SITE Centers Corp. reported significant financial changes for the fiscal year ending December 31, 2024, following a strategic spin-off of its convenience retail properties into a new entity, Curbline Properties. The company generated net income attributable to common shareholders of $516.0 million, a substantial increase from $254.5 million in the previous year. This growth was primarily driven by higher gains on real estate dispositions and increased interest income, despite facing challenges such as impairment charges and debt extinguishment costs. Funds from Operations (FFO) attributable to common shareholders decreased to $79.4 million from $240.2 million, reflecting the impact of property sales and associated costs.

The company’s total revenues fell to $277.5 million from $452.6 million in 2023, largely due to the spin-off and the sale of 40 wholly-owned shopping centers, which contributed to a decrease in rental income. The average annualized base rent per occupied square foot increased to $19.64, up from $19.42 in the prior year, while occupancy rates improved to 90.6% from 89.5%. The company signed new leases and renewals for approximately 0.7 million square feet of gross leasable area, achieving blended lease spreads of 7.8%.

In terms of strategic developments, SITE Centers completed the spin-off of Curbline Properties on October 1, 2024, transferring 79 convenience retail properties and $800 million in cash. This move was aimed at enhancing focus on the core shopping center portfolio. The company also engaged in significant asset sales, generating approximately $3.1 billion in gross proceeds from property dispositions, which were utilized to repay debt and fund operations. The company’s total consolidated indebtedness decreased dramatically to $306.8 million from $1.6 billion, following the repayment of all unsecured debt and the termination of its revolving credit facility.

Operationally, the company reported a total of 33 shopping centers, including 11 through joint ventures, with a combined gross leasable area of 8.8 million square feet across 15 states. The company’s tenant base remains diversified, with a focus on national and regional retailers, which has helped maintain stability in rental income despite broader economic challenges. The company anticipates that rental income and net income will decrease in future periods due to the spin-off and the significant volume of property sales completed in 2024.

Looking ahead, SITE Centers plans to leverage its remaining portfolio for growth opportunities, including rental rate increases and continued lease-up of vacant spaces. The company is also exploring additional asset sales, although it acknowledges the current dynamic interest rate environment may impact the timing and pricing of such transactions. The management remains committed to prudent financial management and maintaining sufficient liquidity to support ongoing operations and capital needs.

About SITE Centers Corp.

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