SITE Centers Sells The Pike Outlets in Long Beach for $50 Million, Declares $1.00 Special Distribution

BEACHWOOD, Ohio — June 30, 2026 — SITE Centers Corp. (NYSE: SITC) announced that it has sold its ground leasehold interest and all other interests in The Pike Outlets in Long Beach, California for an aggregate price of $50.0 million in cash, with net proceeds of approximately $46.5 million after adjustments for prorations, allocations, leasing maintenance, and other credits.

The self-administered, self-managed open-air shopping center REIT is headquartered at 3300 Enterprise Parkway in Beachwood, Ohio. SITE Centers simultaneously announced a $1.00 per common share special cash distribution.

Transaction Details

The Pike Outlets is located at 95 S. Pine Ave in Long Beach, California 90802. The property encompasses approximately 389,920 square feet of retail space. Tenants include EOS Fitness.

At the disclosed gross price of $50.0 million and approximately 389,920 square feet, the transaction implies a price of roughly $128 per square foot. Net proceeds of $46.5 million imply approximately $119 per square foot. Cap rate, net operating income, and debt payoff details were not disclosed in the announcement.

The interest sold was described specifically as a ground leasehold interest along with all other interests held by SITE Centers in the property.

Special Cash Distribution and NYSE Due Bill Procedures

Following the closing, SITE Centers' Board of Directors declared a special cash distribution of $1.00 per common share, payable on July 31, 2026, to shareholders of record at the close of business on July 17, 2026.

Because the special dividend represents more than 25% of the price of the company's common shares, the New York Stock Exchange advised SITE Centers that its shares will trade with "due bills" — instruments representing an assignment of the right to receive the special dividend — from the record date of July 17, 2026 through the close of trading on July 31, 2026. That interval is defined in the announcement as the "Dividend Right Period." The ex-dividend date will be August 3, 2026.

The company cautioned shareholders that those who sell their common shares during the Dividend Right Period will be selling their right to the special dividend and will not be entitled to receive it. Due bills obligate a seller's broker to deliver the special dividend to the buyer, with entitlement tracked from the July 17 record date. SITE Centers noted that due bill obligations are customarily settled between the brokers representing buyers and sellers, and that the company itself has no obligation for either the amount of the due bill or its processing. The company advised buyers and sellers to consult their brokers before trading during this period.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers. 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. Gerald Morgan serves as Executive Vice President and Chief Financial Officer. Additional information is available at www.sitecenters.com.

Sources: SITE Centers Corp. press release, June 30, 2026. https://images.sitecenters.com/web/pdf/press-releases/06302026.pdf