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

Exhibit 99.1

 

Exhibit 99.1img153549056_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

 

 

Unconsolidated Joint Ventures

 

Unconsolidated Joint Ventures

12-14

 

 

Shopping Center Summary

 

Property List

15

 

 

Reporting Policies and Other

 

Notable Accounting and Supplemental Policies

16-17

Non-GAAP Measures

18-19

Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100%

20-24

 

 

 

 

 

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 First Quarter 2025 Results

 

Beachwood, Ohio, May 7, 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 March 31, 2025.

 

“SITE Centers continues to see strong demand from private and institutional investors seeking to acquire high-quality, open-air shopping centers consistent with the Company’s portfolio. The Company currently has two properties with an aggregate price of $95.3 million under contract for sale subject to standard closing conditions with an additional group of properties in various stages of contract negotiations or in the marketing process in excess of $350.0 million,” 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 First Quarter

•
First quarter net income attributable to common shareholders was $3.1 million, or $0.06 per diluted share, as compared to net loss of $26.3 million, or $0.51 per diluted share, in the year-ago period. The increase year-over-year was primarily the result of an increase in other property revenues and a decrease in impairments and interest expense offset by the result of the spin-off of Curbline Properties Corp. (“Curbline” or “Curbline Properties”) (NYSE: CURB), lower Net Operating Income (“NOI”) as a result of property dispositions, lower gain on sale from dispositions, and lower interest income.
•
First 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 $59.8 million, or $1.14 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of the spin-off of Curbline Properties, lower NOI as a result of property dispositions and lower interest income offset by decreased interest expense, no preferred dividends and decreased debt related charges.

Significant First Quarter Activity and Key Operating Results

•
Recorded $8.4 million of other property revenues in conjunction with the resolution of a condemnation proceeding with the State of Florida relating to business damages and compensation for land taken in 2022 at the Shoppes at Paradise Pointe. Cash of $3.8 million was received during the quarter with the remainder received in April 2025. The condemnation proceeds were not included in calculating operating funds from operations.
•
Reported a leased rate of 89.8% at March 31, 2025 as compared to 91.1% at December 31, 2024 and 91.7% at March 31, 2024, all on a pro rata basis. The March 31, 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 89.4% at March 31, 2025 as compared to 90.6% at December 31, 2024 and 89.8% at March 31, 2024, all on a pro rata basis. The March 31, 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 five new leases and 17 renewals for 75,000 square feet during the quarter.
•
Generated cash renewal leasing spreads of 3.4%, on a pro rata basis, for the first quarter of 2025.
•
In the first quarter of 2025, eliminated the reclassification of general and administrative expense to operating and maintenance expense. The prior-year period reported amount of $2.6 million has been reclassified to conform with the current year presentation.

 

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 months ended March 31, 2024.

1

 

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 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

2

 

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 March 31, 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

 

 

 

 

 

1Q25

 

1Q24

 

Revenues:

 

 

 

 

Rental income (1)

$31,450

 

$91,726

 

Other property revenues

8,895

 

856

 

 

40,345

 

92,582

 

Expenses:

 

 

 

 

Operating and maintenance

7,132

 

15,035

 

Real estate taxes

4,721

 

13,717

 

 

11,853

 

28,752

 

 

 

 

 

 

Net operating income (2)

28,492

 

63,830

 

 

 

 

 

 

Other income (expense):

 

 

 

 

JV and other fee income (3)

2,278

 

1,470

 

Interest expense

(5,565)

 

(18,663)

 

Depreciation and amortization

(13,252)

 

(33,950)

 

General and administrative (4)

(9,395)

 

(13,546)

 

Other income (expense), net (5)

(392)

 

2,997

 

Impairment charges

0

 

(66,600)

 

Income (loss) before earnings from discontinued operations, JVs and other

2,166

 

(64,462)

 

 

 

 

 

 

Equity in net income of JVs

39

 

17

 

Gain on disposition of real estate, net

1,029

 

31,714

 

Tax expense

(149)

 

(252)

 

Income (loss) from continuing operations

3,085

 

(32,983)

 

Income from discontinued operations (6)

0

 

9,431

 

Net income (loss) SITE Centers

3,085

 

(23,552)

 

Preferred dividends

0

 

(2,789)

 

Net income (loss) Common Shareholders

$3,085

 

($26,341)

 

 

 

 

 

 

Weighted average shares – Basic – EPS (7)

52,436

 

52,355

 

Assumed conversion of diluted securities

0

 

0

 

Weighted average shares – Diluted – EPS (7)

52,436

 

52,355

 

 

 

 

 

 

Basic and Diluted earnings per share:

 

 

 

 

From continuing operations

$0.06

 

$(0.69)

 

From discontinued operations

0

 

0.18

 

Total

$0.06

 

$(0.51)

 

 

 

 

 

(1)

Rental income:

 

 

 

 

Minimum rents

$20,366

 

$59,626

 

Ground lease minimum rents

1,321

 

2,773

 

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

335

 

827

 

Percentage and overage rent

364

 

1,828

 

Recoveries

8,402

 

23,954

 

Uncollectible revenue

(108)

 

518

 

Ancillary and other rental income

401

 

1,098

 

Lease termination fees

0

 

1,102

 

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

369

 

0

 

 

 

 

 

(2)

Includes NOI from wholly-owned assets sold in 2024

130

 

43,406

 

 

 

 

 

(3)

Curbline SSA fee

692

 

0

 

Curbline SSA gross up

631

 

0

 

Embedded Lease SSA

(369)

 

0

 

 

 

 

 

(4)

Other charges related to system conversion

515

 

116

 

 

 

 

 

(5)

Interest income (fees), net

361

 

7,294

 

Transaction costs

(122)

 

(296)

 

Curbline SSA gross up

(631)

 

0

 

Debt extinguishment costs

0

 

(665)

 

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

0

 

(3,336)

 

 

 

 

 

(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

 

 

 

1Q25

 

1Q24

 

Net income (loss) attributable to Common Shareholders

$3,085

 

($26,341)

 

Depreciation and amortization of real estate

12,414

 

32,619

 

Equity in net income of JVs

(39)

 

(17)

 

JVs' FFO

1,593

 

1,584

 

Discontinued operations' depreciation and amortization of real estate

0

 

9,200

 

Impairment of real estate

0

 

66,600

 

Gain on disposition of real estate, net

(1,029)

 

(31,714)

 

FFO attributable to Common Shareholders

$16,024

 

$51,931

 

Gain on debt retirement

0

 

(760)

 

Loss on derivative instruments

0

 

4,096

 

Discontinued operations' transaction costs

0

 

3,102

 

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

122

 

1,037

 

Condemnation revenue

(8,379)

 

0

 

Other charges

515

 

395

 

Total non-operating items, net

(7,742)

 

7,870

 

Operating FFO attributable to Common Shareholders

$8,282

 

$59,801

 

 

 

 

 

 

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

52,436

 

52,355

 

Assumed conversion of dilutive securities (1)

0

 

200

 

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

52,436

 

52,555

 

 

 

 

 

 

FFO per share – Basic (1)

$0.31

 

$0.99

 

FFO per share – Diluted (1)

$0.31

 

$0.99

 

Operating FFO per share – Basic (1)

$0.16

 

$1.14

 

Operating FFO per share – Diluted (1)

$0.16

 

$1.14

 

Common stock dividends declared, per share (1)

$0.00

 

$0.52

 

 

 

 

 

 

Capital expenditures (SITE Centers share) (2):

 

 

 

 

Redevelopment costs

0

 

2,675

 

Maintenance capital expenditures

347

 

1,188

 

Tenant allowances and landlord work

1,063

 

9,525

 

Leasing commissions

285

 

1,191

 

Construction administrative costs (capitalized)

440

 

819

 

 

 

 

 

 

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

 

 

 

 

Straight-line rent

219

 

303

 

Straight-line fixed CAM

16

 

63

 

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

235

 

674

 

Straight-line ground rent expense (income)

20

 

(5)

 

Debt fair value and loan cost amortization

(908)

 

(1,432)

 

Capitalized interest expense

29

 

293

 

Stock compensation expense

(384)

 

(2,031)

 

Non-real estate depreciation expense

(842)

 

(1,333)

 

 

 

 

 

(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 periods

 

5

 

SITE Centers Corp.

