SITE Centers Corp. (NYSE:SITC) Q2 2024 Earnings Conference Call July 30, 2024 8:00 AM ET

Company Participants

Stephanie Ruys de Perez – Vice President-Capital Markets
David Lukes – Chief Executive Officer
Conor Fennerty – Chief Financial Officer

Conference Call Participants

Dori Kesten – Wells Fargo
Craig Mailman – Citi
Todd Thomas – KeyBanc Capital Markets
Samir Khanal – Evercore ISI
Floris van Dijkum – Compass Point
Ronald Kamdem – Morgan Stanley
Linda Tsai – Jefferies
Alexander Goldfarb – Piper Sandler
Paulina Rojas – Green Street
Ki Bin Kim – Truist
Jianfeng Wang – JPMorgan

Operator

Good day and welcome to the SITE Centers' Second Quarter 2024 Operating Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Stephanie Ruys de Perez, Vice President of Capital Markets. Please go ahead.

Stephanie Ruys de Perez

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 Fennerty. In addition to the press release distributed this morning, we have posted our quarterly financial supplement and slide presentation on our website at www.sitecenters.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.

Additional information may be found in our earnings press release and in our filings with the SEC including our most recent report on Form 10-K and 10-Q. In addition we will be discussing non-GAAP financial measures on today's call including FFO, operating FFO, and same-store net operating income. Descriptions and reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's quarterly financial supplement and investor presentation.

At this time, it is my pleasure to introduce our Chief Executive Officer, David Lukes.

David Lukes

Good morning. I'd like to start by thanking all of my colleagues at SITE Centers for their tremendous efforts over the past few quarters. The dedication, flexibility and thoughtful execution from the entire organization has been astounding. The results we announced today showcase the significant progress we've made on our strategic goals as we prepare for the planned spin-off of the Convenience portfolio from within SITE Centers into a new and unique focused growth company called Curbline Properties. Notably, we closed nearly $1 billion of transactions in the quarter, repurchased or retired over $50 million in debt, and reported 24% trailing 12-month new leasing spreads for the Curbline portfolio.