SITE Centers Corp.
For the period ended Sep 30, 2026. Filed Nov 2, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 2, 2026
SITC$0.67-81.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001193125-26-330598
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-02.
0001193125-26-443679
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 142 previous paragraphs and 119 current paragraphs.
61 unchanged; 40 reworded; 16 added; 39 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
The Company is party to a Shared Services Agreement with Curbline Properties Corp. (“Curbline” or “Curbline Properties”) pursuant to which the Company provides Curbline with the services of the Company’s employees and certain other resources and Curbline provides the Company with leadership, management and transaction services. As compensation for the services provided under the Shared Services Agreement, Curbline and its affiliates pay a monthly fee to the Company in the amount of 2.0% of Curbline’s Gross Revenue (as defined in the Shared Services Agreement). Unless terminated earlier in accordance with its terms, the Shared Services Agreement will conclude on October 1, 2027.
Current report
Transactions Update
Current report
During the nine months ended September 30, 2026, the Company sold six wholly-owned shopping centers, its interest in the RVIP IIIB joint venture and a land parcel for an aggregate gross sales price of $176.2 million.
Current report
On October 1, 2026, the Company sold The Maxwell (Chicago, Illinois) for a gross sales price of approximately $15.3 million (net proceeds at closing were approximately $13.9 million). On October 15, 2026, the Company sold all of its interests in the DTP joint venture for a gross sales price of approximately $32.4 million pursuant to the buy-sell process initiated in June 2026.
Current report
On October 15, 2026, the Company declared a special cash dividend of $3.00 per common share payable to shareholders on November 5, 2026 and announced its intent to de-list its common shares from the NYSE prior to the commencement of trading on December 4, 2026.
Current report
In order to facilitate the marketing and sale of the Beachwood, Ohio office buildings, in September 2026, the Company entered into a lease agreement with Curbline pursuant to which Curbline will lease approximately 31,089 square feet for an initial five-year term beginning on October 1, 2027 at an annual base rent of $8.00 per square foot with the right to extend the lease for up to four successive terms of five years each (with 10% increases in annual base rent for each extension). In connection with this arrangement, the Company and Curbline also agreed that the Company’s obligation to provide Curbline with space at the Company’s offices located in Boca Raton, Florida and New York, New York will terminate on December 31, 2026 and June 30, 2027, respectively. The Company has commenced marketing the Beachwood, Ohio office buildings for disposition, though no assurances can be given that such efforts will result in a sale of the property.
Current report
Transactions Activity
Current report
On October 15, 2026, the Company declared a special cash dividend of $3.00 per common share ($158.1 million in the aggregate) payable to shareholders on November 5, 2026.
Current report
Winding-up and Dissolution
Current report
As the Company pursues the sale of its remaining properties, there are many factors that may affect the timing and amount of additional distributions to shareholders, including, among other things, the timing and amount received from the disposition of the remaining assets, ongoing obligations owed to Curbline under the Shared Services Agreement, and projected expenses and known and unknown claims that might arise during the anticipated winding-up and dissolution process.
Current report
In the event the Company is able to sell its remaining assets, the Company expects to subsequently file articles of dissolution with the Secretary of State of the State of Ohio. Pursuant to Ohio law, the Company would continue to exist for a period of five years following the filing of the articles of dissolution for the purpose of paying, satisfying and discharging any unknown or contingent claims or any debts or other obligations, collecting and distributing its assets, and undertaking other acts required to liquidate and wind-up its business and affairs. Under Ohio law, if the Company makes distributions to its shareholders without making adequate provisions for the subsequent payment of creditors’ claims, the Company’s shareholders could be liable to creditors to the extent of any payments due to creditors (up to the aggregate amount previously received by the shareholder from the Company). Therefore, the Company expects to conservatively manage its cash position and establish a reserve fund with a portion of its current cash balance and proceeds from its final sales in order to satisfy and discharge expenses projected to be incurred, and any unknown or contingent claims, debts or obligations which might arise, during the five-year period subsequent to the filing of the articles of dissolution.
Current report
Prior to the anticipated termination of the Shared Services Agreement on October 1, 2027, the Company’s general and administrative expenses will remain elevated as a result of contractual obligations and services owing to Curbline Properties thereunder. Upon or shortly following termination of the Shared Services Agreement, in an effort to reduce its operating expenses and maximize liquidating distributions to shareholders, the Company expects to terminate most or all of its remaining employees and engage an external advisor to administer the remainder of the five-year statutory wind-up period.
Current report
It is likely that the Company would not make a final distribution of reserve funds until the foregoing expenses and contingent claims are paid, resolved or fail to materialize, which could be several years following the date of its final sale and filing articles of dissolution. It is also possible that the Company may make one or more small interim distributions to shareholders from the reserve fund during the five-year dissolution period as specific expenses and contingent claims are satisfied, resolved or fail to materialize. See “Risk Factors—Risks Related to the Company’s Strategy—The Company Expects to Pay Significant Costs in Connection with the Winding-up of its Business” and “—The Company Expects to Establish a Reserve Fund with Proceeds From Asset Sales in Order to Satisfy Expenses and Claims” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Current report
Throughout the administration of the Company’s anticipated wind-up and dissolution, the Company will be required to continue to comply with the applicable reporting requirements of the Exchange Act, even if compliance with these reporting requirements is economically burdensome. In order to curtail expenses, sometime during the months following filing articles of dissolution, the Company expects to avail itself of relief provided by the Securities and Exchange Commission that allows certain liquidating REITs to end most of their Exchange Act reporting while winding up their businesses. As a result of such process, shareholders would have access to substantially limited public information about the Company. Qualifying for such relief involves, among other steps, the closing of a corporation’s stock transfer books. If this were to occur, the Company’s common shares would no longer be assignable or transferable on the Company’s books, other than transfers by will, intestate succession or operation of law. Additionally, the Company anticipates that as part of such process the over-the-counter market would no longer quote prices for the Company’s common shares and The Depository Trust Company would cease to permit transfers of the Company’s common shares among its participants. The Company expects these developments would cause brokers to significantly restrict future trading in the shares. As a result, the Company expects that liquidity in its shares would be significantly curtailed.
