SITE Centers Q3 revenue falls to $4.6M from $24.5M
SITE Centers plans to delist before trading begins December 4, 2026, and expects its common shares to be quoted on OTCID Basic Market afterward.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
SITE Centers Corp. (SITC) reported a third-quarter net loss of $5.4 million, or $0.10 per diluted share, compared with a $6.2 million loss, or $0.13 per diluted share, a year earlier. Operating FFO was a $3.1 million loss ($0.06 per diluted share), versus $5.6 million of income ($0.11 per share). Third-quarter revenue was $4.597 million versus $24.528 million; NOI was $8.677 million versus $15.128 million, with lower NOI attributed in part to property dispositions.
Year to date, SITE Centers sold seven properties, a land parcel and interests in two joint ventures for approximately $223.8 million aggregate gross sales price. It announced a $3.00 per-share special cash distribution payable November 5, 2026. The company plans to voluntarily delist its common shares before trading begins December 4, 2026, after which it expects OTCID Basic Market quotation. SITE Centers agreed to sell The Blocks for approximately $18.2 million gross, with closing expected by year-end 2026; it said there is no assurance the counterparty will perform, closing conditions will be satisfied, or the sale will occur. Preliminary analysis says the company does not expect 2026 REIT taxable income and estimates 100% of 2026 distributions will be return of capital.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net loss narrowed to $5.4 million from $6.2 million.
Negative
- Moderate pointThird-quarter revenue fell to $4.597 million from $24.528 million.
- Moderate pointOperating FFO shifted to a $3.1 million loss from $5.6 million of income.
Filing Explained
The Maxwell sale is complete, with about $13.9 million in disclosed net proceeds.
The supplement reports that SITE Centers entered a lease agreement for about 31,089 square feet at its Beachwood headquarters. Curbline is to rent the space for five years starting
The company also reports that the sale of The Maxwell closed on
8-K Event Classification
Key Figures
Key Terms
Operating FFO financial
Net Operating Income financial
return of capital financial
REIT taxable income financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was SITE Centers’ third-quarter 2026 net loss?
What special cash distribution did SITE Centers announce?
How does SITE Centers expect its 2026 distributions to be taxed?
What net proceeds does SITE Centers expect from selling The Blocks?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
|
|
|
||
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, Including Area Code:
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
|
|||
|
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 2, 2026, SITE Centers Corp. (the “Company”) issued a quarterly financial supplement containing financial and property information of the Company (“Quarterly Supplement”) for the quarter ended September 30, 2026 which includes a News Release containing financial results of the Company. A copy of the Company’s Quarterly Supplement dated September 30, 2026, is attached hereto as Exhibit 99.1, which is incorporated herein by reference. This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
99.1 |
Quarterly financial supplement dated as of September 30, 2026 |
|
|
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
SITE Centers Corp. |
|
|
|
|
|
Date: November 2, 2026 |
|
By: |
/s/ Jeffrey A. Scott |
|
|
Name: Jeffrey A. Scott |
|
|
|
Title: Senior Vice President and Chief Accounting Officer |
|
Exhibit 99.1
Exhibit 99.1
SITE Centers Corp.
Table of Contents
Section |
Page |
|
|
Earnings Release & Financial Statements |
|
Press Release |
1-6 |
|
|
Investments |
|
Transactions |
7 |
|
|
Shopping Center Summary |
|
Property List |
8 |
|
|
Reporting Policies and Other |
|
Notable Accounting and Supplemental Policies |
9 |
Non-GAAP Measures |
10-11 |
|
|
|
SITE Centers Corp. |
For additional information: |
|
3300 Enterprise Parkway |
Gerald Morgan, EVP and |
|
Beachwood, OH 44122 |
Chief Financial Officer |
FOR IMMEDIATE RELEASE:
SITE Centers Reports Third Quarter 2026 Results
Beachwood, Ohio, November 2, 2026 - SITE Centers Corp. (NYSE: SITC) announced today operating results for the quarter ended September 30, 2026.
