SITE Centers Corp. Common Shares - SITC STOCK NEWS

SITE Centers Corp. (NYSE: SITC) reported Q1 2021 net income of $10.9 million ($0.05 per diluted share), down from $29.2 million ($0.15 per diluted share) year-over-year, largely due to the COVID-19 pandemic's impact. Operating FFO was $55.3 million ($0.28 per diluted share), a decrease from $61.2 million ($0.32 per diluted share). The company raised over $200 million in growth capital and reported a leased rate of 91.4%. As of April 16, 2021, 99% of tenants were operational, with rent collection at 96% for Q1 2021.

SITE Centers Corp. (NYSE: SITC) has declared a dividend of $0.39844 per Class A depositary share for Q1 2021, payable on April 15, 2021, to shareholders of record by March 30, 2021. This dividend pertains to the Class A Cumulative Redeemable Preferred Stock, with each depositary share representing one-twentieth of a share. Additionally, the company plans to redeem its 6.250% Class K Preferred Stock at a price of $507.2049 per share, with payments made after April 7, 2021.

SITE Centers Corp. (NYSE: SITC) reaffirms its 2021 OFFO guidance of $0.90 to $1.00 per share, following a solid start to the year with strong tenant collections. Approximately 95% and 94% of base rents for January and February 2021 were collected, respectively. The company raised $196 million in net common equity to reduce leverage and support growth. As of March 4, 2021, 98% of tenants were operational. The investor presentation will be available on March 8, 2021.

SITE Centers Corp. (NYSE:SITC) will participate in the 2021 Citi Virtual Global Property CEO Conference from March 8-11, 2021. CEO David R. Lukes is scheduled to present on March 8 at 8:15 a.m. Eastern Time. Investors can access an audio-only webcast of the presentation here. The presentation deck will also be available on the Company’s website, and the audio replay will be accessible until March 8, 2022.

SITE Centers Corp. (NYSE: SITC) announced the pricing of its public offering of 15,000,000 common shares at $13.20 each, aiming for gross proceeds of $198.0 million. The offering will close on March 4, 2021, pending customary conditions. The company will use the proceeds to redeem its 6.250% Class K Preferred Shares totaling $150.0 million, with any remaining funds allocated for general corporate purposes. Morgan Stanley and Wells Fargo Securities are the joint book-running managers for this offering.

SITE Centers Corp. (NYSE: SITC) has announced a public offering of 15,000,000 common shares, with a potential grant of an additional 2,250,000 shares to underwriters. The proceeds from this offering will primarily be used to redeem the 6.250% Class K Cumulative Redeemable Preferred Shares, totaling $150 million. Remaining funds may be allocated for general corporate purposes or short-term debt repayment. The offering is managed by Morgan Stanley and Wells Fargo Securities, with associated documentation being filed with the SEC.

SITE Centers Corp. (NYSE:SITC) announced its Q4 and full-year results for 2020, revealing a net loss of $6.4 million, compared to a net income of $9.7 million in Q4 2019. The downturn is attributed to the COVID-19 pandemic and lower joint venture fees. Operating funds from operations (OFFO) also decreased to $48.3 million from $62.3 million year-over-year. Despite these challenges, the company experienced a significant leasing volume increase of 51% in Q4 compared to the previous year. Guidance for 2021 estimates net income per diluted share to range from $(0.06) to $0.05.

SITE Centers Corp. (NYSE: SITC) will release its financial and operational results for Q4 2020 on February 18, 2021, before market open. The quarterly earnings conference call will take place the same day at 8:00 a.m. Eastern Time. Interested parties can join the call by dialing the provided numbers or accessing the webcast on SITE Centers’ investor relations website. A replay will be available post-event for those unable to attend live. SITE Centers operates open-air shopping centers in affluent suburban areas and is a self-administered and self-managed REIT.

SITE Centers (NYSE: SITC) announced the tax allocations for 2020 distributions on common and preferred shares. Shareholders will receive a Form 1099-DIV summarizing these allocations, which should be reported on their 2020 federal income tax returns. For common shares, total distributions amount to $0.400000 per share, while preferred Class A shares total $1.593760 and Class K shares total $1.562520. Key dates include record dates and payment dates spanning from January 15, 2020, to January 15, 2021.