SITE Centers Reports First Quarter 2026 Results

Published: 2026-05-07 16:08:04 ET SITC

Published on 05/07/2026 at 04:08 pm EDT

SITE Centers Corp. (NYSE: SITC) announced today operating results for the quarter ended March 31, 2026.

“Year to date, the Company has sold three properties for an aggregate gross sales price of approximately $85.6 million and sold its interests in the Deer Park joint venture for $20.8 million,” commented David R. Lukes, President and Chief Executive Officer. “SITE Centers remains focused on maximizing the value of its remaining assets through additional asset sales and resolution of its investment in the DTP joint venture.”

Results for the First Quarter

Significant First Quarter Activity and Key Operating Results

Recent Activity

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Supplemental Information

Copies of the Company's quarterly financial supplement are available on the Investor Relations portion of the Company's website, ir.sitecenters.com.

Non-GAAP Measures and Other Operational Metrics

Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States (“GAAP”)), adjusted to exclude (i) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (ii) impairment charges on real estate property and related investments and (iii) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

The Company also uses NOI, a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

FFO, Operating FFO and NOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein.

Safe Harbor

SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, our ability to enter into agreements to sell our remaining properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to resolve and realize value from our remaining joint venture investment; impairment charges; general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; the impact of e-commerce; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the sufficiency and timing of any insurance recovery payments related thereto; the impact of pandemics and other public health crises; our ability to finance our businesses on commercially acceptable terms or at all; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; our ability to project known and contingent expenses and liabilities arising in connection with the anticipated wind-up of our operations; and any change in strategy. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SITE Centers Corp.

Income Statement: Consolidated Interests

in thousands, except per share

1Q26

1Q25

Revenues:

Rental income (1)

$9,241

$31,450

Other property revenues

130

8,895

9,371

40,345

Expenses:

Operating and maintenance (2)

3,293

7,132

Real estate taxes

1,642

4,721

4,935

11,853

Net operating income (3)

4,436

28,492

Other income (expense):

JV and other fee income (4)

3,645

2,278

Interest expense

0

(5,462)

Depreciation and amortization

(5,017)

(13,252)

General and administrative (5)

(8,899)

(9,395)

Other income (expense), net (6)

197

(495)

Impairment charges

(17,450)

0

(Loss) income before earnings from JVs and other

(23,088)

2,166

Equity in net (loss) income of JVs

(152)

39

Gain on sale of joint venture interests

19,989

0

Gain on disposition of real estate, net

4,007

1,029

Tax benefit (expense)

182

(149)

Net income

$938

$3,085

Weighted average shares – Basic and Diluted– EPS

52,467

52,436

Earnings per common share – Basic

$0.02

$0.06

Earnings per common share – Diluted

$0.02

$0.06

(1)

Rental income:

Minimum rents

$5,409

$20,366

Ground lease minimum rents

308

1,321

Straight-line rent, net

383

195

Amortization of (above)/below-market rent, net

84

140

Percentage and overage rent

249

364

Recoveries

2,130

8,402

Uncollectible revenue

36

(108)

Ancillary and other rental income

192

401

Lease termination fees

81

0

Embedded lease Shared Services Agreement (“SSA”) with Curbline

369

369

(2)

Includes the allocation of property management personnel expenses

144

354

(3)

Includes NOI from wholly-owned assets sold in 2026 and 2025

1,017

16,563

(4)

Curbline SSA fee

1,082

692

Curbline SSA gross up

1,763

631

Embedded lease SSA

(369)

(369)

(5)

Other charges related to system conversion

9

515

(6)

Interest income (fees), net

1,191

361

Transaction costs and other expenses

769

(225)

Curbline SSA gross up

(1,763)

(631)

SITE Centers Corp.

