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SITE Centers Corp. reports developments for a self-managed REIT focused on open-air shopping centers. Company news centers on quarterly operating results, net operating income, leasing and portfolio metrics, property-level revenue and expenses, and the effect of acquisitions and dispositions on its real estate portfolio.
Recurring updates also cover shopping center sales, joint venture interests, debt repayment, dividends, tax allocations of distributions and capital-return actions tied to the company's real estate monetization activity.
SITE Centers Corp. (NYSE: SITC) reported strong second-quarter results for 2022, with net income attributable to common shareholders rising to $57.6 million ($0.27 per diluted share) from $13.8 million ($0.06 per diluted share) year-over-year. Operating funds from operations (OFFO) were $66.5 million, marking a slight increase from the previous year. The company acquired seven shopping centers for $165.2 million and sold 14 for $268.1 million. SITE Centers also amended its credit facilities, extending maturities to June 2027. Guidance for full-year net income and OFFO per share was updated upward.
SITE Centers Corp. (NYSE: SITC) will release its financial and operational results for the quarter ending June 30, 2022, before market opening on July 28, 2022. This will be followed by a quarterly earnings conference call at 9:30 a.m. Eastern Time the same day. Interested parties can participate by dialing designated numbers or accessing the webcast via the company’s website. SITE Centers is known for owning open-air shopping centers in affluent suburban areas and is a fully integrated self-managed REIT.
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WeWork Inc. (NYSE: WE) appointed Daniel Hurwitz, co-founder and CEO of Raider Hill Advisors, to its Board of Directors effective June 23, 2022. He succeeds Jeffrey Sine, who has served since October 2019. Hurwitz brings over 30 years of experience in retail real estate, including leadership roles at SITE Centers (NYSE: SITC) and interim CEO of Brixmor Property Group (NYSE: BRX). Hurwitz will also chair WeWork's Audit Committee. CEO Sandeep Mathrani expressed confidence in Hurwitz's ability to drive innovation and profitability at WeWork.
SITE Centers Corp. (NYSE:SITC) announced refinanced credit facilities, extending maturity dates and increasing loan amounts. The unsecured revolving credit facility was amended to $950 million, maturing on June 6, 2026, with potential extensions. The unsecured term loan was upsized to $200 million from $100 million, maturing June 6, 2027. The refinancing transitioned benchmarks from LIBOR to SOFR, including a sustainability-linked pricing component for reduced interest rates based on performance targets.
SITE Centers Corp. (NYSE: SITC) has declared a second quarter 2022 Preferred Class A stock dividend of $0.39844 per depositary share, effective for the period from April 15, 2022 to July 14, 2022. This dividend is payable on July 15, 2022, to shareholders of record as of June 29, 2022. The preferred shares represent one-twentieth of a share of SITE Centers’ 6.375% Class A Cumulative Redeemable Preferred Stock, signaling the company's commitment to returning value to its investors.
SITE Centers Corp. (NYSE: SITC) has declared a dividend of $0.13 per share for Q2 2022. This dividend will be payable on July 6, 2022 to shareholders on record as of June 9, 2022. As a self-administered and self-managed REIT, SITE Centers focuses on open-air shopping centers in affluent suburban areas. The company aims to enhance shareholder value through sustainable income distributions.
SITE Centers Corp. (NYSE: SITC) reported strong first-quarter results for 2022, with a net income of $11.1 million, or $0.05 per diluted share, compared to $10.9 million a year prior. Operating FFO rose to $61.6 million, or $0.29 per diluted share, up from $55.3 million. The company acquired three shopping centers for $140.1 million and sold shares worth $35.1 million. The leased rate increased to 93.2%, and SSNOI grew by 2.9%. The updated 2022 guidance estimates net income at $0.17-$0.24 per share and Operating FFO at $1.10-$1.15 per share.
SITE Centers Corp. (NYSE: SITC) will release its financial and operational results for Q1 2022 on April 26, 2022, before market open. The earnings conference call is scheduled for the same day at 8:00 a.m. ET. Interested parties can join the call via telephone or listen through a webcast on SITE Centers’ website. For those unable to attend, a replay will be available until May 26, 2022. SITE Centers operates open-air shopping centers in affluent suburban areas and is a self-administered REIT.
SITE Centers Corp. (NYSE:SITC) announced its participation in the 2022 Citi Global Property CEO Conference from March 6 to March 9, 2022 in Hollywood, Florida. CEO David R. Lukes will present on March 7, 2022, at 1:15 p.m. Eastern Time. Investors can access the presentation via an audio-webcast here. A written presentation will be available on the company's website on the same date.