SITE Centers Corp. Common Shares - SITC STOCK NEWS

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.

SITE Centers (NYSE: SITC) has released its 2023 Corporate Sustainability Report, marking its tenth sustainability report and eighth following Global Reporting Initiative (GRI) Standards.

The report highlights significant progress in sustainability and strategic changes, including the planned spin-off of its Convenience portfolio into a new REIT, Curbline Properties, expected around October 1, 2024.

Key achievements include reducing Scope 1 and 2 emissions by 24% and 34% respectively since 2019, cutting electricity consumption by 25%, and reducing irrigation by 16%. The company also launched the Mentor Advisory Program to support emerging leaders and increased employee training hours by 9% from 2022.

Recognition for SITE Centers includes inclusion in the 2023 Bloomberg Gender-Equality Index, a “Green Star” rating from GRESB, a Gold Green Lease Leader award, the NorthCoast 99 Award, and the Cigna Healthy Workplace Gold Award.

SITE Centers Corp. (NYSE: SITC) announced the completion of the sale of a six-property portfolio for $495 million to an affiliate of Pine Tree. The transaction excluded 93,607 square feet of gross leasable area at three properties, which SITE Centers retained for a future spin-off of Curbline Properties. The properties sold are located in suburban areas with high household incomes, aligning with SITE Centers' strategy. This sale marks a significant move in optimizing their portfolio and strategic focus.

SITE Centers (NYSE: SITC), a major owner of open-air shopping centers in affluent suburban areas, has announced significant transaction and financing activities for Q2 2024. The company has sold two properties for $50.2 million, bringing total dispositions since June 2023 to $1 billion. Contracts to sell an additional $649.6 million in assets have been executed, with another $1.2 billion under due diligence or nonbinding agreements. These sales indicate strong portfolio quality and align with prior cap rate guidance. Capital from these sales has enabled SITE Centers to acquire two Convenience properties for $8.4 million and repurchase $15.9 million of senior unsecured notes at a discount. Future acquisitions include $78 million in contracts and $150 million in nonbinding agreements for Convenience properties. These activities support the planned spin-off of Curbline Properties.

SITE Centers Corp. (NYSE: SITC), a prominent owner of open-air shopping centers in affluent suburban areas, has announced its second quarter 2024 dividend for Class A Preferred shares. The dividend is set at $0.39844 per depositary share, each representing one-twentieth of SITE Centers' 6.375% Class A Cumulative Redeemable Preferred Stock.

This dividend covers the period from April 15, 2024, to July 14, 2024, and will be paid in cash on July 15, 2024, to shareholders of record by the close of business on June 28, 2024.

SITE Centers (NYSE: SITC) announced a common stock dividend of $0.13 per share for the second quarter of 2024. This dividend will be payable on July 9, 2024, to shareholders who are on record as of June 18, 2024. SITE Centers owns open-air shopping centers located in suburban areas with high household incomes.