EX-99.1 2 sitc-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

img153549056_0.jpg

 


 

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

 

 

 


 

 

img153549056_1.jpg

 

SITE Centers Corp.

For additional information:

3300 Enterprise Parkway

Gerald Morgan, EVP and

Beachwood, OH 44122
216-755-5500

Chief Financial Officer

 

FOR IMMEDIATE RELEASE:

SITE Centers Reports Second Quarter 2025 Results

 

Beachwood, Ohio, August 5, 2025 - SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers located primarily in suburban, high household income communities, announced today operating results for the quarter ended June 30, 2025.

 

“The Company sold five properties over the past two months for an aggregate price of $319.0 million and declared aggregate dividends of $4.75 per share. In addition, we have in excess of $190 million of properties awarded to buyers for which due diligence has not yet expired, and are also in earlier stages of the marketing 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 Second Quarter

Second quarter net income attributable to common shareholders was $46.5 million, or $0.88 per diluted share, as compared to net income of $235.5 million, or $4.45 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of lower gain on sale from dispositions, a decrease in rental revenue due to property dispositions and the Curbline spin-off in 2024 and a decrease in interest income, partially offset by a decrease in the write-off of fees related to a mortgage financing commitment, Curbline transaction costs, interest expense, preferred dividend expense and an increase in fee and other income.
Second quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $8.3 million, or $0.16 per diluted share, compared to $55.9 million, or $1.06 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of lower NOI as a result of property dispositions and the spin-off of Curbline Properties and lower interest income partially offset by decreased interest expense, no preferred dividends and decreased debt related charges.
Sold The Promenade at Brentwood (Brentwood, MO) for $71.6 million and Chapel Hills West (Colorado Springs, CO) for $23.7 million, both prior to closing costs, prorations and other closing adjustments. A portion of net proceeds were used to repay $13.9 million of mortgage debt.

Significant Second Quarter Activity and Key Operating Results

Paid a special cash distribution of $1.50 per common share on July 15, 2025.
Reported a leased rate of 88.1% at June 30, 2025 as compared to 91.1% at December 31, 2024 and 91.8% at June 30, 2024, all on a pro rata basis. The June 30, 2024 leased rate has been adjusted to reflect the removal of all properties included in the Curbline Properties spin-off and all properties sold during 2024.
Reported a commenced rate of 87.5% at June 30, 2025 as compared to 90.6% at both December 31, 2024 and June 30, 2024, all on a pro rata basis. The June 30, 2024 commenced rate has been adjusted to reflect the removal of all properties included in the Curbline Properties spin-off and all properties sold during 2024.
Executed four new leases and 13 renewals for 145,000 square feet during the quarter.
In 2025, eliminated the reclassification of general and administrative expense to operating and maintenance expense. For the three and six months ended June 30, 2024, the reported amounts of $2.2 million and $4.8 million, respectively, have been reclassified to conform with the current year presentation.

Recent Activity

In July and August, the Company sold Sandy Plains Village (Roswell, GA) for $25.0 million, Winter Garden Village (Winter Garden, FL) for $165.0 million and Deer Valley Towne Center (Phoenix, AZ) for $33.7 million, all prior to closing costs, prorations and other closing adjustments. A portion of net proceeds were used to repay $40.4 million of mortgage debt.
On August 1, 2025, the Company announced a special cash distribution of $3.25 per common share payable on August 29, 2025.

1


 

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 six month periods ended June 30, 2024.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers located primarily in suburban, high household income communities. 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

2


 

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 June 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.

3


 

SITE Centers Corp.

Income Statement: Consolidated Interests

 

in thousands, except per share

 

 

 

 

 

 

 

 

 

2Q25

 

2Q24

 

6M25

 

6M24

 

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

$30,662

 

$85,536

 

$62,112

 

$177,262

 

Other property revenues

446

 

437

 

9,342

 

1,293

 

 

31,108

 

85,973

 

71,454

 

178,555

 

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance

6,457

 

13,961

 

13,589

 

28,996

 

Real estate taxes

4,690

 

13,173

 

9,411

 

26,890

 

 

11,147

 

27,134

 

23,000

 

55,886

3

 

 

 

 

 

 

 

 

 

Net operating income (2)

19,961

 

58,839

 

48,454

 

122,669

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

JV and other fee income (3)

2,362

 

1,542

 

4,639

 

3,012

 

Interest expense

(5,314)

 

(18,260)

 

(10,879)

 

(36,923)

 

Depreciation and amortization

(12,921)

 

(31,106)

 

(26,173)

 

(65,056)

 

General and administrative (4)

(9,418)

 

(14,878)

 

(18,813)

 

(28,424)

 

Other income (expense), net (5)

(1,155)

 

(2,072)

 

(1,547)

 

925

 

Impairment charges

0

 

0

 

0

 

(66,600)

 

(Loss) before earnings from discontinued operations, JVs and other

(6,485)

 

(5,935)

 

(4,319)

 

(70,397)

 

 

 

 

 

 

 

 

 

 

Equity in net income (loss) of JVs

(68)

 

61

 

(29)

 

78

 

Gain on sale and change in control of interests

0

 

2,669

 

0

 

2,669

 

Gain on disposition of real estate, net

53,236

 

233,316

 

54,265

 

265,030

 

Tax expense

(179)

 

(281)

 

(328)

 

(533)

 

Income from continuing operations

46,504

 

229,830

 

49,589

 

196,847

 

Income from discontinued operations (6)

0

 

8,415

 

0

 

17,846

 

Net income SITE Centers

46,504

 

238,245

 

49,589

 

214,693

 

Preferred dividends

0

 

(2,789)

 

0

 

(5,578)

 

Net income Common Shareholders

$46,504

 

$235,456

 

$49,589

 

$209,115

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic – EPS (7)

52,445

 

52,388

 

52,440

 

52,371

 

Assumed conversion of diluted securities

0

 

439

 

0

 

192

 

Weighted average shares – Diluted – EPS (7)

52,445

 

52,827

 

52,440

 

52,563

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

From continuing operations

$0.88

 

$4.33

 

$0.94

 

$3.65

 

From discontinued operations

0

 

0.16

 

0

 

0.34

 

Total

$0.88

 

$4.49

 

$0.94

 

$3.99

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

From continuing operations

$0.88

 

$4.29

 

$0.94

 

$3.63

 

From discontinued operations

0

 

0.16

 

0

 

0.34

 

Total

$0.88

 

$4.45

 

$0.94

 

$3.97

 

 

 

 

 

 

 

 

 

(1)

Rental income:

 

 

 

 

 

 

 

 

Minimum rents

$19,832

 

$56,721

 

$40,198

 

$116,347

 

Ground lease minimum rents

1,281

 

2,633

 

2,602

 

5,406

 

Straight-line rent, net and amortization of (above)/below-market rent, net

275

 

1,230

 

610

 

2,057

 

Percentage and overage rent

389

 

1,228

 

753

 

3,056

 

Recoveries

7,900

 

22,595

 

16,302

 

46,549

 

Uncollectible revenue

228

 

(53)

 

120

 

465

 

Ancillary and other rental income

389

 

950

 

790

 

2,048

 

Lease termination fees

0

 

232

 

0

 

1,334

 

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

368

 

0

 

737

 

0

 

 

 

 

 

 

 

 

 

(2)

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

1,489

 

40,286

 

3,520

 

85,530

 

 

 

 

 

 

 

 

 

(3)

Curbline SSA fee

800

 

0

 

1,492

 

0

 

Curbline SSA gross up

625

 

0

 

1,256

 

0

 

Embedded Lease SSA

(368)

 

0

 

(737)

 

0

 

 

 

 

 

 

 

 

 

(4)

Other charges related to system conversion

160

 

638

 

675

 

754

 

 

 

 

 

 

 

 

 

(5)

Interest income (fees), net

722

 

8,549

 

1,083

 

15,843

 

Transaction costs and other expenses

(748)

 

(230)

 

(870)

 

(526)

 

Curbline SSA gross up

(625)

 

0

 

(1,256)

 

0

 

Debt extinguishment costs

(504)

 

(9,598)

 

(504)

 

(10,263)

 

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

0

 

(793)

 

0

 

(4,129)

 

 

 

 

 

 

 

 

 

(6)

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

 

 

 

 

 

 

 

 

 

(7)

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

 

4


 

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

 

 

in thousands, except per share

 

 

 

 

 

2Q25

 

2Q24

 

6M25

 

6M24

 

Net income attributable to Common Shareholders

$46,504

 

$235,456

 

$49,589

 

$209,115

 

Depreciation and amortization of real estate

12,054

 

29,870

 

24,468

 

62,489

 

Equity in net income (loss) of JVs

68

 

(61)

 

29

 

(78)

 

JVs' FFO

1,545

 

1,564

 

3,138

 

3,148

 

Discontinued operations' depreciation and amortization of real estate

0

 

