SITE Centers Corp.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-05.
0000950170-25-103102
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001193125-25-267060
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 162 previous paragraphs and 167 current paragraphs.
104 unchanged; 54 reworded; 7 added; 4 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 22 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 (7)
Current report
Leased approximately 457,000 square feet of GLA, including 15 new leases and 53 renewals all on a pro-rata basis. As of September 30, 2025, the Company has addressed substantially all of its remaining 2025 lease expirations.
Current report
In 2025, consisted of write-offs of loan costs and payments of debt extinguishment costs due the release of sold properties from the Mortgage Facility of $1.1 million. In 2024, primarily related to write-offs of loan costs and commitment fees and payment of debt extinguishment costs due to the termination of a mortgage financing commitment ($21.2 million), a revolving credit facility ($3.9 million), redemption of certain senior unsecured notes ($6.7 million), pay-off of a term loan ($0.9 million) and the release of properties from the Mortgage Facility ($10.1 million).
Current report
(B) For the three and nine months ended September 30, 2024, includes $32.6 million and $42.8 million, respectively, of debt extinguishment costs.
Current report
Decrease in distributions from unconsolidated joint ventures of $0.9 million.
Current report
Decrease in repayment of senior unsecured notes, mortgage debt, debt issuance costs, Curbline loan costs and loan commitment fees of $1,823.6 million; partially offset by a decrease in proceeds from the Mortgage Facility of $530.0 million;
Current report
Decrease in repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan of $4.7 million and
Current report
As of November 5, 2025, the Company had entered into agreements to sell five properties for an aggregate sales price of approximately $292.1 million (subject to adjustment for certain closing pro-rations, allocations, credits and closing costs and prior to the required repayment of approximately $160.8 million of related mortgage indebtedness and payment of an estimated make-whole premium of approximately $7.3 million) for which the buyers’ general due diligence periods had expired. These transactions are expected to close in the fourth quarter of 2025. The Company is 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.
Removed paragraphs (4)
Previous report
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 report
In 2024, primarily consists of expense of $9.3 million of fees related to a terminated $1.1 billion mortgage facility commitment.
Previous report
Decrease in repayment of unsecured senior notes, mortgage debt and loan commitment fee of $104.6 million and
Previous report
The Company believes that its shopping center portfolio is well positioned, as evidenced by its recent leasing activity, historical property income growth and consistent growth in average annualized base rent per occupied square foot. At June 30, 2025 and December 31, 2024, the shopping center portfolio occupancy, on a pro rata basis, was 87.5% and 90.6%, respectively, and the total portfolio average annualized base rent, on a pro rata basis, was $19.83 and $19.64, respectively. The weighted-average cost of tenant improvements and lease commissions estimated to be incurred over the expected lease term for new leases executed during the six months ended June 30, 2025 and 2024, on a pro rata basis, was $3.57 and $9.46 per rentable square foot, respectively. The Company generally does not expend a significant amount of capital on lease renewals. 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.
Reworded paragraphs (54)
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 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.
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 September 30, 2025, the Company’s portfolio consisted of 27 shopping centers (including 11 shopping centers owned through unconsolidated joint ventures). At September 30, 2025, the Company owned approximately 7.2 million square feet of gross leasable area (“GLA”) through all its shopping center 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 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.
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 nine months ended September 30, 2024. Except as otherwise noted, operating statistics cited in this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024 have been adjusted to exclude discontinued operations and properties sold during the year ended December 31, 2024.
Previous 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.
Current wording
For the nine months ended September 30, 2025, the decrease in net income, as compared to the prior-year period, primarily was the result of an increase in impairment charges, lower gains from dispositions of real estate recognized in 2025 as compared to the prior-year period, a decrease in rental income 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 a mortgage financing commitment, Curbline transaction costs, interest expense, preferred dividend expense 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. 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.
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 November 5, 2025, the Company had generated approximately $380.9 million of additional gross proceeds from the sale of seven shopping centers during 2025, of which approximately $60.4 million was used to repay indebtedness outstanding under the Mortgage Facility. As of November 5, 2025, the Company had also entered into agreements to sell five properties for an aggregate sales price of approximately $292.1 million (subject to adjustment for certain closing pro-rations, allocations, credits and closing costs and prior to the required repayment of approximately $160.8 million of related mortgage indebtedness and payment of an estimated make-whole premium of approximately $7.3 million) for which the buyers’ general due diligence periods had expired. These transactions are expected to close in the fourth quarter of 2025. The
Previous wording
The Company is in various stages of marketing or contract negotiations for the sale of several 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.
