SITE Centers

SITE Centers Reports Fourth Quarter and Full-Year 2023 Results and Declares First Quarter Dividend

Retrieved on: 
Tuesday, February 13, 2024
Restaurant, Bar, Supply Chain Management, Other Retail, Luxury, Discount, Variety, Supermarket, Department Stores, Convenience Store, Commercial Building & Real Estate, Construction & Property, Fashion, Cosmetics, Retail, Bed Bath & Beyond, FFO, ATLAS, Sustainability accounting, SITE, Shop, REIT, Growth, Sale, NOI, Corporate responsibility, University, Bankruptcy, SITE Centers, Report, DTP, Bed

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter and year ended December 31, 2023 and declared a dividend on its common stock for the first quarter of 2024.

Key Points: 
  • SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter and year ended December 31, 2023 and declared a dividend on its common stock for the first quarter of 2024.
  • SITE Centers sold 14 wholly owned shopping centers in the fourth quarter and first quarter to date for an aggregate price of $818.6 million including 12 wholly-owned shopping centers sold during the fourth quarter for an aggregate price of $736.2 million.
  • The impact of prior period rental income receipts related to cash basis tenants was immaterial to fourth quarter 2023 SSNOI growth.
  • The Company declared a dividend on its common stock of $0.13 per share for the first quarter of 2024.

SITE Centers Announces Tax Allocations of 2023 Dividend Distributions

Retrieved on: 
Friday, January 19, 2024
Commercial Building & Real Estate, Construction & Property, Specialty, Convenience Store, Urban Planning, REIT, Retail, Department Stores, SITE, SITE Centers, Form

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today announced the tax allocations of 2023 distributions on its common shares and one series of preferred shares.

Key Points: 
  • SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today announced the tax allocations of 2023 distributions on its common shares and one series of preferred shares.
  • For shareholders of SITE Centers Corp. common and preferred shares, the Form 1099-DIV summarizes the allocation of 2023 distributions.
  • The amounts indicated on Form 1099-DIV should be reported on shareholders’ 2023 federal income tax returns.
  • Please note that the January 5, 2024 common share distribution will be included in the tax allocations for 2024.

SITE Centers Provides 2023 and YTD 2024 Transactions Update

Retrieved on: 
Thursday, January 11, 2024
Restaurant, Bar, Office Products, Convenience Store, Bridal, Footwear, Home Goods, Other Retail, Wine & Spirits, Other Consumer, Supply Chain Management, Tobacco, Online Retail, Supermarket, Women, Specialty, Seniors, Discount, Variety, Department Stores, Food, Beverage, Teens, Men, Fashion, Cosmetics, Retail, Family, REIT, Consumer, Commercial Building & Real Estate, Construction & Property, SITE, Sale, SITE Centers, Evercore

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today provided an update on fourth quarter 2023 and first quarter to date 2024 transaction activity as part of presentations to certain investors in meetings hosted by Evercore ISI.

Key Points: 
  • SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today provided an update on fourth quarter 2023 and first quarter to date 2024 transaction activity as part of presentations to certain investors in meetings hosted by Evercore ISI.
  • “SITE Centers closed on the sale of 12 properties in the fourth quarter bringing total dispositions since June 30, 2023 to $854.5 million including fourth quarter dispositions of $736.2 million at a blended 6.5% cap rate.
  • The pace and scale of our asset sales are a testament to the quality of the SITE Centers portfolio and demand for well-positioned open-air shopping centers.
  • “We also acquired $62.4 million of Convenience assets in the fourth quarter in key markets including Atlanta, Charlotte and Phoenix highlighting the opportunity set for Curbline Properties as we move closer to the expected spin-off date.”

SITE Centers Announces Spin-Off of Convenience Portfolio

Retrieved on: 
Monday, October 30, 2023
Entertainment, Professional Services, Online Retail, Department Stores, Specialty, Consumer, Convenience Store, General Entertainment, Construction & Property, Retail, Other Consumer, REIT, Finance, PRS, Sale, SITE, NYSE, Eastern Time Zone, Convenience, Form 10-K, ICSC, Public expenditure, SNO, Securities and Exchange Commission of Pakistan, Foot, Population growth, Wells Fargo, SITE Centers, ATLAS, Employment, NOI, JPMorgan Chase, Starbucks, University, Hand, Metropolitan statistical area, ABR, Point Park University, Jones Day, Slaughter, Commercial property, Bank, Security (finance), Music, Growth, Verizon Communications, Southwest Florida, Chipotle

The Company intends to acquire additional convenience properties prior to the spin-off, which will be included in the CURB portfolio, funded via additional SITE Centers dispositions, retained cash flow and cash on hand.