9,333

 

0

 

18,533

 

Impairment of real estate

0

 

0

 

0

 

66,600

 

Gain on sale and change in control of interests

0

 

(2,669)

 

0

 

(2,669)

 

Gain on disposition of real estate, net

(53,236)

 

(233,316)

 

(54,265)

 

(265,030)

 

FFO attributable to Common Shareholders

$6,935

 

$40,177

 

$22,959

 

$92,108

 

Gain on debt retirement

0

 

(277)

 

0

 

(1,037)

 

Loss on derivative instruments

0

 

1,070

 

0

 

5,166

 

Discontinued operations' transaction and debt extinguishment costs

0

 

4,142

 

0

 

7,244

 

Debt extinguishment, transaction and other (at SITE's share)

1,252

 

9,941

 

1,374

 

10,978

 

Condemnation revenue

0

 

0

 

(8,379)

 

0

 

Other charges

160

 

830

 

675

 

1,225

 

Total non-operating items, net

1,412

 

15,706

 

(6,330)

 

23,576

 

Operating FFO attributable to Common Shareholders

$8,347

 

$55,883

 

$16,629

 

$115,684

 

 

 

 

 

 

 

 

 

 

Weighted average shares & units  Basic: FFO & OFFO (1)

52,445

 

52,388

 

52,440

 

52,371

 

Assumed conversion of dilutive securities (1)

0

 

181

 

0

 

192

 

Weighted average shares & units – Diluted: FFO & OFFO (1)

52,445

 

52,569

 

52,440

 

52,563

 

 

 

 

 

 

 

 

 

 

FFO per share – Basic (1)

$0.13

 

$0.77

 

$0.44

 

$1.76

 

FFO per share – Diluted (1)

$0.13

 

$0.76

 

$0.44

 

$1.75

 

Operating FFO per share – Basic (1)

$0.16

 

$1.07

 

$0.32

 

$2.21

 

Operating FFO per share – Diluted (1)

$0.16

 

$1.06

 

$0.32

 

$2.20

 

Common stock dividends declared, per share (1)

$1.50

 

$0.52

 

$1.50

 

$1.04

 

 

 

 

 

 

 

 

 

 

Capital expenditures (SITE Centers share) (2):

 

 

 

 

 

 

 

 

Redevelopment costs

0

 

2,336

 

0

 

5,011

 

Maintenance capital expenditures

540

 

1,940

 

887

 

3,128

 

Tenant allowances and landlord work

708

 

8,402

 

1,771

 

17,927

 

Leasing commissions

179

 

1,671

 

464

 

2,862

 

Construction administrative costs (capitalized)

517

 

705

 

957

 

1,524

 

 

 

 

 

 

 

 

 

 

Certain non-cash items (SITE Centers share) (2):

 

 

 

 

 

 

 

 

Straight-line rent

133

 

1,051

 

328

 

1,354

 

Straight-line fixed CAM

16

 

59

 

30

 

122

 

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

261

 

305

 

401

 

979

 

Straight-line ground rent expense (income)

21

 

(1)

 

40

 

(6)

 

Debt fair value and loan cost amortization

(904)

 

(1,419)

 

(1,600)

 

(2,851)

 

Capitalized interest expense

11

 

178

 

40

 

471

 

Stock compensation expense

(316)

 

(2,257)

 

(701)

 

(4,288)

 

Non-real estate depreciation expense

(870)

 

(1,237)

 

(3)

 

(2,569)

 

 

 

 

 

 

 

 

 

(1)

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

 

 

 

 

 

 

 

 

 

(2)

Excludes amounts from discontinued operations for all prior year periods

 

5


 

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

 

$ in thousands

 

 

 

 

 

At Period End

 

 

2Q25

 

4Q24

 

Assets:

 

 

 

 

Land

$190,585

 

$204,722

 

Buildings

907,838

 

964,845

 

Fixtures and tenant improvements

238,653

 

254,152

 

 

1,337,076

 

1,423,719

 

Depreciation

(628,703)

 

(654,389)

 

 

708,373

 

769,330

 

Construction in progress and land

2,671

 

2,682

 

Real estate, net

711,044

 

772,012

 

 

 

 

 

 

Investments in and advances to JVs

29,895

 

30,431

 

Cash

153,789

 

54,595

 

Restricted cash

8,733

 

13,071

 

Receivables and straight-line rents (1)

19,791

 

25,437

 

Intangible assets, net (2)

26,641

 

28,759

 

Amounts receivable from Curbline

347

 

1,771

 

Other assets, net

8,800

 

7,526

 

Total Assets

959,040

 

933,602

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Secured debt

288,442

 

301,373

 

Dividends payable

79,054

 

0

 

Amounts payable to Curbline

31,287

 

33,762

 

Other liabilities (3)

73,575

 

81,723

 

Total Liabilities

472,358

 

416,858

 

 

 

 

 

 

Common shares

5,247

 

5,247

 

Paid-in capital

3,981,212

 

3,981,597

 

Distributions in excess of net income

(3,502,923)

 

(3,473,458)

 

Deferred compensation

0

 

8,041

 

Accumulated other comprehensive income

4,192

 

5,472

 

Common shares in treasury at cost

(1,046)

 

(10,155)

 

Total Equity

486,682

 

516,744

 

 

 

 

 

 

Total Liabilities and Equity

$959,040

 

$933,602

 

 

 

 

 

(1)

Straight-line rents (including fixed CAM), net

$8,202

 

$8,653

 

 

 

 

 

(2)

Operating lease right of use assets

15,268

 

15,818

 

 

 

 

 

(3)

Operating lease liabilities

34,942

 

35,532

 

Below-market leases, net

8,780

 

9,306

 

 

 

 

 

 

6


 

SITE Centers Corp.

Portfolio Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/30/2025

 

3/31/2025

 

12/31/2024

 

9/30/2024 (1)

 

6/30/2024 (1)

Shopping Center Count

 

 

 

 

 

 

 

 

 

 

Operating Centers - 100%

 

31

 

33

 

33

 

33

 

33

Wholly Owned

 

20

 

22

 

22

 

22

 

22

JV Portfolio

 

11

 

11

 

11

 

11

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Leasable Area (GLA)

 

 

 

 

 

 

 

 

 

 

Owned and Ground Lease - Pro Rata Share

 

5,355

 

5,918

 

5,918

 

5,917

 

5,916

Wholly Owned

 

4,497

 

5,060

 

5,060

 

5,060

 

5,059

JV Portfolio - Pro Rata Share

 

858

 

858

 

858

 

857

 

857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Operational Overview

 

 

 

 

 

 

 

 

 

 

Pro Rata Share

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$19.83

 

$19.75

 

$19.64

 

$19.60

 

$19.62

Base Rent PSF < 10K

 

$31.19

 

$31.46

 

$31.35

 

$31.12

 

$30.87

Base Rent PSF > 10K

 

$15.99

 

$16.12

 

$16.05

 

$16.05

 

$16.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced Rate

 

87.5%

 

89.4%

 

90.6%

 

89.8%

 

90.6%

Commenced Rate < 10K SF

 

85.6%

 

85.9%

 

85.8%

 

84.8%

 

84.5%

Commenced Rate > 10K SF

 

88.1%

 

90.5%

 

92.1%

 

91.4%

 

92.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Rate

 

88.1%

 

89.8%

 

91.1%

 

91.3%

 

91.8%

Leased Rate < 10K SF

 

87.3%

 

87.1%

 

86.9%

 

87.0%

 

86.8%

Leased Rate > 10K SF

 

88.4%

 

90.6%

 

92.4%

 

92.7%

 

93.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Top 10 MSA Exposure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSA

Properties

 

GLA

 

% of GLA

 

ABR

 

% of ABR

 

ABR PSF

1

 

Chicago-Naperville-Elgin, IL-IN-WI

4

 

613

 

11.4%

 

$13,996

 

16.2%

 

$30.62

2

 

Trenton, NJ

1

 

759

 

14.2%

 

12,000

 

13.9%

 

$18.38

3

 

Orlando-Kissimmee-Sanford, FL

1

 

629

 

11.7%

 

10,597

 

12.2%

 

$21.28

4

 

Phoenix-Mesa-Chandler, AZ

3

 

501

 

9.4%

 

7,186

 

8.3%

 

$19.41

5

 

Los Angeles-Long Beach-Anaheim, CA

1

 

390

 

7.3%

 

6,809

 

7.9%

 

$25.83

6

 

Atlanta-Sandy Springs-Alpharetta, GA

3

 

591

 

11.0%

 

6,658

 

7.7%

 

$15.18

7

 

Cleveland-Elyria, OH

1

 

406

 

7.6%

 

5,133

 

5.9%

 

$12.92

8

 

New York-Newark-Jersey City, NY-NJ-PA

3

 

196

 

3.7%

 

4,665

 

5.4%

 

$25.80

9

 

Allentown-Bethlehem-Easton, PA-NJ

1

 

251

 

4.7%

 

4,291

 

5.0%

 

$16.30

10

 

Richmond, VA

2

 

159

 

3.0%

 

3,369

 

3.9%

 

$21.48

 

 

Other

11

 

860

 

16.1%

 

11,808

 

13.6%

 

$17.00

 

 

Total

31

 

5,355

 

100.0%

 

$86,512

 

100.0%

 

$19.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: $ and GLA in thousands except shopping center count and Base Rent PSF (Base Rent PSF excludes ground leases), Top 10 MSA figures for SITE at share except for property count. All results exclude the Company's owned Beachwood, OH headquarters office buildings.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Amounts have been adjusted to reflect the removal of properties included in the Curbline Properties spin-off and assets sold in 2024.

