Company Performance - SITE Centers Corp. reported first-quarter 2025 operating funds from operations (OFFO) per share of 16 cents, missing the Zacks Consensus Estimate of 24 cents [1] - Revenues for SITE Centers were $40.3 million, exceeding the Zacks Consensus Estimate of $33.5 million, despite a year-over-year decline of 56.4% in the top line and an 86% drop in OFFO per share [2][3] - The company executed five new leases and 17 renewals for a total of 75,000 square feet, achieving cash renewal leasing spreads of 3.4% in the first quarter [4] Leasing Metrics - As of March 31, 2025, the leased rate was 89.8%, down from 91.1% as of December 31, 2024, and lower than the prior-year quarter's 91.7% [3] - The commenced rate was reported at 89.4%, down from 90.6% as of December 31, 2024, but improved from the year-ago quarter's 89.8% [3] - The base rent per square foot increased to $19.75 as of March 31, 2025, from $19.55 recorded a year ago [3] Financial Position - SITE Centers exited the first quarter with $58.2 million in cash, an increase from $54.6 million as of December 31, 2024 [4] - The company remains focused on maximizing asset value through continued leasing, asset management, and potential additional asset sales, as stated by CEO David R. Lukes [2]

Financial Performance - Net income attributable to common shareholders was $3085 thousand, a significant increase compared to a net loss of $26341 thousand in the year-ago period[10] - Operating FFO was $8282 thousand, down from $59801 thousand in the previous year[10] - The company recorded $8400 thousand in other property revenues related to a condemnation proceeding in Florida[10] Portfolio Operations - The leased rate was 89.8% as of March 31, 2025, compared to 91.7% at March 31, 2024[10] - The commenced rate was 89.4% at the end of the quarter, slightly down from 89.8% year-over-year[10] - The company executed 5 new leases and 17 renewals, totaling 75000 square feet during the quarter[10] - Cash renewal leasing spreads were 3.4% for the first quarter of 2025[10] Asset Sales and Strategy - SITE Centers has two properties under contract for sale with an aggregate price of $95300 thousand[6] - Additional properties are in various stages of contract negotiations or marketing, exceeding $350000 thousand[6] Capital Structure - The market value per share was $12.84 as of March 31, 2025, compared to $15.29 at the end of 2024[30] - Common shares equity totaled $673394 thousand[30] - Net debt was $332013 thousand[30]

PART I. FINANCIAL INFORMATION [Financial Statements – Unaudited](index=3&type=section&id=Item%201.%20Financial%20Statements%20%E2%80%93%20Unaudited) Q1 2025 unaudited financials report a **$3.1 million** net income, a turnaround from a **$23.6 million** net loss in the prior year, primarily due to reduced impairment and interest expenses Consolidated Statements of Operations Highlights (in thousands) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Rental Income | $31,450 | $91,726 | ($60,276) | | Total Revenues | $42,623 | $94,052 | ($51,429) | | Impairment Charges | $0 | $66,600 | ($66,600) | | Interest Expense | ($5,565) | ($18,663) | $13,098 | | Income (Loss) from Continuing Operations | $3,085 | ($32,983) | $36,068 | | Net Income (Loss) | $3,085 | ($23,552) | $26,637 | | **EPS (Diluted)** | **$0.06** | **($0.51)** | **$0.57** | Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Real Estate Assets, Net | $761,699 | $772,012 | | Cash and Cash Equivalents | $58,155 | $54,595 | | Total Assets | $929,755 | $933,602 | | Total Indebtedness | $301,643 | $301,373 | | Total Liabilities | $410,138 | $416,858 | | Total Equity | $519,617 | $516,744 | - On October 1, 2024, the company completed the spin-off of 79 convenience retail properties into a separate public company, Curbline Properties Corp. The financial results of these properties are now reported as discontinued operations for the three months ended March 31, 2024[24](index=24&type=chunk)[52](index=52&type=chunk) - The company has ongoing obligations related to the Curbline spin-off, including completing redevelopment projects estimated to cost **$32.0 million**, which is recorded as a liability[54](index=54&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2025 net income improved from higher fee income and lower expenses, despite reduced NOI post-spin-off, as the company focuses on asset sales to repay debt and fund distributions [Executive Summary and Strategy](index=18&type=section&id=Executive%20Summary%20and%20Strategy) SITE Centers' strategy focuses on realizing value through asset sales, with **$95 million** in Q2 2025 sales expected, to repay debt and fund distributions, while maintaining **89.4%** portfolio occupancy and positive lease spreads - The company's forward-looking strategy is to realize value through operations and asset sales, using proceeds to repay debt and make shareholder distributions. The timing of sales depends on market conditions and asset management initiatives[70](index=70&type=chunk) - As of May 6, 2025, the company has agreements to sell two properties for an aggregate gross price of approximately **$95 million**, expected to close in Q2 2025[71](index=71&type=chunk) Key Operational Metrics (as of March 31, 2025) | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Portfolio Occupancy (pro rata) | 89.4% | 90.6% | 89.8% | | Average Annualized Base Rent/sqft (pro rata) | $19.75 | $19.64 | $19.55 | | **Cash Lease Spreads (pro rata)** | | | | | New Leases | 6.8% | - | - | | Renewals | 3.4% | - | - | [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Q1 2025 total revenues decreased by **$51.4 million** due to lower rental income from asset sales, partially offset by an **$8.8 million** increase in fee income, while operating and interest expenses significantly declined - Fee and other income for Q1 2025 included **$8.4 million** from a condemnation proceeding with the State of Florida, significantly boosting revenues for the period[28](index=28&type=chunk)[77](index=77&type=chunk) - The decrease in rental income was primarily driven by the disposition of shopping centers, which accounted for a **$43.0 million** reduction in base and percentage rental income[77](index=77&type=chunk) - The absence of impairment charges in Q1 2025, compared to **$66.6 million** in Q1 2024, was a major contributor to the improved net income[78](index=78&type=chunk) - Interest expense fell significantly due to the weighted-average debt outstanding decreasing from **$1.6 billion** in Q1 2024 to **$0.3 billion** in Q1 2025, despite the weighted-average interest rate increasing from **4.5%** to **6.5%**[79](index=79&type=chunk) [Non-GAAP Financial Measures](index=24&type=section&id=Non-GAAP%20Financial%20Measures) Q1 2025 FFO decreased to **$16.0 million** and Operating FFO to **$8.3 million**, primarily due to the Curbline spin-off and lower NOI from dispositions Reconciliation of Net Income to FFO and Operating FFO (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net income (loss) attributable to common shareholders** | **$3,085** | **($26,341)** | | Depreciation and amortization of real estate | $12,414 | $32,619 | | Discontinued operations' depreciation | $0 | $9,200 | | Impairment of real estate | $0 | $66,600 | | Gain on disposition of real estate, net | ($1,029) | ($31,714) | | Joint ventures' FFO | $1,593 | $1,584 | | **FFO attributable to common shareholders** | **$16,024** | **$51,931** | | Adjustments (Condemnation revenue, transaction costs, etc.) | ($7,742) | $7,870 | | **Operating FFO attributable to common shareholders** | **$8,282** | **$59,801** | [Liquidity, Capital Resources and Financing Activities](index=28&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Financing%20Activities) As of March 31, 2025, the company held **$58.2 million** in cash and **$306.3 million** in debt, relying on operations and asset sales for capital, with no common dividends paid in Q1 2025 - The company's primary capital sources are cash flow from operations, debt financings, and proceeds from asset sales. It no longer maintains a revolving credit facility as of August 2024[99](index=99&type=chunk) - At March 31, 2025, the company had an unrestricted cash balance of **$58.2 million** and anticipates spending approximately **$32.0 million** to complete redevelopment projects