SITE Centers Affirms 2021 OFFO Guidance and Provides First Quarter 2021 Operational Update
March 08 2021 - 6:55AM
Business Wire
SITE Centers Corp. (NYSE: SITC) today affirmed 2021 OFFO
guidance of $0.90 to $1.00 per share and provided an update on
first quarter 2021 operations as part of presentations to certain
investors at the 2021 Citi Virtual Global Property CEO
Conference.
“We had a very good start to the year with tenant collections
and leasing momentum continuing to build and $196 million of net
common equity raised to reduce leverage and fund external growth
prospects,” commented David R. Lukes, President and Chief Executive
Officer. “Despite the expected impact from the offering, we are
affirming 2021 OFFO guidance due to our strong operational and
collections progress to date.”
As of March 4, 2021, the Company’s tenants had paid
approximately 95% and 94% of aggregate base rents for January and
February 2021, respectively, in each case on a pro rata basis, and
81%, 88%, and 95% for the second, third and fourth quarters of
2020, respectively. Additionally, all of the Company’s properties
remain open and operational with 98% of tenants, at the Company’s
share and based on average base rents, open for business.
The investor presentation will be posted on the Company’s
website at ir.sitecenters.com on March 8, 2021 prior to the
commencement of management’s presentations.
Reconciliation of Net Income Attributable to Common Shareholders
to FFO and Operating FFO estimates:
FY 2021E
Per Share - Diluted
Net income attributable to Common
Shareholders
($0.09) - $0.02
Depreciation and amortization of real
estate
0.86 - 0.89
Equity in net (income) of JVs
(0.01)
JVs' FFO
0.08 - 0.10
FFO (NAREIT)
$0.87 - $0.97
Write-off of preferred share original
issuance costs
$0.03
Operating FFO
$0.90 - $1.00
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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version on businesswire.com: https://www.businesswire.com/news/home/20210308005236/en/
Conor Fennerty, 216-755-5500 EVP and Chief Financial Officer
SITE Centers (NYSE:SITC)
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