Balance Sheet: Consolidated Interests

 

 

$ in thousands

 

 

 

 

 

At Period End

 

 

1Q25

 

4Q24

 

Assets:

 

 

 

 

Land

$204,714

 

$204,722

 

Buildings

965,209

 

964,845

 

Fixtures and tenant improvements

254,413

 

254,152

 

 

1,424,336

 

1,423,719

 

Depreciation

(665,402)

 

(654,389)

 

 

758,934

 

769,330

 

Construction in progress and land

2,765

 

2,682

 

Real estate, net

761,699

 

772,012

 

 

 

 

 

 

Investments in and advances to JVs

30,447

 

30,431

 

Cash

58,155

 

54,595

 

Restricted cash

11,466

 

13,071

 

Receivables and straight-line rents (1)

29,972

 

25,437

 

Intangible assets, net (2)

27,579

 

28,759

 

Amounts receivable from Curbline

215

 

1,771

 

Other assets, net

10,222

 

7,526

 

Total Assets

929,755

 

933,602

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Secured debt

301,643

 

301,373

 

Amounts payable to Curbline

32,579

 

33,762

 

Other liabilities (3)

75,916

 

81,723

 

Total Liabilities

410,138

 

416,858

 

 

 

 

 

 

Common shares

5,247

 

5,247

 

Paid-in capital

3,980,896

 

3,981,597

 

Distributions in excess of net income

(3,470,373)

 

(3,473,458)

 

Deferred compensation

7,996

 

8,041

 

Accumulated other comprehensive income

4,893

 

5,472

 

Common shares in treasury at cost

(9,042)

 

(10,155)

 

Total Equity

519,617

 

516,744

 

 

 

 

 

 

Total Liabilities and Equity

$929,755

 

$933,602

 

 

 

 

 

(1)

Straight-line rents (including fixed CAM), net

$8,862

 

$8,653

 

 

 

 

 

(2)

Operating lease right of use assets

15,545

 

15,818

 

 

 

 

 

(3)

Operating lease liabilities

35,240

 

35,532

 

Below-market leases, net

9,117

 

9,306

 

 

 

 

 

 

6

 

SITE Centers Corp.

Portfolio Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3/31/2025

 

12/31/2024

 

9/30/2024 (1)

 

6/30/2024 (1)

 

3/31/2024 (1)

Shopping Center Count

 

 

 

 

 

 

 

 

 

 

Operating Centers - 100%

 

33

 

33

 

33

 

33

 

33

Wholly Owned

 

22

 

22

 

22

 

22

 

22

JV Portfolio

 

11

 

11

 

11

 

11

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Leasable Area (GLA)

 

 

 

 

 

 

 

 

 

 

Owned and Ground Lease - Pro Rata Share

 

5,918

 

5,918

 

5,917

 

5,916

 

5,916

Wholly Owned

 

5,060

 

5,060

 

5,060

 

5,059

 

5,059

JV Portfolio - Pro Rata Share

 

858

 

858

 

857

 

857

 

857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Operational Overview

 

 

 

 

 

 

 

 

 

 

Pro Rata Share

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$19.75

 

$19.64

 

$19.60

 

$19.62

 

$19.55

Base Rent PSF < 10K

 

$31.46

 

$31.35

 

$31.12

 

$30.87

 

$30.62

Base Rent PSF > 10K

 

$16.12

 

$16.05

 

$16.05

 

$16.18

 

$16.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced Rate

 

89.4%

 

90.6%

 

89.8%

 

90.6%

 

89.8%

Commenced Rate < 10K SF

 

85.9%

 

85.8%

 

84.8%

 

84.5%

 

83.2%

Commenced Rate > 10K SF

 

90.5%

 

92.1%

 

91.4%

 

92.5%

 

91.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Rate

 

89.8%

 

91.1%

 

91.3%

 

91.8%

 

91.7%

Leased Rate < 10K SF

 

87.1%

 

86.9%

 

87.0%

 

86.8%

 

86.3%

Leased Rate > 10K SF

 

90.6%

 

92.4%

 

92.7%

 

93.3%

 

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

 

10.4%

 

$13,977

 

14.6%

 

$30.58

2

 

Trenton, NJ

1

 

759

 

12.8%

 

12,261

 

12.8%

 

$18.49

3

 

Orlando-Kissimmee-Sanford, FL

1

 

629

 

10.6%

 

11,838

 

12.3%

 

$20.92

4

 

Phoenix-Mesa-Chandler, AZ

3

 

501

 

8.5%

 

7,233

 

7.5%

 

$19.10

5

 

Los Angeles-Long Beach-Anaheim, CA

1

 

390

 

6.6%

 

7,205

 

7.5%

 

$26.16

6

 

Atlanta-Sandy Springs-Alpharetta, GA

3

 

591

 

10.0%

 

6,758

 

7.0%

 

$15.24

7

 

St. Louis, MO-IL

1

 

338

 

5.7%

 

5,531

 

5.8%

 

$25.67

8

 

Cleveland-Elyria, OH

1

 

406

 

6.9%

 

5,120

 

5.3%

 

$12.89

9

 

Denver-Aurora-Lakewood, CO

3

 

413

 

7.0%

 

4,920

 

5.1%

 

$14.53

10

 

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

3

 

196

 

3.3%

 

4,575

 

4.8%

 

$25.30

 

 

Other

12

 

1,082

 

18.3%

 

16,536

 

17.2%

 

$17.55

 

 

Total

33

 

5,918

 

100.0%

 

$95,954

 

100.0%

 

$19.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

December 31, 2024

Capital Structure

 

 

 

 

 

 

Market Value Per Share

 

 

 

$12.84

 

$15.29

 

 

 

 

 

 

 

Common Shares Outstanding

 

 

 

52,445

 

52,430

 

 

 

 

 

 

 

Common Shares Equity

 

 

 

$673,394

 

$801,655

 

 

 

 

 

 

 

Mortgage Debt (includes JVs at SITE share)

 

 

 

412,761

 

413,318

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

 

 

 

80,748

 

77,071

Net Debt

 

 

 

332,013

 

336,247

 

 

 

 

 

 

 

Total Market Capitalization

 

 

 

$1,005,407

 

$1,137,902

 

 

 

 

 

 

 

 

 

 

SITE Centers Corp.

