SITE Centers (SITC)

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SITE Centers (SITC) - 2021 Q3 - Earnings Call Transcript
2021-10-25 16:52
Financial Data and Key Metrics Changes - The third quarter OFFO exceeded budget expectations, driven by higher-than-expected NOI and lower G&A expenses [9][22] - The company collected 99% of billed rent for the quarter and has collected 96% of 2020 base rent, including $21 million in deferral repayments [10][9] - The lease rate for the portfolio increased by 50 basis points sequentially, building on a 40 basis point increase from the previous quarter [24] Business Line Data and Key Metrics Changes - Over 1 million square feet were leased in the third quarter, including 237,000 square feet of new leasing, marking the highest new leasing volume in two years [11] - The company signed six anchor leases in the quarter, bringing the year-to-date total to 19, with 15 of these signed with publicly traded companies [12] - The company executed over 50 new shop leases in the quarter, indicating strong demand for retail space [13] Market Data and Key Metrics Changes - The acquisition of Hammond Springs in Atlanta for $31 million pushed year-to-date acquisitions to $80 million, exceeding the $75 million goal for 2021 [14] - The average household income in the Atlanta area is over $130,000, indicating a strong market for retail growth [14] Company Strategy and Development Direction - The company aims to grow its portfolio in wealthy suburban communities, focusing on both anchored and unanchored assets [15] - The investment thesis is based on increased wealth in suburbs, more frequent customer visits due to flexible work-from-home culture, and rising demand for convenience [16] - The company is focused on finding properties in submarkets where rent growth is occurring and re-tenanting existing spaces with stronger credit tenants [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a portfolio occupancy rate of 95% to 96%, citing improved asset quality post-RVI spinoff [39] - The company anticipates continued leasing demand and expects renewals to increase as occupancy rises [48] - Management noted that while construction costs have risen by 10% to 15% for materials, the overall impact on total deal costs remains manageable [47] Other Important Information - The company received a $190 million distribution from RVI, which will be reinvested into acquisitions [18][63] - The company has approximately $150 million in cash on hand and $25 million in common equity available for future investments [33] Q&A Session Summary Question: How much of the $12.7 million benefit was realized in 3Q? - $1.6 million was realized in the third quarter, with no future revisions included in the budget [37] Question: What is the path to getting back to 95% occupancy? - Management believes the cadence looks good, with the potential for higher occupancy than pre-COVID levels due to strong demand [39][40] Question: What drove the increase in leasing CapEx per square foot this quarter? - The increase was primarily due to a higher percentage of anchor deals, which typically have lower net effective rents [45] Question: What are the expectations for recapturing space and mark-to-market upside next year? - Strong leasing demand is expected to lead to increased renewals and less available inventory, which should support upward pressure on rents [48] Question: What are the new concepts being pursued? - New concepts include Public Lands by Dick's Sporting Goods and Popshelf by Dollar General, indicating a trend towards innovative retail offerings [94][95]
SITE Centers (SITC) - 2021 Q3 - Earnings Call Presentation
2021-10-25 14:42
3Q21 Earnings S I T E C E N T E R S C O N F E R E N C E C A L L OCTOBER 25, 2021 SAFE HARBOR STATEMENT SITE Centers Corp. considers portions of the information in this presentation 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 ar ...
SITE Centers (SITC) - 2021 Q2 - Earnings Call Presentation
2021-07-30 16:32
2Q21 Earnings S I T E C E N T E R S C O N F E R E N C E C A L L JULY 29, 2021 SAFE HARBOR STATEMENT 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 ...
SITE Centers (SITC) - 2021 Q2 - Earnings Call Transcript
2021-07-30 06:10
SITE Centers Corp. (NYSE:SITC) Q2 2021 Earnings Conference Call July 29, 2021 10:00 AM ET Company Participants Brandon Day - Investor Relations David Lukes - President & Chief Executive Officer Conor Fennerty - Chief Financial Officer & Treasurer Conference Call Participants Richard Hill - Morgan Stanley Todd Thomas - KeyBanc Capital Markets Katy McConnell - Citi Samir Khanal - Evercore Alexander Goldfarb - Piper Sandler Linda Tsai - Jefferies Group LLC Floris van Dijkum - Compass Point Research & Trading, ...
SITE Centers (SITC) - 2021 Q2 - Quarterly Report
2021-07-29 12:04
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-11690 SITE Centers Corp. (Exact name of registrant as specified in its charter) Ohio 34-1723097 (State or other jurisdiction of incorporation ...
Site Centers (SITC) Presents At Jeffieries Hosted Virtual Meeting At NAREIT - Slideshow
2021-06-10 14:46
SITE CENTERS NAREIT Presentation JUNE 2021 SAFE HARBOR STATEMENT 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, ...
SITE Centers (SITC) - 2021 Q1 - Quarterly Report
2021-04-29 20:11
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-11690 SITE Centers Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization ...
SITE Centers (SITC) - 2021 Q1 - Earnings Call Presentation
2021-04-22 19:16
1Q21 Earnings S I T E C E N T E R S C O N F E R E N C E C A L L APRIL 22, 2021 SAFE HARBOR STATEMENT 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 ...
SITE Centers (SITC) - 2020 Q4 - Annual Report
2021-02-25 21:07
OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 For the transition period from to Commission file number 1-11690 SITE Centers Corp. (Exact Name of Registrant as Specified in Its Charter) Ohio 34-1723097 (State or Other Jurisdiction of Incorpo ...
SITE Centers (SITC) - 2020 Q4 - Earnings Call Presentation
2021-02-18 23:53
4Q20 Earnings S I T E C E N T E R S C O N F E R E N C E C A L L FEBRUARY 18, 2021 SAFE HARBOR STATEMENT 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 ...