 

7


 

SITE Centers Corp.

Capital Structure

 

$, shares and units in thousands, except per share

 

 

 

 

 

 

 

 

 

 

June 30, 2025

 

December 31, 2024

Capital Structure

 

 

 

 

 

 

Market Value Per Share

 

 

 

$11.31

 

$15.29

 

 

 

 

 

 

 

Common Shares Outstanding

 

 

 

52,445

 

52,430

 

 

 

 

 

 

 

Common Shares Equity

 

 

 

$593,153

 

$801,655

 

 

 

 

 

 

 

Mortgage Debt (includes JVs at SITE share)

 

 

 

398,331

 

413,318

Less: Cash (including restricted cash and JV's at SITE share)1

 

 

 

173,513

 

77,071

Net Debt

 

 

 

224,818

 

336,247

 

 

 

 

 

 

 

Total Market Capitalization

 

 

 

$817,971

 

$1,137,902

 

 

 

 

 

 

 

1 Excludes Dividends payable of $79.1 million at June 30, 2025.

 

 

 

 

 

 

 

 

 

SITE Centers Corp.

Debt Detail

 

$ in thousands

 

 

 

 

 

 

 

 

Balance
100%

 

Balance
SITE Share

 

Maturity
Date

 

Contractual Interest Rate at 6/30/2025

 

 

 

 

 

 

 

 

Mortgage Debt

 

 

 

 

 

 

 

Deer Park Town Center, IL(1)

$60,648

 

$30,173

 

12/26

 

SOFR + 200

SITE Loan Pool (12 assets)(2)

192,985

 

192,985

 

09/28

 

SOFR + 275

Nassau Park Pavilion, NJ

99,053

 

99,053

 

11/28

 

6.66%

DTP Loan Pool (10 assets)

380,600

 

76,120

 

01/29

 

6.38%

 

$733,286

 

$398,331

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

$292,038

 

$292,038

 

 

 

 

Unconsolidated

441,248

 

106,293

 

 

 

 

Consolidated & Unconsolidated Debt Subtotal

733,286

 

398,331

 

 

 

 

Unamortized Loan Costs, Net

(16,924)

 

(6,284)

 

 

 

 

Total Consolidated & Unconsolidated Debt

$716,362

 

$392,047

 

 

 

 

 

 

 

 

 

 

 

 

Rate Type

 

 

 

 

Weighted Average Years

 

Weighted Average Interest Rate

Fixed

$479,653

 

$175,173

 

3.4 years

 

6.54%

Variable

253,633

 

223,158

 

3.0 years

 

6.79%

 

$733,286

 

$398,331

 

3.3 years

 

6.68%

 

 

 

 

 

 

 

 

Note: Maturity dates assume all borrower extension options are exercised.

(1) 3.00% SOFR Interest Rate Cap through December 2025. Debt shown at share including promote.

(2) 6.25% SOFR Interest Rate Cap through September 2026.

 

 

8


 

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

 

 

 

 

 

 

 

 

 

 

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

4Q24

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

3Q24

5

6,455

$32.22

9.1%

10.0

 

10

21,258

$27.65

9.9

 

8

15,802

$29.16

(7.3%)

10.9

 

19

42,998

$28.53

10.2

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

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

4Q24

5

21,015

$21.34

10.6%

5.0

 

5

21,015

$21.34

5.0

3Q24

37

238,382

$20.41

6.6%

6.1

 

37

238,382

$20.41

6.1

 

72

457,961

$21.51

3.7%

6.8

 

72

457,961

$21.51

6.8

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

 

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

4Q24

5

21,015

$21.34

10.6%

5.0

 

5

21,015

$21.34

5.0

3Q24

42

244,837

$20.73

6.7%

6.2

 

47

259,640

$21.01

6.5

 

80

473,763

$21.76

3.1%

6.9

 

91

500,959

$22.11

7.0

 

Net Effective Rents

 

 

 

 

 

 

 

 

 

 

 

Capex PSF

NER

% of GLA

 

GLA

ABR PSF

TA

LL Work

LC

Total

PSF

Term

>10K SF

<10K SF

New Leases

 

 

 

 

 

 

 

 

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%

4Q24

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

0%

0%

3Q24

21,258

$29.77

$3.39

$0.01

$1.55

$4.95

$24.82

9.9

45%

55%

 

42,998

$31.96

$2.59

$0.01

$1.64

$4.24

$27.72

10.2

30%

70%

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

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%

4Q24

21,015

$21.59

$0.00

$0.00

$0.00

$0.00

$21.59

5.0

0%

100%

3Q24

238,382

$20.71

$0.18

$0.00

$0.05

$0.23

$20.48

6.1

77%

23%

 

457,961

$22.11

$1.53

$0.00

$0.03

$1.56

$20.55

6.8

72%

28%

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

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%

4Q24

21,015

$21.59

$0.00

$0.00

$0.00

$0.00

$21.59

5.0

0%

100%

3Q24

259,640

$21.45

$0.59

$0.00

$0.24

$0.83

$20.62

6.5

74%

26%

 

500,959

$22.95

$1.66

$0.00

$0.23

$1.89

$21.06

7.0

68%

32%

 

 

 

 

 

 

 

 

 

 

 

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. Prior quarters have been adjusted to reflect the removal of properties included in the Curbline Properties spin-off and assets sold in 2024.

 

9


 

SITE Centers Corp.

Lease Expirations

 

At pro rata share except for count; $ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes no exercise of lease options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

0

 

0

0.0%

$0

0.0%

 

$0.00

 

11

 

18

1.6%

$550

1.6%

 

$30.56

 

11

 

18

0.4%

$550

0.6%

 

$30.56

2025

0

 

0

0.0%

0

0.0%

 

$0.00

 

18

 

38

3.3%

1,143

3.3%

 

$30.08

 

18

 

38

0.8%

1,143

1.3%

 

$30.08

2026

23

 

375

10.6%

4,543

8.8%

 

$12.11

 

74

 

143

12.4%

3,969

11.3%

 

$27.76

 

97

 

518

11.1%

8,512

9.8%

 

$16.43

2027

29

 

592

16.7%

10,062

19.6%

 

$17.00

 

65

 

171

14.9%

5,172

14.8%

 

$30.25

 

94

 

763

16.3%

15,234

17.6%

 

$19.97

2028

34

 

662

18.7%

9,165

17.8%

 

$13.84

 

70

 

139

12.1%

4,247

12.1%

 

$30.55

 

104

 

801

17.1%

13,412

15.5%

 

$16.74

2029

22

 

493

13.9%

7,685

14.9%

 

$15.59

 

69

 

164

14.3%

5,208

14.9%

 

$31.76

 

91

 

657

14.0%

12,893

14.9%

 

$19.62

2030

21

 

356

10.1%

5,168

10.0%

 

$14.52

 

60

 

148

12.9%

4,390

12.5%

 

$29.66

 

81

 

504

10.8%

9,558

11.0%

 

$18.96

2031

11

 

309

8.7%

3,141

6.1%

 

$10.17

 

21

 

58

5.0%

1,688

4.8%

 

$29.10

 

32

 

367

7.8%

4,829

5.6%

 

$13.16

2032

4

 

72

2.0%

747

1.5%

 

$10.38

 

32

 

88

7.7%

2,639

7.5%

 

$29.99

 

36

 

160

3.4%

3,386

3.9%

 

$21.16

2033

9

 

118

3.3%

2,061

4.0%

 

$17.47

 

30

 

73

6.3%

2,534

7.2%

 

$34.71

 

39

 

191

4.1%

4,595

5.3%

 

$24.06

2034

7

 

212

6.0%

2,746

5.3%

 

$12.95

 

25

 

67

5.8%

2,187

6.2%

 

$32.64

 

32

 

279

6.0%

4,933

5.7%

 

$17.68

Thereafter

12

 

346

9.8%

6,133

11.9%

 

$17.73

 

22

 

43

3.7%

1,334

3.8%

 

$31.02

 

34

 

389

8.3%

7,467

8.6%

 

$19.20

Total

172

 

3,535

100.0%

$51,451

100.0%

 

$14.55

 

497

 

1,150

100.0%

$35,061

100.0%

 

$30.49

 

669

 

4,685

100.0%

$86,512

100.0%

 

$18.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signed Not Open

2

 

9

 

$144

 

 

$16.00

 

11

 

24

 

$781

 

 

$32.54

 

13

 

33

 

$925

 

 

$28.03

Vacant

22

 

467

 

 

 

 

 

 

92

 

171

 

 

 

 

 

 

114

 

638

 

 

 

 

 

 

 

 

 

 

Assumes all lease options are exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

0

 

0

0.0%

$0

0.0%

 

$0.00

 

10

 

16

1.4%

$528

1.5%

 

$33.00

 

10

 

16

0.3%

$528

0.6%

 

$33.00

2025

0

 

0

0.0%

0

0.0%

 

$0.00

 

15

 

31

2.7%

831

2.4%

 

$26.81

 

15

 

31

0.7%

831

1.0%

 

$26.81

2026

4

 

77

2.2%

1,681

3.3%

 

$21.83

 

40

 

70

6.1%

1,851

5.3%

 

$26.44

 

44

 

147

3.1%

3,532

4.1%

 

$24.03

2027

4

 

20

0.6%

366

0.7%

 

$18.30

 

31

 

72

6.3%

2,181

6.2%

 

$30.29

 

35

 

92

2.0%

2,547

2.9%

 

$27.68

2028

9

 

125

3.5%

1,912

3.7%

 

$15.30

 

45

 

78

6.8%

2,660

7.6%

 

$34.10

 

54

 

203

4.3%

4,572

5.3%

 

$22.52

2029

4

 

70

2.0%

1,437

2.8%

 

$20.53

 

47

 

94

8.2%

3,058

8.7%

 

$32.53

 

51

 

164

3.5%

4,495

5.2%

 

$27.41

2030

4

 

63

1.8%

1,070

2.1%

 

$16.98

 

34

 

62

5.4%

1,735

4.9%

 

$27.98

 

38

 

125

2.7%

2,805

3.2%

 

$22.44

2031

7

 

60

1.7%

776

1.5%

 

$12.93

 

27

 

44

3.8%

1,202

3.4%

 

$27.32

 

34

 

104

2.2%

1,978

2.3%

 

$19.02

2032

7

 

163

4.6%

2,903

5.6%

 

$17.81

 

38

 

91

7.9%

2,835

8.1%

 

$31.15

 

45

 

254

5.4%

5,738

6.6%

 

$22.59

2033

10

 

139

3.9%

2,633

5.1%

 

$18.94

 

22

 

52

4.5%

1,336

3.8%

 

$25.69

 

32

 

191

4.1%

3,969

4.6%

 

$20.78

2034

3

 

73

2.1%

1,316

2.6%

 

$18.03

 

27

 

75

6.5%

2,477

7.1%

 

$33.03

 

30

 

148

3.2%

3,793

4.4%

 

$25.63

Thereafter

120

 

2,745

77.7%

37,357

72.6%

 

$13.61

 

161

 

465

40.4%

14,367

41.0%

 

$30.90

 

281

 

3,210

68.5%

51,724

59.8%

 

$16.11

Total

172

 

3,535

100.0%

$51,451

100.0%

 

$14.55

 

497

 

1,150

100.0%

$35,061

100.0%

 

$30.49

 

669

 

4,685

100.0%

$86,512

100.0%

 

$18.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Includes ground leases.

 

 

 

 

 

 

 

 

10


 

SITE Centers Corp.

Top 30 Tenants

 

$ and GLA in thousands

 

 

 

 

 

 

 

 

 

Number of Units

Base Rent

Owned GLA

 

 

Tenant

WO

JV

Total

Pro Rata

% of Total

At 100%

Pro Rata

% of Total

At 100%

1

 

TJX Companies (1)

9

9

18

4,376

5.1%

6,486

287

5.4%

466

2

 

Kroger (2)

2

0

2

3,494

4.0%

3,494

124

2.3%

124

3

 

Burlington

3

1

4

3,116

3.6%

3,500

150

2.8%

184

4

 

LA Fitness (3)

3

0

3

3,104

3.6%

3,104

135

2.5%

135

5

 

Dick's Sporting Goods (4)

3

5

8

3,087

3.6%

5,208

193

3.6%

358

6

 

Best Buy

3

3

6

2,802

3.2%

4,372

166

3.1%

279

7

 

PetSmart

5

3

8

2,345

2.7%

3,102

133

2.5%

176

8

 

Ross Stores

4

6

10

2,074

2.4%

3,880

153

2.9%

298

9

 

Michaels

4

4

8

1,635

1.9%

2,616

111

2.1%

188

10

 

Cinemark

1

1

2

1,300

1.5%

1,300

100

1.9%

124

11

 

Cineworld (Regal Cinemas)

2

0

2

1,250

1.4%

1,250

91

1.7%

91

12

 

Five Below

7

5

12

1,241

1.4%

1,905

75

1.4%

110

13

 

Gap (5)

3

7

10

1,180

1.4%

2,574

67

1.3%

149

14

 

At Home

1

0

1

1,110

1.3%

1,110

143

2.7%

143

15

 

Kohl's

1

3

4

1,104

1.3%

2,748

134

2.5%

324

16

 

Whole Foods

1

0

1

1,070

1.2%

1,070

42

0.8%

42

17

 

Wegmans

1

0

1

1,048

1.2%

1,048

117

2.2%

117

18

 

AMC Theatres

0

3

3

1,037

1.2%

5,183

46

0.9%

232

19

 

Barnes & Noble

2

1

3

1,018

1.2%

1,178

55

1.0%

71

20

 

Ulta

3

5

8

994

1.1%

1,883

42

0.8%

86

21

 

Giant Eagle

1

0

1

934

1.1%

934

91

1.7%

91

22

 

Marcus Corporation

1

0

1

856

1.0%

856

44

0.8%

44

23

 

Staples

2

1

3

740

0.9%

967

45

0.8%

61

24

 

Nordstrom Rack

1

0

1

731

0.8%

731

37

0.7%

37

25

 

Gold's Gym

1

0

1

720

0.8%

720

30

0.6%

30

26

 

Caleres Inc.

4

1

5

719

0.8%

917

32

0.6%

40

27

 

Dollar Tree Stores

5

3

8

622

0.7%

934

58

1.1%

88

28

 

Haverty's

1

0

1

608

0.7%

608

35

0.7%

35

29

 

MTY Group (6)

6

2

8

592

0.7%

648

15

0.3%

17

30

 

Publix Supermarkets

1

1

2

572

0.7%

932

56

1.0%

100

 

 

Top 30 Total

81

64

145

$45,479

52.6%

$65,258

2,807

52.4%

4,240

 

 

Total Portfolio

 

 

 

$86,512

100.0%

$129,240

5,355

100.0%

8,252

 

 

 

 

 

 

 

 

 

 

 

 

(1) T.J. Maxx (3) / Marshalls (6) / HomeGoods (5) / Sierra Trading (2) / HomeSense (2)

(2) Harris Teeter (1) / Mariano's (1)

 

(3) LA Fitness (2) / Xsport Fitness (1)

 

(4) Dick's Sporting Goods (7) / Golf Galaxy (1)

 

 

(5) Gap (2) / Old Navy (7) / Banana Republic (1)

 

 

 

 

 

(6) Cold Stone Creamery (4) / Blimpie's (1) / Famous Dave's (1) / Planet Smoothie (1) / Samurai Sam's (1)

 

 

 

 

 

 

 

 

11


 

SITE Centers Corp.

Transactions

 

$ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

SITE

 

Owned

 

Price

 

 

Property Name

MSA

Own %

 

GLA

 

At 100%

 

At Share

Dispositions

 

 

 

 

 

 

 

 

 

 

 

1Q 2025 Total

 

 

0

 

$0

 

$0

 

 

 

 

 

 

 

 

 

 

 

06/12/25

 

The Promenade at Brentwood

St. Louis, MO-IL

100%

 

338

 

$71,600

 

$71,600

06/16/25

 

Chapel Hills West

Denver-Aurora-Lakewood, CO

100%

 

225

 

23,650

 

23,650

 

 

 

2Q 2025 Total

 

 

563

 

$95,250

 

$95,250

 

 

 

 

 

 

 

 

 

 

 

07/21/25

 

Sandy Plains Village

Atlanta-Sandy Springs-Roswell, GA

100%

 

174

 

$25,000

 

$25,000

08/01/25

 

Deer Valley Towne Center

Phoenix-Mesa-Chandler, AZ

100%

 

152

 

33,725

 

33,725

08/01/25

 

Winter Garden Village

Orlando-Kissimmee-Sanford, FL

100%

 

629

 

165,000

 

165,000

 

 

 

3Q2025 QTD

 

 

955

 

$223,725

 

$223,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2025 YTD

 

 

1,518

 

$318,975

 

$318,975

 

 

 

 

 

 

 

 

 

 

 

 

 

12


 

SITE Centers Corp.

