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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