Site Centers provides Q3 transaction and spin-off update

Site Centers provided an update on Q3 to date transaction and financing activity along with updated projected Site Centers and Curbline Properties balance sheet information. In Q3 to date, Site Centers has sold 13 wholly owned properties for an aggregate gross price of $714.3M. Net proceeds were used, in part, to repay $159.0M of the $530.0M SITE Centers mortgage facility originally secured by 23 properties. The company has also acquired six convenience shopping centers for an aggregate gross price of $111.2M in Q3 to date including Loma Alta Station – San Diego, CA – and Nine Mile Corner – Denver, CO -. Curbline is expected to be capitalized with $600M of cash at the time of the spin-off in addition to a $400M undrawn, unsecured line of credit, a $100M unsecured, delayed draw term loan and no indebtedness. The company may capitalize Curbline with more cash with the cash balance at the time of the spin-off dependent on the sale of additional assets expected to close prior to the spin-off. The distribution of the shares of Curbline common stock is expected to be completed on October 1. Following such distribution, Curbline will be an independent, publicly traded company listed on the NYSE under the ticker symbol “CURB”. Site Centers shareholders will receive two shares of Curbline common stock for every one common share of Site Centers held at the close of business on the record date of September 23.