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SITE Centers Corp | 6.375% Dep Shares Cl A Cumul Redeemable Preferred Shares (SITC.PRA)
Prospectus excerpt: Each of the depositary shares offered hereby represents a 1/20th fractional interest in a share of our 6.375 % Class A Cumulative Redeemable Preferred Shares, without par value, which we refer to as “New Class A Preferred Shares,” deposited with Computershare Shareowner Services LLC, Jersey City, New Jersey, as depositary. Each depositary share entitles the holder to a proportionate share of all rights and preferences of the New Class A Preferred Shares (including dividend, voting, redemption and liquidation rights and preferences). The liquidation preference of each New Class A Preferred Share is $500.00 (equivalent to $25.00 per depositary share), plus an amount equal to accrued and unpaid dividends to, but not including, the date of payment. The New Class A Preferred Shares and the depositary shares will generally not be redeemable before June 5, 2022 except in limited circumstances to preserve our status as a real estate investment trust, or REIT, and except as described below upon the occurrence of a Change of Control (as defined in this prospectus supplement). Beginning June 5, 2022, we may redeem New Class A Preferred Shares, in whole or in part, at $500.00 per share (equivalent to $25.00 per depositary share), plus accrued and unpaid dividends to, but not including, the date of redemption. Dividends on the New Class A Preferred Shares will be cumulative from, and including, the date of original issuance or the most recent date to which dividends have been paid, as applicable, and will be payable quarterly in arrears, starting July 15, 2017. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem the New Class A Preferred Shares (and the depositary shares), in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $500.00 per share (equivalent to $25.00 per depositary share), plus accrued and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the New Class A Preferred Shares (and the depositary shares), the holders will not have the conversion right described below. The New Class A Preferred Shares and the depositary shares will not have a stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased or converted into common shares in connection with a Change of Control. Full Prospectus PDF », Secondary Prospectus PDF », SITC Page »
Alternate symbology: | SITC-A, SITC-PA, SITCprA | Redeemable?: | Yes | Call Date: | 6/5/2022 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 7,000,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $21.91 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-3.09 (-12.36%) | Annualized Dividend: | 1.59376 | Recent Ex-Date: | 3/27/2024 | Current Yield: | 7.27% | Original Coupon: | 6.375% | Pay Period: | Quarterly | Pay Dates: | 15-Jan, 15-Apr, 15-Jul, 15-Oct | CDx3 Compliance Rating: |
Learn SITC.PRA's Rating
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SITE Centers is a self-administered and self-managed real estate investment trust. Co. is engaged in the business of acquiring, owning, developing, redeveloping, leasing and managing shopping centers. The Portfolio Properties includes various shopping centers (including its centers owned through unconsolidated joint ventures) and a developable land, including parcels located adjacent to certain of the shopping centers. These centers are principally located in suburban, higher household income communities in the Southeast with the concentrations in Florida, Georgia and North Carolina. Co. also has primary concentrations in New Jersey and Ohio. Preferred: SITC.PRA Open the SITC Information Page »
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Name: |
SITE Centers Corp |
Website: |
www.sitecenters.com |
Sector: |
REITs |
Number of ETFs Holding SITC: |
58 (see which ones) |
Total Market Value Held by ETFs: |
$672,885,852.08 |
Total Market Capitalization: |
$2,822,000,000 |
% of Market Cap. Held by ETFs: |
23.84% |
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