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SITE Centers (SITC) investor relations material
SITE Centers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Portfolio included 27 shopping centers (11 in joint ventures) and two office buildings as of September 30, 2025.
Completed the spin-off of 79 convenience retail properties to Curbline Properties in October 2024, resulting in discontinued operations for those assets.
Generated $380.9 million in gross proceeds from the sale of seven shopping centers in 2025, with $60.4 million used to repay debt.
Special cash dividends totaling $4.75 per share were declared for the nine months ended September 30, 2025, with an additional $1.00 per share announced for November.
Reported a third quarter net loss attributable to common shareholders of $6.2 million, down from net income of $320.2 million a year earlier, mainly due to impairments, lower gains on sales, and reduced rental income following property dispositions and the Curbline spin-off.
Financial highlights
Net loss attributable to common shareholders was $6.2 million for Q3 2025, compared to net income of $320.2 million in Q3 2024.
Net income for the nine months ended September 30, 2025 was $43.4 million, down from $529.3 million in the prior year period.
Rental income declined to $24.2 million in Q3 2025 from $59.4 million in Q3 2024, and to $86.3 million for the nine months from $236.7 million year-over-year.
Impairment charges rose to $106.6 million in Q3 2025, up from zero in Q3 2024, due to changes in hold period assumptions for five assets.
FFO attributable to common shareholders was $3.6 million for Q3 2025, compared to a loss of $13.5 million in Q3 2024; for the nine months, FFO was $26.6 million, down from $78.6 million.
Outlook and guidance
Rental income and net operating income are expected to decrease in future periods due to the Curbline spin-off, significant property dispositions, and tenant bankruptcies.
Over $292 million of properties are under contract for sale, with closings expected in the fourth quarter; additional properties are in earlier marketing and negotiation stages.
The company is marketing additional properties for sale and expects to use proceeds to fund operations, repay debt, and make shareholder distributions.
Future dividend policy will be influenced by operations and asset sales, with distributions subject to debt collateral release and liquidity management.
The company remains focused on maximizing asset value through leasing, asset management, and further asset sales.
Total value of properties under contract for sale
Reason for $106.6M impairment charge?
Factors driving the decline in leased rates
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Next SITE Centers earnings date
Q4 20256 Feb, 2026
Next SITE Centers earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
SITE Centers Corp is a real estate investment trust focused on the ownership, management, and redevelopment of open-air shopping centers. The company's properties are typically anchored by national retailers and are located in suburban markets across the United States. It generates revenue through leasing and property-related services. SITE Centers Corp is headquartered in Beachwood, Ohio, and its shares are listed on the NYSE.
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