Site Ctrs Corp Stock Price, News & Analysis

SITE Centers Corp. (NYSE: SITC) reported strong third-quarter results for the period ending September 30, 2022. Net income attributable to common shareholders was $63.4 million, or $0.30 per diluted share, significantly up from $25.3 million, or $0.12 per diluted share, in the previous year. Operating FFO was stable at $62.8 million, or $0.29 per diluted share. The company's leasing performance improved, with a leased rate of 95.0%. Notably, SITE Centers acquired five convenience shopping centers for $31.4 million and sold 15 centers for $450.6 million, enhancing their portfolio and balance sheet.

SITE Centers Corp. (NYSE: SITC) will announce its financial results for Q3 2022 on October 25, 2022, before market open. An earnings call will be held at 8:30 a.m. Eastern Time on the same day, accessible via phone and a live webcast. A replay will also be available, ensuring stakeholders have access to the information. The company specializes in managing open-air shopping centers in affluent suburban areas and operates as a self-managed REIT.

SITE Centers Corp. declared a dividend of $0.13 per share for Q3 2022, payable on October 7, 2022, to shareholders recorded by September 20, 2022. The company focuses on owning and managing open-air shopping centers in affluent suburban areas as a self-administered and self-managed REIT. This dividend reflects the company's commitment to returning value to shareholders amidst a stable operational framework.

SITE Centers Corp. (NYSE: SITC) has declared a third quarter 2022 dividend of $0.39844 per depositary share of its Preferred Class A stock. This dividend pertains to the period from July 15, 2022 to October 14, 2022, and will be payable on October 17, 2022 to shareholders on record as of September 29, 2022. Each Class A depositary share represents one-twentieth of a share of the company’s 6.375% Class A Cumulative Redeemable Preferred Stock.

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.

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.