SITE Centers to Delist from NYSE as Shopping Center Wind-Down Completes

SITE Centers Corp. is a Beachwood, Ohio-based REIT that owned and managed open-air shopping centers across the United States. In October 2024, the company completed the spin-off of its convenience property portfolio as Curbline Properties Corp., a separate publicly traded company, and immediately pivoted to an explicit wind-down of its remaining open-air assets.

Since the spin-off, management has described its mission as maximizing asset value through additional property sales. In 2025, the company sold 14 properties for aggregate proceeds of $752.5 million and repaid all of its consolidated mortgage debt. By June 30, 2026, the wholly-owned portfolio had shrunk to four retail properties totaling 460,000 square feet of GLA, against $238.9 million in unrestricted cash and no consolidated debt. The company's only remaining financial obligation on real estate was $76.1 million at its pro rata share of mortgage debt within the Dividend Trust Portfolio joint venture, in which it held a 20% interest.

With the portfolio nearly liquidated, operating economics had deteriorated sharply. Second-quarter 2026 net operating income from wholly-owned assets was just $2.0 million, and Operating FFO was a loss of $4.6 million, or $(0.09) per share. General and administrative expenses — which included the cost of maintaining a public company infrastructure — ran approximately $9.2 million in that same quarter, dwarfing the dwindling property income base.