Debt Detail

 

$ in thousands

 

 

 

 

 

 

 

 

Balance
100%

 

Balance
SITE Share

 

Maturity
Date

 

Contractual Interest Rate at 3/31/2025

 

 

 

 

 

 

 

 

Mortgage Debt

 

 

 

 

 

 

 

Deer Park Town Center, IL(1)

$60,902

 

$30,299

 

12/26

 

SOFR + 200

SITE Loan Pool (13 assets)(2)

206,900

 

206,900

 

09/28

 

SOFR + 275

Nassau Park Pavilion, NJ

99,442

 

99,442

 

11/28

 

6.66%

DTP Loan Pool (10 assets)

380,600

 

76,120

 

01/29

 

6.38%

 

$747,844

 

$412,761

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

$306,342

 

$306,342

 

 

 

 

Unconsolidated

441,502

 

106,419

 

 

 

 

Consolidated & Unconsolidated Debt Subtotal

747,844

 

412,761

 

 

 

 

Unamortized Loan Costs, Net

(19,021)

 

(7,601)

 

 

 

 

Total Consolidated & Unconsolidated Debt

$728,823

 

$405,160

 

 

 

 

 

 

 

 

 

 

 

 

Rate Type

 

 

 

 

Weighted Average Years

 

Weighted Average Interest Rate

Fixed

$480,042

 

$175,562

 

3.7 years

 

6.54%

Variable

267,802

 

237,199

 

3.2 years

 

6.81%

 

$747,844

 

$412,761

 

3.5 years

 

6.69%

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

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

2Q24

5

13,298

$34.01

14.3%

7.8

 

7

17,304

$32.76

7.2

 

11

21,262

$34.04

12.1%

8.4

 

22

47,116

$30.38

8.7

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

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

2Q24

23

250,077

$16.14

5.2%

5.4

 

23

250,077

$16.14

5.4

 

82

576,411

$19.11

5.8%

5.6

 

82

576,411

$19.11

5.6

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

 

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

2Q24

28

263,375

$17.04

6.1%

5.5

 

30

267,381

$17.21

5.5

 

93

597,673

$19.64

6.1%

5.7

 

104

623,527

$19.96

5.8

 

Net Effective Rents

 

 

 

 

 

 

 

 

 

 

 

Capex PSF

NER

% of GLA

 

GLA

ABR PSF

TA

LL Work

LC

Total

PSF

Term

>10K SF

<10K SF

New Leases

 

 

 

 

 

 

 

 

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%

2Q24

17,304

$34.87

$8.55

$0.00

$1.85

$10.40

$24.47

7.2

27%

73%

 

47,116

$32.86

$4.82

$0.01

$1.77

$6.60

$26.26

8.7

30%

70%

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

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%

2Q24

250,077

$16.28

$0.01

$0.04

$0.00

$0.05

$16.23

5.4

88%

12%

 

576,411

$19.38

$0.09

$0.02

$0.02

$0.13

$19.25

5.6

74%

26%

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

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%

2Q24

267,381

$17.48

$0.73

$0.04

$0.16

$0.93

$16.55

5.5

84%

16%

 

623,527

$20.40

$0.63

$0.02

$0.22

$0.87

$19.53

5.8

71%

29%

 

 

 

 

 

 

 

 

 

 

 

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

 

29

2.4%

$668

1.8%

 

$23.03

 

11

 

29

0.5%

$668

0.7%

 

$23.03

2025

5

 

51

1.2%

990

1.7%

 

$19.41

 

32

 

60

5.0%

1,853

5.0%

 

$30.88

 

37

 

111

2.1%

2,843

3.0%

 

$25.61

2026

26

 

448

11.0%

5,151

8.7%

 

$11.50

 

71

 

131

10.9%

3,815

10.3%

 

$29.12

 

97

 

579

10.9%

8,966

9.3%

 

$15.49

2027

32

 

635

15.5%

10,856

18.4%

 

$17.10

 

66

 

180

15.0%

5,420

14.7%

 

$30.11

 

98

 

815

15.4%

16,276

17.0%

 

$19.97

2028

35

 

835

20.4%

10,193

17.3%

 

$12.21

 

69

 

140

11.6%

4,335

11.7%

 

$30.96

 

104

 

975

18.4%

14,528

15.1%

 

$14.90

2029

25

 

545

13.3%

8,998

15.3%

 

$16.51

 

71

 

174

14.5%

5,627

15.2%

 

$32.34

 

96

 

719

13.6%

14,625

15.2%

 

$20.34

2030

21

 

394

9.6%

6,035

10.2%

 

$15.32

 

57

 

143

11.9%

4,169

11.3%

 

$29.15

 

78

 

537

10.1%

10,204

10.6%

 

$19.00

2031

10

 

272

6.7%

2,845

4.8%

 

$10.46

 

22

 

60

5.0%

1,761

4.8%

 

$29.35

 

32

 

332

6.3%

4,606

4.8%

 

$13.87

2032

9

 

203

5.0%

2,424

4.1%

 

$11.94

 

33

 

90

7.5%

2,687

7.3%

 

$29.86

 

42

 

293

5.5%

5,111

5.3%

 

$17.44

2033

10

 

148

3.6%

2,618

4.4%

 

$17.69

 

32

 

85

7.1%

3,013

8.2%

 

$35.45

 

42

 

233

4.4%

5,631

5.9%

 

$24.17

2034

7

 

212

5.2%

2,746

4.7%

 

$12.95

 

25

 

67

5.6%

2,178

5.9%

 

$32.51

 

32

 

279

5.3%

4,924

5.1%

 

$17.65

Thereafter

12

 

346

8.5%

6,132

10.4%

 

$17.72

 

19

 

43

3.6%

1,440

3.9%

 

$33.49

 

31

 

389

7.4%

7,572

7.9%

 

$19.47

Total

192

 

4,089

100.0%

$58,988

100.0%

 

$14.43

 

508

 

1,202

100.0%

$36,966

100.0%

 

$30.75

 

700

 

5,291

100.0%

$95,954

100.0%

 

$18.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signed Not Open

1

 

6

 

$100

 

 

$16.67

 

10

 

17

 

$575

 

 

$33.82

 

11

 

23

 

$675

 

 

$29.35

Vacant

17

 

423

 

 

 

 

 

 

97

 

181

 

 

 

 

 

 

114

 

604

 

 

 

 

 

 

 

 

 

 

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

 

11

 

29

2.4%

$668

1.8%

 

$23.03

 

11

 

29

0.5%

$668

0.7%

 

$23.03

2025

1

 

12

0.3%

406

0.7%

 

$33.83

 

25

 

47

3.9%

1,306

3.5%

 

$27.79

 

26

 

59

1.1%

1,712

1.8%

 

$29.02

2026

4

 

77

1.9%

1,681

2.8%

 

$21.83

 

37

 

58

4.8%

1,701

4.6%

 

$29.33

 

41

 

135

2.6%

3,382

3.5%

 

$25.05

2027

6

 

45

1.1%

703

1.2%

 

$15.62

 

30

 

70

5.8%

2,097

5.7%

 

$29.96

 

36

 

