Executive Summary

Q4 2024 printed total revenues of $32.9M and diluted EPS of -$0.25, reflecting the Curbline spin-off, fewer property sales, lower NOI, reduced interest income, and a $6.2M write-off of preferred issuance costs .
Operating FFO fell to $8.3M ($0.16 per diluted share) vs $54.0M ($1.03) in Q4 2023; management emphasized ongoing leasing momentum and asset sale opportunities as key value drivers .
Capital structure was simplified by redeeming the remaining $175M of Class A preferred shares on Nov 20, 2024; net debt ended 2024 at $336M, down sharply from $1.165B at YE 2023 .
The leased rate eased to 91.1% pro rata (vs 92.2% YE 2023), while the commenced rate improved to 90.6%; cash renewal spreads were a solid 10.6% in Q4, supporting rent roll quality despite lower reported NOI .
Earnings call transcript and S&P Global consensus estimates were unavailable; no explicit 2025 guidance was provided in Q4 beyond prior 2024 property NOI commentary .

What Went Well and What Went Wrong

What Went Well

“Commenced rate increased through new tenant store openings in an environment of strong leasing demand” and management plans to “capitalize… private market interest… by marketing a subset of shopping centers for sale” .
Capital structure simplification: completed redemption of all 6.375% Class A preferreds at par on Nov 20, 2024; recorded a one-time write-off of original issuance costs ($6.2M) .
Q4 cash renewal leasing spreads of 10.6% demonstrate healthy rent growth on renewals, supporting embedded ABR progression .

What Went Wrong

Revenues and earnings sharply lower year over year due to spin-off of Curbline, reduced gains on sale, lower property NOI and interest income; Q4 diluted EPS swung to -$0.25 vs $3.69 in Q4 2023 .
Reported leased rate declined to 91.1% (pro rata) from 92.2% a year ago amid portfolio transitions and dispositions .
Operating FFO compressed to $0.16 per diluted share vs $1.03 in Q4 2023, reflecting fewer income-generating assets and lower sales-related gains .

Financial Results

Sequential trend (oldest → newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Total Revenues ($M)	$114.129	$89.429	$32.865
Net Income to Common ($M)	$235.456	$320.164	($13.248)
Diluted EPS ($)	$1.11	$6.07	($0.25)
FFO per share – Diluted ($)	$0.19	($0.26)	$0.02
Operating FFO per share – Diluted ($)	$0.27	$0.81	$0.16
Net Operating Income ($M)	$78.730	$61.074	$19.398

Year-over-year comparison (Q4)

Metric	Q4 2023	Q4 2024
Total Revenues ($M)	$97.686	$32.865
Net Income to Common ($M)	$193.635	($13.248)
Diluted EPS ($)	$3.69	($0.25)
Operating FFO per share – Diluted ($)	$1.03	$0.16
Leased Rate (pro rata, %)	92.2%	91.1%

KPIs and Operating Metrics (oldest → newest)

KPI	6/30/2024	9/30/2024	12/31/2024
Leased Rate (pro rata, %)	91.8%	91.3%	91.1%
Commenced Rate (pro rata, %)	90.6%	89.8%	90.6%
Base Rent PSF (pro rata, $)	$19.62	$19.60	$19.64
Cash Renewal Spreads (Comparable Pool, %)	5.2% (Q2)	6.6% (Q3)	10.6% (Q4)

Capital Structure

Metric	YE 2023	YE 2024
Total Debt incl. JVs at share ($M)	$1,746.640	$413.318
Cash incl. restricted ($M)	$581.760	$77.071
Net Debt ($M)	$1,164.880	$336.247
Market Value per Share ($)	$13.63	$15.29

Segment breakdown is not applicable; portfolio is reported as open‑air shopping centers with JV detail provided separately .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Property Level NOI (SITC)	FY 2024	$198.3–$204.4M (pre spin-off Q2)	$94.7–$96.9M (post spin-off Q3)	Lowered (reflects spin-off and dispositions)
Common Stock Dividend per share	Q2 2024 → Q3/Q4 2024	$0.13 (Q2)	$0.00 (Q3, Q4)	Lowered (paused after spin-off)
Preferred Shares	Q4 2024	Intent to redeem announced Oct 24, 2024	Redemption completed Nov 20, 2024	Executed (capital structure simplified)

No Q4 2024 revenue/EPS/tax/OpEx guidance was provided in the press materials beyond the 2024 property NOI commentary referenced above .

