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SITE Centers Corp., 6.375% Dep Shares Cl A Cumul Redeemable Preferred Shares
Ticker Symbol: SITC-A CUSIP: 23317H870 Exchange: NYSE
Security has been Called for: Tuesday, November 26, 2024
October 24, 2024 -- SITE Centers Corp. (the “Company”) has provided notice of its intent to redeem all of its outstanding 6.375% Class A Cumulative Redeemable Preferred Shares, without par value (the “Class A Preferred Shares”), and the related depositary shares, each representing 1/20th of one Class A Preferred Share (NYSE: SITC PRA - CUSIP No.: 82981J 877) (the “Depositary Shares”). Pursuant to the provisions of the Company’s Fourth Amended and Restated Articles of Incorporation, the Company is undertaking actions to redeem all of the 350,000 outstanding Class A Preferred Shares, represented by 7,000,000 Depositary Shares, on or about November 26, 2024
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QUANTUMONLINE.COM SECURITY DESCRIPTION: SITE Centers Corp., formerly DDR Corp., 6.375% Depositary Shares Each Representing 1/20th of a Share of Class A Cumulative Redeemable Preferred Shares, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 6/5/2022 at $25 per depositary share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.375% per annum ($1.59375 per annum or $0.39844 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be the first calendar day of the month in which the payment is due or on the record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will not have the following conversion right. Upon the occurrence of a change of control, and the company has not provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (SITC)
IPO - 5/30/2017 - 7.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: DDR-A Changed: 10/12/2018
Previous Name: DDR Corp. Changed: 10/12/2018
Market Value $ Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 3300 Enterprise Parkway, Beachwood, OH 44122 |
| Main Phone Number |
216-755-5500 |
| Fax Number |
216-755-1500 |
| Investor Relations
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216-755-5500
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| Toll Free Phone Number |
877-225-5337 |
| CEO - David R. Lukes |
CFO - Conor M. Fennerty |
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