Q - SITE Centers
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
SITC$0.67-81.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000950170-25-065759
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000950170-25-103102
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 154 previous paragraphs and 162 current paragraphs.
93 unchanged; 53 reworded; 14 added; 8 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 14 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
Transaction and Investment Highlights
Current report
Sold five wholly-owned shopping centers for an aggregate sales price of $319.0 million of which approximately $54.3 million was utilized to repay indebtedness;
Current report
Declared a special cash dividend of $1.50 per common share on June 17, 2025 which was paid on July 15, 2025 and
Current report
Declared a special cash dividend of $3.25 per common share on August 1, 2025 to be paid on August 29, 2025.
Current report
The comparability of year-over-year and period-over-period operating metrics has been increasingly impacted by the level and composition of the Company’s disposition activities and the reduced size of the Company’s portfolio.
Current report
In 2024, primarily consists of expense of $9.3 million of fees related to a terminated $1.1 billion mortgage facility commitment.
Current report
In May 2024, the Company acquired its partner’s 80% interest in one asset previously owned by the DDRM Properties Joint Venture (Meadowmont Village, Chapel Hill, North Carolina) for $35.4 million and stepped up its 20% interest due to change in control.
Current report
The Company sold two wholly-owned shopping centers in 2025 and sold 15 wholly-owned shopping centers (excluding certain retained convenience parcels) and one parcel at a wholly-owned shopping center in 2024. See “— Sources and Uses of Capital”.
Current report
(D)
Current report
Net Income (in thousands)
Current report
The Company declared special cash common dividends of $79.1 million during the six months ended June 30, 2025. The Company declared common and preferred cash dividends of $60.3 million for the six months ended June 30, 2024.
Current report
On August 1, 2025, the Company declared a special cash dividend of $3.25 per common share (estimated to be $171.3 million in the aggregate) to be paid on August 29, 2025.
Current report
Dispositions
Current report
From January 1, 2025 through August 5, 2025, the Company sold the following wholly-owned shopping centers (in thousands):
Removed paragraphs (8)
Previous report
As of May 6, 2025, the Company had entered into agreements to sell two properties for an aggregate gross sales price of approximately $95 million (subject to adjustment for certain closing pro-rations, allocations, credits, closing costs and escrows) for which the buyers’ general due diligence periods had expired. These transactions are expected to close in the second quarter of 2025. In each case, closing remains subject to customary conditions, including, but not limited to, delivery of estoppel letters from tenants, the accuracy of the Company’s representations in all material respects and the absence of certain casualty or condemnation events. The Company is also in various stages of marketing or contract negotiations for the sale of several other properties, though no assurances can be given that such efforts will result in additional asset sales, particularly in light of the dynamic interest rate environment and uncertain capital markets and economic conditions. The Company expects to use proceeds from any additional asset sales to repay outstanding indebtedness and make distributions to shareholders.
Previous report
The Company believes its strong leasing economics are attributable to the concentration of the Company’s portfolio in suburban, high household income communities and to national tenants’ strong financial positions and increasing emphasis and reliance on physical store locations.
Previous report
Related primarily to the prior year write off of commitment fees due to the release of properties that had been identified to serve as collateral for a mortgage financing commitment.
Previous report
The Company sold three wholly-owned shopping centers for the three months ended March 31, 2024.
Previous report
Net Income (Loss) (in thousands)
Previous report
(A)
Previous report
No dividends were declared or paid on the Company’s common shares during the three months ended March 31, 2025. The Company declared $30.2 million of dividends on the Company’s common and preferred shares during the three months ended March 31, 2024.
Previous report
As of May 6, 2025, the Company had entered into agreements to sell two properties for an aggregate gross sales price of approximately $95 million (subject to adjustment for certain closing pro-rations, allocations, credits, closing costs and escrows) for which the buyers’ general due diligence periods had expired. These transactions are expected to close in the second quarter of 2025. In each case, closing remains subject to customary conditions, including, but not limited to, delivery of estoppel letters from tenants, the accuracy of the Company’s representations in all material respects and the absence of certain casualty or condemnation events. The Company is also in various stages of marketing or contract negotiations for the sale of several other properties, though no assurances can be given that such efforts will result in additional asset sales, particularly in light of the dynamic interest rate environment and uncertain capital markets and economic conditions. The Company expects to use proceeds from any additional asset sales to repay outstanding indebtedness and make distributions to shareholders.
