SITE Centers Provides Third Quarter 2024 Transaction and Spin-Off Update
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) ha fornito un aggiornamento sulle sue transazioni del terzo trimestre 2024 e sulla scissione di Curbline Properties. Le principali novità includono:
1. Vendita di 13 proprietà interamente possedute per 714,3 milioni di dollari
2. Acquisizione di sei centri commerciali di vicinato per 111,2 milioni di dollari
3. Rimborso di 159,0 milioni di dollari di un prestito ipotecario di 530,0 milioni di dollari
4. Curbline sarà capitalizzata con 600 milioni di dollari in contante e 500 milioni di dollari in linee di credito
5. Scissione programmata per il 1 ottobre 2024
6. Gli azionisti di SITE Centers riceveranno due azioni Curbline per ogni azione di SITE Centers
La scissione porterà Curbline a diventare un'azienda indipendente e quotata in borsa, registrata sulla NYSE con il simbolo 'CURB'.
SITE Centers Corp. (NYSE: SITC) ha proporcionado una actualización sobre sus transacciones del tercer trimestre de 2024 y la escisión de Curbline Properties. Los aspectos destacados incluyen:
1. Venta de 13 propiedades de propiedad total por 714.3 millones de dólares
2. Adquisición de seis centros comerciales de conveniencia por 111.2 millones de dólares
3. Reembolso de 159.0 millones de dólares de una facilidad hipotecaria de 530.0 millones de dólares
4. Curbline será capitalizada con 600 millones de dólares en efectivo y 500 millones de dólares en líneas de crédito
5. Escisión programada para el 1 de octubre de 2024
6. Los accionistas de SITE Centers recibirán dos acciones de Curbline por cada acción de SITE Centers
La escisión resultará en que Curbline se convierta en una empresa independiente y cotizada en bolsa, registrada en la NYSE con el símbolo 'CURB'.
SITE Centers Corp. (NYSE: SITC)는 2024년 3분기에 대한 거래 및 Curbline Properties의 분사에 대한 업데이트를 제공했습니다. 주요 사항은 다음과 같습니다:
1. 전체 소유 부동산 13채 판매 금액 7억 1천 4백 30만 달러
2. 6개의 편의점 쇼핑센터를 1억 1천 1백 20만 달러에 인수
3. 1억 5천 9백만 달러의 5억 3천만 달러 모기지 채무 상환
4. Curbline은 6억 달러의 현금과 5억 달러의 신용 시설로 자본화될 것
5. 분사는 2024년 10월 1일로 예정
6. SITE Centers 주주들은 SITE Centers 주식 1주당 Curbline 주식 2주를 받게 됩니다
이번 분사로 Curbline은 독립적인 공개 상장 회사로 NYSE에서 'CURB'라는 티커 기호로 상장됩니다.
SITE Centers Corp. (NYSE: SITC) a fourni une mise à jour sur ses transactions du troisième trimestre 2024 et sur le spin-off de Curbline Properties. Les points clés incluent:
1. Vente de 13 propriétés entièrement détenues pour 714,3 millions de dollars
2. Acquisition de six centres commerciaux de proximité pour 111,2 millions de dollars
3. Remboursement de 159,0 millions de dollars d'une facilité hypothécaire de 530,0 millions de dollars
4. Curbline sera capitalisée avec 600 millions de dollars en espèces et 500 millions de dollars en facilités de crédit
5. Spin-off prévu pour le 1er octobre 2024
6. Les actionnaires de SITE Centers recevront deux actions Curbline pour chaque action SITE Centers
Le spin-off fera de Curbline une entreprise indépendante, cotée en bourse, enregistrée sur la NYSE sous le symbole 'CURB'.
SITE Centers Corp. (NYSE: SITC) hat ein Update zu seinen Transaktionen im dritten Quartal 2024 und dem Spin-off von Curbline Properties gegeben. Wichtige Highlights sind:
1. Verkauf von 13 vollständig im Besitz befindlichen Immobilien für 714,3 Millionen Dollar
2. Erwerb von sechs Convenience-Einkaufszentren für 111,2 Millionen Dollar
3. Rückzahlung von 159,0 Millionen Dollar einer Hypothek von 530,0 Millionen Dollar
4. Curbline wird mit 600 Millionen Dollar in bar und 500 Millionen Dollar in Kreditlinien kapitalisiert
5. Spin-off geplant für den 1. Oktober 2024
6. Die Aktionäre von SITE Centers erhalten zwei Curbline-Aktien für jede SITE Centers-Aktie
Das Spin-off führt dazu, dass Curbline ein unabhängiges, börsennotiertes Unternehmen wird, das an der NYSE unter dem Tickersymbol 'CURB' gelistet ist.
- Sale of 13 properties for $714.3 million, indicating strong asset value
- Strategic acquisition of six convenience shopping centers for $111.2 million
- Repayment of $159.0 million in debt, improving the company's financial position
- Curbline to be capitalized with $600 million cash and $500 million in credit facilities, ensuring a strong financial start
- Spin-off transaction progressing as planned, potentially unlocking shareholder value
- Significant reduction in SITE Centers' property portfolio due to large-scale asset sales
- Potential impact on future revenue and NOI following the sale of 13 properties
Insights
SITE Centers' strategic moves in Q3 2024 signal a significant portfolio restructuring. The sale of 13 properties for
The transactions reveal SITE Centers' strategic pivot towards prime retail locations. Selling 13 properties while acquiring 6 convenience shopping centers in key markets like San Diego and Denver demonstrates a focus on quality over quantity. This aligns with evolving retail trends favoring convenient, high-traffic locations. The substantial cash infusion from sales, coupled with the Curbline spin-off, positions both entities for targeted growth. SITE Centers' remaining portfolio likely consists of premium assets, potentially driving higher rental rates and occupancy. However, the reduction in property count may impact overall revenue in the short term. The spin-off structure, with a 2:1 share distribution, offers existing shareholders diversified exposure to two distinct retail real estate strategies.
This strategic overhaul by SITE Centers reflects adaptation to changing retail landscapes. The focus on open-air shopping centers in high-income suburban areas aligns with post-pandemic consumer preferences for outdoor shopping experiences. The Curbline spin-off, with its robust capitalization, suggests a bifurcation strategy: SITE Centers likely retaining prime assets while Curbline may focus on value-add opportunities or different property types. This move could attract different investor profiles to each entity. The 2:1 share distribution for the spin-off is generous, potentially boosting shareholder value. However, investors should closely monitor how each entity performs independently, as the separation may reveal previously masked strengths or weaknesses in the portfolio segments.
In the third quarter to date, SITE Centers has sold 13 wholly owned properties for an aggregate gross price of
Curbline is expected to be capitalized with
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240917590953/en/
Conor Fennerty, EVP and Chief Financial Officer
216-755-5500
Source: SITE Centers Corp.
FAQ
When is the SITE Centers (SITC) spin-off of Curbline Properties scheduled to occur?
How many Curbline shares will SITE Centers (SITC) shareholders receive in the spin-off?
What is the total value of properties sold by SITE Centers (SITC) in Q3 2024?