for Curbline[102](index=102&type=chunk) - No dividends were declared or paid on common shares in Q1 2025. The future dividend policy will be influenced by operations and asset sales, rather than regular quarterly payments[106](index=106&type=chunk)[107](index=107&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with **67.5%** of consolidated debt being variable-rate, where a 100 basis-point increase would raise quarterly interest expense by **$0.5 million** Consolidated Debt Profile (as of March 31, 2025) | Debt Type | Amount (Millions) | Weighted Avg. Maturity (Years) | Weighted Avg. Interest Rate | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | Fixed-Rate Debt | $98.1 | 3.6 | 6.7% | 32.5% | | Variable-Rate Debt | $203.5 | 1.4 | 7.1% | 67.5% | - A 100 basis-point increase in short-term market interest rates on variable-rate debt would result in an estimated increase in interest expense of approximately **$0.5 million** for the three months ended March 31, 2025[138](index=138&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[143](index=143&type=chunk) - No material changes were made to the company's internal control over financial reporting during the first quarter of 2025[144](index=144&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, which management does not expect to materially affect its financial condition or operations - The company states that ongoing legal proceedings are not expected to have a material adverse effect on the company[147](index=147&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No new risk factors are reported in this quarterly report; refer to the Annual Report on Form 10-K for a comprehensive list - The report indicates no new risk factors during the period[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase common shares in Q1 2025, with **$73.4 million** remaining available under its **$100 million** share repurchase program - No shares were repurchased during the three months ended March 31, 2025[150](index=150&type=chunk) - As of March 31, 2025, **$73.4 million** remains available for repurchase under the company's **$100 million** common share repurchase program[150](index=150&type=chunk)

[Earnings Release & Financial Statements](index=3&type=section&id=Earnings%20Release%20%26%20Financial%20Statements) This section details SITE Centers' Q1 2025 financial performance, including net income, FFO, and strategic asset dispositions [Press Release and Financial Highlights](index=3&type=section&id=Press%20Release) SITE Centers reported a Q1 2025 net income of **$3.1 million**, a turnaround from a prior-year loss, with operating FFO impacted by strategic dispositions - The company completed the spin-off of **Curbline Properties** on October 1, 2024, now reflected as discontinued operations, significantly impacting year-over-year comparisons[11](index=11&type=chunk) Q1 2025 vs. Q1 2024 Key Financial Results (in millions) | Metric | Q1 2025 | Q1 2024 | Change Driver | | :--- | :--- | :--- | :--- | | Net Income (Common Shareholders) | $3.1 ($0.06/share) | -$26.3 (-$0.51/share) | Higher other property revenues, lower interest expense, absence of impairment charges | | Operating FFO (Common Shareholders) | $8.3 ($0.16/share) | $59.8 ($1.14/share) | Primarily due to Curbline spin-off, property dispositions, and lower interest income | | Pro Rata Leased Rate | 89.8% | 91.7% | N/A | - The company is actively marketing over **$350.0 million** in properties for sale, alongside **$95.3 million** under contract, indicating a continued focus on asset sales[8](index=8&type=chunk) - During Q1, the company executed **22 leases** totaling **75,000 square feet**, with cash renewal leasing spreads of **3.4%** on a pro rata basis[12](index=12&type=chunk) [Company Summary](index=10&type=section&id=Company%20Summary) This section provides an overview of SITE Centers' portfolio, capital structure, debt, and leasing activities [Portfolio Summary](index=10&type=section&id=Portfolio%20Summary) As of March 31, 2025, SITE Centers' portfolio comprises **33 operating centers** with **5.9 million square feet** pro-rata GLA and an **89.8%** leased rate Quarterly Operational Overview (Pro Rata Share) | Metric | 3/31/2025 | 12/31/2024 | 3/31/2024 | | :--- | :--- | :--- | :--- | | Base Rent PSF | $19.75 | $19.64 | $19.55 | | Commenced Rate | 89.4% | 90.6% | 89.8% | | Leased Rate | 89.8% | 91.1% | 91.7% | Top 5 MSA Exposure by Pro Rata ABR | MSA | % of ABR | ABR PSF | | :--- | :--- | :--- | | 1. Chicago-Naperville-Elgin, IL-IN-WI | 14.6% | $30.58 | | 2. Trenton, NJ | 12.8% | $18.49 | | 3. Orlando-Kissimmee-Sanford, FL | 12.3% | $20.92 | | 4. Phoenix-Mesa-Chandler, AZ | 7.5% | $19.10 | | 5. Los Angeles-Long Beach-Anaheim, CA | 7.5% | $26.16 | [Capital Structure and Debt Detail](index=11&type=section&id=Capital%20Structure%20and%20Debt%20Detail) As of March 31, 2025, SITE Centers' market capitalization was **$1.0 billion**, with **$332.0 million** net debt and **$412.8 million** pro-rata debt at **6.69%** weighted average interest Capital Structure Comparison (in millions) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Common Shares Equity | $673.4 | $801.7 | | Net Debt | $332.0 | $336.2 | | Total Market Capitalization | $1,005.4 | $1,137.9 | Debt Composition (SITE Share, in millions) | Rate Type | Balance (SITE Share) | Weighted Avg. Years to Maturity | Weighted Avg. Interest Rate | | :--- | :--- | :--- | :--- | | Fixed | $175.6 | 3.7 years | 6.54% | | Variable | $237.2 | 3.2 years | 6.81% | | **Total** | **$412.8** | **3.5 years** | **6.69%** | [Leasing Summary](index=12&type=section&id=Leasing%20Summary) In Q1 2025, SITE Centers executed **22 leases** for **75,491 square feet** pro-rata, achieving a **3.5%** combined cash leasing spread and **$25.73** NER per square foot Q1 2025 Leasing Activity (Pro Rata Share) | Lease Type | Count | GLA (sq ft) | Cash Leasing Spread | Average Term (Yrs) | | :--- | :--- | :--- | :--- | :--- | | New Leases | 5 | 8,554 | 6.8% | 8.6 | | Renewals | 17 | 66,937 | 3.4% | 4.4 | | **Total** | **22** | **75,491** | **3.5%** | **4.9** | Q1 2025 Net Effective Rents (Pro Rata Share) | Lease Type | ABR PSF | Total Capex PSF | NER PSF | | :--- | :--- | :--- | :--- | | New Leases | $36.46 | $4.93 | $31.53 | | Renewals | $25.52 | $0.06 | $25.46 | [Lease Expirations](index=13&type=section&id=Lease%20Expirations) The company's lease expiration schedule shows significant ABR maturities between **2026-2029**, with the profile substantially extended if all lease options are exercised Lease Expirations by Year (% of Total Pro Rata ABR, No Options Exercised) | Year | % of Total ABR | | :--- | :--- | | 2025 | 3.0% | | 2026 | 9.3% | | 2027 | 17.0% | | 2028 | 15.1% | | 2029 | 15.2% | | Thereafter | 7.9% | - Assuming all lease options are exercised, only **18.1%** of ABR expires through 2034, significantly extending the maturity profile[41](index=41&type=chunk) [Top 30 Tenants](index=14&type=section&id=Top%2030%20Tenants) The top **30 tenants** account for **51.0%** of pro-rata ABR, with the top five, led by TJX Companies, representing **18.1%** Top 5 Tenants by Pro Rata ABR | Rank | Tenant | % of Total Pro Rata ABR | | :--- | :--- | :--- | | 1 | TJX Companies | 4.6% | | 2 | Burlington | 4.4% | | 3 | Kroger | 3.6% | | 4 | PetSmart | 3.3% | | 5 | LA Fitness | 3.2% | - The top **30 tenants** occupy **3.1 million square feet**, representing **52.5%** of the total pro-rata owned Gross Leasable Area (GLA)[43](index=43&type=chunk) [Unconsolidated Joint Ventures](index=15&type=section&id=Unconsolidated%20Joint%20Ventures) This section provides an overview of SITE Centers' unconsolidated joint ventures, including their property holdings and financial contributions [Unconsolidated Joint Ventures Overview](index=15&type=section&id=Unconsolidated%20Joint%20Ventures%20Overview) SITE Centers holds interests in **11 properties** through two JVs, generating **$15.7 million** NOI (at 100%) and contributing **$1.6 million** to SITE's FFO in Q1 2025 Joint Venture Summary (in millions) | Joint Venture | SITE Own % | Number of Properties | Debt Balance (at 100%) | | :--- | :--- | :--- | :--- | | DTP (Chinese Inst. Investors) | 20% | 10 | $380.6 | | RVIP IIIB (Prudential) | 50% | 1 | $60.9 | Combined JV Financials (at 100%, in millions) | Metric | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Net