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SITE Centers (NYSE: SITC) reported its Q4 2024 financial results, marking a period of significant corporate restructuring. The company posted a net loss of $13.2 million ($0.25 per diluted share), compared to net income of $193.6 million ($3.69 per diluted share) in Q4 2023.
Key highlights include:
- Operating FFO of $8.3 million ($0.16 per diluted share), down from $54.0 million ($1.03 per diluted share) year-over-year
- Leased rate of 91.1% as of December 31, 2024
- Commenced rate increased to 90.6%
- Generated cash renewal leasing spreads of 10.6%
The company completed several strategic initiatives, including the redemption of $175 million in preferred shares and the spin-off of Curbline Properties (NYSE: CURB) on October 1, 2024, which included 79 convenience properties and $800 million in cash distribution.
Curbline Properties (NYSE: CURB), a company specializing in convenience centers ownership in suburban, high-income areas, has announced a quarterly dividend declaration. The company will distribute $0.16 per share for the first quarter of 2025 to its common stock shareholders.
The dividend will be paid on April 8, 2025, to stockholders recorded in the company's books as of the close of business on March 14, 2025.
Curbline Properties (NYSE: CURB) reported strong Q4 2024 results in its first quarter as an independent public company. Net income reached $11.5 million ($0.11 per diluted share), up from $7.6 million year-over-year, while Operating FFO was $23.8 million ($0.23 per diluted share).
The company completed significant acquisitions, purchasing 20 convenience shopping centers for $206.1 million in Q4 and secured a $500 million credit facility. Key operational metrics include a 5.8% increase in same-property NOI for 2024, strong leasing spreads with 30.5% on new leases, and a solid 95.5% leased rate.
Looking ahead, Curbline provided 2025 guidance projecting net income of $0.48-$0.56 per diluted share and Operating FFO of $0.97-$1.01 per diluted share.
SITE Centers Corp. (NYSE: SITC) has released its tax allocations for 2024 dividend distributions for both common and preferred shares, including details of the Curbline Properties Corp. spin-off. For common shares, quarterly distributions were $0.13 per share, with each payment consisting of $0.0375 in capital gains and $0.0925 in return of capital. The Curbline Properties spin-off represented a significant distribution of $44.58 per share.
For Preferred Class A Depositary Shares, distributions totaled $1.3768 per share for the year, paid quarterly at $0.3984 for the first three quarters and $0.1815 for the final period. All preferred share distributions were classified as capital gains with no ordinary dividends or return of capital components.
Curbline Properties (NYSE: CURB), a company specializing in convenience shopping centers at high-traffic suburban locations, has scheduled its Fourth Quarter 2024 earnings conference call for February 11, 2025, at 8:00 AM Eastern Time. The financial and operational results will be released before the market opens on the same day.
Investors can join the call by dialing +1(800) 715-9871 (U.S.) or +1(646) 307-1963 (international) using passcode 6823859. A live webcast will be available, and a replay can be accessed through February 18, 2025, via the company's website or by phone using passcode 6823859.
Curbline Properties (NYSE: CURB), a convenience shopping center owner, has disclosed the tax allocations for its 2024 dividend distributions. The company announced that for the distribution with a record date of December 31, 2024, and payment date of January 16, 2025, shareholders will receive a total distribution of $0.250 per share.
The distribution is split between tax years, with $0.194388 allocable to 2024 and $0.055612 allocable to 2025 for federal income tax purposes. The 2024 portion is classified entirely as ordinary dividends and Section 199A dividends, with no capital gain distribution, return of capital, or unrecaptured Section 1250 gain components.
Curbline Properties (NYSE: CURB) has completed its first quarter as a public company with significant investment activity, acquiring 20 convenience shopping centers for $206.1 million in Q4 2024. The acquisitions were funded with cash on hand, with the company maintaining a net cash position and access to an undrawn $400 million revolving credit facility and $100 million delayed draw term loan facility.
The properties are strategically located in high-income suburban areas across major US markets, including Tampa, Orlando, Los Angeles, Phoenix, and Houston. Notable acquisitions include the Shops at Prasada North in Phoenix for $32 million, Magnolia Point in Houston for $28.3 million, and a 6-property portfolio for $25.1 million. The company also reported successful execution of new leases with several new tenants, indicating strong demand for available space.
Curbline Properties (NYSE: CURB), a company specializing in convenience shopping centers in high-income suburban areas, has announced a special cash dividend of $0.25 per share. The dividend will be paid on January 16, 2025, to shareholders recorded as of December 31, 2024. The company's properties are strategically located at well-trafficked intersections and major vehicular corridors.
SITE Centers has provided tax information regarding the Curbline Properties spin-off distribution. On October 1, 2024, SITE Centers shareholders received two Curbline Properties shares per share held, with a fair market value of $22.29 per CURB share for federal tax purposes. The distribution is estimated to be approximately 21% taxable capital gain and 79% return of capital. The final tax treatment will be reported on Form 1099-DIV in January 2025, with potential changes based on SITE Centers' full-year 2024 operating results.
Curbline Properties (NYSE: CURB), a convenience shopping center owner, reported significant acquisition and leasing activities. The company completed its spin-off from SITE Centers Corp. in October with an initial capitalization of $800 million cash and $500 million in credit facilities. In Q3 2024, they acquired seven shopping centers for $145.3 million, followed by 13 more centers in Q4 for $104.4 million. Operating results show strong leasing performance with cash new leasing spreads of 28.3% for TTM and 9.0% for Q3 2024. The company maintained a solid 95.4% leased rate as of September 30, 2024, with a Signed Not Opened pipeline representing $3.9 million in ABR.
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