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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.
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Site Centers Corp. (NYSE: SITC) reported strong operating results for Q1 2023, showing a net income of $12.5 million, up from $11.1 million year-over-year. This was primarily driven by base rent growth and property acquisitions. Operating funds from operations (OFFO) rose to $62.7 million, or $0.30 per diluted share, compared to $61.6 million, or $0.29 per diluted share, in the previous year. The company acquired two shopping centers for $26.1 million and sold three for $40.2 million during the quarter. Same-store net operating income (SSNOI) grew by 4.2%. The leased rate increased to 95.9%, compared to 95.4% at the end of 2022. For FY 2023, SITC updated its net income guidance to $0.17 – $0.25 per share and OFFO guidance to $1.11 – $1.17 per share, reflecting optimistic performance despite industry challenges.
SITE Centers Corp. (NYSE: SITC) will announce its financial results for the quarter ending March 31, 2023, on April 25, 2023, before market opening. An earnings call is scheduled on the same day at 8:00 a.m. Eastern Time, accessible via phone or webcast. Interested parties can join by dialing specific numbers for the U.S., Canada, or international access. A replay of the call will be available post-event until May 25, 2023. SITE Centers is a REIT managing open-air shopping centers in affluent suburban areas, fully integrated in real estate operations. More information can be found on their website.
Hudson Pacific Properties (NYSE: HPP) announced the appointment of Barry Sholem to its Board of Directors effective March 13, 2023, succeeding Robert Harris II. Sholem, founder of MSD Partners, brings extensive experience in real estate investment and management. He aims to leverage his skills to enhance shareholder value amidst ongoing industry dynamics. CEO Victor Coleman expressed gratitude for Harris's nine years of service, noting the strategic advantages of Sholem's appointment, particularly his track record through various market cycles. Hudson Pacific continues to focus on real estate solutions tailored for tech and media tenants.
SITE Centers Corp. (NYSE: SITC) has declared its first quarter 2023 Preferred Class A stock dividend of $0.39844 per depositary share. This dividend pertains to the period from January 15, 2023 to April 14, 2023 and is payable on April 17, 2023 to shareholders of record as of March 30, 2023. 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 focuses on managing open-air shopping centers in affluent suburban areas.
SITE Centers Corp. (NYSE: SITC) announced a dividend of $0.13 per share for Q1 2023. This dividend will be paid on April 6, 2023, to shareholders on record by the close of business on March 17, 2023. SITE Centers operates open-air shopping centers in affluent suburban areas, functioning as a self-administered and self-managed REIT. The company's strategic focus on high household income communities positions it favorably in the retail real estate market.
SITE Centers Corp. (NYSE: SITC) reported its operating results for Q4 and the year ended December 31, 2022. For Q4, net income attributable to common shareholders was $25.4 million, down from $56.2 million YoY. Operating FFO was $62.5 million, slightly lower than $63.8 million in the previous year. Annual net income increased to $157.6 million from $106.1 million, while Operating FFO rose to $253.3 million. The leased rate improved to 95.4%. Notable activities included acquiring a convenience shopping center for $5.8 million and selling assets for $166.7 million. The company forecasts 2023 net income per diluted share between $0.16 and $0.24.