Financial News
SITE Centers Provides Third Quarter 2024 Transaction and Financing Update
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/
Contacts
Conor Fennerty, EVP and Chief Financial Officer
216-755-5500
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