Operating Income | $15.7 | $16.2 | | FFO | $6.3 | $6.0 | | FFO at SITE's ownership interests | $1.6 | $1.6 | [Shopping Center Summary](index=18&type=section&id=Shopping%20Center%20Summary) This section provides a comprehensive list of the company's properties, detailing their locations, ownership, GLA, and key tenants [Property List](index=18&type=section&id=Property%20List) This section lists the company's **34 properties**, detailing their locations, ownership, GLA, and key anchor tenants, serving areas with a **$110,000** weighted average household income - The property list details **33 operating centers** plus the headquarter office buildings[56](index=56&type=chunk) - Key anchor tenants include major national retailers such as **TJX, Burlington, Best Buy, Dick's Sporting Goods, Kroger, and AMC Theatres**[56](index=56&type=chunk) - The weighted average household income for the trade area within a 10-minute drive of the centers is **$110,000**, indicating a focus on affluent suburban communities[56](index=56&type=chunk) [Reporting Policies and Other](index=19&type=section&id=Reporting%20Policies%20and%20Other) This section outlines SITE Centers' key accounting policies, non-GAAP measures, and detailed leasing metrics for its portfolio [Notable Accounting and Supplemental Policies](index=19&type=section&id=Notable%20Accounting%20and%20Supplemental%20Policies) This section outlines key accounting policies, including the treatment of the **Curbline Properties spin-off** as discontinued operations and revenue recognition principles - The spin-off of **79 convenience properties** into **Curbline Properties** is treated as a discontinued operation, representing a strategic shift[60](index=60&type=chunk) - For tenants where collection is not probable, the company uses the **cash basis of accounting**, recognizing rental income only upon receipt of payment[62](index=62&type=chunk) - The company capitalizes interest on funds used for construction and certain administration costs, ceasing when the property is available for occupancy[67](index=67&type=chunk) [Non-GAAP Measures](index=22&type=section&id=Non-GAAP%20Measures) The company uses non-GAAP measures like **FFO, Operating FFO, and NOI** to provide investors with additional tools for assessing performance and core operations - **FFO** is a standard REIT performance measure that excludes historical cost depreciation and gains/losses from property sales to better reflect operational trends[70](index=70&type=chunk)[71](index=71&type=chunk) - **Operating FFO** is a company-specific metric adjusting FFO for non-core items like transaction costs to reflect the operating portfolio's performance[72](index=72&type=chunk) - **NOI** reflects property-level income and expenses, providing an unleveraged view of operational performance without corporate-level impacts[76](index=76&type=chunk) [Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100%](index=24&type=section&id=Leasing%20Metrics%20for%20Wholly-Owned%20and%20Unconsolidated%20Joint%20Ventures%20at%20100%25) This section provides detailed leasing metrics for the entire portfolio, wholly-owned properties, and unconsolidated JVs, including leased rates and expiration schedules [Portfolio Summary at 100%](index=24&type=section&id=Portfolio%20Summary%20at%20100%25) The total portfolio (at 100%) had a **91.1%** leased rate in Q1 2025, with wholly-owned at **89.4%** and JVs at **93.2%** Leased Rate Comparison (as of 3/31/2025) | Portfolio Segment | Leased Rate | Base Rent PSF | | :--- | :--- | :--- | | Wholly Owned SITE | 89.4% | $19.95 | | Joint Venture (100%) | 93.2% | $16.67 | | **Total Portfolio (100%)** | **91.1%** | **$18.44** | [Wholly Owned Leasing Summary](index=25&type=section&id=Wholly%20Owned%20Leasing%20Summary) In Q1 2025, the wholly-owned portfolio signed **14 leases** for **63,383 square feet**, achieving a **3.5%** combined cash leasing spread Q1 2025 Wholly Owned Leasing Activity | Lease Type | Count | GLA (sq ft) | Cash Leasing Spread | | :--- | :--- | :--- | :--- | | New Leases | 3 | 7,077 | 6.8% | | Renewals | 11 | 56,306 | 3.4% | | **Total** | **14** | **63,383** | **3.5%** | [Unconsolidated JV Leasing Summary](index=26&type=section&id=Unconsolidated%20JV%20Leasing%20Summary) In Q1 2025, unconsolidated JVs (at 100%) signed **8 leases** for **60,537 square feet**, with a **3.5%** combined cash leasing spread from renewals Q1 2025 Unconsolidated JV Leasing Activity (at 100%) | Lease Type | Count | GLA (sq ft) | Cash Leasing Spread | | :--- | :--- | :--- | :--- | | New Leases | 2 | 7,384 | 0.0% (non-comparable) | | Renewals | 6 | 53,153 | 3.5% | | **Total** | **8** | **60,537** | **3.5%** | [Wholly Owned Lease Expirations](index=27&type=section&id=Wholly%20Owned%20Lease%20Expirations) Wholly-owned lease expirations (no options) show **17.3%** of ABR expiring in 2027 and **15.1%** in 2028, with significant concentration through 2030 Wholly Owned Lease Expirations (% of ABR, No Options) | Year | % of Total ABR | | :--- | :--- | | 2025 | 3.0% | | 2026 | 9.0% | | 2027 | 17.3% | | 2028 | 15.1% | | 2029 | 15.3% | [Unconsolidated JV Lease Expirations](index=28&type=section&id=Unconsolidated%20JV%20Lease%20Expirations) Unconsolidated JV lease expirations (at 100%, no options) show **12.1%** of ABR expiring in 2026, **15.9%** in 2027, and **15.2%** in 2028 Unconsolidated JV Lease Expirations (% of ABR, No Options, at 100%) | Year | % of Total ABR | | :--- | :--- | | 2025 | 3.2% | | 2026 | 12.1% | | 2027 | 15.9% | | 2028 | 15.2% | | 2029 | 14.6% |

Core Insights - CERo Therapeutics Holdings, Inc. is presenting promising preclinical results for its lead compound CER-1236 in ovarian cancer at the 2025 SITC Spring Scientific Cellular Therapy for Solid Tumors [1][2] - The study demonstrated that CER-1236 effectively targets ovarian cancer cells without causing toxicity in animal models, indicating a favorable safety profile [2][3] - The company plans to initiate clinical trials for CER-1236 in solid tumors in 2025, building on its previous findings in both ovarian and Non-Small Cell Lung Cancers (NSCLC) [3][4] Company Overview - CERo is focused on developing next-generation engineered T cell therapeutics for cancer treatment, utilizing a proprietary approach that combines innate and adaptive immunity [4] - The company’s Chimeric Engulfment Receptor T cells (CER-T) are designed to enhance the immune response against tumors, potentially offering broader therapeutic applications than current CAR-T therapies [4]

Part I [Business](index=4&type=section&id=Item%201.%20Business) SITE Centers, a REIT, spun off 79 convenience retail properties into Curbline Properties Corp. on October 1, 2024, now owning 33 shopping centers and focusing on value realization through operations and asset sales - On October 1, 2024, the Company completed the spin-off of **79 convenience retail properties** into Curbline Properties Corp, now treated as discontinued operations[12](index=12&type=chunk)[13](index=13&type=chunk) - The Company generated approximately **$3.1 billion** from property sales from July 2023 to December 2024 to repay debt and fund distributions[17](index=17&type=chunk) - Under a Shared Services Agreement, SITE Centers provides operational staff to Curbline and earns a fee of **2.0% of Curbline's Gross Revenue**, while Curbline provides SITE Centers with a CEO and CIO[22](index=22&type=chunk)[23](index=23&type=chunk) - The company's full-time workforce decreased from **220 employees** at year-end 2023 to **172** at year-end 2024, partly due to employee transition to Curbline Properties post-spin-off[32](index=32&type=chunk) Portfolio Overview as of December 31, 2024 (Pro Rata Basis) | Metric | Value | | :--- | :--- | | Shopping Centers Owned | 33 (including 11 in JVs) | | Total Gross Leasable Area (GLA) | 8.8 million sq ft | | Aggregate Occupancy | 90.6% | | Average Annualized Base Rent | $19.64 per sq ft | Top 5 Tenants by Annualized Base Rental Revenue (as of Dec 31, 2024) | Tenant | % of Aggregate Annualized Base Rental Revenue | | :--- | :--- | | TJX Companies, Inc. | 4.6% | | Dick's Sporting Goods, Inc. | 4.4% | | Burlington Stores, Inc. | 4.3% | | The Kroger Co. | 3.6% | | PetSmart, Inc. | 3.3% | [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The Company faces business, property, financial, and