1. SITE Centers sold two properties for $95.3 million total. 2. Proceeds will reduce mortgage debt by $13.9 million. 3. A special cash distribution of $1.50 per share is scheduled. 4. Sales enhance cash flow and improve balance sheet. 5. SITE focuses on high-income suburban shopping centers.
The sales strengthen financials, similar to successful divestments previously boosting REIT performance.
The article contains significant financial restructuring and shareholder returns information, affecting investor sentiment.
Cash distribution and asset sales likely to influence market perceptions quickly.
BEACHWOOD, Ohio--(BUSINESS WIRE)-- SITE Centers Corp. (NYSE: SITC) announced today the sale of The Promenade at Brentwood (Brentwood, MO) for $71.6 million and the sale of Chapel Hills West (Colorado Springs, CO) for $23.7 million, both prior to closing costs, prorations and other closing adjustments. A portion of net proceeds were used to repay $13.9 million of mortgage debt.
The Company’s Board of Directors also declared a special cash distribution on its common shares of $1.50 per common share payable on July 15, 2025 to shareholders of record at the close of business on June 30, 2025.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers located primarily in suburban, high household income communities. 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. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.