Reworded paragraphs (53)
Previous wording
The Company is a self-administered and self-managed Real Estate Investment Trust (“REIT”) in the business of owning, leasing, acquiring, redeveloping and managing shopping centers. As of March 31, 2025, the Company’s portfolio consisted of 33 shopping centers (including 11 shopping centers owned through unconsolidated joint ventures). At March 31, 2025, the Company owned approximately 8.8 million square feet of gross leasable area (“GLA”) through all its properties (wholly-owned and joint venture). In addition, the Company owns two adjacent office buildings located in Beachwood, Ohio, totaling approximately 339,000 square feet of GLA, a portion of which currently serves as the Company’s headquarters.
Current wording
The Company is a self-administered and self-managed Real Estate Investment Trust (“REIT”) in the business of owning, leasing, acquiring, redeveloping and managing shopping centers. As of June 30, 2025, the Company’s portfolio consisted of 31 shopping centers (including 11 shopping centers owned through unconsolidated joint ventures). At June 30, 2025, the Company owned approximately 8.3 million square feet of gross leasable area (“GLA”) through all its properties (wholly-owned and joint venture). In addition, the Company owns two adjacent office buildings located in Beachwood, Ohio, totaling approximately 339,000 square feet of GLA, a portion of which currently serves as the Company’s headquarters.
Previous wording
On October 1, 2024, the Company completed the spin-off of Curbline Properties Corp. (“Curbline” or “Curbline Properties”), pursuant to which the Company contributed 79 convenience properties, $800 million of unrestricted cash and certain other assets, liabilities and obligations to Curbline Properties. The spin-off was effected pursuant to the Separation and Distribution Agreement, dated as of October 1, 2024, among the Company, Curbline, and Curbline Properties LP, a subsidiary of Curbline (the “Operating Partnership”). To govern certain ongoing relationships between the Company, Curbline and the Operating Partnership, the Company entered into a Tax Matters Agreement, an Employee Matters Agreement, a Shared Services Agreement and other agreements. The spin-off of the convenience properties represented a strategic shift in the Company’s business and, as such, the Curbline properties were considered as held for sale as of October 1, 2024, and are reflected as discontinued operations for the three-month period ended March 31, 2024. Except as otherwise noted, operating statistics cited in this Quarterly Report on Form 10-Q for the three months ended March 31, 2024 have been adjusted to exclude discontinued operations and properties sold during the year ended December 31, 2024.
Current wording
On October 1, 2024, the Company completed the spin-off of Curbline Properties Corp. (“Curbline” or “Curbline Properties”), pursuant to which the Company contributed 79 convenience properties, $800 million of unrestricted cash and certain other assets, liabilities and obligations to Curbline Properties. The spin-off was effected pursuant to the Separation and Distribution Agreement, dated as of October 1, 2024, among the Company, Curbline, and Curbline Properties LP, a subsidiary of Curbline (the “Operating Partnership”). To govern certain ongoing relationships between the Company, Curbline and the Operating Partnership, the Company entered into a Tax Matters Agreement, an Employee Matters Agreement, a Shared Services Agreement and other agreements. The spin-off of the convenience properties represented a strategic shift in the Company’s business and, as such, the Curbline properties were considered as held for sale as of October 1, 2024, and are reflected as discontinued operations for the three and six months ended June 30, 2024. Except as otherwise noted, operating statistics cited in this Quarterly Report on Form 10-Q for the three and six months ended June 30, 2024 have been adjusted to exclude discontinued operations and properties sold during the year ended December 31, 2024.
Previous wording
For the three months ended March 31, 2025, the increase in Net income attributable to common shareholders, as compared to the prior-year period, primarily was the result of an increase in fee and other income and a decrease in impairment charges and interest expense, partially offset by the result of the spin-off of Curbline Properties, lower net operating income (“NOI”) as a result of property dispositions, lower gain on sale from dispositions, and lower interest income.
