8-K
SITE Centers Corp. (SITC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2026
SITE Centers Corp.
(Exact name of Registrant as Specified in Its Charter)
| Ohio | 1-11690 | 34-1723097 |
|---|---|---|
| (State or Other Jurisdiction<br><br>of Incorporation) | (Commission File Number) | (IRS Employer<br><br>Identification No.) |
| 3300 Enterprise Parkway,<br><br>Beachwood, Ohio | 44122 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (216)
755-5500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Shares, Par Value $0.10 Per Share | SITC | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 26, 2026, SITE Centers Corp. (the “Company”) issued a quarterly financial supplement containing financial and property information of the Company (“Quarterly Supplement”) for the quarter ended December 31, 2025 which includes a News Release containing financial results of the Company. A copy of the Company’s Quarterly Financial Supplement dated December 31, 2025, is attached hereto as Exhibit 99.1, which is incorporated herein by reference. This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
| 99.1 | Quarterly financial supplement dated as of December 31, 2025 |
|---|---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| SITE Centers Corp. | ||
|---|---|---|
| Date: February 26, 2026 | By: | /s/ Jeffrey A. Scott |
| Name: Jeffrey A. Scott | ||
| Title: Senior Vice President and Chief Accounting<br><br>Officer |
EX-99.1
Exhibit 99.1
Exhibit 99.1
Exhibit
SITE Centers Corp.
Table of Contents
| Section | Page |
|---|---|
| Earnings Release & Financial Statements | |
| Press Release | 1-6 |
| Company Summary | |
| Portfolio Summary | 7 |
| Capital Structure and Debt Detail | 8 |
| Leasing Summary | 9 |
| Lease Expirations | 10 |
| Top 30 Tenants | 11 |
| Investments | |
| Transactions | 12 |
| Unconsolidated Joint Ventures | |
| Unconsolidated Joint Ventures | 13-15 |
| Shopping Center Summary | |
| Property List | 16 |
| Reporting Policies and Other | |
| Notable Accounting and Supplemental Policies | 17-18 |
| Non-GAAP Measures | 19-20 |
| Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100% | 21-25 |
| SITE Centers Corp. | For additional information: |
| --- | --- |
| 3300 Enterprise Parkway | Gerald Morgan, EVP and |
| Beachwood, OH 44122<br>216-755-5500 | Chief Financial Officer |
FOR IMMEDIATE RELEASE:
SITE Centers Reports Fourth Quarter and Full-Year 2025 Results
Beachwood, Ohio, February 26, 2026 - SITE Centers Corp. (NYSE: SITC), an owner and manager of open-air shopping centers, announced today operating results for the quarter ended December 31, 2025.
“2025 proved to be an active year successfully realizing value and returning capital to shareholders. The Company sold 14 properties during the year for an aggregate price of $752.5 million, declared aggregate dividends of $6.75 per share and paid off all consolidated mortgage debt. All remaining wholly-owned retail real estate assets are in the process of being marketed for sale as the Company remains focused on maximizing value for shareholders,” commented David R. Lukes, President and Chief Executive Officer. “Since the spinoff of Curbline Properties, SITE Centers has sold over 66% of the Company’s assets as measured by net operating income for the quarter ended December 31, 2024 on a pro rata basis and continues to make progress returning remaining capital to shareholders.”
Results for the Fourth Quarter
- Fourth quarter net income attributable to common shareholders was $134.4 million, or $2.55 per diluted share, as compared to a net loss of $13.2 million, or $0.25 per diluted share, in the year-ago period. The increase year-over-year was primarily the result of higher gain on sale from dispositions, a decrease in interest expense and a decrease in preferred dividend expense, partially offset by the net impact of property dispositions, an increase in impairment charges and an increase in debt extinguishment costs.
- Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $2.9 million, or $0.05 per diluted share, compared to $8.3 million, or $0.16 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of lower net operating income (“NOI”) as a result of property dispositions, partially offset by decreased interest expense.
- Sold eight properties for an aggregate sales price of $380.0 million, all prior to closing costs, prorations and other closing adjustments. A portion of the net proceeds was used to repay $187.0 million of mortgage debt as well as a make-whole premium of approximately $7.0 million in connection with the Company’s repayment of the mortgage debt on Nassau Park Pavilion (Princeton, New Jersey).
- Acquired one land parcel from Curbline Properties Corp. (“Curbline or “Curbline Properties”) in Chapel Hill, North Carolina for an aggregate purchase price of $1.8 million in order to facilitate the future disposition of Meadowmont Market located adjacent thereto.
- In December 2025, the Company paid off the remaining consolidated mortgage loan balance of $64.0 million.
- The Company held $119.0 million of unrestricted cash at December 31, 2025. The Company expects to maintain a higher cash balance pending resolution of the Dividend Trust Portfolio joint venture in order to maximize options for monetizing its remaining joint venture investment.
Significant Fourth Quarter Activity and Key Operating Results
Paid special cash distributions aggregating $2.00 per common share for the quarter.
Recorded an additional impairment charge of $7.5 million on one wholly-owned asset.
Recorded insurance claims expense of $0.9 million in the fourth quarter of 2025 as compared to $0.4 million in the fourth quarter of 2024. On an annual basis, the Company recorded $0.7 million and $0.9 million for the years ended December 31, 2025 and 2024, respectively.
Reported a leased rate of 87.8% at December 31, 2025 as compared to 87.6% at September 30, 2025 and 91.1% at December 31, 2024, all on a pro rata basis. The change in the leased rate was due primarily to transactional activity, the remaining mix of properties and increased vacancy at The Maxwell (Chicago, Illinois).
Reported a commenced rate of 85.8% at December 31, 2025 as compared to 86.5% at September 30, 2025 and 90.6% at December 31, 2024, all on a pro rata basis. The decrease in the commenced rate was due primarily to transactional activity, the remaining mix of properties and increased vacancy at The Maxwell (Chicago, Illinois).
Executed two new leases and 11 renewals for 74,950 square feet during the quarter.
In 2025, eliminated the reclassification of general and administrative expense to operating and maintenance expense. For the three and twelve months ended December 31, 2024, the reported amounts of $1.2 million and $8.1 million, respectively, have been reclassified to conform with the current year presentation.
Recent Activity
- In January, the Company sold its partnership interests in the RVIP IIIB joint venture that owns Deer Park Town Center (Deer Park, Illinois) to the Company’s existing joint venture partner for approximately $20.8 million prior to closing costs.
- The Company has entered into agreements to sell two properties for which the buyers’ general due diligence period has expired.
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 periods prior to the spin-off date of October 1, 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, our ability to enter into agreements to sell our remaining properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to resolve and realize value from our remaining joint venture investment; impairment charges; 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 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; the impact of e-commerce; 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 sufficiency and timing of any insurance recovery payments related thereto; the impact of pandemics and other public health crises; our ability to finance our businesses on commercially acceptable terms or at all; 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 our ability to project known and contingent expenses and liabilities arising in connection with the anticipated wind-up of our operations and any change in strategy. 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 | |||||
|---|---|---|---|---|---|
| 4Q25 | 4Q24 | 12M25 | 12M24 | ||
| Revenues: | |||||
| Rental income (1) | $17,275 | $32,583 | $103,590 | $269,286 | |
| Other property revenues | 231 | 282 | 9,898 | 1,801 | |
| 17,506 | 32,865 | 113,488 | 271,087 | ||
| Expenses: | |||||
| Operating and maintenance (2) | 5,550 | 7,714 | 24,644 | 47,247 | |
| Real estate taxes | 2,603 | 4,543 | 15,909 | 40,292 | |
| 8,153 | 12,257 | 40,553 | 87,539 | ||
| Net operating income (3) | 9,353 | 20,608 | 72,935 | 183,548 | |
| Other income (expense): | |||||
| JV and other fee income (4) | 2,950 | 2,035 | 10,161 | 6,380 | |
| Interest expense | (456) | (5,833) | (15,310) | (59,463) | |
| Depreciation and amortization | (7,868) | (13,061) | (44,809) | (101,344) | |
| General and administrative (5) | (10,735) | (9,603) | (39,843) | (55,205) | |
| Other income (expense), net (6) | (8,911) | 335 | (10,420) | (16,761) | |
| Impairment charges | (7,500) | 0 | (114,070) | (66,600) | |
| Loss before earnings from JVs and other | (23,167) | (5,519) | (141,356) | (109,445) | |
| Equity in net (loss) income of JVs | (253) | (324) | (781) | 82 | |
| Gain on sale and change in control of interests | 0 | 0 | 0 | 2,669 | |
| Gain on disposition of real estate, net | 157,106 | 50 | 319,772 | 633,219 | |
| Tax benefit (expense) | 744 | (29) | 226 | (761) | |
| Income (loss) from continuing operations | 134,430 | (5,822) | 177,861 | 525,764 | |
| Income from discontinued operations (7) | 0 | 0 | 0 | 6,060 | |
| Net income (loss) SITE Centers | 134,430 | (5,822) | 177,861 | 531,824 | |
| Write-off of preferred share original issuance costs | 0 | (6,155) | 0 | (6,155) | |
| Preferred dividends | 0 | (1,271) | 0 | (9,638) | |
| Net income (loss) Common Shareholders | $134,430 | ($13,248) | $177,861 | $516,031 | |
| Weighted average shares – Basic – EPS | 52,459 | 52,430 | 52,446 | 52,393 | |
| Assumed conversion of diluted securities | 240 | 0 | 0 | 191 | |
| Weighted average shares – Diluted – EPS | 52,699 | 52,430 | 52,446 | 52,584 | |
| Basic earnings per share: | |||||
| From continuing operations | $2.55 | $(0.25) | $3.36 | $9.69 | |
| From discontinued operations | 0 | 0 | 0 | 0.12 | |
| Total | $2.55 | $(0.25) | $3.36 | $9.81 | |
| Diluted earnings per share: | |||||
| From continuing operations | $2.55 | $(0.25) | $3.36 | $9.65 | |
| From discontinued operations | 0 | 0 | 0 | 0.12 | |
| Total | $2.55 | $(0.25) | $3.36 | $9.77 | |
| (1) | Rental income: | ||||
| Minimum rents | $10,631 | $20,457 | $66,508 | $176,127 | |
| Ground lease minimum rents | 683 | 1,310 | 4,241 | 7,968 | |
| Straight-line rent, net | 28 | 675 | 680 | 3,065 | |
| Amortization of (above)/below-market rent, net | 87 | 111 | 516 | 1,381 | |
| Percentage and overage rent | 580 | 632 | 1,642 | 4,651 | |
| Recoveries | 4,453 | 8,401 | 26,683 | 70,360 | |
| Uncollectible revenue | 202 | 109 | 475 | 702 | |
| Ancillary and other rental income | 242 | 519 | 1,370 | 3,329 | |
| Lease termination fees | 0 | 0 | 0 | 1,334 | |
| Embedded lease Shared Services Agreement (“SSA”) with Curbline | 369 | 369 | 1,475 | 369 | |
| (2) | Includes the allocation of property management personnel expenses | 218 | NA | 1,292 | NA |
| Insurance claims expense | 892 | 348 | 735 | 854 | |
| (3) | Includes NOI from wholly-owned assets sold in 2025 and 2024 | 5,290 | 14,768 | 44,268 | 161,811 |
| (4) | Curbline SSA fee | 969 | 593 | 3,345 | 593 |
| Curbline SSA gross up | 1,026 | 499 | 3,013 | 499 | |
| Embedded Lease SSA | (369) | (369) | (1,475) | (369) | |
| (5) | Other charges related to system conversion | 692 | 361 | 1,938 | 1,272 |
| (6) | Interest income (fees), net | 1,278 | 1,775 | 3,772 | 31,620 |
| Transaction costs and other expenses | 72 | (941) | (864) | (1,685) | |
| Curbline SSA gross up | (1,026) | (499) | (3,013) | (499) | |
| Debt extinguishment costs | (9,235) | 0 | (10,315) | (42,822) | |
| Gain on debt retirement and gain (loss) on derivative instruments | 0 | 0 | 0 | (3,375) | |
| (7) | Curbline assets classified as a "discontinued operation" for financial reporting purposes on a retrospective basis through September 30, 2024. |
SITE Centers Corp.
