SITE Centers Stock Declines on Q4 OFFO & Revenue Estimate Miss

Core Viewpoint - SITE Centers Corp. reported disappointing fourth-quarter 2024 results, with significant declines in both revenues and operating funds from operations (OFFO) per share, leading to a 5.03% drop in share price on the NYSE [1][2]. Financial Performance - The company generated revenues of $32.9 million, missing the Zacks Consensus Estimate of$42.7 million, and reflecting a year-over-year decline of 66.4% [2]. - OFFO per share was reported at 16 cents, falling short of the Zacks Consensus Estimate of 23 cents, and representing an 84.5% decrease year-over-year [1][2]. - For the full year 2024, OFFO per share was $3.17, down 33$3.24 [3]. - Total revenues for 2024 were $271.1 million, a 39.2$366.8 million [3]. Leasing Metrics - The leased rate was reported at 91.1% as of December 31, 2024, slightly down from 91.3% as of September 30, 2024, and lower than the prior year's figure of 92.2% [4]. - The commenced rate improved to 90.6% as of December 31, 2024, up from 89.8% as of September 30, 2024, and better than the year-ago quarter's 89.6% [4]. - The base rent per square foot increased to $19.64 as of December 31, 2024, compared to$19.42 recorded a year ago [4]. Cash Position - SITE Centers exited the fourth quarter with $54.6 million in cash, a significant decrease from$1.06 billion as of September 30, 2024 [5]. Industry Comparison - Federal Realty Investment Trust (FRT) reported fourth-quarter 2024 FFO per share of $1.73, in line with estimates and up 5.5$1.09, exceeding estimates and reflecting a 6.9% increase from the prior year, supported by strong leasing activity [7].