115

2.2%

2,800

2.9%

 

$24.35

2028

8

 

110

2.7%

1,659

2.8%

 

$15.08

 

44

 

79

6.6%

2,758

7.5%

 

$34.91

 

52

 

189

3.6%

4,417

4.6%

 

$23.37

2029

4

 

70

1.7%

1,437

2.4%

 

$20.53

 

47

 

96

8.0%

3,149

8.5%

 

$32.80

 

51

 

166

3.1%

4,586

4.8%

 

$27.63

2030

6

 

85

2.1%

1,455

2.5%

 

$17.12

 

34

 

63

5.2%

1,757

4.8%

 

$27.89

 

40

 

148

2.8%

3,212

3.3%

 

$21.70

2031

8

 

63

1.5%

808

1.4%

 

$12.83

 

28

 

46

3.8%

1,277

3.5%

 

$27.76

 

36

 

109

2.1%

2,085

2.2%

 

$19.13

2032

8

 

182

4.5%

3,360

5.7%

 

$18.46

 

38

 

91

7.6%

2,822

7.6%

 

$31.01

 

46

 

273

5.2%

6,182

6.4%

 

$22.64

2033

11

 

174

4.3%

3,221

5.5%

 

$18.51

 

23

 

53

4.4%

1,388

3.8%

 

$26.19

 

34

 

227

4.3%

4,609

4.8%

 

$20.30

2034

4

 

85

2.1%

1,635

2.8%

 

$19.24

 

28

 

79

6.6%

2,668

7.2%

 

$33.77

 

32

 

164

3.1%

4,303

4.5%

 

$26.24

Thereafter

132

 

3,186

77.9%

42,623

72.3%

 

$13.38

 

163

 

491

40.8%

15,375

41.6%

 

$31.31

 

295

 

3,677

69.5%

57,998

60.4%

 

$15.77

Total

192

 

4,089

100.0%

$58,988

100.0%

 

$14.43

 

508

 

1,202

100.0%

$36,966

100.0%

 

$30.75

 

700

 

5,291

100.0%

$95,954

100.0%

 

$18.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

4.6%

6,486

287

4.8%

466

2

 

Burlington

5

1

6

4,181

4.4%

4,565

228

3.9%

261

3

 

Kroger (2)

2

0

2

3,494

3.6%

3,494

124

2.1%

124

4

 

PetSmart

7

3

10

3,159

3.3%

3,915

185

3.1%

228

5

 

LA Fitness (3)

3

0

3

3,104

3.2%

3,104

135

2.3%

135

6

 

Dick's Sporting Goods (4)

3

5

8

3,087

3.2%

5,208

193

3.3%

358

7

 

Best Buy

3

3

6

2,802

2.9%

4,372

166

2.8%

279

8

 

Ross Stores

5

6

11

2,354

2.5%

4,160

186

3.1%

331

9

 

Michaels

4

4

8

1,635

1.7%

2,616

111

1.9%

188

10

 

Five Below

8

5

13

1,516

1.6%

2,180

87

1.5%

123

11

 

Ulta

4

5

9

1,420

1.5%

2,309

52

0.9%

96

12

 

Cinemark

1

1

2

1,300

1.4%

1,300

100

1.7%

124

13

 

Cineworld (Regal Cinemas)

2

0

2

1,250

1.3%

1,250

91

1.5%

91

14

 

Gap (5)

3

7

10

1,180

1.2%

2,574

67

1.1%

149

15

 

At Home

1

0

1

1,110

1.2%

1,110

143

2.4%

143

16

 

Kohl's

1

3

4

1,104

1.2%

2,748

134

2.3%

324

17

 

Wegmans

1

0

1

1,048

1.1%

1,048

117

2.0%

117

18

 

AMC Theatres

0

3

3

1,037

1.1%

5,183

46

0.8%

232

19

 

Barnes & Noble

2

1

3

1,018

1.1%

1,178

55

0.9%

71

20

 

Whole Foods

1

0

1

991

1.0%

991

42

0.7%

42

21

 

Giant Eagle

1

0

1

934

1.0%

934

91

1.5%

91

22

 

Cost Plus

2

1

3

919

1.0%

1,161

41

0.7%

56

23

 

Marcus Corporation

1

0

1

856

0.9%

856

44

0.7%

44

24

 

Forever 21

2

0

2

761

0.8%

761

32

0.5%

32

25

 

JOANN

1

3

4

749

0.8%

1,396

50

0.8%

111

26

 

Staples

2

1

3

740

0.8%

967

45

0.8%

61

27

 

Nordstrom Rack

1

0

1

731

0.8%

731

37

0.6%

37

28

 

Gold's Gym

1

0

1

720

0.8%

720

30

0.5%

30

29

 

Caleres Inc.

4

1

5

714

0.7%

894

32

0.5%

40

30

 

Target

1

0

1

693

0.7%

693

154

2.6%

154

 

 

Top 30 Total

81

62

143

$48,983

51.0%

$68,904

3,105

52.5%

4,538

 

 

Total Portfolio

 

 

 

$95,954

100.0%

$139,054

5,918

100.0%

8,815

 

 

 

 

 

 

 

 

 

 

 

 

(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)

 

 

 

 

 

 

 

11

 

SITE Centers Corp.

Unconsolidated Joint Ventures

 

$ and GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint Venture

 

SITE
Own %

 

Number of Properties

 

Owned
GLA

 

Leased Rate

 

ABR

 

1Q25 NOI
at 100% (1)

 

Gross
RE Assets

 

Debt Balance
at 100% (2)

Chinese Institutional Investors
   DTP

 

20%

 

10

 

3,397

 

94.3%

 

$15.03

 

$12,832

 

$600,428

 

$380,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prudential
   RVIP IIIB, Deer Park, IL (3)

 

50%

 

1

 

358

 

82.7%

 

$37.62

 

2,175

 

111,363

 

60,902

Total

 

 

 

11

 

3,755

 

 

 

 

 

$15,007

 

$711,791

 

$441,502

Property management fees

 

 

 

 

 

 

 

 

 

 

 

695

(1)

 

 

 

NOI from assets sold in prior quarters

 

 

 

 

 

 

 

 

 

 

 

41

 

 

 

 

Net operating income

 

 

 

 

 

 

 

 

 

 

 

$15,743

(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 $14.3 million or $2.9 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.

 

 

12

 

SITE Centers Corp.

