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SITE Centers (SITC) Tops on Q4 OFFO & Revenues, Hikes Dividend
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SITE Centers Corp. (SITC - Free Report) reported fourth-quarter 2020 operating funds from operations (OFFO) per share of 25 cents that surpassed the Zacks Consensus Estimate of 24 cents. The reported figure, however, declined 24% year over year.
The company generated revenues of $108.4 million in the fourth quarter, outpacing the Zacks Consensus Estimate of $103.3 million. Yet, the top line declined 3% year over year.
The quarterly results were aided by strong leasing activity and improvement in rental receipts and annualized base rent. Nevertheless, a year-over-year decline in same-store net operating income (NOI) on a pro-rata basis affected results.
For 2020, the company reported OFFO per share of 99 cents, down 22% from the prior year’s $1.27. Nonetheless, the figure was in line with the Zacks Consensus Estimate. Total revenues of $416.7 million slid 7.1% year over year.
Same-store NOI declined 10.9% on a pro-rata basis in 2020, excluding redevelopment.
Quarter in Detail
Same-store NOI declined 11.8% on a pro-rata basis in the fourth quarter, excluding redevelopment. The company reported a leased rate of 91.6% as of Dec 31, marking a contraction of 220 basis points from the prior-year quarter’s figure of 94.2% on a pro-rata basis.
Fourth-quarter 2020 leasing volume was the highest since third-quarter 2018 and indicated a year-over-year increase of 51%.
Annualized base rent per occupied square foot was $18.50 on a pro-rata basis as of Dec 31, 2020, up from $18.25 as of Dec 31, 2019. The company, on a pro-rata basis, generated new and renewal leasing spreads of -3.8% and -1.9%, respectively, in the December-end quarter.
Portfolio Activity
During the fourth quarter, the company received an equity interest in BRE DDR IV joint venture from an affiliate of Blackstone for a nominal consideration of $1, thereby, leaving it as the sole owner of the seven properties and $5.4 million in cash.
Balance Sheet
SITE Centers exited the fourth quarter with $69.7 million in cash, up from 16.1 million as of Dec 31, 2019.
Dividend Update
On Feb 18, SITE Centers announced its first-quarter 2021 dividend of 11 cents per share. The quarterly dividend will be paid out on Apr 6 to its shareholders of record as of Mar 18, 2021.
While this indicates a hike from 5 cents per share paid out for fourth-quarter 2020, the figure is still way down from the dividend paid out in the pre-pandemic period.
Outlook
The company expects 2021 OFFO per share between 90 cents and $1. The Zacks Consensus Estimate for the same is pegged at 98 cents.
COVID-19 Update
As of Feb 12, SITE Centers collected about 94% of its rental receipts for the fourth quarter. As of the same date, the company collected 94% of the total rents for January 2021. Rent collection for the second and third quarters also improved.
It entered deferral agreements with tenants, representing 11% of second-quarter 2020 rents, 8% of third-quarter 2020 rents, 2% of fourth-quarter 2020 rents and 1% of first-quarter 2021 rents.
As of Feb 12, all of the company’s properties were open, while 98% of tenants (at the company’s share and based on average base rents) were open for business as compared with 45% as of Apr 5 and 98% as of Oct 23.
SITE Centers currently carries a Zacks Rank #4 (Sell).
Simon Property Group, Inc.’s (SPG - Free Report) fourth-quarter 2020 FFO per share of $2.17 missed the Zacks Consensus Estimate of $2.19. The reported figure was also 26.7% lower than the year-ago quarter’s $2.96.
Kimco Realty Corp.’s (KIM - Free Report) fourth-quarter 2020 NAREIT FFO came in at 31 cents per share, surpassing the Zacks Consensus Estimate of 30 cents. Results reflect better-than-anticipated revenue numbers.
Regency Centers Corporation’s (REG - Free Report) fourth-quarter 2020 NAREIT FFO per share of 76 cents surpassed the Zacks Consensus Estimate of 72 cents. However, the reported figure is lower than the prior-year quarter’s $1.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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SITE Centers (SITC) Tops on Q4 OFFO & Revenues, Hikes Dividend
SITE Centers Corp. (SITC - Free Report) reported fourth-quarter 2020 operating funds from operations (OFFO) per share of 25 cents that surpassed the Zacks Consensus Estimate of 24 cents. The reported figure, however, declined 24% year over year.
