Welcome to our dedicated page for SITE Centers Common Shares news (Ticker: SITC), a resource for investors and traders seeking the latest updates and insights on SITE Centers Common Shares stock.
SITE Centers Corp. (SITC) is a leading United States-based self-administered and self-managed real estate investment trust (REIT). Operating as a fully integrated real estate company, SITE Centers Corp. excels in owning, leasing, acquiring, redeveloping, and managing high-quality shopping centers. The company’s portfolio is strategically concentrated in high barrier-to-entry markets with stable populations and high growth potential, including top markets across the United States and Puerto Rico.
Known for its value-oriented approach, SITE Centers Corp. actively manages its assets to create long-term shareholder value. Recent achievements have seen the company working on multiple redevelopment projects aimed at enhancing the shopping experience and increasing operational efficiency. With a solid financial condition, the company continues to seek opportunities for growth through acquisitions and strategic partnerships.
Publicly traded on the New York Stock Exchange under the ticker symbol SITC, SITE Centers Corp. remains committed to delivering value to its investors. For additional information and the latest updates, you can visit their official website at www.ddr.com.
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.
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