SITE Centers (US:SITC) ZACKSยท2024-07-30 14:36Core Insights - SITE Centers Corp. reported revenue of $114.13 million for the quarter ended June 2024, a decrease of 16.3% year-over-year, and an EPS of $0.27, up from $0.01 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $114.7 million by 0.50%, while the EPS exceeded the consensus estimate of $0.24 by 12.50% [1] Revenue Breakdown - Rental income from percentage and overage rent was $1.46 million, significantly lower than the estimated $1.98 million, reflecting a year-over-year decline of 35.2% [3] - Ancillary and other rental income was reported at $1.06 million, below the average estimate of $1.39 million, marking a year-over-year decrease of 26.9% [3] - Total rental income was $113.48 million, compared to the estimated $116.64 million, representing a year-over-year decline of 16.5% [3] - Recoveries from rental income were $28.55 million, slightly above the estimate of $28.24 million, but down 17.3% from the previous year [3] - Other property revenues increased to $0.65 million, surpassing the estimate of $0.81 million, showing a year-over-year growth of 51.3% [3] - Lease termination fees reached $1.55 million, significantly higher than the estimated $0.49 million, reflecting a remarkable increase of 505.5% year-over-year [3] - Minimum rents were reported at $73.51 million, below the estimate of $75.64 million, indicating a year-over-year decline of 17.4% [3] - Uncollectible revenue was reported at -$0.37 million, slightly worse than the estimated -$0.33 million [3] Stock Performance - Over the past month, SITE Centers Corp. shares have returned +8.6%, outperforming the Zacks S&P 500 composite, which saw a change of +0.1% [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]