Exhibit 99.2
SITE Centers Corp.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2024 and December 31, 2023, 2022 and 2021
On October 1, 2024, SITE Centers Corp. (“SITE Centers” or the “Company”) entered into a Separation and Distribution Agreement with Curbline Properties Corp. (“Curbline”) and Curbline Properties LP (the “Operating Partnership”), pursuant to which the Company transferred a portfolio of convenience retail properties and certain other assets, liabilities and obligations to Curbline and effected a pro rata special distribution (the “Distribution”) of all of the outstanding shares of Curbline common stock to the common shareholders of SITE Centers as of September 23, 2024, the record date for the Distribution (the “Spin-off”). In connection with the Spin-off, on October 1, 2024, the Company also entered into a Shared Services Agreement with Curbline and the Operating Partnership. As a result of the Spin-off, Curbline is now an independent public company and its common stock is listed under the symbol “CURB” on the New York Stock Exchange.
The unaudited pro forma condensed consolidated statements of operations included herein for the six months ended June 30, 2024 and year ended December 31, 2023 represent the results of the Company and give effect to the Spin-off as discontinued operations and other transactions described below as if they all occurred on January 1, 2023. In addition, pro forma condensed consolidated statements of operations for the years ended December 31, 2022 and 2021 are included to reflect the impact of discontinued operations resulting from the Spin-off. The pro forma condensed consolidated balance sheet assumes the Spin-off and other transactions described below all occurred on June 30, 2024.
The unaudited pro forma adjustments include the following:
| • | consummation of the Spin-off on October 1, 2024; |
| • | performance of the Shared Services Agreement; |
| • | transfer of $800.0 million of cash from SITE Centers to Curbline upon consummation of the separation pursuant to the terms of the Separation and Distribution Agreement; |
| • | establishment of a payable to Curbline for construction costs pursuant to the terms of the Separation and Distribution Agreement. |
The unaudited pro forma condensed consolidated financial statements of the Company are not necessarily indicative of what the Company’s financial condition or results of operations would have been for the periods presented, nor are they representative of the future financial condition or results of operations of the Company. The unaudited pro forma condensed consolidated financial statements of the Company should be read in conjunction with the historical financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the six months ended June 30, 2024 and Curbline Predecessor’s combined financial statements and the notes thereto as of and for the year ended December 31, 2023 and as of and for the six months ended June 30, 2024 included in its Information Statement filed as an exhibit to Curbline’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on September 3, 2024.
SITE Centers Corp.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
June 30, 2024
($ in thousands)
| Company Historical (A) |
Transaction Accounting Adjustments (B) |
Other Transaction Adjustments |
Pro Forma | |||||||||||||||
| Assets |
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| Land |
$ | 766,741 | $ | (341,666 | ) | $ | 425,075 | |||||||||||
| Buildings |
2,709,676 | (667,281 | ) | 2,042,395 | ||||||||||||||
| Fixtures and tenant improvements |
460,678 | (66,120 | ) | 394,558 | ||||||||||||||
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| 3,937,095 | (1,075,067 | ) | — | 2,862,028 | ||||||||||||||
| Less: Accumulated depreciation |
(1,322,286 | ) | 149,380 | (1,172,906 | ) | |||||||||||||
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| 2,614,809 | (925,687 | ) | — | 1,689,122 | ||||||||||||||
| Construction in progress and land |
34,304 | (12,852 | ) | 21,452 | ||||||||||||||
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| Total real estate assets, net |
2,649,113 | (938,539 | ) | — | 1,710,574 | |||||||||||||
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| Investments in and advances to joint ventures, net |
32,576 | 32,576 | ||||||||||||||||
| Cash and cash equivalents |
1,181,292 | (1,526 | ) | $ | (800,000 | ) | (C) | 379,766 | ||||||||||
| Restricted cash |
4,286 | 4,286 | ||||||||||||||||
| Accounts receivable |
48,165 | (11,535 | ) | 36,630 | ||||||||||||||
| Other assets, net |
130,133 | (53,058 | ) | 77,075 | ||||||||||||||
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| $ | 4,045,565 | $ | (1,004,658 | ) | $ | (800,000 | ) | $ | 2,240,907 | |||||||||
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| Liabilities and Equity |
— | |||||||||||||||||
| Unsecured indebtedness |
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| Senior notes, net |
$ | 1,216,029 | $ | 1,216,029 | ||||||||||||||
