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SITE Centers (NYSE: SITC) plans $50M sale of The Pike Outlets leasehold

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

Rhea-AI Filing Summary

SITE Centers Corp., through a subsidiary, has agreed to sell its ground leasehold and related interests in The Pike Outlets in Long Beach, California for approximately $50.0 million in cash. Estimated net proceeds after prorations and other adjustments are about $46.0 million.

The buyer has posted a $1.5 million deposit that is generally nonrefundable and will be applied to the purchase price at closing. The sale remains subject to conditions including City of Long Beach consent, tenant estoppel letters, accurate representations, and no major casualty or condemnation, with closing expected by the end of the third quarter of 2026.

Positive

  • None.

Negative

  • None.

Insights

SITE Centers plans a conditioned $50M sale of The Pike Outlets.

SITE Centers agreed to sell its ground leasehold and related interests in The Pike Outlets for approximately $50.0 million, with expected net proceeds near $46.0 million. This is a single-asset disposition, providing cash but not changing the overall strategy described elsewhere.

Closing is contingent on multiple factors, including consent from the City of Long Beach as fee owner, tenant estoppel deliveries, accurate seller representations, and absence of major casualty or condemnation. The purchaser’s roughly $1.5 million nonrefundable deposit signals commitment but does not remove these risks.

Timing is targeted for the end of the third quarter of 2026. Actual completion and cash inflow will depend on satisfying the Purchase Agreement conditions and the purchaser’s performance, as highlighted in the forward-looking statement disclaimer.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Aggregate sale price $50.0 million Cash consideration for The Pike Outlets interests
Estimated net proceeds $46.0 million After prorations, allocations, and other credits
Purchaser deposit $1.5 million Nonrefundable escrow deposit credited at closing
Expected closing timing End of Q3 2026 Targeted closing date for sale transaction
Material Definitive Agreement regulatory
"Item 1.01 Entry into a Material Definitive Agreement."
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
ground leasehold interest financial
"sell to the Purchaser its ground leasehold interest and all of its other interests"
estoppel letters financial
"delivery of estoppel letters from tenants"
forward-looking statements regulatory
"to be forward-looking statements within the meaning of Section 27A of the Securities Act"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Purchase Agreement financial
"under the Purchase Agreement, dated as of May 1, 2026 (as amended, the “Purchase Agreement”)"
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.
Understanding 8-K Material Events →
0000894315false00008943152026-05-142026-05-14

 

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): May 14, 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 1.01 Entry into a Material Definitive Agreement.

On May 14, 2026, the general due diligence period expired under the Purchase Agreement, dated as of May 1, 2026 (as amended, the “Purchase Agreement”), by and between a subsidiary (the “Seller”) of SITE Centers Corp. (the “Company”), and Pike Long Beach Owner LLC (the “Purchaser”). Pursuant to the Purchase Agreement, the Seller has agreed to sell to the Purchaser its ground leasehold interest and all of its other interests in The Pike Outlets (Long Beach, California) for an aggregate price of approximately $50.0 million in cash. Net proceeds after adjustment for certain pro-rations, allocations, leasing maintenance and other credits are estimated to be approximately $46.0 million.

Closing remains subject to various conditions including, but not limited to, consent of the City of Long Beach (as owner of the property’s fee interest) to the sale transaction, delivery of estoppel letters from tenants, the accuracy of the Seller’s representations in all material respects and the absence of certain casualty or condemnation events. The Purchaser has posted a deposit of approximately $1.5 million with the escrow agent for the transaction, which deposit is nonrefundable (except in certain limited circumstances as set forth in the Purchase Agreement) and will be credited to the Purchaser against the purchase price at closing. Closing of the sale is expected to occur by the end of the third quarter of 2026.

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 expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements, including, among other factors, the Seller’s ability to satisfy the conditions to closing specified in the Purchase Agreement and the Purchaser’s ability to perform. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date of this Current Report.

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, 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 property is SITE Centers (SITC) selling in this 8-K filing?

SITE Centers, through a subsidiary, agreed to sell its ground leasehold and related interests in The Pike Outlets in Long Beach, California. The buyer is Pike Long Beach Owner LLC under a Purchase Agreement dated May 1, 2026, as amended.

What is the sale price and expected net proceeds for SITE Centers (SITC)?

The aggregate price for The Pike Outlets interests is approximately $50.0 million in cash. After prorations, allocations, leasing maintenance, and other credits, SITE Centers estimates net proceeds of about $46.0 million from the transaction.

When is the SITE Centers (SITC) sale of The Pike Outlets expected to close?

Closing of the sale is expected by the end of the third quarter of 2026. This timing depends on satisfying various conditions in the Purchase Agreement, including governmental consent and tenant documentation requirements.

What deposit has the purchaser posted in the SITE Centers (SITC) transaction?

The purchaser has posted a deposit of approximately $1.5 million with the escrow agent. This deposit is generally nonrefundable, except in limited circumstances described in the Purchase Agreement, and will be credited against the purchase price at closing.

What conditions must be met before SITE Centers (SITC) can close the sale?

Closing requires several conditions, including consent from the City of Long Beach as fee owner, delivery of estoppel letters from tenants, accuracy of the seller’s representations in all material respects, and absence of specified casualty or condemnation events.

How does SITE Centers (SITC) describe the forward-looking nature of this transaction?

SITE Centers characterizes statements about future periods, including this planned sale, as forward-looking. It notes that actual results could differ materially, particularly depending on the seller’s ability to meet conditions and the purchaser’s ability to perform under the Purchase Agreement.

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