cybersecurity risks, including economic downturns, e-commerce impact, significant indebtedness, and potential conflicts of interest with Curbline Properties - Business risks include economic dependency, e-commerce impact on tenants, and reliance on large national tenants, with **6.8% of leased GLA** expiring in 2025[43](index=43&type=chunk)[54](index=54&type=chunk) - Financial risks include the absence of a revolving credit facility since August 2024, **$306.8 million** in consolidated debt, **$106.6 million** in JV debt, and restrictive covenants on its Mortgage Facility[78](index=78&type=chunk)[79](index=79&type=chunk)[82](index=82&type=chunk) - The relationship with Curbline Properties presents potential conflicts of interest due to shared executive leadership and non-arm's length Shared Services Agreements[102](index=102&type=chunk)[105](index=105&type=chunk) - Failure to adhere to complex REIT qualification rules could result in corporate taxation and reduced distributions, with the post-spin-off size decreasing the margin for non-qualifying assets[86](index=86&type=chunk) - Cybersecurity risks are significant due to reliance on computer systems for business operations and services to Curbline and JVs, with potential for disruption and liability from failures or breaches[75](index=75&type=chunk) [Unresolved Staff Comments](index=35&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[112](index=112&type=chunk) [Cybersecurity](index=35&type=section&id=Item%201C.%20Cybersecurity) The company maintains a comprehensive cybersecurity program managed by the CTO and overseen by the Audit Committee, incorporating risk assessments, third-party providers, and employee training, with no material impact from threats to date - Cybersecurity risk management is integrated into the enterprise risk management system, overseen by the internal audit team, CTO, Security and Privacy Governance Committee, and the Audit Committee of the Board[114](index=114&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) - Mitigation strategies include physical and software safeguards, contracts with independent cybersecurity providers, timely system updates, and annual employee cybersecurity awareness training[115](index=115&type=chunk)[118](index=118&type=chunk) - To date, cybersecurity threats have not materially affected the company's operations or information systems availability[121](index=121&type=chunk) [Properties](index=37&type=section&id=Item%202.%20Properties) As of December 31, 2024, SITE Centers' portfolio comprises 33 shopping centers totaling 8.8 million square feet of GLA across 15 states, with an average annualized base rent of $19.64 per square foot - The portfolio includes **33 shopping centers** (**8.8 million sq ft GLA**), with **90.6% occupancy** on a pro rata basis as of December 31, 2024[122](index=122&type=chunk)[126](index=126&type=chunk) - In addition to its retail portfolio, the company owns two office buildings in Beachwood, Ohio, totaling **339,000 sq ft**, one serving as its corporate headquarters[127](index=127&type=chunk) Lease Expirations for Wholly-Owned Properties (2025-2029) | Expiration Year | % of Total GLA | % of Total Base Rental Revenues | | :--- | :--- | :--- | | 2025 | 6.4% | 9.0% | | 2026 | 8.1% | 7.5% | | 2027 | 14.9% | 17.5% | | 2028 | 13.2% | 14.1% | | 2029 | 13.2% | 15.9% | Lease Expirations for Joint Venture Properties (2025-2029) | Expiration Year | % of Total GLA | % of Total Base Rental Revenues | | :--- | :--- | :--- | | 2025 | 5.1% | 5.6% | | 2026 | 13.0% | 12.7% | | 2027 | 16.6% | 17.3% | | 2028 | 14.1% | 15.3% | | 2029 | 13.8% | 13.4% | [Legal Proceedings](index=42&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, but management does not expect a material adverse effect on its financial position or operations - The Company is subject to various legal proceedings, but management believes the final outcome will not have a material adverse effect on its financial condition or results of operations[132](index=132&type=chunk) [Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[133](index=133&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=43&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common shares trade on the NYSE under 'SITC', with future dividend policy influenced by operations and asset sales, and **$73.4 million** remaining authorized for share repurchases - The Company's common shares are listed on the NYSE under 'SITC', with **3,145 record holders** as of February 21, 2025[136](index=136&type=chunk) - The Company does not expect regular quarterly dividend payments, with future policy influenced by operations, asset sales, debt repayment, and REIT payout rules[137](index=137&type=chunk) - A common share repurchase program authorizes up to **$100 million** in repurchases, with **$73.4 million** remaining available as of December 31, 2024[139](index=139&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes the company's 2024 financial performance, highlighting the Curbline spin-off, significant deleveraging via asset sales, increased net income from dispositions, decreased FFO due to a smaller portfolio, and a shift to secured debt with a new **$530 million** mortgage facility - The spin-off of Curbline Properties on October 1, 2024, was a major strategic event, with its historical results now presented as discontinued operations[142](index=142&type=chunk)[143](index=143&type=chunk) - In 2024, the company sold **40 wholly-owned shopping centers** for **$2.3 billion**, using proceeds to repay all outstanding unsecured debt and preferred shares[154](index=154&type=chunk) - The increase in net income was driven by a **$633.2 million gain** on real estate disposition, while FFO decreased due to net property dispositions and **$42.8 million** in debt extinguishment costs[164](index=164&type=chunk)[186](index=186&type=chunk)[184](index=184&type=chunk) - The company's capital structure was significantly altered in 2024, terminating its revolving credit facility and term loan, repaying all senior notes, and entering a new **$530 million secured mortgage facility**, with **$206.9 million** outstanding at year-end[212](index=212&type=chunk)[221](index=221&type=chunk)[223](index=223&type=chunk) Key Financial Results (Year Ended Dec 31) | Metric (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net income attributable to common shareholders | $516,031 | $254,547 | | FFO attributable to common shareholders | $79,443 | $240,199 | | Operating FFO attributable to common shareholders | $166,724 | $247,872 | [Critical Accounting Estimates](index=50&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) Management identifies critical accounting estimates in purchase price allocation for property acquisitions and impairment assessment of real estate assets, both requiring significant judgment and subjective assumptions - Purchase price allocations for acquired properties require significant management estimates for the fair value of tangible and intangible assets[168](index=168&type=chunk) - The company assesses real estate assets for impairment by estimating undiscounted future cash flows, a subjective process considering expected income, hold periods, and competition[169](index=169&type=chunk) - For assets considered for sale, impairment analysis is probability-weighted based on the most likely course of action, using fair value estimates from broker opinions or negotiated agreements[170](index=170&type=chunk) [Results of Operations](index=52&type=section&id=RESULTS%20OF%20OPERATIONS) Total revenues decreased to **$277.5 million** in 2024 due to property dispositions, while net income attributable to SITE Centers increased to **$531.8 million** driven by a **$633.2 million gain** on real estate dispositions, despite a **$66.6 million** impairment charge and **$42.8 million** in debt extinguishment costs - The company recorded a **$633.2 million gain** on real estate disposition in 2024, a significant increase from **$218.7 million** in 2023[186](index=186&type=chunk) - Debt extinguishment costs totaled **$42.8 million** in 2024, primarily from Mortgage Commitment termination (**$21.2 million**), property releases from the new Mortgage Facility (**$10.1 million**), and Senior Notes redemption (**$6.7 million**)[187](index=187&type=chunk) - Income from discontinued