SITE Centers Corp. Files 8-K for Material Agreement

TL;DR

SITE Centers Corp. just signed a big deal, filing an 8-K on 5/20. Details to come.

AI Summary

SITE Centers Corp. filed an 8-K on May 20, 2024, reporting a material definitive agreement entered into on May 17, 2024. The filing also includes financial statements and exhibits related to this agreement. The company, formerly known as DDR Corp., is incorporated in Ohio and operates as a Real Estate Investment Trust.

Why It Matters

This filing indicates a significant new agreement for SITE Centers Corp., which could impact its financial performance and strategic direction.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's stock price.

Key Players & Entities

• SITE Centers Corp. (company) — Registrant
• May 17, 2024 (date) — Date of earliest event reported
• May 20, 2024 (date) — Date of report
• DDR Corp. (company) — Former company name
• Ohio (location) — State of incorporation

FAQ

Key Financial Figures

• $0.10 — h registered Common Shares, Par Value $0.10 Per Share SITC New York Stock Excha
• $495 million — enter (Portland, Oregon) for a price of $495 million in cash, subject to adjustment for cert

Filing Documents

• sitc-20240517.htm (8-K) — 44KB
• 0000950170-24-062115.txt ( ) — 182KB
• sitc-20240517.xsd (EX-101.SCH) — 42KB
• sitc-20240517_htm.xml (XML) — 6KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On May 17, 2024, certain subsidiaries (the " Sellers ") of SITE Centers Corp. (the " Company ") entered into a Purchase Agreement (the " Purchase Agreement ") with an affiliate of Pine Tree (the " Purchaser "). Pursuant to the Purchase Agreement, the Sellers have agreed to sell to the Purchaser their interests in Arrowhead Crossing (Phoenix, Arizona), Easton Market (Columbus, Ohio), The Fountains (Miami, Florida), Kenwood Square (Cincinnati, Ohio), Polaris Towne Center (Columbus, Ohio) and Tanasbourne Town Center (Portland, Oregon) for a price of $495 million in cash, subject to adjustment for certain closing pro-rations, allocations and credits for signed leases and capital expenditures. The transaction does not include the sale of 14,159 square feet of gross leaseable area ("GLA") at The Fountains (Shops at the Fountains), 70,971 square feet of GLA at Polaris Towne Center (Shops on Polaris), and 8,477 square feet of GLA at Tanasbourne Town Center (Shops at Tanasbourne), which parcels will be retained by the Company and are intended to be included in its anticipated spin-off of Curbline Properties Corp. Closing remains subject to customary conditions, including, but not limited to, delivery of estoppel letters from tenants, the accuracy of the Sellers' representations in all material respects and the absence of certain casualty or condemnation events. Closing of the sale transaction is expected to occur by the end of the second quarter of 2024. Safe Harbor The Company considers information in this Current Report that relates to expectations for future periods 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. 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 expectation

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SITE Centers Corp. Date: May 20, 2024 By: /s/ Aaron M. Kitlowski Executive Vice President, General Counsel and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR