Things are looking up some for SITE Centers (NYSE: SITC). However, continued store closings during the recession and the continuing cloud from the pandemic have it hedging one of its bets.
The Beachwood-based shopping center real estate investment trust announced Thursday, Feb. 18, that it plans to pay a dividend of 11 cents per share the first quarter of 2021, its second dividend since the pandemic struck a year ago.
However, SITE Centers in a news release said that its board of directors "has not made any decisions with respect to the dividend policy beyond the first quarter of 2021."
The company last paid a 2-cent-per-share dividend on March 9, 2020, after skipping dividends for two quarters. Its board dropped dividends to retain flexibility and cash to cope with COVID-19's multiple uncertainties, such as skipped rent payments by some primarily national tenants. It also said keeping more cash on hand may help it redevelop properties to remain viable in a changing retail marketplace.
The company, which has been following a program of shedding properties for years, ended 2020 in the black.
Net income attributable to common shareholders for the year ended Dec. 31 was $15.2 million, or 8 cents per share, compared with net income of $61.3 million, or 33 cents per diluted share, for the prior year.
However, it lost money on a quarterly basis.
The company reported its fourth-quarter net loss attributable to common shareholders was $6.4 million, or 3 cents per diluted share, compared with net income of $9.7 million, or 5 cents per diluted share, in the year-ago period.
SITE Centers said the drop in net income was due to lower joint venture fees related to the sale of certain properties as well as COVID-19.
The company estimates results in 2021 will range between a loss of 3 cents a share and net income of as much as 5 cents a share.
David Lukes, SITE Centers CEO, said in the release, "Leasing activity and collections momentum continued to build through year-end and we are encouraged by the pace of recovery in our operations."
As of Feb. 12, the company's tenants had paid approximately 94% of fourth-quarter 2020 and January 2021 rent.
The company said it is still owed $56 million in rent that was not paid out of about $450 million it was due last year. It considers $34 million of that rent uncollectible.
The REIT reported that 98% of its tenants were open as of Feb. 12.
On the plus side, the company's supplemental presentation said that it is seeing the highest rate of new leasing since 2018.
Positive factors for the future, the company said, are that quick-serve restaurants, grocers and health-and-wellness-related tenants, as well as discount retailers, are continuing to expand.
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February 20, 2021 at 12:37AM
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SITE Centers sets dividend — though no more for now - Crain's Cleveland Business
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