SITE Centers Sells Deer Park Town Center Stake for $20.8 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: seekingalpha
- Joint Venture Sale: SITE Centers announced the sale of its partnership interests in the RVIP IIIB joint venture, which owns Deer Park Town Center, for approximately $20.8 million, providing liquidity and optimizing asset allocation.
- Financial Impact: The transaction, valued at $20.8 million before closing costs, is expected to positively impact the company's financial position, enhancing its competitive stance in the market.
- Stock Price Reaction: Following the announcement, SITE Centers' stock rose to $6.29 in after-hours trading, indicating a positive market response to the deal and potentially boosting investor confidence.
- Strategic Realignment: By divesting this joint venture interest, SITE Centers is further focusing on its core business, optimizing its investment portfolio, and aiming to enhance overall operational efficiency while paving the way for future growth opportunities.
Analyst Views on SITC
Wall Street analysts forecast SITC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SITC is 10.00 USD with a low forecast of 10.00 USD and a high forecast of 10.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 6.270
Low
10.00
Averages
10.00
High
10.00
Current: 6.270
Low
10.00
Averages
10.00
High
10.00
About SITC
SITE Centers Corp. is the owner and manager of open-air shopping centers located primarily in suburban, household income communities. The Company is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company. It is in the business of owning, leasing, acquiring, redeveloping and managing shopping centers. The Company’s tenant base includes a mixture of national and regional retail chains and local tenants. The Company’s properties include 3030 North Broadway, Ahwatukee Foothills Towne Center, The Pike Outlets, Flatacres Marketcenter, Towne Center Prado, Deer Park Town Center, Brookside Marketplace, University Centre, Commonwealth Center, Ashley Crossing, Connecticut Commons, Shoppes at Paradise Pointe, Poyner Place, The Maxwell, Meadowmont Crossing, and others. Ahwatukee Foothills Towne Center is a 705,696-square-foot retail property located in Maricopa County at I-10 & E Ray Road in Phoenix, Arizona.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