Unconsolidated Joint Ventures

 

Combined SITE JV Pro Rata Adjustments (1)

 

 

 

 

 

Income Statement Pro Rata Adjustments 1Q25

 

Balance Sheet Pro Rata Adjustments 1Q25

Revenues:

 

 

Assets:

 

Rental income (2)

$4,948

 

Land

$35,067

Other income (3)

215

 

Buildings

122,511

 

5,163

 

Improvements

17,842

Expenses:

 

 

 

175,420

Operating and maintenance

719

 

Depreciation

(55,230)

Real estate taxes

616

 

 

120,190

 

1,335

 

Construction in progress and land

69

Net operating income

3,828

 

Real estate, net

120,259

 

 

 

Investment in JVs

457

Other income (expense):

 

 

Cash and restricted cash

11,127

Fee income

(332)

 

Receivables, net

2,207

Interest expense

(1,897)

 

Other assets, net

4,430

Depreciation and amortization

(1,532)

 

Total Assets

138,480

Other income (expense), net

(11)

 

 

 

Income before earnings from JVs

56

 

Liabilities and Equity:

 

Equity in net income of JVs

(39)

 

Mortgage debt

103,517

Basis differences of JVs

(16)

 

Notes payable to SITE

889

Gain on disposition of real estate

(1)

 

Other liabilities

8,030

Net income

$0

 

Total Liabilities

112,436

 

 

 

JVs share of equity

457

FFO Reconciliation 1Q25

 

Distributions in excess of net income

25,587

Income before earnings from JVs

$56

 

Total Equity

26,044

Depreciation and amortization

1,532

 

Total Liabilities and Equity

$138,480

Basis differences of JVs

5

 

 

 

FFO at SITE's ownership interests

$1,593

 

 

 

OFFO at SITE's ownership interests

$1,593

 

 

 

 

 

 

 

 

(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

$3,406

 

 

 

     Ground lease minimum rents

140

 

 

 

     Straight-line rent, net

24

 

 

 

     Amortization of (above) below market rent, net

95

 

 

 

     Percentage and overage rent

112

 

 

 

     Recoveries

1,127

 

 

 

     Uncollectible revenue

44

 

 

 

 

 

 

 

 

(3) Other Income:

 

 

 

 

     Ancillary and other rental income

53

 

 

 

     Lease termination fees

162

 

 

 

 

 

 

 

 

 

13

 

SITE Centers Corp.

Unconsolidated Joint Ventures at 100%

$ in thousands

 

 

 

 

Combined Income Statement

 

 

1Q25

 

1Q24

Revenues:

 

 

 

 

Rental income (1)

 

$19,902

 

$21,758

Other income (2)

 

1,023

 

296

 

 

20,925

 

22,054

Expenses:

 

 

 

 

Operating and maintenance

 

2,831

 

3,294

Real estate taxes

 

2,351

 

2,574

 

 

5,182

 

5,868

 

 

 

 

 

Net operating income

 

15,743

 

16,186

 

 

 

 

 

Other income (expense):

 

 

 

 

Interest expense

 

(8,008)

 

(8,271)

Depreciation and amortization

 

(6,044)

 

(7,145)

Other expense, net

 

(1,388)

 

(1,896)

 

 

303

 

(1,126)

Loss on disposition of real estate, net

 

(4)

 

(29)

Net income (loss) attributable to unconsolidated JVs

 

299

 

(1,155)

Depreciation and amortization

 

6,044

 

7,145

(Loss) gain on disposition of real estate, net

 

4

 

29

FFO

 

$6,347

 

$6,019

FFO at SITE's ownership interests

 

$1,593

 

$1,584

Operating FFO at SITE's ownership interests

 

$1,593

 

$1,661

 

 

 

 

 

(1) Rental Income:

 

 

 

 

     Minimum rents

 

$13,608

 

$14,947

     Ground lease minimum rents

 

700

 

734

     Straight-line rent, net

 

85

 

134

     Amortization of (above) below market rent, net

 

475

 

586

     Percentage and overage rent

 

296

 

245

     Recoveries

 

4,519

 

4,866

     Uncollectible revenue

 

219

 

246

(2) Other Income:

 

 

 

 

     Ancillary and other rental income

 

213

 

296

     Lease termination fees

 

810

 

0

 

 

 

 

 

Combined Balance Sheet

 

 

At Period End

 

 

1Q25

 

4Q24

Assets:

 

 

 

 

Land

 

$159,567

 

$159,567

Buildings

 

494,963

 

494,062

Improvements

 

56,914

 

55,526

 

 

711,444

 

709,155

Depreciation

 

(171,595)

 

(166,534)

 

 

539,849

 

542,621

Construction in progress and land

 

347

 

352

Real estate, net

 

540,196

 

542,973

Cash and restricted cash

 

33,177

 

25,750

Receivables, net

 

8,508

 

9,660

Other assets, net

 

18,302

 

17,823

Total Assets

 

600,183

 

596,206

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

Mortgage debt

 

427,180

 

426,462

Notes and accrued interest payable to SITE

 

3,818

 

1,894

Other liabilities

 

33,681

 

32,533

Total Liabilities

 

464,679

 

460,889

Accumulated equity

 

135,504

 

135,317

Total Equity

 

135,504

 

135,317

Total Liabilities and Equity

 

$600,183

 

$596,206

 

14

 

SITE CENTERS

Property List as of March 31, 2025

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

 

 

 

 

 

 

 

#

Center

MSA

Location

ST

SITE Own %

JV

Owned
GLA

Population (000's)

Average Household Income ($000's)

ABR
PSF

Anchor Tenants

1

Ahwatukee Foothills Towne Center

Phoenix-Mesa-Scottsdale, AZ

Phoenix

AZ

20%

DTP

691

154

$88

$19.38

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

2

Deer Valley Towne Center (1)

Phoenix-Mesa-Scottsdale, AZ

Phoenix

AZ

100%

 

152

249

$69

$19.10

Michaels, PetSmart, Ross Dress for Less

3

Paradise Village Gateway (1)

Phoenix-Mesa-Scottsdale, AZ

Phoenix

AZ

100%

 

211

101

$110

$19.20

PetSmart, Ross Dress for Less, Sun & Ski Sports

4

The Pike Outlets

Los Angeles-Long Beach-Anaheim, CA

Long Beach

CA

100%

 

390

344

$69

$25.50

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

5

Chapel Hills West (1)

Denver-Aurora-Lakewood, CO

Colorado Springs

CO

100%

 

225

123

$92

$12.46

Burlington, PetSmart, Ross Dress for Less, Urban Air Adventure Park

6

FlatAcres MarketCenter (1)

Denver-Aurora-Lakewood, CO

Parker

CO

100%

 

136

95

$118

$17.94

24 Hour Fitness, Michaels

7

Parker Pavilions (1)

Denver-Aurora-Lakewood, CO

Parker

CO

100%

 

51

95

$118

$17.12

Office Depot

8

Connecticut Commons

Hartford-West Hartford-East Hartford, CT

Plainville

CT

20%

DTP

561

162

$76

$14.23

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

9

Shoppes at Paradise Pointe

Crestview-Fort Walton Beach-Destin, FL

Fort Walton Beach

FL

100%

 

73

60

$65

$12.84

Publix

10

Winter Garden Village

Orlando-Kissimmee-Sanford, FL

Winter Garden

FL

100%

 

629

96

$100

$18.83

Bealls, Best Buy, Burlington, Forever 21, Havertys, JOANN, LA Fitness, Market By Macy's, Marshalls, PetSmart, Ross Dress for Less, Staples

11

Perimeter Pointe (1)

Atlanta-Sandy Springs-Roswell, GA

Atlanta

GA

100%

 

360

126

$116

$17.44

Dick's Sporting Goods, LA Fitness, Regal Cinemas

12

Towne Center Prado

Atlanta-Sandy Springs-Roswell, GA

Marietta

GA

20%

DTP

287

126

$78

$12.50

Going Going Gone, Publix, Ross Dress for Less

13

Sandy Plains Village (1)

Atlanta-Sandy Springs-Roswell, GA

Roswell

GA

100%

 

