SITE Centers (SITC) Q4 2025 earnings summary

Executive summary

• Sold 14 properties in 2025 for $752.5 million, returning significant capital to shareholders through $6.75 per share in dividends and full repayment of consolidated mortgage debt.

• All remaining wholly-owned retail assets are being marketed for sale, with over 66% of assets (by NOI) sold since the Curbline Properties spinoff.

• Fourth quarter net income attributable to common shareholders was $134.4 million ($2.55 per diluted share), up from a net loss of $13.2 million in the prior year, driven by gains on property sales and lower interest and preferred dividend expenses.

Financial highlights

• Fourth quarter operating FFO was $2.9 million ($0.05 per diluted share), down from $8.3 million ($0.16 per share) year-over-year, mainly due to lower NOI from property dispositions.

• Sold eight properties in Q4 for $380.0 million; proceeds used to repay $187.0 million in mortgage debt and a $7.0 million make-whole premium.

• Paid special cash distributions totaling $2.00 per share in Q4.

• Held $119.0 million in unrestricted cash at year-end 2025.

• Full-year net income attributable to common shareholders was $177.9 million, compared to $516.0 million in 2024.

Outlook and guidance

• Plans to maintain higher cash balances pending resolution of the Dividend Trust Portfolio joint venture to maximize monetization options.

• All remaining wholly-owned assets are being marketed for sale, with ongoing efforts to return capital to shareholders.