SITE Centers Q3 operating FFO swings to loss as property sales reduce income

SITE Centers

Mon 21:26

Overview
U.S. retail REIT's Q3 net loss narrowed from prior year
Q3 operating FFO turned negative due to property dispositions
Company paid a $1.00-per-share special dividend in Q3 and announced a $3.00-per-share special distribution in October

Outlook
Company expects to close sale of The Blocks by end of 4Q26, subject to conditions
SITE Centers is marketing its Beachwood, Ohio headquarters for sale
Company expects no REIT taxable income in 2026 and estimates all 2026 distributions will be return of capital

Result Drivers
EXPENSE REDUCTIONS - Lower interest expense, impairment charges and depreciation narrowed the net loss, partly offset by lower disposition gains and NOI
PROPERTY SALES - Lower NOI following property dispositions pushed operating FFO into a loss
LOWER RENTAL INCOME - Rental income fell to $4.5 mln from $24.2 mln as the remaining property portfolio shrank

Company press release: ID:nBw50PLZta

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Loss Per Share
 
$0.10
 
Q3 Net Loss
 
$5.40 mln
 
Q3 Operating FFO
 
-$3.10 mln
 

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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)