SITE Centers (SITC)
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SITE Centers (SITC) - 2023 Q4 - Annual Report
2024-02-23 21:06
Table of Contents 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, 2023 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 Juris ...
SITE Centers (SITC) - 2023 Q4 - Earnings Call Transcript
2024-02-13 17:15
PetVivo Holdings, Inc. (OTC:PETV) Q4 2023 Earnings Conference Call February 13, 2024 8:00 AM ET Company Participants Stephanie Ruys de Perez - VP of Capital Markets David Lukes - CEO Conor Fennerty - CFO Conference Call Participants Alexander Goldfarb - Piper Sandler Craig Mailman - Citi Todd Thomas - KeyBanc Capital Markets Samir Khanal - Evercore ISI Floris Van Dijkum - Compass Point Ki Bin Kim - Truist Dori Kesten - Wells Fargo Paulina Rojas - Green Street Mike Mueller - JPMorgan Operator Good day, and w ...
SITE Centers (SITC) - 2023 Q3 - Quarterly Report
2023-11-01 20:10
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 September 30, 2023 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 incorpora ...
SITE Centers (SITC) - 2023 Q2 - Quarterly Report
2023-07-27 20:06
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, 2023 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) - 2023 Q2 - Earnings Call Transcript
2023-07-25 15:52
Financial Data and Key Metrics Changes - The company reported a same-store NOI growth of 1.7% in the second quarter, with uncollectible revenue impacting growth by 190 basis points [110] - The company revised its 2023 OFFO guidance to a range of $1.13 to $1.17 per share, driven by first-half outperformance and a higher outlook for full-year occupancy [111] - The bad debt reserve was noted at 125 basis points year-to-date, with a significant portion attributed to Bed Bath & Beyond [113] Business Line Data and Key Metrics Changes - The company signed over 1 million square feet of leases in the second quarter, including 170,000 square feet of new deals, although the leased rate decreased by 40 basis points to 95.5% due to the rejection of Bed Bath & Beyond leases [98] - The Signed Not Opened (SNO) pipeline was reported at $18.3 million, down from $19 million, with rent commencements accelerating [108] Market Data and Key Metrics Changes - The company noted strong demand for shop spaces, particularly in high-income suburbs, with rents for new constructions needing to exceed $60 per square foot to be viable [7] - The average household incomes for recent acquisitions were over $125,000, indicating a focus on high-quality markets [102] Company Strategy and Development Direction - The company is focusing on growing its convenience portfolio and has been actively acquiring properties that require low recurring CapEx and are located in high-traffic areas [102] - The company is ramping up redevelopment projects in New Jersey, Florida, and Virginia, with a focus on multi-tenant buildings and drive-throughs [100][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for retail space, stating that the current demand is robust despite potential economic headwinds [58] - The company anticipates that the SNO pipeline will provide a tailwind for growth, offsetting the impact of store closures from bankruptcies [51][30] Other Important Information - The company has limited exposure to bankruptcies, primarily with Cineworld, Party City, and Bed Bath & Beyond, and expects to recover most of the Bed Bath locations within the next 12 months [96][97] - The company has maintained high tenant retention rates, which are above historical averages, due to the challenges of new construction and rising costs [95] Q&A Session Summary Question: How are rent increases affecting returns on new leases? - Management indicated that net effective rents have remained consistent, with rent growth keeping pace with tenant improvement costs, making leasing existing spaces the highest return on capital [6] Question: Are there any tenant segments pushing back on rent increases? - Management acknowledged that some junior anchors are struggling to meet higher rent demands, but strong demand in high-income areas allows for successful negotiations with tenants who can afford the rents [8] Question: What is the current status of bad debt and bankruptcy reserves? - The company reported that bad debt is currently at 125 basis points, with a significant portion related to Bed Bath & Beyond, and they have a reserve for potential future bankruptcies [11][73] Question: What is the outlook for occupancy and leasing activity? - Management expects occupancy to remain flat from Q2 to Q3, with potential increases in Q4 depending on the bankruptcy situation and lease commencements from the SNO pipeline [62][63] Question: What are the expectations for the convenience centers market? - Management noted that competition remains strong, primarily from local investors, and they are targeting high single-digit unlevered IRRs for convenience properties [76][78]
SITE Centers (SITC) - 2023 Q2 - Earnings Call Presentation
2023-07-25 12:16
for the period ended june 30, 2023 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. 108 NEW YORK · HONG KONG · ATLANTA · CLEVELAND DENVER · LOS ANGELES · MIAMI · PHOENIX · TAMPA FOR IMMEDIATE RELEASE: • Second quarter net income attributable to common shareholders was $2.6 million, or $0.01 per diluted share, as compared to net income of $57.6 million, or $0.27 per ...
SITE Centers (SITC) - 2023 Q1 - Quarterly Report
2023-04-27 20:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Ohio 34-1723097 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 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, 2023 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. ...
SITE Centers (SITC) - 2023 Q1 - Earnings Call Transcript
2023-04-25 18:39
SITE Centers Corp. (NYSE:SITC) Q1 2023 Earnings Conference Call April 25, 2023 8:00 AM ET Company Participants Stephanie Ruys de Perez – Vice President of Capital Markets David Lukes – Chief Executive Officer Conor Fennerty – Chief Financial Officer Conference Call Participants Todd Thomas – KeyBanc Craig Mailman – Citi Haendel St. Juste – Mizuho Alexander Goldfarb – Piper Sandler Ki Bin Kim – Truist Floris Van Dijkum – Compass Point Samir Khanal – Evercore ISI Adam Kramer – Morgan Stanley Paulina Rojas – G ...
SITE Centers (SITC) - 2023 Q1 - Earnings Call Presentation
2023-04-25 13:56
SAFE HARBOR STATEMENT SITE CENTERS 1Q23 CONFERENCE CALL 2 1Q23 RESULTS SUMMARY 5 OPERATIONS OVERVIEW 6 CONVENIENCE 1 0 SITE CENTERS 1Q23 CONFERENCE CALL 3 Focused portfolio located in the wealthiest sub-markets of the U.S. 105 WHOLLY-OWNED PROPERTIES WITH AVERAGE HOUSEHOLD INCOME OF $112K (90TH PERCENTILE) REINVESTMENT OF 4Q22 DISPOSITION PROCEEDS • Sold 3 joint-venture assets for $40M ($8M at share) in 1Q23 2LEASED RATE UP 50BP TO 95.9% • $19M Signed Not Open (SNO) pipeline as of March 31, 2023; $4M of new ...
SITE Centers (SITC) - 2022 Q4 - Annual Report
2023-02-23 11:53
Table of Contents 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, 2022 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 Juris ...