Current wording
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 fund operations, repay outstanding indebtedness where applicable 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 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.
Current wording
The Company expects that rental income and net operating 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
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 wording
Sold seven wholly-owned shopping centers for an aggregate sales price of $380.9 million, of which approximately $60.4 million was utilized to repay indebtedness;
Previous wording
Declared a special cash dividend of $1.50 per common share on June 17, 2025 which was paid on July 15, 2025 and
Current wording
Declared special cash dividends of $1.50 and $3.25 per common share on June 17, 2025 and August 1, 2025 which were paid on July 15, 2025 and August 29, 2025, respectively, and
Previous wording
Declared a special cash dividend of $3.25 per common share on August 1, 2025 to be paid on August 29, 2025.
Current wording
Announced a special cash dividend of $1.00 per common share on October 21, 2025 to be paid on November 14, 2025.
Previous 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):
Current wording
Operational highlights for the Company through September 30, 2025, include the following (excluding discontinued operations and properties sold in 2024):
Previous 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;
Current wording
For the comparable leases executed in the nine months ended September 30, 2025, the Company generated cash lease spreads on a pro rata basis of (17.6)% for three new leases (9,347 square feet of GLA) and 2.2% for 53 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;
Previous 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;
Current wording
Total portfolio average annualized base rent per square foot was $19.62 at September 30, 2025, as compared to $19.64 at December 31, 2024 and $19.60 at September 30, 2024, all on a pro rata basis;
Previous 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
Current wording
The aggregate occupancy of the Company’s operating shopping center portfolio was 86.7% at September 30, 2025, as compared to 90.6% at December 31, 2024 and 89.8% at September 30, 2024, all on a pro rata basis and
Previous 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.
Current wording
For new leases executed in the nine months ended September 30, 2025, the Company expended a weighted-average cost of tenant improvements and lease commissions estimated at $6.32 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 changes in base and percentage rental income for the six months ended June 30, 2025, were due to the following (in millions):
Current wording
The changes in base and percentage rental income for the nine months ended September 30, 2025, were due to the following (in millions):
Previous 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.
Current wording
At September 30, 2025 and 2024, the Company owned 16 and 22 wholly-owned shopping center properties, respectively, with an aggregate occupancy rate of 86.0% and 89.7%, respectively, and average annualized base rent per occupied square foot of $19.80 and $19.78, respectively. The decrease in occupancy rate was primarily due to transactional activity.
Previous 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.
Current wording
Recoveries from tenants were approximately 68.6% and 82.3% of operating expenses and real estate taxes for the nine months ended September 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 six months ended June 30, 2024 of $1.3 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 nine months ended September 30, 2024 of $1.3 million.
Previous 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.
Current wording
For the nine months ended September 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 six months ended June 30, 2025, were due to the following (in millions):
Current wording
The changes for the nine months ended September 30, 2025, were due to the following (in millions):
Previous wording
The Company recorded impairment charges in the prior year triggered by a change in the hold period assumptions.
Current wording
The Company recorded impairment charges in the current and prior year triggered by a change in the hold period assumptions.
Previous 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.
Current wording
The decrease in General and administrative expenses for the nine months ended September 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 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.
Current wording
In 2024, the Company simplified its debt structure. As of September 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 $251.3 million and a weighted average interest rate (based on contractual rates and excluding amortization of debt issuance costs) of 6.8% at September 30, 2025. At September 30, 2025, the weighted-average maturity (without extensions) was 1.8 years.
Previous 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.
Current wording
Related to the prior year repurchase of senior 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, 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 senior unsecured notes. The hedge was terminated in conjunction with the redemption of certain senior unsecured notes and the Company received a cash payment of $1.3 million during the three months ended September 30, 2024.
Previous 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.
