SITE Centers: Curbline Properties IPO Prices In Line With Valuations (NYSE:SITC)

Summary

SITE Centers Corp. is a retail REIT focused on retail locations close to residents with a high household income.
The company successfully spun off its premium assets in a new REIT called Curbline Properties, achieving a 6% cap rate.
Curbline Properties focuses on high-income convenience retail with strong leasing spreads and limited capital expenditure needs.
SITE Centers' remaining assets are clearly lower quality, with a 92.6% leased rate and $18.47 rent per square foot.
Valuation uncertainty will persist until the company provides an update on its Q3 2024 results.

Cropped image of woman with shopping bags using a mobile phone — RUNSTUDIO

Introduction

SITE Centers Corp. (NYSE:SITC) stock is reacting positively to the successful spin-off of Curbline Properties Corp. (CURB), which achieved a $2.1 billion valuation, in line with property valuations.

Before the spin-off, SITE Centers updated its plans for

Ivo Kolchev

I ventured into investing in high school in 2011, mainly in REITs, preferred stocks, and high-yield bonds, starting a fascination with markets and the economy that has not faded despite the years. More recently I have been combining long stock positions with covered calls and cash secured puts. I approach investing purely from a fundamental long-term point of view. On Seeking Alpha I mostly cover REITs and financials, with occasional articles on ETFs and other stocks driven by a macro trade idea.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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