Current wording
For the six months ended June 30, 2025, the decrease in net income attributable to common shareholders, as compared to the prior-year period, primarily was the result of lower gains from dispositions of real estate recognized in 2025 as compared to the prior-year period, a decrease in rental revenue due to net property dispositions and the Curbline spin-off in 2024 and a decrease in interest income, partially offset by a decrease in the write-off of fees related to the Mortgage Facility commitment, Curbline transaction costs, interest expense, preferred dividend expense and impairment charges and an increase in fee and other income.
Previous wording
From July 1, 2023 to December 31, 2024, the Company generated approximately $3.1 billion of gross proceeds from sales of properties for the purpose of acquiring additional convenience properties, capitalizing Curbline and, together with proceeds from the closing and funding of a $530.0 million mortgage loan (the “Mortgage Facility”), redeeming and/or repaying all of the Company’s outstanding unsecured indebtedness and preferred shares. Going forward, the Company intends to realize value through operations and to consider various factors, including market conditions and differences between the public and private valuations of its portfolio, in evaluating when to pursue additional asset sales. The timing of any additional sales may also be impacted by interim leasing, tactical redevelopment activities and other asset management initiatives intended to maximize value.
Current wording
From July 1, 2023 to December 31, 2024, the Company generated approximately $3.1 billion of gross proceeds from sales of properties for the purpose of acquiring additional convenience properties, capitalizing Curbline and, together with proceeds from the closing and funding of a $530.0 million mortgage loan (the “Mortgage Facility”), redeeming and/or repaying all of the Company’s outstanding unsecured indebtedness and preferred shares. As of August 5, 2025, the Company had generated approximately $319.0 million of additional gross proceeds from the sale of five shopping centers during 2025, of which approximately $54.3 million was used to repay indebtedness outstanding under the Mortgage Facility. The Company is also in various stages of marketing or contract negotiations for the sale of several other properties, though no assurances can be given that such efforts will result in additional asset sales, particularly in light of the dynamic interest rate environment and uncertain capital markets and economic conditions. Going forward, the Company intends to realize value through operations and to consider various factors, including market conditions and differences between the public and private valuations of its portfolio, in evaluating when to pursue additional asset sales. The timing of any additional sales may also be impacted by interim leasing, tactical redevelopment activities and other asset management initiatives intended to maximize value. The Company generally expects to use proceeds from any additional asset sales to repay outstanding indebtedness and make distributions to shareholders.
Previous wording
The Company expects that rental income and net income will decrease in future periods as compared to corresponding prior year periods as a result of the spin-off of Curbline, the significant volume of dispositions completed in 2024 and the impact of pending tenant bankruptcies. The Company expects that its future dividend policy will be influenced by operations and asset sales, though the Company’s distribution of any sale proceeds to shareholders will be subject to collateral release and repayment requirements set forth in the terms of the Company’s indebtedness and management of liquidity and overall leverage levels in connection with ongoing operations.
Current wording
The Company expects that rental income and net income will decrease in future periods as compared to corresponding prior year periods as a result of the spin-off of Curbline, the significant volume of dispositions completed in 2024 and 2025 and the impact of tenant bankruptcies. The Company expects that its future dividend policy will be influenced by operations and asset sales, though the Company’s distribution of any sale proceeds to shareholders will be subject to collateral release and repayment requirements set forth in the terms of the Company’s indebtedness and management of liquidity and overall leverage levels in connection with ongoing operations.
