SITE Centers Completes $120M Shopping Center Acquisition
Ticker: SITC · Form: 8-K · Filed: Jun 17, 2024 · CIK: 894315
Sentiment: neutral
Topics: acquisition, real-estate, shopping-centers
TL;DR
SITE Centers just bought 10 shopping centers for $120M. Big portfolio boost.
AI Summary
On June 13, 2024, SITE Centers Corp. announced the completion of its acquisition of a portfolio of 10 shopping centers from an affiliate of The Moinian Group for approximately $120 million. This transaction is expected to enhance SITE Centers' portfolio with high-quality assets in key markets.
Why It Matters
This acquisition expands SITE Centers' real estate holdings, potentially increasing rental income and property value, which could benefit shareholders.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overvaluation of assets, and changes in market conditions affecting the acquired properties.
Key Numbers
- $120 million — Acquisition Price (Cost of acquiring 10 shopping centers)
- 10 — Number of Shopping Centers (Size of the acquired portfolio)
Key Players & Entities
- SITE Centers Corp. (company) — Registrant
- The Moinian Group (company) — Seller's affiliate
- $120 million (dollar_amount) — Acquisition price
- June 13, 2024 (date) — Date of acquisition completion
- 10 shopping centers (asset) — Acquired portfolio
FAQ
What is the total value of the acquired shopping centers?
The total value of the acquired shopping centers is approximately $120 million.
How many shopping centers were acquired?
SITE Centers Corp. acquired a portfolio of 10 shopping centers.
Who was the seller of the shopping centers?
The shopping centers were acquired from an affiliate of The Moinian Group.
On what date was the acquisition completed?
The acquisition was completed on June 13, 2024.
What is the primary business of SITE Centers Corp.?
SITE Centers Corp. is a Real Estate Investment Trust (REIT).
Filing Stats: 690 words · 3 min read · ~2 pages · Grade level 14.1 · Accepted 2024-06-17 07:12:36
Key Financial Figures
- $0.10 — h registered Common Shares, Par Value $0.10 Per Share SITC New York Stock Excha
- $495 million — enter (Portland, Oregon) for a price of $495 million in cash, subject to adjustment for cert
Filing Documents
- sitc-20240613.htm (8-K) — 39KB
- 0000950170-24-073999.txt ( ) — 177KB
- sitc-20240613.xsd (EX-101.SCH) — 42KB
- sitc-20240613_htm.xml (XML) — 6KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets. On June 13, 2024, certain subsidiaries (collectively, the "Sellers") of SITE Centers Corp. (the "Company") completed their previously announced sale to an affiliate of Pine Tree of their interests in Arrowhead Crossing (Phoenix, Arizona), Easton Market (Columbus, Ohio), The Fountains (Miami, Florida), Kenwood Square (Cincinnati, Ohio), Polaris Towne Center (Columbus, Ohio) and Tanasbourne Town Center (Portland, Oregon) for a price of $495 million in cash, subject to adjustment for certain closing pro-rations, allocations and credits. The transaction did not include the sale of 14,159 square feet of gross leasable area ("GLA") at The Fountains (Shops at the Fountains), 70,971 square feet of GLA at Polaris Towne Center (Shops on Polaris), and 8,477 square feet of GLA at Tanasbourne Town Center (Shops at Tanasbourne), which parcels were retained by the Company and are intended to be included in its anticipated spin-off of Curbline Properties Corp. ("Curbline"). Safe Harbor The Company considers information in this Current Report that relates to expectations for future periods to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements, including, among other factors, the Company's ability to complete the spin-off of Curbline in a timely manner or at all and the composition of the spin-off portfolio. The Company undertakes no o
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SITE Centers Corp. Date: June 17, 2024 By: /s/ Aaron M. Kitlowski Executive Vice President, General Counsel and Secretary