ZACKSยท2025-05-08 18:40Company Performance - SITE Centers Corp. reported first-quarter 2025 operating funds from operations (OFFO) per share of 16 cents, missing the Zacks Consensus Estimate of 24 cents [1] - Revenues for SITE Centers were $40.3 million, exceeding the Zacks Consensus Estimate of $33.5 million, despite a year-over-year decline of 56.4% in the top line and an 86% drop in OFFO per share [2][3] - The company executed five new leases and 17 renewals for a total of 75,000 square feet, achieving cash renewal leasing spreads of 3.4% in the first quarter [4] Leasing Metrics - As of March 31, 2025, the leased rate was 89.8%, down from 91.1% as of December 31, 2024, and lower than the prior-year quarter's 91.7% [3] - The commenced rate was reported at 89.4%, down from 90.6% as of December 31, 2024, but improved from the year-ago quarter's 89.8% [3] - The base rent per square foot increased to $19.75 as of March 31, 2025, from $19.55 recorded a year ago [3] Financial Position - SITE Centers exited the first quarter with $58.2 million in cash, an increase from $54.6 million as of December 31, 2024 [4] - The company remains focused on maximizing asset value through continued leasing, asset management, and potential additional asset sales, as stated by CEO David R. Lukes [2]