Reconciliation: Net Income to FFO and Operating FFO
and Other Financial Information
| in thousands, except per share | |||||
|---|---|---|---|---|---|
| 4Q25 | 4Q24 | 12M25 | 12M24 | ||
| Net income (loss) attributable to Common Shareholders | $134,430 | ($13,248) | $177,861 | $516,031 | |
| Depreciation and amortization of real estate | 6,438 | 12,467 | 40,622 | 97,186 | |
| Equity in net loss (income) of JVs | 253 | 324 | 781 | (82) | |
| JVs' FFO | 1,316 | 1,337 | 5,867 | 6,040 | |
| Discontinued operations' depreciation and amortization of real estate | 0 | 0 | 0 | 29,556 | |
| Impairment of real estate | 7,500 | 0 | 114,070 | 66,600 | |
| Gain on sale and change in control of interests | 0 | 0 | 0 | (2,669) | |
| Gain on disposition of real estate, net | (157,106) | (50) | (319,772) | (633,219) | |
| FFO attributable to Common Shareholders | ($7,169) | $830 | $19,429 | $79,443 | |
| Discontinued operations' transaction and debt extinguishment costs | 0 | 0 | 0 | 30,851 | |
| Write-off of preferred share original issuance costs | 0 | 6,155 | 0 | 6,155 | |
| Transaction, debt extinguishment and other (at SITE's share) | 9,163 | 941 | 11,179 | 44,154 | |
| Derivative mark-to-market | 0 | 0 | 0 | 4,412 | |
| Condemnation revenue | 0 | 0 | (8,379) | 0 | |
| Separation and other charges | 885 | 361 | 2,922 | 1,709 | |
| Total non-operating items, net | 10,048 | 7,457 | 5,722 | 87,281 | |
| Operating FFO attributable to Common Shareholders | $2,879 | $8,287 | $25,151 | $166,724 | |
| Weighted average shares & units – Basic: FFO & OFFO | 52,459 | 52,430 | 52,446 | 52,393 | |
| Assumed conversion of dilutive securities | 0 | 0 | 0 | 191 | |
| Weighted average shares & units – Diluted: FFO & OFFO | 52,459 | 52,430 | 52,446 | 52,584 | |
| FFO per share – Basic | $(0.14) | $0.02 | $0.37 | $1.52 | |
| FFO per share – Diluted | $(0.14) | $0.02 | $0.37 | $1.51 | |
| Operating FFO per share – Basic | $0.05 | $0.16 | $0.48 | $3.18 | |
| Operating FFO per share – Diluted | $0.05 | $0.16 | $0.48 | $3.17 | |
| Common stock dividends declared, per share | $2.00 | $0.00 | $6.75 | $1.04 | |
| Capital expenditures (SITE Centers share)(1): | |||||
| Redevelopment costs | 0 | 39 | 0 | 4,849 | |
| Maintenance capital expenditures | 300 | 753 | 1,579 | 4,937 | |
| Tenant allowances and landlord work | 1,527 | 1,897 | 5,724 | 25,486 | |
| Leasing commissions | 177 | 389 | 951 | 3,634 | |
| Construction administrative costs (capitalized) | 401 | 320 | 1,761 | 2,533 | |
| Certain non-cash items (SITE Centers share)(1): | |||||
| Straight-line rent | 41 | 670 | 736 | 3,159 | |
| Straight-line fixed CAM | 6 | 22 | 44 | 178 | |
| Amortization of below-market rent/(above), net | 178 | 177 | 1,089 | 1,777 | |
| Straight-line ground rent income (expense) | 23 | 18 | 85 | 20 | |
| Debt fair value and loan cost amortization | (584) | (908) | (3,186) | (5,398) | |
| Capitalized interest expense | 16 | 25 | 73 | 571 | |
| Stock compensation expense | (348) | (327) | (1,392) | (6,285) | |
| Non-real estate depreciation expense | (1,431) | (597) | (4,189) | (4,168) | |
| (1) | Excludes amounts from discontinued operations for periods prior to October 1, 2024 |
SITE Centers Corp.
Balance Sheet: Consolidated Interests
| in thousands | ||
|---|---|---|
| 4Q24 | ||
| Assets: | ||
| Land | $204,722 | |
| Buildings | 964,845 | |
| Fixtures and tenant improvements | 254,152 | |
| 1,423,719 | ||
| Depreciation | (654,389) | |
| 769,330 | ||
| Construction in progress and land | 2,682 | |
| Real estate, net | 772,012 | |
| Investments in and advances to JVs | 30,431 | |
| Cash | 54,595 | |
| Restricted cash | 13,071 | |
| Receivables and straight-line (1) | 25,437 | |
| Intangible assets, net (2) | 28,759 | |
| Amounts receivable from Curbline | 1,771 | |
| Other assets, net | 7,526 | |
| Total Assets | 933,602 | |
| Liabilities and Equity: | ||
| Secured debt | 301,373 | |
| Amounts payable to Curbline | 33,762 | |
| Other liabilities (3) | 81,723 | |
| Total Liabilities | 416,858 | |
| Common shares | 5,247 | |
| Paid-in capital | 3,981,597 | |
| Distributions in excess of net income | (3,473,458) | |
| Deferred compensation | 8,041 | |
| Accumulated other comprehensive income | 5,472 | |
| Common shares in treasury at cost | (10,155) | |
| Total Equity | 516,744 | |
| Total Liabilities and Equity | $933,602 | |
| (1) | Straight-line rents (including fixed CAM), net | $8,653 |
| (2) | Operating lease right of use assets | 15,818 |
| (3) | Operating lease liabilities | 35,532 |
| Below-market leases, net | 9,306 |
All values are in US Dollars.
SITE Centers Corp.
Portfolio Summary
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | |
|---|---|---|---|---|---|
| Shopping Center Count | |||||
| Operating Centers - 100% | 19 | 27 | 31 | 33 | 33 |
| Wholly Owned | 8 | 16 | 20 | 22 | 22 |
| JV Portfolio | 11 | 11 | 11 | 11 | 11 |
| Gross Leasable Area (GLA) | |||||
| Owned and Ground Lease - Pro Rata Share | 2,013 | 4,271 | 5,355 | 5,918 | 5,918 |
| Wholly Owned | 1,155 | 3,413 | 4,497 | 5,060 | 5,060 |
| JV Portfolio - Pro Rata Share | 858 | 858 | 858 | 858 | 858 |
| Quarterly Operational Overview | |||||
| Pro Rata Share | |||||
| Base Rent PSF | $22.61 | $19.62 | $19.83 | $19.75 | $19.64 |
| Base Rent PSF < 10K | $33.09 | $31.05 | $31.19 | $31.46 | $31.35 |
| Base Rent PSF > 10K | $18.02 | $15.86 | $15.99 | $16.12 | $16.05 |
| Commenced Rate | 85.8% | 86.5% | 87.5% | 89.4% | 90.6% |
| Commenced Rate < 10K SF | 79.4% | 83.2% | 85.6% | 85.9% | 85.8% |
| Commenced Rate > 10K SF | 88.7% | 87.6% | 88.1% | 90.5% | 92.1% |
| Leased Rate | 87.8% | 87.6% | 88.1% | 89.8% | 91.1% |
| Leased Rate < 10K SF | 81.9% | 84.2% | 87.3% | 87.1% | 86.9% |
| Leased Rate > 10K SF | 90.6% | 88.7% | 88.4% | 90.6% | 92.4% |
| Note: GLA in thousands. Base Rent PSF excludes ground leases. All results exclude the Company's owned Beachwood, OH headquarters office buildings. |
SITE Centers Corp.
Capital Structure
| , shares and units in thousands, except per share | |
|---|---|
| December 31, 2024 | |
| Capital Structure | |
| Market Value Per Share | $15.29 |
| Common Shares Outstanding | 52,430 |
| Common Shares Equity | $801,655 |
| Unconsolidated Mortgage Debt (at SITE share) | 413,318 |
| Less: Cash (including restricted cash and JV's at SITE share) | 77,071 |
| Net Debt | $336,247 |
| Total Market Capitalization | $1,137,902 |
All values are in US Dollars.
SITE Centers Corp.
