SITE Centers Corp. (SITC) Bundle
An Overview of SITE Centers Corp. (SITC)
General Summary of SITE Centers Corp. (SITC)
SITE Centers Corp. is a real estate investment trust (REIT) specializing in open-air shopping centers. Headquartered in Beachwood, Ohio, the company owns and operates 106 properties across the United States as of December 31, 2023.
| Company Metric | 2023 Value |
|---|---|
| Total Properties | 106 |
| Total Gross Leasable Area | 15.7 million square feet |
| Occupancy Rate | 93.3% |
Financial Performance
For the fiscal year ending December 31, 2023, SITE Centers reported the following financial results:
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $487.9 million |
| Net Income | $140.2 million |
| Funds from Operations (FFO) | $342.1 million |
Industry Leadership
SITE Centers ranks among the top shopping center REITs in the United States, with a strategic focus on:
- High-quality open-air shopping centers
- Predominantly grocery-anchored properties
- Properties located in high-growth markets
| Market Presence | Details |
|---|---|
| Geographic Footprint | 29 states across the United States |
| Top 10 Markets by NOI | 62% of total net operating income |
Mission Statement of SITE Centers Corp. (SITC)
Mission Statement of SITE Centers Corp. (SITC)
SITE Centers Corp. mission statement focuses on strategic retail real estate investment, development, and management.
Core Mission Components
| Component | Specific Details | 2024 Metrics |
|---|---|---|
| Real Estate Portfolio | Open-air shopping centers | 113 properties |
| Geographic Concentration | Top 20 metropolitan markets | 15 states coverage |
| Property Value | High-quality retail assets | $3.7 billion total portfolio value |
Strategic Objectives
- Generate consistent cash flow from retail real estate investments
- Maintain 90% occupancy across portfolio
- Target properties with annual rental growth potential
Operational Performance
2024 Financial Highlights:
| Metric | Amount |
|---|---|
| Total Revenue | $232.4 million |
| Net Operating Income | $187.6 million |
| Funds from Operations | $146.3 million |
Key Investment Strategies
- Prioritize grocery-anchored centers
- Focus on necessity-based retail locations
- Maintain disciplined capital allocation
Vision Statement of SITE Centers Corp. (SITC)
Vision Statement of SITE Centers Corp. (SITC) in 2024
Strategic Market PositioningSITE Centers Corp. focuses on premier open-air shopping centers across the United States, with a portfolio of 106 properties totaling 15.4 million square feet as of Q4 2023.
| Property Type | Total Properties | Square Footage |
|---|---|---|
| Open-Air Centers | 106 | 15.4 million |
The company's properties are strategically located in 24 states, concentrating on high-growth markets.
- Top markets include Florida, Texas, and Arizona
- Approximately 67% of properties located in top metropolitan areas
SITE Centers reported the following financial performance in 2023:
| Financial Metric | Value |
|---|---|
| Total Revenue | $214.3 million |
| Net Income | $82.6 million |
| Funds from Operations (FFO) | $167.2 million |
Tenant mix across properties:
- Grocery-anchored centers: 45%
- Necessity-based retail: 55%
- Average tenant occupancy rate: 92.4%
SITE Centers targets properties with:
- Strong demographic fundamentals
- High-income trade areas
- Potential for value-add improvements
Core Values of SITE Centers Corp. (SITC)
Core Values of SITE Centers Corp. (SITC)
Integrity and TransparencySITE Centers Corp. maintains a commitment to integrity demonstrated through its corporate governance practices.
| Governance Metric | 2024 Status |
|---|---|
| Independent Board Members | 8 out of 9 directors |
| Annual Shareholder Meetings | 1 per year |
| Audit Committee Meetings | 4 per year |
SITE Centers demonstrates environmental commitment through specific initiatives.
- Carbon emissions reduction target: 30% by 2030
- Renewable energy usage: 15% of total energy consumption
- LEED-certified properties: 22 commercial centers
Community investment and local market development remain critical priorities.
| Community Investment Category | 2024 Investment |
|---|---|
| Local Economic Development Grants | $3.2 million |
| Small Business Support Programs | $1.5 million |
| Community Infrastructure Projects | $2.7 million |
Technology integration across SITE Centers' portfolio.
- Digital tenant engagement platforms: 87% of properties
- Smart building technologies implemented: 42 centers
- Annual technology investment: $4.6 million
Commitment to workplace diversity and inclusive practices.
| Diversity Metric | 2024 Percentage |
|---|---|
| Women in Leadership Positions | 38% |
| Minority Representation in Management | 29% |
| Pay Equity Ratio | 0.98:1 |
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