SITE Centers Q3 OFFO & Revenues Miss Estimates, Stock Falls

Core Insights - SITE Centers Corp. reported a decline in operating funds from operations (OFFO) per share to 81 cents, missing the Zacks Consensus Estimate of 87 cents, leading to a 3.97% drop in share price on October 30, 2024 [1] - The company generated revenues of $89.4 million, which was below the Zacks Consensus Estimate of$101.8 million, reflecting a year-over-year decline of 37.5% [2] - The leased rate decreased to 91.3% as of September 30, 2024, down from 93.2% as of June 30, 2024, and lower than the prior year's figure of 94.6% [3] Financial Performance - OFFO per share fell by 31.1% year-over-year [2] - Base rent per square foot decreased to $19.60 from$20.20 a year ago [4] - The company ended the third quarter with $1.06 billion in cash, down from$1.18 billion as of June 30, 2024 [4] Portfolio Activity - During the third quarter, SITE Centers disposed of 25 properties for an aggregate price of $1.4 billion, completing the sale of most properties in its active disposition pipeline [3][6] - The company acquired seven convenience shopping centers for$145.3 million, which were included in the Curbline spin-off [5] - The spin-off of Curbline was completed on October 1, 2024, with Curbline holding a portfolio of 79 properties and $800 million in unrestricted cash [5] Market Outlook - Upcoming earnings releases for other retail REITs, such as Realty Income and Tanger, Inc., are anticipated, with Realty Income's FFO per share estimated at$1.05, indicating a 2.9% year-over-year increase [7] - The Zacks Consensus Estimate for Tanger's FFO per share is pegged at 53 cents, implying a 6% year-over-year increase [8]