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SITE Centers Corp. (SITC) Up 1.9% Since Last Earnings Report: Can It Continue?
SITE Centers SITE Centers (US:SITC) ZACKSยท2024-05-30 16:36

Core Viewpoint - SITE Centers Corp. reported a mixed performance in its recent earnings, with a slight beat on operating funds from operations (OFFO) but a decline in revenues year-over-year, raising questions about future performance leading up to the next earnings release [2][3]. Financial Performance - The first-quarter 2024 OFFO per share was 28 cents, exceeding the Zacks Consensus Estimate of 24 cents [2]. - Revenues for the quarter totaled $120.6 million, surpassing the Zacks Consensus Estimate of $119.6 million, but represented an 11.8% decline compared to the previous year [2][3]. - OFFO per share decreased by 6.7% year-over-year [3]. Operational Metrics - The leased rate was reported at 94.2% as of March 31, 2024, down from 94.5% at the end of 2023 and lower than 95.9% in the same quarter last year [4]. - Base rent per square foot increased to $20.69 from $19.65 a year ago [4]. - Cash new and cash renewal leasing spreads were 11.5% and 8%, respectively, in the first quarter [4]. - Same-store net operating income (NOI) improved by 1.5% on a pro-rata basis compared to the prior year [5]. Portfolio Activity - In the first quarter, SITE Centers acquired two convenience shopping centers for a total of $19.1 million and disposed of three wholly-owned shopping centers for $119.4 million [6]. Market Position and Outlook - SITE Centers Corp. holds a Zacks Rank of 3 (Hold), indicating an expectation of an in-line return from the stock in the upcoming months [9]. - The company has a poor Growth Score of F and a similar score for momentum, with a value grade of D, placing it in the bottom 40% for investment strategy [7][8].