Current report
REIT Qualification
Current report
The Company does not expect to have REIT taxable income in 2026 or 2027 and expects that continued maintenance of its REIT qualification will become impractical and increasingly difficult due to the sale of substantially all of its real estate investments. Therefore, the Company may elect to surrender its REIT status in connection with the sale of its remaining assets and the anticipated wind-up of its operations.
Removed paragraphs (39)
Previous report
The following provides an overview of the Company’s key financial metrics (see Non-GAAP Financial Measures described later in this section) (in thousands, except per share amounts):
Previous report
The timing of remaining asset sales may be impacted by general economic conditions, local conditions in the markets in which the Company’s remaining properties are situated and other property-specific considerations. Prospects for selling the retail condominium units that comprise The Blocks (Portland, Oregon) may be impacted by challenging local conditions and vacancy, and timing and the amount of proceeds from the sale of the Company’s corporate headquarters (Beachwood, Ohio) may be impacted by Curbline Properties Corp.’s (“Curbline Properties” or “Curbline”) contractual option to lease space in the buildings.
Previous report
The Company’s ability and timing to monetize the value of its investment in the DTP joint venture may be impacted by the degree of cooperation of the joint venture partner and the limited rights afforded the Company under the joint venture agreement (including the requirement that the Company obtain the joint venture partner’s consent to the sale of individual joint venture properties or to the Company’s sale of its interests in the joint venture). The Company is in discussions with its joint venture partner and continues to maintain an elevated cash balance in order to maximize the Company’s alternatives for monetizing its joint venture investment. On June 29, 2026, the Company delivered a buy-sell notice to its partner under the joint venture agreement. Pursuant to the terms of the joint venture agreement, unless an alternative consensual resolution is agreed between the Company and its partner, the partner is required to inform the Company by August 31, 2026 of its decision to either purchase the Company’s 20% interest in the joint venture for a price of approximately $32.4 million or sell its 80% interest in the joint venture to the Company for a price of approximately $129.6 million. Pursuant to the terms of the joint venture agreement, closing of the transaction should occur no later than October 15, 2026. No assurances can be given that the partner will comply with the terms of the joint venture agreement or perform its obligations under the joint venture agreement with respect to the buy-sell notice. With its partner’s consent, the Company may continue to explore the sale of its interests in the joint venture to third parties as an alternative to completing the buy-sell transaction.
Previous report
Transaction and Capital Market Highlights
Previous report
Transaction and capital market highlights through July 31, 2026 include the following:
Previous report
Sold five wholly-owned shopping centers and a land parcel for aggregate sales prices of $147.0 million; and
Previous report
Paid a special cash dividend of $1.00 per common share on July 31, 2026.
Previous report
Operations
Previous report
Operational data for the Company’s retail portfolio at June 30, 2026, include the following:
Previous report
Total portfolio average annualized base rent per square foot was $18.40 at June 30, 2026, as compared to $22.61 at December 31, 2025 and $19.83 at June 30, 2025, all on a pro rata basis, respectively and
Previous report
The aggregate occupancy of the Company’s operating shopping center portfolio was 81.1% at June 30, 2026, as compared to 85.9% at December 31, 2025 and 87.5% at June 30, 2025, all on a pro rata basis.
Previous report
The comparability of year-over-year operating metrics has been increasingly impacted by the level and composition of the Company’s disposition activities and the reduced size of the Company’s portfolio.
Previous report
The Company requires capital to fund its operating expenses, redevelopment activities and capital expenditures. The Company’s primary capital sources include cash on hand, cash flow from operations and proceeds from ongoing asset sales. The Company does not maintain a revolving credit facility and therefore plans to closely monitor and conservatively manage its liquidity and cash position as it pursues the sale of its remaining properties and monetization of its investment in the DTP joint venture and returns capital to shareholders. The Company expects to maintain sufficient cash reserves with proceeds from asset sales in order to satisfy any discharge expenses projected to be incurred, and to pay any unknown or contingency claims or obligations which might arise, during the subsequent wind-up of its operations. The Company also expects to maintain an elevated cash balance pending resolution of the DTP joint venture in order to maximize the Company’s alternatives for monetizing its joint venture investment, including through the possible purchase of its partner’s interest through the joint venture’s buy-sell provision.
Previous report
Unconsolidated Joint Venture’s Mortgage Indebtedness – As of June 30, 2026
Previous report
No assurance can be provided that outstanding indebtedness of the Company’s remaining joint venture will be refinanced or repaid as currently anticipated. Any future deterioration in property-level revenues may cause the joint venture to be unable to refinance maturing obligations or satisfy applicable covenants, financial tests or debt service requirements or loan maturity extension conditions in the future, thereby allowing the mortgage lender to assume control of property cash flows, limit distributions of cash to joint venture members, declare a default, increase the interest rate or accelerate the loan’s maturity. In addition, rising interest rates or challenged transaction markets may adversely impact the ability of the Company’s remaining joint venture to sell assets at attractive prices in order to repay indebtedness.
