Q2 2024 Site Centers Corp Earnings Call Transcript
Key Points
- SITE Centers Corp (SITC) closed nearly $1 billion of transactions in the quarter, showcasing strong deal-making capabilities.
- The company repurchased or retired over $50 million of debt, improving its balance sheet.
- Reported 24% trailing 12-month new leasing spreads for the turbine portfolio, indicating strong leasing performance.
- Same-store NOI for the curbside portfolio is expected to average greater than 3% for the next three years, reflecting stable growth.
- SITE Centers Corp (SITC) has a diversified portfolio with assets in major markets, supporting strong tenant sales and buyer interest.
- The leased rate was down 100 basis points sequentially, partly due to the sale of assets with higher lease rates.
- The company faces uncertainty in quantifying the portfolio at the time of the spin-off, indicating potential volatility.
- Operating metrics for both SITE Centers and curb remained volatile, reflecting some instability in operations.
- The significant expected transaction activity makes it challenging to provide a formal 2024 FFO guidance range.
- The acquisition of vacant space at Belmont Village negatively impacted the current lease rate, showing some operational challenges.
Good day and welcome to the SITE Centers second quarter 2024 operating results conference call.
(Operator instructions)
I would now like to turn the conference over to Stephanie rose day per as Vice President of Capital Markets. Please go ahead.
Thank you. Good morning, and welcome to Site Centers second quarter 2024 earnings conference call. Joining me today are Chief Executive Officer, David Lukes and Chief Financial Officer, Conor Finnerty. In addition to the press release distributed this morning, we have posted our quarterly financial supplement and slide presentation on our website at w. w. w. dot SITE Centers.com, which are intended to support our prepared remarks.
During today's call, please be aware that certain of our statements today may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from our forward-looking statements
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