| Term loan, net |
199,023 | 199,023 | ||||||||||||||||
| Revolving credit facility |
— | — | ||||||||||||||||
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| 1,415,052 | — | — | 1,415,052 | |||||||||||||||
| Mortgage indebtedness, net |
98,579 | 98,579 | ||||||||||||||||
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| Total indebtedness |
1,513,631 | — | — | 1,513,631 | ||||||||||||||
| Accounts payable and other liabilities |
167,665 | (39,138 | ) | 34,400 | (D) | 162,927 | ||||||||||||
| Dividends payable |
30,170 | 30,170 | ||||||||||||||||
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| Total liabilities |
1,711,466 | (39,138 | ) | 34,400 | 1,706,728 | |||||||||||||
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| Commitments and contingencies |
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| Total SITE Centers shareholders’ equity |
2,334,099 | (965,520 | ) | (834,400 | ) | (C,D) | 534,179 | |||||||||||
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| Total equity |
2,334,099 | (965,520 | ) | (834,400 | ) | 534,179 | ||||||||||||
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| $ | 4,045,565 | $ | (1,004,658 | ) | $ | (800,000 | ) | $ | 2,240,907 | |||||||||
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The accompanying notes are an integral part of these condensed consolidated financial statements.
Transaction Accounting Adjustments:
| (A) | Reflects the unaudited historical condensed consolidated balance sheet of the Company as of June 30, 2024. |
| (B) | Reflects the historical unaudited combined balance sheet of Curbline as of June 30, 2024. |
| (C) | Reflects the transfer of unrestricted cash of $800.0 million and corresponding equity contribution to Curbline upon consummation of the Spin-off pursuant to the terms of the Separation and Distribution Agreement. |
| (D) | Reflects SITE Centers’ payable to Curbline for future funding commitments included in the Separation and Distribution Agreement for all costs and expenses in connection with redevelopment projects at Curbline properties located in Boca Raton, Florida, Miami, Florida and Freehold, New Jersey estimated at approximately $34.4 million as of June 30, 2024. |
SITE Centers Corp.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
For the six months ended June 30, 2024
($ in thousands, except per share amounts)
| Company Historical (A) |
Transaction Accounting Adjustments (B) |
Other Transaction Adjustments |
Pro Forma | |||||||||||||||||||
| Revenues from operations: |
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| Rental income |
$ | 233,072 | $ | (55,810 | ) | $ | 177,262 | |||||||||||||||
| Fee and other income |
4,690 | (385 | ) | 1,080 | (C) | 5,385 | ||||||||||||||||
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| 237,762 | (56,195 | ) | 1,080 | 182,647 | ||||||||||||||||||
| Rental operation expenses: |
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| Operating and maintenance |
39,795 | (5,991 | ) | 33,804 | ||||||||||||||||||
| Real estate taxes |
32,886 | (5,996 | ) | 26,890 | ||||||||||||||||||
| Impairment charges |
66,600 | — | 66,600 | |||||||||||||||||||
| General and administrative |
23,785 | (3,725 | ) | (D) | 20,060 | |||||||||||||||||
| Depreciation and amortization |
83,589 | (18,611 | ) | 64,978 | ||||||||||||||||||
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| 246,655 | (34,323 | ) | — | 212,332 | ||||||||||||||||||
| Other income (expense): |
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| Interest expense |
(37,339 | ) | 416 | (36,923 | ) | |||||||||||||||||
| Interest income |
15,844 | — | 15,844 | |||||||||||||||||||
| Gain on debt retirement |
1,037 | — | 1,037 | |||||||||||||||||||
| Loss on equity derivative instruments |
(5,166 | ) | — | (5,166 | ) | |||||||||||||||||
| Other income (expense), net |
(18,034 | ) | 7,245 | (10,789 | ) | |||||||||||||||||
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| (43,658 | ) | 7,661 | — | (35,997 | ) | |||||||||||||||||
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| (Loss) income before earnings from equity method investments and other items |
(52,551 | ) | (14,211 | ) | 1,080 | (65,682 | ) | |||||||||||||||
| Equity in net income of joint ventures |
78 | 78 | ||||||||||||||||||||
| Gain on sale and change in control of interests |
2,669 | 2,669 | ||||||||||||||||||||
| Gain on disposition of real estate, net |
265,030 | 265,030 | ||||||||||||||||||||
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| Income before tax expense |
215,226 | (14,211 | ) | 1,080 | 202,095 | |||||||||||||||||
| Tax expense of taxable REIT subsidiaries and state franchise and income taxes |
(533 | ) | (533 | ) | ||||||||||||||||||
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| Net income from continuing operations attributable to SITE Centers |
$ | 214,693 | $ | (14,211 | ) | $ | 1,080 | $ | 201,562 | |||||||||||||
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| Preferred dividends |
