SITE Centers Provides 2023 and YTD 2024 Transactions Update

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today provided an update on fourth quarter 2023 and first quarter to date 2024 transaction activity as part of presentations to certain investors in meetings hosted by Evercore ISI.

“SITE Centers closed on the sale of 12 properties in the fourth quarter bringing total dispositions since June 30, 2023 to $854.5 million including fourth quarter dispositions of $736.2 million at a blended 6.5% cap rate. The pace and scale of our asset sales are a testament to the quality of the SITE Centers portfolio and demand for well-positioned open-air shopping centers. We expect to close three additional properties with gross proceeds of roughly $120 million in the next few weeks with significant momentum on future asset sales,” commented David R. Lukes, President and Chief Executive Officer. “We also acquired $62.4 million of Convenience assets in the fourth quarter in key markets including Atlanta, Charlotte and Phoenix highlighting the opportunity set for Curbline Properties as we move closer to the expected spin-off date.”

Dispositions

SITE

Owned

Price

Property Name

MSA

Own %

GLA

At 100%

At Share

10/23/23
Boston Portfolio (1)
Boston-Cambridge-Newton, MA-NH

100%

1,354

319,000

319,000

10/24/23
Cotswold Village
Charlotte-Concord-Gastonia, NC-SC

100%

263

110,400

110,400

10/27/23
Tampa Portfolio (2)
Tampa-St. Petersburg-Clearwater, FL

100%

441

97,900

97,900

11/03/23
Midtowne Park
Greenville-Anderson-Mauldin, SC

100%

167

17,675

17,675

11/09/23
West Bay Plaza
Cleveland-Elyria, OH

100%

147

41,750

41,750

11/14/23
Wando Crossing
Charleston-North Charleston, SC

100%

214

46,750

46,750

11/30/23
1000 Van Ness
San Francisco-Oakland-Hayward, CA

100%

122

28,000

28,000

12/08/23
Buena Park Place
Los Angeles-Long Beach-Anaheim, CA

100%

213

53,000

53,000

12/11/23
Melbourne Shopping Center
Palm Bay-Melbourne-Titusville, FL

100%

211

21,750

21,750

4Q 2023 Total

 

3,132

$736,225

$736,225

(1) Includes Shoppers World and Gateway Center. Excludes 19K SF retained by SITE Centers (Shops at Framingham)


(2) Includes Lake Brandon Plaza, North Pointe Plaza and The Shoppes at New Tampa

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240111450652/en/

Conor Fennerty, EVP and Chief Financial Officer 216-755-5500