1. SITC completed sale of four properties for approximately $263.6 million. 2. Sale proceeds primarily used to repay mortgage debts totaling $136.6 million. 3. These strategic sales strengthen SITC’s financial position and liquidity. 4. SITC remains a self-managed REIT focusing on open-air shopping centers.
The sales reduce debt and enhance liquidity, potentially improving investor confidence. Historical sales have often led to positive market reactions when debt is effectively managed.
The substantial property sales and resultant debt reduction enhance SITC's financial stability, likely attracting investor interest.
Immediate financial benefits from debt repayment may positively influence stock price. Investors typically react quickly to strengthened balance sheets.
SITE Centers Corp. (NYSE:SITC) announced today completion of the previously announced sale of East Hanover Plaza (East Hanover, NJ), Southmont Plaza (Easton, PA) and Stow Community Center (Stow, OH) for approximately $126.0 million, subject to adjustment for certain closing pro-rations, allocations and credits. At closing, approximately $38.2 million of sale proceeds were used to repay mortgage indebtedness.
The Company also announced today completion of the previously announced sale of Nassau Park Pavilion (Princeton, New Jersey) for approximately $137.6 million in cash, subject to adjustment for certain closing pro-rations, allocations and credits. At closing, the Company applied approximately $98.4 million of sale proceeds to the full repayment of a mortgage loan secured by the property and paid a related make-whole premium of approximately $7.0 million.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company's e-mail distributions for press releases and other investor news, please click here.
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Gerald Morgan, EVP and
Chief Financial Officer
216-755-5500