SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers, saw its stock plummet 6.84% in pre-market trading on Thursday, following the company's disappointing fourth-quarter 2024 financial results and outlook.
For the fourth quarter, SITE Centers reported operating funds from operations (OFFO) of $0.16 per diluted share, significantly missing analysts' expectations of $0.22 per share. The company's quarterly revenues of $32.87 million also fell short of the consensus estimate of $66.78 million.
The weaker-than-expected results were primarily attributed to lower net operating income due to property dispositions and lower interest income. Additionally, SITE Centers incurred separation and other charges, as well as a write-off of preferred share original issuance costs during the quarter.
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