The company generated revenues of $108.4 million in the fourth quarter, outpacing the Zacks Consensus Estimate of $103.3 million. Yet, the top line declined 3% year over year.
The quarterly results were aided by strong leasing activity and improvement in rental receipts and annualized base rent. Nevertheless, a year-over-year decline in same-store net operating income (NOI) on a pro-rata basis affected results.
For 2020, the company reported OFFO per share of 99 cents, down 22% from the prior year’s $1.27. Nonetheless, the figure was in line with the Zacks Consensus Estimate. Total revenues of $416.7 million slid 7.1% year over year.
Same-store NOI declined 10.9% on a pro-rata basis in 2020, excluding redevelopment.
Quarter in Detail
Same-store NOI declined 11.8% on a pro-rata basis in the fourth quarter, excluding redevelopment. The company reported a leased rate of 91.6% as of Dec 31, marking a contraction of 220 basis points from the prior-year quarter’s figure of 94.2% on a pro-rata basis.
Fourth-quarter 2020 leasing volume was the highest since third-quarter 2018 and indicated a year-over-year increase of 51%.
Annualized base rent per occupied square foot was $18.50 on a pro-rata basis as of Dec 31, 2020, up from $18.25 as of Dec 31, 2019. The company, on a pro-rata basis, generated new and renewal leasing spreads of -3.8% and -1.9%, respectively, in the December-end quarter.
Portfolio Activity
During the fourth quarter, the company received an equity interest in BRE DDR IV joint venture from an affiliate of Blackstone for a nominal consideration of $1, thereby, leaving it as the sole owner of the seven properties and $5.4 million in cash.
Balance Sheet
SITE Centers exited the fourth quarter with $69.7 million in cash, up from 16.1 million as of Dec 31, 2019.
Dividend Update
On Feb 18, SITE Centers announced its first-quarter 2021 dividend of 11 cents per share. The quarterly dividend will be paid out on Apr 6 to its shareholders of record as of Mar 18, 2021.
While this indicates a hike from 5 cents per share paid out for fourth-quarter 2020, the figure is still way down from the dividend paid out in the pre-pandemic period.
Outlook
The company expects 2021 OFFO per share between 90 cents and $1. The Zacks Consensus Estimate for the same is pegged at 98 cents.
COVID-19 Update
As of Feb 12, SITE Centers collected about 94% of its rental receipts for the fourth quarter. As of the same date, the company collected 94% of the total rents for January 2021. Rent collection for the second and third quarters also improved.
It entered deferral agreements with tenants, representing 11% of second-quarter 2020 rents, 8% of third-quarter 2020 rents, 2% of fourth-quarter 2020 rents and 1% of first-quarter 2021 rents.
As of Feb 12, all of the company’s properties were open, while 98% of tenants (at the company’s share and based on average base rents) were open for business as compared with 45% as of Apr 5 and 98% as of Oct 23.
SITE Centers currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
SITE CENTERS CORP. Price, Consensus and EPS Surprise
SITE CENTERS CORP. price-consensus-eps-surprise-chart | SITE CENTERS CORP. Quote
Performance of Other Retail REITs
Simon Property Group, Inc.’s (SPG - Free Report) fourth-quarter 2020 FFO per share of $2.17 missed the Zacks Consensus Estimate of $2.19. The reported figure was also 26.7% lower than the year-ago quarter’s $2.96.
Kimco Realty Corp.’s (KIM - Free Report) fourth-quarter 2020 NAREIT FFO came in at 31 cents per share, surpassing the Zacks Consensus Estimate of 30 cents. Results reflect better-than-anticipated revenue numbers.
Regency Centers Corporation’s (REG - Free Report) fourth-quarter 2020 NAREIT FFO per share of 76 cents surpassed the Zacks Consensus Estimate of 72 cents. However, the reported figure is lower than the prior-year quarter’s $1.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>