Current wording
The reduction in Equity in net (loss) income of joint ventures is the result of the gains recognized in 2024 from joint venture property sales and an increase in interest expense in 2025. During the nine months ended September 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 September 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 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 wording
The Company sold six wholly-owned shopping centers in 2025 and sold 40 wholly-owned shopping centers and one parcel at a wholly-owned shopping center in 2024. See “— Sources and Uses of Capital”.
Previous 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.
Current wording
The decrease in net income, as compared to the prior-year period, primarily was the result of an increase in impairment charges, lower gains from dispositions of real estate recognized in 2025 as compared to the prior-year period, a decrease in rental income 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 a mortgage financing commitment, Curbline transaction costs, interest expense, preferred dividend expense and an increase in fee and other income.
Previous 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.
Current wording
The decrease in FFO for the nine months ended September 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, no preferred dividend expense and decreased debt related charges.
Previous 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).
Current wording
As of September 30, 2025, the Company had $251.3 million aggregate principal amount of consolidated indebtedness outstanding consisting of the Mortgage Facility secured by 10 assets having an outstanding principal balance of $152.6 million and a mortgage loan secured by Nassau Park Pavilion having an outstanding principal balance of $98.7 million. As a result of asset sales and related loan repayments consummated subsequent to quarter-end, as of November 5, 2025, the Mortgage Facility had an outstanding principal balance of $146.5 million and was secured by nine assets. In addition, as of September 30, 2025, the Company’s unconsolidated joint ventures had $441.0 million of indebtedness ($106.2 million at SITE Centers’ share).
Previous wording
The Company’s consolidated and unconsolidated debt obligations generally require monthly payments of principal and/or interest over the term of the obligation. While the Company currently believes it has several viable sources to obtain capital and fund its business, no assurance can be provided that these obligations will be refinanced or repaid as currently anticipated. Any new debt financings may also entail higher rates of interest than the indebtedness being refinanced, which could have an adverse effect on the Company’s operations.
Current wording
The Company’s consolidated and unconsolidated debt obligations generally require monthly payments of principal and/or interest over the term of the obligation. While the Company currently believes it may be able to obtain additional debt financing in order to fund its business, no assurance can be provided that these obligations will be refinanced or repaid as currently anticipated. Any new debt financings may also entail higher rates of interest than the indebtedness being refinanced, which could have an adverse effect on the Company’s operations.
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 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.
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 September 30, 2025, the Company had an unrestricted cash balance of $128.2 million, of which approximately $52.7 million will be used in November 2025 to pay the special cash dividend of $1.00 per common share announced in October 2025. As of September 30, 2025, the Company anticipates that it has approximately $28.4 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 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.
Current wording
The outstanding indebtedness of the Company’s unconsolidated joint ventures at September 30, 2025, which matures in the subsequent 13-month period (i.e., through October 2026), consists of $60.4 million ($30.0 million at SITE Centers’ share) which can be extended in accordance with the loan documents.
Previous wording
Changes in cash flow for the six months ended June 30, 2025, compared to the prior comparable period, are as follows:
Current wording
Changes in cash flow for the nine months ended September 30, 2025, compared to the prior comparable period, are as follows:
Previous 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.
Current wording
Operating Activities: Cash provided by operating activities decreased $115.1 million primarily due to changes in working capital from disposition activity and a decrease in interest income partially offset by an increase in fee and other income related to the condemnation proceeds.
Previous wording
Investing Activities: Cash provided by investing activities decreased $639.2 million primarily due to the following:
Current wording
Investing Activities: Cash provided by investing activities decreased $1,501.3 million primarily due to the following:
Previous wording
Decrease in real estate assets acquired, developed and improved of $116.6 million and
Current wording
Decrease in real estate assets acquired, developed and improved of $274.6 million;
Previous wording
Decrease in proceeds from disposition of real estate of $755.5 million.
Current wording
Decrease in proceeds from disposition of real estate of $1,775.2 million and
Previous wording
Financing Activities: Cash used for financing activities decreased $201.0 million primarily due to the following:
Current wording
Financing Activities: Cash used for financing activities decreased $1,171.9 million primarily due to the following:
Previous wording
Decrease in dividends paid of $93.9 million.
Current wording
Increase in dividends paid of $126.3 million.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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 fund operations, repay outstanding indebtedness where applicable and make distributions to shareholders.