Earnings Call Themes & Trends

Earnings call transcript for Q4 2024 was not available. The table below summarizes narrative themes from Q2 and Q3 press releases, and Q4 press release:

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Spin-off of Curbline	Spin-off plan on track; portfolio assembled; funding plan outlined	Spin-off completed Oct 1; CURB capitalized with $800M cash	Curbline reflected as discontinued ops; SITE data revised	Completed; SITE focused on core portfolio
Asset dispositions	~15+ centers sold in Q2, $800.7M proceeds	25 centers sold in Q3, $1.4B proceeds	No Q4 dispositions; 2024 total $2.282B	Lapped heavy sales; stability expected
Deleveraging/capital structure	Debt repurchases; reverse split announced	Redeemed all senior unsecured notes; repaid term loan; initiated mortgage facility	Redeemed $175M preferreds; one-time $6.2M issuance cost write-off	Ongoing simplification; lower net debt
Leasing demand/spreads	Strong new/renewal spreads, SSNOI up 0.8%	Leased rate dipped with dispos; updated metrics	Commenced rate up; Q4 cash renewal spread 10.6%	Resilient spreads; occupancy stabilization
Dividends	$0.13 declared (Q2)	$0.00 (Q3)	$0.00 (Q4)	Paused post spin-off

Management Commentary

“SITE Centers furthered the Company’s goal of recognizing value for stakeholders in the fourth quarter by continuing the simplification of its capital structure through the redemption of the remaining $175 million of outstanding preferred shares.” — David R. Lukes, President & CEO .
“The Company’s commenced rate increased through new tenant store openings… and we intend to capitalize… by marketing a subset of shopping centers for sale… Going forward, SITE Centers intends to maximize value through continued leasing, asset management and potential additional asset sales.” — David R. Lukes .

Q&A Highlights

Earnings call transcript for Q4 2024 could not be found in the document catalog; Q&A highlights and any guidance clarifications are unavailable [ListDocuments: 2025-02-01 to 2025-03-31 returned 0 transcripts].

Estimates Context

S&P Global (Capital IQ) consensus estimates for Q4 2024 EPS and revenue were unavailable at time of request due to data access limits. As a result, we cannot assess beat/miss vs Wall Street consensus for this quarter. Values retrieved from S&P Global.

Key Takeaways for Investors

Portfolio reset complete: Q4 results reflect a smaller, post-spin/delivery portfolio with lower reported revenues/earnings vs prior periods, setting a new baseline for 2025 .
Capital structure cleaner: Preferreds fully redeemed; net debt fell to $336M from $1.165B y/y, improving financial flexibility and potential cost of capital over time .
Leasing momentum intact: Commenced rate rose to 90.6% and Q4 cash renewal spreads of 10.6% should support ABR growth even as leased rate normalizes near 91% .
Transaction optionality: Management is marketing a subset of centers for sale to capture private-market pricing; expect proceeds to be recycled or further strengthen the balance sheet .
Dividends paused: Common dividend was $0.00 in Q3/Q4; monitor for reinstatement once the post-spin portfolio stabilizes and FFO visibility improves .
2024 NOI guidance reset post-spin: FY 2024 property NOI projected at $94.7–$96.9M vs pre-spin $198.3–$204.4M; future guidance likely to focus on organic leasing/ABR growth and disciplined asset sales .
Catalysts: Any asset sale announcements, leasing wins that lift commenced rate, and dividend policy updates will be key stock drivers near term .

SITE Centers Corp. (SITC)·Q4 2024 Earnings Summary