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SITE Centers Provides Fourth Quarter 2021 Operational Update
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Rhea-AI Summary
SITE Centers Corp. (NYSE:SITC) provided a preliminary update on its fourth quarter 2021 operations at the Capital One Securities REIT Conference. The company achieved over 870,000 square feet leased, marking its highest quarterly new leasing activity since 2018 at 275,000 square feet. The leased rate increased to 92.7% from 92.3% in the previous quarter, despite a negative impact from transaction activity. The leasing pipeline includes 18 anchors in advanced negotiations. The management presentation will be available online on January 10, 2022.
Positive
Achieved over 870,000 square feet leased in Q4 2021.
New leasing activity of 275,000 square feet is the highest since 2018.
Leased rate increased to 92.7%, up from 92.3% quarter-over-quarter.
Leasing pipeline includes 18 anchors in advanced negotiations.
Negative
Fourth quarter transaction activity had a negative 30 basis point impact on the leased rate.
BEACHWOOD, Ohio--(BUSINESS WIRE)--
SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today provided a preliminary update on fourth quarter 2021 operations as part of presentations to certain investors at the Capital One Securities REIT Conference.
“Fourth quarter leasing activity capped a very productive year for SITE Centers with just over 870 thousand square feet leased including 275 thousand square feet of new leasing activity which is the Company’s highest quarterly total since 2018,” commented David R. Lukes, President and Chief Executive Officer. “Included in the quarterly new leasing activity were 8 anchor leases and a number of new-to-portfolio tenants highlighting the depth and breadth of demand from national tenants seeking space in the high-income suburban communities where our properties are located. Additionally, the leasing pipeline of deals continues to grow with 18 anchors in advanced negotiations.”
As of December 31, 2021, the Company reported a leased rate of 92.7% on a pro rata basis compared to 92.3% as of September 30, 2021. Fourth quarter transaction activity had a negative 30 basis point impact on the leased rate. The signed not opened spread was 260 basis points representing $15.2 million of annualized base rent on a pro rata basis.
Management’s presentation will be posted on the Company’s website at www.sitecenters.com under the “Investor Relations” tab on January 10, 2022 prior to the commencement of management’s meetings with investors.
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 rent; 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 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; our ability to maintain REIT status; and the finalization of results for the period ending December 31, 2021. 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 Form 10-K and Form 10-Q. 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.