Reconciliation: Net Income to FFO and Operating FFO and Other Financial Information

in thousands, except per share

1Q26

1Q25

Net income

$938

$3,085

Depreciation and amortization of real estate

3,333

12,414

Equity in net loss (income) of JVs

152

(39)

JVs' FFO

947

1,593

Impairment charges

17,450

0

Gain on sale of joint venture interests

(19,989)

0

Gain on disposition of real estate, net

(4,007)

(1,029)

FFO

($1,176)

$16,024

Transaction and other

(803)

122

Condemnation revenue

0

(8,379)

Other charges

95

515

Total non-operating items, net

(708)

(7,742)

Operating FFO

($1,884)

$8,282

Weighted average shares & units – Basic: FFO & OFFO

52,467

52,436

Assumed conversion of dilutive securities

0

0

Weighted average shares & units – Diluted: FFO & OFFO

52,467

52,436

FFO per share – Basic

$(0.02)

$0.31

FFO per share – Diluted

$(0.02)

$0.31

Operating FFO per share – Basic

$(0.04)

$0.16

Operating FFO per share – Diluted

$(0.04)

$0.16

Common stock dividends declared, per share

$0.00

$0.00

Capital expenditures (SITE Centers share)(1):

Maintenance capital expenditures

0

347

Tenant allowances and landlord work

1,645

1,063

Leasing commissions

151

285

Construction administrative costs (capitalized)

204

440

Certain non-cash items (SITE Centers share):

Straight-line rent

395

219

Straight-line fixed CAM

1

16

Amortization of below-market rent/(above), net

185

235

Straight-line ground rent income

35

20

Debt fair value and loan cost amortization

(193)

(908)

Stock compensation expense

(282)

(384)

Non-real estate depreciation expense

(1,684)

(842)

SITE Centers Corp.

Balance Sheet: Consolidated Interests

$ in thousands

At Period End

1Q26

4Q25

Assets:

Land

$25,096

$47,182

Buildings

276,513

338,527

Fixtures and tenant improvements

125,507

170,247

427,116

555,956

Depreciation

(279,634)

(332,774)

147,482

223,182

Construction in progress and land

516

2,554

Real estate, net

147,998

225,736

Investments in and advances to JVs

26,837

27,676

Cash

193,453

119,034

Restricted cash

4,622

3,781

Receivables and straight-line (1)

10,934

13,015

Intangible assets, net (2)

12,157

22,207

Amounts receivable from Curbline

351

902

Other assets, net

5,568

6,386

Total Assets

401,920

418,737

Liabilities and Equity:

Amounts payable to Curbline

16,139

22,107

Other liabilities (3)

49,831

61,865

Total Liabilities

65,970

83,972

Common shares

5,248

5,247

Paid-in capital

3,981,137

3,981,084

Distributions in excess of net income

(3,650,400)

(3,651,338)

Common shares in treasury at cost

(35)

(228)

Total Equity

335,950

334,765

Total Liabilities and Equity

$401,920

$418,737

(1)

Straight-line rents (including fixed CAM), net

$3,790

$3,511

(2)

Operating lease right of use assets

10,284

14,700

(3)

Operating lease liabilities

29,912

34,330

Below-market leases, net

3,485

4,670

SITE Centers Corp.

Portfolio Summary

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Shopping Center Count

Operating Centers - 100%

16

19

27

31

33

Wholly Owned

6

8

16

20

22

JV Portfolio

10

11

11

11

11

Gross Leasable Area (GLA)

Owned and Ground Lease - Pro Rata Share

1,567

2,013

4,271

5,355

5,918

Wholly Owned

888

1,155

3,413

4,497

5,060

JV Portfolio - Pro Rata Share

679

858

858

858

858

Quarterly Operational Overview

Pro Rata Share

Base Rent PSF

$20.00

$22.61

$19.62

$19.83

$19.75

Base Rent PSF < 10K

$31.19

$33.09

$31.05

$31.19

$31.46

Base Rent PSF > 10K

$15.73

$18.02

$15.86

$15.99

$16.12

Commenced Rate

84.7%

85.8%

86.5%

87.5%

89.4%

Commenced Rate < 10K SF

74.9%

79.4%

83.2%

85.6%

85.9%

Commenced Rate > 10K SF

88.7%

88.7%

87.6%

88.1%

90.5%

Leased Rate

85.9%

87.8%

87.6%

88.1%

89.8%

Leased Rate < 10K SF

76.3%

81.9%

84.2%

87.3%

87.1%

Leased Rate > 10K SF

89.8%

90.6%

88.7%

88.4%

90.6%

Note: GLA in thousands. Base Rent PSF excludes ground leases. All results exclude the Company's owned Beachwood, OH headquarters office buildings.

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