“Year to date the Company has sold seven properties, a land parcel and its interests in two joint ventures for an aggregate gross sales price of approximately $223.8 million,” commented David R. Lukes, President and Chief Executive Officer. “SITE Centers remains focused on maximizing the value of its remaining two real estate investments and other financial assets.”
Results for the Third Quarter
Recent Activity / Other Updates
1
About SITE Centers Corp.
SITE Centers is a self-administered and self-managed REIT and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
Supplemental Information
Copies of the Company's quarterly financial supplement are available on the Investor Relations portion of the Company's website, ir.sitecenters.com.
Non-GAAP Measures and Other Operational Metrics
Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.
FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States (“GAAP”)), adjusted to exclude (i) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (ii) impairment charges on real estate property and related investments and (iii) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity loss from joint ventures and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.
The Company also uses NOI, a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.
FFO, Operating FFO and NOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein.
Safe Harbor
SITE Centers Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company's projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, our ability to enter into agreements to sell our remaining properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; impairment charges; general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; the impact of e-commerce; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the sufficiency and timing of any insurance recovery payments related thereto; the impact of pandemics and other public health crises; our ability to finance our businesses on commercially acceptable terms or at all; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; our ability to maintain REIT status; our ability to project known and contingent expenses and liabilities arising in connection with the anticipated wind-up of our operations; and any change in strategy. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no
2
obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
3
SITE Centers Corp.
Income Statement: Consolidated Interests
|
in thousands, except per share |
|
|
|
||||
|
|
3Q26 |
|
3Q25 |
|
9M26 |
|
9M25 |
|
Revenues: |
|
|
|
|
|
|
|
|
Rental income (1) |
$4,471 |
|
$24,203 |
|
$20,559 |
|
$86,315 |
|
Other property revenues |
126 |
|
325 |
|
361 |
|
9,667 |
|
|
4,597 |
|
24,528 |
|
20,920 |
|
95,982 |
|
Expenses: |
|
|
|
|
|
|
|
|
Operating and maintenance |
1,712 |
|
5,505 |
|
8,781 |
|
19,094 |
|
Real estate taxes |
647 |
|
3,895 |
|
3,462 |
|
13,306 |
|
|
2,359 |
|
9,400 |
|
12,243 |
|
32,400 |
|
|
|
|
|
|
|
|
|
|
Net operating income (2) |
2,238 |
|
15,128 |
|
8,677 |
|
63,582 |
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
JV and other fee income (3) |
3,965 |
|
2,572 |
|
11,351 |
|
7,211 |
|
