SITE Centers Provides 2024 Transaction and Financing Update

-

 By Mike Bonts, Editor

BEACHWOOD, Ohio --SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities,  provided an update on second quarter 2024 transaction and financing activity in connection with presentations at NAREIT’s REITweek Investor Conference.

"SITE Centers has closed on the sale of two properties in the second quarter to date for an aggregate gross sale price of $50.2 million bringing total dispositions since June 30, 2023 to $1.0 billion. In addition to completed sales to date, the Company has executed contracts to sell $649.6 million of assets where the general due diligence period has expired with an additional $1.2 billion of assets with executed contracts which remain subject to the completion of buyer’s due diligence or nonbinding letters of intent. 

Overall pricing levels for the completed and expected 2024 asset sales demonstrate the quality of the SITE Centers portfolio and are consistent with cap rate commentary provided during the Company’s first quarter 2024 results conference call," commented David R. Lukes, President and Chief Executive Officer.

"Moreover, the pace and scale of dispositions has provided increased capital to acquire additional Convenience properties prior to the expected spin-off of Curbline Properties and to repurchase the Company’s senior unsecured notes at a discount to par. In the second quarter to date, SITE Centers has acquired two wholly-owned Convenience properties for $8.4 million and has repurchased $15.9 million of outstanding senior unsecured notes. 

Additionally, the Company has executed contracts to acquire $78.0 million of Convenience properties and has been awarded over $150 million of Convenience properties on a nonbinding basis highlighting the opportunity set identified with the October 2023 announcement of the spin-off of Curbline Properties."

Popular posts from this blog

Berkshire Hills Announces Allocation of Inaugural $100 Million Sustainability Bond

-
Image
BOSTON (Real Estate Wire/Green Trends) - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) ("Berkshire" or the "Company"), announced that proceeds from its inaugural sustainability bond have been allocated to projects resulting in the creation of 330 units of affordable and workforce housing along with more than 200,000 square feet of green building development.  Berkshire's Sustainability Bond Report, released in conjunction with today's announcement, demonstrates how proceeds were allocated to support affordable housing, workforce housing, green building and financial access and inclusion projects in communities across New England and New York. In June 2022, Berkshire became the first public U.S. community bank holding company with under $150 billion in total assets to issue a Sustainability Bond. The $100 million issuance of its 5.50% fixed-to-floating rate subordinated notes due 2032 was used to finance or refinance new or existing social and environmental pro
Read more

FGBC Project Profile: St. Johns River Water Management District – Apopka Service Center

-
Image
APOPKA – The Collage Companies, Lake Mary, Fla., announced the successful completion of the St. Johns River Water Management District (SJRWMD) – Apopka Service Center project. The SJRWMD Apopka Service Center was designed and constructed as a Florida Green Building Coalition (FGBC) “Florida Green” project, meeting the highest standards for sustainability at the Gold level of certification. FGBC Certification Programs tailors’ carbon-reducing, green building standards to the Florida climate, allowing builders, developers, and communities to meet green building standards while simultaneously constructing sustainable properties best suited for Florida’s ecosystem. Unlike USGBC LEED, Green Globes, and other national and international standards, FGBC certification standards takes a scientific approach developed with state-specific criteria. They address Florida’s hot-humid environment, distinctive topography, unique geology, resiliency, and natural disasters. The 17,000 sq ft multi-use off
Read more

Alpine Start Development Announces Commencement of Alpine Fossil Creek

-
Image
By Mike Bonts, Editor DALLAS, Texas -- Alpine Start Development (ASD), a family-owned real estate development and investment firm, has announced the start of its first apartment development in Haltom City, "Alpine Fossil Creek".  This new apartment community features 296-units within three-story garden-style buildings situated on 15.6 acres, overlooking Big Fossil Creek. The community is just a 10-minute drive to downtown Fort Worth, and across the street from Haltom City High School.  "This is more than just the start of construction. It represents a long, shared vision between Alpine Start, the City, and our partners. We are honored to be a part of bringing this vision to life. This project is a testament to what can be achieved when dedicated partners come together with a unified goal of creating something special," said Jacobe Chandler, SVP of Alpine Start Development. "We are excited to debut our first development in Haltom City, a coveted market we've
Read more