SITE Centers Announces Spin-off Of Convenience Portfolio; Spin-Off Assets Into Separate Publicly-Traded REIT To Be Named Curbline Properties Corp
Portfolio Pulse from Benzinga Newsdesk
SITE Centers has announced the spin-off of its convenience portfolio into a separate publicly-traded REIT named Curbline Properties Corp. Curbline will be the first public REIT exclusively focused on the convenience sector. SITE Centers has sold $646M of assets since June 30, 2023, at a 6.5% cap rate and has $242M of additional assets under contract for sale. The company has obtained a $1.1B financing commitment, with proceeds expected to be used to repay all outstanding unsecured debt. SITE Centers has declared a Q4 dividend of $0.13 per share and expects to declare and pay a special cash dividend of at least $0.10 per share prior to January 31, 2024.
October 30, 2023 | 9:00 pm
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SITE Centers' spin-off of its convenience portfolio into Curbline Properties Corp could potentially attract new investors interested in the convenience sector. The company's asset sales and financing commitment could improve its financial health by reducing debt. The declaration of dividends could make the stock more attractive to income-focused investors.
The spin-off could potentially attract new investors interested in the convenience sector, which could drive up the stock price. The sale of assets and the financing commitment could improve the company's financial health by reducing its debt, which could also positively impact the stock price. The declaration of dividends could make the stock more attractive to income-focused investors, potentially leading to increased demand for the stock and a rise in its price.
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