Debt Detail
| in thousands | ||
|---|---|---|
| BalanceSITE Share | Contractual Interest Rate at 12/31/2025 | |
| Unconsolidated Mortgage Debt | ||
| Deer Park Town Center, IL(1) | 29,911 | SOFR + 200 |
| DTP Loan Pool (10 assets) | 76,120 | 6.38% |
| 106,031 | ||
| Unconsolidated Mortgage Debt | 106,031 | |
| Unamortized Loan Costs, Net | (2,356) | |
| Total Unconsolidated Debt | 103,675 | |
| Rate Type | Weighted Average Interest Rate | |
| Fixed | 76,120 | 6.38% |
| Variable | 29,911 | 5.00% |
| 106,031 | 5.99% | |
| (1) 3.00% SOFR Interest Rate Cap through December 2026. Debt shown at share including promoted interest. | ||
| In January 2026, the Company sold its partnership interests in this joint venture and is no longer responsible for this debt. |
All values are in US Dollars.
SITE Centers Corp.
Leasing Summary
| At pro rata share except for count | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Leasing Activity | ||||||||||
| Comparable Pool | Total Pool | |||||||||
| Leasing Spreads | ||||||||||
| Count | GLA | ABR PSF | Cash | Term | Count | GLA | ABR PSF | Term | ||
| New Leases | ||||||||||
| 4Q25 | 0 | 0 | $0.00 | 0.0% | 0.0 | 2 | 2,081 | $25.92 | 10.4 | |
| 3Q25 | 0 | 0 | $0.00 | 0.0% | 0.0 | 6 | 53,575 | $16.50 | 10.0 | |
| 2Q25 | 2 | 7,838 | $24.16 | (23.4%) | 12.4 | 4 | 13,186 | $27.47 | 11.5 | |
| 1Q25 | 1 | 1,509 | $42.00 | 6.8% | 7.0 | 5 | 8,554 | $32.37 | 8.6 | |
| 3 | 9,347 | $27.04 | (17.6%) | 11.5 | 17 | 77,396 | $20.38 | 10.1 | ||
| Renewals | ||||||||||
| 4Q25 | 11 | 72,869 | $16.29 | 4.5% | 5.0 | 11 | 72,869 | $16.29 | 5.0 | |
| 3Q25 | 23 | 183,056 | $14.38 | 6.1% | 4.8 | 23 | 183,056 | $14.38 | 4.8 | |
| 2Q25 | 13 | 131,627 | $21.79 | (1.7%) | 9.3 | 13 | 131,627 | $21.79 | 9.3 | |
| 1Q25 | 17 | 66,937 | $24.88 | 3.4% | 4.4 | 17 | 66,937 | $24.88 | 4.4 | |
| 64 | 454,489 | $18.38 | 2.5% | 6.1 | 64 | 454,489 | $18.38 | 6.1 | ||
| New + Renewals | ||||||||||
| 4Q25 | 11 | 72,869 | $16.29 | 4.5% | 5.0 | 13 | 74,950 | $16.55 | 5.2 | |
| 3Q25 | 23 | 183,056 | $14.38 | 6.1% | 4.8 | 29 | 236,631 | $14.86 | 6.0 | |
| 2Q25 | 15 | 139,465 | $21.93 | (3.4%) | 9.5 | 17 | 144,813 | $22.31 | 9.5 | |
| 1Q25 | 18 | 68,446 | $25.26 | 3.5% | 4.5 | 22 | 75,491 | $25.73 | 4.9 | |
| 67 | 463,836 | $18.56 | 1.8% | 6.2 | 81 | 531,885 | $18.67 | 6.7 | ||
| Net Effective Rents | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Capex PSF | NER | % of GLA | ||||||||
| GLA | ABR PSF | TA | LL Work | LC | Total | PSF | Term | >10K SF | <10K SF | |
| New Leases | ||||||||||
| 4Q25 | 2,081 | $28.65 | $2.02 | $0.37 | $1.71 | $4.10 | $24.55 | 10.4 | 0% | 100% |
| 3Q25 | 53,575 | $17.15 | $1.46 | $5.41 | $0.62 | $7.49 | $9.66 | 10.0 | 95% | 5% |
| 2Q25 | 13,186 | $32.55 | $1.46 | $0.00 | $1.45 | $2.91 | $29.64 | 11.5 | 25% | 75% |
| 1Q25 | 8,554 | $36.46 | $2.63 | $0.03 | $2.27 | $4.93 | $31.53 | 8.6 | 0% | 100% |
| 77,396 | $22.21 | $1.58 | $3.72 | $0.96 | $6.26 | $15.95 | 10.1 | 70% | 30% | |
| Renewals | ||||||||||
| 4Q25 | 72,869 | $16.45 | $0.00 | $0.00 | $0.00 | $0.00 | $16.45 | 5.0 | 77% | 23% |
| 3Q25 | 183,056 | $14.46 | $0.00 | $0.00 | $0.00 | $0.00 | $14.46 | 4.8 | 85% | 15% |
| 2Q25 | 131,627 | $22.98 | $3.63 | $0.00 | $0.01 | $3.64 | $19.34 | 9.3 | 92% | 8% |
| 1Q25 | 66,937 | $25.52 | $0.06 | $0.00 | $0.00 | $0.06 | $25.46 | 4.4 | 38% | 62% |
| 454,489 | $18.88 | $1.62 | $0.00 | $0.00 | $1.62 | $17.26 | 6.1 | 79% | 21% | |
| New + Renewals | ||||||||||
| 4Q25 | 74,950 | $16.79 | $0.11 | $0.02 | $0.10 | $0.23 | $16.56 | 5.2 | 74% | 26% |
| 3Q25 | 236,631 | $15.07 | $0.55 | $2.05 | $0.23 | $2.83 | $12.24 | 6.0 | 87% | 13% |
| 2Q25 | 144,813 | $23.86 | $3.39 | $0.00 | $0.17 | $3.56 | $20.30 | 9.5 | 86% | 14% |
| 1Q25 | 75,491 | $26.76 | $0.57 | $0.01 | $0.45 | $1.03 | $25.73 | 4.9 | 33% | 67% |
| 531,885 | $19.36 | $1.61 | $0.82 | $0.22 | $2.65 | $16.71 | 6.7 | 77% | 23% | |
| Note: ABR PSF represents year one base rent for leasing spreads and the average rent for the initial term for net effective rent. Term is weighted average in years. |
SITE Centers Corp.
Lease Expirations
| At pro rata share except for count; and GLA in thousands | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assumes no exercise of lease options | ||||||||||||||
| Less than 10K SF | Total | |||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | Rent<br>PSF |
| MTM | 0 | 0.0% | 0 | $0.00 | 7 | 11 | 2.1% | 387 | $35.18 | 7 | 11 | 0.6% | 387 | $35.18 |
| 2026 | 168 | 13.2% | 2,477 | $14.74 | 48 | 84 | 16.0% | 2,433 | $28.96 | 60 | 252 | 14.0% | 4,910 | $19.48 |
| 2027 | 212 | 16.7% | 4,006 | $18.90 | 32 | 52 | 9.9% | 1,589 | $30.56 | 49 | 264 | 14.7% | 5,595 | $21.19 |
| 2028 | 116 | 9.1% | 1,395 | $12.03 | 53 | 77 | 14.6% | 2,561 | $33.26 | 70 | 193 | 10.7% | 3,956 | $20.50 |
| 2029 | 172 | 13.5% | 2,509 | $14.59 | 44 | 71 | 13.5% | 2,525 | $35.56 | 54 | 243 | 13.5% | 5,034 | $20.72 |
| 2030 | 114 | 9.0% | 948 | $8.32 | 44 | 81 | 15.4% | 2,403 | $29.67 | 58 | 195 | 10.9% | 3,351 | $17.18 |
| 2031 | 88 | 6.9% | 953 | $10.83 | 12 | 25 | 4.8% | 753 | $30.12 | 24 | 113 | 6.3% | 1,706 | $15.10 |
| 2032 | 14 | 1.1% | 62 | $4.43 | 17 | 27 | 5.1% | 972 | $36.00 | 18 | 41 | 2.3% | 1,034 | $25.22 |
| 2033 | 85 | 6.7% | 1,581 | $18.60 | 13 | 22 | 4.2% | 759 | $34.50 | 20 | 107 | 6.0% | 2,340 | $21.87 |
| 2034 | 23 | 1.8% | 491 | $21.35 | 14 | 38 | 7.2% | 1,104 | $29.05 | 18 | 61 | 3.4% | 1,595 | $26.15 |
| 2035 | 70 | 5.5% | 1,015 | $14.50 | 13 | 24 | 4.6% | 800 | $33.33 | 20 | 94 | 5.2% | 1,815 | $19.31 |
| Thereafter | 208 | 16.4% | 3,903 | $18.76 | 7 | 14 | 2.7% | 267 | $19.07 | 12 | 222 | 12.4% | 4,170 | $18.78 |
| Total | 1,270 | 100.0% | 19,340 | $15.23 | 304 | 526 | 100.0% | 16,553 | $31.47 | 410 | 1,796 | 100.0% | 35,893 | $19.98 |
| Signed Not Open | 26 | 377 | $14.50 | 11 | 17 | 595 | $35.00 | 13 | 43 | 972 | $22.60 | |||
| Vacant | 133 | 72 | 118 | 82 | 251 | |||||||||
| Assumes all lease options are exercised | ||||||||||||||
| Less than 10K SF | Total | |||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | Rent<br>PSF |
| MTM | 0 | 0.0% | 0 | $0.00 | 7 | 11 | 2.1% | 387 | $35.18 | 7 | 11 | 0.6% | 387 | $35.18 |
| 2026 | 82 | 6.5% | 1,767 | $21.55 | 34 | 61 | 11.6% | 1,765 | $28.93 | 40 | 143 | 8.0% | 3,532 | $24.70 |
| 2027 | 22 | 1.7% | 253 | $11.50 | 24 | 37 | 7.0% | 1,066 | $28.81 | 29 | 59 | 3.3% | 1,319 | $22.36 |
| 2028 | 141 | 11.1% | 2,062 | $14.62 | 44 | 70 | 13.3% | 2,408 | $34.40 | 53 | 211 | 11.7% | 4,470 | $21.18 |
| 2029 | 97 | 7.6% | 1,704 | $17.57 | 38 | 58 | 11.0% | 2,096 | $36.14 | 44 | 155 | 8.6% | 3,800 | $24.52 |
| 2030 | 94 | 7.4% | 592 | $6.30 | 38 | 75 | 14.3% | 2,101 | $28.01 | 48 | 169 | 9.4% | 2,693 | $15.93 |
| 2031 | 35 | 2.8% | 187 | $5.34 | 17 | 30 | 5.7% | 712 | $23.73 | 23 | 65 | 3.6% | 899 | $13.83 |
| 2032 | 19 | 1.5% | 281 | $14.79 | 16 | 21 | 4.0% | 794 | $37.81 | 19 | 40 | 2.2% | 1,075 | $26.88 |
| 2033 | 33 | 2.6% | 716 | $21.70 | 12 | 17 | 3.2% | 631 | $37.12 | 17 | 50 | 2.8% | 1,347 | $26.94 |
| 2034 | 0 | 0.0% | 0 | $0.00 | 15 | 21 | 4.0% | 820 | $39.05 | 15 | 21 | 1.2% | 820 | $39.05 |
| 2035 | 14 | 1.1% | 222 | $15.86 | 10 | 10 | 1.9% | 404 | $40.40 | 13 | 24 | 1.3% | 626 | $26.08 |
| Thereafter | 733 | 57.7% | 11,556 | $15.77 | 49 | 115 | 21.9% | 3,369 | $29.30 | 102 | 848 | 47.2% | 14,925 | $17.60 |
| Total | 1,270 | 100.0% | 19,340 | $15.23 | 304 | 526 | 100.0% | 16,553 | $31.47 | 410 | 1,796 | 100.0% | 35,893 | $19.98 |
| Note: Includes ground leases. Excludes Company’s owned Beachwood OH headquarters office buildings. |
All values are in US Dollars.