Previous report
The decision to declare and pay future dividends on the Company’s common shares, as well as the timing, amount and composition of any such future dividends, will be at the discretion of the Company’s Board of Directors. The Company does not currently expect to make regular quarterly dividend payments in the future. The Company expects that the frequency and timing of future dividends will be influenced by operations, sales of its remaining assets and the resolution of the DTP joint venture, though the Company plans to closely monitor and conservatively manage its cash position in order to maintain sufficient cash reserves to satisfy and discharge expenses projected to be incurred, and any unknown or contingency claims or obligations which might arise, during the subsequent wind-up of its operations. The Company also expects to maintain an elevated cash balance pending resolution of the DTP joint venture in order to maximize the Company’s alternatives for monetizing its joint venture investment, including through the possible purchase of its partner’s interests through the joint venture’s buy-sell provision.
Previous report
SOURCES AND USES OF CAPITAL
Previous report
Future Sales of Wholly-Owned Properties
Previous report
The Company continues to pursue the sale of its remaining wholly-owned properties, though no assurances can be given that such efforts will result in additional asset sales. The timing of asset sales may be impacted by general economic conditions, local conditions in the markets in which the Company’s remaining properties are situated and other property-specific considerations.
Previous report
DTP Joint Venture
Previous report
The Company owns a 20% interest in, and acts as the general partner of, the DTP joint venture, a joint venture with certain Chinese institutional investors which owns ten shopping centers located in the United States aggregating approximately 3.4 million square feet of GLA. As of June 30, 2026, the joint venture’s properties were encumbered by a mortgage loan in the aggregate principal amount of approximately $380.6 million which matures on January 11, 2029. The terms of the joint venture agreement contain restrictions on when and how the Company can monetize the value of its interests in the joint venture and generally requires the partner’s consent in order for the Company to sell its interest in the joint venture or the underlying properties owned by the joint venture. The Company is in discussions with its joint venture partner and continues to maintain an elevated cash balance in order to maximize the Company’s alternatives for monetizing its joint venture investment. On June 29, 2026, the Company delivered a buy-sell notice to its partner under the joint venture agreement. Pursuant to the terms of the joint venture agreement, unless an alternative consensual resolution is agreed between the Company and its partner, the partner is required to inform the Company by August 31, 2026 of its decision to either purchase the Company’s 20% interest in the joint venture for a price of approximately $32.4 million or sell its 80% interest in the joint venture to the Company for a price of approximately $129.6 million. Pursuant to the terms of the joint venture agreement, closing of the transaction should occur no later than October 15, 2026. No assurances can be given that the partner will comply with the terms of the joint venture agreement or perform its obligations under the joint venture agreement with respect to the buy-sell notice. With its partner’s consent, the Company may continue to explore the sale of its interests in the joint venture to third parties as an alternative to completing the buy-sell transaction.
Previous report
2026 Transactions Activity
Previous report
Dispositions
Previous report
Redevelopment Projects
Previous report
At June 30, 2026, the estimated cost to complete redevelopment projects at properties owned by Curbline pursuant to the terms of the Separation and Distribution Agreement was approximately $8.5 million.
Previous report
The Company expects that the NYSE will commence the de-listing of the Company’s common shares from the exchange if (i) the average closing price of the Company’s common shares were to fall below $1.00 per share over a 30-consecutive-day trading period, (ii) the Company’s average market capitalization were to fall below $15 million over a 30‑consecutive-day trading period or (iii) the Company were to lose or terminate its REIT qualification (unless the Company then qualifies for an original listing as a corporation). The NYSE also has certain discretionary authority to de-list the Company’s common shares on an involuntary basis. The Company expects to voluntarily de-list its common shares from the NYSE as future distributions cause its stock price to approach levels that would trigger involuntary de-listing. If the Company’s common shares are de-listed, shareholders may have difficulty trading their common shares on the secondary market. De-listing would also eliminate the requirement that the Company’s Board of Directors be composed of a majority of independent directors.
Previous report
The Company may have difficulty realizing value from its DTP joint venture on account of its limited control over the joint venture and contractual restrictions set forth in the joint venture agreement;
Previous report
Changes in interest rates, a downturn in the economy or disruptions in the financial markets could adversely affect the market price of the Company’s common shares, the valuation of its portfolio, its ability to sell properties and the prices realized therefor, as well as its performance and cash flow;
Previous report
The Company is subject to general risks affecting the real estate industry, including the need to enter into new leases or renew leases on favorable terms to generate rental revenues, and any economic downturn may adversely affect the ability of the Company’s tenants, or new tenants, to enter into new leases or the ability of the Company’s existing tenants to renew their leases at rates at least as favorable as their current rates;
Previous report
The Company could be adversely affected by changes in the local markets where its properties are located, as well as by adverse changes in national economic and market conditions;
Previous report
The Company may fail to anticipate the effects on its properties of changes in consumer buying practices, including sales over the internet and the resulting retailing practices and space needs of its tenants, or a general downturn in its tenants’ businesses, which may cause tenants to close stores or default in payment of rent;
Previous report
The Company is subject to competition for tenants from other owners of retail properties, and its tenants are subject to competition from other retailers and methods of distribution. The Company’s properties are dependent upon the successful operations and financial condition of its tenants, in particular its major tenants, and could be adversely affected by the bankruptcy of those tenants;
Previous report
The Company may require greater time and financial resources to complete redevelopment projects (including construction obligations owing to Curbline Properties under the Separation and Distribution Agreement) as a result of various factors, many of which are beyond the Company’s control, resulting in increased construction costs;
Previous report
Inflationary pressures could result in reductions in retailer profitability, consumer discretionary spending and tenant demand to lease space. Inflation could also increase the costs incurred by the Company to operate its properties and finance its operations and could adversely impact the valuation of its properties, all of which could have an adverse effect on the market price of the Company’s common shares;
Previous report
The Company must make distributions to shareholders to continue to qualify as a REIT, and if the Company must borrow funds to make distributions, those borrowings may not be available on favorable terms or at all;
Previous report
Sufficiency and timing of any insurance recovery payments related to damages and lost revenues from extreme weather conditions or natural disasters may adversely affect the Company’s results of operations and financial condition;
Previous report
The Company and its tenants could be negatively affected by the impacts of pandemics and other public health crises;
Previous report
The Company could be subject to potential liabilities, increased costs, reputation harm and other adverse effects on the Company’s business due to stakeholders’, including regulators’, views regarding the Company’s environmental, social and governance initiatives and disclosures or lack thereof, and the impact of factors outside of the Company’s control on such initiatives and disclosures;
Previous report
The Company could incur additional expenses to comply with or respond to claims under the Americans with Disabilities Act or otherwise be adversely affected by changes in government regulations, including changes in environmental, zoning, tax and other regulations;
Reworded paragraphs (40)
Previous wording
The Company is a self-administered and self-managed Real Estate Investment Trust (“REIT”) in the business of owning, leasing, redeveloping, and managing shopping centers. As of June 30, 2026, the Company’s portfolio consisted of 14 shopping centers (including 10 shopping centers owned through the Dividend Trust Portfolio (“DTP”), an unconsolidated joint venture). At June 30, 2026, the Company owned approximately 3.9 million square feet of gross leasable area (“GLA”) through all its shopping center properties (wholly-owned and joint venture). In addition, the Company owns two adjacent office buildings located in Beachwood, Ohio, totaling approximately 339,000 square feet of GLA, a portion of which currently serves as the Company’s headquarters.
Current wording
The Company is a self-administered and self-managed Real Estate Investment Trust (“REIT”). As of September 30, 2026, the Company’s portfolio consisted of 12 retail centers (including 10 shopping centers owned through the Dividend Trust Portfolio (“DTP”), an unconsolidated joint venture) comprising approximately 3.7 million square feet of gross leasable area (“GLA”) (wholly-owned and joint venture). In addition, as of September 30, 2026, the Company owned two adjacent office buildings located in Beachwood, Ohio, totaling approximately 339,000 square feet of GLA (approximately 217,000 leasable square feet), a portion of which currently serves as the Company’s headquarters.
Previous wording
The Company continues to pursue the monetization of its investment in the DTP joint venture and the sale of its remaining wholly-owned properties, though no assurances can be given that such efforts will result in additional asset sales. The Company has entered into agreements to sell Shoppes at Paradise Pointe (Fort Walton Beach, Florida) and The Maxwell (Chicago, Illinois) for approximately $8.4 million and $15.3 million in cash, respectively, subject to adjustment for certain closing pro-rations, allocations and credits. The general due diligence period has expired under both of these sale agreements and the closings are expected to occur by the end of the third quarter of 2026. These closings remain subject to customary conditions, including, but not limited to, delivery of estoppel letters from tenants, the accuracy of the Company’s representations in all material respects and the absence of material casualty or condemnation events.
Current wording
The Company continues to pursue the sale of its remaining properties in anticipation of subsequently winding up its operations. As of October 30, 2026, the Company’s only remaining real estate investments consisted of its ownership of The Blocks (a collection of retail condominium units located on the ground floor of ten residential buildings located in Portland, Oregon) and two adjacent office buildings located in Beachwood, Ohio, a portion of which currently serves as the Company’s corporate headquarters. The Company has entered into an agreement to sell The Blocks for a gross sales price of approximately $18.2 million. Net proceeds after credits and before adjustment for customary pro-rations and closing costs are expected to be approximately $14.6 million. The general due diligence period has expired under the sale agreement, and closing is expected to occur by the end of the fourth quarter of 2026. Closing remains subject to various conditions including, but not limited to, delivery of satisfactory estoppel letters from tenants, the accuracy of seller representations in all material respects and the absence of certain casualty and condemnation events. No assurance can be given that the counterparty will perform its obligations under the sale agreement, that closing conditions will be satisfied or that the sale will occur.
Previous wording
The Company expects to use proceeds from additional asset sales to pay operating expenses, manage overall liquidity levels, make distributions to shareholders and establish a reserve fund to satisfy projected expenses and known and unknown claims that might arise during the anticipated wind-up of its business. The Company expects to incur significant expenses in connection with the eventual wind-up of its business, including but not limited to employee severance costs, discretionary bonuses upon completion of the sales process, costs to terminate office leases, licenses and other operating contracts, professional fees (including fees of accountants and law firms), costs to comply with ongoing reporting requirements of the Securities Exchange Act of 1934 (the “Exchange Act”) (until such time as the Company qualifies for relief therefrom), insurance premiums and potential deductibles (including with respect to a “tail” insurance policy for directors and officers), vendor expenses, costs to resolve and streamline the Company’s subsidiaries and corporate structure and any claims arising under sale agreements for completed dispositions.
Current wording
The Company expects to use cash on hand and proceeds from the sale of its remaining properties to pay operating expenses, satisfy obligations owing to Curbline, manage overall liquidity levels, make distributions to shareholders and establish a reserve fund to satisfy projected expenses and known and unknown claims that might arise during the anticipated wind-up of its business. The Company expects to incur significant expenses in connection with the wind-up of its business, including but not limited to employee severance costs, discretionary bonuses upon completion of the sales process, fees to engage an external advisor to administer the five-year statutory wind-up period, costs to terminate office leases, licenses and other operating contracts, professional fees (including fees of accountants and law firms), costs to comply with ongoing reporting requirements of the Securities Exchange Act of 1934 (the “Exchange Act”) until such time as the Company qualifies for relief therefrom, insurance premiums and potential deductibles (including with respect to a “tail” insurance policy for directors and officers), vendor expenses, costs to resolve and streamline the Company’s subsidiaries and corporate structure and any claims arising under sale agreements for completed dispositions. See “Liquidity, Capital Resources and Financing Activities – Winding-up and Dissolution” below.
