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  4. [8-K] SITE Centers Corp. Reports Material Event

SITE Centers (NYSE: SITC) sells The Pike Outlets asset for $50M cash

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

SITE Centers Corp. completed the sale of its ground leasehold and other interests in The Pike Outlets in Long Beach, California to Pike Long Beach Owner LLC for $50.0 million in cash.

The transaction closed on June 30, 2026, generating approximately $46.5 million in net proceeds for a SITE Centers subsidiary under a Purchase Agreement dated May 1, 2026.

Positive

  • None.

Negative

  • None.
Item 2.01 Completion of Acquisition or Disposition of Assets Financial
The company completed a significant acquisition or sale of business assets.
Sale price $50.0 million Cash consideration for The Pike Outlets
Net proceeds $46.5 million Net proceeds received at closing
Closing date June 30, 2026 Completion of sale of The Pike Outlets
Purchase Agreement date May 1, 2026 Date of Purchase Agreement between Seller and Purchaser
ground leasehold interest financial
"completed the sale of its ground leasehold interest and all of its other interests in The Pike Outlets"
A ground leasehold interest is the long-term right to use and control a piece of land under a lease, typically allowing the lessee to build or operate improvements on that land for the lease term while paying rent to the landowner. Investors care because this interest behaves like owning a property without owning the underlying land — it affects income, resale value, borrowing ability and the risk that improvements revert or rent terms change when the lease ends, similar to holding a long-term rental contract on land rather than freehold ownership.
Purchase Agreement financial
"pursuant to a Purchase Agreement, dated as of May 1, 2026, by and between the Seller and Purchaser"
A purchase agreement is a legally binding contract that spells out exactly what is being bought, for how much, and under what conditions, including timelines, seller and buyer promises, and protections if things go wrong. For investors it matters because the agreement fixes the deal’s price, risks and closing conditions—like a detailed receipt and return policy for a large transaction—so it helps determine whether the deal will complete and how it will affect the company’s value and cash flow.
Completion of Acquisition or Disposition of Assets regulatory
"Item 2.01 Completion of Acquisition or Disposition of Assets."
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Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 30, 2026

 

 

SITE Centers Corp.

(Exact name of Registrant as Specified in Its Charter)

 

 

Ohio

1-11690

34-1723097

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

3300 Enterprise Parkway

 

Beachwood, Ohio

 

44122

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (216) 755-5500

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Shares, Par Value $0.10 Per Share

 

SITC

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.01 Completion of Acquisition or Disposition of Assets.

On June 30, 2026, a subsidiary (the “Seller”) of SITE Centers Corp. completed the sale of its ground leasehold interest and all of its other interests in The Pike Outlets (Long Beach, California) to Pike Long Beach Owner LLC (“Purchaser”) for a price of $50.0 million in cash pursuant to a Purchase Agreement, dated as of May 1, 2026, by and between the Seller and Purchaser. Net proceeds received at closing were approximately $46.5 million.

 

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:

July 1, 2026

By:

/s/ Aaron M. Kitlowski

 

 

 

Name: Aaron M. Kitlowski
Title: Executive Vice President, General Counsel and Secretary

 

Source: View Original Filing on SEC EDGAR

FAQ

What asset did SITE Centers Corp. (SITC) sell in this 8-K?

SITE Centers sold its ground leasehold interest and all other interests in The Pike Outlets in Long Beach, California. The buyer was Pike Long Beach Owner LLC under a Purchase Agreement dated May 1, 2026.

How much did SITE Centers (SITC) receive for The Pike Outlets sale?

The asset was sold for a purchase price of $50.0 million in cash. After customary adjustments and transaction costs, SITE Centers’ subsidiary received approximately $46.5 million in net proceeds at closing.

When did SITE Centers (SITC) close the sale of The Pike Outlets?

The sale of The Pike Outlets closed on June 30, 2026. This closing followed a Purchase Agreement between a SITE Centers subsidiary and Pike Long Beach Owner LLC dated May 1, 2026.

Who purchased The Pike Outlets from SITE Centers (SITC)?

The Pike Outlets was purchased by Pike Long Beach Owner LLC. The buyer acquired the ground leasehold interest and all other interests held by a SITE Centers subsidiary under the negotiated Purchase Agreement.

What is disclosed about SITE Centers’ net proceeds from this transaction?

SITE Centers’ subsidiary received approximately $46.5 million in net proceeds at closing. This reflects the $50.0 million cash purchase price adjusted for transaction-related items, as disclosed in the completion of acquisition or disposition of assets section.

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