SITE Centers Corp.
Top 30 Tenants
| and GLA in thousands | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Number of Units | Base Rent | Owned GLA | |||||||
| WO | JV | Total | Pro Rata | % of Total | At 100% | Pro Rata | % of Total | At 100% | |
| 1 | 2 | 0 | 2 | 3,494 | 9.7% | 3,494 | 124 | 6.2% | 124 |
| 2 | 1 | 1 | 2 | 1,599 | 4.5% | 1,983 | 70 | 3.5% | 104 |
| 3 | 1 | 0 | 1 | 1,502 | 4.2% | 1,502 | 45 | 2.2% | 45 |
| 4 | 1 | 1 | 2 | 1,300 | 3.6% | 1,300 | 100 | 5.0% | 124 |
| 5 | 0 | 3 | 3 | 1,037 | 2.9% | 5,183 | 46 | 2.3% | 232 |
| 6 | 1 | 0 | 1 | 731 | 2.0% | 731 | 37 | 1.8% | 37 |
| 7 | 3 | 5 | 8 | 731 | 2.0% | 1,395 | 38 | 1.9% | 73 |
| 8 | 1 | 0 | 1 | 720 | 2.0% | 720 | 30 | 1.5% | 30 |
| 9 | 1 | 7 | 8 | 663 | 1.8% | 2,056 | 40 | 2.0% | 122 |
| 10 | 0 | 5 | 5 | 610 | 1.7% | 3,050 | 49 | 2.4% | 244 |
| 11 | 1 | 1 | 2 | 572 | 1.6% | 932 | 56 | 2.8% | 100 |
| 12 | 0 | 9 | 9 | 527 | 1.5% | 2,637 | 45 | 2.2% | 223 |
| 13 | 1 | 0 | 1 | 504 | 1.4% | 504 | 36 | 1.8% | 36 |
| 14 | 1 | 0 | 1 | 465 | 1.3% | 465 | 12 | 0.6% | 12 |
| 15 | 0 | 2 | 2 | 452 | 1.3% | 2,259 | 52 | 2.6% | 261 |
| 16 | 0 | 6 | 6 | 452 | 1.3% | 2,258 | 36 | 1.8% | 181 |
| 17 | 2 | 3 | 5 | 430 | 1.2% | 841 | 9 | 0.4% | 18 |
| 18 | 1 | 0 | 1 | 413 | 1.2% | 413 | 14 | 0.7% | 14 |
| 19 | 0 | 3 | 3 | 411 | 1.1% | 2,055 | 47 | 2.3% | 237 |
| 20 | 2 | 2 | 4 | 406 | 1.1% | 463 | 10 | 0.5% | 12 |
| 21 | 1 | 4 | 5 | 398 | 1.1% | 1,379 | 41 | 2.0% | 118 |
| 22 | 0 | 3 | 3 | 392 | 1.1% | 1,962 | 28 | 1.4% | 141 |
| 23 | 1 | 0 | 1 | 355 | 1.0% | 355 | 15 | 0.7% | 15 |
| 24 | 1 | 2 | 3 | 335 | 0.9% | 526 | 8 | 0.4% | 15 |
| 25 | 0 | 1 | 1 | 328 | 0.9% | 660 | 12 | 0.6% | 23 |
| 26 | 1 | 0 | 1 | 322 | 0.9% | 322 | 8 | 0.4% | 8 |
| 27 | 1 | 1 | 2 | 317 | 0.9% | 424 | 7 | 0.3% | 10 |
| 28 | 0 | 2 | 2 | 307 | 0.9% | 618 | 9 | 0.4% | 18 |
| 29 | 1 | 0 | 1 | 292 | 0.8% | 292 | 8 | 0.4% | 8 |
| 30 | 2 | 0 | 2 | 265 | 0.7% | 265 | 12 | 0.6% | 12 |
| 27 | 61 | 88 | $20,330 | 56.6% | $41,044 | 1,044 | 51.9% | 2,597 | |
| $35,893 | 100.0% | $78,677 | 2,013 | 100.0% | 4,910 | ||||
| (1) Harris Teeter (1) / Mariano's (1) | |||||||||
| (2) Gap (2) / Old Navy (5) / Banana Republic (1) | |||||||||
| (3) Dick's Sporting Goods (3) / Going Going Gone (1) / Golf Galaxy (1) | |||||||||
| (4) T.J. Maxx (1) / Marshalls (5) / HomeGoods (2) / Sierra Trading (1) | |||||||||
| (5) Cold Stone Creamery (3) / Famous Dave's (1) | |||||||||
| (6) Williams-Sonoma (1) / Pottery Barn (1) |
All values are in US Dollars.
SITE Centers Corp.
Transactions
| and GLA in thousands | |||||
|---|---|---|---|---|---|
| SITE | Owned | Price | |||
| MSA | Own % | GLA | At 100% | At Share | |
| Property Dispositions | |||||
| 1Q 2025 Total | 0 | $0 | $0 | ||
| 06/12/25 | St. Louis, MO-IL | 100% | 338 | $71,600 | $71,600 |
| 06/16/25 | Denver-Aurora-Lakewood, CO | 100% | 225 | 23,650 | 23,650 |
| 2Q 2025 Total | 563 | $95,250 | $95,250 | ||
| 07/21/25 | Atlanta-Sandy Springs-Roswell, GA | 100% | 174 | $25,000 | $25,000 |
| 08/01/25 | Phoenix-Mesa-Chandler, AZ | 100% | 152 | 33,725 | 33,725 |
| 08/01/25 | Orlando-Kissimmee-Sanford, FL | 100% | 629 | 165,000 | 165,000 |
| 09/26/25 | New York-Newark-Jersey City, NY-NJ-PA | 100% | 76 | 53,500 | 53,500 |
| 3Q 2025 Total | 1,031 | $277,225 | $277,225 | ||
| 11/03/25 | Denver-Aurora-Lakewood, CO | 100% | 51 | $8,425 | $8,425 |
| 11/20/25 | Phoenix-Mesa-Chandler, AZ | 100% | 211 | 28,500 | 28,500 |
| 11/21/25 | Various | 100% | 754 | 126,000 | 126,000 |
| 11/21/25 | Trenton, NJ | 100% | 759 | 137,550 | 137,550 |
| 12/11/25 | Richmond, VA | 100% | 126 | 31,500 | 31,500 |
| 12/31/25 | Atlanta-Sandy Springs-Roswell, GA | 100% | 360 | 48,000 | 48,000 |
| 4Q 2025 Total | 2,261 | $379,975 | $379,975 | ||
| 2025 Total | 3,855 | $752,450 | $752,450 | ||
| Sale of Partnership Interests | |||||
| 01/16/26 | Chicago-Naperville-Elgin, IL-IN-WI | 358 | N/A | $20,762 | |
| (1) The Company sold East Hanover Plaza (East Hanover, NJ), Southmont Plaza (Easton, PA), and Stow Community Center (Stow, OH). | |||||
| (2) In January 2026, the Company sold its partnership interests in RVIP IIIB to its existing joint venture partner. |
All values are in US Dollars.
SITE Centers Corp.
Unconsolidated Joint Ventures
| and GLA in thousands | |||||||
|---|---|---|---|---|---|---|---|
| Joint Venture | Number of Properties | Owned<br>GLA | Leased Rate | ABR | 4Q25 NOIat 100% (1) | Gross<br>RE Assets | Debt Balance<br>at 100% (2) |
| Chinese Institutional Investors DTP | 10 | 3,397 | 92.8% | $15.27 | 12,507 | $613,169 | $380,600 |
| Prudential RVIP IIIB, Deer Park, IL (3) | 1 | 358 | 84.1% | $37.38 | 1,858 | 115,289 | 60,123 |
| Total | 11 | 3,755 | 14,365 | $728,458 | $440,723 | ||
| Property management fees | 598 | ||||||
| NOI from assets sold in prior quarters | (30) | ||||||
| Net operating income | 14,933 | ||||||
| (1) Property management fees charged by SITE to the joint venture are included as an expense in NOI, although presented in the combined income statement on page 15 in the Other Expense, net line item. | |||||||
| (2) Excludes unamortized loan costs, net of 11.5 million or 2.4 million at SITE's share. | |||||||
| (3) Ownership shown at share including promoted interest. On January 16, 2026, the Company sold its partnership interests to its joint venture partner for 20.8 million. | |||||||
| (4) Amount agrees to the combined income statement of the joint ventures which includes a reconciliation of the Non-GAAP measure to the applicable GAAP measure. | |||||||
| See calculation definition in the Non-GAAP Measures section. |
All values are in US Dollars.
SITE Centers Corp.