Key Points: 
  • The Company intends to acquire additional convenience properties prior to the spin-off, which will be included in the CURB portfolio, funded via additional SITE Centers dispositions, retained cash flow and cash on hand.
  • Morgan Stanley & Co. LLC and Wells Fargo are acting as lead financial advisors and Jones Day is serving as legal counsel to SITE Centers.
  • The call will also be webcast and available in a listen-only mode on SITE Centers’ website at ir.sitecenters.com.
  • SITE Centers no longer intends to host its previously announced earnings conference call on November 2, 2023.

SITE Centers Reports Third Quarter 2023 Results

Retrieved on: 
Monday, October 30, 2023
Luxury, Men, Department Stores, Home Goods, Consumer, Other Retail, Wine & Spirits, Tobacco, Supermarket, Specialty, Retail, Women, Convenience Store, Children, Office Products, Online Retail, Catalog, Sale, SITE, NYSE, Bed Bath & Beyond, Net income, FFO, Growth, SITE Centers, NOI, University, Marketplace, Point Park University, Slaughter, Commercial property, Security (finance), Lease, Princeton University

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter ended September 30, 2023.

Key Points: 
  • SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter ended September 30, 2023.
  • SITE Centers sold 11 wholly owned shopping centers in the third quarter and fourth quarter to date for an aggregate price of $645.6 million including five wholly-owned shopping centers during the third quarter for an aggregate price of $118.3 million.
  • The impact of prior period rental income receipts related to cash basis tenants was immaterial to third quarter 2023 SSNOI growth.
  • The Company has updated its 2023 full-year guidance for net income attributable to common shareholders and Operating FFO per share to reflect third quarter results and announced transaction activity.

Nordstrom Rack to Open New Location in San Antonio, Texas

Retrieved on: 
Tuesday, October 3, 2023
Nordstrom Rack, Learning, TJ Maxx, Partnership, Old Navy, Interview, Senior, Big Brothers Big Sisters, Mentorship, Target, Beauty, IABG, Lowe's, SITE Centers, Texas State Highway Loop 1604, Shoe, NYSE, Ulta Beauty, Department store, Nordstrom

(NYSE: JWN) announced plans to open a new Nordstrom Rack in San Antonio, Texas.

Key Points: 
  • (NYSE: JWN) announced plans to open a new Nordstrom Rack in San Antonio, Texas.
  • "We look forward to opening this new Nordstrom Rack location in San Antonio, strengthening our network of stores and introducing new customers to Nordstrom Rack's unique product offering," said Carl Jenkins, Senior Vice President of Nordstrom Rack Stores.
  • With the addition of this new location, two stores opening this fall in Denton and Allen and the recently opened location in San Antonio, Nordstrom will operate 22 Nordstrom Rack stores and 8 Nordstrom stores in Texas.
  • Nordstrom Rack is the largest source of new customers to Nordstrom.

SITE Centers Reports Second Quarter 2023 Results

Retrieved on: 
Tuesday, July 25, 2023
Commercial Building & Real Estate, Construction & Property, Other Retail, Convenience Store, REIT, Luxury, Retail, Department Stores, Bed Bath & Beyond, Sustainability reporting, Global Reporting Initiative, OP, Sale, FFO, Sustainability accounting, Net income, Sustainability Accounting Standards Board, SITE Centers, Depreciation, Growth, SITE, NYSE, Corporate responsibility, Security (finance), Lease

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter ended June 30, 2023.

Key Points: 
  • SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today operating results for the quarter ended June 30, 2023.
  • Second quarter 2023 results were also impacted by lower joint venture management fees, higher interest expense and a separation charge included within general and administration expenses, partially offset by base rent growth and the net impact of property acquisitions.
  • SSNOI in the second quarter of 2022 included $1.2 million of rental income at SITE Centers' share related to prior years, primarily from cash basis tenants, which was a 130 basis-point headwind to second quarter 2023 SSNOI growth.
  • The Company has updated its 2023 full-year guidance for net income attributable to common shareholders and Operating FFO per share to include the impact of the second quarter operating results.

