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.
Site Centers CorpSale of The Pike Outlets for $50M and declaration of $1.00 special dividend (over 25% of share price) are positive financial events.