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SITE Centers Provides Fourth Quarter 2022 and YTD 2023 Transaction Update

PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.
January 9, 2023 GMT

BEACHWOOD, Ohio--(BUSINESS WIRE)--Jan 9, 2023--

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today announced that the Company sold 4 shopping centers and 1 parcel at a wholly-owned shopping center for an aggregate price of $166.3 million ($157.8 million at share) in the fourth quarter of 2022. Net proceeds were used to repurchase $28.8 million of common stock at an average price of $13.33 per share, acquire 1 Convenience property for $5.8 million and repay the outstanding balance on the Company’s revolving credit facility. Subsequent to year end, the Company purchased 2 additional Convenience properties for an aggregate price of $26.1 million.

“In the fourth quarter, we opportunistically sold a select group of assets and recycled the capital into share repurchases and Convenience acquisitions further strengthening SITE’s balance sheet, long-term growth rate and overall portfolio quality,” commented David R. Lukes, President and Chief Executive Officer. “We continue to see an attractive subset of investment opportunities and expect to reinvest the remainder of the proceeds over the course of the year subject to pricing and returns.”

AcquisitionsPrice
Property NameMSA

100%

PRSKey Tenants
11/02/22Shops on MontviewDenver-Aurora-Lakewood, CO

$5,762

$5,762

Pizza Hut, Starbucks
01/05/23Foxtail CenterBaltimore-Columbia-Towson, MD

15,075

15,075

FedEx, Jersey Mike's, Sherwin Williams, Verizon
01/06/23Parker KeystoneDenver-Aurora-Lakewood, CO

11,000

11,000

AAA Colorado, Bank of America, Dunkin' Donuts

$31,837

$31,837

 
DispositionsPrice
Property NameMSA

100%

PRSAnchor Tenants
11/30/22Consumer CentreNew York-Newark-Jersey City, NY-NJ-PA

$62,500

$62,500

buybuy Baby, Dick's Sporting Goods, DSW, Home Depot
12/01/22Presidential Commons - Home Depot ParcelAtlanta-Sandy Springs-Roswell, GA

7,000

7,000

Home Depot
12/20/22Merriam Town Center / Merriam VillageKansas City, MO-KS

53,200

53,200

Bob's Discount Furniture, Cinemark, Dick's Sporting Goods, Marshalls, OfficeMax, PetSmart, Ross Dress for Less
12/22/22Ashbridge SquarePhiladelphia-Camden-Wilmington, PA-NJ-DE-MD

33,000

33,000

Christmas Tree Shops, Home Depot, JOANN
12/27/22Sexton Commons (DDRM Properties)Raleigh, NC

10,616

2,123

--

$166,316

$157,823

 

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as the supply of, and demand for, retail real estate space in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements and the Company’s ability to satisfy conditions to the completion of these arrangements; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics (including the COVID-19 pandemic) and other public health crises; and our ability to maintain REIT status. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company’s most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

View source version on businesswire.com:https://www.businesswire.com/news/home/20230109005110/en/

CONTACT: Conor Fennerty, EVP and Chief Financial Officer

216-755-5500

KEYWORD: OHIO UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER RETAIL CONVENIENCE STORE REIT FASHION DISCOUNT/VARIETY RETAIL DEPARTMENT STORES

SOURCE: SITE Centers Corp.

Copyright Business Wire 2023.

PUB: 01/09/2023 08:30 AM/DISC: 01/09/2023 08:33 AM

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