Unconsolidated Joint Ventures

 

$ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint Venture

 

SITE
Own %

 

Number of Properties

 

Owned
GLA

 

Leased Rate

 

ABR

 

2Q25 NOI
at 100% (1)

 

Gross
RE Assets

 

Debt Balance
at 100% (2)

Chinese Institutional Investors
   DTP

 

20%

 

10

 

3,397

 

92.5%

 

$15.23

 

$12,926

 

$602,438

 

$380,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prudential
   RVIP IIIB, Deer Park, IL (3)

 

50%

 

1

 

358

 

83.9%

 

$37.73

 

2,089

 

111,402

 

60,648

Total

 

 

 

11

 

3,755

 

 

 

 

 

$15,015

 

$713,840

 

$441,248

Property management fees

 

 

 

 

 

 

 

 

 

 

 

695

(1)

 

 

 

NOI from assets sold in prior quarters

 

 

 

 

 

 

 

 

 

 

 

15

 

 

 

 

Net operating income

 

 

 

 

 

 

 

 

 

 

 

$15,725

(4)

 

 

 

 

(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 14 in the Other Expense, net line item.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Excludes unamortized loan costs, net of $13.3 million or $2.7 million at SITE's share.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3) Ownership shown at share including promote.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

13


 

SITE Centers Corp.

Unconsolidated Joint Ventures

 

Combined SITE JV Pro Rata Adjustments (1)

 

 

 

 

 

Income Statement Pro Rata Adjustments 2Q25

 

Balance Sheet Pro Rata Adjustments 2Q25

Revenues:

 

 

Assets:

 

Rental income (2)

$5,052

 

Land

$35,067

Other income (3)

40

 

Buildings

122,725

 

5,092

 

Improvements

18,116

Expenses:

 

 

 

175,908

Operating and maintenance

704

 

Depreciation

(56,525)

Real estate taxes

590

 

 

119,383

 

1,294

 

Construction in progress and land

3

Net operating income

3,798

 

Real estate, net

119,386

 

 

 

Investment in JVs

452

Other income (expense):

 

 

Cash and restricted cash

10,991

Fee income

0

 

Receivables, net

2,162

Interest expense

(1,913)

 

Other assets, net

4,164

Depreciation and amortization

(1,598)

 

Total Assets

137,155

Other income (expense), net

(344)

 

 

 

(Loss) before earnings from JVs

(57)

 

Liabilities and Equity:

 

Equity in net loss of JVs

68

 

Mortgage debt

103,604

Basis differences of JVs

(12)

 

Notes payable to SITE

521

Gain on disposition of real estate

1

 

Other liabilities

7,503

Net income

$0

 

Total Liabilities

111,628

 

 

 

JVs share of equity

452

FFO Reconciliation 2Q25

 

Distributions in excess of net income

25,075

Income before earnings from JVs

($57)

 

Total Equity

25,527

Depreciation and amortization

1,598

 

Total Liabilities and Equity

$137,155

Basis differences of JVs

4

 

 

 

FFO at SITE's ownership interests

$1,545

 

 

 

OFFO at SITE's ownership interests

$1,545

 

 

 

 

 

 

 

 

(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

$3,404

 

 

 

     Ground lease minimum rents

136

 

 

 

     Straight-line rent, net

23

 

 

 

     Amortization of (above) below market rent, net

301

 

 

 

     Percentage and overage rent

78

 

 

 

     Recoveries

1,116

 

 

 

     Uncollectible revenue

(6)

 

 

 

 

 

 

 

 

(3) Other Income:

 

 

 

 

     Ancillary and other rental income

40

 

 

 

     Lease termination fees

0

 

 

 

 

 

 

 

 

 

14


 

SITE Centers Corp.

Unconsolidated Joint Ventures at 100%

$ in thousands

 

 

 

 

 

 

 

 

Combined Income Statement

 

 

2Q25

 

2Q24

 

6M25

 

6M24

Revenues:

 

 

 

 

 

 

 

 

Rental income (1)

 

$20,478

 

$20,926

 

$40,380

 

$42,684

Other income (2)

 

151

 

323

 

1,174

 

619

 

 

20,629

 

21,249

 

41,554

 

43,303

Expenses:

 

 

 

 

 

 

 

 

Operating and maintenance

 

2,678

 

3,126

 

5,509

 

6,420

Real estate taxes

 

2,226

 

2,480

 

4,577

 

5,054

 

 

4,904

 

5,606

 

10,086

 

11,474

 

 

 

 

 

 

 

 

 

Net operating income

 

15,725

 

15,643

 

31,468

 

31,829

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense

 

(8,080)

 

(7,902)

 

(16,088)

 

(16,173)

Depreciation and amortization

 

(6,340)

 

(6,785)

 

(12,384)

 

(13,930)

Other expense, net

 

(1,394)

 

(2,048)

 

(2,782)

 

(3,944)

 

 

(89)

 

(1,092)

 

214

 

(2,218)

Gain on disposition of real estate, net

 

5

 

8,426

 

1

 

8,397

Net income (loss) attributable to unconsolidated JVs

 

(84)

 

7,334

 

215

 

6,179

Depreciation and amortization

 

6,340

 

6,785

 

12,384

 

13,930

Gain on disposition of real estate, net

 

(5)

 

(8,426)

 

(1)

 

(8,397)

FFO

 

$6,251

 

$5,693

 

$12,598

 

$11,712

FFO at SITE's ownership interests

 

$1,545

 

$1,564

 

$3,138

 

$3,148

Operating FFO at SITE's ownership interests

 

$1,545

 

$1,676

 

$3,138

 

$3,337

 

 

 

 

 

 

 

 

 

(1) Rental Income:

 

 

 

 

 

 

 

 

     Minimum rents

 

$13,591

 

$14,534

 

$27,199

 

$29,481

     Ground lease minimum rents

 

682

 

726

 

1,382

 

1,460

     Straight-line rent, net

 

84

 

157

 

169

 

291

     Amortization of (above) below market rent, net

 

1,506

 

399

 

1,981

 

985

     Percentage and overage rent

 

164

 

118

 

460

 

363

     Recoveries

 

4,482

 

4,898

 

9,001

 

9,764

     Uncollectible revenue

 

(31)

 

94

 

188

 

340

(2) Other Income:

 

 

 

 

 

 

 

 

     Ancillary and other rental income

 

151

 

247

 

364

 

543

     Lease termination fees

 

0

 

76

 

810

 

76

 

 

 

 

 

 

 

 

 

Combined Balance Sheet

 

 

 

 

At Period End

 

 

 

 

 

 

6M25

 

4Q24

Assets:

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

$159,567

 

$159,567

Buildings

 

 

 

 

 

496,012

 

494,062

Improvements

 

 

 

 

 

58,248

 

55,526

 

 

 

 

 

 

713,827

 

709,155

Depreciation

 

 

 

 

 

(176,534)

 

(166,534)

 

 

 

 

 

 

537,293

 

542,621

Construction in progress and land

 

 

 

 

 

13

 

352

Real estate, net

 

 

 

 

 

537,306

 

542,973

Cash and restricted cash

 

 

 

 

 

32,654

 

25,750

Receivables, net

 

 

 

 

 

8,320

 

9,660

Other assets, net

 

 

 

 

 

16,786

 

17,823

Total Assets

 

 

 

 

 

595,066

 

596,206

 

 

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

 

 

 

 

Mortgage debt

 

 

 

 

 

427,920

 

426,462

Notes and accrued interest payable to SITE

 

 

 

 

 

1,977

 

1,894

Other liabilities

 

 

 

 

 

32,090

 

32,533

Total Liabilities

 

 

 

 

 

461,987

 

460,889

Accumulated equity

 

 

 

 

 

133,079

 

135,317

Total Equity

 

 

 

 

 

133,079

 

135,317

Total Liabilities and Equity

 

 

 

 

 

$595,066

 

$596,206

 

15


 

SITE CENTERS

Property List as of June 30, 2025

Note: GLA in thousands. Anchors include tenants greater than 20K SF.