Previous wording
The Company expects that rental income and net income will decrease in future periods as compared to corresponding prior year periods as a result of the significant disposition activity and declining property revenues. However, the Company’s general and administrative expenses will remain elevated prior to the expected termination of the Shared Services Agreement on October 1, 2027 as a result of the contractual obligations and services owing to Curbline thereunder.
Current wording
The Company expects that rental income and net income will continue to decrease in future periods as compared to corresponding prior year periods as a result of significant disposition activity and declining property revenues. However, the Company’s general and administrative expenses will remain elevated prior to the expected termination of the Shared Services Agreement on October 1, 2027 as a result of the contractual obligations and services owing to Curbline thereunder.
Previous wording
Consolidated shopping center properties owned as of January 1, 2025, are referred to herein as the “Comparable Portfolio Properties.”
Current wording
Consolidated shopping center properties owned as of January 1, 2025, excluding properties sold by the Company or held for sale at September 30, 2026, are referred to herein as the “Comparable Portfolio Properties.”
Previous wording
At June 30, 2026 and 2025, the Company owned four and 20 wholly-owned retail properties as of each balance sheet date that had an aggregate occupancy rate of 66.9% and 87.2% and an average annualized base rent per occupied square foot of $24.12 and $20.01, respectively. The decrease in occupancy rate and increase in average annualized base rent per occupied square foot was due to a combination of transactional activity, the mix of properties sold and overall decreases in occupancy.
Current wording
At September 30, 2026 and 2025, in the Comparable Portfolio, the Company owned one and 16 wholly-owned retail properties as of each balance sheet date that had an aggregate occupancy rate of 68.9% and 86.0% and an average annualized base rent per occupied square foot of $37.61 and $19.80, respectively. The decrease in occupancy rate and increase in average annualized base rent per occupied square foot were due to a combination of transactional activity, the mix of properties sold and overall decreases in occupancy.
Previous wording
Recoveries from tenants were approximately 38.8% and 70.9% of operating expenses and real estate taxes for the six months ended June 30, 2026 and 2025, respectively. The decrease in the recovery percentage was due to a combination of transactional activity, the mix of properties sold and overall decreases in occupancy.
Current wording
Recoveries from tenants were approximately 41.2% and 68.6% of operating expenses and real estate taxes for the nine months ended September 30, 2026 and 2025, respectively. The decrease in the recovery percentage was due to a combination of transactional activity, the mix of properties sold and overall decreases in occupancy.
Previous wording
The decrease in Fee and other income primarily resulted from $8.4 million of other property revenue recorded during the six months ended June 30, 2025 in conjunction with the resolution of the condemnation proceedings with the State of Florida relating to business damages and compensation for land taken in 2022 at the Shoppes at Paradise Pointe partially offset by the increase in fees from Curbline Properties. Fee and other income is primarily earned from Curbline Properties and the Company’s unconsolidated joint ventures.
Current wording
The decrease in Fee and other income primarily resulted from $8.4 million of other property revenue recorded during the nine months ended September 30, 2025 in conjunction with the resolution of a condemnation proceeding with the State of Florida relating to business damages and compensation for land taken in 2022 at the Shoppes at Paradise Pointe partially offset by the increase in fees from Curbline Properties. Fee and other income is primarily earned from Curbline Properties and the Company’s unconsolidated joint ventures.
Previous wording
The Company recorded $18.5 million of impairment charges for the six months ended June 30, 2026 triggered by purchase offers received. Impairment charges are presented in Note 6, “Impairment Charges,” to the Company’s consolidated financial statements included herein.
Current wording
The Company recorded $20.5 million of impairment charges for the nine months ended September 30, 2026 triggered by purchase offers received. Impairment charges are presented in Note 7, “Impairment Charges,” to the Company’s consolidated financial statements included herein.
Previous wording
As of June 30, 2026, the Company had no outstanding indebtedness. As of June 30, 2025, the Company’s consolidated indebtedness consisted of a cross-collateralized mortgage facility and a mortgage loan encumbering Nassau Park Pavilion with an aggregate outstanding balance of $292.0 million and a weighted-average interest rate (based on contractual rates excluding amortization of debt issuance costs) of 6.9% per annum.
Current wording
As of September 30, 2026, the Company had no outstanding indebtedness. As of September 30, 2025, the Company’s consolidated indebtedness consisted of a cross-collateralized mortgage facility and a mortgage loan encumbering Nassau Park Pavilion with an aggregate outstanding balance of $251.3 million and a weighted-average interest rate (based on contractual rates excluding amortization of debt issuance costs) of 6.8% per annum.
Previous wording
At June 30, 2026 and 2025, the Company had an economic investment in unconsolidated joint ventures which owned ten and 11 shopping center properties, respectively. The termination of the Company’s remaining joint venture or joint venture property sales could significantly impact the amount of income or loss recognized in future periods. See Note 2, “Investments in and Advances to Joint Ventures,” in the Company’s consolidated financial statements included herein.
Current wording
At September 30, 2026 and 2025, the Company had an economic investment in unconsolidated joint ventures which owned ten and 11 shopping center properties, respectively. In January and October 2026, the Company sold its interests in its remaining joint ventures.
Previous wording
The Company sold four and two wholly-owned shopping centers in the periods ended June 30, 2026 and 2025, respectively.
Current wording
The Company sold six wholly-owned shopping centers in each of the periods ended September 30, 2026 and 2025.
Previous wording
The decrease in net income in the period ended June 30, 2026, as compared to the prior-year period, primarily was the result of impairment charges, a decrease in rental income as a result of property dispositions, a decrease in gains on the disposition of real estate and a decrease in condemnation revenue, partially offset by the gain on the sale of joint venture interests, an increase in interest income and decreases in interest expense and depreciation and amortization expense.
