SITE Centers Reports Third Quarter 2025 Results

BEACHWOOD, Ohio--( BUSINESS WIRE)--SITE Centers Corp. (NYSE: SITC), an owner and manager of open-air shopping centers, announced today operating results for the quarter ended September 30, 2025.

“Year to date, the Company has sold seven properties for an aggregate price of $380.9 million and declared aggregate dividends of $5.75 per share. In addition, we have in excess of $292 million of properties under contract for sale for which the buyers’ general due diligence condition has expired, and are also in earlier stages of the marketing and negotiation process with additional properties,” commented David R. Lukes, President and Chief Executive Officer. “SITE Centers remains focused on maximizing the value of its assets through continued leasing, asset management and potential additional asset sales.”

Results for the Third Quarter

Significant Third Quarter Activity and Key Operating Results

Recent Activity

Discontinued Operations

On October 1, 2024, the Company completed the spin-off of Curbline Properties. The spin-off of the convenience properties represented a strategic shift in the Company’s business and, as such, the Curbline properties are reflected as discontinued operations for the three and nine month periods ended September 30, 2024.

About SITE Centers Corp.

SITE Centers 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, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Supplemental Information

Copies of the Company's quarterly financial supplement are available on the Investor Relations portion of the Company's website, ir.sitecenters.com.

Non-GAAP Measures and Other Operational Metrics

Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States (“GAAP”)), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

The Company also uses NOI, a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

FFO, Operating FFO and NOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to finance our businesses on commercially acceptable terms or at all; impairment charges; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and the finalization of the financial statements for the period ended September 30, 2025. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SITE Centers Corp.

Income Statement: Consolidated Interests

in thousands, except per share

3Q25

3Q24

9M25

9M24

Revenues:

Rental income (1)

$24,203

$59,441

$86,315

$236,703

Other property revenues

325

225

9,667

1,518

24,528

59,666

95,982

238,221

Expenses:

Operating and maintenance (2)

5,505

10,537

19,094

39,533

Real estate taxes

3,895

8,859

13,306

35,749

9,400

19,396

32,400

75,282

Net operating income (3)

15,128

40,270

63,582

162,939

Other income (expense):

JV and other fee income (4)

2,572

1,334

7,211

4,346

Interest expense

(3,975)

(16,706)

(14,854)

(53,629)

Depreciation and amortization

(10,768)

(23,228)

(36,941)

(88,284)

General and administrative (5)

(10,295)

(17,179)

(29,108)

(45,603)

Other income (expense), net (6)

(18,020)

(1,509)

(17,095)

Impairment charges

(106,570)

(66,600)

Loss before earnings from JVs and other

(113,870)

(33,529)

(118,189)

(103,926)

Equity in net (loss) income of JVs

(499)

328

(528)

406

Gain on sale and change in control of interests

2,669

Gain on disposition of real estate, net

108,401

368,139

162,666

633,169

Tax expense

(190)

(199)

(518)

(732)

(Loss) income from continuing operations

(6,158)

334,739

43,431

531,586

(Loss) income from discontinued operations (7)

(11,786)

6,060

Net (loss) income SITE Centers

(6,158)

322,953

43,431

537,646

Preferred dividends

(2,789)

(8,367)

Net (loss) income Common Shareholders

($6,158)

$320,164

$43,431

$529,279

Weighted average shares – Basic – EPS (8)

52,445

52,400

52,440

52,381

Assumed conversion of diluted securities

153

177

Weighted average shares – Diluted – EPS (8)

52,445

52,553

52,440

52,558

Basic earnings per share:

From continuing operations

$(0.13)

$6.31

$0.80

$9.95

From discontinued operations

(0.22)

0.12

Total

$(0.13)

$6.09

$0.80

$10.07

Diluted earnings per share:

From continuing operations

$(0.13)

$6.29

$0.80

$9.91

From discontinued operations

(0.22)

0.12

Total

$(0.13)

$6.07

$0.80

$10.03

(1)

Rental income:

Minimum rents

$15,679

$38,646

$55,877

$154,994

Ground lease minimum rents

956

1,929

3,558

7,335

Straight-line rent, net

348

1,115

652

2,390

Amortization of (above)/below-market rent, net

123

488

429

1,270

Percentage and overage rent

309

963

1,062

4,019

Recoveries

5,928

15,409

22,230

61,959

Uncollectible revenue

153

128

273

592

Ancillary and other rental income

338

763

1,128

2,810

Lease termination fees

1,334

Embedded lease Shared Services Agreement (“SSA”) with Curbline

369

1,106

(2)

Includes the allocation of property management personnel expenses

343

1,074

(3)

Includes NOI from wholly-owned assets sold in 2025 and 2024

2,077

25,761

15,672

122,025

(4)

Curbline SSA fee

884

2,376

Curbline SSA gross up

731

1,987

Embedded Lease SSA

(369)

(1,106)

(5)