 

 

 

 

 

 

 

 

#

Center

Location

ST

SITE Own %

JV

Owned
GLA

Population (000's)

Leased Rate

Average Household Income ($000's)

ABR
PSF

Anchor Tenants

1

Ahwatukee Foothills Towne Center

Phoenix

AZ

20%

DTP

691

154

81.5%

$88

$20.37

AMC Theatres, Best Buy, Burlington, Golf Galaxy, HomeGoods, Lina Home Furnishings, Marshalls, Michaels, Ross Dress for Less, Sprouts Farmers Market

2

Deer Valley Towne Center (1)

Phoenix

AZ

100%

 

152

249

100.0%

$69

$19.13

Michaels, PetSmart, Ross Dress for Less

3

Paradise Village Gateway (1)

Phoenix

AZ

100%

 

211

101

49.9%

$110

$19.21

PetSmart, Ross Dress for Less, Sun & Ski Sports

4

The Pike Outlets

Long Beach

CA

100%

 

390

344

94.5%

$69

$25.20

Cinemark, Gold's Gym, H & M, Nike, Restoration Hardware

5

FlatAcres MarketCenter (1)

Parker

CO

100%

 

136

95

81.9%

$118

$18.05

24 Hour Fitness, Michaels

6

Parker Pavilions (1)

Parker

CO

100%

 

51

95

100.0%

$118

$17.22

Office Depot

7

Connecticut Commons

Plainville

CT

20%

DTP

561

162

97.9%

$76

$14.30

Aldi, AMC Theatres, Dick's Sporting Goods, DSW, Kohl's, Lowe's, Marshalls, PetSmart

8

Shoppes at Paradise Pointe

Fort Walton Beach

FL

100%

 

73

60

88.0%

$65

$12.87

Publix

9

Winter Garden Village

Winter Garden

FL

100%

 

629

96

89.3%

$100

$18.88

Bealls, Best Buy, Burlington, Havertys, LA Fitness, Market by Macy's, Marshalls, PetSmart, Ross Dress for Less, Staples

10

Perimeter Pointe (1)

Atlanta

GA

100%

 

360

126

57.9%

$116

$17.26

Dick's Sporting Goods, LA Fitness, Regal Cinemas

11

Towne Center Prado

Marietta

GA

20%

DTP

287

126

90.3%

$78

$12.29

Going Going Gone, Publix, Ross Dress for Less

12

Sandy Plains Village (1)

Roswell

GA

100%

 

174

85

95.0%

$126

$14.75

Movie Tavern, Painted Tree Marketplace

13

3030 North Broadway (1)

Chicago

IL

100%

 

132

757

100.0%

$113

$35.63

Mariano's

14

The Maxwell (1)

Chicago

IL

100%

 

240

979

59.0%

$98

$26.30

Burlington, Nordstrom Rack

15

Deer Park Town Center

Deer Park

IL

50%

RVIP IIIB

358

130

83.9%

$116

$37.73

Century Theatre, Crate & Barrel, Gap

16

Brookside Marketplace

Tinley Park

IL

20%

DTP

317

177

98.9%

$89

$15.84

Best Buy, Dick's Sporting Goods, HomeGoods, Michaels, PetSmart, Ross Dress for Less, T.J. Maxx

17

Independence Commons

Independence

MO

20%

DTP

386

130

93.7%

$70

$15.54

AMC Theatres, Best Buy, Bob's Discount Furniture, Kohl's, Marshalls, Ross Dress for Less

18

East Hanover Plaza (1)

East Hanover

NJ

100%

 

98

76

88.4%

$154

$20.46

HomeGoods, HomeSense

19

Edgewater Towne Center

Edgewater

NJ

100%

 

76

1,619

99.1%

$102

$34.80

Whole Foods

20

Route 22 Retail Center

Union

NJ

20%

DTP

112

324

100.0%

$114

$14.64

Dick's Sporting Goods

21

Nassau Park Pavilion (1)

Princeton

NJ

100%

 

759

92

97.4%

$128

$16.34

At Home, Best Buy, Burlington, Dick's Sporting Goods, HomeGoods, HomeSense, Michaels, PetSmart, Planet Fitness, Raymour & Flanigan, T.J. Maxx, Wegmans

22

Meadowmont Crossing

Chapel Hill

NC

100%

 

92

101

100.0%

$103

$27.34

23

Meadowmont Market

Chapel Hill

NC

100%

 

45

101

100.0%

$101

$15.52

Harris Teeter

24

Poyner Place

Raleigh

NC

20%

DTP

252

127

100.0%

$80

$17.44

Cost Plus World Market, Marshalls, Michaels, Ross Dress for Less, Urban Air Trampoline & Adventure Park

25

University Centre

Wilmington

NC

20%

DTP

418

132

90.8%

$68

$11.64

Crunch Fitness, Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less

26

Headquarter Office Buildings

Beachwood

OH

100%

 

339

120

N/A

$122

(2)

27

Stow Community Center

Stow

OH

100%

 

406

108

97.9%

$69

$12.93

Giant Eagle, Hobby Lobby, HomeGoods, Kohl's, T.J. Maxx

28

The Blocks (1)

Portland

OR

100%

 

97

373

70.9%

$95

$37.18

29

Southmont Plaza (1)

Easton

PA

100%

 

251

93

99.0%

$80

$17.27

Barnes & Noble, Best Buy, Dick's Sporting Goods, Michaels, Ross Dress for Less, Staples

30

Ashley Crossing

Charleston

SC

20%

DTP

208

104

95.7%

$67

$11.67

Food Lion, Kohl's, Marshalls

31

Commonwealth Center

Midlothian

VA

20%

DTP

166

78

93.1%

$95

$16.18

Michaels, Painted Tree Marketplace, The Fresh Market

32

Downtown Short Pump (1)

Richmond

VA

100%

 

126

138

100.0%

$106

$22.78

Barnes & Noble, Regal Cinemas

 

Weighted Average Total

 

 

 

 

 

187

88.1%

$110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTP - Dividend Trust Portfolio RVIP IIIB - Deer Park, IL

 

 

Note: Population and Average Household Income are for trade are of a 10 minute drive time from center.

 

(1) Encumbered wholly-owned asset

 

(2) Corporate office buildings have 220K of leasable office space and 135K currently occupied by third parties. ABR per occupied square foot $27.20. Q2 2025 annualized NOI $1.9M

 

16


 

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 for all periods presented. In addition, statistics shown have also been revised to reflect the spin-off.

 

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. Property management services’ direct compensation is reflected in operating and maintenance expenses.

 

Deferred Financing Costs

Costs incurred in obtaining term financing are included as a reduction of the related debt liability and costs incurred related to the revolving credit facilities are included in other assets on the consolidated balance sheets. All costs are amortized on a straight-line basis over the term of the related debt agreement; such amortization is reflected as interest expense in the consolidated income statements.

 

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

30 to 40 years

Building Improvements

3 to 20 years

Furniture/Fixtures/

Shorter of economic life or lease terms

17


 

Tenant Improvements

 

 

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.

18


 

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.

19


 

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.

 

20


 

SITE Centers Corp.

Portfolio Summary at 100%

 

GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

6/30/2025

 

3/31/2025

 

12/31/2024

 

9/30/2024 (1)

 

6/30/2024 (1)

Shopping Center Summary

 

 

 

 

 

 

 

 

 

 

Operating Centers  100%

 

31

 

33

 

33

 

33

 

33

Wholly Owned - SITE

 

20

 

22

 

22

 

22

 

22

JV Portfolio

 

11

 

11

 

11

 

11

 

11

 

 

 

 

 

 

 

 

 

 

 

Owned and Ground Lease GLA  100%

 

8,252

 

8,815

 

8,815

 

8,813

 

8,813

Wholly Owned - SITE

 

4,497

 

5,060

 

5,060

 

5,060

 

5,060

JV Portfolio  100%

 

3,755

 

3,755

 

3,755

 

3,753

 

3,753

Unowned GLA  100%

 

2,821

 

2,856

 

2,856

 

2,856

 

2,856

 

 

 

 

 

 

 

 

 

 

 

Quarterly Operational Overview

 

 

 

 

 

 

 

 

 

 

SITE (100%)

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$18.51

 

$18.44

 

$18.37

 

$18.32

 

$18.30

Base Rent PSF < 10K

 

$30.42

 

$30.55

 

$30.40

 

$30.21

 

$29.97

Base Rent PSF > 10K

 

$14.86

 

$14.96

 

$14.92

 

$14.92

 

$14.96

Commenced Rate

 

88.5%

 

90.3%

 

91.0%

 

90.8%

 

91.5%

Leased Rate

 

89.5%

 

91.1%

 

92.1%

 

92.8%

 

92.7%

Leased Rate < 10K SF

 

86.0%

 

85.9%

 

86.1%

 

86.3%

 

86.3%

Leased Rate > 10K SF

 

90.6%

 

92.6%

 

94.0%

 

94.8%

 

94.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned SITE

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$20.01

 

$19.95

 

$19.81

 

$19.78

 

$19.83

Leased Rate

 

87.6%

 

89.4%

 

90.9%

 

90.9%

 

91.7%

Leased Rate < 10K SF

 

88.4%

 

88.2%

 

88.1%

 

88.1%

 

88.8%

Leased Rate > 10K SF

 

87.3%

 

89.8%

 

91.7%

 

91.7%

 

92.7%

 

 

 

 

 

 

 

 

 

 

 

Joint Venture (100%)

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$16.90

 

$16.67

 

$16.64

 

$16.62

 

$16.52

Leased Rate

 

91.7%

 

93.2%

 

93.7%

 

95.4%

 

94.2%

Leased Rate < 10K SF

 

83.1%

 

83.1%

 

83.6%

 

84.2%

 

82.6%

Leased Rate > 10K SF

 

94.5%

 

96.6%

 

97.0%

 

99.1%

 

98.1%

 

 

 

 

 

 

 

 

 

 

 

Joint Venture at Pro Rata Share

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$18.97

 

$18.72

 

$18.70

 

$18.64

 

$18.53

Leased Rate

 

90.7%

 

91.9%

 

92.1%

 

93.7%

 

92.6%

Leased Rate < 10K SF

 

82.4%

 

81.9%

 

81.5%

 

82.1%

 

81.0%

Leased Rate > 10K SF

 

94.2%

 

96.2%

 

96.6%

 

98.6%

 

97.6%

 

 

 

 

 

 

 

 

 

 

 

Note: $ and GLA in thousands except shopping center counts and base rent PSF. All results exclude the Company's owned Beachwood, OH headquarters office buildings.

