The following is a summary of the SITE Centers Corp. (SITC) Q1 2024 Earnings Call Transcript:
Financial Performance:
SITE Centers Corp. sold assets worth over $1.1 billion and acquired convenience properties worth $19 million.
It repurchased unsecured bonds worth approximately $62 million, leading to an overall gain of around $800,000.
Business Progress:
The company is making progress on the planned spin-off of the convenience portfolio into a new company, Curbline Properties, set to be capitalized with $600 million of liquidity.
A growth of 4.5% in same-store NOI for the new portfolio, expected to generate $79 million of NOI in 2024, is anticipated.
To improve their credit quality, SITE Centers Corp. is planning significant asset sales and prioritizing their long-term local tenants.
With increased customer interest in retail centers, SITE Centers is expecting a balanced mix of credit and non-credit tenants.
The company is planning for CURB to be a new risk-free, growth entity, and it is expected to be in a net cash position with no preferred investments or debt.
The company looks forward to operating Curb more efficiently than it did with Site, and holds some space offline to maximize value from dispositions.
More details: SITE Centers IR
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