SITE Centers (SITC) Q2 2025 earnings summary

Executive summary

• Portfolio consists of 31 shopping centers (including 11 in joint ventures) totaling 8.3 million sq. ft. GLA as of June 30, 2025.

• Completed spin-off of 79 convenience retail properties to Curbline Properties in October 2024, reflected as discontinued operations.

• Five shopping centers sold in 2025 for $319M, with $54.3M used to repay debt.

• Over $190M in additional properties awarded to buyers, with more in the marketing process.

• Special cash dividends of $1.50 and $3.25 per share declared in June and August 2025.

Financial highlights

• Q2 2025 net income attributable to common shareholders: $46.5M ($0.88 per diluted share), down from $235.5M ($4.45 per share) in Q2 2024.

• Six months ended June 30, 2025 net income: $49.6M, down from $209.1M in 2024.

• Q2 2025 FFO: $6.9M (down from $40.2M); Operating FFO: $8.3M (down from $55.9M).

• Rental income for Q2 2025: $30.7M, down from $85.5M in Q2 2024.

• Special cash distributions of $1.50 and $3.25 per share were declared for July and August 2025.

Outlook and guidance

• Rental income and net income expected to decrease in future periods due to the Curbline spin-off, property dispositions, and tenant bankruptcies.

• Management continues to pursue asset sales and leasing to maximize value, with significant properties in the pipeline for disposition.

• Forward-looking statements caution on economic conditions, interest rates, tenant stability, and ability to close property sales.

• Future dividend policy will be influenced by operations and asset sales, with no expectation of regular quarterly dividends.

• Growth opportunities include rental rate increases, lease-up, and commencement of new leases.