BEACHWOOD: SITE Centers Corp. (NYSE: SITC) has completed the sale of its ground leasehold interest and all other holdings in The Pike Outlets, a shopping destination in Long Beach, California, in a deal valued at $50.0 million.
After accounting for prorations, allocations, leasing costs, and other standard closing adjustments, the company expects to net approximately $46.5 million from the transaction, a statement said.
Special Dividend Declared
Alongside the sale announcement, SITE Centers’ Board of Directors declared a special cash distribution of $1.00 per common share. The payment will go out on July 31, 2026, to shareholders on record as of the close of business on July 17, 2026.
NYSE “Due Bill” Trading Period Triggered
Because the special dividend amounts to more than 25% of SITE Centers’ share price, the New York Stock Exchange has notified the company that its shares will trade with “due bills” during a defined window. This period — running from the July 17, 2026 record date through the close of trading on July 31, 2026 (the payment date, and the final trading day before the August 3, 2026 ex-dividend date) — is referred to as the “Dividend Right Period.”
In practical terms, this means:
- Investors who sell their shares during the Dividend Right Period forfeit their claim to the special dividend. The right to receive the payout transfers to the buyer instead.
- Due bills formalize this handoff, obligating sellers to pass along the dividend to buyers even though the seller was technically the shareholder of record.
- The July 17, 2026 record date serves as the reference point for tracking who holds the Dividend Right at any given time during the window.
SITE Centers noted that settlement of these due bill obligations happens directly between the brokers representing buyers and sellers — the company itself plays no role in determining the due bill amount or processing the transactions. As a result, investors trading SITC shares around this period are being urged to check with their brokers to fully understand how the due bill procedures could affect them.
About SITE Centers
SITE Centers Corp. is a self-administered, self-managed real estate investment trust (REIT) that owns and manages open-air shopping centers. The company trades publicly on the NYSE under the ticker SITC.
