Site Ctrs Corp Stock Price, News & Analysis

SITE Centers Corp. (NYSE: SITC) has provided an update on its third quarter 2024 transactions and spin-off of Curbline Properties. Key highlights include:

1. Sale of 13 wholly owned properties for $714.3 million
2. Acquisition of six convenience shopping centers for $111.2 million
3. Repayment of $159.0 million of a $530.0 million mortgage facility
4. Curbline to be capitalized with $600 million cash and $500 million in credit facilities
5. Spin-off scheduled for October 1, 2024
6. SITE Centers shareholders to receive two Curbline shares for every one SITE Centers share

The spin-off will result in Curbline becoming an independent, publicly traded company listed on the NYSE under the ticker symbol 'CURB'.

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers, has announced significant changes to its Board of Directors and leadership team in preparation for the planned spin-off of Curbline Properties Corp. (CURB). Gary Boston, John Cattonar, and Cynthia Foster Curry will join the SITE Centers Board effective immediately before the spin-off's closing, expected on October 1, 2024. The Board will have five members, with Dawn Sweeney expected to be named Chair.

Gerald Morgan will be appointed as Chief Financial Officer upon the spin-off's closing, replacing Conor Fennerty who will join Curbline. The leadership team is also expected to include Aaron Kitlowski as General Counsel and Jeffrey Scott as Chief Accounting Officer. These appointments aim to position both SITE Centers and Curbline for successful execution of their respective business plans post-spin-off.

SITE Centers Corp. (NYSE: SITC) has announced the spin-off of its convenience retail properties portfolio into a new publicly traded company, Curbline Properties Corp. The distribution is set for October 1, 2024, with a record date of September 23, 2024. SITE Centers shareholders will receive two shares of Curbline for every one SITE Centers share held. Curbline is expected to trade on the NYSE under the ticker symbol 'CURB', with 'when-issued' trading starting on September 26, 2024 under 'CURB WI'. The spin-off is subject to SEC approval of Curbline's Form 10 Registration Statement.

SITE Centers Corp. (NYSE: SITC) has announced that Curbline Properties Corp. has publicly filed a Registration Statement on Form 10 with the SEC on September 3, 2024. This filing is a important step in SITE Centers' previously announced plan to spin-off its portfolio of convenience assets into a separate publicly traded company. The Form 10 is now available for public viewing on the SEC website.

The completion of the spin-off is contingent on several conditions, including the SEC declaring the Form 10 effective and approval from SITE Centers' Board of Directors. This move represents a significant development in SITE Centers' strategic plans to create two distinct publicly traded entities, potentially unlocking value for shareholders.

SITE Centers Corp. (NYSE: SITC), a company specializing in open-air shopping centers in affluent suburban areas, has announced its third quarter 2024 dividend for Class A Preferred shares. The dividend is set at $0.39844 per depositary share, with each depositary share representing one-twentieth of a share of SITE Centers' 6.375% Class A Cumulative Redeemable Preferred Stock. This dividend covers the period from July 15, 2024, to October 14, 2024. Shareholders of record as of the close of business on September 30, 2024, will receive the cash payment on October 15, 2024.

SITE Centers Corp. (NYSE: SITC) has provided an update on its third quarter 2024 transaction and financing activities. The company has sold 11 wholly owned properties for $552.7 million and acquired four convenience shopping centers for $88.0 million. SITE Centers has also closed a $530 million mortgage facility secured by 23 properties, repaid its $200 million unsecured term loan, and terminated its $950 million revolving credit facility. The company completed a one-for-four reverse split of its common shares and redeemed all outstanding senior unsecured notes, leaving no remaining outstanding unsecured debt.

SITE Centers Corp. (NYSE: SITC) reported second quarter 2024 results, with net income of $235.5 million ($1.11 per diluted share), up from $2.6 million in Q2 2023. Operating FFO was $55.9 million ($0.27 per diluted share), down from $61.3 million in Q2 2023. The company made significant progress on its planned spin-off of Curbline Properties, with $1 billion in quarterly transactions and 24% trailing-twelve month new leasing spreads for Curbline Properties. Key highlights include:

- Sold 15 shopping centers for $868.2 million
- Acquired 6 convenience shopping centers for $56.0 million
- Repurchased $26.7 million of senior unsecured notes
- Announced a one-for-four reverse stock split
- Reported a 0.8% increase in same-store NOI
- Generated cash new leasing spreads of 44.2% in Q2 2024

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income areas, has announced its Second Quarter 2024 Earnings Conference Call. The call is scheduled for Tuesday, July 30, 2024, at 8:00 a.m. Eastern Time. Financial and operational results for the quarter ending June 30, 2024, will be released before the market opens on the same day.

Interested parties can join the call by dialing specific numbers for U.S., Canada, or international participants. The call will also be webcast on SITE Centers' website. A replay of the call will be available on the company's website and via telephone until August 30, 2024.

SITE Centers Corp. (NYSE: SITC) has announced a one-for-four reverse stock split of its common shares, approved by the Board of Directors and authorized by shareholders. The split will take effect on August 19, 2024, with every four issued common shares exchanged for one. Shareholders will receive cash in lieu of fractional shares. The company will distribute instructions to holders of certificated shares, while book-entry accounts will be updated automatically. Computershare Trust Company, N.A. will serve as the exchange agent for the reverse stock split.