<SEC-DOCUMENT>0001193125-24-107110.txt : 20240620
<SEC-HEADER>0001193125-24-107110.hdr.sgml : 20240620
<ACCEPTANCE-DATETIME>20240423163029
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ACCESSION NUMBER:		0001193125-24-107110
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SITE Centers Corp.
		CENTRAL INDEX KEY:			0000894315
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				341723097
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3300 ENTERPRISE PARKWAY
		CITY:			BEACHWOOD
		STATE:			OH
		ZIP:			44122
		BUSINESS PHONE:		2167555500

	MAIL ADDRESS:	
		STREET 1:		3300 ENTERPRISE PARKWAY
		CITY:			BEACHWOOD
		STATE:			OH
		ZIP:			44122

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DDR CORP
		DATE OF NAME CHANGE:	20110914

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEVELOPERS DIVERSIFIED REALTY CORP
		DATE OF NAME CHANGE:	19940218
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<TYPE>CORRESP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;23, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>CORRESPONDENCE FILING VIA EDGAR </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Real Estate&nbsp;&amp; Construction </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E.
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eric McPhee</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Jennifer Monick</P></TD></TR>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SITE Centers Corp. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-11690</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SITE Centers Corp., an
Ohio corporation (the &#147;Company&#148; or &#147;we,&#148; &#147;us&#148; or &#147;our&#148;), is submitting this letter in response to the letter from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission, dated
April&nbsp;16, 2024 (the &#147;Comment Letter&#148;), with respect to the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2023 (the &#147;Form <FONT
STYLE="white-space:nowrap">10-K&#148;).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Below is the Company&#146;s response. For the convenience of the Staff, the Company has
repeated the Staff&#146;s comment before the response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31,
2023 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of</U><U> Operations, page 30</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note from your most recent earnings call that the pace of dispositions has remained robust and that you have
almost $750&nbsp;million of real estate currently either under LOI or in contract negotiation. While the disclosure in your Form <FONT STYLE="white-space:nowrap">10-K</FONT> notes that you have engaged in significant disposition activity in recent
periods, it is not clear from your disclosure whether you are following a broader strategy to dispose of certain assets, other than those related to the announced planned <FONT STYLE="white-space:nowrap">spin-off,</FONT> and whether or not that
trend should be expected to continue into future periods. Please tell us what consideration you have given to discussing known trends or uncertainties that are reasonably likely to have a material impact on your cash flows, liquidity, capital
resources, cash requirements, financial position, or results of operations related to your disposition strategy within your Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations. Reference is made to Item 303 of
Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and notes that in connection with preparing the Form <FONT
STYLE="white-space:nowrap">10-K,</FONT> the Company carefully considered known trends and uncertainties associated with its disposition strategy, including for time periods following the completion of its planned
<FONT STYLE="white-space:nowrap">spin-off</FONT> of Curbline Properties Corp. (&#147;Curbline Properties&#148;). As a result, the Company made a number of disclosures in the Form <FONT STYLE="white-space:nowrap">10-K</FONT> related to future
dispositions, including in response to Item 303 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For example, in Item 7.
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations &#150; Executive Summary &#150; Current Strategy, the Company states: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Following the separation of Curbline, the Company intends to realize value through operations and, depending on market conditions, the
sale of additional assets. The timing of certain sales may be impacted by interim leasing, tactical redevelopment activities, and other asset management initiatives intended to maximize values.&#148; (page 30) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similarly, in Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations &#150; Economic Conditions
(page 49), the Company states: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Following the separation of Curbline, depending on market conditions, the Company intends to sell
additional assets and use the proceeds to repay outstanding indebtedness, redeem Curbline&#146;s preferred investment in the Company and make distributions to shareholders. The timing of certain sales may be impacted by interim leasing, tactical
redevelopment activities, and other asset management initiatives intended to maximize values. Unfavorable changes in interest rates or the capital markets could adversely impact the Company&#146;s ability to sell additional assets on favorable
terms.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Similar statements can also be found in Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations
&#150; Sources and Uses of Capital &#150; Curbline Separation (page 44). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, the Company discloses in Item 7. Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations &#150; Liquidity, Capital Resources and Financing Activities &#150; Dividend Distribution (page 43) that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;The Company&#146;s future dividend policy may also be influenced by future asset sales, though the Company&#146;s ability to distribute
sale proceeds to shareholders will be subject to restrictions set forth in the terms of the Company&#146;s indebtedness and preferred stock financings&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Taken together, and with the Company&#146;s various statements in the Form <FONT STYLE="white-space:nowrap">10-K</FONT> that it plans to
utilize asset sale proceeds to repay indebtedness prior to the Curbline <FONT STYLE="white-space:nowrap">spin-off</FONT> (<I>see, e.g.</I>, such statements in Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations &#150; Executive Summary &#150; Current Strategy (page 30), &#150; Liquidity, Capital Resources and Financing Activities &#150; Mortgage Financing Commitment (page 42), &#150; Sources and Uses of Capital &#150; Curbline Separation (page
44) and &#150; Capitalization (page 47)), the Company believes that these statements communicate both the Company&#146;s current and expected future strategy to sell properties beyond those related to the planned
<FONT STYLE="white-space:nowrap">spin-off</FONT> of Curbline Properties (with the volume of such sales dependent on market conditions among other factors) and the impact of those sales on the Company&#146;s expected capital structure, indebtedness,
and dividend policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*********** </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding this matter, please do not hesitate to contact the
undersigned at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">646-868-4750.</FONT></FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Conor Fennerty</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conor Fennerty</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Executive Vice President,</P></TD></TR>
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<TD VALIGN="bottom">Chief Financial Officer and Treasurer</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Christina Yarian, Senior Vice President, </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and Chief Accounting Officer </P>
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