Quarterly ResultMay 7, 2026, 04:22 PM
SITE Centers Q1 Net Income $0.9M, Operating FFO Loss $1.9M
AI Summary
SITE Centers Corp. reported a net income of $0.9 million, or $0.02 per diluted share, for Q1 2026, a significant decrease from $3.1 million in the prior year. Operating Funds From Operations (OFFO) was a loss of $1.9 million, or $0.04 per diluted share, compared to income of $8.3 million year-over-year, primarily due to lower Net Operating Income from property dispositions and impairment charges. The company continued its asset disposition strategy, selling three properties for $85.6 million year-to-date and its interests in the Deer Park joint venture for $20.8 million.
Key Highlights
- Q1 2026 net income was $0.9 million, down from $3.1 million in Q1 2025.
- Q1 2026 Operating FFO was a loss of $1.9 million, compared to income of $8.3 million in Q1 2025.
- Year-to-date, three properties were sold for an aggregate gross sales price of $85.6 million.
- Interests in the Deer Park joint venture were sold for approximately $20.8 million.
- The leased rate was 85.9% at March 31, 2026, down from 89.8% at March 31, 2025.
- The company held $193.5 million of unrestricted cash at March 31, 2026.
- Executed one new lease and eight renewals for 17,906 square feet during the quarter.
- Total operating centers decreased to 16 at March 31, 2026, from 33 at March 31, 2025.