SITE Centers Corp. Segments Disclosure
In the fourth quarter of 2020, the Company transferred and redeemed its loan investments (preferred equity interests) in the BRE DDR Joint Ventures in exchange for the acquisition of certain of the underlying assets of the two joint ventures. As such, beginning on January 1, 2021, the Company has one reportable operating segment. The table below presents information about the Company’s reportable operating segments in 2020 (in thousands):
|
For the Year Ended December 31, 2020 |
|
|||||||||||||
|
Shopping |
|
|
Loan |
|
|
Other |
|
|
Total |
|
||||
Rental income |
$ |
414,864 |
|
|
$ |
— |
|
|
|
|
|
$ |
414,864 |
|
|
Other income |
|
45,456 |
|
|
|
13 |
|
|
|
|
|
|
45,469 |
|
|
Total revenues |
|
460,320 |
|
|
|
13 |
|
|
|
|
|
|
460,333 |
|
|
Rental operation expenses |
|
(138,402 |
) |
|
|
— |
|
|
|
|
|
|
(138,402 |
) |
|
Net operating income |
|
321,918 |
|
|
|
13 |
|
|
|
|
|
|
321,931 |
|
|
Impairment charges |
|
(5,200 |
) |
|
|
|
|
|
|
|
|
(5,200 |
) |
||
Depreciation and amortization |
|
(170,669 |
) |
|
|
|
|
|
|
|
|
(170,669 |
) |
||
Interest income |
|
|
|
|
11,888 |
|
|
|
|
|
|
11,888 |
|
||
Other expense, net |
|
|
|
|
|
|
$ |
(18,400 |
) |
|
|
(18,400 |
) |
||
Unallocated expenses(A) |
|
|
|
|
|
|
|
(130,485 |
) |
|
|
(130,485 |
) |
||
Equity in net income of joint ventures |
|
1,516 |
|
|
|
|
|
|
|
|
|
1,516 |
|
||
Reserve of preferred equity interests, net |
|
|
|
|
(19,393 |
) |
|
|
|
|
|
(19,393 |
) |
||
Gain on sale and change in control of interests, net |
|
45,464 |
|
|
|
|
|
|
|
|
|
45,464 |
|
||
Gain on disposition of real estate, net |
|
1,069 |
|
|
|
|
|
|
|
|
|
1,069 |
|
||
Income before tax expense |
|
|
|
|
|
|
|
|
|
$ |
37,721 |
|
|||
As of December 31, 2020: |
|
|
|
|
|
|
|
|
|
|
|
||||
Total gross real estate assets |
$ |
4,989,388 |
|
|
|
|
|
|
|
|
$ |
4,989,388 |
|
||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2022 | Feb 23, 2023 | Showing above |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.