SITE Centers Corp. (NYSE:SITC) (the "Company" or "SITE Centers"), an owner of open-air shopping centers in suburban, high household income communities, today provided an update on transaction activity along with updated projected Curbline Properties Corp. ("Curbline") balance sheet information.
From September 17, 2024 to September 27, 2024, SITE Centers sold 11 wholly owned properties for an aggregate gross price of $610.1 million. As a result of disposition activity, Curbline is now expected to be capitalized with $800 million of cash at the time of the spin-off in addition to a $400 million undrawn, unsecured line of credit, a $100 million unsecured, delayed draw term loan and no indebtedness.
As previously announced, the distribution of the shares of Curbline common stock is expected to be completed at 12:01 a.m. Eastern Time on October 1, 2024. Following such distribution, Curbline will be an independent, publicly traded company listed on the New York Stock Exchange under the ticker symbol "CURB". SITE Centers shareholders will receive two shares of Curbline common stock for every one common share of SITE Centers held at the close of business on the record date of September 23, 2024.
| Dispositions ($ in thousands) | SITE | ||||
| Property Name | MSA | Own | Price | ||
| 09/18/24 | Springfield Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100 | % | 49,100 |
| 09/24/24 | Hamilton Marketplace (1) | Trenton, NJ | 100 | % | 116,500 |
| 09/26/24 | Whole Foods at Bay Place | San Francisco-Oakland-Hayward, CA | 100 | % | 44,400 |
| 09/26/24 | Shops at Midtown Miami (2) | Miami-Fort Lauderdale-West Palm Beach, FL | 100 | % | 83,750 |
| 09/26/24 | Ridge at Creekside (3) | Sacramento--Roseville--Arden-Arcade, CA | 100 | % | 39,750 |
| 09/26/24 | Echelon Village Plaza (4) | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 100 | % | 8,500 |
| 09/26/24 | Three Property Portfolio (5) | Various | 100 | % | 180,500 |
| 09/27/24 | University Hills (6) | Denver-Aurora-Lakewood, CO | 100 | % | 56,500 |
| 09/27/24 | Village Square at Golf | Miami-Fort Lauderdale-West Palm Beach, FL | 100 | % | 31,100 |
| Total | $610,100 | ||||
| 1 Excludes 62K SF retained by SITE Centers (Shops at Hamilton) | |||||
| 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) | |||||