SITE Centers Corp. reported significant changes in its financial performance for the second quarter and first half of 2025, reflecting the impact of its strategic spin-off of Curbline Properties and ongoing market conditions. For the three months ended June 30, 2025, the company recorded net income attributable to common shareholders of $46.5 million, a decrease of 80.3% from $238.2 million in the same period of 2024. Revenue from operations fell to $33.5 million, down 61.5% from $87.5 million year-over-year, primarily due to lower rental income and reduced gains from property dispositions.
The company's rental income for the second quarter was $30.7 million, a decline of 64.2% compared to $85.5 million in the prior year. This drop was attributed to the spin-off of 79 convenience retail properties to Curbline, which significantly reduced the overall rental income. Additionally, the company reported a decrease in fee and other income, which rose to $2.8 million from $2.0 million, indicating a slight improvement in this area despite the overall revenue decline. For the first half of 2025, net income was $49.6 million, down from $214.7 million in the same period of 2024.
In terms of operational metrics, SITE Centers' portfolio consisted of 31 shopping centers as of June 30, 2025, with an aggregate occupancy rate of 87.5%, down from 90.6% at the end of 2024. The average annualized base rent per square foot increased slightly to $19.83, compared to $19.64 at the end of the previous year. The company leased approximately 220,000 square feet of gross leasable area during the first half of 2025, including nine new leases and 30 renewals. However, cash lease spreads showed a decline, with new leases reflecting a cash spread of -17.6%.
Strategically, SITE Centers has focused on asset sales to manage its debt and liquidity. The company generated approximately $3.1 billion from property sales from July 2023 to December 2024, and as of August 5, 2025, it had sold five shopping centers for a total of $319 million, using part of the proceeds to repay debt. The company declared a special cash dividend of $1.50 per common share in June 2025 and announced another special dividend of $3.25 per share to be paid in August 2025. Looking ahead, SITE Centers anticipates continued challenges in rental income and net income due to the spin-off and ongoing market conditions, but it remains focused on operational improvements and strategic asset management to enhance shareholder value.
About SITE Centers Corp.
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