The October 2024 spin-off of a major convenience retail portfolio into Curbline Properties reduced SITE Centers’ revenue by over 55% in FY2025, reshaping its operational focus. Despite this top-line contraction, operating income remained stable year-over-year, reflecting operational efficiencies. SITE Centers completed full repayment of senior notes, mortgage debt, and term loans, reducing leverage but currently operates without a revolving credit facility. Dividend distributions increased substantially in 2025 despite earnings volatility, with no share repurchases executed. The company faces heightened tenant credit risk and lease renewal challenges amid retail sector headwinds and navigates redevelopment complexities tied to joint ventures and contractual obligations with Curbline.