Previous wording
Operational highlights for the Company through March 31, 2025, include the following (excluding discontinued operations and properties sold in 2024):
Current wording
The Company’s portfolio is concentrated in suburban, high household income communities and is primarily leased to national tenants with strong financial positions. Operational highlights for the Company through June 30, 2025, include the following (excluding discontinued operations and properties sold in 2024):
Previous wording
Leased approximately 75,000 square feet of GLA, including five new leases and 17 renewals. As of March 31, 2025, the remaining 2025 lease expirations aggregated approximately 0.2 million square feet of GLA, as compared to 0.5 million square feet of leased GLA expiring in 2025 as of December 31, 2024;
Current wording
Leased approximately 220,000 square feet of GLA, including nine new leases and 30 renewals all on a pro-rata basis. As of June 30, 2025, the remaining 2025 lease expirations aggregated approximately 0.1 million square feet of GLA, as compared to 0.5 million square feet of leased GLA expiring in 2025 as of December 31, 2024;
Previous wording
For the comparable leases executed in the three months ended March 31, 2025, the Company generated cash lease spreads on a pro rata basis of 6.8% for new leases and 3.4% for renewals. Leasing spreads are a key metric in real estate, representing the percentage increase of rental rates on new and renewal leases over rental rates on existing leases, though leasing spreads exclude consideration of the amount of capital expended in connection with new leasing activity. The Company’s cash lease spreads calculation includes only those deals that were executed within one year of the date the prior tenant vacated, in addition to other factors that limit comparability, and as a result, is a useful benchmark to compare the average annualized base rent of expiring leases with the comparable executed market rental rates;
Current wording
For the comparable leases executed in the six months ended June 30, 2025, the Company generated cash lease spreads on a pro rata basis of (17.6)% for new leases and 0.1% for renewals. Leasing spreads are a key metric in real estate, representing the percentage increase of rental rates on new and renewal leases over rental rates on existing leases, though leasing spreads exclude consideration of the amount of capital expended in connection with new leasing activity. The Company’s cash lease spreads calculation includes only those deals that were executed within one year of the date the prior tenant vacated, in addition to other factors that limit comparability, and as a result, is a useful benchmark to compare the average annualized base rent of expiring leases with the comparable executed market rental rates;
Previous wording
Total portfolio average annualized base rent per square foot increased to $19.75 at March 31, 2025, as compared to $19.64 at December 31, 2024 and $19.55 at March 31, 2024, all on a pro rata basis;
Current wording
Total portfolio average annualized base rent per square foot increased to $19.83 at June 30, 2025, as compared to $19.64 at December 31, 2024 and $19.62 at June 30, 2024, all on a pro rata basis;
Previous wording
The aggregate occupancy of the Company’s operating shopping center portfolio was 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 and
Current wording
The aggregate occupancy of the Company’s operating shopping center portfolio was 87.5% at June 30, 2025, as compared to 90.6% at December 31, 2024 and 90.6% at June 30, 2024, all on a pro rata basis and
Previous wording
For new leases executed in the three months ended March 31, 2025, the Company expended a weighted-average cost of tenant improvements and lease commissions estimated at $4.93 per rentable square foot, on a pro rata basis, over the lease term, as compared to $6.85 per rentable square foot for the full year of 2024. The Company generally does not expend a significant amount of capital on lease renewals.
Current wording
For new leases executed in the six months ended June 30, 2025, the Company expended a weighted-average cost of tenant improvements and lease commissions estimated at $3.57 per rentable square foot, on a pro rata basis, over the lease term, as compared to $6.85 per rentable square foot for the full year of 2024. The Company generally does not expend a significant amount of capital on lease renewals.
Previous wording
The following tables summarize the key components of Rental income (in thousands):
Current wording
The following tables summarize the key components of the rental income (in thousands):
Previous wording
The changes in Base and percentage rental income for the three months ended March 31, 2025, were due to the following (in millions):
Current wording
The changes in base and percentage rental income for the six months ended June 30, 2025, were due to the following (in millions):
Previous wording
At March 31, 2025 and 2024, the Comparable Portfolio Properties consisted of 22 wholly-owned properties with an aggregate occupancy rate of 89.2% and 89.8%, respectively, and average annualized base rent per occupied square foot of $19.95 and $19.76, respectively.
Current wording
At June 30, 2025 and 2024, the Company owned 20 and 22 wholly-owned properties, respectively, with an aggregate occupancy rate of 87.2% and 90.5%, respectively, and average annualized base rent per occupied square foot of $20.01 and $19.83, respectively.
Previous wording
Recoveries from tenants were approximately 70.9% and 83.3% of operating expenses and real estate taxes for the three months ended March 31, 2025 and 2024, respectively. The decrease in the recovery percentage primarily was due to a combination of transactional activity and the mix of properties sold.
Current wording
Recoveries from tenants were approximately 70.9% and 83.3% of operating expenses and real estate taxes for the six months ended June 30, 2025 and 2024, respectively. The decrease in the recovery percentage primarily was due to transactional activity and the remaining mix of properties.
Previous wording
The decrease in Lease termination fees, ancillary and other rental income is primarily due to asset sales and lease termination fees for the three months ended March 31, 2024 of $1.1 million.
