SITE Centers Announces Offering of Common Shares
02 March 2021 - 8:07AM
Business Wire
SITE Centers Corp. (NYSE: SITC) (“SITE Centers” or the
“Company”) today announced the commencement of a public offering of
15,000,000 common shares. SITE Centers also expects to grant the
underwriters a 30-day option to purchase up to an additional
2,250,000 common shares.
Morgan Stanley and Wells Fargo Securities LLC are serving as
joint book-running managers for the offering.
SITE Centers intends to use the net proceeds of the offering to
redeem the depositary shares representing its outstanding 6.250%
Class K Cumulative Redeemable Preferred Shares, without par value
(the “Class K Preferred Shares”), which have an aggregate
liquidation preference of $150.0 million. Any remaining proceeds
will be used for general corporate purposes. This release does not
constitute a notice of redemption of the depositary shares
representing the Class K Preferred Shares. Pending such use, SITE
Centers may invest the net proceeds in short-term securities or
repay short-term indebtedness.
A preliminary prospectus supplement and accompanying prospectus
relating to the offering is being filed with the Securities and
Exchange Commission. A copy of the preliminary prospectus
supplement and accompanying prospectus relating to the offering may
be obtained from:
Morgan Stanley, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY 10014; or
Wells Fargo Securities at 500 West 33rd Street, New York, New
York, 10001, Attn: Equity Syndicate Department, or by calling toll
free 1-800-326-5897, or by e-mail at
cmclientsupport@wellsfargo.com.
This release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor will there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale is not permitted. A
registration statement relating to these securities has been filed
with the Securities and Exchange Commission and is effective.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping
centers located in suburban, high household income communities. 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, 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, 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 the Company’s results to differ
materially from those indicated by such 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 on tenants’ ability to operate their businesses,
generate sales and meet their financial obligations, including the
obligation to pay ongoing and deferred rents; the Company’s ability
to pay dividends; 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 the Company’s properties; redevelopment and
construction activities may not achieve a desired return on
investment; the Company’s ability to buy or sell assets on
commercially reasonable terms; the Company’s ability to complete
acquisitions or dispositions of assets under contract; the
Company’s ability to secure equity or debt financing on
commercially acceptable terms or at all; impairment charges; the
Company’s ability to enter into definitive agreements with regard
to its financing and joint venture arrangements and its ability to
satisfy conditions to the completion of these arrangements;
valuation and risks relating to the Company’s 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 the Company owns 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; any change in strategy;
and the Company’s 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
impacts of the COVID-19 pandemic may also exacerbate the risks
described therein, any of which could have a material effect on the
Company. 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/20210301005961/en/
SITE Centers Corp. Conor Fennerty, EVP and Chief Financial
Officer 216-755-5500
SITE Centers (NYSE:SITC)
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