SITCNYSEReal Estate Investment TrustsUS GAAP · USD

SITE Centers Corp.

SITE Centers Corp. is a U.S.-based real estate investment trust that owns, leases, redevelops, and manages shopping centers. The company operates through a portfolio of retail properties and joint ventures, with its headquarters in Ohio and a focus on neighborhood and community shopping assets.

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Revenue124m USD
−55.4 %y/y
Net income178m USD
−66.6 %y/y
Free cash flow19.6m USD
−82.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0200400600m USD2020: 460 m USD2020: EBIT 322 m USD20202021: 533 m USD2021: EBIT 322 m USD20212022: 552 m USD2022: EBIT 322 m USD20222023: 546 m USD20232024: 277 m USD20242025: 124 m USD2025124
RevenueOperating profit (EBIT)
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Business

Share of revenue
Shopping center ownership70 %

Income-producing retail properties held for long-term leasing and operation.

Retail leasing20 %

Rental space leased to national and regional retailers across the portfolio.

Redevelopment and capital projects5 %

Property redevelopment and repositioning projects that improve tenant mix and asset quality.

Property management and fee income5 %

Management, transaction, and other fee-based income from properties and ventures.

Products

Reported · share of revenue
46.0%26.8%26.7%FY2025100 %
  • Condemnation Proceeds46.0 %
  • Asset and Property Management Fees26.8 %
  • Shared Services Fee26.7 %
  • Other0.5 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

SITE Centers serves retail tenants that need physical storefronts in shopping centers, especially national and regional merchants seeking high-traffic locations. Its tenant base also includes businesses that benefit from proximity to grocery, service, and convenience-oriented retail. Revenue is driven by leasing demand, tenant retention, and the ability to re-lease space when leases expire.

National retail tenants

Large chains leasing inline and anchor-adjacent space across the portfolio for brand visibility and traffic.

Regional and local tenants

Smaller retailers and service providers leasing space in community shopping centers for local demand.

Redevelopment and repositioning tenants

Tenants that enter properties undergoing redevelopment or re-tenanting to support asset repositioning.

Joint venture partners

Partners in unconsolidated shopping center ventures that share ownership and economics.

Strategy

SITE Centers’ strategy centers on owning and managing shopping centers, redeveloping selected assets, and monetizing or repositioning properties where appropriate. The company also uses joint ventures and service agreements to manage assets and support related real estate interests, while maintaining flexibility around portfolio composition.

Redevelop and reposition shopping centersMedium term

Improves asset quality and supports tenant retention in a competitive retail market.

Manage portfolio composition through dispositionsShort term

Allows capital recycling and reduces exposure to weaker assets or markets.

Preserve tenant relationships and occupancyShort term

Leasing performance depends on renewals, re-leasing, and tenant mix.

Geography

SITE Centers is headquartered in Ohio and operates shopping centers across the United States. Its portfolio is geographically diversified within U.S. retail markets, with properties and joint ventures spread across multiple states rather than concentrated in a single region. The company also owns office buildings in Beachwood, Ohio that support its headquarters footprint.

Risks

SITE Centers faces typical retail-REIT risks tied to tenant demand, lease renewals, and competition from other shopping venues and e-commerce. Company-specific risks also include asset impairment, difficulty selling remaining investments, and obligations tied to its relationship with Curbline Properties and shared services arrangements.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Lease rollover and renewal risk1E-commerce substitution2Asset impairment charges3Disposition execution risk4Curbline-related contractual and conflict risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Lease rollover and renewal riskImpact: HighLikelihood: Medium

    A meaningful portion of leased GLA expires in 2026, and renewals may occur at lower rents or not at all.

    Exposure: Retail shopping centers

  2. E-commerce substitutionImpact: HighLikelihood: Medium

    Online retail can reduce tenant space needs and weaken demand for physical stores.

    Exposure: Shopping center leasing

  3. Asset impairment chargesImpact: HighLikelihood: Medium

    Lower occupancy, weaker cash flows, or adverse market conditions can trigger write-downs.

    Exposure: Real estate portfolio

  4. Disposition execution riskImpact: MediumLikelihood: Medium

    The company may have difficulty selling remaining investments at attractive prices.

    Exposure: Portfolio monetization

  5. Curbline-related contractual and conflict riskImpact: MediumLikelihood: Medium

    Shared services and separation agreements can create ongoing obligations and potential conflicts.

    Exposure: Post-spin-off arrangements

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Accounting

Judgemental items
Real estate impairment assessment

Management must estimate future cash flows, hold periods, and fair values for properties.

Impact: Can create large non-cash charges when assumptions weaken

Disposition accounting

Gains from property sales can be significant and vary period to period.

Impact: Affects earnings volatility and comparability

Joint venture accounting

Unconsolidated ventures affect fee income, equity method earnings, and leverage exposure.

Impact: Changes reported income and asset base

Redevelopment cost estimates

The company must estimate completion costs and recoverability for ongoing projects.

Impact: Can affect capitalized assets and impairment conclusions

Similar listed companies

Publicly listed companies with a comparable business focus.

The Macerich Company

MAC · Real Estate Investment Trusts

Curbline Properties Corp.

CURB · Real Estate

Kite Realty Group Trust

KRG · Real Estate Investment Trusts

Tanger Inc

SKT · Real Estate Investment Trusts

Saul Centers, Inc

BFS · Real Estate Investment Trusts

J. W. Mays, Inc

MAYS · Opeators of Nonresidential Buildings

Last updated: 24/09/2026

SITE Centers Corp. (SITC) Revenue, Earnings & Financials 2025 – Clarifo