SITC · SITE Centers Corp.

SITE Centers Corp. reported first quarter 2026 net income of $0.9 million, or $0.02 per diluted share, compared to $3.1 million, or $0.06 per diluted share, in the year-ago period. The decline was primarily driven by $17.5 million in impairment charges and lower Net Operating Income (NOI) resulting from property dispositions, partially offset by a $20.0 million gain on sale of joint venture interests and a $4.0 million gain on disposition of real estate. Operating FFO turned negative at a loss of $1.9 million ($0.04 per diluted share) versus income of $8.3 million ($0.16 per diluted share) in the prior year, reflecting the same factors. Total revenues fell to $9.4 million from $40.3 million, largely due to asset sales. The company sold two properties for an aggregate price of $74.5 million and its partnership interests in the RVIP IIIB joint venture (Deer Park Town Center) for $20.8 million during the quarter. Subsequent to quarter end, on May 4, 2026, SITE Centers sold Meadowmont Crossing for $11.1 million. The portfolio leased rate declined to 85.9% from 87.8% at December 31, 2025, and the commenced rate fell to 84.7% from 85.8%. Management highlighted a focus on maximizing value through additional asset sales and resolution of the DTP joint venture. The company held $193.5 million in unrestricted cash at quarter end, maintaining a higher balance to maximize options for monetizing its remaining joint venture investment. No dividends were declared for the quarter.