Current wording
The decrease in Lease termination fees, ancillary and other rental income is primarily due to asset sales and lease termination fees for the six months ended June 30, 2024 of $1.3 million.
Previous wording
For the three months ended March 31, 2025, Fee and other income included $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. Of this amount, cash of $3.8 million was received during the quarter with the remaining amount of cash received in April 2025. Otherwise, Fee and other income was primarily earned from the Company’s unconsolidated joint ventures and Curbline Properties. Decreases in the number of assets under management will impact the amount of revenue recorded in future periods. The Company’s joint venture partners may also elect to terminate their joint venture arrangements with the Company in connection with a change in investment strategy or otherwise.
Current wording
For the six months ended June 30, 2025, Fee and other income included $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. Otherwise, Fee and other income was primarily earned from the Company’s unconsolidated joint ventures and Curbline Properties. Changes in the number of assets under management will impact the amount of revenue recorded in future periods. The Company or its joint venture partners may also elect to terminate their joint venture arrangements in connection with a change in investment strategy or otherwise.
Previous wording
The changes for the three months ended March 31, 2025, were due to the following (in millions):
Current wording
The changes for the six months ended June 30, 2025, were due to the following (in millions):
Previous wording
The decrease in General and administrative expenses is primarily due to the transfer of some of the Company’s employees to Curbline at the time of the spin-off.
Current wording
The decrease in General and administrative expenses for the six months ended June 30, 2025 is primarily due to the transfer of some of the Company’s employees to Curbline at the time of the spin-off.
Previous wording
In 2024, the Company simplified its debt structure. As of March 31, 2025, the Company’s consolidated indebtedness consisted of two outstanding mortgages (the Mortgage Facility and a mortgage loan encumbering Nassau Park Pavilion) with an aggregate outstanding balance of $306.3 million and a weighted-average interest rate (based on contractual rates and excluding amortization of debt issuance costs) of 6.9%. At March 31, 2025, the weighted-average maturity (prior to exercise of applicable extension options) was 2.1 years.
Current wording
In 2024, the Company simplified its debt structure. As of June 30, 2025, the Company’s consolidated indebtedness consisted of two outstanding mortgages (the Mortgage Facility and a mortgage loan encumbering Nassau Park Pavilion) with an aggregate outstanding balance of $292.0 million and a weighted average interest rate (based on contractual rates and excluding amortization of debt issuance costs) of 6.9% at June 30, 2025. At June 30, 2025, the weighted-average maturity (without extensions) was 1.9 years.
Previous wording
Prior year amounts related to the investment of sale proceeds in money market accounts.
Current wording
Related to excess cash primarily as a result of sale proceeds maintained in money market accounts.
Previous wording
Related to the prior year repurchase of unsecured notes due in 2025 and 2026 for total consideration of $60.8 million including expenses and fair value discount write-off.
Current wording
Related to the prior year repurchase of unsecured notes due in 2025, 2026 and 2027 for total cash consideration, including expenses, of $87.1 million and fair value discount write-off.
Previous wording
In 2024, related to derivative mark-to-market impact related to the partial hedge on the potential interest rate impact to yield maintenance premiums on outstanding unsecured notes.
Current wording
In 2024, derivative mark-to-market impact related to the partial hedge on the potential interest rate impact to yield maintenance premiums on outstanding unsecured notes.
Previous wording
At March 31, 2025 and 2024, the Company had an economic investment in unconsolidated joint ventures which owned 11 and 13 shopping center properties, respectively. Joint venture property sales could significantly impact the amount of income or loss recognized in future periods and the amount of sale proceeds allocated to the Company may vary based on joint venture return calculations and promoted structures.
Current wording
During the six months ended June 30, 2024, the DDRM Properties Joint Venture sold one shopping center for $36.5 million ($7.3 million at the Company’s share) in addition to selling its remaining asset to the Company for $44.2 million ($35.4 million at the Company’s share), for which the Company recorded a Gain on sale and change in control of interest. At both June 30, 2025 and 2024, the Company had an economic investment in unconsolidated joint ventures which owned 11 shopping center properties. Joint venture property sales or the termination of joint venture arrangements could significantly impact the amount of income or loss recognized in future periods, and the amount of proceeds allocated to the Company from the conclusion of the Company’s joint venture relationships may vary based on joint venture return calculations and promoted structures.
