SITE Centers Provides Transaction and Curbline Balance Sheet Update
SITE Centers Corp. (NYSE: SITC) has provided an update on its transaction activity and projected Curbline Properties Corp. balance sheet information. From September 17-27, 2024, SITE Centers sold 11 wholly owned properties for $610.1 million. As a result, Curbline is expected to be capitalized with $800 million in cash at spin-off, along with a $400 million undrawn, unsecured line of credit, a $100 million unsecured, delayed draw term loan, and no indebtedness.
The distribution of Curbline common stock is set for October 1, 2024, with Curbline becoming an independent, publicly traded company on the NYSE under the ticker symbol 'CURB'. SITE Centers shareholders will receive two shares of Curbline stock for every one SITE Centers share held at the close of business on September 23, 2024.
SITE Centers Corp. (NYSE: SITC) ha fornito un aggiornamento sulle proprie attività di transazione e sulle informazioni previste per il bilancio di Curbline Properties Corp. Dal 17 al 27 settembre 2024, SITE Centers ha venduto 11 proprietà interamente di proprietà per 610,1 milioni di dollari. Di conseguenza, si prevede che Curbline abbia un capitale di 800 milioni di dollari in contante al momento dello spin-off, insieme a una linea di credito non garantita di 400 milioni di dollari non utilizzata, a un prestito a termine non garantito di 100 milioni di dollari con rimborso ritardato, e senza indebitamento.
La distribuzione delle azioni ordinarie di Curbline è prevista per 1 ottobre 2024, con Curbline che diventerà una società indipendente e quotata in borsa all'NYSE con il simbolo ticker 'CURB'. Gli azionisti di SITE Centers riceveranno due azioni di Curbline per ogni azione di SITE Centers posseduta alla chiusura dell'attività il 23 settembre 2024.
SITE Centers Corp. (NYSE: SITC) ha proporcionado una actualización sobre su actividad de transacciones y la información proyectada del balance de Curbline Properties Corp. Del 17 al 27 de septiembre de 2024, SITE Centers vendió 11 propiedades de propiedad total por 610,1 millones de dólares. Como resultado, se espera que Curbline esté capitalizada con 800 millones de dólares en efectivo al momento de la separación, junto con una línea de crédito no garantizada no utilizada de 400 millones de dólares, un préstamo a plazo no asegurado de 100 millones de dólares con desembolso diferido y sin deudas.
La distribución de las acciones ordinarias de Curbline está programada para 1 de octubre de 2024, y Curbline se convertirá en una empresa pública e independiente cotizada en la NYSE bajo el símbolo de ticker 'CURB'. Los accionistas de SITE Centers recibirán dos acciones de Curbline por cada acción de SITE Centers que posean al cierre de operaciones el 23 de septiembre de 2024.
SITE Centers Corp. (NYSE: SITC)는 Curbline Properties Corp.의 거래 활동 및 예상 대차대조표 정보를 업데이트했습니다. 2024년 9월 17일부터 27일까지 SITE Centers는 11개의 완전 소유 부동산을 6억 1010만 달러에 판매했습니다. 그 결과, Curbline은 스핀오프 시 8억 달러의 현금으로 자본화될 것으로 예상되며, 4억 달러의 미사용 보증 없이 대출 가능한 신용 한도, 1억 달러의 보증 없는 지연 인출 정기 대출 그리고 부채가 없는 상태입니다.
Curbline의 보통주 배당은 2024년 10월 1일로 예정되어 있으며, Curbline은 NYSE에서 'CURB'라는 티커 심볼로 독립적인 상장 기업이 됩니다. SITE Centers의 주주들은 2024년 9월 23일 업무 종료 시점에서 보유한 SITE Centers 주식 1주당 Curbline 주식 2주를 받게 됩니다.
SITE Centers Corp. (NYSE: SITC) a fourni une mise à jour sur son activité de transaction et les informations financières projetées concernant Curbline Properties Corp. Du 17 au 27 septembre 2024, SITE Centers a vendu 11 propriétés entièrement détenues pour 610,1 millions de dollars. Par conséquent, Curbline devrait être capitalisée avec 800 millions de dollars en espèces au moment de la scission, ainsi qu'une ligne de crédit non garantie de 400 millions de dollars non utilisée, un prêt à terme non garanti de 100 millions de dollars avec report de tirage, et sans endettement.
La distribution des actions ordinaires de Curbline est prévue pour le 1er octobre 2024, Curbline devenant une société indépendante et cotée en bourse sur le NYSE sous le symbole boursier 'CURB'. Les actionnaires de SITE Centers recevront deux actions de Curbline pour chaque action de SITE Centers détenue à la clôture des affaires le 23 septembre 2024.
