| Over a week ago | ||||
Mizuho analyst Haendel… Mizuho analyst Haendel St. Juste raised the firm's price target on Site Centers to $14 from $13 and keeps a Neutral rating on the shares. Shopping center real estate investment trusts posted strong Q4 earnings, but fiscal 2023 guidance outlooks are generally weak despite the recent leasing momentum, the analyst tells investors in a research note. The firm sees a lack of near-term catalysts for the group. | ||||
| Over a month ago | ||||
The Company estimates net… The Company estimates net income attributable to common shareholders for 2023 to be from 16c-24c per diluted share. The Company does not include a projection of gains or losses on asset sales, impairment charges, transaction or debt extinguishment costs in guidance. | ||||
Reports Q4 revenue… Reports Q4 revenue $136.43M, consensus $135.85M. Q4 OFFO includes $800,000 of rental income at SITE Centers' share related to prior periods primarily from cash basis tenants. "SITE Centers had a very productive fourth quarter with results ahead of plan as we continued to execute on our leasing and operational goals," commented David R. Lukes, President and CEO. "In the last two years, we have executed over 2.0 million square feet of new leases increasing the Company's leased rate over 380 bp to 95.4% highlighting the quality and strength of our focused portfolio of assets concentrated in the top sub-markets of the country. Additionally, over the course of 2022, we were able to opportunistically recycle capital into Convenience properties improving the Company's long-term growth profile and expanding on the Company's investment in this property type. Going forward, SITE remains well positioned with minimal near-term maturities, significant liquidity and a $19M Signed but Not Opened pipeline." | ||||
Mizuho analyst Haendel… Mizuho analyst Haendel St. Juste downgraded Site Centers to Neutral from Buy with a price target of $13, down from $14. Looking into 2023, the analyst expects the macro environment to remain "tricky" for real estate investment trusts overall, and believes "incremental selectivity is required." While he remains constructive on strip centers given their "defensive tenancy," St. Juste says the importance of a brick/mortar footprint for an omni-channel strategy and work from home tailwinds drive a downgrade of the strip center REITs to Equal-Weight from Over-Weight. | ||||
| Over a quarter ago | ||||
SITE Centers Corp.… SITE Centers Corp. announced that the company's Board of Directors authorized a new $100M common stock repurchase program. Availability under the company's prior repurchase program was exhausted in December following fourth quarter repurchases of approximately $22.2M funded with proceeds from wholly-owned property dispositions. The company may utilize various methods to affect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and the repurchases may be discontinued at any time. | ||||
Truist analyst Ki Bin Kim… Truist analyst Ki Bin Kim lowered the firm's price target on Site Centers to $14 from $15 and keeps a Hold rating on the shares as part of a broader research note. The analyst is updating his model to reflect Q3 results, recent events, revenue growth and expense assumptions. | ||||
Truist analyst Ki Bin Kim… Truist analyst Ki Bin Kim lowered the firm's price target on Site Centers to $14 from $15 and keeps a Hold rating on the shares. | ||||
Mizuho analyst Haendel… Mizuho analyst Haendel St. Juste lowered the firm's price target on Site Centers to $14 from $17 and keeps a Buy rating on the shares. The analyst expects less incremental occupancy upside going forward for the shopping center real estate investment trusts as portfolios exceed pre-COVID levels. Incremental internal growth will be primarily through leasing spreads and embedded rents, partially offset by higher operating and financing costs, St. Juste tells investors in a research note. | ||||
Consensus for FY22 FFO is… Consensus for FY22 FFO is $1.16. | ||||
Reports Q3 revenue… Reports Q3 revenue $136.2M, consensus $133.43M. "Q3 results reflect a continuation of year-to-date trends with excellent operational and leasing performance, continued capital recycling and investments in our Convenience thesis, and further strengthening of our balance sheet," commented CEO David Lukes. "Our company and focused portfolio, clustered in the top sub-markets of the country, remains well positioned with minimal near-term debt maturities and a significant Signed but Not Opened pipeline." | ||||
