SITC Closes Curbline Spin-Off, Disposes Properties Worth $610.1M

Core Viewpoint - SITE Centers Corp. has successfully completed the spin-off of Curbline Properties, which is now an independent publicly traded company on the NYSE under the ticker "CURB" [1] Group 1: Spin-off Details - Curbline Properties was funded with $800 million in cash at the time of the spin-off, along with a $400 million undrawn, unsecured line of credit and a $100 million unsecured, delayed draw term loan, while carrying no debt [1] - Shareholders of SITE Centers received two shares of Curbline common stock for each common share of SITE Centers they owned as of the record date of September 23, 2024 [2] Group 2: Transaction Activity - From September 17, 2024, to September 27, 2024, SITE Centers sold 11 wholly-owned shopping centers for $610.1 million [3] - From the beginning of the third quarter of 2024 through September 17, 2024, SITE Centers sold 13 wholly-owned shopping centers for $714.3 million and purchased six convenience properties for a gross price of $111.2 million [4] Group 3: Capital Recycling Strategy - SITE Centers is implementing an aggressive capital-recycling program, divesting slow-growth assets and redeploying proceeds for acquiring premium U.S. shopping centers that offer strong opportunities for rent growth and redevelopment activities [5] Group 4: Financial Position and Market Context - The transaction and financing activities are relieving pressure on SITE Centers' balance sheet, paving the way for top-line and cash-flow growth, and adding long-term value to the portfolio [6] - Over the past six months, shares of SITE Centers have gained 7.2%, compared to the industry's growth of 15.8% [7]