SITE Centers Corp
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Item 2. Properties
At December 31, 2024, the Portfolio Properties included 33 shopping centers (including 11 centers owned through unconsolidated joint ventures). At December 31, 2024, the Portfolio Properties aggregated 8.8 million square feet of Company-owned GLA located in 15 states. These centers are principally located in suburban, higher household income communities with the highest concentration of centers located in Illinois, New Jersey and North Carolina.
At December 31, 2024, on a pro rata basis, the average annualized base rent per square foot was $19.64. The average annualized base rent of the Company’s 22 wholly-owned shopping centers was $19.81 per square foot, and the average annualized base rent for the 11 shopping centers owned through unconsolidated joint ventures was $16.64 per square foot. The Company’s average annualized base rent per square foot does not consider tenant expense reimbursements.
A significant number of the Company’s shopping centers are anchored by national tenant anchors and are designed to provide a highly compelling shopping experience and merchandise mix for retail partners and consumers. The tenants of the shopping centers typically cater to the consumer’s desire for value, service and convenience and offer day-to-day necessities rather than luxury items. The properties often include discounters, specialty grocers, pet supply stores, fitness centers, quick-service restaurants and beauty supply retailers as additional anchors or tenants.
Information as to the Company’s largest tenants based on total annualized rental revenues and Company-owned GLA at December 31, 2024, is set forth in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the caption “Executive Summary – Company Fundamentals” of this Annual Report on Form 10-K. For additional details related to property indebtedness for the Company’s wholly-owned assets, see “Real Estate and Accumulated Depreciation” (Schedule III)
herein. At December 31, 2024, the Company owned an investment in properties through unconsolidated joint ventures, which properties served as collateral for joint venture mortgage debt aggregating approximately $441.8 million (of which the Company’s proportionate share is $106.6 million) and is not reflected in the Company’s consolidated indebtedness. The Company’s properties range in size from approximately 45,000 square feet to approximately 759,000 square feet of Company-owned GLA. On a pro rata basis, the Company’s properties were 90.6% occupied as of December 31, 2024.
Corporate Headquarters
In addition to its shopping center portfolio listed below, as of December 31, 2024, the Company owns two adjacent office buildings located in Beachwood, Ohio, totaling approximately 339,000 square feet of GLA, of which approximately 172,000 square feet of GLA currently serves as the Company’s headquarters and approximately 167,000 square feet of GLA is leased or available to be leased to third parties.
Tenant Lease Expirations and Renewals
The following table shows the impact of tenant lease expirations through 2034 at the Company’s 22 wholly-owned shopping centers (excluding ground leases), assuming that none of the tenants exercise any of their renewal options:
| ExpirationYear | No. ofLeasesExpiring | Approximate GLAin Square Feet(Thousands) | Annualized BaseRent UnderExpiring Leases(Thousands) | Average Base Rentper Square FootUnder ExpiringLeases | Percentage ofTotal GLARepresented byExpiring Leases | Percentage ofTotal Base RentalRevenuesRepresented byExpiring Leases |
|---|---|---|---|---|---|---|
| 2025 | 44 | 285 | $6,899 | $24.22 | 6.4% | 9.0% |
| 2026 | 47 | 362 | 5,776 | 15.94 | 8.1% | 7.5% |
| 2027 | 55 | 668 | 13,428 | 20.11 | 14.9% | 17.5% |
| 2028 | 49 | 593 | 10,857 | 18.32 | 13.2% | 14.1% |
| 2029 | 53 | 592 | 12,210 | 20.63 | 13.2% | 15.9% |
| 2030 | 33 | 427 | 7,694 | 18.04 | 9.5% | 10.0% |
| 2031 | 14 | 266 | 3,062 | 11.51 | 6.0% | 4.0% |
| 2032 | 26 | 262 | 4,564 | 17.39 | 5.9% | 6.0% |
| 2033 | 26 | 189 | 4,549 | 24.04 | 4.2% | 5.9% |
| 2034 | 16 | 115 | 2,608 | 22.75 | 2.6% | 3.4% |
| Total | 363 | 3,758 | $71,647 | $19.06 | 84.0% | 93.3% |
The following table shows the impact of tenant lease expirations through 2034 at the Company’s 11 shopping centers owned through unconsolidated joint ventures (excluding ground leases), assuming that none of the tenants exercise any of their renewal options:
| ExpirationYear | No. ofLeasesExpiring | Approximate GLAin Square Feet(Thousands) | Annualized BaseRent UnderExpiring Leases(Thousands) | Average Base Rentper Square FootUnder ExpiringLeases | Percentage ofTotal GLARepresented byExpiring Leases | Percentage ofTotal Base RentalRevenuesRepresented byExpiring Leases |
|---|---|---|---|---|---|---|
| 2025 | 24 | 181 | $3,032 | $16.78 | 5.1% | 5.6% |
| 2026 | 48 | 459 | 6,843 | 14.90 | 13.0% | 12.7% |
| 2027 | 38 | 589 | 9,319 | 15.82 | 16.6% | 17.3% |
| 2028 | 46 | 500 | 8,207 | 16.42 | 14.1% | 15.3% |
| 2029 | 40 | 489 | 7,176 | 14.68 | 13.8% | 13.4% |
| 2030 | 28 | 288 | 4,516 | 15.67 | 8.1% | 8.4% |
| 2031 | 15 | 260 | 4,830 | 18.57 | 7.4% | 9.0% |
| 2032 | 15 | 128 | 2,143 | 16.81 | 3.6% | 4.0% |
| 2033 | 15 | 136 | 3,061 | 22.46 | 3.8% | 5.7% |
| 2034 | 12 | 142 | 3,456 | 24.36 | 4.0% | 6.4% |
| Total | 281 | 3,172 | $52,583 | $16.58 | 89.5% | 97.8% |
The rental payments under certain of these leases will remain constant until the expiration of their base terms, regardless of inflationary increases. There can be no assurance that any of these leases will be renewed or that any replacement tenants will be obtained if not renewed.
