SITE Centers Sells Pike Outlets for $50M, Declares $1 Special Dividend

SITE Centers (SITC) sold its ground leasehold and all remaining interests in The Pike Outlets in Long Beach, California, for $50 million in cash. Net proceeds came to roughly $46.5 million after adjustments.

The REIT said it would use the proceeds to pay down its credit facility and fund a $1.00 per share special dividend. The dividend goes to shareholders of record as of a date the company will set later.

The Pike Outlets sale is part of a broader portfolio repositioning. SITE Centers has been shedding non-core assets and recycling capital into higher-growth properties, mostly in the Sun Belt and other high-demand markets. The company has sold or contracted to sell roughly $1.2 billion in assets since 2021, including several other outlet and community center dispositions.

SITE Centers shares rose 1.2% on the announcement, closing at $15.42. The stock is up about 8% year to date, tracking the broader REIT index.

The special dividend brings the company's total 2025 payout to $1.52 per share, including the regular quarterly dividend of $0.13. At the current price, the combined yield works out to roughly 9.9%.

Management has not set a date for the next disposition. The company said it continues to evaluate its portfolio for further sales and reinvestment opportunities.