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SITE Centers Corp. 3300 Enterprise Parkway Beachwood , OH 44122 216-755-5500 S I - TE For additional information : Conor Fennerty , EVP and Chief Financial Officer FOR IMMEDIATE RELEASE : SITE Centers Reports Second Quarter 2021 Operating Results BEACHWOOD , OHIO , July 29 , 2021-- SITE Centers Corp. ( NYSE : SITC ) , an owner of open - air shopping centers in affluent , suburban communities , announced today operating results for the quarter ended June 30 , 2021 . " SITE Centers had a very strong second quarter with continued improvements in collections and deferral repayment trends , strong leasing activity and the deployment of nearly $ 50 million of capital into new acquisitions , " commented David R. Lukes , President and Chief Executive Officer . " Looking forward , I am very encouraged by the strength of our leasing and operational prospects along with our balance sheet capacity to invest additional capital as opportunities arise . " Results for the Quarter • • Second quarter net income attributable to common shareholders was $ 13.8 million , or $ 0.06 per diluted share , as compared to net loss of $ 9.7 million , or $ 0.05 per diluted share , in the year - ago period . The year - over - year increase in net income was primarily attributable to the impact of the COVID - 19 pandemic and gains reported from joint ventures asset sales , partially offset by the write - off of preferred share original issuance costs , lower interest income and the valuation allowance related to the Company's former preferred investments in the BRE DDR ventures , which were terminated in the fourth quarter of 2020 . Second quarter operating funds from operations attributable to common shareholders ( " Operating FFO " or " OFFO " ) was $ 65.3 million , or $ 0.31 per diluted share , compared to $ 39.9 million , or $ 0.21 per diluted share , in the year - ago period . The year - over - year increase was primarily attributable to the impact of the COVID - 19 pandemic , partially offset by lower interest income and joint venture fees related to the termination of joint ventures in 2020. Second quarter results included $ 7.6 million of net revenue at SITE Centers ' share , related to prior periods primarily from cash basis tenants . Significant Second Quarter and Recent Activity • • In May 2021 , acquired two shopping centers for an aggregate sales price of $ 48.8 million , including the previously announced Shoppes at Addison Place ( Delray Beach , FL ) for $ 40.0 million . Sold three unconsolidated shopping centers and wholly - owned land parcels for an aggregate sales price of $ 38.9 million , totaling $ 9.3 million at SITE Center's share . Redeemed all $ 150.0 million aggregate liquidation preference of its outstanding 6.250 % Series K cumulative Redeemable Preferred Shares . As a result of the transaction , the Company recorded a non - cash charge of $ 5.1 million to net income attributable to common shareholders , which represents the difference between the redemption price and the carrying amount immediately prior to redemption . In June 2021 , the Company offered and sold 980,396 common shares on a forward basis under its $ 250 million ATM program at a weighted average price of $ 15.09 per share generating expected gross proceeds before issuance costs of $ 14.8 million . The shares may be settled at any time before the settlement date , July 1 , 2022 . Issued the Company's seventh Corporate Responsibility and Sustainability Report . The Report was completed in alignment with the Global Reporting Initiative ( GRI ) and with the Sustainability Accounting Standards Board ( SASB ) metrics and frameworks . The report intends to provide updates on the annual results of the Company's corporate responsibility and sustainability programs and can be found at https://www.sitecenters.com/2020CRS . Key Quarterly Operating Results Reported an increase of 29.9 % in SSNOI on a pro rata basis for the second quarter of 2021 , including redevelopment . The second quarter 2021 results were favorably impacted by prior period rent collections from cash basis tenants , partially offset by the impact of lower occupancy . Generated new leasing spreads of 5.0 % and renewal leasing spreads of 1.2 % , both on a pro rata basis , for the trailing twelve - month period and new leasing spreads of 5.3 % and renewal leasing spreads of 5.2 % , both on a pro rata basis , for the second quarter of 2021 . 1