Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

SITE Centers Corp.

Real Estate and Accumulated Depreciation

December 31, 2024

(In thousands)

													Total Cost,
	Initial Cost				Total Cost(1)								Net of				Date of
			Buildings &				Buildings &				Accumulated		Accumulated				Construction (C)
Location	Land		Improvements		Land		Improvements		Total		Depreciation(2)		Depreciation		Encumbrances(3)		Acquisition (A)
Phoenix, AZ		13,069		14,751		13,069		21,675		34,744		12,022		22,722		16,015	1999 (A)
Phoenix, AZ		7,856		14,926		7,613		17,007		24,620		11,934		12,686		17,421	2003 (A)
Long Beach, CA		-		147,918		-		205,227		205,227		129,937		75,290		—	2005 (C)
Colorado Springs, CO		4,111		22,140		4,111		28,333		32,444		10,154		22,290		9,990	2011 (A)
Parker, CO		680		8,398		680		8,824		9,504		3,198		6,306		4,377	2003 (A)
Parker, CO		398		21,512		398		26,126		26,524		9,354		17,170		9,163	2003 (A)
Fort Walton Beach, FL		3,643		5,612		3,462		5,578		9,040		1,101		7,939		—	2021 (A)
Winter Garden, FL		18,605		105,037		19,124		114,249		133,373		45,985		87,388		—	2013 (A)
Atlanta, GA		14,078		41,050		14,078		48,841		62,919		24,293		38,626		23,447	2009 (A)
Roswell, GA		6,566		15,005		7,894		29,925		37,819		16,628		21,191		10,486	2007 (A)
Chicago, IL		22,642		82,754		22,642		85,122		107,764		30,363		77,401		29,145	2014 (A)
Chicago, IL		23,588		45,632		23,588		46,066		69,654		13,830		55,824		30,383	2017 (A)
Brentwood, MO		10,018		32,053		10,018		41,336		51,354		31,258		20,096		—	1998 (A)
East Hanover, NJ		3,847		23,798		3,847		30,081		33,928		17,842		16,086		9,908	2007 (A)
Edgewater, NJ		7,714		30,473		7,714		49,814		57,528		21,915		35,613		—	2007 (A)
Princeton, NJ		17,991		82,063		18,998		131,619		150,617		85,409		65,208		99,862	1997 (A)
Chapel Hill, NC		5,641		3,727		5,641		3,727		9,368		111		9,257		—	2024 (A)
Chapel Hill, NC		4,500		2,892		4,500		2,969		7,469		98		7,371		—	2024 (A)
Stow, OH		993		9,028		993		48,669		49,662		31,779		17,883		—	1969 (C)
Portland, OR		10,122		37,457		10,122		38,639		48,761		6,989		41,772		14,614	2019 (A)
Easton, PA		7,691		20,405		7,691		21,792		29,483		4,372		25,111		17,502	2020 (A)
Richmond, VA		11,879		34,736		11,879		37,883		49,762		21,588		28,174		14,449	2007 (A)
Portfolio Balance(4)		7,562		177,277		7,560		177,277		184,837		124,229		60,608		—
	$	203,194	$	978,644	$	205,622	$	1,220,779	$	1,426,401	$	654,389	$	772,012	$	306,762

(1)The aggregate cost for federal income tax purposes was approximately $1.5 billion at December 31, 2024.

(2)Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows:

Buildings	Useful lives, ranging from 30 to 40 years
Building improvements and fixtures	Useful lives, ranging from 3 to 20 years
Tenant improvements	Shorter of economic life or lease terms

(3)Excludes net loan costs aggregating $5.4 million.

(4)Includes the Company’s Beachwood headquarters and related fixtures and equipment as well as $0.9 million of undeveloped land and $1.8 million of construction in progress at December 31, 2024.

The changes in Total Real Estate Assets are as follows (in thousands):

	For the Year Ended December 31,
	2024			2023			2022
Balance at beginning of year	$	3,820,352		$	4,598,591		$	4,713,523
Acquisitions		17,790		—				37,886
Developments, improvements and expansions		39,397			84,972			91,921
Adjustments of property carrying values (impairments)		(66,600	)	—				(2,536	)
Disposals(A)		(2,384,538	)		(863,211	)		(242,203	)
Balance at end of year	$	1,426,401		$	3,820,352		$	4,598,591

(A)Includes the write-off of fully amortized tenant improvements.

The changes in Accumulated Depreciation and Amortization are as follows (in thousands):

	For the Year Ended December 31,
	2024			2023			2022
Balance at beginning of year	$	1,434,209		$	1,539,338		$	1,473,102
Depreciation for year		93,674			166,061			157,120
Disposals		(873,494	)		(271,190	)		(90,884	)
Balance at end of year	$	654,389		$	1,434,209		$	1,539,338