Current wording
The decrease in net income in the nine-month period ended September 30, 2026, as compared to the prior-year period, was primarily related to a decrease in rental income as a result of property dispositions, a decrease in gains on the disposition of real estate and a decrease in condemnation revenue, partially offset by the gain on the sale of joint venture interests, an increase in interest income and decreases in interest expense, impairment charges and depreciation and amortization expense.
Previous wording
FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (ii) impairment charges on real estate property and related investments and (iii) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles and equity income (loss) from joint ventures and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by the National Association of Real Estate Investment Trusts (“NAREIT”).
Current wording
FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (ii) impairment charges on real estate property and related investments and (iii) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles and equity loss from joint ventures and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by the National Association of Real Estate Investment Trusts (“NAREIT”).
Previous wording
The Company believes that certain charges, income and gains recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include condemnation revenue, gains/losses on the early extinguishment of debt, certain transaction fee income, transaction costs and other restructuring type costs, including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements.
Current wording
The Company believes that certain charges, income and gains recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the
Previous wording
These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part as a disclosure to improve the understanding of the Company’s operating results among the investing public and as a measure of a real estate asset company’s performance.
Current wording
These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part as a disclosure to improve the understanding of the Company’s operating results among the investing public and as a measure of a real estate asset’s performance.
Previous wording
The decrease in FFO for the period ended June 30, 2026, as compared to the prior-year period, was primarily attributable to the net impact of property dispositions and condemnation revenue recorded in the prior-year period, partially offset by an increase in interest income and a decrease in interest expense. The decrease in Operating FFO generally was due to the net impact of property dispositions partially offset by decreased interest expense and an increase in interest income.
Current wording
The decrease in FFO for the nine-month period ended September 30, 2026, as compared to the prior-year period, was primarily attributable to the net impact of property dispositions and condemnation revenue recorded in the prior-year period, partially offset by an increase in interest income and a decrease in interest expense. The decrease in Operating FFO generally was due to the net impact of property dispositions partially offset by an increase in interest income and decreased interest expense.
Previous wording
The Company’s reconciliation of net income computed in accordance with GAAP to FFO and Operating FFO is as follows (in thousands). The Company provides no assurances that these charges and gains are non-recurring. These charges and gains could reasonably be expected to recur in future results of operations.
Current wording
The Company’s reconciliation of net (loss) income computed in accordance with GAAP to FFO and Operating FFO is as follows (in thousands). The Company provides no assurances that these charges and gains are non-recurring. These charges and gains could reasonably be expected to recur in future results of operations.
Previous wording
The Company remains committed to maintaining sufficient liquidity in order to fund its operating expenses, capital expenditures and expenses and liabilities to be incurred during the wind-up of its operations. The Company’s primary capital sources include cash on hand, cash flow from operations and proceeds from sales of its remaining wholly-owned properties and monetization of its investment in the DTP joint venture. The Company does not maintain a revolving credit facility and therefore plans to closely monitor and conservatively manage its cash position and expects to maintain an elevated cash balance pending resolution of the DTP joint venture in order to maximize the Company’s alternatives for monetizing its joint venture investment, including through the possible purchase of its partner’s interests through the joint venture’s buy-sell provision.
Current wording
The Company requires capital to fund its operating expenses, obligations owing to Curbline and the anticipated wind-up of its business. The Company’s primary capital sources include cash on hand, cash flow from operations and proceeds from asset sales. The Company does not maintain a revolving credit facility and therefore plans to closely monitor and conservatively manage its liquidity and cash position as it pursues the sale of its remaining properties, manages the wind-up of its business and returns capital to shareholders.
Previous wording
At June 30, 2026, the Company had an unrestricted cash balance of $238.9 million. As of June 30, 2026, the Company anticipates that it has approximately $8.5 million to be incurred to complete redevelopment projects at properties owned by Curbline pursuant to the terms of the Separation and Distribution Agreement. The Company also paid a special cash dividend of $1.00 per share ($52.7 million in the aggregate) to common shareholders on July 31, 2026.
Current wording
At September 30, 2026, the Company had an unrestricted cash balance of $200.2 million. As of September 30, 2026, the Company anticipates that it has approximately $6.1 million to be incurred to complete redevelopment projects at properties owned by Curbline pursuant to the terms of the Separation and Distribution Agreement. The Company also expects to pay a special cash dividend of $3.00 per share ($158.1 million in the aggregate) to common shareholders on November 5, 2026.
Previous wording
The Company had no consolidated indebtedness outstanding at June 30, 2026. As of June 30, 2026, the Company’s unconsolidated joint venture had $380.6 million of indebtedness ($76.1 million at SITE Centers’ share).
Current wording
The Company had no consolidated indebtedness outstanding at September 30, 2026. As of September 30, 2026, the Company’s unconsolidated DTP joint venture had $380.6 million of indebtedness ($76.1 million at SITE Centers’ share). On October 15, 2026, the Company sold all of its interests in the DTP joint venture.
Previous wording
From January 1, 2026 through July 31, 2026, the Company sold the following wholly-owned shopping centers and a land parcel (in thousands):
Current wording
From January 1, 2026 through October 29, 2026, the Company sold the following wholly-owned shopping centers, partnership interests and a land parcel (in thousands):
Previous wording
Operating Activities: Cash provided by operating activities decreased by $37.4 million primarily due to lower net operating income as a result of disposition activity partially offset by an increase in interest income and a decrease in interest expense.
Current wording
Operating Activities: Cash from operating activities decreased by $48.6 million primarily due to lower net operating income as a result of disposition activity partially offset by an increase in interest income and a decrease in interest expense.