174

85

$126

$14.64

Movie Tavern, Painted Tree Marketplace

14

3030 North Broadway (1)

Chicago-Naperville-Elgin, IL-IN-WI

Chicago

IL

100%

 

132

757

$113

$35.63

Mariano's

15

The Maxwell (1)

Chicago-Naperville-Elgin, IL-IN-WI

Chicago

IL

100%

 

240

979

$98

$26.27

Burlington, Nordstrom Rack

16

Deer Park Town Center

Chicago-Naperville-Elgin, IL-IN-WI

Deer Park

IL

50%

RVIP IIIB

358

130

$116

$37.62

Century Theatre, Crate & Barrel, Gap

17

Brookside Marketplace

Chicago-Naperville-Elgin, IL-IN-WI

Tinley Park

IL

20%

DTP

317

177

$89

$15.82

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

18

Independence Commons

Kansas City, MO-KS

Independence

MO

20%

DTP

386

130

$70

$15.29

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

19

The Promenade at Brentwood

St. Louis, MO-IL

Brentwood

MO

100%

 

338

283

$96

$16.43

Burlington, Micro Center, PetSmart, Target, Trader Joe's

20

East Hanover Plaza (1)

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

East Hanover

NJ

100%

 

98

76

$154

$20.46

HomeGoods, HomeSense

21

Edgewater Towne Center

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

Edgewater

NJ

100%

 

76

1,619

$102

$33.60

Whole Foods

22

Route 22 Retail Center

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

Union

NJ

20%

DTP

112

324

$114

$14.64

Dick's Sporting Goods

23

Nassau Park Pavilion (1)

Trenton, NJ

Princeton

NJ

100%

 

759

92

$128

$16.46

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

24

Meadowmont Crossing

Raleigh, NC

Chapel Hill

NC

100%

 

92

101

$103

$25.56

—

25

Meadowmont Market

Raleigh, NC

Chapel Hill

NC

100%

 

45

101

$101

$15.52

Harris Teeter

26

Poyner Place

Raleigh, NC

Raleigh

NC

20%

DTP

252

127

$80

$17.39

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

27

University Centre

Wilmington, NC

Wilmington

NC

20%

DTP

418

132

$68

$11.71

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

28

Headquarter Office Buildings

Cleveland-Elyria, OH

Beachwood

OH

100%

 

339

120

$122

(2)

—

29

Stow Community Center

Cleveland-Elyria, OH

Stow

OH

100%

 

406

108

$69

$12.90

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

30

The Blocks (1)

Portland-Vancouver-Hillsboro, OR-WA

Portland

OR

100%

 

97

373

$95

$37.17

—

31

Southmont Plaza (1)

Allentown-Bethlehem-Easton, PA-NJ

Easton

PA

100%

 

251

93

$80

$17.19

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

32

Ashley Crossing

Charleston-North Charleston, SC

Charleston

SC

20%

DTP

208

104

$67

$11.62

Food Lion, JOANN, Kohl's, Marshalls

33

Commonwealth Center

Richmond, VA

Midlothian

VA

20%

DTP

166

78

$95

$15.85

Michaels, Painted Tree Marketplace, The Fresh Market

34

Downtown Short Pump (1)

Richmond, VA

Richmond

VA

100%

 

126

138

$106

$22.71

Barnes & Noble, Regal Cinemas

 

Weighted Average Total

 

 

 

 

 

 

187

$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 $25.75. Q1 2025 annualized NOI $1.8M

 

15

 

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/

Tenant Improvements

Shorter of economic life or lease terms

 

16

 

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.

17

 

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.

18

 

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.

 

19

 

SITE Centers Corp.

Portfolio Summary at 100%

 

GLA in thousands

 

 

 

 

 

 

 

 

 

 

 

 

3/31/2025

 

12/31/2024

 

9/30/2024 (1)

 

6/30/2024 (1)

 

3/31/2024 (1)

Shopping Center Summary

 

 

 

 

 

 

 

 

 

 

Operating Centers – 100%

 

33

 

33

 

33

 

33

 

33

Wholly Owned - SITE

 

22

 

22

 

22

 

22

 

22

JV Portfolio

 

11

 

11

 

11

 

11

 

11

 

 

 

 

 

 

 

 

 

 

 

Owned and Ground Lease GLA – 100%

 

8,815

 

8,815

 

8,813

 

8,813

 

8,813

Wholly Owned - SITE

 

5,060

 

5,060

 

5,060

 

5,060

 

5,060

JV Portfolio – 100%

 

3,755

 

3,755

 

3,753

 

3,753

 

3,753

Unowned GLA – 100%

 

2,856

 

2,856

 

2,856

 

2,856

 

2,856

 

 

 

 

 

 

 

 

 

 

 

Quarterly Operational Overview

 

 

 

 

 

 

 

 

 

 

SITE (100%)

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$18.44

 

$18.37

 

$18.32

 

$18.30

 

$18.25

Base Rent PSF < 10K

 

$30.55

 

$30.40

 

$30.21

 

$29.97

 

$29.63

Base Rent PSF > 10K

 

$14.96

 

$14.92

 

$14.92

 

$14.96

 

$14.98

Commenced Rate

 

90.3%

 

91.0%

 

90.8%

 

91.5%

 

90.7%

Leased Rate

 

91.1%

 

92.1%

 

92.8%

 

92.7%

 

92.8%

Leased Rate < 10K SF

 

85.9%

 

86.1%

 

86.3%

 

86.3%

 

86.8%

Leased Rate > 10K SF

 

92.6%

 

94.0%

 

94.8%

 

94.9%

 

94.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned SITE

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$19.95

 

$19.81

 

$19.78

 

$19.83

 

$19.76

Leased Rate

 

89.4%

 

90.9%

 

90.9%

 

91.7%

 

91.7%

Leased Rate < 10K SF

 

88.2%

 

88.1%

 

88.1%

 

88.8%

 

88.8%

Leased Rate > 10K SF

 

89.8%

 

91.7%

 

91.7%

 

92.7%

 

92.7%

 

 

 

 

 

 

 

 

 

 

 

Joint Venture (100%)

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$16.67

 

$16.64

 

$16.62

 

$16.52

 

$16.47

Leased Rate

 

93.2%

 

93.7%

 

95.4%

 

94.2%

 

94.4%

Leased Rate < 10K SF

 

83.1%

 

83.6%

 

84.2%

 

82.6%

 

83.7%

Leased Rate > 10K SF

 

96.6%

 

97.0%

 

99.1%

 

98.1%

 

98.1%

 

 

 

 

 

 

 

 

 

 

 

Joint Venture at Pro Rata Share

 

 

 

 

 

 

 

 

 

 

Base Rent PSF

 

$18.72

 

$18.70

 

$18.64

 

$18.53

 

$18.44

Leased Rate

 

91.9%

 

92.1%

 

93.7%

 

92.6%

 

92.8%

Leased Rate < 10K SF

 

81.9%

 

81.5%

 

82.1%

 

81.0%

 

81.7%

Leased Rate > 10K SF

 

96.2%

 

96.6%

 

98.6%

 

97.6%

 

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

 

 

 

20

 

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

 

 

 

 

 

 

 

 

 

 