Interest expense |
0 |
|
(3,941) |
|
0 |
|
(14,707) |
|
Depreciation and amortization |
(2,432) |
|
(10,768) |
|
(11,343) |
|
(36,941) |
|
General and administrative (4) |
(8,995) |
|
(10,295) |
|
(27,123) |
|
(29,108) |
|
Other income (expense), net (5) |
234 |
|
4 |
|
269 |
|
(1,656) |
|
Impairment charges |
(2,000) |
|
(106,570) |
|
(20,450) |
|
(106,570) |
|
Loss before earnings from JVs and other |
(6,990) |
|
(113,870) |
|
(38,619) |
|
(118,189) |
|
|
|
|
|
|
|
|
|
|
Equity in net loss of JVs |
(147) |
|
(499) |
|
(748) |
|
(528) |
|
Gain on sale of joint venture interests |
0 |
|
0 |
|
19,989 |
|
0 |
|
Gain on disposition of real estate, net |
1,852 |
|
108,401 |
|
13,663 |
|
162,666 |
|
Tax expense |
(109) |
|
(190) |
|
(45) |
|
(518) |
|
Net (loss) income |
($5,394) |
|
($6,158) |
|
($5,760) |
|
$43,431 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares – Basic and Diluted– EPS |
52,475 |
|
52,445 |
|
52,472 |
|
52,442 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share – Basic |
($0.10) |
|
($0.13) |
|
($0.11) |
|
$0.80 |
|
Earnings per common share – Diluted |
($0.10) |
|
($0.13) |
|
($0.11) |
|
$0.80 |
|
|
|
|
|
|
|
|
|
(1) |
Rental income: |
|
|
|
|
|
|
|
|
Minimum rents |
$2,650 |
|
$15,679 |
|
$12,220 |
|
$55,877 |
|
Ground lease minimum rents |
0 |
|
956 |
|
549 |
|
3,558 |
|
Straight-line rent, net |
17 |
|
348 |
|
335 |
|
652 |
|
Amortization of (above)/below-market rent, net |
15 |
|
123 |
|
135 |
|
429 |
|
Percentage and overage rent |
37 |
|
309 |
|
634 |
|
1,062 |
|
Recoveries |
1,205 |
|
5,928 |
|
5,043 |
|
22,230 |
|
Uncollectible revenue |
64 |
|
153 |
|
(21) |
|
273 |
|
Ancillary and other rental income |
114 |
|
338 |
|
477 |
|
1,128 |
|
Lease termination fees |
0 |
|
0 |
|
81 |
|
0 |
|
Embedded lease Shared Services Agreement (“SSA”) with Curbline |
369 |
|
369 |
|
1,106 |
|
1,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
Includes NOI from wholly-owned assets sold in 2026 and 2025 |
271 |
|
12,855 |
|
3,620 |
|
56,679 |
|
|
|
|
|
|
|
|
|
(3) |
Curbline SSA fee |
1,399 |
|
884 |
|
3,682 |
|
2,376 |
|
Curbline SSA gross up |
1,785 |
|
731 |
|
5,307 |
|
1,987 |
|
Embedded lease SSA |
(369) |
|
(369) |
|
(1,106) |
|
(1,106) |
|
|
|
|
|
|
|
|
|
(4) |
Other charges related to system conversion |
0 |
|
571 |
|
9 |
|
1,246 |
|
|
|
|
|
|
|
|
|
(5) |
Interest income (fees), net |
1,811 |
|
1,411 |
|
4,617 |
|
2,494 |
|
Transaction costs and other expenses |
208 |
|
(100) |
|
959 |
|
(1,083) |
|
Curbline SSA gross up |
(1,785) |
|
(731) |
|
(5,307) |
|
(1,987) |
|
Debt extinguishment costs |
0 |
|
(576) |
|
0 |
|
(1,080) |
|
|
|
|
|
|
|
|
|
4
SITE Centers Corp.
Reconciliation: Net Income to FFO and Operating FFO
and Other Financial Information
|
in thousands, except per share |
|
|
|
||||
|
|
3Q26 |
|
3Q25 |
|
9M26 |
|
9M25 |
|
Net (loss) income |
($5,394) |
|
($6,158) |
|
($5,760) |
|
$43,431 |
|
Depreciation and amortization of real estate |
906 |
|
9,716 |
|
6,627 |
|
34,184 |
|
Equity in net loss of JVs |
147 |
|
499 |
|
748 |
|
528 |
|
JVs' FFO |
849 |
|
1,413 |
|
2,517 |
|
4,551 |
|
Impairment charges |
2,000 |
|
106,570 |
|
20,450 |
|
106,570 |
|