Previous wording
Investing Activities: Cash from investing activities increased by $46.2 million primarily due to increased proceeds from disposition of real estate of $24.9 million and increased proceeds from the disposition of unconsolidated joint venture interests of $20.7 million.
Current wording
Investing Activities: Cash from investing activities decreased by $196.4 million primarily due to decreased proceeds from disposition of real estate of $222.2 million, partially offset by increased proceeds from the disposition of unconsolidated joint venture interests of $20.7 million and a decrease in real estate development of $4.7 million.
Previous wording
Financing Activities: Cash used for financing activities decreased by $14.9 million primarily due to scheduled principal payments made on the Company’s mortgage debt and required payments due to sales on the Company’s mortgage facility during the period ended June 30, 2025.
Current wording
Financing Activities: Cash used for financing activities decreased by $253.4 million primarily due to lower dividends paid of $197.6 million and principal payments made of $55.5 million on the Company’s mortgage debt during the period ended September 30, 2025.
Previous wording
The Company declared a special cash dividend of $52.7 million on the Company’s common shares during the six months ended June 30, 2026. The Company declared special cash dividends of $79.1 million on the Company’s common shares during the six months ended June 30, 2025.
Current wording
The Company declared and paid a special cash dividend of $52.7 million on the Company’s common shares during the nine months ended September 30, 2026. The Company declared and paid special cash dividends of $250.3 million on the Company’s common shares during the nine months ended September 30, 2025.
Previous wording
The Company currently operates in a manner that allows it to qualify as a REIT and generally not be subject to U.S. federal income tax. U.S. federal income tax law generally requires that a REIT distribute annually to holders of its capital stock at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its REIT taxable income. The Company may elect to surrender its REIT status in connection with the sale of its remaining assets and the anticipated wind-up of its operations in the event the Company determines that the anticipated benefits to the Company and its shareholders of maintaining REIT qualification do not exceed the related compliance costs or if the nature of the Company’s remaining operations makes compliance with REIT requirements impracticable.
Current wording
The Company currently operates in a manner that allows it to qualify as a REIT and generally not be subject to U.S. federal income tax. U.S. federal income tax law generally requires that a REIT distribute annually to holders of its capital stock at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its REIT taxable income.
Previous wording
At June 30, 2026, the Company’s capitalization consisted of $208.3 million of market equity (calculated as the number of common shares outstanding multiplied by $3.97, the closing price of the Company’s common shares on the New York Stock Exchange (the “NYSE”) at June 30, 2026).
Current wording
At September 30, 2026, the Company’s capitalization consisted of $176.8 million of market equity (calculated as the number of common shares outstanding multiplied by $3.37, the closing price of the Company’s common shares on the NYSE at September 30, 2026).
Previous wording
Any de-listing of the Company’s common shares from the NYSE could adversely impact shareholders’ ability to sell shares when desired and the price obtained therefor;
Current wording
On October 15, 2026, the Company announced that it had provided notice to the NYSE of its intention to voluntarily de-list its common shares effective prior to the commencement of trading on December 4, 2026. As a result, shareholders may subsequently have difficulty trading their common shares and the Company’s Board of Directors will no longer be required to be comprised of a majority of independent directors. See “Risk Factors—Risks Related to the Company’s Common Shares—If an Active Trading Market for the Company’s Common Shares Is Not Sustained Because the Company’s Common Shares Are De-listed from the NYSE or Otherwise, Shareholders’ Ability to Sell Shares When Desired and the Prices Obtained Will Be Adversely Affected” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Following the de-listing of its shares from the NYSE, the Company expects that its shares will trade in the over-the-counter market and be quoted on the OTCID Basic Market.
Previous wording
The Company no longer maintains a revolving line of credit or an investment grade rating. The Company may not be able to obtain financing on favorable terms, or at all, and therefore conservatively manages its cash balances and proceeds from asset sales in order to maintain the capital needed to fund its operations.
Current wording
The Company no longer maintains a revolving line of credit or an investment grade rating. The Company may not be able to obtain financing on favorable terms, or at all, and therefore conservatively manages its cash balance and proceeds from asset sales in order to maintain the capital needed to fund its operations.
Previous wording
The Separation and Distribution Agreement contains obligations to complete certain redevelopment projects at properties that are owned by Curbline. As of June 30, 2026, such redevelopment projects were estimated to cost $8.5 million to complete.
Current wording
The Separation and Distribution Agreement contains obligations to complete certain redevelopment projects at properties that are owned by Curbline. As of September 30, 2026, such redevelopment projects were estimated to cost $6.1 million to complete.
Previous wording
The Company continues to pursue the sale of its remaining wholly-owned properties and the monetization of its investment in the DTP joint venture. Accordingly, the economic conditions most relevant to the Company are those affecting the commercial real estate transaction market, including purchaser demand, the availability and cost of acquisition financing, capitalization rates and other valuation metrics and local property-level conditions at the Company’s remaining assets.
Current wording
The Company continues to pursue the sale of its remaining properties. Accordingly, the economic conditions most relevant to the Company are those affecting the commercial real estate transaction market, including purchaser demand, the availability and cost of acquisition financing, capitalization rates and other valuation metrics and local property-level conditions at the Company’s remaining properties.
Previous wording
Changes in interest rates, broader economic conditions, capital markets volatility and other factors may affect the timing of asset sales, the prices realized and the Company’s ability to complete its wind-up strategy. Tenant demand, tenant credit conditions and leasing activity remain relevant principally to the extent they affect property-level cash flows and the valuation of the Company’s remaining properties pending disposition.
Current wording
Changes in interest rates, broader economic conditions, capital markets volatility, local conditions and other factors may affect the Company’s ability to sell its remaining properties, the price realized therefor and the Company’s ability to complete its wind-up strategy. Tenant demand, tenant credit conditions and leasing activity remain relevant principally to the extent they affect property-level cash flows and the valuation of the Company’s remaining properties pending disposition.
