SITC SITE Centers Corp

SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today provided an update on third quarter 2024 to date transaction and financing activity.

In the third quarter to date, SITE Centers has sold 11 wholly owned properties for an aggregate gross price of $552.7 million and acquired four convenience shopping centers for an aggregate gross price of $88.0 million including Crocker Commons (Cleveland, OH), Maple Corner (Nashville, TN), Village Plaza (Houston, TX) and Brookhaven Station (Atlanta, GA).

As previously disclosed, the Company also closed and funded a $530 million mortgage facility secured by 23 properties, repaid its outstanding $200 million unsecured term loan, terminated its $950 million revolving credit facility, and completed a one-for-four reverse split of its common shares. Lastly, in August, the Company redeemed all outstanding senior unsecured notes and has no remaining outstanding unsecured debt.

Dispositions

 

 

SITE

Owned

 

 

Property Name

MSA

Own

GLA

Price

07/19/24 Two Property Portfolio (1) Atlanta-Sandy Springs-Roswell, GA

100%

406

$67,530

07/29/24 Bandera Pointe (2) San Antonio-New Braunfels, TX

100%

438

58,325

07/29/24 Midway Plaza (3) Miami-Fort Lauderdale-West Palm Beach, FL

100%

218

36,425

07/31/24 Lee Vista Orlando-Kissimmee-Sanford, FL

100%

314

68,500

08/20/24 Three Property Portfolio (4) Various

100%

894

137,500

08/22/24 Guilford Commons Hartford-West Hartford-East Hartford, CT

100%

129

26,500

08/22/24 Woodfield Village Green Chicago-Naperville-Elgin, IL-IN-WI

100%

390

93,200

08/27/24 Falcon Ridge Town Center (5) Riverside-San Bernardino-Ontario, CA

100%

250

64,700

3Q2024 QTD

$552,680

  1 Includes Cumming Marketplace (excludes 44K SF retained by SITE Centers (Marketplace Plaza South)) and Cumming Town Center (excludes 37K SF retained by SITE Centers (Marketplace Plaza North)) 2 Excludes 3K SF retained by SITE Centers (Bandera Corner) 3 Excludes 10K SF retained by SITE Centers (Shops at Midway) 4 Includes Carolina Pavilion (excludes 10K SF retained by SITE Centers (Carolina Station)), Lake Brandon Village (excludes 12K SF retained by SITE Centers (Shops at Lake Brandon)), and Millenia Crossing 5 Excludes 27K SF retained by SITE Centers (Shops on Summit)

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240829590675/en/

Conor Fennerty, EVP and Chief Financial Officer 216-755-5500