Site Centers is paying off its shareholders and delisting from the New York Stock Exchange after steadily shrinking its real estate holdings.
The REIT's board of directors announced a $3-per-share dividend, which will be recorded on Oct. 27 and payable Nov. 5. With more than 52 million shares outstanding as of July 31, according to its latest earnings filing, that equates to a $157.4M payout.
The dividend is expected to push the Site Centers' trading price and market capitalization toward levels that would trigger involuntary delisting by the NYSE, according to an announcement made after markets closed Thursday.
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Site Centers has not arranged for its shares to be listed on another national securities exchange following the voluntary delisting and previously said it plans to completely sell off its portfolio, ending operations.
The company also announced the sale of its interests in its dividend trust portfolio joint venture for approximately $32.4M.
Site Centers' stock price surged by nearly 19% in premarket trading on Friday and remained up by 16% by midday.
The Ohio-based REIT was founded in 1965 by Bert Wolstein under the name Developers Diversified Realty. By 2007, the company’s portfolio had grown to 460 shopping centers and seven business centers.
It rebranded to Site Centers in 2018 following the spinoff of Retail Value Trust. The new publicly traded company took 50 assets with it.
Curbline Properties Corp. similarly spun off from Site Centers and began trading under its own ticker in 2024.
Curbline was launched with a $1.7B valuation, with 61 retail properties that previously belonged to Site Centers. It has spent $1.7B acquiring assets since its spinoff, according to a presentation at last month's Bank of America Securities global real estate conference. As of the second quarter, Curbline owned 220 convenience shopping centers spanning 5.7M SF.
Since the spinoff, Site Centers has sold $3.7B of assets, consisting of 64 retail properties and one land parcel. It used the proceeds to repay debt and return $380M of capital to shareholders.
As of the end of 2025, Site Centers wholly owned 11 properties and held interests in 11 others through joint ventures. At the time, the company was in negotiations to sell four of its assets and planned to begin marketing the rest.
Since then, Site Centers has announced the sale of several other properties. Its website lists only one property left: The Blocks, a collection of retail condos in Portland, Oregon.
The company said that after the sales are completed, it would file a certificate of dissolution, which would commence a five-year statutory windup period.
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