operations (Curbline properties) was **$6.1 million** in 2024, a decrease from **$36.4 million** in 2023, reflecting the shorter period and **$30.7 million** in transaction costs[186](index=186&type=chunk)[189](index=189&type=chunk) Revenues from Operations (in thousands) | Revenue Type | 2024 | 2023 | $ Change | | :--- | :--- | :--- | :--- | | Rental income | $269,286 | $444,062 | $(174,776) | | Fee and other income | $8,181 | $8,553 | $(372) | | **Total revenues** | **$277,467** | **$452,615** | **$(175,148)** | Expenses from Operations (in thousands) | Expense Type | 2024 | 2023 | $ Change | | :--- | :--- | :--- | :--- | | Operating and maintenance | $55,372 | $78,306 | $(22,934) | | Real estate taxes | $40,292 | $65,501 | $(25,209) | | Impairment charges | $66,600 | $— | $66,600 | | General and administrative | $47,080 | $50,867 | $(3,787) | | Depreciation and amortization | $101,344 | $180,611 | $(79,267) | [Non-GAAP Financial Measures](index=58&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) FFO for 2024 significantly decreased to **$79.4 million** from **$240.2 million** in 2023, primarily due to net property dispositions and debt extinguishment costs, while Operating FFO also decreased to **$166.7 million** from **$247.9 million** due to a smaller portfolio - The decrease in FFO in 2024 was primarily due to net property dispositions, debt extinguishment costs, and transaction costs related to the Curbline spin-off[201](index=201&type=chunk) Reconciliation of Net Income to FFO and Operating FFO (in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | **Net income attributable to common shareholders** | **$516,031** | **$254,547** | | Depreciation and amortization | $97,186 | $175,156 | | Impairment of real estate | $66,600 | $— | | Gain on disposition of real estate, net | $(633,219) | $(218,655) | | Other FFO adjustments | $32,845 | $29,151 | | **FFO attributable to common shareholders** | **$79,443** | **$240,199** | | Separation, transaction, and debt extinguishment costs | $76,714 | $9,776 | | Other Operating FFO adjustments | $10,567 | $(2,103) | | **Operating FFO attributable to common shareholders** | **$166,724** | **$247,872** | [Liquidity, Capital Resources and Financing Activities](index=61&type=section&id=LIQUIDITY%2C%20CAPITAL%20RESOURCES%20AND%20FINANCING%20ACTIVITIES) The company's liquidity strategy shifted in 2024, relying on operating cash flow, debt financings, and asset sales after terminating its revolving credit facility, resulting in **$1.8 billion** from investing activities and **$2.5 billion** used for financing, ending with **$54.6 million** cash and a restructured, secured debt profile - As of December 31, 2024, the company had **$306.8 million** in consolidated debt, a sharp reduction from **$1.6 billion** at year-end 2023, and no longer has a revolving credit facility[208](index=208&type=chunk)[207](index=207&type=chunk) - Major 2024 financing activities included closing a new **$530.0 million Mortgage Facility**, repaying **$1.3 billion** in Senior Notes, **$200.0 million** Term Loan, redeeming **$175.0 million** in Class A Preferred Shares, and contributing **$800.0 million** cash to Curbline[212](index=212&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) - The company declared cash dividends of **$1.04 per common share** in 2024 prior to the spin-off, with no dividends declared for Q3 and Q4 to maximize Curbline capitalization and preserve operating funds[229](index=229&type=chunk)[230](index=230&type=chunk) Summary of Cash Flow Activities (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Cash flow provided by operating activities | $112,044 | $238,533 | | Cash flow provided by investing activities | $1,843,903 | $559,899 | | Cash flow used for financing activities | $(2,457,312) | $(250,615) | [Quantitative and Qualitative Disclosures About Market Risk](index=79&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rates, with **67.3%** of consolidated debt now variable-rate, and a 100 basis-point increase would raise annual interest expense by approximately **$2.0 million** - A **100 basis-point increase** in short-term market interest rates on variable-rate debt would result in an approximate **$2.0 million increase** in annual interest expense[281](index=281&type=chunk) Consolidated Debt Composition (as of Dec 31, 2024) | Debt Type | Amount (Millions) | Percentage of Total | | :--- | :--- | :--- | | Fixed-Rate Debt | $98.5 | 32.7% | | Variable-Rate Debt | $202.9 | 67.3% | Fair Value of Debt (in millions) | Debt Type | Carrying Amount (Dec 31, 2024) | Fair Value (Dec 31, 2024) | | :--- | :--- | :--- | | Mortgage Indebtedness | $301.4 | $309.2 | [Financial Statements and Supplementary Data](index=81&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This item incorporates by reference the company's audited consolidated financial statements and supplementary data, located in a separate section of the Annual Report on Form 10-K beginning on page F-1 - The response to this item is included in a separate section at the end of this Annual Report on Form 10-K beginning on page F-1[286](index=286&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=81&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[287](index=287&type=chunk) [Controls and Procedures](index=81&type=section&id=Item%209A.%20Controls%20and%20Procedures) The company's disclosure controls and procedures and internal control over financial reporting were deemed effective as of December 31, 2024, with no material changes during Q4 2024 - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of December 31, 2024[288](index=288&type=chunk) - Management concluded that the Company's internal control over financial reporting was effective as of December 31, 2024, based on the COSO 2013 framework, audited by PricewaterhouseCoopers LLP[289](index=289&type=chunk)[290](index=290&type=chunk) - No changes in internal control over financial reporting occurred during the fourth quarter of 2024 that materially affected, or are reasonably likely to materially affect, these controls[291](index=291&type=chunk) [Other Information](index=83&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[292](index=292&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=83&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[293](index=293&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=84&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section incorporates by reference information from the 2025 Proxy Statement regarding directors and corporate governance, with executive officer details in Part I of this Form 10-K - Information regarding directors and corporate governance is incorporated by reference from the Company's 2025 Proxy Statement[296](index=296&type=chunk) - Information about the Company's Executive Officers is located in Part I of this Annual Report on Form 10-K[296](index=296&type=chunk) [Executive Compensation](index=84&type=section&id=Item%2011.%20Executive%20Compensation) This section incorporates by reference detailed executive and director compensation information from the company's 2025 Proxy Statement, including the Compensation Discussion and Analysis and related tables - Information required by this item is incorporated by reference from the Company's 2025 Proxy Statement, including the 'Compensation Discussion and Analysis' and 'Executive Compensation Tables' sections[297](index=297&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=85&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership by beneficial owners and management is incorporated by reference from the 2025 Proxy Statement, detailing **310,113** securities to be issued and **2,667,768** available for future issuance under equity compensation plans as of December 31, 2024 - Information regarding security ownership is incorporated by reference from the Company's 2025 Proxy Statement[299](index=299&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2024) | Plan Category | Number of Securities to Be Issued Upon Exercise | Weighted-Average Exercise Price | Number of Securities Remaining Available for Future Issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 310,113 | $30.96 | 2,667,768 | [Certain Relationships and Related Transactions, and Director Independence](index=85&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) This