Previous wording
The spin-off of the convenience properties on October 1, 2024, represented a strategic shift in the Company’s business and, as such, the Curbline properties are reflected as discontinued operations in the consolidated financial statements on a retrospective basis.
Current wording
The spin-off of the convenience properties to Curbline on October 1, 2024, represented a strategic shift in the Company’s business and, as such, the Curbline properties are reflected as discontinued operations in the consolidated financial statements on a retrospective basis.
Previous wording
The increase in net income as compared to the prior-year period, primarily was the result of an increase in fee and other income and a decrease in impairment charges and interest expense, partially offset by the result of the spin-off of Curbline Properties, lower NOI as a result of property dispositions, lower gain on sale from dispositions, and lower interest income.
Current wording
The decrease in net income, as compared to the prior-year period, primarily was the result of lower gains from dispositions of real estate recognized in 2025 as compared to the prior-year period, a decrease in rental revenue due to net property dispositions and the Curbline spin-off in 2024 and a decrease in interest income, partially offset by a decrease in the write-off of fees related to the Mortgage Facility commitment, Curbline transaction costs, interest expense, preferred dividend expense and impairment charges and an increase in fee and other income.
Previous wording
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 consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided below.
Current wording
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
Previous wording
The decrease in FFO for the three months ended March 31, 2025, as compared to the prior-year period, was primarily attributable to the spin-off of Curbline Properties, lower NOI as a result of property dispositions and lower interest income, partially offset by increased fee and other income, decreased interest expense, preferred dividend expense and decreased debt related charges. The decrease in Operating FFO was primarily due to the spin-off of Curbline Properties, lower NOI as a result of property dispositions and lower interest income, partially offset by decreased interest expense, preferred dividend expense and decreased debt related charges.
Current wording
The decrease in FFO for the six months ended June 30, 2025, as compared to the prior-year period, was primarily attributable to lower NOI as a result of property dispositions and the spin-off of Curbline Properties and lower interest income, partially offset by increased fee and other income, decreased interest expense and preferred dividend expense and decreased debt related charges. The decrease in Operating FFO was primarily due to the spin-off of Curbline Properties, lower NOI as a result of property dispositions and lower interest income, partially offset by decreased interest expense, preferred dividend expense and decreased debt related charges.
Previous wording
At March 31, 2025 and 2024, the Company had an economic investment in unconsolidated joint ventures which owned 11 and 13 shopping center properties, respectively. These joint ventures represent the investments in which the Company recorded its share of equity in net income or loss and, accordingly, FFO and Operating FFO.
Current wording
(A) At June 30, 2025 and 2024, the Company had an economic investment in unconsolidated joint ventures which owned 11 shopping center properties. These joint ventures represent the investments in which the Company recorded its share of equity in net income or loss and, accordingly, FFO and Operating FFO.
Previous wording
As of March 31, 2025, the Company had $306.3 million aggregate principal amount of consolidated indebtedness outstanding consisting of the Mortgage Facility secured by 13 assets having an outstanding principal balance of $206.9 million and a mortgage loan secured by Nassau Park Pavilion having an outstanding principal balance of $99.4 million. In addition, as of March 31, 2025, the Company’s unconsolidated joint ventures had $441.5 million of indebtedness ($106.4 million at SITE’s share).
Current wording
As of June 30, 2025, the Company had $292.0 million aggregate principal amount of consolidated indebtedness outstanding consisting of the Mortgage Facility secured by 12 assets having an outstanding principal balance of $193.0 million and a mortgage loan secured by Nassau Park Pavilion having an outstanding principal balance of $99.0 million. As a result of asset sales and related loan repayments consummated subsequent to quarter-end, as of August 5, 2025, the Mortgage Facility had an outstanding principal balance of $152.6 million and was secured by 10 assets. In addition, as of June 30, 2025, the Company’s unconsolidated joint ventures had $441.2 million of indebtedness ($106.3 million at SITE’s share).
