SITE Centers Corp. Reports $3.1 Million Net Income in Q1 2025, Down from $94.1 Million in Revenues

SITE Centers Corp. reported its financial results for the first quarter of 2025, revealing a net income of $3.1 million, a significant recovery from a net loss of $23.6 million in the same period last year. The company attributed this improvement to increased fee and other income, alongside a reduction in impairment charges and interest expenses. Total revenues for the quarter amounted to $42.6 million, down from $94.1 million in the prior year, primarily due to the spin-off of Curbline Properties, which resulted in a decrease in rental income from $91.7 million to $31.5 million. The company’s earnings per share for the quarter were $0.06, compared to a loss of $0.51 per share in the previous year.

In terms of operational metrics, SITE Centers reported a decrease in total assets, which stood at $929.8 million as of March 31, 2025, down from $933.6 million at the end of 2024. The company’s total liabilities also decreased to $410.1 million from $416.9 million, reflecting a slight reduction in indebtedness. The company’s equity increased to $519.6 million, up from $516.7 million, driven by the net income recorded during the quarter. The company’s occupancy rate for its shopping center portfolio was reported at 89.4%, a decline from 90.6% at the end of 2024.

Strategically, SITE Centers completed the spin-off of 79 convenience retail properties into Curbline Properties on October 1, 2024, which has been a pivotal shift in its business model. This spin-off has been reflected in the financial statements as discontinued operations for the prior year. The company is now focused on enhancing its core shopping center portfolio, which consists of 33 properties, including 11 through joint ventures. The company has also entered into agreements to sell two additional properties for approximately $95 million, expected to close in the second quarter of 2025.

Looking ahead, SITE Centers anticipates a decrease in rental income and net income in future periods due to the impact of the Curbline spin-off and ongoing tenant bankruptcies. The company plans to leverage its portfolio for growth through rental rate increases and continued lease-up efforts. As of March 31, 2025, the company had $58.2 million in cash and cash equivalents, which it believes is sufficient to support its operational needs and upcoming redevelopment projects, estimated to cost around $32 million. The company remains committed to maintaining liquidity and managing its debt levels while navigating the current economic landscape.