David Lukes, president and CEO of SITE Centers Corp. (NYSE: SITC), participated in a video interview at Nareit’s REITworld: 2022 Annual Conference held in San Francisco on Nov. 15-17.
Lukes said that SITE Centers’ third quarter net operating income was higher year-over year because the REIT’s occupancy has been on the rise in 2022.
“There are just more tenants that want to join our properties than there are that want to leave,” he said.
Lukes said that many SITE Centers stakeholders, including investors, employees, and community members, have an interest in what the REIT’s ESG program looks like, and that energy is one aspect the company is focused on heading into 2023.
“We own a lot of rooftops, and we own a lot of asphalt, and that gives us a lot of ability to try to generate energy onsite, and also manage it in a way that’s more sustainable,” Lukes added.
He also said that during the pandemic, local shopping centers were the only place consumers could find goods and materials.
“Coming out of this, the only choice has simply turned into the best choice,” Lukes said. “The retailers themselves have acknowledged and figured out that the least expensive way to deliver goods and services to a local community is a local shopping center because it’s so close.”