BEACHWOOD, Ohio–(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.
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.
Conor Fennerty, 216-755-5500
EVP and Chief Financial Officer