SITE Centers announces $50M Pike outlets divestment; declares $1.00 special dividend

[REIT real estate investment trust symbol. Concept words REIT real estate investment trust on the note on beautiful orange background. Business REIT real estate investment trust concept.]
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SITE Centers (SITC [https://seekingalpha.com/symbol/SITC]) announced [https://seekingalpha.com/pr/20569438-site-centers-announces-sale-of-the-pike-outlets-and-special-common-distribution] the sale of its ground leasehold and all remaining interests in The Pike Outlets (Long Beach, California) for $50.0M in cash.

Net proceeds from the transaction totaled approximately $46.5 million after factoring in 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. As a result, the NYSE has informed the company that its shares will trade with "due bills" for the right to receive this dividend. This period runs from July 17, 2026, the record date, to July 31, 2026, 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. The due bills will legally obligate sellers to deliver the dividend payout to the buyers, tracked for all transactions occurring within this window.

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* Seeking Alpha’s Quant Rating on SITE Centers [https://seekingalpha.com/symbol/SITC/ratings/quant-ratings]
* Historical earnings data for SITE Centers [https://seekingalpha.com/symbol/SITC/earnings]
* Financial information for SITE Centers [https://seekingalpha.com/symbol/SITC/income-statement]