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

2Q24

3

8,317

$41.57

4.9%

6.7

 

5

12,323

$37.35

6.1

 

6

14,499

$38.34

5.0%

7.8

 

11

28,113

$37.09

8.1

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

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

2Q24

12

184,875

$18.14

5.9%

5.6

 

12

184,875

$18.14

5.6

 

44

457,701

$20.45

5.9%

5.9

 

44

457,701

$20.45

5.9

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

 

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

2Q24

15

193,192

$19.15

5.8%

5.6

 

17

197,198

$19.34

5.6

 

50

472,200

$21.00

5.9%

5.9

 

55

485,814

$21.42

6.0

 

Net Effective Rents

 

 

 

 

 

 

 

 

 

 

Capex PSF

NER

 

GLA

ABR PSF

TA

LL Work

LC

Total

PSF

Term

New Leases

 

 

 

 

 

 

 

 

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

2Q24

12,323

$40.18

$6.19

$0.00

$2.53

$8.72

$31.46

6.1

 

28,113

$40.56

$4.38

$0.00

$2.42

$6.80

$33.76

8.1

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

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

2Q24

184,875

$18.31

$0.02

$0.05

$0.00

$0.07

$18.24

5.6

 

457,701

$20.76

$0.11

$0.02

$0.03

$0.16

$20.60

5.9

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

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

2Q24

197,198

$19.68

$0.44

$0.05

$0.17

$0.66

$19.02

5.6

 

485,814

$21.90

$0.45

$0.02

$0.22

$0.69

$21.21

6.0

 

 

 

 

 

 

 

 

 

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.

 

 

21

 

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

 

 

 

 

 

 

 

 

 

 

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

2Q24

2

24,903

$21.40

61.1%

9.7

 

2

24,903

$21.40

9.7

 

5

33,815

$24.81

44.5%

9.8

 

11

95,012

$20.46

9.5

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

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

2Q24

11

326,011

$10.47

1.8%

4.9

 

11

326,011

$10.47

4.9

 

38

593,548

$13.94

4.7%

4.5

 

38

593,548

$13.94

4.5

 

 

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

 

 

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

2Q24

13

350,914

$11.25

7.2%

5.2

 

13

350,914

$11.25

5.2

 

43

627,363

$14.52

7.4%

4.8

 

49

688,560

$14.84

5.2

 

Net Effective Rents

 

 

 

 

 

 

 

 

 

 

Capex PSF

NER

 

GLA

ABR PSF

TA

LL Work

LC

Total

PSF

Term

New Leases

 

 

 

 

 

 

 

 

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

2Q24

24,903

$21.73

$12.24

$0.00

$0.78

$13.02

$8.71

9.7

 

95,012

$21.47

$5.37

$0.02

$0.95

$6.34

$15.13

9.5

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

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

2Q24

326,011

$10.53

$0.00

$0.00

$0.00

$0.00

$10.53

4.9

 

593,548

$14.07

$0.00

$0.00

$0.00

$0.00

$14.07

4.5

 

 

 

 

 

 

 

 

 

New + Renewals

 

 

 

 

 

 

 

 

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

2Q24

350,914

$11.33

$1.61

$0.00

$0.10

$1.71

$9.62

5.2

 

688,560

$15.09

$1.35

$0.01

$0.24

$1.60

$13.49

5.2

 

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.

 

22

 

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

 

28

2.8%

$630

2.1%

 

$22.50

 

9

 

28

0.6%

$630

0.8%

 

$22.50

2025

2

 

32

0.9%

761

1.5%

 

$23.78

 

22

 

54

5.4%

1,684

5.6%

 

$31.19

 

24

 

86

1.9%

2,445

3.0%

 

$28.43

2026

10

 

355

10.1%

4,387

8.5%

 

$12.36

 

37

 

102

10.2%

3,000

9.9%

 

$29.41

 

47

 

457

10.1%

7,387

9.0%

 

$16.16

2027

16

 

534

15.2%

9,568

18.6%

 

$17.92

 

44

 

157

15.7%

4,607

15.2%

 

$29.34

 

60

 

691

15.3%

14,175

17.3%

 

$20.51

2028

19

 

741

21.1%

8,952

17.4%

 

$12.08

 

35

 

115

11.5%

3,371

11.1%

 

$29.31

 

54

 

856

19.0%

12,323

15.1%

 

$14.40

2029

18

 

458

13.0%

8,061

15.7%

 

$17.60

 

38

 

138

13.8%

4,466

14.8%

 

$32.36

 

56

 

596

13.2%

12,527

15.3%

 

$21.02

2030

10

 

344

9.8%

5,289

10.3%

 

$15.38

 

32

 

124

12.4%

3,665

12.1%

 

$29.56

 

42

 

468

10.4%

8,954

11.0%

 

$19.13

2031

3

 

226

6.4%

2,093

4.1%

 

$9.26

 

14

 

49

4.9%

1,354

4.5%

 

$27.63

 

17

 

275

6.1%

3,447

4.2%

 

$12.53

2032

8

 

189

5.4%

2,361

4.6%

 

$12.49

 

18

 

72

7.2%

2,068

6.8%

 

$28.72

 

26

 

261

5.8%

4,429

5.4%

 

$16.97

2033

5

 

117

3.3%

1,883

3.7%

 

$16.09

 

22

 

76

7.6%

2,735

9.0%

 

$35.99

 

27

 

193

4.3%

4,618

5.6%

 

$23.93

2034

3

 

190

5.4%

2,255

4.4%

 

$11.87

 

16

 

52

5.2%

1,668

5.5%

 

$32.08

 

19

 

242

5.4%

3,923

4.8%

 

$16.21

Thereafter

9

 

329

9.4%

5,894

11.4%

 

$17.91

 

7

 

31

3.1%

1,005

3.3%

 

$32.42

 

16

 

360

8.0%

6,899

8.4%

 

$19.16

Total

103

 

3,515

100.0%

$51,504

100.0%

 

$14.65

 

294

 

998

100.0%

$30,253

100.0%

 

$30.31

 

397

 

4,513

100.0%

$81,757

100.0%

 

$18.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

28

2.8%

$630

2.1%

 

$22.50

 

9

 

28

0.6%

$630

0.8%

 

$22.50

2025

1

 

12

0.3%

406

0.8%

 

$33.83

 

17

 

42

4.2%

1,167

3.9%

 

$27.79

 

18

 

54

1.2%

1,573

1.9%

 

$29.13

2026

1

 

62

1.8%

1,503

2.9%

 

$24.24

 

17

 

45

4.5%

1,370

4.5%

 

$30.44

 

18

 

107

2.4%

2,873

3.5%

 

$26.85

2027

2

 

25

0.7%

515

1.0%

 

$20.60

 

18

 

57

5.7%

1,595

5.3%

 

$27.98

 

20

 

82

1.8%

2,110

2.6%

 

$25.73

2028

5

 

92

2.6%

1,364

2.6%

 

$14.83

 

18

 

58

5.8%

1,910

6.3%

 

$32.93

 

23

 

150

3.3%

3,274

4.0%

 

$21.83

2029

2

 

61

1.7%

1,342

2.6%

 

$22.00

 

25

 

76

7.6%

2,417

8.0%

 

$31.80

 

27

 