Shopping Center Property List at December 31, 2024
| Location · Center · Year Developed/Redeveloped · Year Acquired · Owned GLA (000's) · Total Annualized Base Rent (000's) · Average Base Rent (Per SF)(1) · Key Tenants | ||||||||
|---|---|---|---|---|---|---|---|---|
| Arizona | ||||||||
| 1 | Phoenix, AZ | Ahwatukee Foothills Towne Center(2) | 2013 | 1998 | 691 | $11,521 | $19.15 | AMC Theatres, Best Buy, Burlington, HomeGoods, JOANN, Lina Home Furnishings, Marshalls, Michaels, Ross Dress for Less, Sprouts Farmers Market |
| 2 | Phoenix, AZ | Deer Valley Towne Center | 1996 | 1999 | 152 | $2,887 | $19.02 | Michaels, PetSmart, Ross Dress for Less |
| 3 | Phoenix, AZ | Paradise Village Gateway | 2004 | 2003 | 211 | $1,899 | $18.74 | PetSmart, Ross Dress for Less, Sun & Ski Sports |
| California | ||||||||
| 4 | Long Beach, CA | The Pike Outlets(3) | 2015 | DEV | 390 | $6,405 | $25.34 | Cinemark, Gold's Gym, H & M, Nike, Restoration Hardware |
| Colorado | ||||||||
| 5 | Colorado Springs, CO | Chapel Hills West | 1996 | 2014 | 225 | $2,212 | $12.31 | Burlington, PetSmart, Ross Dress for Less, Urban Air Adventure Park |
| 6 | Parker, CO | Flat Acres Market Center(3) | 2003 | 2003 | 136 | $1,988 | $17.82 | 24 Hour Fitness, Michaels |
| 7 | Parker, CO | Parker Pavilions | 2003 | 2003 | 51 | $877 | $17.12 | Office Depot |
| Connecticut | ||||||||
| 8 | Plainville, CT | Connecticut Commons(2) | 2013 | 2005 | 561 | $7,485 | $14.08 | Aldi, AMC Theatres, Dick's Sporting Goods, DSW, Kohl's, Lowe's, Marshalls, PetSmart |
| Florida | ||||||||
| 9 | Fort Walton Beach, FL | Shoppes at Paradise Pointe | 2000 | 2007 | 73 | $807 | $12.84 | Publix |
| 10 | Winter Garden, FL | Winter Garden Village | 2007 | 2013 | 629 | $11,819 | $18.80 | Bealls, Best Buy, Burlington, Forever 21, Havertys, JOANN, LA Fitness, Market By Macy's, Marshalls, PetSmart, Ross Dress for Less, Staples |
| Georgia | ||||||||
| 11 | Atlanta, GA | Perimeter Pointe | 2002 | 1995 | 360 | $3,708 | $17.68 | Dick's Sporting Goods, LA Fitness, Regal Cinemas |
| 12 | Marietta, GA | Towne Center Prado(2) | 2002 | 1995 | 287 | $3,551 | $13.13 | Going Going Gone, Publix, Ross Dress for Less |
| 13 | Roswell, GA | Sandy Plains Village | 2013 | 2007 | 174 | $2,379 | $14.52 | Movie Tavern, Painted Tree Marketplace |
| Illinois | ||||||||
| 14 | Chicago, IL | 3030 North Broadway | 2016 | 2017 | 132 | $4,694 | $35.63 | Mariano's |
| 15 | Chicago, IL | The Maxwell | 2014 | 2014 | 240 | $4,989 | $24.62 | Burlington, Dick's Sporting Goods, Nordstrom Rack |
| 16 | Deer Park, IL | Deer Park Town Center(4) | 2004 | 2000 | 358 | $9,212 | $37.50 | Century Theatre, Crate & Barrel, Gap |
| 17 | Tinley Park, IL | Brookside Marketplace(2) | 2013 | 2012 | 317 | $4,903 | $15.74 | Best Buy, Dick's Sporting Goods, HomeGoods, Michaels, PetSmart, Ross Dress for Less, T.J. Maxx |
Shopping Center Property List at December 31, 2024