Unconsolidated Joint Ventures
| Combined SITE JV Pro Rata Adjustments (1) | |
|---|---|
| Income Statement Pro Rata Adjustments 4Q25 | |
| Revenues: | |
| Rental income (2) | $35,067 |
| Other income (3) | 123,265 |
| 21,655 | |
| Expenses: | 179,987 |
| Operating and maintenance | (60,049) |
| Real estate taxes | 119,938 |
| 3 | |
| Net operating income | 119,941 |
| 461 | |
| Other income (expense): | 10,395 |
| Fee income | 2,648 |
| Interest expense | 1,935 |
| Depreciation and amortization | 135,380 |
| Other income (expense), net | |
| Loss before earnings from JVs | |
| Equity in net loss of JVs | 103,675 |
| Basis differences of JVs | 495 |
| Gain on disposition of real estate | 7,904 |
| Net loss | 112,074 |
| 461 | |
| FFO Reconciliation 4Q25 | 22,845 |
| Loss before earnings from JVs | 23,306 |
| Depreciation and amortization | $135,380 |
| Basis differences of JVs | |
| FFO at SITE's ownership interests | |
| OFFO at SITE's ownership interests | |
| (1) Information provided for SITE's share of JV investments and can be combined with SITE's consolidated financial statements for the same period. | |
| (2) Rental Income: | |
| Minimum rents | |
| Ground lease minimum rents | |
| Straight-line rent, net | |
| Amortization of (above) below market rent, net | |
| Percentage and overage rent | |
| Recoveries | |
| Uncollectible revenue | |
| (3) Other Income: | |
| Ancillary and other rental income | |
| Lease termination fees | |
| (4) Includes 2.5 million of cash in the DTP joint venture |
All values are in US Dollars.
SITE Centers Corp.
Unconsolidated Joint Ventures at 100%
| in thousands | |||
|---|---|---|---|
| Combined Income Statement | |||
| 4Q24 | 12M25 | 12M24 | |
| Revenues: | |||
| Rental income (1) | $19,001 | $79,237 | $80,744 |
| Other income (2) | 299 | 1,918 | 1,223 |
| 19,300 | 81,155 | 81,967 | |
| Expenses: | |||
| Operating and maintenance | 2,749 | 10,917 | 11,747 |
| Real estate taxes | 2,243 | 9,116 | 9,565 |
| 4,992 | 20,033 | 21,312 | |
| Net operating income | 14,308 | 61,122 | 60,655 |
| Other income (expense): | |||
| Interest expense | (7,887) | (32,356) | (31,811) |
| Depreciation and amortization | (6,635) | (25,506) | (26,948) |
| Other expense, net | (1,328) | (5,585) | (6,639) |
| (1,542) | (2,325) | (4,743) | |
| Gain (loss) on disposition of real estate, net | (11) | 369 | 10,354 |
| Net income (loss) attributable to unconsolidated JVs | (1,553) | (1,956) | 5,611 |
| Depreciation and amortization | 6,635 | 25,506 | 26,948 |
| (Gain) loss on disposition of real estate, net | 11 | (369) | (10,354) |
| FFO | $5,093 | $23,181 | $22,205 |
| FFO at SITE's ownership interests | $1,337 | $5,867 | $6,040 |
| Operating FFO at SITE's ownership interests | $1,337 | $5,867 | $6,229 |
| (1) Rental Income: | |||
| Minimum rents | $13,439 | $54,336 | $56,561 |
| Ground lease minimum rents | 681 | 2,752 | 2,822 |
| Straight-line rent, net | (60) | 353 | 289 |
| Amortization of (above) below market rent, net | 330 | 2,867 | 1,983 |
| Percentage and overage rent | 615 | 1,127 | 1,115 |
| Recoveries | 3,996 | 17,771 | 17,978 |
| Uncollectible revenue | 0 | 31 | (4) |
| (2) Other Income: | |||
| Ancillary and other rental income | 272 | 835 | 1,119 |
| Lease termination fees | 27 | 1,083 | 104 |
| Combined Balance Sheet | |||
| At Period End | |||
| 4Q25 | 4Q24 | ||
| Assets: | |||
| Land | $159,567 | $159,567 | |
| Buildings | 497,973 | 494,062 | |
| Improvements | 70,903 | 64,022 | |
| 728,443 | 717,651 | ||
| Depreciation | (190,020) | (169,726) | |
| 538,423 | 547,925 | ||
| Construction in progress and land | 15 | 352 | |
| Real estate, net | 538,438 | 548,277 | |
| Cash and restricted cash | 28,254 | 25,750 | |
| Receivables, net | 10,497 | 9,660 | |
| Other assets, net | 8,837 | 12,519 | |
| Total Assets | 586,026 | 596,206 | |
| Liabilities and Equity: | |||
| Mortgage debt | 429,196 | 426,462 | |
| Notes and accrued interest payable to SITE | 1,846 | 1,894 | |
| Other liabilities | 31,577 | 32,533 | |
| Total Liabilities | 462,619 | 460,889 | |
| Accumulated equity | 123,407 | 135,317 | |
| Total Equity | 123,407 | 135,317 | |
| Total Liabilities and Equity | $586,026 | $596,206 |
All values are in US Dollars.
| SITE CENTERS | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Property List as of December 31, 2025 | |||||||||
| Note: GLA in thousands. Anchors include tenants greater than 20K SF. ABR PSF includes ground leases. | |||||||||
| # | Location | ST | SITE Own % | JV | Owned<br>GLA | Population (000's) | Leased Rate | Average Household Income (000's) | Anchor Tenants |
| 1 | Phoenix | AZ | 20% | DTP | 691 | 154 | 82.3% | 88 | AMC Theatres, Best Buy, Burlington, Golf Galaxy, HomeGoods, Lina Home Furnishings, Marshalls, Michaels, Ross Dress for Less, Sprouts Farmers Market |
| 2 | Long Beach | CA | 100% | 389 | 344 | 94.1% | 69 | Cinemark, Gold's Gym, H & M, Nike, Restoration Hardware | |
| 3 | Parker | CO | 100% | 136 | 95 | 98.8% | 118 | 24 Hour Fitness, Michaels, Ross Dress for Less | |
| 4 | Plainville | CT | 20% | DTP | 561 | 162 | 97.9% | 76 | Aldi, AMC Theatres, Dick's Sporting Goods, DSW, Kohl's, Lowe's, Marshalls, PetSmart |
| 5 | Fort Walton Beach | FL | 100% | 73 | 60 | 82.5% | 65 | Publix | |
| 6 | Marietta | GA | 20% | DTP | 287 | 126 | 89.4% | 78 | Going Going Gone, Publix, Ross Dress for Less |
| 7 | Chicago | IL | 100% | 132 | 757 | 100.0% | 113 | Mariano's | |
| 8 | Chicago | IL | 100% | 240 | 979 | 57.0% | 98 | Burlington, Nordstrom Rack | |
| 9 | Deer Park | IL | 50% | RVIP IIIB | 358 | 130 | 84.1% | 116 | Century Theatre, Crate & Barrel, Gap |
| 10 | Tinley Park | IL | 20% | DTP | 317 | 177 | 98.9% | 89 | Best Buy, Dick's Sporting Goods, HomeGoods, Michaels, PetSmart, Ross Dress for Less, T.J. Maxx |
| 11 | Independence | MO | 20% | DTP | 386 | 130 | 93.7% | 70 | AMC Theatres, Best Buy, Bob's Discount Furniture, Kohl's, Marshalls, Ross Dress for Less |
| 12 | Union | NJ | 20% | DTP | 112 | 324 | 100.0% | 114 | Dick's Sporting Goods |
| 13 | Chapel Hill | NC | 100% | 39 | 101 | 95.8% | 103 | — | |
| 14 | Chapel Hill | NC | 100% | 49 | 101 | 91.7% | 101 | Harris Teeter | |
| 15 | Raleigh | NC | 20% | DTP | 252 | 127 | 100.0% | 80 | Cost Plus World Market, Marshalls, Michaels, Ross Dress for Less, Urban Air Trampoline & Adventure Park |
| 16 | Wilmington | NC | 20% | DTP | 418 | 132 | 90.8% | 68 | Bob's Discount Furniture, Crunch Fitness, Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less |
| 17 | Beachwood | OH | 100% | 339 | 120 | N/A | 122 | — | |
| 18 | Portland | OR | 100% | 97 | 373 | 70.0% | 95 | — | |
| 19 | Charleston | SC | 20% | DTP | 208 | 104 | 95.7% | 67 | Food Lion, Kohl's, Marshalls |
| 20 | Midlothian | VA | 20% | DTP | 166 | 78 | 96.4% | 95 | Michaels, Painted Tree Marketplace, The Fresh Market |
| 220 | 87.8% | 102 | |||||||
| DTP - Dividend Trust Portfolio RVIP IIIB - Deer Park, IL | |||||||||
| Note: Population and Average Household Income are for trade area of a 10 minute drive time from center | |||||||||
| (1) The Pike Outlets and FlatAcres MarketCenter are subject to ground leases with current annual rent payments of 1.8 million and 0.3 million, respectively | |||||||||
| (2) Meadowmont Crossing GLA, leased rate and ABR PSF exclude a 79K ground lease that is non-rent paying | |||||||||
| (3) In January 2026, the Company sold its partnership interests in this asset to its existing joint venture partner. | |||||||||
| (4) Corporate office buildings have 227K of leasable office space of which 152K is currently occupied by third parties and approximately 60K is occupied by SITE Centers/Curbline Properties. With respect to space currently occupied by third parties, ABR per occupied square foot is 26.80. Q4 2025 annualized NOI is 1.8M. |
All values are in US Dollars.
SITE Centers Corp.
Notable Accounting and Supplemental Policies
The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Form 10-K and Form 10-Q.
Discontinued Operations
- At October 1, 2024, the date the Company completed the spin-off of Curbline Properties into a separate publicly traded company, the Company had 79 convenience 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 through September 30, 2024.
Rental Income (Revenues)
- Percentage and overage rents that are recognized after the tenants’ reported sales have exceeded the applicable sales breakpoint.
- Tenant reimbursements are recognized in the period in which the expenses are incurred.
- Lease termination fees are recognized upon termination of a tenant’s lease when the Company has no further obligations under the lease.
