David Lukes, president and CEO of SITE Centers Corp. (NYSE: SITC), sat down for a video interview at Nareit’s REITweek: 2024 Investor Conference, held in New York from June 3-6.
Lukes highlighted the launch of a new company, Curbline, set to spin-off from SITE Centers in the fourth quarter.
"We have almost $200 million of deals moving toward contract to buy," Lukes said, emphasizing the active acquisition of small, convenience-oriented retail assets. In addition to these acquisitions, the company has been selling significant assets.
"We've got a little over $2.5 billion of properties that we've either sold, are under contract, or have awarded to buyers in the last six or eight months," he said.
Lukes also pointed to the broader strategy reflected in the REIT’s latest earnings report. He explained that retail is currently experiencing a "euphoric moment" with high tenant demand and growing rents. The company's focus on acquiring smaller properties with smaller tenants aims to capitalize on this trend with lower capital expenditures from landlords, a strategy that Lukes believes will be successful in the current high-cost capital environment.