Shares of SITE Centers Corp. SITC plunged 3.97% in the Oct. 30 regular trading session on the NYSE after it reported third-quarter 2024 operating funds from operations (OFFO) per share of 81 cents, which missed the Zacks Consensus Estimate of 87 cents.

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Results reflect a fall in revenues and base rent per square foot on year-over-year basis.

SITE Centers generated revenues of $89.4 million, which missed the Zacks Consensus Estimate of $101.8 million.

On a year-over-year basis, the top line declined 37.5%, and OFFO per share fell 31.1%.

Per David R. Lukes, president and CEO of SITC, “Following the disposition of 25 properties during the third quarter for an aggregate price of $1.4 billion, the company has completed the sale of substantially all of the properties that had been in its active disposition pipeline prior to the spin-off. Going forward, SITE Centers intends to maximize value through continued leasing, asset management and potential additional asset sales.”

SITC’s Quarter in Detail

SITC reported a leased rate of 91.3% on a pro-rata basis as of Sept. 30, 2024, down from 93.2% as of June 30, 2024. The figure compared unfavorably with the prior-year quarter’s figure of 94.6%.

The base rent per square foot was $19.60 as of Sept. 30, 2024, down from $20.20 recorded a year ago.

SITE Centers exited the third quarter with $1.06 billion of cash, down from $1.18 billion as of June 30, 2024.

SITC’s Portfolio Activity

On Oct. 1, 2024, SITE centers completed the previously announced spin-off of Curbline. During the spin-off, Curbline held a portfolio of 79 properties and was capitalized with $800 million of unrestricted cash, having no outstanding indebtedness.

During the third quarter, SITC acquired seven convenience shopping centers for $145.3 million. All of these properties were included in the Curbline spin-off.

The company disposed of 25 shopping centers during the quarter for $1.4 billion.

SITE Centers currently carries a Zacks Rank #5 (Strong Sell).

SITE CENTERS CORP. Price, Consensus and EPS Surprise

SITE CENTERS CORP. price-consensus-eps-surprise-chart | SITE CENTERS CORP. Quote

Upcoming Earnings Releases

We now look forward to the earnings release of other retail REITs like Realty Income O and Tanger, Inc. SKT, slated to report on Nov. 4 and Nov. 6, respectively.

The Zacks Consensus Estimate for Realty Income’s third-quarter 2024 FFO per share is pegged at $1.05, suggesting a 2.9% year-over-year increase. O currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Tanger’s third-quarter 2024 FFO per share is pegged at 53 cents, implying a 6% year-over-year increase. SKT currently carries a Zacks Rank #2.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

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