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SITC

SITE Centers Corp.

SITC

SITE Centers Corp. • NYSE
$7.36 ▼ -0.14% (-0.01)
Market Cap $385.96 M
52w High $15.93
52w Low $6.76
Dividend Yield 2.08%
P/E 13.63
Volume 415.74K
Outstanding Shares 52.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $27.1M ▼ $21.063M ▼ $-6.158M ▼ -22.723% ▼ $-0.13 ▼ $8.775M ▼
Q2-2025 $33.47M ▼ $22.339M ▼ $46.504M ▲ 138.942% ▲ $0.88 ▲ $64.918M ▲
Q1-2025 $42.623M ▲ $22.647M ▲ $3.085M ▲ 7.238% ▼ $0.06 ▲ $22.051M ▲
Q4-2024 $-51.058M ▼ $-8.312M ▼ $-5.822M ▼ 11.403% ▼ $-0.25 ▼ $6.626M ▼
Q3-2024 $90.763M $49.362M $322.953M 355.82% $6.09 $374.109M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $128.234M ▼ $653.955M ▼ $345.669M ▼ $308.286M ▼
Q2-2025 $153.789M ▲ $959.04M ▲ $472.358M ▲ $486.682M ▼
Q1-2025 $58.155M ▲ $929.755M ▼ $410.138M ▼ $519.617M ▲
Q4-2024 $54.595M ▼ $933.602M ▼ $416.858M ▼ $516.744M ▼
Q3-2024 $1.063B $3.127B $475.172M $2.652B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.994M ▼ $5.212M ▼ $261.813M ▲ $-291.229M ▼ $-24.204M ▼ $900K ▼
Q2-2025 $46.118M ▲ $17.649M ▲ $89.649M ▲ $-14.397M ▼ $92.901M ▲ $15.883M ▲
Q1-2025 $3.07M ▲ $5.723M ▲ $-3.25M ▲ $-518K ▲ $1.955M ▲ $2.476M ▲
Q4-2024 $-5.822M ▼ $-29.755M ▼ $-7.46M ▼ $-979.245M ▲ $-1.016B ▼ $-30.678M ▼
Q3-2024 $322.953M $36.756M $1.124B $-1.262B $-101.452M $36.756M

Revenue by Products

Product Q3-2021Q4-2021Q1-2022Q4-2022
Asset And Property Management Fees
Asset And Property Management Fees
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Development Fees
Development Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Leasing Commissions
Leasing Commissions
 $0 ▲$0 ▲$0 ▲$0 ▲
R V I Disposition Fees
R V I Disposition Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Credit Facility Guaranty
Credit Facility Guaranty
 $0 ▲$0 ▲$0 ▲$0 ▲
Disposition Fees
Disposition Fees
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue from the core business has been fairly steady over the last several years, showing a healthy recovery after the pandemic and then stabilizing. Profitability improved gradually through 2023, which suggests better leasing, solid rent collections, and reasonable cost control. The most recent year looks unusual: reported profit jumps sharply while operating income actually steps down, which strongly hints at large one‑time gains from property sales and the spin‑off rather than a surge in underlying rental performance. Overall, the income statement shows a business that was steadily improving, but recent results are distorted by portfolio reshaping and should be viewed as transitional rather than a new normal.

Balance Sheet

Balance Sheet The balance sheet has shrunk meaningfully as the company has sold assets and completed the spin‑off, moving from a larger, more spread‑out portfolio to a smaller, more focused one. Debt levels have come down along with total assets, so the company looks less leveraged than before, which reduces financial risk but also shrinks its earnings base. Cash spiked briefly during the repositioning phase and then fell back, indicating that extra liquidity was more of a temporary byproduct of transactions than a permanent feature. Equity has stepped down with the asset base, consistent with capital being returned to shareholders and properties being separated into the new REIT. In short, the balance sheet is simpler, lighter, and less indebted, but also more concentrated.

Cash Flow

Cash Flow Cash flow from operations has been relatively steady over time, tracking the stable nature of long‑term leases in open‑air shopping centers. Free cash flow closely matches operating cash flow, because the company spends very little on new development or heavy capital projects, reflecting a focus on operating and selectively upgrading existing assets rather than building from scratch. In the most recent year, cash generation eased somewhat in line with the smaller portfolio, which is expected after so many asset sales. Overall, the cash flow profile looks predictable for a retail REIT, but it now comes from a narrower base of properties and is more exposed to how well the refined portfolio performs.

Competitive Edge

Competitive Edge SITE Centers competes mainly through location quality and tenant mix rather than through scale or technology. Its focus on grocery‑anchored centers in wealthy suburban areas gives it exposure to daily‑needs shopping and relatively stable household incomes, which tend to hold up better in weaker economies. These markets are hard to replicate because of zoning limits and scarce attractive land, creating natural barriers to new competitors. The curated mix of necessary services, national chains, and local tenants makes its centers harder to displace by e‑commerce alone. On the other hand, the company is now smaller and more concentrated, so performance is more sensitive to conditions in its chosen markets and to the health of a tighter group of key tenants. Rising interest rates and any broad weakness in brick‑and‑mortar retail remain ongoing competitive pressures.

Innovation and R&D

Innovation and R&D Innovation here is strategic rather than technological. The spin‑off of convenience properties into Curbline is a major move, creating a cleaner, more focused portfolio at SITE Centers while letting the spun‑off company pursue a different growth profile. Management also emphasizes sustainability upgrades—such as more efficient lighting, reflective roofs, solar, and EV charging—which can help with tenant demand and appeal to ESG‑minded investors, even if they are not unique to the sector. The partnership with an autonomous vehicle provider is an example of forward‑looking experimentation around how people access centers, showing a willingness to pilot new concepts. The company’s real “R&D” is in redevelopment and repositioning of centers and in exploring “last‑mile” and click‑and‑collect roles for its properties. Overall, it is moderately innovative for a retail REIT, using strategy, data, and selective tech partnerships more than in‑house technology development.

Summary

SITE Centers is in the middle of a major reshaping: it has sold assets, spun off a separate REIT, and narrowed its focus to high‑quality, open‑air shopping centers in affluent suburbs, especially those anchored by grocery stores and other daily‑needs retailers. The core business shows a track record of improving profitability and steady cash flows, but the latest figures are heavily influenced by one‑off gains from transactions and do not yet represent a settled, post‑spin earnings level. The balance sheet is now leaner and less leveraged, which reduces financial strain but leaves the company smaller and more concentrated. Strategically, its edge rests on strong locations, necessity‑based tenants, redevelopment skills, and some thoughtful sustainability and technology initiatives, rather than on sheer size. Key uncertainties center on how the streamlined portfolio performs over the next few years, how well management deploys capital after the reshaping, and how broader retail and interest‑rate conditions evolve.

NEWS

November 21, 2025 · 4:47 PM UTC

SITE Centers Announces Sales of Four Properties

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November 20, 2025 · 6:29 PM UTC

SITE Centers Announces Sale of Paradise Village Gateway

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