Site Centers ( (SITC) ) has released its Q1 earnings. Here is a breakdown of the information Site Centers presented to its investors.
SITE Centers Corp., a real estate investment trust (REIT) specializing in open-air shopping centers in affluent suburban areas, has released its financial results for the first quarter of 2025. The company is known for its strategic focus on high-quality retail properties and is publicly traded on the New York Stock Exchange under the symbol SITC.
In the first quarter of 2025, SITE Centers reported a net income of $3.1 million, or $0.06 per diluted share, a significant improvement from a net loss of $26.3 million in the same period last year. This turnaround was primarily driven by increased property revenues and reduced impairments and interest expenses. However, the company’s Operating Funds from Operations (OFFO) saw a decline to $8.3 million, or $0.16 per diluted share, compared to $59.8 million, or $1.14 per diluted share, in the previous year, largely due to the spin-off of Curbline Properties and lower net operating income from property dispositions.
Key activities during the quarter included the execution of five new leases and 17 renewals covering 75,000 square feet, as well as the resolution of a condemnation proceeding in Florida, which contributed $8.4 million to other property revenues. The company’s leased rate stood at 89.8%, reflecting a slight decrease from the previous quarter. Additionally, SITE Centers is actively engaged in the sale of properties worth over $350 million, with two properties already under contract for $95.3 million.
Looking ahead, SITE Centers remains committed to enhancing asset value through strategic leasing and asset management, alongside potential further asset sales. The company continues to attract interest from investors seeking high-quality retail properties, positioning itself for sustained growth in the competitive real estate market.