SITE Centers Declares First Quarter 2021 Class A Preferred Share Dividend

Rhea-AI Summary

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.

Positive

• Declared a dividend of $0.39844 per Class A depositary share.
• Confirms strong financial management with the redemption of Class K shares.

Negative

• Potential impacts from COVID-19 on rental income and tenant operations.
• Dependence on retail real estate market dynamics.

SITE Centers Corp. (NYSE: SITC) declared its first quarter 2021 Preferred Class A stock dividend of $0.39844 per depositary share.

Each Class A depositary share is equal to one-twentieth of a share of SITE Centers’ 6.375% Class A Cumulative Redeemable Preferred Stock. The declared Preferred Class A dividend covers the period beginning January 15, 2021 and ending April 14, 2021. The declared Preferred Class A Dividend is payable in cash on April 15, 2021 to shareholders of record at the close of business on March 30, 2021.

On March 5, 2021, the Company announced its intent to redeem all of its 6.250% Class K Cumulative Redeemable Preferred Stock (the “Class K Preferred Shares”) and each related Class K depositary share (the “Depositary Shares”) on or about April 7, 2021 (the “Redemption Date”). The Class K Preferred Shares and corresponding Depositary Shares will be redeemed at a redemption price of $507.2049 per Class K Preferred Share or $25.3602 per Depositary Share (the “Redemption Price”) (i.e., the sum of $500.00 per Class K Preferred Share plus accrued and unpaid dividends of $7.2049 per Class K Preferred Share to the Redemption Date or $25.00 per Depositary Share plus accrued and unpaid dividends of $0.3602 per Depositary Share to the Redemption Date). Payment of the Redemption Price shall be made on or after April 7, 2021 as soon as practicable after presentation and surrender of receipts evidencing Depositary Shares to Computershare Shareowner Services LLC.

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, the impact of the COVID-19 pandemic on the Company’s ability to manage its properties and finance its operations and on tenants’ ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay ongoing and deferred rents; 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 our ability to satisfy conditions to the completion of these arrangements; valuation and risks relating to our joint venture and preferred equity 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 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 report on Form 10-K. The impacts of the COVID-19 pandemic may also exacerbate the risks described therein, any of which could have a material effect on the Company. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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FAQ

What is the dividend amount declared by SITE Centers for Q1 2021?

SITE Centers declared a dividend of $0.39844 per Class A depositary share for Q1 2021.

When is the SITE Centers Class A dividend payable?

The Class A dividend is payable on April 15, 2021.

What is the redemption price for the Class K shares of SITE Centers?

The redemption price for the Class K shares is $507.2049 per share.

What is the record date for the dividend payment by SITE Centers?

The record date for the dividend payment is March 30, 2021.

How does the COVID-19 pandemic affect SITE Centers?

The COVID-19 pandemic may impact the company's rental income and the ability of tenants to operate their businesses.