Investing.com -- SITE Centers Corp (NYSE:SITC) stock rose 3.2% in after-hours trading Thursday after the company announced a special cash distribution and plans to repay debt while providing an update on its disposition strategy.
The shopping center REIT declared a special cash dividend of $1.00 per common share, payable on December 30, 2025, to shareholders of record on December 15, 2025. Additionally, the company plans to use approximately $84.1 million of cash on hand to fully repay a mortgage facility with affiliates of Atlas SP Partners and Athene Annuity and Life Company.
SITE Centers has sold $3.7 billion in assets since announcing the spin-off of Curbline Properties in October 2023, representing 64 retail properties and one land parcel. The company has declared over $380 million in special dividends to shareholders during this period, amounting to $7.39 per share.
The company currently owns 11 wholly-owned properties and holds interests in 11 joint venture properties. SITE Centers is in contract negotiations to sell four wholly-owned properties and one joint venture interest, with plans to market its remaining wholly-owned retail properties in the near future.
"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," said David R. Lukes, President and Chief Executive Officer.
The company intends to maintain its NYSE listing while compliant with requirements but expects to voluntarily delist before reaching automatic delisting thresholds to reduce expenses and maximize shareholder distributions. Following asset monetization, SITE Centers plans to file a certificate of dissolution, commencing a five-year statutory wind-up period.
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