SITE Centers Sells Dividend Trust Portfolio Interest for $32.4 Million, Declares $3.00 Special Distribution

SITE Centers Corp. (NYSE: SITC) announced Oct. 15, 2026, that it has sold its interests in the Dividend Trust Portfolio (DTP) joint venture for net proceeds of approximately $32.4 million. The Beachwood, Ohio-based real estate investment trust also said its board of directors declared a special cash distribution of $3.00 per common share.

SITE Centers Dividend Trust Portfolio Sale

The transaction is a disposition of SITE Centers' joint venture interest in the Dividend Trust Portfolio. SITE Centers held a 20% interest in the portfolio; on that basis, the net proceeds imply a total portfolio value of roughly $162 million, before any transaction-specific adjustments.

The company had previously issued a buy-sell notice concerning the joint venture. The alternatives at that stage were selling its 20% stake for approximately $32.4 million or potentially acquiring its partner's 80% interest for about $129.6 million. The transaction proceeded as a sale of SITE Centers' interest.

$3.00 Special Distribution and NYSE Due Bill Procedures

The special distribution of $3.00 per common share is payable Nov. 5, 2026, to shareholders of record at the close of business on Oct. 27, 2026. Because the payment represents more than 25% of the price of SITE Centers' common shares, the New York Stock Exchange advised the company that its shares will trade with "due bills" representing an assignment of the right to receive the special dividend.

The due bill period runs from the Oct. 27 record date through the close of trading on the NYSE on Nov. 5, 2026, the payment date and the last day of trading before the Nov. 6, 2026 ex-dividend date. SITE Centers refers to this window as 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 will not receive it. Due bills obligate a seller of common shares to deliver the special dividend payable on those shares to the buyer. Due bill obligations are customarily settled between the brokers representing buyers and sellers. SITE Centers said it has no obligation for the amount of the due bill or its processing, and it advised buyers and sellers to consult their brokers before trading to understand the effect of the NYSE's due bill procedures.

Part of a Broader Asset-Reduction Program

The DTP sale follows other dispositions by SITE Centers this year. The company has sold five properties, a land parcel and a joint venture interest for approximately $167.8 million of gross proceeds year to date, and it ended the most recent quarter with $238.9 million of unrestricted cash.

The special distribution carries implications for SITE Centers' public-market status. The company has said the distribution is expected to reduce its trading price and market capitalization toward levels that could trigger involuntary NYSE delisting, and it planned to voluntarily delist by Dec. 4, 2026. Proceeds from monetizing the DTP interest provide cash that can support the distribution and the company's broader corporate simplification strategy.

Market Context for Retail REIT Dispositions

The transaction illustrates a tension in retail real estate: grocery-anchored and necessity-based centers can remain operationally resilient, yet owners may still sell assets or partnership interests when liquidity, capital allocation or corporate-structure considerations outweigh the benefits of retaining the real estate. In SITE Centers' case, the sale of the DTP interest fits a pattern of reducing its portfolio while returning capital to shareholders.

SITE Centers describes itself as a self-administered and self-managed REIT publicly traded on the New York Stock Exchange under the ticker symbol SITC. Gerald Morgan, executive vice president and chief financial officer, is listed as the contact for additional information.

Sources

• SITE Centers Corp. press release, "SITE Centers Announces Sale of DTP Interests and Special Common Distribution," Oct. 15, 2026: https://images.sitecenters.com/web/pdf/press-releases/10152026_1.pdf