SITE Centers Corp.
sitecenters.comWhat Do They Do?
Owns, leases, redevelops and manages shopping centers, renting space to national and regional retailers and other tenants.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
Tenants pay rent under leases; joint ventures pay monthly management fees, and Curbline pays monthly shared-services fees. Leasing commissions are generally paid when leases are signed.
10-K for FY2025, filed Feb 26, 2026The primary source of the Company’s net income is generated from the rental of the Company’s Portfolio Properties to tenants. In addition…View ↗
For the real estate industry, leasing transactions are not within the scope of the revenue standard. A majority of the Company’s…View ↗
The Company’s revenues from contracts with customers generally relate to asset and property management fees, leasing commissions and…View ↗
The Company is compensated for property management services through a monthly management fee, which is typically earned based on a…View ↗
On October 1, 2024, the Company, Curbline and the Operating Partnership entered into a Shared Services Agreement (the “Shared Services…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service (Total revenue from contracts with customers) ↗
$123.6M
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10-K for FY2025, filed Feb 26, 2026
$123.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Asset and Property Management Fees
Recurring
10-K for FY2025, filed Feb 26, 2026 |
27%
FY2022: 74%
|
Asset and Property Management Fees, FY2025
$4.9M Sources
|
Recurring |
|
Leasing commission and development fees
Sold outright
|
0.0%
FY2022: 18%
|
Leasing commission and development fees, FY2025
$0 Sources
|
Sold outright |
|
Condemnation proceeds
|
46% |
Condemnation proceeds, FY2025
$8.4M Sources
|
|
|
Shared services fee from Curbline
Recurring
10-K for FY2025, filed Feb 26, 2026 |
27%
FY2022: 0.0%
|
Shared services fee from Curbline, FY2025
$4.9M Sources
|
Recurring |
|
Other
|
0.6% |
Other, FY2025
$100K Sources
|
Who Are Their Customers?
National and regional tenants lease space in its shopping centers. Unconsolidated joint ventures and Curbline also engage SITE Centers for management services.
10-K for FY2025, filed Feb 26, 2026The primary source of the Company’s net income is generated from the rental of the Company’s Portfolio Properties to tenants. In addition…View ↗
The Company has established relationships with a large number of major national and regional tenants, and the Company’s management is…View ↗
The Company’s revenues from contracts with customers generally relate to asset and property management fees, leasing commissions and…View ↗
Do Revenues Turn Into Profits?
Yes. Its net income in FY2025 was larger than its revenue.
10-K for FY2025, filed Feb 26, 2026
10-K for FY2025, filed Feb 26, 2026
$177.9MView ↗
How Are They Changing?
Shrinking. Revenue fell 77% in 4 years, from $532.9M in FY2021 to $123.6M in FY2025, about 31% a year.
From portfolio growth to asset sales
The earlier report describes acquisitions, lease-up and redevelopment to grow shopping-center operations. The latest report instead plans to sell remaining wholly owned properties, monetize its joint-venture investment and wind up the business.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026Looking forward, growth opportunities within the Company's core property operations include rental rate increases, continued lease-up of…View ↗
Convenience portfolio spun off
The earlier report says acquisitions largely focused on unanchored convenience retail properties. The latest report describes spinning off the convenience portfolio as a strategic shift.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026Looking forward, growth opportunities within the Company's core property operations include rental rate increases, continued lease-up of…View ↗
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