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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 Q3 2020 results, showing a net income of $2.2 million ($0.01 per diluted share), down from $15.2 million ($0.08 per diluted share) year-over-year, primarily due to COVID-19 impacts. Operating FFO was $43.5 million ($0.23 per diluted share), decreasing from $55.4 million ($0.30 per diluted share). The leased rate stood at 91.9%, down from 92.4% in Q2 2020. The company closed its BRE DDR IV joint venture transaction, enhancing liquidity. Currently, 98% of tenants are operational, with rent collection improving steadily.
SITE Centers Corp. (NYSE: SITC) will announce its financial and operational results for Q3 2020 on October 27, 2020, before market open. A conference call will follow at 8:30 a.m. ET for interested parties. The call can be accessed via telephone or webcast. If unable to attend live, a replay will be available until November 27, 2020. SITE Centers is a self-managed REIT that focuses on open-air shopping centers, aiming to provide an appealing shopping experience through a diverse merchandise mix.