- For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, regardless if the Company has entered into a deferral agreement to extend the payment terms, the Company has categorized these tenants on the cash basis of accounting. As a result, no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received and all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income. The Company will remove the cash basis designation and resume recording rental income from such tenants during the period earned at such time it believes collection from the tenants is probable based upon a demonstrated payment history or recapitalization event.
General and Administrative Expenses
- General and administrative expenses include certain internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred.
- The Company does not capitalize any executive officer compensation.
- General and administrative expenses include executive property management compensation and related expenses. An allocation of property management services’ personnel expenses are reflected in operating and maintenance expenses.
Real Estate
- Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property's estimated undiscounted future cash flows, including estimated proceeds from disposition.
- Construction in progress includes shopping center developments and significant expansions and redevelopments.
- Acquisitions of a partner’s interest in an unconsolidated joint venture in which a change of control has occurred are recorded at fair value.
- Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:
| Buildings | 31.5 years |
|---|---|
| Building Improvements | 2 to 20 years |
| Furniture/Fixtures/<br><br>Tenant Improvements | Shorter of economic life or lease terms |
Capitalization
Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and expenditures that improve or extend the life of the asset are capitalized.
The Company capitalizes interest on funds used for the construction or expansion of shopping centers and certain construction administration costs. Capitalization of interest and administration costs ceases when construction activities are completed and the property is available for occupancy by tenants or when activities are suspended.
Interest expense and real estate taxes incurred during construction are capitalized and depreciated over the building life. The Company does not capitalize interest on land held for development which is on hold and is not undergoing any development activities.
Gains on Sales of Real Estate
- Gains on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers are recognized at closing when the earnings process is deemed to be complete.
SITE Centers Corp
Non-GAAP Measures
Performance Measures
FFO and Operating FFO
The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. 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 excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from depreciable property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.
FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with 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 believes that certain charges, income and gains/losses recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include write-off of preferred share original issuance costs, gains/losses on the early extinguishment of debt, certain transaction fee income, transaction costs and other restructuring type costs, including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements. The adjustment for these charges, income and gains/losses may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains/losses are non-recurring. These charges, income and gains/losses could be reasonably expected to recur in future results of operations.
These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part (i) as a disclosure to improve the understanding of the Company’s operating results among the investing public, (ii) as a measure of a real estate asset’s performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) to compare the Company’s performance to that of other publicly traded shopping center REITs. For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company’s operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.
SITE Centers Corp.
Non-GAAP Measures
In calculating the expected range for or amount of net (loss) income attributable to common shareholders to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gain and losses from the disposition of real estate property, potential impairments and reserves of real estate property and related investments, debt extinguishment costs and certain transaction costs. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.
Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided herein.
Net Operating Income (“NOI”)
The Company uses NOI, which is 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.
In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the projected NOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the multiple components of the calculations which for the same store calculation only includes properties owned for comparable periods and excludes all corporate level activity as noted above.
Other Measures
SITE Pro Rata Share Financial Information
The Company believes that the SITE pro rata share of its joint ventures presented in the quarterly supplement is not, and is not intended to be, a presentation in accordance with GAAP. SITE share financial information is frequently used by the real estate industry including securities analysts, investors and other interested parties to evaluate the performance of SITE compared to other REITs. Other real estate companies may calculate such information in a different manner.
SITE does not control the unconsolidated joint ventures and the presentations of SITE JV Pro Rata Adjustments of the unconsolidated joint ventures presented in the quarterly supplement do not represent the Company’s legal claim to such items. The Company provides this information because the Company believes it assists investors and analysts in estimating the effective interest in SITE’s unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of this information has limitations as an analytical tool. Because of the limitations, this information should not be considered in isolation or as a substitute for the Company’s financial statements as reported under GAAP.
SITE Centers Corp.
Portfolio Summary at 100%
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | |
|---|---|---|---|---|---|
| Shopping Center Summary | |||||
| Operating Centers – 100% | 19 | 27 | 31 | 33 | 33 |
| Wholly Owned - SITE | 8 | 16 | 20 | 22 | 22 |
| JV Portfolio | 11 | 11 | 11 | 11 | 11 |
| Owned and Ground Lease GLA – 100% | 4,910 | 7,168 | 8,252 | 8,815 | 8,815 |
| Wholly Owned - SITE | 1,155 | 3,413 | 4,497 | 5,060 | 5,060 |
| JV Portfolio – 100% | 3,755 | 3,755 | 3,755 | 3,755 | 3,755 |
| Unowned GLA – 100% | 872 | 2,189 | 2,821 | 2,856 | 2,856 |
| Quarterly Operational Overview | |||||
| SITE (100%) | |||||
| Base Rent PSF | $18.66 | $18.19 | $18.51 | $18.44 | $18.37 |
| Base Rent PSF < 10K | $30.81 | $30.19 | $30.42 | $30.55 | $30.40 |
| Base Rent PSF > 10K | $14.82 | $14.64 | $14.86 | $14.96 | $14.92 |
| Commenced Rate | 88.8% | 88.3% | 88.5% | 90.3% | 91.0% |
| Leased Rate | 90.4% | 89.3% | 89.5% | 91.1% | 92.1% |
| Leased Rate < 10K SF | 83.2% | 83.8% | 86.0% | 85.9% | 86.1% |
| Leased Rate > 10K SF | 93.0% | 91.1% | 90.6% | 92.6% | 94.0% |
| Wholly Owned SITE | |||||
| Base Rent PSF | $25.99 | $19.80 | $20.01 | $19.95 | $19.81 |
| Leased Rate | 85.6% | 87.0% | 87.6% | 89.4% | 90.9% |
| Leased Rate < 10K SF | 81.0% | 85.2% | 88.4% | 88.2% | 88.1% |
| Leased Rate > 10K SF | 87.9% | 87.5% | 87.3% | 89.8% | 91.7% |
| Joint Venture (100%) | |||||
| Base Rent PSF | $16.84 | $16.90 | $16.90 | $16.67 | $16.64 |
| Leased Rate | 91.9% | 91.5% | 91.7% | 93.2% | 93.7% |
| Leased Rate < 10K SF | 84.1% | 82.5% | 83.1% | 83.1% | 83.6% |
| Leased Rate > 10K SF | 94.5% | 94.5% | 94.5% | 96.6% | 97.0% |
| Joint Venture at Pro Rata Share | |||||
| Base Rent PSF | $18.80 | $18.96 | $18.97 | $18.72 | $18.70 |
| Leased Rate | 91.0% | 90.3% | 90.7% | 91.9% | 92.1% |
| Leased Rate < 10K SF | 83.2% | 80.9% | 82.4% | 81.9% | 81.5% |
| Leased Rate > 10K SF | 94.2% | 94.2% | 94.2% | 96.2% | 96.6% |
| Note: GLA in thousands. Base Rent PSF excludes ground leases. All results exclude the Company's owned Beachwood, OH headquarters office buildings. |
SITE Centers Corp.
Leasing Summary
| Wholly Owned at 100% | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Leasing Activity | |||||||||
| Comparable Pool | Total Pool | ||||||||
| Leasing Spreads | |||||||||
| Count | GLA | ABR PSF | Cash | Term | Count | GLA | ABR PSF | Term | |
| New Leases | |||||||||
| 4Q25 | 0 | 0 | $0.00 | 0.0% | 0.0 | 0 | 0 | $0.00 | 0.0 |
| 3Q25 | 0 | 0 | $0.00 | 0.0% | 0.0 | 3 | 35,937 | $16.98 | 10.0 |
| 2Q25 | 1 | 4,565 | $32.00 | 0.5% | 10.5 | 3 | 9,913 | $32.17 | 10.3 |
| 1Q25 | 1 | 1,509 | $42.00 | 6.8% | 7.0 | 3 | 7,077 | $35.30 | 9.4 |
| 2 | 6,074 | $34.48 | 2.3% | 9.6 | 9 | 52,927 | $22.28 | 10.0 | |
| Renewals | |||||||||
| 4Q25 | 4 | 57,358 | $15.92 | 4.2% | 5.0 | 4 | 57,358 | $15.92 | 5.0 |
| 3Q25 | 7 | 131,131 | $14.02 | 4.7% | 4.5 | 7 | 131,131 | $14.02 | 4.5 |
| 2Q25 | 8 | 111,635 | $23.50 | (2.1%) | 10.1 | 8 | 111,635 | $23.50 | 10.1 |
| 1Q25 | 11 | 56,306 | $25.96 | 3.4% | 4.4 | 11 | 56,306 | $25.96 | 4.4 |
| 30 | 356,430 | $19.18 | 1.7% | 6.3 | 30 | 356,430 | $19.18 | 6.3 | |
| New + Renewals | |||||||||
| 4Q25 | 4 | 57,358 | $15.92 | 4.2% | 5.0 | 4 | 57,358 | $15.92 | 5.0 |
| 3Q25 | 7 | 131,131 | $14.02 | 4.7% | 4.5 | 10 | 167,068 | $14.66 | 5.7 |
| 2Q25 | 9 | 116,200 | $23.84 | (2.0%) | 10.1 | 11 | 121,548 | $24.21 | 10.1 |
| 1Q25 | 12 | 57,815 | $26.38 | 3.5% | 4.4 | 14 | 63,383 | $27.00 | 4.9 |
| 32 | 362,504 | $19.44 | 1.7% | 6.3 | 39 | 409,357 | $19.58 | 6.8 | |
| Net Effective Rents | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Capex PSF | NER | ||||||||
| GLA | ABR PSF | TA | LL Work | LC | Total | PSF | Term | ||
| New Leases | |||||||||
| 4Q25 | 0 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | 0.0 | |
| 3Q25 | 35,937 | $17.66 | $2.04 | $8.07 | $0.88 | $10.99 | $6.67 | 10.0 | |
| 2Q25 | 9,913 | $34.99 | $2.15 | $0.00 | $1.67 | $3.82 | $31.17 | 10.3 | |
| 1Q25 | 7,077 | $40.01 | $2.80 | $0.00 | $2.38 | $5.18 | $34.83 | 9.4 | |
| 52,927 | $23.89 | $2.16 | $5.49 | $1.22 | $8.87 | $15.02 | 10.0 | ||
| Renewals | |||||||||
| 4Q25 | 57,358 | $16.05 | $0.00 | $0.00 | $0.00 | $0.00 | $16.05 | 5.0 | |
| 3Q25 | 131,131 | $14.08 | $0.00 | $0.00 | $0.00 | $0.00 | $14.08 | 4.5 | |
| 2Q25 | 111,635 | $24.90 | $3.96 | $0.00 | $0.01 | $3.97 | $20.93 | 10.1 | |
| 1Q25 | 56,306 | $26.66 | $0.07 | $0.00 | $0.00 | $0.07 | $26.59 | 4.4 | |
| 356,430 | $19.77 | $1.99 | $0.00 | $0.00 | $1.99 | $17.78 | 6.3 | ||
| New + Renewals | |||||||||
| 4Q25 | 57,358 | $16.05 | $0.00 | $0.00 | $0.00 | $0.00 | $16.05 | 5.0 | |
| 3Q25 | 167,068 | $14.85 | $0.77 | $3.06 | $0.33 | $4.16 | $10.69 | 5.7 | |
| 2Q25 | 121,548 | $25.72 | $3.81 | $0.00 | $0.15 | $3.96 | $21.76 | 10.1 | |
| 1Q25 | 63,383 | $28.15 | $0.65 | $0.00 | $0.50 | $1.15 | $27.00 | 4.9 | |
| 409,357 | $20.31 | $2.02 | $1.05 | $0.24 | $3.31 | $17.00 | 6.8 | ||
| Note: ABR PSF represents year one base rent for leasing spreads and the average rent for the initial term for net effective rent. Term is weighted average in years. |
SITE Centers Corp.
