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SITE Centers Corp. 3300 Enterprise Parkway Beachwood , OH 44122 216-755-5500 S I T E For additional information : Conor Fennerty , EVP and Chief Financial Officer FOR IMMEDIATE RELEASE : SITE Centers Reports First Quarter 2021 Operating Results BEACHWOOD , OHIO , April 22 , 2021-- SITE Centers Corp. ( NYSE : SITC ) today announced operating results for the quarter ended March 31 , 2021 . " We had an excellent start to the year with another robust quarter of leasing , over $ 200 million of growth capital raised and continued improvements in both rent collection and deferral repayment trends , " commented David R. Lukes , President and Chief Executive Officer . “ Our focused portfolio in affluent communities is well positioned to benefit from the improving operating environment . " Results for the Quarter • First quarter net income attributable to common shareholders was $ 10.9 million , or $ 0.05 per diluted share , as compared to net income of $ 29.2 million , or $ 0.15 per diluted share , in the year - ago period . The year - over - year decrease in net income was primarily attributable to the impact of the COVID - 19 pandemic , lower fee income , interest income and gain on sale of joint venture interests and higher impairment charges , partially offset by lower debt extinguishment costs and valuation allowance related to the Company's preferred investments in the BRE DDR ventures , which were terminated in the fourth quarter of 2020 . First quarter operating funds from operations attributable to common shareholders ( " Operating FFO " or " OFFO " ) was $ 55.3 million , or $ 0.28 per diluted share , compared to $ 61.2 million , or $ 0.32 per diluted share , in the year- ago period . The year - over - year decrease was primarily attributable to the impact of the COVID - 19 pandemic , lower interest income and joint venture fees related to the termination of joint ventures in 2020. First quarter results include $ 5.0 million of net revenue related to prior periods primarily from cash basis tenants . Significant First Quarter and Recent Activity • • • • In March 2021 , issued 17.25 million common shares resulting in net proceeds of $ 226 million . On April 7 , 2021 , redeemed all $ 150.0 million aggregate liquidation preference of its outstanding 6.250 % Series K Cumulative Redeemable Preferred Shares . The Company will record a non - cash charge of $ 5.1 million to net income attributable to common shareholders in the second quarter of 2021 , which represents the difference between the redemption price and the carrying amount immediately prior to redemption , which was recorded to additional paid in capital upon original issuance . The Company , along with its partners , sold a parcel of undeveloped land in Richmond Hill , Ontario . SITE Center's share of net proceeds totaled $ 22.1 million after accounting for customary closing costs and foreign currency translation . Sold a land parcel and the Hobby Lobby pad of a wholly owned shopping center for an aggregate sales price of $ 11.5 million . The Company declared its first quarter 2021 common stock dividend of $ 0.11 per share which was paid on April 6 , 2021 to shareholders of record at the close of business on March 18 , 2021 . Key Quarterly Operating Results Reported a decrease of 1.4 % in SSNOI on a pro rata basis for the first quarter of 2021 , including redevelopment . Excluding redevelopment , reported a decrease of 2.1 % in SSNOI on a pro rata basis for the first quarter of 2021 . Results were unfavorably affected by the COVID - 19 pandemic , Pier One's bankruptcy and uncollectible revenue related to cash basis tenants , partially offset by rent commencements and revenue related to prior periods primarily from cash basis tenants . Generated new leasing spreads of 8.3 % and renewal leasing spreads of 0.9 % , both on a pro rata basis , for the trailing twelve - month period and new leasing spreads of 14.9 % and renewal leasing spreads of -4.2 % , both on a pro rata basis , for the first quarter of 2021 . 1