SITE Centers Issues 2022 Corporate Sustainability Report

Retrieved on: 
Monday, June 26, 2023
Retail, Commercial Building & Real Estate, Construction & Property, Sustainability, Professional Services, Environment, Other Retail, Discount, Variety, Restaurant, Bar, Department Stores, REIT, Specialty, DEI (Diversity, Equity and Inclusion), Food, Beverage, Other Construction & Property, Benchmark, Building material, Corporate sustainability, Partnership, Privacy Office of the U.S. Department of Homeland Security, Sustainability Accounting Standards Board, LEED, Electricity, Harlem Youth Opportunities Unlimited, GHG, Recycling, TCFD, CSR, Task force, Greenhouse gas, LED, GRI, Bloomberg, Investment, SITE Centers, ESG, SITE, NYSE, Task Force on Climate Related Financial Disclosures, Renewable energy, Natural gas, Nursing

SITE Centers Corp. (NYSE:SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today the release of its 2022 Corporate Sustainability Report (CSR) which is the Company’s ninth sustainability report and seventh completed in accordance with the Global Reporting Initiative (GRI) Standards.

Key Points: 
  • SITE Centers Corp. (NYSE:SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today the release of its 2022 Corporate Sustainability Report (CSR) which is the Company’s ninth sustainability report and seventh completed in accordance with the Global Reporting Initiative (GRI) Standards.
  • The report provides an annual update on SITE Centers’ corporate responsibility & sustainability programs and was completed in alignment with GRI, Sustainability Accounting Standards Board (SASB) metrics and the Task Force on Climate-Related Financial Disclosures (TCFD).
  • Since 2019, SITE Centers has reduced Scope 1 emissions by 14% and scope 2 emissions by 40% on a same-property basis.
  • Reduced landlord-controlled electricity consumption by 28% since 2019 on a same-property basis driven, in part, by the conversion of 55% of SITE Centers owned and managed common area lighting to LED.

Hudson Pacific Appoints Barry Sholem to Board of Directors

Retrieved on: 
Thursday, March 16, 2023
Commercial Building & Real Estate, Construction & Property, REIT, MSD, Hudson Pacific Properties, Real estate, Partner, BDT, Credit Suisse, SITE Centers, NYSE, Credit Suisse First Boston, The Real Estate Roundtable, Senior advisor, MBA, Urban Land Institute, Rob Speyer, Growth, Goldman Sachs, University, Property management

Hudson Pacific Properties, Inc. (NYSE: HPP), a unique provider of end-to-end real estate solutions for tech and media tenants, today announced that Barry Sholem has been appointed to the company’s Board of Directors effective March 13, 2023.

Key Points: 
  • Hudson Pacific Properties, Inc. (NYSE: HPP), a unique provider of end-to-end real estate solutions for tech and media tenants, today announced that Barry Sholem has been appointed to the company’s Board of Directors effective March 13, 2023.
  • “Our entire organization is grateful to Robert for his nine years of invaluable service during a time of significant growth for Hudson Pacific.
  • Barry will be an excellent addition to our Board of Directors as we leverage his extensive and proven record of investing in real estate and operating assets in our markets.
  • Sholem is a member of the Urban Land Institute, the Real Estate Roundtable and the University of California, Berkeley Real Estate Advisory Board.

Westwood Promotes Two to C-Suite

Retrieved on: 
Monday, March 6, 2023
Commercial Building & Real Estate, Construction & Property, REIT, Paul Merage School of Business, Growth, Accounting, University, Ball, University of Colorado Denver Business School, Economics, SITE Centers, Business, SF, Multimedia, Risk management, Strategic planning, NOI, Irvine Company, Defense Finance and Accounting Service, Knowledge, Marketing, Combined, Senior, Management, Bank

Westwood Financial (Westwood), a leading retail real estate investment firm, announces the promotion of senior retail executives Lauren Ball and Juyuan Wei to the company’s C-Suite.

Key Points: 
  • Westwood Financial (Westwood), a leading retail real estate investment firm, announces the promotion of senior retail executives Lauren Ball and Juyuan Wei to the company’s C-Suite.
  • Chief Operating Officer Ball joined Westwood as Senior Vice President and Head of Leasing in 2021.
  • Chief Financial Officer Wei joined Westwood in 2018 and previously served as Senior Vice President of Finance and Accounting.
  • “Westwood’s overall financial strength is due to Juyuan’s dedication to achieving a flexible debt structure that allows Westwood to capitalize on opportunities,” explains Bratt.