(5,578 | ) | (5,578 | ) | ||||||||||||||||||
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| Net income from continuing operations attributable to common shareholders |
$ | 209,115 | $ | (14,211 | ) | $ | 1,080 | $ | 195,984 | |||||||||||||
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| Net income from continuing operations attributable to SITE per share of Common Stock (dollars) |
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| Basic |
$ | 3.99 | $ | 3.74 | (E) | |||||||||||||||||
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| Diluted |
$ | 3.98 | $ | 3.74 | (E) | |||||||||||||||||
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| Weighted average common shares outstanding |
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| Basic |
52,371 | 52,371 | ||||||||||||||||||||
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| Diluted |
52,563 | (185 | ) | (F) | 52,378 | |||||||||||||||||
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The accompanying notes are an integral part of these condensed consolidated financial statements.
SITE Centers Corp.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
For the year ended December 31, 2023
($ in thousands, except per share amounts)
| Company Historical (A) |
Transaction Accounting Adjustments (B) |
Other Transaction Adjustments |
Pro Forma | |||||||||||||||||||
| Revenues from operations: |
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| Rental income |
$ | 537,066 | $ | (93,004 | ) | $ | 444,062 | |||||||||||||||
| Fee and other income |
9,209 | (656 | ) | $ | 1,812 | (C) | 10,365 | |||||||||||||||
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| 546,275 | (93,660 | ) | 1,812 | 454,427 | ||||||||||||||||||
| Rental operation expenses: |
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| Operating and maintenance |
88,959 | (10,653 | ) | 78,306 | ||||||||||||||||||
| Real estate taxes |
76,762 | (11,261 | ) | 65,501 | ||||||||||||||||||
| General and administrative |
50,867 | (5,215 | ) | (D) | 45,652 | |||||||||||||||||
| Depreciation and amortization |
212,460 | (31,993 | ) | 180,467 | ||||||||||||||||||
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| 429,048 | (59,122 | ) | — | 369,926 | ||||||||||||||||||
| Other income (expense): |
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| Interest expense |
(82,002 | ) | 1,520 | (80,482 | ) | |||||||||||||||||
| Other income (expense), net |
3,189 | 2,376 | 5,565 | |||||||||||||||||||
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| (78,813 | ) | 3,896 | — | (74,917 | ) | |||||||||||||||||
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| Income before earnings from equity method investments and other items |
38,414 | (30,642 | ) | 1,812 | 9,584 | |||||||||||||||||
| Equity in net income of joint ventures |
6,577 | — | 6,577 | |||||||||||||||||||
| Gain on sale and change in control of interests |
3,749 | — | 3,749 | |||||||||||||||||||
| Gain on disposition of real estate, net |
219,026 | (371 | ) | 218,655 | ||||||||||||||||||
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| Income before tax expense |
267,766 | (31,013 | ) | 1,812 | 238,565 | |||||||||||||||||
| Tax expense of taxable REIT subsidiaries and state franchise and income taxes |
(2,045 | ) | — | (2,045 | ) | |||||||||||||||||
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| Net income from continuing operations |
$ | 265,721 | $ | (31,013 | ) | $ | 1,812 | $ | 236,520 | |||||||||||||
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| Income attributable to non-controlling interests, net |
(18 | ) | — | (18 | ) | |||||||||||||||||
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| Net income from continuing operations attributable to SITE Centers |
$ | 265,703 | $ | (31,013 | ) | $ | 1,812 | $ | 236,502 | |||||||||||||
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| Preferred dividends |
(11,156 | ) | — | (11,156 | ) | |||||||||||||||||
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| Net income from continuing operations attributable to common shareholders |
$ | 254,547 | $ | (31,013 | ) | $ | 1,812 | $ | 225,346 | |||||||||||||
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| Net income from continuing operations attributable to SITE per share of Common Stock (dollars) |
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| Basic |
$ | 4.85 | $ | 4.30 | (E) | |||||||||||||||||
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| Diluted |
$ | 4.85 | $ | 4.30 | (E) | |||||||||||||||||
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| Weighted average common shares outstanding |
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| Basic |
52,365 | 52,365 | ||||||||||||||||||||
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| Diluted |
52,405 | (40 | ) | (F) | 52,365 | |||||||||||||||||
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The accompanying notes are an integral part of these condensed consolidated financial statements.
