SITE Centers (SITC) Q4 2024 earnings summary

Executive summary

• Completed spin-off of 79 convenience properties to Curbline Properties, distributing $800 million in cash and reflecting these as discontinued operations.

• Redeemed all outstanding $175 million 6.375% Class A Cumulative Redeemable Preferred Shares, incurring a $6.2 million charge for write-off of issuance costs.

• Focused on capital structure simplification, new tenant store openings, and marketing select shopping centers for sale amid strong private market demand.

Financial highlights

• Fourth quarter net loss attributable to common shareholders was $13.2 million ($0.25 per diluted share), down from net income of $193.6 million ($3.69 per diluted share) year-over-year, mainly due to the Curbline spin-off and property dispositions.

• Fourth quarter Operating FFO was $8.3 million ($0.16 per diluted share), compared to $54.0 million ($1.03 per diluted share) in the prior year, reflecting the impact of asset sales and lower interest income.

• Reported a leased rate of 91.1% and a commenced rate of 90.6% at December 31, 2024, with cash renewal leasing spreads of 10.6% for the quarter.

• Rental income for Q4 2024 was $32.6 million, down from $97.4 million in Q4 2023, reflecting the impact of asset dispositions.

Outlook and guidance

• Plans to maximize value through continued leasing, asset management, and potential additional asset sales, leveraging strong private market interest.