BEACHWOOD, Ohio, January 10, 2022
BEACHWOOD, Ohio, January 10, 2022 – SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban,
high household income communities, today provided a preliminary update on fourth quarter 2021 operations as part of
presentations to certain investors at the Capital One Securities REIT Conference.
“Fourth quarter leasing activity capped a very productive year for SITE Centers with just over 870 thousand square feet leased
including 275 thousand square feet of new leasing activity which is the Company’s highest quarterly total since 2018,” commented
David R. Lukes, President and Chief Executive Officer. “Included in the quarterly new leasing activity were 8 anchor leases and a
number of new-to-portfolio tenants highlighting the depth and breadth of demand from national tenants seeking space in the highincome suburban communities where our properties are located. Additionally, the leasing pipeline of deals continues to grow with
18 anchors in advanced negotiations.”
As of December 31, 2021, the Company reported a leased rate of 92.7% on a pro rata basis compared to 92.3% as of September 30,
2021. Fourth quarter transaction activity had a negative 30 basis point impact on the leased rate. The signed not opened spread
was 260 basis points representing $15.2 million of annualized base rent on a pro rata basis.
Management’s presentation will be posted on the Company’s website at www.sitecenters.com under the “Investor Relations” tab
on January 10, 2022 prior to the commencement of management’s meetings with investors.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities.
The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is
publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company
is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other
investor news, please click here.
Safe Harbor
SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect
to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forwardlooking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For
this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There
are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking
statements, including, among other factors, the impact of the COVID-19 pandemic on the Company’s ability to manage its
properties and finance its operations and on tenants’ ability to operate their businesses, generate sales and meet their financial
obligations, including the obligation to pay rent; local conditions such as the supply of, and demand for, retail real estate space
in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or
bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties;
redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on
commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure
equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive
agreements with regard to our financing and joint venture arrangements and our ability to satisfy conditions to the completion of
these arrangements; valuation and risks relating to our joint venture investments; the termination of any joint venture
arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and
economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural
disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing
of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; our ability to maintain REIT status; and the finalization of results for the period ending December 31, 2021. For additional
factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements,
please refer to the Company’s most recent reports on Form 10-K and Form 10-Q. The impacts of the COVID-19 pandemic may also
exacerbate the risks described therein, any of which could have a material effect on the Company. The Company undertakes no
obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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SITE Centers Corp
Symbol: SITC
CIK: 894315
Exchange: NYSE
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Retail
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Last updated: 2024-04-25 12:57:01 PST