SITE Centers (SITC), the former DDR Corp. (DDR), will suspend its quarterly distribution in 2020 because of COVID-19. The REIT last cut its quarterly dividend by 47.4 percent to $0.20 per share in 2018.

In its press release dated April 30, 2020 SITC announces first quarter 2020 operating results and the suspended payment of dividends on its common shares for the second quarter of 2020. The Board of Directors states that it has not made any decisions with respect to its dividend policy beyond the second quarter of 2020 and intends to maintain compliance with REIT taxable income distribution requirements.

SITE Centers, previously DDR Corp, is an owner and manager of open-air shopping centers. The company is a self-administered and self-managed REIT operating as a fully integrated real estate company. DDR is in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers located in the Southeast and Midwest, including Florida, Georgia, Ohio and North Carolina and Puerto Rico.