Investing.com -- Site Centers Corp (NYSE:SITC) shares jumped as much as 20% in after-hours trading Thursday following the company's announcement of a $3.00 per share special dividend and the sale of its joint venture stake.
The real estate investment trust sold its interests in the Dividend Trust Portfolio joint venture for net proceeds of approximately $32.4 million. The company's Board of Directors declared the special cash distribution payable on November 5, 2026 to shareholders of record at the close of business on October 27, 2026.
The special dividend payment represents more than 25% of the company's common share price, triggering special trading procedures. The New York Stock Exchange advised that SITE Centers' common shares will trade with "due bills" from the October 27, 2026 record date through the November 5, 2026 payment date.
Under these procedures, shareholders who sell their common shares during this period will be selling their right to receive the special dividend. The due bills obligate sellers to deliver the special dividend payment to buyers, with the record date of October 27, 2026 establishing due bill tracking of the dividend right.
The company noted that due bill obligations are typically settled between brokers representing buyers and sellers. SITE Centers has no obligation for either the amount or processing of the due bill. The company advised that buyers and sellers should consult their brokers before trading to understand the effect of the NYSE's due bill procedures.
The ex-dividend date will be November 6, 2026, the first trading day after the payment date.
SITE Centers is a self-administered and self-managed REIT publicly traded on the New York Stock Exchange.
Original Article
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