SITE Centers Expects Sustainable Growth Ahead

Like many other REIT reports for the third quarter, it is blue skies ahead for SITE Centers Corp., where new leasing volume was at its highest in a number of years. So said CEO David Lukes on the firm’s Q3 earnings call. “We exceeded our 2021 investment goals with the closing of Hammond Springs and subsequent to quarter-end, RVI distributed $190 million to SITE Centers.” Those accomplishments, he said, position the company for sustainable growth going forward.

He began the Q3 earnings call by noting that the firm collected 99% of its build rent for the quarter. “Looking back to 2020, we’ve now collected 96% of 2020 base rent, including $21 million of deferral repayments,” he said. “Our tenant assistance program, which effectively ended in 2020, has now collected 98% of the deferred rent due, which is really a testament to the durability of our portfolio cash flow, the credit strength of our tenant base, and the quality of our team and our real estate.”