Revenue plummeted 69.5% year-over-year in 2026Q1, while the company reported a negative NOI margin of 15.3% as it struggles to maintain operational efficiency post-restructuring.
SITE Centers Corp. (SITC) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 70.88M | 123.17M | 277.47M | 452.62M | 479.22M | 532.86M | 460.33M | 507.1M | 654.86M | 879.45M | 969.51M | 995.1M | 953.77M | 888.79M | 800.38M | 771.02M | 803.07M | 819.31M | 931.47M | 944.85M | 818.1M | 727.18M | 598.93M | 476.1M | 357.24M | 322.24M | 285.79M | 263.93M | 228.17M | 169.04M | 130.91M |
| Revenue Growth % | -38.79% | -55.61% | -38.7% | -5.55% | -10.07% | 15.76% | -9.22% | -22.56% | -25.54% | -9.29% | -2.57% | 4.33% | 7.31% | 11.05% | 3.81% | -3.99% | -1.98% | -12.04% | -1.42% | 15.49% | 12.5% | 21.41% | 25.8% | 33.27% | 10.86% | 12.75% | 8.28% | 15.67% | 34.98% | 29.13% | 20.54% |
| Property Operating Expenses | 134.88M | 130.17M | 95.66M | 143.81M | 154.61M | 152.79M | 138.4M | 139.66M | 207.99M | 250.92M | 277.08M | 293.69M | 281.11M | 255.35M | 233.08M | 235.8M | 246.16M | 254.47M | 257.12M | 133.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | -64M | -7M | 181.8M | 308.81M | 324.61M | 380.08M | 321.93M | 367.44M | 446.87M | 628.53M | 692.42M | 701.41M | 672.66M | 633.43M | 567.3M | 535.22M | 556.91M | 564.84M | 674.35M | 811.52M | 818.1M | 727.18M | 598.93M | 476.1M | 357.24M | 322.24M | 285.79M | 263.93M | 228.17M | 169.04M | 130.91M |
| NOI Margin % | -90.3% | -5.68% | 65.52% | 68.23% | 67.74% | 71.33% | 69.93% | 72.46% | 68.24% | 71.47% | 71.42% | 70.49% | 70.53% | 71.27% | 70.88% | 69.42% | 69.35% | 68.94% | 72.4% | 85.89% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -41.13M | -5.44M | 148.42M | 231.48M | 223.58M | 240.82M | 223.55M | 223.47M | 303.74M | 446.85M | 465.62M | 475.43M | 487.31M | 397.63M | 325.23M | 307.88M | 308.44M | 321.55M | 596.87M | 409.32M | 461.99M | 403.06M | 328.32M | 477.45M | 355.73M | 326.99M | 135.07M | 122.11M | 217.07M | 150.45M | 119.96M |
| G&A Expenses | 39.16M | 39.84M | 47.08M | 50.87M | 46.56M | 55.05M | 52.88M | 58.38M | 61.64M | 89.85M | 76.1M | 73.38M | 84.48M | 79.56M | 76.44M | 85.22M | 85.57M | 79M | 81.88M | 81.24M | 60.68M | 54.05M | 47.13M | 40.82M | 29.39M | 24.38M | 20.45M | 17.77M | 12.92M | 11.05M | 8.44M |
| EBITDA | 4.67M | 43.25M | 164.28M | 289.79M | 304.58M | 325.02M | 269.05M | 309.06M | 338.23M | 983.23M | 1.08B | 1.1B | 1.08B | 539.48M | 445.54M | 437.56M | 287.96M | 107.84M | 411.03M | 485.78M | 444.31M | 453.69M | 403.88M | 335.48M | 180.34M | 156.87M | 155.03M | 139.84M | 121.1M | 99.83M | 74.6M |
| EBITDA Margin % | 6.59% | 35.12% | 59.21% | 64.03% | 63.56% | 61% | 58.45% | 60.95% | 51.65% | 111.8% | 111.6% | 110.89% | 112.76% | 60.7% | 55.67% | 56.75% | 35.86% | 13.16% | 44.13% | 51.41% | 54.31% | 62.39% | 67.43% | 70.46% | 50.48% | 48.68% | 54.25% | 52.98% | 53.08% | 59.06% | 56.99% |
| Depreciation & Amortization | 27.55M | 44.81M | 130.9M | 212.46M | 203.55M | 185.77M | 170.67M | 165.09M | 242.1M | 346.2M | 389.52M | 402.05M | 402.82M | 318.08M | 248.78M | 222.66M | 222.86M | 227.19M | 242.03M | 224.38M | 193.53M | 170.7M | 132.65M | 95.22M | 78.37M | 64.49M | 54.2M | 52.44M | 43.18M | 32.31M | 25.06M |