SITE Centers Corp.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
For the year ended December 31, 2022
($ in thousands, except per share amounts)
| Company Historical (A) |
Transaction Accounting Adjustments (B) |
Pro Forma | ||||||||||||||
| Revenues from operations: |
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| Rental income |
$ | 537,106 | $ | (72,855 | ) | $ | 464,251 | |||||||||
| Fee and other income |
15,247 | (281 | ) | 14,966 | ||||||||||||
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| 552,353 | (73,136 | ) | 479,217 | |||||||||||||
| Rental operation expenses: |
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| Operating and maintenance |
89,278 | (7,385 | ) | 81,893 | ||||||||||||
| Real estate taxes |
80,706 | (7,990 | ) | 72,716 | ||||||||||||
| Impairment charges |
2,536 | — | 2,536 | |||||||||||||
| General and administrative |
46,564 | (3,775 | ) | (D) | 42,789 | |||||||||||
| Depreciation and amortization |
203,546 | (26,627 | ) | 176,919 | ||||||||||||
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| 422,630 | (45,777 | ) | 376,853 | |||||||||||||
| Other income (expense): |
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| Interest expense |
(77,692 | ) | 1,619 | (76,073 | ) | |||||||||||
| Other income (expense), net |
(2,540 | ) | 10 | (2,530 | ) | |||||||||||
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| (80,232 | ) | 1,629 | (78,603 | ) | ||||||||||||
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| Income before earnings from equity method investments and other items |
49,491 | (25,730 | ) | 23,761 | ||||||||||||
| Equity in net income of joint ventures |
27,892 | — | 27,892 | |||||||||||||
| Gain on sale and change in control of interests |
45,581 | — | 45,581 | |||||||||||||
| Gain on disposition of real estate, net |
46,644 | — | 46,644 | |||||||||||||
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| Income before tax expense |
169,608 | (25,730 | ) | 143,878 | ||||||||||||
| Tax expense of taxable REIT subsidiaries and state franchise and income taxes |
(816 | ) | — | (816 | ) | |||||||||||
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| Net income from continuing operations |
$ | 168,792 | $ | (25,730 | ) | $ | 143,062 | |||||||||
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| Income attributable to non-controlling interests, net |
(73 | ) | — | (73 | ) | |||||||||||
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| Net income from continuing operations attributable to SITE Centers |
$ | 168,719 | $ | (25,730 | ) | $ | 142,989 | |||||||||
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| Preferred dividends |
(11,156 | ) | — | (11,156 | ) | |||||||||||
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| Net income from continuing operations attributable to common shareholders |
$ | 157,563 | $ | (25,730 | ) | $ | 131,833 | |||||||||
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| Net income from continuing operations attributable to SITE per share of Common Stock (dollars) |
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| Basic |
$ | 2.95 | $ | 2.48 | (E) | |||||||||||
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| Diluted |
$ | 2.94 | $ | 2.47 | (E) | |||||||||||
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| Weighted average common shares outstanding |
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| Basic |
53,250 | 53,250 | ||||||||||||||
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| Diluted |
53,471 | 53,471 | ||||||||||||||
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The accompanying notes are an integral part of these condensed consolidated financial statements.