Leasing Summary
| Unconsolidated Joint Ventures at 100% | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Leasing Activity | |||||||||
| Comparable Pool | Total Pool | ||||||||
| Leasing Spreads | |||||||||
| Count | GLA | ABR PSF | Cash | Term | Count | GLA | ABR PSF | Term | |
| New Leases | |||||||||
| 4Q25 | 0 | 0 | $0.00 | 0.0% | 0.0 | 2 | 10,406 | $25.92 | 10.4 |
| 3Q25 | 0 | 0 | $0.00 | 0.0% | 0.0 | 3 | 88,189 | $15.52 | 10.0 |
| 2Q25 | 1 | 16,363 | $13.22 | (57.5%) | 15.0 | 1 | 16,363 | $13.22 | 15.0 |
| 1Q25 | 0 | 0 | $0.00 | 0.0% | 0.0 | 2 | 7,384 | $18.32 | 5.0 |
| 1 | 16,363 | $13.22 | (57.5%) | 15.0 | 8 | 122,342 | $16.27 | 10.4 | |
| Renewals | |||||||||
| 4Q25 | 7 | 77,557 | $17.63 | 5.6% | 5.1 | 7 | 77,557 | $17.63 | 5.1 |
| 3Q25 | 16 | 245,197 | $13.32 | 8.9% | 5.6 | 16 | 245,197 | $13.32 | 5.6 |
| 2Q25 | 5 | 99,962 | $12.24 | 2.8% | 5.1 | 5 | 99,962 | $12.24 | 5.1 |
| 1Q25 | 6 | 53,153 | $19.19 | 3.5% | 4.7 | 6 | 53,153 | $19.19 | 4.7 |
| 34 | 475,869 | $14.45 | 6.3% | 5.3 | 34 | 475,869 | $14.45 | 5.3 | |
| New + Renewals | |||||||||
| 4Q25 | 7 | 77,557 | $17.63 | 5.6% | 5.1 | 9 | 87,963 | $18.61 | 5.8 |
| 3Q25 | 16 | 245,197 | $13.32 | 8.9% | 5.6 | 19 | 333,386 | $13.90 | 6.7 |
| 2Q25 | 6 | 116,325 | $12.38 | (15.3%) | 6.5 | 6 | 116,325 | $12.38 | 6.5 |
| 1Q25 | 6 | 53,153 | $19.19 | 3.5% | 4.7 | 8 | 60,537 | $19.08 | 4.8 |
| 35 | 492,232 | $14.41 | 1.6% | 5.6 | 42 | 598,211 | $14.82 | 6.4 | |
| Net Effective Rents | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Capex PSF | NER | ||||||||
| GLA | ABR PSF | TA | LL Work | LC | Total | PSF | Term | ||
| New Leases | |||||||||
| 4Q25 | 10,406 | $28.65 | $2.02 | $0.37 | $1.71 | $4.10 | $24.55 | 10.4 | |
| 3Q25 | 88,189 | $16.10 | $0.27 | $0.00 | $0.08 | $0.35 | $15.75 | 10.0 | |
| 2Q25 | 16,363 | $25.18 | $0.00 | $0.00 | $1.01 | $1.01 | $24.17 | 15.0 | |
| 1Q25 | 7,384 | $19.45 | $1.08 | $0.26 | $1.35 | $2.69 | $16.76 | 5.0 | |
| 122,342 | $18.59 | $0.39 | $0.04 | $0.44 | $0.87 | $17.72 | 10.4 | ||
| Renewals | |||||||||
| 4Q25 | 77,557 | $17.94 | $0.00 | $0.00 | $0.00 | $0.00 | $17.94 | 5.1 | |
| 3Q25 | 245,197 | $13.46 | $0.00 | $0.00 | $0.00 | $0.00 | $13.46 | 5.6 | |
| 2Q25 | 99,962 | $12.29 | $0.00 | $0.00 | $0.00 | $0.00 | $12.29 | 5.1 | |
| 1Q25 | 53,153 | $19.44 | $0.00 | $0.00 | $0.00 | $0.00 | $19.44 | 4.7 | |
| 475,869 | $14.61 | $0.00 | $0.00 | $0.00 | $0.00 | $14.61 | 5.3 | ||
| New + Renewals | |||||||||
| 4Q25 | 87,963 | $19.20 | $0.43 | $0.08 | $0.37 | $0.88 | $18.32 | 5.8 | |
| 3Q25 | 333,386 | $14.16 | $0.10 | $0.00 | $0.03 | $0.13 | $14.03 | 6.7 | |
| 2Q25 | 116,325 | $14.10 | $0.00 | $0.00 | $0.33 | $0.33 | $13.77 | 6.5 | |
| 1Q25 | 60,537 | $19.44 | $0.14 | $0.03 | $0.17 | $0.34 | $19.10 | 4.8 | |
| 598,211 | $15.43 | $0.13 | $0.01 | $0.15 | $0.29 | $15.14 | 6.4 | ||
| Note: ABR PSF represents year one base rent for leasing spreads and the average rent for the initial term for net effective rent. Term is weighted average in years. |
SITE Centers Corp.
Leasing Expirations
| Wholly Owned at 100%; and GLA in thousands | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assumes no exercise of lease options | |||||||||||||||||
| Less than 10K SF | Total | ||||||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | % of ABR<br>> 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | % of ABR<br>< 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | % of ABR<br>Total | Rent<br>PSF |
| MTM | 0 | 0.0% | $0 | 0.0% | $0.00 | 4 | 9 | 2.7% | $309 | 3.1% | $34.33 | 4 | 9 | 0.9% | $309 | 1.4% | $34.33 |
| 2026 | 106 | 15.0% | 1,985 | 16.6% | $18.73 | 18 | 59 | 18.0% | 1,705 | 17.0% | $28.90 | 20 | 165 | 16.0% | 3,690 | 16.8% | $22.36 |
| 2027 | 121 | 17.2% | 2,802 | 23.5% | $23.16 | 10 | 29 | 8.8% | 772 | 7.7% | $26.62 | 12 | 150 | 14.5% | 3,574 | 16.3% | $23.83 |
| 2028 | 22 | 3.1% | 153 | 1.3% | $6.95 | 18 | 52 | 15.9% | 1,558 | 15.6% | $29.96 | 19 | 74 | 7.2% | 1,711 | 7.8% | $23.12 |
| 2029 | 87 | 12.3% | 1,610 | 13.5% | $18.51 | 10 | 34 | 10.4% | 1,331 | 13.3% | $39.15 | 14 | 121 | 11.7% | 2,941 | 13.4% | $24.31 |
| 2030 | 48 | 6.8% | 0 | 0.0% | $0.00 | 14 | 58 | 17.7% | 1,793 | 17.9% | $30.91 | 15 | 106 | 10.3% | 1,793 | 8.2% | $16.92 |
| 2031 | 20 | 2.8% | 0 | 0.0% | $0.00 | 3 | 16 | 4.9% | 539 | 5.4% | $33.69 | 4 | 36 | 3.5% | 539 | 2.5% | $14.97 |
| 2032 | 0 | 0.0% | 0 | 0.0% | $0.00 | 2 | 9 | 2.7% | 350 | 3.5% | $38.89 | 2 | 9 | 0.9% | 350 | 1.6% | $38.89 |
| 2033 | 55 | 7.8% | 846 | 7.1% | $15.38 | 3 | 13 | 4.0% | 475 | 4.7% | $36.54 | 5 | 68 | 6.6% | 1,321 | 6.0% | $19.43 |
| 2034 | 0 | 0.0% | 0 | 0.0% | $0.00 | 5 | 23 | 7.0% | 593 | 5.9% | $25.78 | 5 | 23 | 2.2% | 593 | 2.7% | $25.78 |
| 2035 | 46 | 6.5% | 715 | 6.0% | $15.54 | 3 | 14 | 4.3% | 396 | 4.0% | $28.29 | 5 | 60 | 5.8% | 1,111 | 5.1% | $18.52 |
| Thereafter | 200 | 28.4% | 3,822 | 32.0% | $19.11 | 3 | 12 | 3.7% | 184 | 1.8% | $15.33 | 7 | 212 | 20.5% | 4,006 | 18.3% | $18.90 |
| Total | 705 | 100.0% | $11,933 | 100.0% | $16.93 | 93 | 328 | 100.0% | $10,005 | 100.0% | $30.50 | 112 | 1,033 | 100.0% | $21,938 | 100.0% | $21.24 |
| Assumes all lease options are exercised | |||||||||||||||||
| Less than 10K SF | Total | ||||||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | % of ABR<br>> 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | % of ABR<br>< 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | % of ABR<br>Total | Rent<br>PSF |
| MTM | 0 | 0.0% | $0 | 0.0% | $0.00 | 4 | 9 | 2.7% | $309 | 3.1% | $34.33 | 4 | 9 | 0.9% | $309 | 1.4% | $34.33 |
| 2026 | 62 | 8.8% | 1,503 | 12.6% | $24.24 | 13 | 43 | 13.1% | 1,206 | 12.1% | $28.05 | 14 | 105 | 10.2% | 2,709 | 12.3% | $25.80 |
| 2027 | 0 | 0.0% | 0 | 0.0% | $0.00 | 6 | 19 | 5.8% | 414 | 4.1% | $21.79 | 6 | 19 | 1.8% | 414 | 1.9% | $21.79 |
| 2028 | 98 | 13.9% | 1,453 | 12.2% | $14.83 | 16 | 49 | 14.9% | 1,513 | 15.1% | $30.88 | 18 | 147 | 14.2% | 2,966 | 13.5% | $20.18 |
| 2029 | 87 | 12.3% | 1,610 | 13.5% | $18.51 | 9 | 29 | 8.8% | 1,044 | 10.4% | $36.00 | 13 | 116 | 11.2% | 2,654 | 12.1% | $22.88 |
| 2030 | 48 | 6.8% | 0 | 0.0% | $0.00 | 13 | 54 | 16.5% | 1,591 | 15.9% | $29.46 | 14 | 102 | 9.9% | 1,591 | 7.3% | $15.60 |
| 2031 | 20 | 2.8% | 0 | 0.0% | $0.00 | 5 | 17 | 5.2% | 355 | 3.5% | $20.88 | 6 | 37 | 3.6% | 355 | 1.6% | $9.59 |
| 2032 | 0 | 0.0% | 0 | 0.0% | $0.00 | 4 | 10 | 3.0% | 368 | 3.7% | $36.80 | 4 | 10 | 1.0% | 368 | 1.7% | $36.80 |
| 2033 | 0 | 0.0% | 0 | 0.0% | $0.00 | 3 | 10 | 3.0% | 432 | 4.3% | $43.20 | 3 | 10 | 1.0% | 432 | 2.0% | $43.20 |
| 2034 | 0 | 0.0% | 0 | 0.0% | $0.00 | 3 | 8 | 2.4% | 384 | 3.8% | $48.00 | 3 | 8 | 0.8% | 384 | 1.8% | $48.00 |
| 2035 | 0 | 0.0% | 0 | 0.0% | $0.00 | 1 | 2 | 0.6% | 120 | 1.2% | $60.00 | 1 | 2 | 0.2% | 120 | 0.5% | $60.00 |
| Thereafter | 390 | 55.3% | 7,367 | 61.7% | $18.89 | 16 | 78 | 23.8% | 2,269 | 22.7% | $29.09 | 26 | 468 | 45.3% | 9,636 | 43.9% | $20.59 |
| Total | 705 | 100.0% | $11,933 | 100.0% | $16.93 | 93 | 328 | 100.0% | $10,005 | 100.0% | $30.50 | 112 | 1,033 | 100.0% | $21,938 | 100.0% | $21.24 |
| Note: Includes ground leases. Excludes Company’s owned Beachwood OH headquarters office buildings. |
All values are in US Dollars.
