SITE Centers Corp. (NYSE: SITC) (the “Company” or “SITE Centers”), an owner of open-air shopping centers in suburban, high household income communities, today provided an update on third quarter 2024 to date transaction and financing activity along with updated projected SITE Centers and Curbline Properties (“Curbline”) balance sheet information.
In the third quarter to date, SITE Centers has sold 13 wholly owned properties for an aggregate gross price of $714.3 million. Net proceeds were used, in part, to repay $159.0 million of the $530.0 million SITE Centers mortgage facility originally secured by 23 properties. The Company has also acquired six convenience shopping centers for an aggregate gross price of $111.2 million in the third quarter to date including Loma Alta Station (San Diego, CA) and Nine Mile Corner (Denver, CO).
Curbline is expected to be capitalized with $600 million of cash at the time of the spin-off in addition to a $400 million undrawn, unsecured line of credit, a $100 million unsecured, delayed draw term loan and no indebtedness. As a result of disposition activity to date and additional assets under contract, the Company may capitalize Curbline with more cash with the cash balance at the time of the spin-off dependent on the sale of additional assets expected to close prior to the spin-off.
As previously announced, the distribution of the shares of Curbline common stock is expected to be completed at 12:01 a.m. Eastern Time on October 1, 2024. Following such distribution, Curbline will be an independent, publicly traded company listed on the New York Stock Exchange under the ticker symbol “CURB”. SITE Centers shareholders will receive two shares of Curbline common stock for every one common share of SITE Centers held at the close of business on the record date of September 23, 2024.
Additional details related to the planned spin-off and balance sheets of SITE Centers and Curbline and the projected net operating income of the two portfolios upon separation will be posted on the Company’s website at www.sitecenters.com under the “Investor Relations” tab.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
Safe Harbor
SITE Centers considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, our ability to complete the spin-off of Curbline in a timely manner or at all, our ability to satisfy the various closing conditions to the spin-off, the impact of the spin-off on our business and that of Curbline, Curbline’s ability to qualify as a REIT, and the Company’s and Curbline’s ability to execute their respective business strategies following the spin-off. Other risks and uncertainties that could cause our results to differ materially from those indicated by such forward-looking statements include general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to secure equity or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; and our ability to maintain REIT status. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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Contacts
Conor Fennerty, EVP and Chief Financial Officer
216-755-5500