| D&A / Revenue % | 38.87% | 36.38% | 47.18% | 46.94% | 42.47% | 34.86% | 37.08% | 32.55% | 36.97% | 39.37% | 40.18% | 40.4% | 42.24% | 35.79% | 31.08% | 28.88% | 27.75% | 27.73% | 25.98% | 23.75% | 23.66% | 23.47% | 22.15% | 20% | 21.94% | 20.01% | 18.97% | 19.87% | 18.92% | 19.12% | 19.14% |
| Operating Income | -22.88M | -1.56M | 33.38M | 77.33M | 101.03M | 139.26M | 98.38M | 143.97M | 96.12M | 637.03M | 692.42M | 701.41M | 672.66M | 221.41M | 196.76M | 214.91M | 65.1M | -119.34M | 169M | 261.4M | 250.78M | 282.99M | 271.23M | 240.26M | 101.97M | 92.37M | 100.83M | 87.4M | 77.92M | 67.52M | 49.54M |
| Operating Margin % | -32.28% | -1.26% | 12.03% | 17.09% | 21.08% | 26.13% | 21.37% | 28.39% | 14.68% | 72.44% | 71.42% | 70.49% | 70.53% | 24.91% | 24.58% | 27.87% | 8.11% | -14.57% | 18.14% | 27.67% | 30.65% | 38.92% | 45.29% | 50.46% | 28.54% | 28.67% | 35.28% | 33.11% | 34.15% | 39.94% | 37.85% |
| Interest Expense | 2M | 15.31M | 59.46M | 82M | 77.69M | 76.38M | 77.6M | 84.72M | 141.31M | 188.65M | 217.59M | 241.73M | 237.12M | 214.37M | 197.64M | 229.72M | 226.46M | 237.94M | 244.21M | 258.15M | 0 | 0 | 0 | 240.26M | 101.97M | 92.37M | 100.83M | 87.4M | 77.92M | 67.52M | 49.54M |
| Interest Coverage | - | 12.60x | 9.85x | 3.80x | 2.78x | 2.66x | 1.49x | 2.21x | 1.83x | 1.31x | 1.29x | 0.04x | 1.10x | 1.02x | 1.15x | 0.91x | 0.42x | -0.03x | 0.55x | 1.73x | - | - | - | 1.74x | 1.38x | 1.53x | 1.43x | 4.17x | 4.04x | 3.73x | 3.86x |
| Non-Operating Income | -184.3M | -194.5M | -552.61M | -234.55M | -115.05M | -64.09M | -16.94M | -43.24M | -65.03M | -20.72M | -17.47M | 248.82M | -42.82M | 296.56M | -127.17M | 496K | -30.23M | -111.84M | 34.23M | -186.19M | 0 | 0 | 0 | -250.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 127.29M | 177.63M | 526.52M | 231.39M | 140.01M | 126.97M | 37.72M | 102.48M | -108.44M | -402.67M | -10.41M | -231.59M | 22.96M | 4.6M | -13.62M | -41.54M | -146.18M | -317.8M | -89.94M | 189.9M | 173.59M | 184.26M | 184.31M | 240.26M | 101.97M | 92.37M | 100.83M | 87.4M | 77.92M | 67.52M | 49.54M |
| Pretax Margin % | 179.6% | 144.21% | 189.76% | 51.12% | 29.22% | 23.83% | 8.19% | 20.21% | -16.56% | -45.79% | -1.07% | -23.27% | 2.41% | 0.52% | -1.7% | -5.39% | -18.2% | -38.79% | -9.66% | 20.1% | 21.22% | 25.34% | 30.77% | 50.46% | 28.54% | 28.67% | 35.28% | 33.11% | 34.15% | 39.94% | 37.85% |
| Income Tax | -618K | -226K | 761K | 2.04M | 816K | 1.55M | 1.13M | 659K | 862K | 1.62M | 1.78M | 6.29M | 1.85M | 2.71M | 1.16M | 1.04M | 47.99M | -691K | -17.43M | -14.64M | -2.48M | 342K | 1.47M | -240.26M | -101.97M | -92.37M | -100.83M | -87.4M | -77.92M | -67.52M | -49.54M |
| Effective Tax Rate % | -0.49% | -0.13% | 0.14% | 0.88% | 0.58% | 1.22% | 3% | 0.64% | -0.79% | -0.4% | -17.12% | -2.71% | 8.08% | 58.98% | -8.52% | -2.51% | -32.83% | 0.22% | 19.38% | -7.71% | -1.43% | 0.19% | 0.8% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% |
| Net Income | 127.91M | 177.86M | 531.82M | 265.7M | 168.72M | 124.94M | 35.72M | 100.7M | -109.3M | -241.69M | 60.01M | -72.17M | 117.28M | -10.18M | -25.82M | -15.85M | -209.36M | -356.59M | -57.78M | 276.05M | 253.26M | 282.64M | 269.76M | 240.26M | 101.97M | 92.37M | 100.83M | 87.4M | 77.92M | 67.52M | 49.54M |