SITE Centers Corp.
Leasing Expirations
| Unconsolidated Joint Ventures at 100%; and GLA in thousands | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assumes no exercise of lease options | |||||||||||||||||
| Less than 10K SF | Total | ||||||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | % of ABR<br>> 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | % of ABR<br>< 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | % of ABR<br>Total | Rent<br>PSF |
| MTM | 0 | 0.0% | $0 | 0.0% | $0.00 | 3 | 8 | 1.1% | $233 | 1.1% | $29.13 | 3 | 8 | 0.2% | $233 | 0.4% | $29.13 |
| 2026 | 237 | 8.9% | 2,458 | 7.1% | $10.37 | 30 | 104 | 13.9% | 2,719 | 12.3% | $26.14 | 40 | 341 | 10.0% | 5,177 | 9.1% | $15.18 |
| 2027 | 457 | 17.2% | 6,023 | 17.4% | $13.18 | 22 | 86 | 11.5% | 2,713 | 12.3% | $31.55 | 37 | 543 | 16.0% | 8,736 | 15.4% | $16.09 |
| 2028 | 428 | 16.1% | 5,404 | 15.6% | $12.63 | 35 | 100 | 13.4% | 3,437 | 15.5% | $34.37 | 51 | 528 | 15.5% | 8,841 | 15.6% | $16.74 |
| 2029 | 421 | 15.9% | 4,497 | 13.0% | $10.68 | 34 | 131 | 17.6% | 3,771 | 17.0% | $28.79 | 40 | 552 | 16.2% | 8,268 | 14.6% | $14.98 |
| 2030 | 332 | 12.5% | 4,738 | 13.7% | $14.27 | 30 | 101 | 13.5% | 2,549 | 11.5% | $25.24 | 43 | 433 | 12.7% | 7,287 | 12.8% | $16.83 |
| 2031 | 339 | 12.8% | 4,763 | 13.8% | $14.05 | 9 | 35 | 4.7% | 815 | 3.7% | $23.29 | 20 | 374 | 11.0% | 5,578 | 9.8% | $14.91 |
| 2032 | 70 | 2.6% | 311 | 0.9% | $4.44 | 15 | 62 | 8.3% | 2,064 | 9.3% | $33.29 | 16 | 132 | 3.9% | 2,375 | 4.2% | $17.99 |
| 2033 | 99 | 3.7% | 2,061 | 6.0% | $20.82 | 10 | 37 | 5.0% | 1,028 | 4.6% | $27.78 | 15 | 136 | 4.0% | 3,089 | 5.4% | $22.71 |
| 2034 | 114 | 4.3% | 2,455 | 7.1% | $21.54 | 9 | 37 | 5.0% | 1,222 | 5.5% | $33.03 | 13 | 151 | 4.4% | 3,677 | 6.5% | $24.35 |
| 2035 | 116 | 4.4% | 1,498 | 4.3% | $12.91 | 10 | 33 | 4.4% | 1158 | 5.2% | $35.09 | 15 | 149 | 4.4% | 2,656 | 4.7% | $17.83 |
| Thereafter | 41 | 1.5% | 403 | 1.2% | $9.83 | 4 | 12 | 1.6% | 419 | 1.9% | $34.92 | 5 | 53 | 1.6% | 822 | 1.4% | $15.51 |
| Total | 2,654 | 100.0% | $34,611 | 100.0% | $13.04 | 211 | 746 | 100.0% | $22,128 | 100.0% | $29.66 | 298 | 3,400 | 100.0% | $56,739 | 100.0% | $16.69 |
| Assumes all lease options are exercised | |||||||||||||||||
| Less than 10K SF | Total | ||||||||||||||||
| Year | Expiring<br>SF | % of SF<br>> 10K | ABR | % of ABR<br>> 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>< 10K | ABR | % of ABR<br>< 10K | Rent<br>PSF | # of<br>Leases | Expiring<br>SF | % of SF<br>Total | ABR | % of ABR<br>Total | Rent<br>PSF |
| MTM | 0 | 0.0% | $0 | 0.0% | $0.00 | 3 | 8 | 1.1% | $232 | 1.0% | $29.00 | 3 | 8 | 0.2% | $232 | 0.4% | $29.00 |
| 2026 | 99 | 3.7% | 1,320 | 3.8% | $13.33 | 21 | 66 | 8.8% | 1,873 | 8.5% | $28.38 | 26 | 165 | 4.9% | 3,193 | 5.6% | $19.35 |
| 2027 | 110 | 4.1% | 1,266 | 3.7% | $11.51 | 18 | 66 | 8.8% | 2,105 | 9.5% | $31.89 | 23 | 176 | 5.2% | 3,371 | 5.9% | $19.15 |
| 2028 | 175 | 6.6% | 2,238 | 6.5% | $12.79 | 28 | 80 | 10.7% | 2,897 | 13.1% | $36.21 | 35 | 255 | 7.5% | 5,135 | 9.1% | $20.14 |
| 2029 | 47 | 1.8% | 473 | 1.4% | $10.06 | 29 | 104 | 13.9% | 3,275 | 14.8% | $31.49 | 31 | 151 | 4.4% | 3,748 | 6.6% | $24.82 |
| 2030 | 230 | 8.7% | 2,959 | 8.5% | $12.87 | 25 | 86 | 11.5% | 2,047 | 9.3% | $23.80 | 34 | 316 | 9.3% | 5,006 | 8.8% | $15.84 |
| 2031 | 76 | 2.9% | 934 | 2.7% | $12.29 | 12 | 56 | 7.5% | 1,310 | 5.9% | $23.39 | 17 | 132 | 3.9% | 2,244 | 4.0% | $17.00 |
| 2032 | 94 | 3.5% | 1,404 | 4.1% | $14.94 | 12 | 44 | 5.9% | 1,539 | 7.0% | $34.98 | 15 | 138 | 4.1% | 2,943 | 5.2% | $21.33 |
| 2033 | 113 | 4.3% | 1,968 | 5.7% | $17.42 | 9 | 30 | 4.0% | 761 | 3.4% | $25.37 | 14 | 143 | 4.2% | 2,729 | 4.8% | $19.08 |
| 2034 | 0 | 0.0% | 0 | 0.0% | $0.00 | 12 | 40 | 5.4% | 1,169 | 5.3% | $29.23 | 12 | 40 | 1.2% | 1,169 | 2.1% | $29.23 |
| 2035 | 69 | 2.6% | 1,107 | 3.2% | $16.04 | 9 | 32 | 4.3% | 1,017 | 4.6% | $31.78 | 12 | 101 | 3.0% | 2,124 | 3.7% | $21.03 |
| Thereafter | 1,641 | 61.8% | 20,942 | 60.5% | $12.76 | 33 | 134 | 18.0% | 3,903 | 17.6% | $29.13 | 76 | 1,775 | 52.2% | 24,845 | 43.8% | $14.00 |
| Total | 2,654 | 100.0% | $34,611 | 100.0% | $13.04 | 211 | 746 | 100.0% | $22,128 | 100.0% | $29.66 | 298 | 3,400 | 100.0% | $56,739 | 100.0% | $16.69 |
| Note: Includes ground leases |
All values are in US Dollars.
SITE CENTERS 3300 ENTERPRISE PKWY, BEACHWOOD, OH 44122 O: 216-755-5500 F: 216-755-1500 SITECENTERS.COM NYSE: SITC