Previous wording
MD&A should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing elsewhere in this report. Historical results and percentage relationships set forth in the Company’s consolidated financial statements, including trends that might appear, should not be taken as indicative of future operations. The Company considers portions of this information to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act, both as amended, with respect to the Company’s expectations for future periods. Forward-looking statements include, without limitation, statements relating to future capital expenditures, financing sources, dispositions, the resolution of joint ventures, distributions to shareholders, and the Company’s wind-up strategy and costs and expenses relating thereto. Although the Company believes that the expectations reflected in these 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 statements of historical fact should be deemed to be forward-looking statements. Without limiting the foregoing, the words “will,” “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates” and similar expressions are intended to identify forward-looking statements. Readers should exercise caution in interpreting and relying on forward-looking statements because such statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control and that could cause actual results to differ materially from those expressed or implied in the forward-looking statements and that could materially affect the Company’s actual results, performance or achievements. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, see Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
MD&A should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing elsewhere in this report. Historical results and percentage relationships set forth in the Company’s consolidated financial statements, including trends that might appear, should not be taken as indicative of future operations. The Company considers portions of this information to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act, both as amended, with respect to the Company’s expectations for future periods. Forward-looking statements include, without limitation, statements relating to future capital expenditures, financing sources, dispositions, distributions to shareholders, and the Company’s wind-up strategy and costs and expenses relating thereto. Although the Company believes that the expectations reflected in these 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 statements of historical fact should be deemed to be forward-looking statements. Without limiting the foregoing, the words “will,” “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates” and similar expressions are intended to identify forward-looking statements. Readers should exercise caution in interpreting and relying on forward-looking statements because such statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control and that could cause actual results to differ materially from those expressed or implied in the forward-looking statements and that could materially affect the Company’s actual results, performance or achievements. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, see Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
The Company may fail to dispose of its remaining properties on favorable terms or at all, especially in areas experiencing deteriorating economic conditions. Real estate investments can be illiquid and buyers may experience increased costs of financing or difficulties obtaining financing;
Current wording
The Company may fail to dispose of its remaining properties on favorable terms or at all. Changes in interest rates, a downturn in the local or national economy or disruptions in the financial markets could adversely affect the Company’s ability to sell its remaining properties and the price realized therefor. Real estate investments can be illiquid and buyers may experience increased costs of financing or difficulties obtaining financing;
Previous wording
The Company may be unable to satisfy or comply with complex regulations related to its status as a REIT, including as a result of recent disposition activity and changes to the Company’s asset portfolio;
Current wording
The Company may be unable to satisfy or comply with complex regulations related to its status as a REIT, including as a result of recent disposition activity, or the Company may become subject to “prohibited transactions” tax as a result of recent disposition activity;
Previous wording
The outcome of pending or future litigation, including litigation with tenants or joint venture partners, may adversely affect the Company’s results of operations and financial condition;
Current wording
The outcome of pending or future litigation may adversely affect the Company’s results of operations and financial condition;
Previous wording
Property damage, expenses related thereto and other business and economic consequences (including the potential loss of revenue) resulting from extreme weather conditions or natural disasters in locations where the Company owns properties may adversely affect the Company’s results of operations, its financial condition and its ability to dispose of impacted properties;
Current wording
Property damage, expenses related thereto and other business and economic consequences (including the potential loss of revenue) resulting from extreme weather conditions or natural disasters where the Company’s remaining properties are located may adversely affect the Company’s results of operations, its financial condition and its ability to dispose of properties;
Previous wording
The Company may incur liability for injuries to persons, property or the environment occurring on or near its properties and such losses may be uninsured or exceed policy coverage;
Current wording
The Company may incur liability for injuries to persons, property or the environment occurring on or near its current or previously owned properties and such losses may be uninsured or exceed policy coverage;
Previous wording
The Company’s Board of Directors, which regularly reviews the Company’s business strategy and objectives, may change the Company’s strategic plan based on a variety of factors and conditions, including in response to changing market conditions;
Current wording
The Company’s Board of Directors may change the Company’s strategic plan;
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include condemnation revenue, gains/losses on the early extinguishment of debt, certain transaction fee income, transaction costs and other restructuring type costs, including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements.
Current report — wording carried from elsewhere
The Company expects to incur significant expenses in connection with the anticipated wind-up of its business including, among other items, employee severance costs, discretionary bonuses upon completion of the sales process, fees to engage an external advisor to administer the five-year statutory wind-up period, costs to terminate office leases, licenses and other operating contracts, professional fees (including fees of accountants and law firms), costs to comply with ongoing reporting requirements of the Exchange Act until such time as the Company qualifies for relief therefrom, insurance premiums and potential deductibles (including with respect to a “tail” insurance policy for directors and officers), vendor expenses and costs to resolve and streamline the Company’s subsidiaries and corporate structure. The Company may also become the subject of litigation (which may not be covered by insurance) or other claims that are not currently known or expected. For example, contracts governing property sales typically allow the purchaser to make claims for breaches of representations and other provisions under the sale agreement for a period of nine to 12 months following the disposition.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
For the six months ended June 30, 2026, the decrease in Net (loss) income, as compared to the prior-year period, primarily was the result of impairment charges, a decrease in rental income as a result of property dispositions, a decrease in gains on the disposition of real estate and a decrease in condemnation revenue, partially offset by the gain on the sale of joint venture interests, an increase in interest income and decreases in interest expense and depreciation and amortization expense.
Previous report — wording carried elsewhere
Sold the Company’s interests in the RVIP IIIB joint venture that owned Deer Park Town Center (Deer Park, Illinois).