SITE Centers announces restructuring plan with $5.3M charges, expects $3.7M annual savings

SITE Centers Corp.

Voluntary retirement offer to eligible employees aged 59.5+ with 10+ years service.
Total severance and other charges of ~$5.3M; $3.1M in Q2 2023, remainder in Q3/Q4 2023.
Annualized expense reduction of ~$3.7M in G&A and O&M and non-real estate depreciation.
Charges impact Net Income and FFO in 2023 but excluded from Operating FFO (OFFO).
Full savings expected starting Q2 2024.

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