SITE Centers Corp. (NYSE: SITC) (the “Company” or “SITE Centers”), an owner of open-air shopping centers in suburban, high household income communities, today announced that in anticipation of the planned spin-off of Curbline Properties Corp. (“Curbline” or “CURB”), Gary Boston, John Cattonar, and Cynthia Foster Curry have been appointed to the SITE Centers Board of Directors effective on the date immediately preceding the spin-off’s closing (with the closing currently expected to be October 1, 2024). Following these appointments and the expected resignation of the six current independent directors who will join the Curbline Board of Directors as outlined in CURB’s publicly filed Registration Statement on Form 10, the SITE Centers Board of Directors will have five members including David Lukes and Dawn Sweeney, who is expected to be named Chair of the Board.
Additionally, Gerald (“Gerry”) Morgan joined SITE Centers in September and will be appointed as Chief Financial Officer upon the closing of the spin-off transaction, replacing Conor Fennerty who will join Curbline as its Chief Financial Officer. Previously, Mr. Morgan served as the Chief Financial Officer of Four Corners Property Trust, a public REIT focused on net lease properties in the restaurant and retail industries, from 2015 through April 2024. The SITE Centers leadership team is also expected to include General Counsel Aaron Kitlowski and Chief Accounting Officer Jeffrey Scott who joined the Company in October 2017 and December 2007, respectively.
“We are excited to announce and welcome Gary, Cynthia and John to the SITE Centers Board along with Gerry to the SITE Centers leadership team,“ said David R. Lukes, Chief Executive Officer. “With these appointments, the respective Board of Directors and leadership teams of both SITE Centers and Curbline will be in place to position both companies to execute their respective business plans upon the completion of the CURB spin-off.”
Additional details related to the planned spin-off of Curbline can be found in its Registration Statement on Form 10 and on the Company’s website at www.sitecenters.com under the “Investor Relations” tab.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. 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.
Safe Harbor
SITE Centers considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, our ability to complete the spin-off of Curbline in a timely manner or at all, our ability to satisfy the various closing conditions to the spin-off, the impact of the spin-off on our business and that of Curbline, Curbline’s ability to qualify as a REIT, and the Company’s and Curbline’s ability to execute their respective business strategies following the spin-off. Other risks and uncertainties that could cause our results to differ materially from those indicated by such forward-looking statements include general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to secure equity or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; and our ability to maintain REIT status. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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