| Net Margin % | 180.47% | 144.4% | 191.67% | 58.7% | 35.21% | 23.45% | 7.76% | 19.86% | -16.69% | -27.48% | 6.19% | -7.25% | 12.3% | -1.14% | -3.23% | -2.06% | -26.07% | -43.52% | -6.2% | 29.22% | 30.96% | 38.87% | 45.04% | 50.46% | 28.54% | 28.67% | 35.28% | 33.11% | 34.15% | 39.94% | 37.85% |
| Net Income Growth % | -65.12% | -66.56% | 100.16% | 57.48% | 35.05% | 249.75% | -64.53% | 192.13% | 54.78% | -502.73% | 183.16% | -161.53% | 1252.65% | 60.6% | -62.87% | 92.43% | 41.29% | -517.2% | -120.93% | 9% | -10.39% | 4.77% | 12.28% | 135.62% | 10.39% | -8.39% | 15.37% | 12.16% | 15.4% | 36.29% | 94.28% |
| Funds From Operations (FFO) | 155.45M | 222.67M | 662.73M | 478.16M | 372.26M | 310.7M | 206.39M | 265.79M | 132.8M | 104.52M | 449.53M | 329.88M | 520.11M | 307.9M | 222.96M | 206.8M | 13.5M | -129.41M | 184.26M | 500.42M | 446.79M | 453.34M | 402.41M | 335.48M | 180.34M | 156.87M | 155.03M | 139.84M | 121.1M | 99.83M | 74.6M |
| FFO Margin % | 219.33% | 180.78% | 238.85% | 105.64% | 77.68% | 58.31% | 44.83% | 52.41% | 20.28% | 11.88% | 46.37% | 33.15% | 54.53% | 34.64% | 27.86% | 26.82% | 1.68% | -15.79% | 19.78% | 52.96% | 54.61% | 62.34% | 67.19% | 70.46% | 50.48% | 48.68% | 54.25% | 52.98% | 53.08% | 59.06% | 56.99% |
| FFO Growth % | 1607.81% | -66.4% | 38.6% | 28.45% | 19.81% | 50.54% | -22.35% | 100.14% | 27.06% | -76.75% | 36.27% | -36.58% | 68.92% | 38.1% | 7.81% | 1431.41% | 110.44% | -170.23% | -63.18% | 12% | -1.45% | 12.66% | 19.95% | 86.03% | 14.96% | 1.18% | 10.86% | 15.47% | 21.3% | 33.82% | 51.94% |
| FFO per Share | 2.96 | 4.25 | 12.60 | 9.12 | 6.96 | 5.94 | 4.26 | 5.80 | 2.88 | 2.28 | 9.84 | 7.31 | 11.62 | 7.55 | 6.21 | 6.09 | 0.44 | -6.52 | 11.07 | 29.70 | 29.44 | 29.89 | 29.67 | 29.05 | 20.06 | 20.33 | 19.91 | 15.93 | 14.76 | 13.91 | 9.74 |
| FFO Payout Ratio % | 228.84% | 159.76% | 19.32% | 25.2% | 32.24% | 32.04% | 47.65% | 67.99% | 211.84% | 292.6% | 65.38% | 80.42% | 46.25% | 63.17% | 69.41% | 36.61% | 454.44% | -2.38% | 200.68% | 71.23% | 68.86% | 63.18% | 56.35% | 50.07% | 10.49% | 68.98% | 69.99% | 79.88% | 61.93% | 79.83% | 88.47% |
| EPS (Diluted) | 2.44 | 3.39 | 9.77 | 4.85 | 2.92 | 2.04 | 0.74 | 2.20 | -2.37 | -5.26 | 1.31 | -1.60 | 2.00 | -0.25 | -0.72 | -0.47 | -6.84 | -17.96 | -3.47 | 13.34 | 13.05 | 15.00 | 16.15 | 16.37 | 11.34 | 11.97 | 12.95 | 9.96 | 9.50 | 7.43 | 5.99 |
| EPS Growth % | -63.86% | -65.3% | 101.44% | 66.1% | 43.14% | 175.68% | -66.36% | 192.83% | 54.94% | -501.53% | 181.88% | -180% | 900% | 65.28% | -53.19% | 93.13% | 61.92% | -417.58% | -126.01% | 2.22% | -13% | -7.12% | -1.34% | 44.36% | -5.26% | -7.57% | 30.02% | 4.84% | 27.86% | 24.04% | 29.93% |
| EPS (Basic) | - | 3.39 | 9.81 | 4.85 | 2.96 | 2.04 | 0.74 | 2.20 | -2.37 | -5.26 | 1.31 | -1.60 | 2.00 | -0.25 | -0.72 | -0.47 | -6.84 | -17.96 | -3.48 | 13.41 | 13.12 | 15.14 | 16.37 | 16.66 | 11.55 | 12.07 | 12.95 | 10.27 | 9.89 | 7.43 | 6.06 |
| Diluted Shares Outstanding | 52.45M | 52.45M | 52.58M | 52.41M | 53.47M | 52.29M | 48.44M | 45.81M | 46.13M | 45.92M | 45.7M | 45.11M | 44.76M | 40.8M | 35.88M | 33.93M | 30.59M | 19.85M | 16.64M | 16.85M | 15.18M | 15.17M | 13.56M | 11.55M | 8.99M | 7.72M | 7.79M | 8.78M | 8.2M | 7.18M | 7.66M |
Quick answers to the most common questions about buying SITC stock.
For fiscal year 2025, SITE Centers Corp. (SITC) reported total revenue of $123.2M. This represents a 5.9% decline compared to $130.9M in 1996.