Previous wording
The Company expects that operating expenses, redevelopment obligations and capital expenditures will generally be financed through cash provided from operating activities and asset sales. At March 31, 2025, the Company had an unrestricted cash balance of $58.2 million. As of March 31, 2025, the Company anticipates that it has approximately $32.0 million to be incurred to complete redevelopment projects at properties owned by Curbline pursuant to the terms of the Separation and Distribution Agreement. The Company believes it has sufficient liquidity to operate its business at this time.
Current wording
The Company expects that operating expenses, redevelopment obligations and capital expenditures will generally be financed through cash provided from operating activities and asset sales. At June 30, 2025, the Company had an unrestricted cash balance of $153.8 million, of which approximately $79.1 million was used in July 2025 to pay the special cash dividend of $1.50 per common share declared in June 2025. As of June 30, 2025, the Company anticipates that it has approximately $30.9 million to be incurred to complete redevelopment projects at properties owned by Curbline pursuant to the terms of the Separation and Distribution Agreement. The Company believes it has sufficient liquidity to operate its business at this time.
Previous wording
The outstanding indebtedness of the Company’s unconsolidated joint ventures at March 31, 2025, which matures in the subsequent 13-month period (i.e., through April 2026), is $60.9 million (or $30.3 million at the Company’s share) which can be extended in accordance with the loan documents.
Current wording
The outstanding indebtedness of the Company’s unconsolidated joint ventures at June 30, 2025, which matures in the subsequent 13-month period (i.e., through July 2026), consists of $60.6 million ($30.2 million at SITE Centers’ share) which can be extended in accordance with the loan documents.
Previous wording
No assurance can be provided that these obligations will be refinanced or repaid as currently anticipated. Any future deterioration in property-level revenues may cause both of the Company’s joint ventures to be unable to refinance maturing obligations or satisfy applicable covenants, financial tests or debt service requirements or loan maturity extension conditions in the future, thereby allowing the mortgage lender to assume control of property cash flows, limit distributions of cash to joint venture members, declare a default, increase the interest rate or accelerate the loan’s maturity. In addition, rising interest rates or challenged transaction markets may adversely impact the ability of the Company’s joint ventures to sell assets at attractive prices in order to repay indebtedness.
Current wording
No assurance can be provided that these obligations will be refinanced or repaid as currently anticipated. Any future deterioration in property-level revenues may cause the Company or one or both of its joint ventures to be unable to refinance maturing obligations or satisfy applicable covenants, financial tests or debt service requirements or loan maturity extension conditions in the future, thereby allowing the mortgage lender to assume control of property cash flows, limit distributions of cash to joint venture members, declare a default, increase the interest rate or accelerate the loan’s maturity. In addition, rising interest rates or challenged transaction markets may adversely impact the ability of the Company or its joint ventures to sell assets at attractive prices in order to repay indebtedness.
Previous wording
Changes in cash flow for the three months ended March 31, 2025, compared to the prior comparable period, are as follows:
Current wording
Changes in cash flow for the six months ended June 30, 2025, compared to the prior comparable period, are as follows:
Previous wording
Operating Activities: Cash provided by operating activities decreased $34.2 million primarily due to changes in working capital from disposition activity and a decrease in interest income.
Current wording
Operating Activities: Cash provided by operating activities decreased $83.5 million primarily due to changes in working capital from disposition activity and a decrease in interest income.
Previous wording
Investing Activities: Cash used for investing activities decreased $81.4 million primarily due to the following:
Current wording
Investing Activities: Cash provided by investing activities decreased $639.2 million primarily due to the following:
Previous wording
Decrease in real estate assets acquired, developed and improved of $34.6 million and
Current wording
Decrease in real estate assets acquired, developed and improved of $116.6 million and
Previous wording
Decrease in proceeds from disposition of real estate of $115.3 million.
Current wording
Decrease in proceeds from disposition of real estate of $755.5 million.
Previous wording
Financing Activities: Cash used for financing activities decreased $129.9 million primarily due to the following:
Current wording
Financing Activities: Cash used for financing activities decreased $201.0 million primarily due to the following:
Previous wording
Decrease in repayment of unsecured senior notes, mortgage debt and loan commitment fee of $63.7 million and
Current wording
Decrease in repayment of unsecured senior notes, mortgage debt and loan commitment fee of $104.6 million and
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Transaction and investment highlights through August 5, 2025 include the following:
Current report — wording carried from elsewhere
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 consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided below.