BEACHWOOD, Ohio--(BUSINESS WIRE)--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 transaction activity along with updated projected Curbline Properties Corp. ("Curbline") balance sheet information.
From September 17, 2024 to September 27, 2024, SITE Centers sold 11 wholly owned properties for an aggregate gross price of $610.1 million. As a result of disposition activity, Curbline is now expected to be capitalized with $800 million of cash at the time of the spin-off in addition to a $400 million undrawn, unsecured line of credit, a $100 million unsecured, delayed draw term loan and no indebtedness.
As previously announced, the distribution of the shares of Curbline common stock is expected to be completed at 12:01 a.m. Eastern Time on October 1, 2024. Following such distribution, Curbline will be an independent, publicly traded company listed on the New York Stock Exchange under the ticker symbol "CURB". SITE Centers shareholders will receive two shares of Curbline common stock for every one common share of SITE Centers held at the close of business on the record date of September 23, 2024.
| Dispositions ($ in thousands) | SITE | ||||
| Property Name | MSA | Own | Price | ||
| 09/18/24 | Springfield Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100 | % | 49,100 |
| 09/24/24 | Hamilton Marketplace (1) | Trenton, NJ | 100 | % | 116,500 |
| 09/26/24 | Whole Foods at Bay Place | San Francisco-Oakland-Hayward, CA | 100 | % | 44,400 |
| 09/26/24 | Shops at Midtown Miami (2) | Miami-Fort Lauderdale-West Palm Beach, FL | 100 | % | 83,750 |
| 09/26/24 | Ridge at Creekside (3) | Sacramento--Roseville--Arden-Arcade, CA | 100 | % | 39,750 |
| 09/26/24 | Echelon Village Plaza (4) | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 100 | % | 8,500 |
| 09/26/24 | Three Property Portfolio (5) | Various | 100 | % | 180,500 |
| 09/27/24 | University Hills (6) | Denver-Aurora-Lakewood, CO | 100 | % | 56,500 |
| 09/27/24 | Village Square at Golf | Miami-Fort Lauderdale-West Palm Beach, FL | 100 | % | 31,100 |
| Total | $610,100 | ||||
| 1 Excludes 62K SF retained by SITE Centers (Shops at Hamilton) | |||||
| 2 Excludes 119K SF retained by SITE Centers (Collection at Midtown Miami) | |||||
| 3 Excludes 43K SF retained by SITE Centers (Creekside Plaza II) | |||||
| 4 Excludes 4K SF retained by SITE Centers (Shops at Echelon VIllage) | |||||
| 5 Includes Fairfax Towne Center, Presidential Commons (excludes 10K SF retained by SITE Centers (Presidential Plaza South)), and Village at Stone Oak | |||||
| 6 Excludes 26K SF retained by SITE Centers (Shops at University Hills) | |||||
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.
Contacts
Conor Fennerty, EVP and Chief Financial Officer
216-755-5500
