---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-025319"
form_type: "8-K"
ticker: "SITC"
cik: "0000894315"
company_name: "SITE Centers Corp."
filed_at: "2023-05-31T23:59:59+00:00"
generated_at: "2026-06-14T11:01:27.417257+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-025319
- form_type: 8-K
- ticker: SITC
- cik: 0000894315
- company_name: SITE Centers Corp.
- filed_at: 2023-05-31T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/894315/000095017023025319/0000950170-23-025319-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/894315/000095017023025319/sitc-20230531.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-025319
- JSON: https://secwatch.observer/filing/0000950170-23-025319.json
- Plain text: https://secwatch.observer/filing/0000950170-23-025319.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.