SITE Centers Corp

Latest Results (05.10.2025):

SITE Centers Corp reported its financial results for the second quarter of 2025, highlighting a decrease in net income and operating funds from operations compared to the same period last year. The company continued its strategic focus on asset management through property sales and leasing activities.

Net Income Decline

Net income attributable to common shareholders was $46.5 million, or $0.88 per diluted share, compared to $235.5 million, or $4.45 per diluted share, in the second quarter of 2024. The decrease was primarily due to lower gains from property sales, reduced rental revenue from dispositions and the Curbline spin-off, and decreased interest income.

Operating Funds from Operations

Operating FFO attributable to common shareholders was $8.3 million, or $0.16 per diluted share, down from $55.9 million, or $1.06 per diluted share, year-over-year. This decline was mainly driven by lower NOI from property sales and the Curbline spin-off, partially offset by decreased interest expense and reduced debt-related charges.

Property Sales and Dividends

SITE Centers Corp sold five properties for a total of $319.0 million and declared aggregate dividends of $4.75 per share during the quarter. Recent sales include properties in Missouri, Colorado, Georgia, Florida, and Arizona, with portions of proceeds used to repay mortgage debt.

Leasing Performance

The company reported a leased rate of 88.1% as of June 30, 2025, and a commenced rate of 87.5% for the quarter. During this period, SITE Centers executed four new leases and 13 renewals covering 145,000 square feet.

Special Cash Distributions

A special cash distribution of $1.50 per common share was paid on July 15, 2025, and an additional distribution of $3.25 per common share was announced for payment on August 29, 2025.