SITE Centers Corp. (NYSE:SITC) Q2 2022 Earnings Conference Call July 28, 2022 9:30 AM ET

Company Participants

Monica Kukreja – Head-Investor Relations

David Lukes – President and Chief Executive Officer

Conor Fennerty – Chief Financial Officer

Conference Call Participants

Adam Kramer – Morgan Stanley

Todd Thomas – KeyBanc Capital Markets

Craig Mailman – Citi

Alexander Goldfarb – Piper Sandler

Ki Bin Kim – Truist

Floris Van Dijkum – Compass Point

Mike Miller – J.P. Morgan

Linda Tsai – Jefferies

Operator

Good day, and welcome to the SITE Centers' reports Second Quarter 2022 Operating Results Conference Call. [Operator Instructions]

Please note this event is being recorded. I would now like to turn the conference over to Ms. Monica Kukreja, Head of Investor Relations. Please go ahead ma’am.

Monica Kukreja

Thank you, operator. Good morning, and welcome to SITE Centers’ second quarter 2022 earnings conference call.

Joining me today is 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 is intended to support our prepared remarks during today's call.

Please be aware that certain of our statements today may constitute 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 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 a very productive second quarter with results well ahead of budget. Leasing demand continued to be very strong from both existing retailers and service tenants expanding into key suburban markets along with new concepts competing for the same space. The strength of execution from our leasing team resulted in a 120 basis point sequential increase of our portfolio lease rate. Additionally, we completed significant capital recycling as we continue to invest in our convenience thesis.