SITE Centers Reports Fourth Quarter and Full-Year 2025 Results

SITE Centers Corp. (NYSE:SITC), an owner and manager of open-air shopping centers, announced today operating results for the quarter ended December 31, 2025.

"2025 proved to be an active year successfully realizing value and returning capital to shareholders. The Company sold 14 properties during the year for an aggregate price of $752.5 million, declared aggregate dividends of $6.75 per share and paid off all consolidated mortgage debt. All remaining wholly-owned retail real estate assets are in the process of being marketed for sale as the Company remains focused on maximizing value for shareholders," commented David R. Lukes, President and Chief Executive Officer. "Since the spinoff of Curbline Properties, SITE Centers has sold over 66% of the Company's assets as measured by net operating income for the quarter ended December 31, 2024 on a pro rata basis and continues to make progress returning remaining capital to shareholders."

Results for the Fourth Quarter

• Fourth quarter net income attributable to common shareholders was $134.4 million, or $2.55 per diluted share, as compared to a net loss of $13.2 million, or $0.25 per diluted share, in the year-ago period. The increase year-over-year was primarily the result of higher gain on sale from dispositions, a decrease in interest expense and a decrease in preferred dividend expense, partially offset by the net impact of property dispositions, an increase in impairment charges and an increase in debt extinguishment costs.
• Fourth quarter operating funds from operations attributable to common shareholders ("Operating FFO" or "OFFO") was $2.9 million, or $0.05 per diluted share, compared to $8.3 million, or $0.16 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of lower net operating income ("NOI") as a result of property dispositions, partially offset by decreased interest expense.
• Sold eight properties for an aggregate sales price of $380.0 million, all prior to closing costs, prorations and other closing adjustments. A portion of the net proceeds was used to repay $187.0 million of mortgage debt as well as a make-whole premium of approximately $7.0 million in connection with the Company's repayment of the mortgage debt on Nassau Park Pavilion (Princeton, New Jersey).
• Acquired one land parcel from Curbline Properties Corp. ("Curbline or "Curbline Properties") in Chapel Hill, North Carolina for an aggregate purchase price of $1.8 million in order to facilitate the future disposition of Meadowmont Market located adjacent thereto.
• In December 2025, the Company paid off the remaining consolidated mortgage loan balance of $64.0 million.
• The Company held $119.0 million of unrestricted cash at December 31, 2025. The Company expects to maintain a higher cash balance pending resolution of the Dividend Trust Portfolio joint venture in order to maximize options for monetizing its remaining joint venture investment.

Significant Fourth Quarter Activity and Key Operating Results

• Paid special cash distributions aggregating $2.00 per common share for the quarter.
• Recorded an additional impairment charge of $7.5 million on one wholly-owned asset.
• Recorded insurance claims expense of $0.9 million in the fourth quarter of 2025 as compared to $0.4 million in the fourth quarter of 2024. On an annual basis, the Company recorded $0.7 million and $0.9 million for the years ended December 31, 2025 and 2024, respectively.
• Reported a leased rate of 87.8% at December 31, 2025 as compared to 87.6% at September 30, 2025 and 91.1% at December 31, 2024, all on a pro rata basis. The change in the leased rate was due primarily to transactional activity, the remaining mix of properties and increased vacancy at The Maxwell (Chicago, Illinois).
• Reported a commenced rate of 85.8% at December 31, 2025 as compared to 86.5% at September 30, 2025 and 90.6% at December 31, 2024, all on a pro rata basis. The decrease in the commenced rate was due primarily to transactional activity, the remaining mix of properties and increased vacancy at The Maxwell (Chicago, Illinois).
• Executed two new leases and 11 renewals for 74,950 square feet during the quarter.
• In 2025, eliminated the reclassification of general and administrative expense to operating and maintenance expense. For the three and twelve months ended December 31, 2024, the reported amounts of $1.2 million and $8.1 million, respectively, have been reclassified to conform with the current year presentation.

Recent Activity

• In January, the Company sold its partnership interests in the RVIP IIIB joint venture that owns Deer Park Town Center (Deer Park, Illinois) to the Company's existing joint venture partner for approximately $20.8 million prior to closing costs.
• The Company has entered into agreements to sell two properties for which the buyers' general due diligence period has expired.

Discontinued Operations

On October 1, 2024, the Company completed the spin-off of Curbline Properties. The spin-off of the convenience properties represented a strategic shift in the Company's business and, as such, the Curbline properties are reflected as discontinued operations for the periods prior to the spin-off date of October 1, 2024.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company's e-mail distributions for press releases and other investor news, please click here.

Supplemental Information

Copies of the Company's quarterly financial supplement are available on the Investor Relations portion of the Company's website, ir.sitecenters.com.

Non-GAAP Measures and Other Operational Metrics

Funds from Operations ("FFO") is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust ("REIT") performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States ("GAAP")), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (iii) impairment charges on real estate property and related investments, (iv) gains and losses from changes in control and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and adding the Company's proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company's calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

The Company also uses NOI, a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

FFO, Operating FFO and NOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company's operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, our ability to enter into agreements to sell our remaining properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to resolve and realize value from our remaining joint venture investment; impairment charges; general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; the impact of e-commerce; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the sufficiency and timing of any insurance recovery payments related thereto; the impact of pandemics and other public health crises; our ability to finance our businesses on commercially acceptable terms or at all; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; and our ability to project known and contingent expenses and liabilities arising in connection with the anticipated wind-up of our operations and any change in strategy. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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Gerald Morgan, EVP and Chief Financial Officer

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