SITE Centers Corp. (NYSE: SITC) hat ein Update zu seinen Transaktionsaktivitäten und den voraussichtlichen Bilanzinformationen von Curbline Properties Corp. gegeben. Vom 17. bis 27. September 2024 hat SITE Centers 11 vollständig im Besitz befindliche Immobilien für 610,1 Millionen Dollar verkauft. Infolgedessen wird erwartet, dass Curbline zum Zeitpunkt des Spin-offs mit 800 Millionen Dollar in bar kapitalisiert wird, zusammen mit einer unglaublichen, unbesicherten Kreditlinie über 400 Millionen Dollar, einem unbesicherten, verzögerten Abrufdarlehen über 100 Millionen Dollar und ohne Verschuldung.
Die Verteilung der Curbline-Stammaktien ist für den 1. Oktober 2024 vorgesehen, wobei Curbline ein unabhängiges, börsennotiertes Unternehmen an der NYSE unter dem Tickersymbol 'CURB' wird. Die Aktionäre von SITE Centers erhalten zwei Aktien von Curbline für jede eine Aktie von SITE Centers, die sie zum Geschäftsschluss am 23. September 2024 halten.
- Sale of 11 properties for $610.1 million, improving liquidity
- Curbline to be capitalized with $800 million in cash at spin-off
- $400 million undrawn, unsecured line of credit for Curbline
- $100 million unsecured, delayed draw term loan for Curbline
- No indebtedness for Curbline at spin-off
- 2:1 share distribution ratio for SITE Centers shareholders
- Reduction in SITE Centers' property portfolio due to dispositions
Insights
The recent transaction activity by SITE Centers is significant, with the sale of 11 wholly owned properties for
The updated projected balance sheet for Curbline is particularly noteworthy. With
For SITE Centers shareholders, the 2:1 distribution ratio of Curbline shares is generous and could unlock value. However, investors should carefully consider how this spin-off will affect SITE Centers' remaining portfolio and financial metrics post-transaction. The retention of certain property sections by SITE Centers suggests a strategic approach to portfolio management that warrants further analysis.
This transaction update reveals a significant shift in SITE Centers' portfolio strategy. The company is divesting properties across various high-value markets, including Washington D.C., San Francisco, Miami and Denver. This move suggests a rebalancing of their geographic exposure and property types.
The sale of these assets, many of which are in prime suburban locations with high household incomes, could indicate SITE Centers' view on the future of certain retail submarkets. It's particularly interesting to see the sale of properties anchored by strong tenants like Whole Foods, which are typically considered stable assets.
The retention of portions of several properties (e.g., Shops at Hamilton, Collection at Midtown Miami) indicates a selective approach to asset management. This strategy allows SITE Centers to maintain exposure to key markets while optimizing its portfolio. Investors should watch how this impacts the company's overall occupancy rates and tenant mix going forward.
The timing of these sales, coinciding with the Curbline spin-off, suggests a carefully orchestrated restructuring of SITE Centers' business model and asset base. This could lead to a more focused strategy for both entities post-separation.
From September 17, 2024 to September 27, 2024, SITE Centers sold 11 wholly owned properties for an aggregate gross price of
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.
| Dispositions ($ in thousands) | SITE | ||||
| Property Name | MSA | Own | Price | ||
| 09/18/24 | Springfield Center | 100 |
% |
49,100 |
|
| 09/24/24 | Hamilton Marketplace (1) | 100 |
% |
116,500 |
|
| 09/26/24 | Whole Foods at Bay Place | 100 |
% |
44,400 |
|
| 09/26/24 | Shops at Midtown Miami (2) | 100 |
% |
83,750 |
|
| 09/26/24 | Ridge at Creekside (3) | 100 |
% |
39,750 |
|
| 09/26/24 | Echelon Village Plaza (4) | 100 |
% |
8,500 |
|
| 09/26/24 | Three Property Portfolio (5) | Various | 100 |
% |
180,500 |
| 09/27/24 | University Hills (6) | 100 |
% |
56,500 |
|
| 09/27/24 | Village Square at Golf | 100 |
% |
31,100 |
|
| Total |
|
||||
| 1 Excludes 62K SF retained by SITE Centers (Shops at |
|||||
| 2 Excludes 119K SF retained by SITE Centers (Collection at Midtown Miami) | |||||
| 3 Excludes 43K SF retained by SITE Centers (Creekside Plaza II) | |||||
| 4 Excludes 4K SF retained by SITE Centers (Shops at Echelon VIllage) | |||||
| 5 Includes Fairfax Towne Center, Presidential Commons (excludes 10K SF retained by SITE Centers (Presidential Plaza South)), and Village at Stone Oak | |||||
| 6 Excludes 26K SF retained by SITE Centers (Shops at University Hills) | |||||
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/20240930928833/en/
Conor Fennerty, EVP and Chief Financial Officer
216-755-5500
Source: SITE Centers Corp.
FAQ
When will SITE Centers (SITC) complete the distribution of Curbline shares?
How many Curbline shares will SITC shareholders receive in the spin-off?
What is the total value of properties sold by SITE Centers (SITC) from September 17-27, 2024?
What will be Curbline's ticker symbol after the spin-off from SITE Centers (SITC)?