| Location · Center · Year Developed/Redeveloped · Year Acquired · Owned GLA (000's) · Total Annualized Base Rent (000's) · Average Base Rent (Per SF)(1) · Key Tenants | ||||||||
|---|---|---|---|---|---|---|---|---|
| Missouri | ||||||||
| 18 | Brentwood, MO | The Promenade at Brentwood | 1998 | 1998 | 338 | $5,565 | $16.47 | Burlington, Micro Center, PetSmart, Target, Trader Joe's |
| 19 | Independence, MO | Independence Commons(2) | 1999 | 1995 | 386 | $5,781 | $15.57 | AMC Theatres, Best Buy, Bob's Discount Furniture, Kohl's, Marshalls, Ross Dress for Less |
| New Jersey | ||||||||
| 20 | East Hanover, NJ | East Hanover Plaza | 1994 | 2007 | 98 | $1,771 | $20.46 | HomeGoods, HomeSense |
| 21 | Edgewater, NJ | Edgewater Towne Center | 2000 | 2007 | 76 | $2,336 | $32.87 | Whole Foods |
| 22 | Princeton, NJ | Nassau Park Pavilion | 2021 | 1997 | 759 | $12,224 | $16.41 | At Home, Best Buy, Burlington, Dick's Sporting Goods, HomeGoods, HomeSense, Michaels, PetSmart, Planet Fitness, Raymour & Flanigan, T.J. Maxx, Wegmans |
| 23 | Union, NJ | Route 22 Retail Center(2) | 1997 | 2007 | 112 | $1,399 | $14.64 | Dick's Sporting Goods |
| North Carolina | ||||||||
| 24 | Chapel Hill, NC | MeadowmontCrossing (3) | 2002 | 2007 | 92 | $252 | $25.31 | — |
| 25 | Chapel Hill, NC | Meadowmont Market | 2002 | 2007 | 45 | $697 | $15.52 | Harris Teeter |
| 26 | Raleigh, NC | Poyner Place(2) | 2012 | 2012 | 252 | $4,221 | $17.03 | Cost Plus World Market, Marshalls, Michaels, Ross Dress for Less, Urban Air Trampoline & Adventure Park |
| 27 | Wilmington, NC | University Centre(2) | 2001 | 1993 | 418 | $4,191 | $11.54 | Crunch Fitness, Lowe's, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less |
| Ohio | ||||||||
| 28 | Stow, OH | Stow Community Center | 2008 | 1996 | 406 | $5,054 | $12.80 | Giant Eagle, Hobby Lobby, HomeGoods, Kohl's, T.J. Maxx |
| Oregon | ||||||||
| 29 | Portland, OR | The Blocks | 2001 | 2019 | 97 | $2,448 | $36.71 | — |
| Pennsylvania | ||||||||
| 30 | Easton, PA | Southmont Plaza | 2004 | 2015 | 251 | $4,127 | $16.61 | Barnes & Noble, Best Buy, Dick's Sporting Goods, Michaels, Ross Dress for Less, Staples |
| South Carolina | ||||||||
| 31 | Charleston, SC | Ashley Crossing(2) | 2011 | 2003 | 208 | $2,301 | $11.61 | Food Lion, JOANN, Kohl's, Marshalls |
| Virginia | ||||||||
| 32 | Midlothian, VA | Commonwealth Center(2) | 2002 | 2007 | 166 | $2,441 | $15.84 | Michaels, Painted Tree Marketplace, The Fresh Market |
| 33 | Richmond, VA | Downtown Short Pump | 2000 | 2007 | 126 | $2,859 | $22.69 | Barnes & Noble, Regal Cinemas |
(1)
Calculated as total annualized base rentals divided by Company-owned rent commenced GLA as of December 31, 2024.
(2)
SITE ownership interest at 20%.
(3)
Indicates the asset or a portion of the asset is subject to a ground lease. All other assets are owned fee simple.
(4)
SITE ownership interest at 50%.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.