137

3.0%

3,759

4.6%

 

$27.44

2030

3

 

77

2.2%

1,309

2.5%

 

$17.00

 

17

 

51

5.1%

1,455

4.8%

 

$28.53

 

20

 

128

2.8%

2,764

3.4%

 

$21.59

2031

2

 

44

1.3%

600

1.2%

 

$13.64

 

15

 

33

3.3%

819

2.7%

 

$24.82

 

17

 

77

1.7%

1,419

1.7%

 

$18.43

2032

6

 

170

4.8%

3,211

6.2%

 

$18.89

 

23

 

74

7.4%

2,266

7.5%

 

$30.62

 

29

 

244

5.4%

5,477

6.7%

 

$22.45

2033

5

 

130

3.7%

2,369

4.6%

 

$18.22

 

15

 

48

4.8%

1,203

4.0%

 

$25.06

 

20

 

178

3.9%

3,572

4.4%

 

$20.07

2034

4

 

85

2.4%

1,635

3.2%

 

$19.24

 

14

 

62

6.2%

2,114

7.0%

 

$34.10

 

18

 

147

3.3%

3,749

4.6%

 

$25.50

Thereafter

72

 

2,757

78.4%

37,250

72.3%

 

$13.51

 

106

 

424

42.5%

13,307

44.0%

 

$31.38

 

178

 

3,181

70.5%

50,557

61.8%

 

$15.89

Total

103

 

3,515

100.0%

$51,504

100.0%

 

$14.65

 

294

 

998

100.0%

$30,253

100.0%

 

$30.31

 

397

 

4,513

100.0%

$81,757

100.0%

 

$18.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Includes ground leases.

 

 

 

 

 

 

 

 

 

23

 

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

 

5

0.7%

$127

0.6%

 

$25.40

 

2

 

5

0.1%

$127

0.2%

 

$25.40

2025

3

 

91

3.4%

1,146

3.3%

 

$12.59

 

10

 

29

3.8%

690

3.1%

 

$23.79

 

13

 

120

3.5%

1,836

3.2%

 

$15.30

2026

16

 

394

14.6%

3,822

10.9%

 

$9.70

 

34

 

118

15.6%

3,100

13.9%

 

$26.27

 

50

 

512

14.8%

6,922

12.1%

 

$13.52

2027

16

 

504

18.7%

6,437

18.4%

 

$12.77

 

22

 

85

11.3%

2,695

12.1%

 

$31.71

 

38

 

589

17.1%

9,132

15.9%

 

$15.50

2028

16

 

428

15.9%

5,404

15.4%

 

$12.63

 

34

 

98

13.0%

3,281

14.7%

 

$33.48

 

50

 

526

15.2%

8,685

15.2%

 

$16.51

2029

7

 

437

16.2%

4,686

13.4%

 

$10.72

 

33

 

129

17.1%

3,699

16.6%

 

$28.67

 

40

 

566

16.4%

8,385

14.6%

 

$14.81

2030

11

 

254

9.4%

3,731

10.7%

 

$14.69

 

25

 

82

10.9%

2,023

9.1%

 

$24.67

 

36

 

336

9.7%

5,754

10.0%

 

$17.13

2031

7

 

226

8.4%

3,759

10.7%

 

$16.63

 

8

 

34

4.5%

1,074

4.8%

 

$31.59

 

15

 

260

7.5%

4,833

8.4%

 

$18.59

2032

1

 

70

2.6%

311

0.9%

 

$4.44

 

15

 

62

8.2%

2,055

9.2%

 

$33.15

 

16

 

132

3.8%

2,366

4.1%

 

$17.92

2033

5

 

99

3.7%

2,061

5.9%

 

$20.82

 

10

 

37

4.9%

1,009

4.5%

 

$27.27

 

15

 

136

3.9%

3,070

5.4%

 

$22.57

2034

4

 

114

4.2%

2,455

7.0%

 

$21.54

 

9

 

37

4.9%

1,221

5.5%

 

$33.00

 

13

 

151

4.4%

3,676

6.4%

 

$24.34

Thereafter

3

 

82

3.0%

1,188

3.4%

 

$14.49

 

12

 

38

5.0%

1,323

5.9%

 

$34.82

 

15

 

120

3.5%

2,511

4.4%

 

$20.93

Total

89

 

2,699

100.0%

$35,000

100.0%

 

$12.97

 

214

 

754

100.0%

$22,297

100.0%

 

$29.57

 

303

 

3,453

100.0%

$57,297

100.0%

 

$16.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2

 

5

0.7%

$127

0.6%

 

$25.40

 

2

 

5

0.1%

$127

0.2%

 

$25.40

2025

0

 

0

0.0%

0

0.0%

 

$0.00

 

8

 

20

2.7%

536

2.4%

 

$26.80

 

8

 

20

0.6%

536

0.9%

 

$26.80

2026

3

 

74

2.7%

890

2.5%

 

$12.03

 

20

 

51

6.8%

1,319

5.9%

 

$25.86

 

23

 

125

3.6%

2,209

3.9%

 

$17.67

2027

4

 

96

3.6%

939

2.7%

 

$9.78

 

12

 

44

5.8%

1,420

6.4%

 

$32.27

 

16

 

140

4.1%

2,359

4.1%

 

$16.85

2028

3

 

45

1.7%

675

1.9%

 

$15.00

 

26

 

76

10.1%

2,706

12.1%

 

$35.61

 

29

 

121

3.5%

3,381

5.9%

 

$27.94

2029

2

 

47

1.7%

473

1.4%

 

$10.06

 

22

 

74

9.8%

2,349

10.5%

 

$31.74

 

24

 

121

3.5%

2,822

4.9%

 

$23.32

2030

3

 

42

1.6%

730

2.1%

 

$17.38

 

17

 

51

6.8%

1,244

5.6%

 

$24.39

 

20

 

93

2.7%

1,974

3.4%

 

$21.23

2031

6

 

94

3.5%

1,038

3.0%

 

$11.04

 

13

 

46

6.1%

1,415

6.3%

 

$30.76

 

19

 

140

4.1%

2,453

4.3%

 

$17.52

2032

2

 

61

2.3%

742

2.1%

 

$12.16

 

15

 

61

8.1%

1,914

8.6%

 

$31.38

 

17

 

122

3.5%

2,656

4.6%

 

$21.77

2033

6

 

165

6.1%

2,647

7.6%

 

$16.04

 

8

 

24

3.2%

691

3.1%

 

$28.79

 

14

 

189

5.5%

3,338

5.8%

 

$17.66

2034

0

 

0

0.0%

0

0.0%

 

$0.00

 

14

 

55

7.3%

1,580

7.1%

 

$28.73

 

14

 

55

1.6%

1,580

2.8%

 

$28.73

Thereafter

60

 

2,075

76.9%

26,866

76.8%

 

$12.95

 

57

 

247

32.8%

6,996

31.4%

 

$28.32

 

117

 

2,322

67.2%

33,862

59.1%

 

$14.58

Total

89

 

2,699

100.0%

$35,000

100.0%

 

$12.97

 

214

 

754

100.0%

$22,297

100.0%

 

$29.57

 

303

 

3,453

100.0%

$57,297

100.0%

 

$16.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Includes ground leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 

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

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