SITE Centers Exits DTP JV for $32.4M, Declares $3.00 Special Dividend
SITC is trading near its 52-week low of $2.8 (7.5% above the low).
Summary
SITE Centers sold its interests in the Dividend Trust Portfolio joint venture for roughly $32.4 million in net proceeds, completing the exit it set in motion when it triggered the JV's buy-sell provision last quarter. The board also declared a $3.00 per share special cash distribution — essentially the entire $3.01 share price — payable November 5 to holders of record October 27. Because the payout exceeds 25% of the share price, the NYSE will trade SITC with due bills from October 27 through November 5, meaning anyone selling in that window sells the dividend right too. This is a liquidation-style return of capital, not an operating earnings event; the Q2 print already showed a $1.30 million net loss as dispositions gutted net operating income. Watch the November 5 payment date and the November 6 ex-dividend date, when the stock should adjust down by the distribution amount. SITE Centers also announced a plan to de-list from the NYSE, and shares surged in after-hours trading.
At the time of this announcement, SITC was trading at $3.01 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $158M. The 52-week trading range was $2.80 to $8.95. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.