Other charges related to system conversion

571

157

1,246

911

(6)

Interest income (fees), net

1,411

14,002

2,494

29,845

Transaction costs and other expenses

(66)

(217)

(936)

(743)

Curbline SSA gross up

(731)

(1,987)

Debt extinguishment costs

(576)

(32,559)

(1,080)

(42,822)

Gain on debt retirement and gain (loss) on derivative instruments

754

(3,375)

(7)

Curbline assets classified as a "discontinued operation" for financial reporting purposes on a retrospective basis

(8)

Prior period presented has been adjusted to reflect the Company's one-for-four reverse stock split

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

in thousands, except per share

3Q25

3Q24

9M25

9M24

Net (loss) income attributable to Common Shareholders

($6,158)

$320,164

$43,431

$529,279

Depreciation and amortization of real estate

9,716

22,230

34,184

84,720

Equity in net loss (income) of JVs

499

(328)

528

(406)

JVs' FFO

1,413

1,555

4,551

4,703

Discontinued operations' depreciation and amortization of real estate

11,023

29,556

Impairment of real estate

106,570

66,600

Gain on sale and change in control of interests

(2,669)

Gain on disposition of real estate, net

(108,401)

(368,139)

(162,666)

(633,169)

FFO attributable to Common Shareholders

$3,639

($13,495)

$26,598

$78,614

Gain on debt retirement

(1,037)

Discontinued operations' transaction and other costs

23,628

30,850

Transaction, debt extinguishment and other (at SITE's share)

642

32,025

2,016

48,191

Condemnation revenue

(8,379)

Separation and other charges

1,362

595

2,037

1,820

Total non-operating items, net

2,004

56,248

(4,326)

79,824

Operating FFO attributable to Common Shareholders

$5,643

$42,753

$22,272

$158,438

Weighted average shares & units – Basic: FFO & OFFO

52,445

52,400

52,442

52,381

Assumed conversion of dilutive securities

153

177

Weighted average shares & units – Diluted: FFO & OFFO

52,445

52,553

52,442

52,558

FFO per share – Basic

$0.07

$(0.26)

$0.51

$1.50

FFO per share – Diluted

$0.07

$(0.26)

$0.51

$1.50

Operating FFO per share – Basic

$0.11

$0.82

$0.42

$3.02

Operating FFO per share – Diluted

$0.11

$0.81

$0.42

$3.01

Common stock dividends declared, per share

$3.25

$0.00

$4.75

$1.04

Capital expenditures (SITE Centers share):

Redevelopment costs

504

5,515

Maintenance capital expenditures

392

1,056

1,279

4,184

Tenant allowances and landlord work

2,426

5,663

4,197

23,590

Leasing commissions

310

384

774

3,246

Construction administrative costs (capitalized)

403

689

1,360

2,213

Certain non-cash items (SITE Centers share):

Straight-line rent

343

1,135

695

2,489

Straight-line fixed CAM

156

Amortization of below-market rent/(above), net

208

622

911

1,601

Straight-line ground rent income (expense)

Debt fair value and loan cost amortization

(790)

(1,640)

(2,602)

(4,491)

Capitalized interest expense

547

Stock compensation expense

(343)

(2,220)

(1,044)

(6,508)

Non-real estate depreciation expense

(1,047)

(1,002)

(2,758)

(3,571)

SITE Centers Corp.

Balance Sheet: Consolidated Interests

$ in thousands

At Period End

3Q25

4Q24

Assets:

Land

$114,763

$204,722

Buildings

640,700

964,845

Fixtures and tenant improvements

214,084

254,152

969,547

1,423,719

Depreciation

(537,815)

(654,389)

431,732

769,330

Construction in progress and land

4,446

2,682

Real estate, net

436,178

772,012

Investments in and advances to JVs

29,393

30,431

Cash

128,234

54,595

Restricted cash

10,084

13,071

Receivables and straight-line (1)

15,824

25,437

Intangible assets, net (2)

25,583

28,759

Amounts receivable from Curbline

313

1,771

Other assets, net

8,346

7,526

Total Assets

653,955

933,602

Liabilities and Equity:

Secured debt

248,702

301,373

Amounts payable to Curbline

28,666

33,762

Other liabilities (3)

68,301

81,723

Total Liabilities

345,669

416,858

Common shares

5,247

Paid-in capital

3,981,555

3,981,597

Distributions in excess of net income

(3,680,364)

(3,473,458)

Deferred compensation

8,041

Accumulated other comprehensive income

2,894

5,472

Common shares in treasury at cost

(1,046)

(10,155)

Total Equity

308,286

516,744

Total Liabilities and Equity

$653,955

$933,602

(1)

Straight-line rents (including fixed CAM), net

$6,257

$8,653

(2)

Operating lease right of use assets

14,986

15,818

(3)

Operating lease liabilities

34,639

35,532

Below-market leases, net

6,449

9,306