SITE Centers Corp. closed a public offering of 13,225,000 common shares on Oct. 24.
The shopping center real estate investment trust said the offering included the full exercise by the underwriters of their option to acquire additional common shares.
The company aims to use the net offering proceeds to fund its planned redemption of all of its outstanding 6.50% class J cumulative redeemable preferred shares, without par value, and the related depositary shares, each representing 1/20th of one class J preferred share.
The REIT noted that it is undertaking actions to fully redeem the 400,000 outstanding class J preferred shares, represented by 8.0 million depositary shares, on or about Nov. 25.
The preferred shares and corresponding depositary shares will be redeemed at $503.7917 per preferred share or $25.1896 per depositary share, plus applicable dividends.
SITE Centers expects to book a charge of approximately $7.2 million to net loss attributable to common shareholders in the fourth quarter pertaining to the write-off of the class J preferred share original issuance costs.