SITE Centers Reports Third Quarter 2021 Operating Results

BEACHWOOD, OH - Oct. 25, 2021

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers located in suburban, high household income communities, announced today operating results for the quarter ended September 30, 2021.

"Third quarter results and recent activity highlight SITE Centers’ continued success and momentum on multiple fronts: new leasing volume was the highest for any quarter in over two years, the Company met 2021 investment goals with the acquisition of Hammond Springs, and in October Retail Value Inc. declared and paid $190 million of preferred dividends to SITE Centers," commented David R. Lukes, President and Chief Executive Officer. "We believe continued operational and investment momentum, along with the distribution on our preferred investment in RVI, position SITE Centers for a multi-year period of sustainable growth."

Results for the Quarter

  • Third quarter net income attributable to common shareholders was $25.3 million, or $0.12 per diluted share, as compared to net income of $2.2 million, or $0.01 per diluted share, in the year-ago period. The year-over-year increase in net income was primarily attributable to lower uncollectible revenue related to the COVID-19 pandemic, lower general and administrative expenses, gains reported from asset sales and higher disposition fees earned from Retail Value Inc. (’RVI"), partially offset by lower interest income and the valuation allowance related to the Company’s former preferred investments in the BRE DDR ventures, which were terminated in the fourth quarter of 2020.
  • Third quarter operating funds from operations attributable to common shareholders ("Operating FFO" or "OFFO") was $61.4 million, or $0.29 per diluted share, compared to $43.5 million, or $0.23 per diluted share, in the year-ago period. The year-over-year increase was primarily attributable to lower uncollectible revenue related to the COVID-19 pandemic and lower general and administrative expenses, partially offset by lower interest income. Third quarter results included $1.6 million of net revenue at SITE Centers’ share related to prior periods primarily from cash basis tenants.
Significant Third Quarter and Recent Activity
  • In September 2021, acquired Hammond Springs (Atlanta, GA) for $31.0 million.
  • Sold one unconsolidated shopping center and two wholly-owned land parcels for an aggregate sales price of $34.2 million, totaling $21.1 million at SITE Centers’ share.
  • In the third quarter of 2021, the Company offered and sold 720,076 common shares on a forward basis under its $250 million ATM program at a weighted-average price of $15.89 per share generating expected gross proceeds before issuance costs of $11.4 million. The shares may be settled at any time before the settlement date, September 9, 2022. Year to date, the Company has offered and sold 1,700,472 shares on a forward basis under its ATM program at a weighted average price of $15.43 per share before issuance costs generating expected gross proceeds of $26.2 million with no shares settled to date.
  • On October 6, 2021, SITE Centers received a distribution of $190 million on the RVI Series A Preferred Shares which represents the full amount expected to be paid by RVI on account of the Company’s preferred investment.
  • In October 2021, the Company repaid $87.6 million of mortgage debt, which was scheduled to mature in January 2022.
Key Quarterly Operating Results
  • Reported an increase of 21.6% in SSNOI on a pro rata basis for the third quarter of 2021, including redevelopment, as compared to the year-ago period. The third quarter 2021 results were favorably impacted by lower year-over-year uncollectible revenue and prior period rent collections from cash basis tenants.
  • Generated new leasing spreads of 7.3% and renewal leasing spreads of 0.6%, both on a pro rata basis, for the trailing twelve-month period ended September 30, 2021 and new leasing spreads of 18.1% and renewal leasing spreads of 2.6%, both on a pro rata basis, for the third quarter of 2021.
  • Reported a leased rate of 92.3% at September 30, 2021 on a pro rata basis, compared to 91.6% on a pro rata basis at December 31, 2020 and 91.9% at September 30, 2020.
  • As of September 30, 2021, the signed but not opened spread was 210 basis points representing $11.9 million of annualized base rent on a pro rata basis.
  • Annualized base rent per occupied square foot on a pro rata basis was $18.44 at September 30, 2021, compared to $18.53 at September 30, 2020.

View original content: REIT

« More Press Releases


REIT Profile

SITE Centers Corp
Symbol: SITC
CIK: 894315
Exchange: NYSE
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Retail

Compare

REITRating™ (more)
Overall Score: 6.4 | See trend

REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score.

REITMovers (more)

[U.S. Markets Closed]

Latest Price: $14.60
High: $14.69
Low: $14.55
Open: $14.55
Previous Close: $14.48
Volume: 1,291,697
52-Week High: $14.69
52-Week Low: $10.55

Last updated: 2024-03-28 12:57:01 PST

Last updated: 2024-03-29 - v1.3