Site Centers to redeem its $200 million 6½% class J preferreds

By Wendy Van Sickle

Columbus, Ohio, Oct. 24 – Site Centers Corp., formerly known as DDR Corp., called its $200 million of 6½% class J cumulative redeemable preferred shares and the related depositary shares, each representing 1/20th of one preferred, according to a news release.

On Nov. 25, Site Centers will redeem the 400,000 preferreds, represented by 8 million depositary shares, at $503.7917 per preferred or $25.1896 per depositary share.

This is the sum of $500 per preferred plus accrued dividends of $3.7917 per preferred to the redemption date or $25 per depositary share plus accrued dividends of $0.1896 per depositary share.

The real estate investment trust that owns and manages shopping centers is based in Beachwood, Ohio.

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