Exclusive: SITE Centers CEO Talks Pandemic Recovery On 'Power Hour'

David Lukes, CEO of the real estate investment trust company SITE Centers Corp SITC, appeared on Benzinga's YouTube show "Power Hour" Friday to discuss the company's standing and how the COVID-19 pandemic impacted the industry. 

The company has assets under management of about $5 billion, the CEO said. 

All of the company's properties are open-air shopping centers, he said, adding that the company owns the land and the buildings.

The discounted cash flow method is the way the company makes investments, Lukes said. 

SITE Centers reported first-quarter operating results on Thursday. The CEO described the last 12 months as shocking, adding that the company experienced the fastest turnaround "from really bad to really good" that he has ever seen. 

In April 2020, about half of the company's tenants failed to pay rent as a result of the COVID-19 pandemic, Lukes said. 

"We used to be a leasing company and we became a collections company overnight," the CEO told Benzinga. 

The tenants are now paying back the rent money that they were unable to pay in 2020, he said, adding that those payments accounted for $5 million on the company's most recent earnings report. 

Lukes said he expects occupancy to continue to rise in 2021. 

The amount of interest from tenants and customers is "off the chart" in terms of leasing, he said.

SITC Price Action: SITE Centers was up 4.27% at $14.90 at last check Friday.

Image by Chance Cox from Pixabay.