SITE Centers Corp. (NYSE: SITC)

SITE Centers Corp. is a self administered self managed real estate investment trust that owns leases redevelops and manages shopping centers. The company also owns two adjacent office buildings in Beachwood Ohio that provide additional leasable space. As of December 31 2025 the company’s portfolio consisted of nineteen shopping centers including eleven held through two unconsolidated joint ventures totaling five million square feet of gross leasable area. The aggregate occupancy of the operating shopping center portfolio was 85.9 percent on a pro rata basis and the average annualized base rent per occupied square foot was $22.61 on a pro rata basis. The company is incorporated in Ohio and its executive offices are located at 3300 Enterprise Parkway Beachwood Ohio 44122.

The primary source of the company’s net income is rental income derived from leasing space in its shopping center portfolio to tenants. The company also earns revenue from management services provided to its unconsolidated joint ventures under contractual agreements. Additionally the company receives fees under a Shared Services Agreement with Curbline Properties whereby it provides administrative and operational support in exchange for a monthly payment equal to two percent of Curbline’s gross revenue. These revenue streams are supplemented by occasional proceeds from the sale of non core assets although such sales are not a regular part of the business model. The company’s revenue generation is therefore centered on long term lease agreements and service fees that are tied to the performance of its real estate holdings.

The company operates in the highly competitive retail real estate sector where it faces competition from numerous private and public real estate companies and developers that seek to lease space in shopping centers to the same tenant base. Competitive factors include rental rates property location availability of space quality of management services and overall property condition. The company believes its scale long standing relationships with major national and regional tenants and its focus on active property management give it a relative advantage in attracting and retaining tenants. Its self administered structure allows it to make decisions quickly and to align interests directly with shareholders without reliance on external advisors. While the company does not claim to be the largest player in the market it leverages its portfolio of well located centers and its experience in redevelopment to maintain a stable presence in the industry.

The company’s customers are primarily retailers and service providers that lease space in its shopping centers to sell goods and services to the general public. Its largest tenants based on proportionate share of annualized base rental revenue are The Kroger Co. Burlington Stores Inc. Fitness International LLC Cinemark Holdings Inc. and AMC Entertainment Holdings Inc. These five tenants together account for approximately twenty three percent of the company’s total rental income. In addition to these major names the company hosts a diverse mix of national regional and local businesses including apparel stores fitness centers entertainment venues and grocery operators. The tenant base provides a steady stream of rental income that is supported by long term leases and regular rent escalations.