SITE Centers declares dividend on Class A preferred shares in Q1 2021


Enter Wall Street with Street Insider Premium. Claim your 1-week free trial here.


BEACHWOOD, Ohio – (BUSINESS WIRE) – SITE Centers Corp. (NYSE: SITC) declared its Class A preferred share dividend for the first quarter of 2021 of $ 0.39844 per custodian share.

Each class A depositary share is equal to one-twentieth of a share of 6.375% of preferred shares redeemable for class A shares of the SITE centers. The declared preferred Class A dividend covers the period beginning January 15, 2021 and ending April 14, 2021. The declared preferred Class A dividend is payable in cash on April 15, 2021 to shareholders of record at the close of business on March 30, 2021 .

On March 5, 2021, the Company announced its intention to redeem all of its cumulative 6.250% Class K redeemable preferred shares (the “Class K Preferred Shares”) and each related Class K custodian share (the “ depositary ”) on or around April 7, 2021 (the“ Redemption Date ”). The Class K Preference Shares and the corresponding Custodian Shares will be redeemed at a redemption price of $ 507.2049 per Class K Preference Share or $ 25.3602 per Custodian Share (the “Redemption Price”) (c ” i.e. the sum of $ 500.00 per Class K preferred share plus unpaid dividends of $ 7.2049 per Class K preferred share up to the date of redemption or $ 25.00 per custodian share plus accrued and unpaid dividends of $ 0.3602 per custodian share until the redemption date). Payment of the redemption price will be made on or after April 7, 2021 as soon as practicable after presentation and delivery of receipts evidencing the Custodian Shares to Computershare Shareowner Services LLC.

About SITE Centers Corp.

SITE Centers owns and operates outdoor shopping centers located in high income suburban communities. The Company is a self-managed, self-managed REIT operating as a fully integrated real estate company and is listed on the New York Stock Exchange under the symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s email distributions for press releases and other investor news, please click here.

Safe harbor

SITE Centers Corp. considers certain 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 regard to concerns the Company’s expectations for future periods. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, it cannot guarantee that its expectations will be achieved. To this end, all statements contained in this document that are not historical facts may be considered as forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by these 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 tenants’ ability to operate their business, generate sales and meet their financial obligations, including the obligation to pay current and deferred rents; local conditions such as supply and demand for commercial real estate in the region; the impact of electronic commerce; dependence on rental income from real estate; the loss, downsizing or bankruptcy of a major tenant and the impact of such event on the rental income of other tenants and our properties; redevelopment and construction activities may not achieve the desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to make acquisitions or disposals of assets under contract; our ability to obtain equity or debt financing on commercially acceptable terms or not at all; depreciation charges; our ability to enter into definitive agreements with respect to our financing and joint venture agreements and our ability to meet the terms of such agreements; the valuation and risks associated with our joint venture and preferred stock investments; the termination of any joint venture agreement or arrangement to manage real estate; property damage, related expenses and other business and economic consequences (including the potential loss of rental income) resulting from extreme weather conditions or natural disasters in places where we own properties, and the ability to ” accurately estimate the amounts thereof; the adequacy and timing of all insurance recovery payments related to damage caused by extreme weather conditions or natural disasters; any change in strategy and our ability to maintain REIT status. For other factors that could cause the Company’s results to differ materially from those indicated in 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, each of which could have a significant effect on Society. The Company does not undertake to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Conor Fennerty, Executive Vice President and

Financial director

216-755-5500

Source: SITE Centers Corp.

Comments are closed.