SITE Centers Corp 2025年季度报告

For the transition period fromtoCommission file number1-11690 Common Shares, Par Value $0.10Per Share PART I. FINANCIAL INFORMATION Legal Proceedings Item 1A.Risk Factors Unregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresOther InformationExhibits Fixtures and tenant improvements Less: Accumulated depreciation Investments in and advances to joint ventures, netCash and cash equivalents Liabilities and EquityIndebtedness$301,643Amounts payable to Curbline32,579 Common shares, with par value, $0.10stated value;75,000,000shares authorized;52,467,187shares issuedat both March 31, 2025 and December 31, 20245,247 SITE Centers Equity 3 1.Nature of Business and Financial Statement PresentationNature of Business shopping centers. Unless otherwise provided, references herein to the Company or SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries. The Company’s tenant base includes a mixture of national and regional retail chains and localtenants. Consequently, the Company’s credit risk is primarily concentrated in the retail industry. business and, as such, the Curbline properties are reflected as discontinued operations in the consolidated financial statements forthe three months ended March 31, 2024. Use of Estimates in Preparation of Financial StatementsThe preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requiresmanagement to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of These financial statements have been prepared by the Company in accordance with GAAP for interim financial informationand the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, theinterim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statementof the results of the periods presented. The results of operations for the three months ended March 31, 2025 and 2024, are notnecessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statementsshould be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Principles of Consolidation The consolidated financial statements include the results of the Company and all entities in which the Company has acontrolling interest or has been determined to be the primary beneficiary of a variable interest entity. All significant intercompanybalances and transactions have been eliminated in consolidation. Investments in real estate joint ventures in which the Companyhas the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity Disposition of Real EstateFor the three months ended March 31, 2025, the Company didnot sell any wholly-owned real estate; however, the Company recorded $8.4million of other property revenues in conjunction with the resolution of a condemnation proceeding with the State ofFlorida relating to business damages and compensation for land taken in 2022 at the Shoppes at Paradise Pointe. Of this amount, cash of $3.8million was received during the quarter with the remaining amount of cash received in April 2025. Non-cash investing and financing activities are summarized as follows (in millions): Accounts payable related to construction in progressAssumption of buildings due to ground lease terminations The Company has asingleoperating segment. The Company’s shopping centers have common characteristics and aremanaged on a consolidated basis. The Company does not differentiate among properties on a geographical basis or any other basis for purposes of allocating resources or capital. The Company’s Chief Operating Decision Maker (“CODM”) may reviewoperational and financial data on an ad-hoc basis at a property level. The CODM assesses performance for the segment and decideshow to allocate resources based on net income as reported on the Company’s consolidated statements of operations. In addition, theCODM uses net operating income (“NOI”) as a supplemental measure to evaluate and assess the performance of the Company’soperating portfolio. NOI is defined as property revenues less property-related expenses and excludes depreciation and amortizationexpense, joint venture equity and fee income, interest income and expenses and corporate level transactions. The CODM uses netincome and NOI to monitor budget versus actual results in assessing the performance of the Company’s properties to guidedecisions regarding timing of property sales and payment of dividends. The CODM reviews significant expenses associated with Codification (“ASC”) 740, Income Taxes. The