Site Centers ( (SITC) ) has released its Q4 earnings. Here is a breakdown of the information Site Centers presented to its investors.
SITE Centers Corp., a real estate investment trust specializing in open-air shopping centers in affluent suburban areas, has released its fourth-quarter 2024 earnings report. The company, which is publicly traded on the New York Stock Exchange under the ticker SITC, focuses on managing and owning retail properties.
In the fourth quarter of 2024, SITE Centers reported a net loss attributable to common shareholders of $13.2 million, a significant decline from the $193.6 million net income in the same period last year. This decrease was primarily due to the spin-off of Curbline Properties, lower net operating income from property dispositions, and the redemption of preferred shares. The company also reported an operating funds from operations of $8.3 million, down from $54.0 million in the previous year.
Key highlights from the quarter include the redemption of all outstanding preferred shares and a leased rate of 91.1% at the end of the year. The company also achieved cash renewal leasing spreads of 10.6%. The spin-off of Curbline Properties, which involved 79 convenience properties and a cash distribution of $800 million, marked a strategic shift in SITE Centers’ business focus.
Looking ahead, SITE Centers plans to continue maximizing value through leasing, asset management, and potential additional asset sales. The management remains focused on capitalizing on strong private market interest and maintaining operational efficiency in its core real estate portfolio.