SITE Centers Announces Sale of The Pike Outlets and Special Common Distribution

BEACHWOOD, Ohio--(BUSINESS WIRE)--SITE Centers Corp. (NYSE: SITC) announced today that it sold its ground leasehold interest and all of its other interests in The Pike Outlets (Long Beach, California) for an aggregate price of $50.0 million in cash. Net proceeds after adjustments for certain prorations, allocations, leasing maintenance and other credits were approximately $46.5 million.

The Company’s Board of Directors also declared a special cash distribution on its common shares of $1.00 per common share payable on July 31, 2026 to shareholders of record at the close of business on July 17, 2026.

Because the payment of the special dividend represents more than 25% of the price of the Company’s common shares, NYSE has advised the Company that its common shares will trade with “due bills” representing an assignment of the right to receive the special dividend from the record date of July 17, 2026 through the closing of trading on NYSE on July 31, 2026, which is the payment date and the last day of trading before the August 3, 2026 ex-dividend date (this period of time representing the “Dividend Right Period”).

Shareholders who sell their common shares during the Dividend Right Period will be selling their right to the special dividend, and such shareholders will not be entitled to receive the special dividend. Due bills obligate a seller of common shares to deliver the special dividend payable on such common shares to the buyer (the “Dividend Right”). The record date of July 17, 2026 will be used as the date for establishing the due bill tracking of the Dividend Right to the holder of common shares.

Due bill obligations are customarily settled between the brokers representing the buyers and the sellers of shares. The Company has no obligation for either the amount of the due bill or the processing of the due bill. Buyers and sellers of the Company’s common shares should consult their brokers before trading to be sure they understand the effect of NYSE’s due bill procedures.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers. 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.