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SITE Centers

SITC is a registered REIT with a portfolio of commercial real estate properties focused on the retail space. At 3Q18, SITC's portfolio included 182 shopping centers, of which 104 were owned through joint ventures. In 3Q18, SITC completed the spin-off of ~1/3rd of its asset base, including a ~$1 bn book of Puerto Rico assets and a ~$2 bn book of continental U.S. assets. SITC's top tenant is TJX Companies, accounting for 5.3% of total base rent and 6.1% of owned gross leasable area. TJX Co. was rated A+ by S&P and A2 by Moody's as of 3Q18. SITC has relatively good tenant diversification, with the top 50 tenants comprising just slightly more than half (60.4%) of base rental revenues. (10 Dec 2018)

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SITC: $607 mn JV, Tender Offer, Buyback Program

Worth Watching: 29 Nov 2018, 8:42 PM ET - SITC (Baa3/BBB-/BBB) closed a 10 asset $607 mn joint venture with two Chinese institutional investors, capitalized by a $364 mn mortgage (SITC to retain a 20% stake). SITC is using most of the proceeds to reduce debt, specifically a $95 mn mortgag ..
Focused

SITE Centers: 3Q18 Earnings Quick Cuts

Worth Watching: 25 Oct 2018, 3:35 PM ET - SITE Centers (SITC) reported a solid 3Q18 as FFO came in ahead of consensus estimates. Same store NOI growth was ahead of expectations at 2.2%, driven by rent commencements from anchor leases and partially offset by lost NOI from tenant bankruptci ..
Focused

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

DDR: Quick IR Day Highlights

Worth Watching: 09 Oct 2018, 2:48 PM ET - DDR (Baa3/BBB-/BBB) hosted an investor day and made a number of announcements, including an imminent name change to SITE Centers (ticker SITC), effective on the NYSE on October 12, 2018. The company also added two new board members—Linda Abraham a ..

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

DDR: 2Q18 Earnings Quick Cuts

Worth Watching: 25 Jul 2018, 10:25 PM ET - DDR turned in a relatively solid quarter as FFO and revenue both came in ahead of consensus estimates. The highlight was the completion of the RVI spin post-quarter as the company removed ~1/3rd of its asset base (mainly low-growth assets) and ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

DDR: RVI Spin Completed, Fitch Upgrades to BBB

Worth Watching: 02 Jul 2018, 10:01 PM ET - DDR (Baa3/BBB-/BBB) officially completed the spin-off of Retail Value Inc (RVI), the vehicle that houses the company's 12 Puerto Rico assets and a previously identified 36 mainland U.S. properties. In connection with the successful spin, Fitch u ..

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

DDR: Reverse Stock Split

Worth Watching: 08 May 2018, 10:44 PM ET - DDR (Baa3/BBB-/BBB-) announced a one-for-two reverse stock split of its common shares at the annual meeting held on May 8, 2018. DDR stock closed at $7.29, and the reverse split should bring share prices into the double-digits (~$15 range). Every ..
Focused

DDR: 1Q18 Earnings Quick Cuts

Worth Watching: 25 Apr 2018, 9:52 PM ET - DDR turned in a relatively solid quarter as both FFO and revenue came in ahead of consensus estimates. From an operating perspective, the quarter was relatively uneventful, with modest outperformance driven by solid same store NOI growth of 2.6% ..
Focused

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..

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