 

 

(1) Amounts have been adjusted to reflect the removal of properties included in the Curbline Properties spin-off and assets sold in 2024

 

 

21


 

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

 

 

 

 

 

 

 

 

 

 

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

4Q24

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

3Q24

2

4,673

$31.42

4.3%

10.0

 

3

8,713

$38.18

10.0

 

4

10,747

$33.15

3.2%

9.8

 

9

25,703

$35.07

10.0

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

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

4Q24

3

18,925

$21.29

8.3%

5.0

 

3

18,925

$21.29

5.0

3Q24

18

197,595

$20.97

6.7%

6.6

 

18

197,595

$20.97

6.6

 

40

384,461

$22.45

3.4%

7.2

 

40

384,461

$20.45

7.2

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

 

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

4Q24

3

18,925

$21.29

8.3%

5.0

 

3

18,925

$21.29

5.0

3Q24

20

202,268

$21.21

6.6%

6.7

 

21

206,308

$21.70

6.8

 

44

395,208

$22.74

3.4%

7.3

 

49

410,164

$23.24

7.4

 

Net Effective Rents

 

 

 

 

 

 

 

 

 

 

Capex PSF

NER

 

GLA

ABR PSF

TA

LL Work

LC

Total

PSF

Term

New Leases

 

 

 

 

 

 

 

 

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

4Q24

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

3Q24

8,713

$41.55

$4.02

$0.00

$2.35

$6.37

$35.18

10.0

 

25,703

$38.59

$2.96

$0.00

$2.08

$5.04

$33.55

10.0

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

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

4Q24

18,925

$21.52

$0.00

$0.00

$0.00

$0.00

$21.52

5.0

3Q24

197,595

$21.29

$0.20

$0.00

$0.06

$0.26

$21.03

6.6

 

384,461

$23.14

$1.71

$0.00

$0.03

$1.74

$21.40

7.2

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

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

4Q24

18,925

$21.52

$0.00

$0.00

$0.00

$0.00

$21.52

5.0

3Q24

206,308

$22.15

$0.44

$0.00

$0.20

$0.64

$21.51

6.8

 

410,164

$24.11

$1.81

$0.00

$0.21

$2.02

$22.09

7.4

 

 

 

 

 

 

 

 

 

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. Prior quarters have been adjusted to reflect the removal of properties included in the Curbline Properties spin-off and assets sold in 2024.

 

 

22


 

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

 

 

 

 

 

 

 

 

 

 

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

4Q24

0

0

$0.00

0.0%

0.0

 

0

0

$0.00

0.0

3Q24

3

8,912

$34.33

22.6%

10.0

 

7

62,725

$20.33

9.9

 

4

25,275

$20.66

(31.2%)

13.2

 

10

86,472

$18.81

10.4

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

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

4Q24

2

10,450

$21.75

36.0%

5.0

 

2

10,450

$21.75

5.0

3Q24

19

203,934

$17.71

6.3%

3.8

 

19

203,934

$17.71

3.8

 

32

367,499

$16.55

6.0%

4.3

 

32

367,499

$16.55

4.3

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

 

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

4Q24

2

10,450

$21.75

36.0%

5.0

 

2

10,450

$21.75

5.0

3Q24

22

212,846

$18.40

7.4%

4.1

 

26

266,659

$18.32

5.2

 

36

392,774

$16.81

1.6%

4.9

 

42

453,971

$16.98

5.5

 

Net Effective Rents

 

 

 

 

 

 

 

 

 

 

Capex PSF

NER

 

GLA

ABR PSF

TA

LL Work

LC

Total

PSF

Term

New Leases

 

 

 

 

 

 

 

 

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

4Q24

0

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

3Q24

62,725

$21.60

$2.94

$0.02

$0.99

$3.95

$17.65

9.9

 

86,472

$22.09

$2.07

$0.02

$1.01

$3.10

$18.99

10.4

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

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

4Q24

10,450

$22.25

$0.00

$0.00

$0.00

$0.00

$22.25

5.0

3Q24

203,934

$17.90

$0.00

$0.00

$0.01

$0.01

$17.89

3.8

 

367,499

$16.72

$0.00

$0.00

$0.00

$0.00

$16.72

4.3

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

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

4Q24

10,450

$22.25

$0.00

$0.00

$0.00

$0.00

$22.25

5.0

3Q24

266,659

$18.77

$1.31

$0.01

$0.45

$1.77

$17.00

5.2

 

453,971

$17.74

$0.75

$0.01

$0.37

$1.13

$16.61

5.5

 

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.

 

23


 

SITE Centers Corp.

Leasing Expirations

 

Wholly Owned at 100%; $ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes no exercise of lease options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

0

 

0

0.0%

$0

0.0%

 

$0.00

 

9

 

16

1.7%

$512

1.8%

 

$32.00

 

9

 

16

0.4%

$512

0.7%

 

$32.00

2025

0

 

0

0.0%

0

0.0%

 

$0.00

 

11

 

34

3.6%

1,021

3.6%

 

$30.03

 

11

 

34

0.9%

1,021

1.4%

 

$30.03

2026

8

 

285

9.6%

3,810

8.6%

 

$13.37

 

40

 

114

12.1%

3,158

11.2%

 

$27.70

 

48

 

399

10.2%

6,968

9.6%

 

$17.46

2027

14

 

500

16.8%

8,858

20.1%

 

$17.72

 

43

 

148

15.7%

4,358

15.4%

 

$29.45

 

57

 

648

16.5%

13,216

18.3%

 

$20.40

2028

18

 

567

19.1%

7,924

18.0%

 

$13.98

 

36

 

114

12.1%

3,280

11.6%

 

$28.77

 

54

 

681

17.4%

11,204

15.5%

 

$16.45

2029

15

 

406

13.6%

6,748

15.3%

 

$16.62

 

35

 

127

13.4%

4,019

14.2%

 

$31.65

 

50

 

533

13.6%

10,767

14.9%

 

$20.20

2030

8

 

290

9.7%

4,225

9.6%

 

$14.57

 

34

 

128

13.5%

3,858

13.6%

 

$30.14

 

42

 

418

10.7%

8,083

11.2%

 

$19.34

2031

4

 

264

8.9%

2,389

5.4%

 

$9.05

 

13

 

47

5.0%

1,277

4.5%

 

$27.17

 

17

 

311

7.9%

3,666

5.1%

 

$11.79

2032

3

 

58

1.9%

685

1.6%

 

$11.81

 

17

 

70

7.4%

2,019

7.1%

 

$28.84

 

20

 

128

3.3%

2,704

3.7%

 

$21.13

2033

4

 

87

2.9%

1,326

3.0%

 

$15.24

 

20

 

65

6.9%

2,255

8.0%

 

$34.69

 

24

 

152

3.9%

3,581

4.9%

 

$23.56

2034

3

 

190

6.4%

2,255

5.1%

 

$11.87

 

16

 

52

5.5%

1,676

5.9%

 

$32.23

 

19

 

242

6.2%

3,931

5.4%

 

$16.24

Thereafter

9

 

329

11.1%

5,894

13.4%

 

$17.91

 

8

 

30

3.2%

849

3.0%

 

$28.30

 

17

 

359

9.2%

6,743

9.3%

 

$18.78

Total

86

 

2,976

100.0%

$44,114

100.0%

 

$14.82

 

282

 

945

100.0%

$28,282

100.0%

 

$29.93

 

368

 

3,921

100.0%

$72,396

100.0%

 

$18.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes all lease options are exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

0

 

0

0.0%

$0

0.0%

 

$0.00

 

9

 

16

1.7%

$512

1.8%

 

$32.00

 

9

 

16

0.4%

$512

0.7%

 

$32.00

2025

0

 

0

0.0%

0

0.0%

 

$0.00

 

9

 

27

2.9%

718

2.5%

 

$26.59

 

9

 

