SITE Centers Provides 2024 Transaction and Financing Update

By: SITE Centers Corp. via Business Wire

June 03, 2024 at 16:15 PM EDT

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today provided an update on second quarter 2024 transaction and financing activity in connection with presentations at NAREIT’s REITweek Investor Conference.

“SITE Centers has closed on the sale of two properties in the second quarter to date for an aggregate gross sale price of $50.2 million bringing total dispositions since June 30, 2023 to $1.0 billion. In addition to completed sales to date, the Company has executed contracts to sell $649.6 million of assets where the general due diligence period has expired with an additional $1.2 billion of assets with executed contracts which remain subject to the completion of buyer’s due diligence or nonbinding letters of intent. Overall pricing levels for the completed and expected 2024 asset sales demonstrate the quality of the SITE Centers portfolio and are consistent with cap rate commentary provided during the Company’s first quarter 2024 results conference call,” commented David R. Lukes, President and Chief Executive Officer.

“Moreover, the pace and scale of dispositions has provided increased capital to acquire additional Convenience properties prior to the expected spin-off of Curbline Properties and to repurchase the Company’s senior unsecured notes at a discount to par. In the second quarter to date, SITE Centers has acquired two wholly-owned Convenience properties for $8.4 million and has repurchased $15.9 million of outstanding senior unsecured notes. Additionally, the Company has executed contracts to acquire $78.0 million of Convenience properties and has been awarded over $150 million of Convenience properties on a nonbinding basis highlighting the opportunity set identified with the October 2023 announcement of the spin-off of Curbline Properties.”

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

The Company considers portions of the information in this press release, including statements with respect to future disposition activity and the expected spin-off of Curbline Properties, 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. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. 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. 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 enter into agreements to sell properties; our ability to satisfy closing conditions applicable thereto; and our ability to complete the spin-off of Curbline Properties in a timely manner or at all. 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; 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 at our properties; and business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions, natural disasters or public health crises in locations where we own properties. 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.