section incorporates by reference information from the company's 2025 Proxy Statement concerning related-party transactions and director independence - Information required by this item is incorporated by reference from the Company's 2025 Proxy Statement[303](index=303&type=chunk) [Principal Accountant Fees and Services](index=85&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This section incorporates by reference information from the company's 2025 Proxy Statement regarding fees paid to and services provided by PricewaterhouseCoopers LLP - Information regarding fees paid to PricewaterhouseCoopers LLP is incorporated by reference from the Company's 2025 Proxy Statement[304](index=304&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=86&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This item lists the financial statements, schedules, and exhibits filed with the Form 10-K, including the independent auditor's report, consolidated financial statements, and key agreements like the Separation and Distribution Agreement with Curbline - This section lists all financial statements, schedules, and exhibits filed with the report, including the Separation and Distribution Agreement with Curbline Properties (Exhibit 2.1), the new Loan Agreement for the Mortgage Facility (Exhibit 10.21), and various employment and compensation plan documents[307](index=307&type=chunk)[310](index=310&type=chunk) [Form 10-K Summary](index=90&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports that no Form 10-K summary is provided - None[313](index=313&type=chunk) Financial Statements and Schedules [Report of Independent Registered Public Accounting Firm](index=92&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP issued an unqualified opinion on the consolidated financial statements and internal control over financial reporting, identifying real estate impairment assessments as a critical audit matter due to significant management judgment - The auditor, PricewaterhouseCoopers LLP, issued unqualified opinions on both the consolidated financial statements and the effectiveness of internal control over financial reporting[322](index=322&type=chunk) - A critical audit matter was identified concerning real estate impairment assessments due to significant management judgment required for identifying indicators and estimating undiscounted future cash flows, particularly regarding hold periods, market rents, and capitalization rates[329](index=329&type=chunk)[330](index=330&type=chunk) [Consolidated Financial Statements](index=95&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a significant reduction in total assets to **$933.6 million** and liabilities to **$416.9 million** in 2024 due to the Curbline spin-off and asset sales, with net income increasing to **$531.8 million** driven by large gains on property sales Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total real estate assets, net | $772,012 | $2,386,143 | | Cash and cash equivalents | $54,595 | $551,402 | | Assets related to discontinued operations | $— | $921,632 | | **Total Assets** | **$933,602** | **$4,061,350** | | Indebtedness | $301,373 | $1,600,517 | | **Total Liabilities** | **$416,858** | **$1,885,807** | | **Total Equity** | **$516,744** | **$2,175,543** | Consolidated Statement of Operations Highlights (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenues | $277,467 | $452,615 | | Gain on disposition of real estate, net | $633,219 | $218,655 | | Debt extinguishment costs | $(42,822) | $(50) | | Impairment charges | $66,600 | $— | | Income from discontinued operations | $6,060 | $36,372 | | **Net Income** | **$531,824** | **$265,721** | [Notes to Consolidated Financial Statements](index=100&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial results, covering the Curbline spin-off as discontinued operations, significant changes in indebtedness including senior note repayment and a new mortgage facility, **$66.6 million** in impairment charges, and ongoing agreements with Curbline - Note 12 details operating results for spun-off Curbline properties, which generated **$86.0 million** in revenue and incurred **$30.9 million** in transaction costs, resulting in **$6.1 million** of income from discontinued operations for Jan 1 - Sep 30, 2024[469](index=469&type=chunk) - Note 6 details the complete overhaul of the company's debt, with all **$1.3 billion** senior unsecured notes and **$200 million** Term Loan repaid in August 2024, and the new primary debt being a variable-rate Mortgage Facility with a **$206.9 million** balance at year-end[426](index=426&type=chunk)[428](index=428&type=chunk)[430](index=430&type=chunk) - Note 11 discloses **$66.6 million** in impairment charges in 2024 related to three properties, triggered by a change in hold period assumptions, which were subsequently sold[465](index=465&type=chunk) - Note 13 details the ongoing financial relationship with Curbline, including a **$33.8 million** liability payable to Curbline as of December 31, 2024, primarily for redevelopment projects on spun-off properties[473](index=473&type=chunk)[481](index=481&type=chunk) - Note 9 states all **$175 million** Class A Preferred Shares were redeemed in 2024, a **1-for-4 reverse stock split** was effected in August 2024, and the spin-off was treated as a stock dividend valued at **$44.58 per common share**[458](index=458&type=chunk)[373](index=373&type=chunk)[460](index=460&type=chunk)

Core Insights - SITE Centers Corp. reported a significant decline in revenue and earnings for the quarter ended December 2024, with revenue of $32.87 million, down 73.3% year-over-year, and EPS of $0.16 compared to $3.68 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $42.65 million, resulting in a surprise of -22.94%, while the EPS also missed the consensus estimate of $0.23 by -30.43% [1] Revenue Breakdown - Rental income was reported at $32.58 million, significantly lower than the estimated $66.09 million, reflecting a year-over-year decline of -73.5% [4] - Other revenue components included: - Percentage and overage rent: $0.63 million versus an estimate of $0.97 million - Other property revenues: $0.28 million versus an estimate of $0.53 million - Ancillary and other rental income: $0.52 million versus an estimate of $1.03 million, marking a -74% year-over-year change - Recoveries: $8.40 million versus an estimate of $19.01 million [4] Stock Performance - Over the past month, shares of SITE Centers Corp. returned -1.8%, slightly outperforming the Zacks S&P 500 composite's -2.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Group 1: Financial Performance - SITE Centers Corp. reported quarterly funds from operations (FFO) of $0.16 per share, missing the Zacks Consensus Estimate of $0.23 per share, and down from $1.04 per share a year ago, representing an FFO surprise of -30.43% [1] - The company posted revenues of $32.87 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 22.94%, compared to year-ago revenues of $123.16 million [2] - Over the last four quarters, the company has surpassed consensus FFO estimates two times and topped consensus revenue estimates just once [2] Group 2: Stock Performance and Outlook - SITE Centers Corp. shares have lost about 4.9% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The company's future stock performance will largely depend on management's commentary on the earnings call and the sustainability of the stock's immediate price movement based on recently released numbers and future FFO expectations [3][4] - The current consensus FFO estimate for the coming quarter is $0.24 on revenues of $43.12 million, and for the current fiscal year, it is $0.92 on revenues of $173.92 million [7] Group 3: Industry Context - The REIT and Equity Trust - Retail industry, to which SITE Centers Corp. belongs, is currently in the top 28% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, suggesting that investors can track these revisions to gauge stock performance [5]

