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SITE Centers Corp. (SITC) is a self-administered and self-managed real estate investment trust (REIT) that operates as a fully integrated real estate company. According to the company’s disclosures, SITE Centers is an owner and manager of open-air shopping centers and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. The company is organized in Ohio and focuses on retail real estate held through wholly owned properties and joint venture interests.

In its public communications, SITE Centers describes itself as an owner and manager of open-air shopping centers, reflecting a business model centered on owning, leasing, acquiring, redeveloping, developing and managing shopping center properties. As a REIT, its performance metrics and investor communications emphasize property-level income and cash flow measures that are widely used in the real estate industry.

Business model and operations

SITE Centers’ operations are based on owning and managing retail properties that are structured as open-air shopping centers. The company’s activities include leasing space to tenants, managing day-to-day property operations, and making decisions about buying, selling, and potentially redeveloping properties. The company also holds interests in joint venture properties, which contribute fee income and equity in net income from joint ventures, as noted in its financial reporting.

The company highlights several non-GAAP performance measures that are standard in the REIT sector. These include Funds From Operations (FFO), Operating FFO, and Net Operating Income (NOI). SITE Centers states that FFO is generally calculated by adjusting net income for items such as real property depreciation and amortization, gains and losses from disposition of real estate, impairment charges, and certain non-cash items, and by including its proportionate share of FFO from unconsolidated joint ventures. Operating FFO further excludes certain non-operating charges, income, and gains or losses to focus on the core operating real estate portfolio. NOI is described as property revenues less property-related expenses and is used to analyze trends in occupancy, rental rates, operating costs, and acquisition and disposition activity on an unleveraged basis.

Portfolio activity and strategic focus

Based on its recent news releases and SEC filings, SITE Centers has been highly active in disposition of retail properties. The company has reported the sale of numerous shopping centers, including properties such as Winter Garden Village in Florida, East Hanover Plaza in New Jersey, Southmont Plaza in Pennsylvania, Stow Community Center in Ohio, Nassau Park Pavilion in New Jersey, Paradise Village Gateway in Arizona, Parker Pavilions in Colorado, Sandy Plains Village in Georgia, Winter Garden Village, Deer Valley Towne Center in Arizona, Edgewater Towne Center in New Jersey, Downtown Short Pump in Virginia, and Perimeter Pointe in Georgia. These transactions have often involved using a portion of sale proceeds to repay mortgage indebtedness or other debt facilities.

In an update on its disposition activity and go-forward plan, SITE Centers reported that it has sold a substantial volume of assets since announcing the spin-off of Curbline Properties. The company stated that, as of early December 2025, it owned 11 wholly owned properties and held interests in 11 joint venture properties. It also indicated that it was in contract negotiations for the sale of several of these properties and intended to commence marketing other remaining wholly owned retail properties, subject to market conditions. The company’s Board of Directors has indicated an expectation to declare distributions to shareholders from sale proceeds, subject to repayment of outstanding indebtedness, ongoing expenses, and reserves for known and contingent liabilities and expenses associated with a subsequent wind-up of the company’s business.

Corporate status and wind-up plan

SITE Centers has publicly outlined a plan focused on marketing and selling its remaining portfolio and monetizing its joint venture investments. The company’s communications state that its Board of Directors believes this approach offers an opportunity to maximize shareholder value, citing private market demand for retail properties and the declining scale of the current portfolio. The company has also discussed the possibility of a corporate transaction or sale of the SITE Centers platform, while noting that its plan to market remaining properties does not preclude such alternatives.

In the same context, SITE Centers has indicated that it intends for its common shares to continue to be listed on the New York Stock Exchange, subject to continued compliance with listing requirements. The company has stated that, prior to reaching price per share or market capitalization levels that would trigger automatic delisting, it expects to voluntarily delist its common shares from the NYSE to reduce operating expenses and maximize distributions to shareholders. Following the monetization of its remaining assets, SITE Centers has communicated that it expects to file a certificate of dissolution, which would begin a statutory wind-up period for the company’s business. These statements describe a planned wind-up rather than an immediate cessation of operations.

Capital allocation, distributions, and debt management

SITE Centers’ recent disclosures emphasize the use of asset sale proceeds to repay debt and return capital to shareholders. The company has reported that proceeds from multiple property sales were applied to repay mortgage loans or other indebtedness, including repayment of a mortgage facility with affiliates of Atlas SP Partners, L.P. and Athene Annuity and Life Company. The company has also announced several special cash distributions on its common shares, describing these as special dividends funded from disposition activity and intended to return capital to shareholders.

In addition, SITE Centers has detailed the repayment in full of certain loan agreements and mortgage facilities, as disclosed in its Form 8-K filings. These actions reflect a capital structure strategy aligned with its broader plan to dispose of assets, reduce leverage, and distribute net proceeds to shareholders, while reserving amounts for liabilities and wind-up costs.

Financial reporting and key metrics

In its quarterly financial supplements and earnings releases, SITE Centers provides information on rental income, other property revenues, operating and maintenance expenses, real estate taxes, and resulting net operating income. The company also reports interest expense, depreciation and amortization, general and administrative expenses, impairment charges, and gains on disposition of real estate. These components feed into net income or loss attributable to common shareholders and into FFO and Operating FFO metrics.

The company has reported that changes in net income and Operating FFO over time have been influenced by factors such as property dispositions, the spin-off of Curbline Properties, impairments related to changes in hold period assumptions for certain assets, and changes in interest income and expense. Operational metrics disclosed by SITE Centers include leased rates, commenced rates, and leasing activity measured by square footage of new leases and renewals. These metrics are used to assess the performance of the remaining portfolio during the disposition phase.

Spin-off of Curbline Properties

SITE Centers has disclosed that on October 1, 2024, it completed the spin-off of Curbline Properties. The company has described this spin-off of convenience properties as a strategic shift in its business, and as a result, the Curbline properties are reflected as discontinued operations in certain comparative financial periods. SITE Centers has also stated that shares of Curbline Properties were distributed to SITE shareholders and that Curbline Properties has been a strong performer relative to a shopping center index since the spin-off. This transaction is part of SITE Centers’ broader effort to realize value through asset sales and corporate restructuring.

Regulatory filings and governance

As a public REIT listed on the NYSE, SITE Centers files periodic and current reports with the U.S. Securities and Exchange Commission (SEC), including Forms 10-K, 10-Q, and 8-K. Its 8-K filings have covered topics such as entry into and completion of purchase and sale agreements for properties, results of operations and financial condition via quarterly financial supplements, repayment of loan agreements, and amendments to employment agreements for certain officers. These filings provide additional detail on the company’s transactions, financial performance, and governance decisions during its disposition and wind-up phase.

Company classification and sector

SITE Centers is classified in the Finance and Insurance sector under the category of Other Financial Vehicles, reflecting its status as a REIT focused on real estate assets and related investment structures. Within this classification, its specific focus is on open-air shopping centers and retail real estate. Investors and analysts often evaluate REITs like SITE Centers using sector-specific metrics such as FFO, Operating FFO, NOI, occupancy and leasing statistics, and the pace and pricing of acquisitions and dispositions.

Historical and status context

While SITE Centers continues to operate as an owner and manager of open-air shopping centers, its public communications describe an advanced disposition program and an expectation to eventually dissolve the company following the monetization of remaining assets. For investors researching SITC, this means that the ticker represents a REIT that has shifted from long-term portfolio growth toward asset sales, debt reduction, and capital return, with a stated plan to enter a statutory wind-up period after completing these steps. The company has also emphasized that its plan to market remaining properties does not rule out potential corporate transactions or a sale of the SITE Centers platform.