budget, another quarter of elevated leasing volume despite having less available space, the opportunistic sale of three wholly-owned properties with pricing well inside of where we repurchased stock, and a balance sheet that remains in great shape with full availability on our line of credit, minimal near-term maturities and debt to EBITDA in the low 5s, which remains well ahead of the peer group and the sector overall.