[Earnings Release & Financial Statements](index=3&type=section&id=Earnings%20Release%20%26%20Financial%20Statements) [Press Release](index=3&type=section&id=Press%20Release) SITE Centers reported a Q4 2024 net loss of $13.2 million, a sharp decline from Q4 2023's $193.6 million net income, primarily driven by the Curbline spin-off and preferred share redemption - On October 1, 2024, the company completed the spin-off of 79 convenience properties into a new entity, **Curbline Properties**, with these assets now treated as **discontinued operations** for all periods presented[9](index=9&type=chunk) - The company redeemed all outstanding 6.375% Class A Cumulative Redeemable Preferred Shares, resulting in a **$6.2 million charge** for the write-off of original issuance costs[10](index=10&type=chunk) Q4 2024 Key Financial and Operating Results (vs. Q4 2023) | Metric | Q4 2024 | Q4 2023 | Change Driver | | :--- | :--- | :--- | :--- | | **Net (Loss) Income** | ($13.2M) | $193.6M | Curbline spin-off, lower NOI, lower gain on sale | | **Net (Loss) Income per Share** | ($0.25) | $3.69 | - | | **Operating FFO (OFFO)** | $8.3M | $54.0M | Curbline spin-off, lower NOI, lower interest income | | **OFFO per Share** | $0.16 | $1.03 | - | | **Pro Rata Leased Rate** | 91.1% | 92.2% | - | | **Pro Rata Commenced Rate** | 90.6% | 89.6% | New tenant store openings | | **Cash Renewal Leasing Spreads** | 10.6% | N/A | Strong leasing demand | [Consolidated Financials](index=7&type=section&id=Consolidated%20Financials) Consolidated financials show significant year-over-year decreases in revenues, NOI, and total assets, primarily due to the Curbline spin-off and property dispositions, with total debt dramatically reduced from over $1.6 billion to $301 million [Income Statement](index=7&type=section&id=IncomeStatement%3A%20Consolidated%20Interests) The consolidated income statement shows a Q4 2024 net loss of $13.2 million, down from $193.6 million net income in Q4 2023, primarily due to reduced rental income and the absence of a large gain on real estate disposition Consolidated Income Statement Highlights (in thousands) | Metric | 4Q24 | 4Q23 | 12M24 | 12M23 | | :--- | :--- | :--- | :--- | :--- | | **Rental Income** | $32,583 | $97,435 | $269,286 | $444,062 | | **Net Operating Income** | $19,398 | $65,024 | $175,423 | $301,991 | | **Gain on Disposition of Real Estate** | $50 | $187,796 | $633,219 | $218,655 | | **(Loss) Income from Continuing Operations** | ($5,822) | $186,958 | $525,764 | $229,349 | | **Net (Loss) Income Common Shareholders** | ($13,248) | $193,635 | $516,031 | $254,547 | | **Diluted EPS** | ($0.25) | $3.69 | $9.77 | $4.85 | [FFO Reconciliation](index=8&type=section&id=Reconciliation%3A%20Net%20Income%20to%20FFO%20and%20Operating%20FFO) Q4 2024 Net Loss of $13.2 million reconciled to an Operating FFO of $8.3 million ($0.16 per share), a significant decrease from Q4 2023's $54.0 million, primarily due to the Curbline spin-off and property sales FFO and Operating FFO Reconciliation (in thousands, except per share) | Metric | 4Q24 | 4Q23 | 12M24 | 12M23 | | :--- | :--- | :--- | :--- | :--- | | **Net (Loss) Income Common Shareholders** | ($13,248) | $193,635 | $516,031 | $254,547 | | **FFO attributable to Common Shareholders** | $830 | $52,936 | $79,443 | $240,199 | | **Operating FFO attributable to Common Shareholders** | $8,287 | $53,979 | $166,724 | $247,872 | | **Operating FFO per share – Diluted** | $0.16 | $1.03 | $3.17 | $4.73 | [Balance Sheet](index=9&type=section&id=Balance%20Sheet%3A%20Consolidated%20Interests) The Q4 2024 consolidated balance sheet reflects a dramatic reduction in total assets from $4.1 billion to $934 million and total liabilities from $1.9 billion to $417 million, primarily due to the Curbline spin-off and asset sales Consolidated Balance Sheet Highlights (in thousands) | Metric | 4Q24 | 4Q23 | | :--- | :--- | :--- | | **Real estate, net** | $772,012 | $2,386,143 | | **Cash** | $54,595 | $551,402 | | **Total Assets** | $933,602 | $4,061,350 | | **Secured debt** | $301,373 | $98,418 | | **Unsecured debt** | $0 | $1,303,243 | | **Total Liabilities** | $416,858 | $1,885,807 | | **Total Equity** | $516,744 | $2,175,543 | [Company Summary](index=10&type=section&id=Company%20Summary) [Portfolio Summary](index=10&type=section&id=Portfolio%20Summary) As of December 31, 2024, SITE Centers' portfolio comprises 33 centers with 5.9 million sq. ft. pro-rata GLA, showing increased commenced occupancy to 90.6% and significant exposure to key MSAs Quarterly Operational Overview (Pro Rata Share) | Metric | 12/31/2024 | 12/31/2023 | | :--- | :--- | :--- | | **Commenced Rate** | 90.6% | 89.6% | | **Leased Rate** | 91.1% | 92.2% | | **Base Rent PSF** | $19.64 | $19.42 | Top 5 MSA Exposure by Pro Rata ABR | MSA | % of ABR | | :--- | :--- | | 1. Chicago-Naperville-Elgin, IL-IN-WI | 15.9% | | 2. Trenton, NJ | 12.7% | | 3. Orlando-Kissimmee-Sanford, FL | 12.3% | | 4. Phoenix-Mesa-Scottsdale, AZ | 7.4% | | 5. Atlanta-Sandy Springs-Roswell, GA | 7.1% | [Capital Structure and Debt Detail](index=11&type=section&id=Capital%20Structure%20and%20Debt%20Detail) As of December 31, 2024, SITE Centers' total market capitalization was $1.14 billion, reflecting significant deleveraging with total debt reduced to $413.3 million from $1.75 billion, and all unsecured debt and preferred stock eliminated Capital Structure (in thousands) | Metric | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Common Shares Equity** | $801,655 | $2,853,141 | | **Perpetual Preferred Stock** | $0 | $175,000 | | **Total Debt (incl. JV share)** | $413,318 | $1,746,640 | | **Net Debt** | $336,247 | $1,164,880 | | **Total Market Capitalization** | $1,137,902 | $4,193,020 | Debt Composition (SITE Share) | Rate Type | Balance (in thousands) | Weighted Avg. Years to Maturity | Weighted Avg. Interest Rate | | :--- | :--- | :--- | :--- | | **Fixed** | $175,982 | 3.9 years | 6.54% | | **Variable** | $237,336 | 3.5 years | 6.82% | | **Total** | $413,318 | 3.8 years | 6.70% | [Leasing Summary](index=12&type=section&id=Leasing%20Summary) In Q4 2024, SITE Centers executed 5 renewal leases with a strong 10.6% cash leasing spread, contributing to 109 full-year leases totaling 708,011 sq. ft. at a 7.8% combined cash spread Leasing Activity - New + Renewals (Pro Rata Share) | Period | Count | GLA | Cash Leasing Spread | | :--- | :--- | :--- | :--- | | **4Q24** | 5 | 21,015 | 10.6% | | **Full Year 2024** | 109 | 708,011 | 7.8% | Net Effective Rents - Full Year 2024 (Pro Rata Share) | Lease Type | GLA | ABR PSF | Total Capex PSF | NER PSF | | :--- | :--- | :--- | :--- | :--- | | **New Leases** | 42,086 | $33.33 | $6.85 | $26.48 | | **Renewals** | 665,925 | $18.51 | $0.19 | $18.32 | [Lease Expirations](index=13&type=section&id=Lease%20Expirations) The pro-rata lease expiration schedule shows 7.6% of ABR expiring in 2025, peaking at 16.7% in 2027, with 2025 expirations at an average rent of $23.23 PSF, presenting re-leasing opportunities Lease Expirations by ABR (Pro Rata, No Options Exercised) | Year | % of Total ABR Expiring | | :--- | :--- | | **2025** | 7.6% | | **2026** | 8.2% | | **2027** | 16.7% | | **2028** | 15.0% | | **2029** | 15.4% | [Top 30 Tenants](index=14&type=section&id=Top%2030%20Tenants) The tenant base is well-diversified, with the top 30 tenants accounting for 52.2% of pro-rata ABR and the top five, led by TJX Companies at 4.6%, collectively representing 20.2% of total ABR Top 5 Tenants by Pro Rata ABR | Rank | Tenant | % of Total ABR | | :--- | :--- | :--- | | 1 | TJX Companies | 4.6% | | 2 | Dick's Sporting Goods | 4.4% | | 3 | Burlington | 4.3% | | 4 | Kroger | 3.6% | | 5 | PetSmart | 3.3% | [Investments](index=15&type=section&id=Investments) [Transactions](index=15&type=section&id=Transactions) In 2024, SITE Centers was a net seller of assets, with minor acquisitions of $4.5 million and substantial dispositions totaling $2.25 billion at share, with no Q4 2024 activity 2024 Transaction Summary (at Share) | Transaction Type | Total 2024 Price (in thousands) | | :--- | :--- | | **Acquisitions** | $4,543 | | **Dispositions** | $2,252,434 | - There were no acquisitions or dispositions in Q4 2024[42](index=42&type=chunk) [Unconsolidated Joint Ventures](index=16&type=section&id=Unconsolidated%20Joint%20Ventures) [JV Overview](index=16&type=section&id=Unconsolidated%20Joint%20Ventures%20Overview) SITE Centers holds interests in 11 properties through two unconsolidated joint ventures, including a 20% stake in DTP and a 50% interest in the Deer Park property, with combined JV debt totaling $441.8 million at 100% Unconsolidated Joint Venture Summary (at 100%) | Joint Venture | SITE Own % | of Properties | Owned GLA (thousands) | Leased Rate | Debt Balance (thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | **DTP** | 20% | 10 | 3,397 | 95.0% | $380,600 | | **Prudential (RVIP IIIB)** | 50% | 1 | 358 | 81.1% | $61,178 | [JV Financials](index=17&type=section&id=Unconsolidated%20Joint%20Ventures%20Financials) On a 100% basis, unconsolidated JVs generated $14.3 million in Q4 2024 Net Operating Income, resulting in a $1.6 million net loss, with SITE's pro-rata FFO share at $1.3 million, and total assets of $596 million Combined JV Income Statement (at 100%, in thousands) | Metric | 4Q24 | 4Q23 | | :--- | :--- | :--- | | **Rental income** | $19,001 | $21,515 | | **Net operating income** | $14,308 | $16,368 | | **Net income (loss)** | ($1,553) | ($926) | | **FFO at SITE's ownership interests** | $1,337 | $1,654 | Combined JV Balance Sheet (at 100%, in thousands) | Metric | 4Q24 | 4Q23 | | :--- | :--- | :--- | | **Real estate, net** | $542,973 | $611,858 | | **Total Assets** | $596,206 | $688,453 | | **Mortgage debt** | $426,462 | $464,255 | | **Total Liabilities** | $460,889 | $503,161 | [Shopping Center Summary](index=19&type=section&id=Shopping%20Center%20Summary) [Property List](index=19&type=section&id=Property%20List) As of December 31, 2024, the company's portfolio consists of 33 wholly-owned and JV properties, primarily open-air shopping centers in high-income suburban areas with major national anchor tenants - The portfolio consists of **33 operating centers**, a mix of wholly-owned and joint venture properties[58](index=58&type=chunk) - Anchor tenants across the portfolio include major national retailers such as **TJX Companies**, **Dick's Sporting Goods**, **Best Buy**, and various grocery chains like Kroger and Whole Foods[58](index=58&type=chunk) [Reporting Policies and Other](index=20&type=section&id=Reporting%20Policies%20and%20Other) [Notable Accounting and Supplemental Policies](index=20&type=section&id=Notable%20Accounting%20and%20Supplemental%20Policies) The company's accounting policies detail the treatment of the Curbline Properties spin-off as discontinued operations, specific revenue recognition for lease terminations, and capitalization policies for construction and renovations - **Discontinued Operations**: The spin-off of **Curbline Properties** is considered a strategic shift, and its 79 properties are reflected as discontinued operations for all periods presented[61](index=61&type=chunk) - **Cash Basis Tenants**: For tenants where collection is not probable, the company uses the cash basis of accounting, recognizing no rental income until payment is received and fully reserving existing receivables[64](index=64&type=chunk) - **Capitalization**: Expenditures for maintenance are expensed, while renovations that extend the asset's life are capitalized; interest and certain administrative costs are capitalized during construction[69](index=69&type=chunk) [Non-GAAP Measures](index=23&type=section&id=Non-GAAP%20Measures) The company uses non-GAAP measures like FFO, Operating FFO (OFFO), and Net Operating Income (NOI) to provide additional performance insights, adjusting for items such as real estate depreciation, property sales, and non-comparable costs - **FFO**: Calculated per NAREIT definition by adjusting net income for real estate depreciation, gains/losses on property sales, and other items[73](index=73&type=chunk) - **Operating FFO (OFFO)**: A further adjusted metric that excludes non-comparable items like preferred share issuance write-offs, debt extinguishment costs, and transaction costs to show core operating results[74](index=74&type=chunk) - **Net Operating Income (NOI)**: Calculated as property revenues less property-related expenses to show unleveraged operational performance and trends in occupancy and rental rates[78](index=78&type=chunk) [Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100%](index=25&type=section&id=Leasing%20Metrics%20for%20Wholly-Owned%20and%20Unconsolidated%20Joint%20Ventures%20at%20100%25) This section provides granular 100% basis leasing metrics, distinguishing wholly-owned properties from joint ventures, showing JV properties generally have higher leased rates while wholly-owned properties command higher base rents [Portfolio Summary at 100%](index=25&type=section&id=Portfolio%20Summary%20at%20100%25) At 100% basis, the total portfolio leased rate was 92.1% at year-end 2024, with wholly-owned properties at 90.9% leased rate and $19.81 PSF base rent, while JV properties had a 93.7% leased rate and $16.64 PSF base rent Portfolio Metrics at 100% (as of 12/31/2024) | Segment | Base Rent PSF | Leased Rate | | :--- | :--- | :--- | | **Wholly Owned SITE** | $19.81 | 90.9% | | **Joint Venture (100%)** | $16.64 | 93.7% | | **Total Portfolio (100%)** | $18.37 | 92.1% | [Wholly-Owned Leasing Summary](index=26&type=section&id=Wholly-Owned%20Leasing%20Summary) For full year 2024, the wholly-owned portfolio signed 61 new and renewal leases totaling 554,880 sq. ft. with a 7.9% combined cash leasing spread, and new leases achieving a strong $34.52 PSF net effective rent Wholly-Owned Leasing Activity - Full Year 2024 (at 100%) | Metric | New Leases | Renewals | New + Renewals | | :--- | :--- | :--- | :--- | | **Count** | 10 | 51 | 61 | | **GLA** | 24,560 | 530,320 | 554,880 | | **Cash Spread** | 8.3% | 7.9% | 7.9% | | **NER PSF** | $34.52 | $19.54 | $20.11 | [JV Leasing Summary (at 100%)](index=27&type=section&id=JV%20Leasing%20Summary%20(at%20100%25)) The unconsolidated joint venture portfolio, at 100%, signed 48 new and renewal leases in 2024 for 765,651 sq. ft. with a 6.9% combined cash leasing spread, and new leases at $15.15 PSF net effective rent JV Leasing Activity - Full Year 2024 (at 100%) | Metric | New Leases | Renewals | New + Renewals | | :--- | :--- | :--- | :--- | | **Count** | 9 | 39 | 48 | | **GLA** | 87,628 | 678,023 | 765,651 | | **Cash Spread** | 44.5% | 4.4% | 6.9% | | **NER PSF** | $15.15 | $13.50 | $13.03 | [Wholly-Owned Lease Expirations](index=28&type=section&id=Wholly-Owned%20Lease%20Expirations) For the wholly-owned portfolio (100%, no options), 8.1% of ABR expires in 2025, followed by 7.7% in 2026, and a peak of 17.0% in 2027, indicating a significant medium-term rent roll coming due Wholly-Owned Lease Expirations by ABR (100%, No Options) | Year | % of ABR Expiring | | :--- | :--- | | **2025** | 8.1% | | **2026** | 7.7% | | **2027** | 17.0% | [JV Lease Expirations (at 100%)](index=29&type=section&id=JV%20Lease%20Expirations%20(at%20100%25)) The joint venture portfolio's lease expirations (100%, no options) show 5.1% of ABR expiring in 2025, 12.1% in 2026, and 16.3% in 2027, indicating a more spread-out schedule than wholly-owned assets JV Lease Expirations by ABR (100%, No Options) | Year | % of ABR Expiring | | :--- | :--- | | **2025** | 5.1% | | **2026** | 12.1% | | **2027** | 16.3% |

Core Insights - HOOKIPA Pharma Inc. announced updated Phase 2 data for eseba-vec in combination with pembrolizumab for treating HPV16+ relapsed or metastatic head and neck squamous cell carcinoma at SITC2024 [1][2] Group 1: Clinical Data - The study showed an overall response rate (ORR) of 52% and a disease control rate (DCR) of 80% among patients with PD-L1 CPS >20 [2] - Preliminary median progression-free survival (PFS) is greater than 16 months, with a 12-month overall survival (OS) rate of 83% [2] - 66.7% of confirmed responders are ongoing, and the clinical activity is supported by a robust T-cell response [2] Group 2: Safety Profile - The treatment exhibited manageable toxicity with a low level of serious treatment-related adverse events at 7.6% [2] - The safety profile allows most patients to maintain treatment [4] Group 3: Product Information - Eseba-vec (HB-200) is an investigational immunotherapeutic agent for HPV16+ cancers, specifically targeting recurrent/metastatic oropharyngeal squamous cell carcinoma [5] - It has received Fast Track Designation from the FDA and PRIME designation from the EMA for first-line treatment [5] Group 4: Company Overview - HOOKIPA Pharma focuses on developing next-generation immunotherapeutics using its proprietary arenavirus platform [6] - The company's pipeline includes therapies targeting HPV16+ cancers and partnerships for developing treatments for hepatitis B and HIV-1 [6]