- Site Centers declared a $3-per-share dividend, about $157.4M, and expects the payout to push its price and market cap toward levels that trigger an involuntary NYSE delisting.
- The REIT has sold $3.7B of assets since the Curbline spinoff, returned $380M to shareholders, and lists only one property left, The Blocks in Portland, Oregon.
- After the remaining sales close, it will file a certificate of dissolution that starts a five-year statutory windup, closing a company that began in 1965.
Site Centers will pay shareholders a dividend of $3 per share and move toward delisting from the NYSE as it winds down after years of selling its portfolio, Bisnow reported.
Shareholders of record on Oct. 27 will be paid Nov. 5. Using the 52 million-plus shares outstanding in the REIT‘s latest earnings filing, Bisnow put the payout at $157.4M.
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How the Delisting Works
Site Centers said in an after-hours Thursday announcement that the dividend should drag its share price and market value down to the point where the NYSE would delist it involuntarily, per Bisnow. The company has not lined up another national exchange.
It also disclosed a roughly $32.4M sale of its stake in the dividend trust portfolio joint venture. Bisnow reported the stock jumped nearly 19% premarket Friday and was still up 16% at midday.
A Long Wind-Down
Bisnow reported that Site Centers has unloaded $3.7B in assets since Curbline spun off, covering 64 shopping properties plus a land parcel. Proceeds went to paying down debt and returning $380M to shareholders. At the close of 2025 it owned 11 properties outright and had stakes in 11 more through joint ventures.
Per Bisnow, its website now shows a single holding, The Blocks, a retail condo collection in Portland. Once the sales close, the company will submit a certificate of dissolution to begin a five-year statutory windup.
From 460 Centers to One
Bert Wolstein started the Ohio-based company in 1965 as Developers Diversified Realty. Bisnow reported that by 2007 its holdings were seven business parks and 460 shopping centers, and became Site Centers in 2018 after spinning off Retail Value Trust with 50 assets.
Curbline debuted in 2024 at a $1.7B valuation with 61 properties from Site Centers. Bisnow reported, citing a Bank of America Securities conference presentation, that Curbline has spent $1.7B on acquisitions and owned 220 convenience centers totaling 5.7M SF as of the second quarter.
Why It Matters
The wind-down shows how a public REIT can return capital by selling asset by asset rather than merging. It leaves Curbline as the surviving public vehicle for the convenience-center strategy, per Bisnow’s account. Open-air retail still draws capital, as in Phillips Edison’s grocery-anchored JV.
Bisnow’s report also fits a run of public vehicles closing down, including FREIT’s liquidation after 65 years.
What’s Next
Watch the Oct. 27 record date, the sale of The Blocks and the filing of the certificate of dissolution. The five-year statutory windup starts only after that filing, per Bisnow.
