Shopping centre owner SITE Centers Q1 operating FFO turns negative

Site Centers

07/05/2026 21:58

Overview

U.S. shopping center owner's Q1 net income dropped sharply, driven by impairment charges and asset sales

Q1 Operating FFO turned negative, reflecting lower NOI from property sales

Company sold three properties and joint venture interests for about $106 mln in Q1

Outlook

SITE Centers expects to maintain higher cash balance pending DTP joint venture resolution

Company remains focused on additional asset sales and resolving DTP joint venture investment

Result Drivers

PROPERTY SALES - Co said lower net income and Operating FFO were primarily due to reduced NOI from property dispositions

IMPAIRMENT CHARGES - Co said impairment charges contributed to lower net income in Q1

DECLINING OCCUPANCY - Co attributed lower leased and commenced rates to transactional activity and the remaining mix of properties

Company press release: ID:nBw3CXK4da

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.02
Q1 Net Income
$900,000
Q1 FFO
-$1.90 mln


Analyst Coverage

The one available analyst rating on the shares is "hold"

The average consensus recommendation for the commercial reits peer group is "buy."

Wall Street's median 12-month price target for Site Centers Corp is $6.00, about 6.8% above its May 6 closing price of $5.62

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)