SITE Centers Corp. (SITC) is profitable, generating $177.9M in net income for the fiscal year ending 2025 with a net profit margin of 144.4%.
SITE Centers Corp. (SITC) reported an operating income of $-1.6M, resulting in an operating profit margin of -1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
SITE Centers Corp. (SITC) generated $-7.0M in gross profit for the year, representing a gross profit margin of -5.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Portfolio scale and viability
Metrics are mathematically derived from official filings.
Revenue Contraction Following Strategic Divestiture
As reported in recent financial statements, SITE Centers experienced a 69.5% year-over-year revenue decline in 2026Q1, reflecting the significant impact of the Curbline Properties spin-off on the company's top-line scale and the resulting shift in the firm's operational footprint across its core suburban markets.
The precipitous drop in revenue suggests that the company is currently in a transition phase where historical growth metrics are no longer indicative of future performance. Investors should monitor whether the remaining asset base can generate sufficient rental income to support the existing corporate overhead structure.
Operational Profitability Strained by Restructuring
Based on the provided quarterly data, the company reported a negative NOI margin of 15.3% in 2026Q1, which appears to be a direct consequence of the recent corporate restructuring and the associated loss of scale within the property portfolio compared to previous periods.
The negative margin indicates that property-level operating expenses are currently outpacing rental income, a situation that warrants further investigation into the efficiency of the remaining asset base. It remains unclear if this margin compression is a temporary accounting anomaly or a sign of structural inefficiency in the smaller portfolio.
FFO Volatility Obscures Underlying Earnings
According to SEC filings and quarterly reports, FFO per share has exhibited extreme volatility, dropping to $0.11 in 2026Q1 from a peak of $6.80 in 2024Q3, highlighting the difficulty in assessing sustainable earnings power during the ongoing transformation of the company's asset perimeter.
The erratic FFO trajectory suggests that non-recurring items related to asset sales are heavily influencing reported figures, making it difficult for analysts to determine a normalized earnings baseline. Investors should exercise caution when using these figures to project future dividend capacity or valuation multiples.
Scale Risk and Operational Viability
As indicated by the recent financial data, the company's transition to a smaller entity raises significant questions regarding its ability to maintain operational leverage, as evidenced by the shift from positive NOI in 2025Q3 to a negative $2.0 million NOI in 2026Q1.
The primary analytical challenge is determining whether the remaining portfolio possesses the critical mass necessary to remain a viable standalone REIT. The current negative operating performance suggests that the company may be facing a 'disappearing scale' risk where fixed costs become disproportionately burdensome relative to the reduced revenue base.