SITE Centers is a REIT in active wind-down mode, selling off its remaining portfolio of shopping centers with the intent to eventually dissolve. As of December 31, 2025, the company owned 19 shopping centers totaling 5.0 million square feet of gross leasable area across 13 states — 8 wholly-owned and 11 held through two unconsolidated joint ventures. The company's five largest tenants are Kroger, Burlington Stores, Fitness International, Cinemark, and AMC Entertainment, together representing roughly 25% of annualized base rental revenues. In October 2024, SITE Centers spun off 79 convenience retail properties into a separate publicly traded company, Curbline Properties, transferring those assets along with $800M in cash. What remains is a shrinking portfolio being sold over time. SITE Centers generates rental income by leasing space to retail tenants under long-term leases, with revenue driven by occupancy and average rent per square foot. The portfolio was 85.9% occupied as of December 31, 2025, down from 90.6% a year earlier as asset sales progressed. Beyond rental income, SITE Centers earns management fees from its joint venture properties and a monthly fee from Curbline equal to 2.0% of Curbline's gross revenue under a Shared Services Agreement running through October 2027. Proceeds from asset sales are expected to fund operating expenses, shareholder distributions, and wind-up cost reserves.