SITE Centers Provides Update on Disposition Activity and Go Forward Plan
$3.7 Billion of Assets Sold Since Spin-Off Announcement Representing 64 Retail Properties and One Land Parcel with Proceeds Primarily Used to Repay Debt and Return Capital to Shareholders
Declared Over $380 Million of Distributions to Shareholders Since the Spin-Off Announcement in the Form of Special Dividends Representing $7.39 per Share
Distributed Shares of Curbline Properties to SITE Shareholders with Curbline the Best Performing Shopping Center REIT Since Spin-Off
SITE Centers Corp. (NYSE:SITC) today provided an update on its disposition activities since the 2023 announcement of the spin-off of Curbline Properties.
"SITE Centers has sold $3.7 billion of assets and declared over $380 million of distributions to shareholders via special dividends since the Company's announcement in October 2023 to spin-off Curbline Properties and realize value through asset sales. In addition, shares of Curbline Properties, which were distributed to SITE shareholders on October 1, 2024, have outperformed the FTSE NAREIT Shopping Center Index by over 1,550 basis points, creating additional value by unlocking a unique and focused growth vehicle," commented David R. Lukes, President and Chief Executive Officer.
As of December 4, 2025, SITE Centers owns 11 wholly-owned properties and holds interests in 11 joint venture properties. The Company is currently in contract negotiations for the sale of four wholly-owned properties and its interest in one of the joint venture properties and is in the process or intends to commence marketing all other remaining wholly-owned retail properties in the near future, subject to market conditions. SITE Centers' Board of Directors expects to declare distributions to shareholders from sale proceeds, subject to payment of outstanding indebtedness and ongoing expenses and net of reserves for known and contingent liabilities and expenses that may arise during the subsequent wind-up of the Company's business. The Company's plan to market remaining wholly-owned properties for sale does not preclude its consideration of a corporate transaction or the sale of the SITE Centers platform in the future.
Lukes continued, "Based on the strong private market demand for retail properties, our proven ability to execute on asset dispositions and the declining scale of the current portfolio, SITE Centers and its Board of Directors believe that the marketing and sale of its remaining portfolio and the monetization of its joint venture investments offers the best opportunity to continue maximizing shareholder value."
SITE Centers intends for its common shares to continue to be listed on the New York Stock Exchange, subject to its continued compliance with NYSE listing requirements. Prior to reaching price per share or market capitalization levels that would trigger automatic delisting, the Company expects to voluntarily delist its common shares from the NYSE to reduce operating expenses and maximize distributions to shareholders. In addition, following the monetization of its remaining assets, the Company expects to file a certificate of dissolution, which would commence a five-year statutory wind-up 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. 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.
Safe Harbor
SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, general economic conditions, including inflation, interest rate volatility and the availability of acquisition financing for real estate assets; local conditions such as the supply of, and demand for, retail real estate in our geographic markets; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; the liquidity of certain of our assets located in urban settings; our ability to monetize our joint venture investments; the amounts of any sale or other proceeds and the size of any resulting distributions to shareholders; the ability to maintain exchange listing eligibility; the amount of wind-up costs and expenses, including contingent or unknown liabilities or litigation; challenges relating to the retention of certain key employees as a result of our disposition strategy; challenges to financial reporting and other business functions arising from the reduced size of our operations and personnel; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any subsequent change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and whether or not the sale of one or more of our properties might be considered a prohibited transaction under the Internal Revenue Code of 1986, as amended. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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For additional information:
Gerald Morgan, EVP and
Chief Financial Officer
216-755-5500