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- SITE Centers (NYSE:SITC) said Monday it sold four shopping centers and one parcel at a wholly-owned shopping center for $166.3M ($157.8M at share) in Q4.
- Net proceeds were used to repurchase $28.8M of stock at an average price of $13.33/share, acquire one convenience property for $5.8M and repay outstanding balance on SITE's (SITC) revolving credit facility.
- Subsequent to year-end, SITE (SITC) bought two additional convenience properties for $26.1M.
- "In Q4, we opportunistically sold a select group of assets and recycled the capital into share repurchases and convenience acquisitions further strengthening SITE's (SITC) balance sheet, long-term growth rate and overall portfolio quality," said CEO David Lukes.
- "We continue to see an attractive subset of investment opportunities and expect to reinvest the remainder of the proceeds over the course of the year."
- Earlier, SITE (SITC) announced a $100M stock buyback plan.