SITE Centers Updates Portfolio with Strategic Transactions

2 min read | September 18, 2024 04:56 PM PDT | By Team Kalkine Media

SITE Centers Updates Portfolio with Strategic Transactions — Image source: Shutterstock

Headlines

SITE Centers sold 13 shopping centers for $714.3 million while acquiring six convenience properties for $111.2 million in the third quarter of 2024.
Proceeds from property sales were used to repay a portion of SITE Centers’ $530 million mortgage facility, enhancing financial flexibility.
The company continues its strategy of recycling capital by selling lower-growth assets and investing in high-potential shopping centers across the U.S.

SITE Centers Corp. (NYSE:SITC)recently provided updates on its transaction and financing activities for the third quarter of 2024, as of Sept. 17, 2024. Additionally, the company issued updated balance sheet information for both SITE Centers and Curbline Properties.

According to the latest update, SITE Centers sold 13 wholly-owned shopping centers, totaling $714.3 million in sales. The company also acquired six convenience properties for a total price of $111.2 million. This includes key acquisitions such as Loma Alta Station in San Diego, CA, and Nine Mile Corner in Denver, CO.

Proceeds from the sale of the 13 properties were used to repay $159 million of SITE Centers’ $530 million mortgage facility, improving the company’s financial positioning.

SITE Centers remains focused on a capital-recycling strategy. By divesting slower-growth assets and reinvesting the proceeds into premium U.S. shopping centers, the company aims to capitalize on opportunities for rent growth and redevelopment potential across its newly acquired properties.

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