SITE Centers Declares First Quarter 2021 Class A Preferred Share Dividend
11 March 2021 - 8:05AM
Business Wire
SITE Centers Corp. (NYSE: SITC) declared its first quarter 2021
Preferred Class A stock dividend of $0.39844 per depositary
share.
Each Class A depositary share is equal to one-twentieth of a
share of SITE Centers’ 6.375% Class A Cumulative Redeemable
Preferred Stock. 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 intent to redeem all
of its 6.250% Class K Cumulative Redeemable Preferred Stock (the
“Class K Preferred Shares”) and each related Class K depositary
share (the “Depositary Shares”) on or about April 7, 2021 (the
“Redemption Date”). The Class K Preferred Shares and corresponding
Depositary Shares will be redeemed at a redemption price of
$507.2049 per Class K Preferred Share or $25.3602 per Depositary
Share (the “Redemption Price”) (i.e., the sum of $500.00 per Class
K Preferred Share plus accrued and unpaid dividends of $7.2049 per
Class K Preferred Share to the Redemption Date or $25.00 per
Depositary Share plus accrued and unpaid dividends of $0.3602 per
Depositary Share to the Redemption Date). Payment of the Redemption
Price shall be made on or after April 7, 2021 as soon as
practicable after presentation and surrender of receipts evidencing
Depositary Shares to Computershare Shareowner Services LLC.
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. Additional
information about the Company is available at www.sitecenters.com.
To be included in the Company’s e-mail distributions for press
releases and other investor news, please click here.
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 our 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; 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; 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210310005894/en/
Conor Fennerty, EVP and Chief Financial Officer 216-755-5500
SITE Centers (NYSE:SITC)
Historical Stock Chart
From Apr 2024 to May 2024
SITE Centers (NYSE:SITC)
Historical Stock Chart
From May 2023 to May 2024