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SITE Centers Corp. (SITC) is a leading United States-based self-administered and self-managed real estate investment trust (REIT). Operating as a fully integrated real estate company, SITE Centers Corp. excels in owning, leasing, acquiring, redeveloping, and managing high-quality shopping centers. The company’s portfolio is strategically concentrated in high barrier-to-entry markets with stable populations and high growth potential, including top markets across the United States and Puerto Rico.
Known for its value-oriented approach, SITE Centers Corp. actively manages its assets to create long-term shareholder value. Recent achievements have seen the company working on multiple redevelopment projects aimed at enhancing the shopping experience and increasing operational efficiency. With a solid financial condition, the company continues to seek opportunities for growth through acquisitions and strategic partnerships.
Publicly traded on the New York Stock Exchange under the ticker symbol SITC, SITE Centers Corp. remains committed to delivering value to its investors. For additional information and the latest updates, you can visit their official website at www.ddr.com.
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.
SITE Centers Corp. reported a net loss of $26.3 million in the first quarter of 2024, attributing it to property dispositions and impairment charges. Operating FFO was $59.8 million, a decrease due to property dispositions offset by NOI growth. The company sold shopping centers, acquired convenience centers, and repurchased senior notes. Impairments of $66.6 million were recorded for development projects. A spin-off of Convenience assets into Curbline Properties Corp. is expected by October 2024. Key operating results include SSNOI growth of 1.5% and strong leasing spreads. Property NOI projections for 2024 show estimates for both SITE Centers and Curbline Properties.
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