27

0.7%

718

1.0%

 

$26.59

2026

1

 

62

2.1%

1,503

3.4%

 

$24.24

 

20

 

57

6.0%

1,525

5.4%

 

$26.75

 

21

 

119

3.0%

3,028

4.2%

 

$25.45

2027

1

 

10

0.3%

262

0.6%

 

$26.20

 

19

 

59

6.2%

1,677

5.9%

 

$28.42

 

20

 

69

1.8%

1,939

2.7%

 

$28.10

2028

6

 

107

3.6%

1,617

3.7%

 

$15.11

 

19

 

57

6.0%

1,809

6.4%

 

$31.74

 

25

 

164

4.2%

3,426

4.7%

 

$20.89

2029

2

 

61

2.0%

1,342

3.0%

 

$22.00

 

24

 

73

7.7%

2,299

8.1%

 

$31.49

 

26

 

134

3.4%

3,641

5.0%

 

$27.17

2030

2

 

57

1.9%

960

2.2%

 

$16.84

 

16

 

50

5.3%

1,410

5.0%

 

$28.20

 

18

 

107

2.7%

2,370

3.3%

 

$22.15

2031

2

 

44

1.5%

600

1.4%

 

$13.64

 

14

 

30

3.2%

742

2.6%

 

$24.73

 

16

 

74

1.9%

1,342

1.9%

 

$18.14

2032

5

 

151

5.1%

2,754

6.2%

 

$18.24

 

23

 

74

7.8%

2,279

8.1%

 

$30.80

 

28

 

225

5.7%

5,033

7.0%

 

$22.37

2033

4

 

95

3.2%

1,781

4.0%

 

$18.75

 

14

 

47

5.0%

1,151

4.1%

 

$24.49

 

18

 

142

3.6%

2,932

4.0%

 

$20.65

2034

3

 

73

2.5%

1,316

3.0%

 

$18.03

 

13

 

58

6.1%

1,922

6.8%

 

$33.14

 

16

 

131

3.3%

3,238

4.5%

 

$24.72

Thereafter

60

 

2,316

77.8%

31,979

72.5%

 

$13.81

 

102

 

397

42.0%

12,238

43.3%

 

$30.83

 

162

 

2,713

69.2%

44,217

61.1%

 

$16.30

Total

86

 

2,976

100.0%

$44,114

100.0%

 

$14.82

 

282

 

945

100.0%

$28,282

100.0%

 

$29.93

 

368

 

3,921

100.0%

$72,396

100.0%

 

$18.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Includes ground leases.

 

 

 

 

 

 

 

 

 

24


 

SITE Centers Corp.

Leasing Expirations

 

Unconsolidated Joint Ventures at 100%; $ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes no exercise of lease options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

0

 

0

0.0%

$0

0.0%

 

$0.00

 

2

 

10

1.3%

$189

0.8%

 

$18.90

 

2

 

10

0.3%

$189

0.3%

 

$18.90

2025

0

 

0

0.0%

0

0.0%

 

$0.00

 

7

 

17

2.2%

453

2.0%

 

$26.65

 

7

 

17

0.5%

453

0.8%

 

$26.65

2026

15

 

379

14.4%

3,663

10.7%

 

$9.66

 

34

 

117

15.5%

3,076

13.6%

 

$26.29

 

49

 

496

14.7%

6,739

11.9%

 

$13.59

2027

15

 

457

17.4%

6,020

17.6%

 

$13.17

 

22

 

85

11.2%

2,703

12.0%

 

$31.80

 

37

 

542

16.0%

8,723

15.3%

 

$16.09

2028

16

 

428

16.3%

5,404

15.8%

 

$12.63

 

34

 

98

12.9%

3,297

14.6%

 

$33.64

 

50

 

526

15.6%

8,701

15.3%

 

$16.54

2029

7

 

437

16.7%

4,686

13.7%

 

$10.72

 

34

 

131

17.3%

3,760

16.7%

 

$28.70

 

41

 

568

16.8%

8,446

14.9%

 

$14.87

2030

13

 

332

12.7%

4,715

13.8%

 

$14.20

 

26

 

84

11.1%

2,156

9.6%

 

$25.67

 

39

 

416

12.3%

6,871

12.1%

 

$16.52

2031

7

 

226

8.6%

3,759

11.0%

 

$16.63

 

8

 

34

4.5%

1,081

4.8%

 

$31.79

 

15

 

260

7.7%

4,840

8.5%

 

$18.62

2032

1

 

70

2.7%

310

0.9%

 

$4.43

 

15

 

62

8.2%

2,055

9.1%

 

$33.15

 

16

 

132

3.9%

2,365

4.2%

 

$17.92

2033

5

 

99

3.8%

2,061

6.0%

 

$20.82

 

10

 

37

4.9%

1,016

4.5%

 

$27.46

 

15

 

136

4.0%

3,077

5.4%

 

$22.63

2034

4

 

114

4.3%

2,455

7.2%

 

$21.54

 

9

 

37

4.9%

1,221

5.4%

 

$33.00

 

13

 

151

4.5%

3,676

6.5%

 

$24.34

Thereafter

3

 

82

3.1%

1,196

3.5%

 

$14.59

 

14

 

45

5.9%

1,567

6.9%

 

$34.82

 

17

 

127

3.8%

2,763

4.9%

 

$21.76

Total

86

 

2,624

100.0%

$34,269

100.0%

 

$13.06

 

215

 

757

100.0%

$22,574

100.0%

 

$29.82

 

301

 

3,381

100.0%

$56,843

100.0%

 

$16.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumes all lease options are exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 10K SF

 

Less than 10K SF

 

Total

Year

# of
Leases

 

Expiring
SF

% of SF
> 10K

ABR

% of ABR
> 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
< 10K

ABR

% of ABR
< 10K

 

Rent
PSF

 

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

MTM

0

 

0

0.0%

$0

0.0%

 

$0.00

 

1

 

3

0.4%

$82

0.4%

 

$27.33

 

1

 

3

0.1%

$82

0.1%

 

$27.33

2025

0

 

0

0.0%

0

0.0%

 

$0.00

 

6

 

14

1.8%

406

1.8%

 

$29.00

 

6

 

14

0.4%

406

0.7%

 

$29.00

2026

3

 

74

2.8%

890

2.6%

 

$12.03

 

20

 

50

6.6%

1,287

5.7%

 

$25.74

 

23

 

124

3.7%

2,177

3.8%

 

$17.56

2027

3

 

49

1.9%

521

1.5%

 

$10.63

 

12

 

44

5.8%

1,429

6.3%

 

$32.48

 

15

 

93

2.8%

1,950

3.4%

 

$20.97

2028

3

 

45

1.7%

675

2.0%

 

$15.00

 

26

 

75

9.9%

2,719

12.0%

 

$36.25

 

29

 

120

3.5%

3,394

6.0%

 

$28.28

2029

2

 

47

1.8%

473

1.4%

 

$10.06

 

23

 

76

10.0%

2,405

10.7%

 

$31.64

 

25

 

123

3.6%

2,878

5.1%

 

$23.40

2030

2

 

28

1.1%

550

1.6%

 

$19.64

 

18

 

54

7.1%

1,359

6.0%

 

$25.17

 

20

 

82

2.4%

1,909

3.4%

 

$23.28

2031

5

 

80

3.0%

879

2.6%

 

$10.99

 

13

 

46

6.1%

1,423

6.3%

 

$30.93

 

18

 

126

3.7%

2,302

4.0%

 

$18.27

2032

2

 

61

2.3%

742

2.2%

 

$12.16

 

15

 

61

8.1%

1,914

8.5%

 

$31.38

 

17

 

122

3.6%

2,656

4.7%

 

$21.77

2033

6

 

165

6.3%

2,647

7.7%

 

$16.04

 

8

 

24

3.2%

695

3.1%

 

$28.96

 

14

 

189

5.6%

3,342

5.9%

 

$17.68

2034

0

 

0

0.0%

0

0.0%

 

$0.00

 

14

 

55

7.3%

1,582

7.0%

 

$28.76

 

14

 

55

1.6%

1,582

2.8%

 

$28.76

Thereafter

60

 

2,075

79.1%

26,892

78.5%

 

$12.96

 

59

 

255

33.7%

7,273

32.2%

 

$28.52

 

119

 

2,330

68.9%

34,165

60.1%

 

$14.66

Total

86

 

2,624

100.0%

$34,269

100.0%

 

$13.06

 

215

 

757

100.0%

$22,574

100.0%

 

$29.82

 

301

 

3,381

100.0%

$56,843

100.0%

 

$16.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Includes ground leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25


 

 

SITE CENTERS INVESTOR RELATIONS DEPARTMENT 3300 ENTERPRISE PKWY, BEACHWOOD, OH 44122 O: 216-755-5500 F: 216-755-1500 SITECENTERS.COM NYSE: SITC

img153549056_2.jpg