SITE Centers Withdraws 2020 Guidance
March 26 2020 - 4:05PM
Business Wire
SITE Centers Corp. (NYSE: SITC) (“SITE Centers” or the
“Company”) today announced the withdrawal of its previously
announced 2020 guidance due to uncertainty of the impact from the
COVID-19 pandemic.
“Our priorities at SITE Centers have been the safety and health
of our employees and to position our properties to support the
communities that we serve during these challenging times,”
commented David R. Lukes, President and Chief Executive Officer.
“We have also taken prudent steps to strengthen our liquidity
position and reduce capital expenditures to maintain our strong
balance sheet and financial flexibility. I am confident in our
Company’s prospects given our substantial liquidity, maturity
schedule, curated portfolio of properties, and track record of
decisive actions.”
As of March 26, 2020, the Company has:
- approximately $516 million of consolidated unrestricted cash on
the balance sheet,
- $325 million of remaining availability on the Company’s $970
million unsecured lines of credit,
- $4 million of mortgage debt at SITE Centers’ share maturing in
2020 and $48 million of mortgage debt at SITE Centers’ share
maturing in 2021, and
- no unsecured debt maturities until 2023.
Additionally, the Company has taken steps to substantially
reduce capital spending and anticipates that it will have $44
million remaining to fund on its development pipeline as of March
31, 2020. SITE Centers has not acquired any properties year to
date.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping
centers that provide a highly-compelling shopping experience and
merchandise mix for retail partners and consumers. 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.
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. 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 recent outbreak of COVID-19 on the Company’s ability
to manage its properties, finance its operations and perform
necessary administrative and reporting functions 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 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 (including
COVID-19); 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 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/20200326005691/en/
Conor Fennerty, 216-755-5500 EVP and Chief Financial Officer
SITE Centers (NYSE:SITC)
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