Site Centers Corp

SITE Centers Corp. has sold its ground leasehold and all remaining stake in The Pike Outlets for a total consideration of $50 million in cash. Net sale proceeds were approximately $46.5 million after adjustments for allocations, prorations, leasing maintenance, and other credits. The company's board also approved a special cash dividend of $1 per share, payable on July 31 to shareholders of record as of July 17, with an ex-dividend date of August 3. Because the special dividend exceeds 25% of the stock's current price, the NYSE has indicated that the common shares will trade on a due-bill basis, representing an allocation of the entitlement to collect the dividend from the record date through the payment date.

SITE Centers announced the sale of its ground leasehold and all remaining interests in The Pike Outlets in Long Beach, California, for $50 million in cash. Net proceeds from the transaction totaled approximately $46.5 million after adjustments for prorations, allocations, and leasing maintenance credits. Following the divestment, the company’s board of directors declared a special cash dividend of $1.00 per common share, payable on July 31, 2026, to shareholders of record at the close of business on July 17, 2026. The special dividend payment equals over 25% of the company’s common share price, and as a result, the NYSE has informed the company that its shares will trade with due bills for the right to receive this dividend from the record date to the payment date, before the August 3, 2026 ex-dividend date. If shareholders sell their shares during this period, they will transfer their right to the special dividend to the buyer, with due bills legally obligating sellers to deliver the dividend payout to the buyers for all transactions occurring within this window.