Jung Wood's questions to Site Centers Corp (SITC) leadership • Q2 2024
Question
An analyst from J.P. Morgan asked about the expected normal lease-to-occupied gap for the Curbline portfolio and how lease options in Curbline properties differ from those in traditional anchored centers.
Answer
CFO Conor Fennerty estimated the normal lease-to-occupied gap would be around 100 basis points, tighter than other property types due to faster re-leasing of small spaces. He explained that while lease terms are similar, the key difference is that Curbline leases have dramatically fewer options, limiting long-term tenant control and allowing for more frequent mark-to-market opportunities.