SITE Centers Corp.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
For the year ended December 31, 2021
($ in thousands, except per share amounts)
| Company Historical (A) |
Transaction Accounting Adjustments (B) |
Pro Forma | ||||||||||||||
| Revenues from operations: |
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| Rental income |
$ | 490,799 | $ | (52,194 | ) | $ | 438,605 | |||||||||
| Fee and other income |
42,065 | (123 | ) | 41,942 | ||||||||||||
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| 532,864 | (52,317 | ) | 480,547 | |||||||||||||
| Rental operation expenses: |
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| Operating and maintenance |
76,716 | (4,671 | ) | 72,045 | ||||||||||||
| Real estate taxes |
76,071 | (6,105 | ) | 69,966 | ||||||||||||
| Impairment charges |
7,270 | — | 7,270 | |||||||||||||
| General and administrative |
55,052 | (3,299 | ) | (D) | 51,753 | |||||||||||
| Depreciation and amortization |
185,768 | (15,004 | ) | 170,764 | ||||||||||||
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| 400,877 | (29,079 | ) | 371,798 | |||||||||||||
| Other income (expense): |
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| Interest expense |
(76,383 | ) | 2,146 | (74,237 | ) | |||||||||||
| Other income (expense), net |
(1,185 | ) | 7 | (1,178 | ) | |||||||||||
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| (77,568 | ) | 2,153 | (75,415 | ) | ||||||||||||
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| Income before earnings from equity method investments and other items |
54,419 | (21,085 | ) | 33,334 | ||||||||||||
| Equity in net income of joint ventures |
47,297 | — | 47,297 | |||||||||||||
| Gain on sale and change in control of interests |
19,185 | — | 19,185 | |||||||||||||
| Gain on disposition of real estate, net |
6,065 | — | 6,065 | |||||||||||||
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| Income before tax expense |
126,966 | (21,085 | ) | 105,881 | ||||||||||||
| Tax expense of taxable REIT subsidiaries and state franchise and income taxes |
(1,550 | ) | — | (1,550 | ) | |||||||||||
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| Net income from continuing operations |
$ | 125,416 | $ | (21,085 | ) | $ | 104,331 | |||||||||
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| Income attributable to non-controlling interests, net |
(481 | ) | 427 | (54 | ) | |||||||||||
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| Net income from continuing operations attributable to SITE Centers |
$ | 124,935 | $ | (20,658 | ) | $ | 104,277 | |||||||||
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| Write-off of preferred share original issuance costs |
(5,156 | ) | — | (5,156 | ) | |||||||||||
| Preferred dividends |
(13,656 | ) | — | (13,656 | ) | |||||||||||
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| Net income from continuing operations attributable to common shareholders |
$ | 106,123 | $ | (20,658 | ) | $ | 85,465 | |||||||||
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| Net income from continuing operations attributable to SITE per share of Common Stock (dollars) |
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| Basic |
$ | 2.04 | $ | 1.64 | (E) | |||||||||||
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| Diluted |
$ | 2.03 | $ | 1.63 | (E) | |||||||||||
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| Weighted average common shares outstanding |
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| Basic |
52,001 | 52,001 | ||||||||||||||
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| Diluted |
52,286 | 52,286 | ||||||||||||||
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The accompanying notes are an integral part of these condensed consolidated financial statements.
SITE Centers Corp.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
For the six months ended June 30, 2024 and for the years ended December 31, 2023, 2022 and 2021 (continued)
($ in thousands)
Transaction Accounting Adjustments:
| (A) | Reflects the unaudited condensed consolidated statements of operations of the Company for the six months ended June 30, 2024 and the years ended December 31, 2023, 2022 and 2021. |
| (B) | Reflects the removal of revenues and expenses for the six months ended June 30, 2024 and the years ended December 31, 2023, 2022 and 2021 attributable to Curbline from the historical results presented. |
| (C) | Reflects an adjustment to include the fees for services under the Shared Services Agreement for the six months ended June 30, 2024 and the year ended December 31, 2023. The fee is calculated based on 2.0% of Curbline’s Gross Revenue (as defined in the Shared Services Agreement). |
| (D) | The allocation of general and administrative expenses to Curbline for the periods presented approximates the contractually supportable general and administrative expenses expected to be incurred by Curbline relating to employee salaries for former Company employees whose employment transferred to Curbline in connection with the Spin-off plus amounts that Curbline will pay to SITE Centers under the Shared Services Agreement. |
| (E) | Pro forma income per common share is based upon the historical basic and diluted weighted-average number of common shares outstanding during the six months ended June 30, 2024 and the years ended December 31, 2023, 2022 and 2021. Effective as of the opening of trading on August 19, 2024, the Company effected a 1-for-4 reverse stock split of its issued and outstanding common shares, which is reflected in these proforma adjustments. |
| (F) | Reflects the removal of performance-based restricted share units issued to former Company employees whose employment transferred to Curbline in connection with the Spin-off that were considered in the computation of diluted earnings per share for the six months ended June 30, 2024 and the years ended December 31, 2023. |