SITE Centers Announces New $100 Million Common Stock Repurchase Plan

Rhea-AI Summary

SITE Centers Corp. (NYSE: SITC) has announced a new $100 million stock repurchase program, following the exhaustion of its prior program in December, which used $22.2 million from property sales. The company intends to employ various methods for share repurchases, including open market transactions and accelerated repurchases. Timing will rely on market conditions, and the program could be paused at any time.

SITE Centers is a REIT focused on open-air shopping centers in affluent suburban areas.

Positive

• Authorization of a new $100 million stock buyback program, signaling a commitment to return capital to shareholders.
• Exhaustion of the previous buyback program reflects a proactive approach to managing shares and enhancing shareholder value.

Negative

• None.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today announced that the Company’s Board of Directors authorized a new $100 million common stock repurchase program. Availability under the Company’s prior repurchase program was exhausted in December following fourth quarter repurchases of approximately $22.2 million funded with proceeds from wholly-owned property dispositions.

The Company may utilize various methods to affect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and the repurchases may be discontinued at any time.

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/20221220005731/en/

Conor Fennerty, EVP and Chief Financial Officer

216-755-5500

Source: SITE Centers Corp.

FAQ

What is the significance of SITE Centers' new $100 million stock buyback program?

The $100 million stock buyback program highlights SITE Centers' strategy to return capital to shareholders and potentially increase the share price by reducing the number of outstanding shares.

How much did SITE Centers spend on its previous repurchase program?

SITE Centers spent approximately $22.2 million in its previous repurchase program, which was funded by proceeds from property dispositions.

What methods will SITE Centers use for the stock repurchases?

SITE Centers may utilize open market repurchases, negotiated block transactions, and accelerated share repurchases among other methods for the stock buyback.

When will SITE Centers execute the stock repurchases?

The timing of the repurchases will depend on market and business conditions, and the buyback program can be discontinued at any time.

What type of company is SITE Centers Corp.?

SITE Centers Corp. is a real estate investment trust (REIT) that owns and manages open-air shopping centers in suburban, high household income communities.