SITE Centers Announces Two Sales and Special Common Distribution

Business Wire

4 days ago

BEACHWOOD, Ohio--(BUSINESS WIRE)--SITE Centers Corp. (NYSE: SITC) announced today the sale of Winter Garden Village (Orlando, FL) for $165.0 million and the sale of Deer Valley Towne Center (Phoenix, AZ) for $33.7 million, both prior to closing costs, prorations and other closing adjustments. A portion of net proceeds were used to repay $22.3 million of mortgage debt.
The Company's Board of Directors also declared a special cash distribution on its common shares of $3.25 per common share payable on August 29, 2025 to shareholders of record at the close of business on August 15, 2025.
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 August 15, 2025 through the closing of trading on NYSE on August 29, 2025, which is the payment date and the last day of trading before the September 2, 2025 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 August 15, 2025 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 located primarily in suburban, high household income communities. 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.