Gain on sale of joint venture interests |
0 |
|
0 |
|
(19,989) |
|
0 |
|
Gain on disposition of real estate, net |
(1,852) |
|
(108,401) |
|
(13,663) |
|
(162,666) |
|
FFO |
($3,344) |
|
$3,639 |
|
($9,070) |
|
$26,598 |
|
Debt extinguishment, transaction and other (at SITE's share) |
(242) |
|
642 |
|
(1,063) |
|
2,016 |
|
Condemnation revenue |
0 |
|
0 |
|
0 |
|
(8,379) |
|
Other charges |
459 |
|
1,362 |
|
554 |
|
2,037 |
|
Total non-operating items, net |
217 |
|
2,004 |
|
(509) |
|
(4,326) |
|
Operating FFO |
($3,127) |
|
$5,643 |
|
($9,579) |
|
$22,272 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares & units – Basic: FFO & OFFO |
52,475 |
|
52,445 |
|
52,472 |
|
52,442 |
|
Assumed conversion of dilutive securities |
0 |
|
0 |
|
0 |
|
0 |
|
Weighted average shares & units – Diluted: FFO & OFFO |
52,475 |
|
52,445 |
|
52,472 |
|
52,442 |
|
|
|
|
|
|
|
|
|
|
FFO per share – Basic |
($0.06) |
|
$0.07 |
|
($0.17) |
|
$0.51 |
|
FFO per share – Diluted |
($0.06) |
|
$0.07 |
|
($0.17) |
|
$0.51 |
|
Operating FFO per share – Basic |
($0.06) |
|
$0.11 |
|
($0.18) |
|
$0.42 |
|
Operating FFO per share – Diluted |
($0.06) |
|
$0.11 |
|
($0.18) |
|
$0.42 |
|
Common stock dividends declared, per share |
$0.00 |
|
$3.25 |
|
$1.00 |
|
$4.75 |
5
SITE Centers Corp.
Balance Sheet: Consolidated Interests
|
$ in thousands |
|
|
|
|
|
At Period End |
||
|
|
3Q26 |
|
4Q25 |
|
Assets: |
|
|
|
|
Land |
$5,111 |
|
$47,182 |
|
Buildings |
65,474 |
|
338,527 |
|
Fixtures and tenant improvements |
52,958 |
|
170,247 |
|
|
123,543 |
|
555,956 |
|
Depreciation |
(80,760) |
|
(332,774) |
|
|
42,783 |
|
223,182 |
|
Construction in progress and land |
104 |
|
2,554 |
|
Real estate, net |
42,887 |
|
225,736 |
|
|
|
|
|
|
Investments in and advances to JVs |
25,460 |
|
27,676 |
|
Cash |
200,207 |
|
119,034 |
|
Restricted cash |
1,588 |
|
3,781 |
|
Receivables and straight-line (1) |
6,065 |
|
13,015 |
|
Intangible assets, net (2) |
4,029 |
|
22,207 |
|
Amounts receivable from Curbline |
455 |
|
902 |
|
Other assets, net |
4,725 |
|
6,386 |
|
Real estate and other assets held for sale (3) |
15,092 |
|
0 |
|
Total Assets |
300,508 |
|
418,737 |
|
|
|
|
|
|
Liabilities and Equity: |
|
|
|
|
Amounts payable to Curbline |
6,512 |
|
22,107 |
|
Other liabilities (4) |
15,632 |
|
61,865 |
|
Liabilities held for sale (3) |
1,211 |
|
0 |
|
Total Liabilities |
23,355 |
|
83,972 |
|
|
|
|
|
|
Common shares |
5,248 |
|
5,247 |
|
Paid-in capital |
3,981,725 |
|
3,981,084 |
|
Distributions in excess of net income |
(3,709,789) |
|
(3,651,338) |
|
Common shares in treasury at cost |
(31) |
|
(228) |
|
Total Equity |
277,153 |
|
334,765 |
|
|
|
|
|
|
Total Liabilities and Equity |
$300,508 |
|
$418,737 |
|
|
|
|
|
(1) |
Straight-line rents (including fixed CAM), net |
$1,449 |
|
$3,511 |
|
|
|
|
|
(2) |
Operating lease right of use assets |
3,823 |
|
14,700 |
|
|
|
|
|
(3) |
On October 1, 2026, The Maxwell was sold for a gross sales price of approximately $15.3 million. Net proceeds from the sale after adjustment for certain pro-rations, allocations and other credits were approximately $13.9 million. |
|||
|
|
|
|
|
(4) |
Operating lease liabilities |
4,555 |
|
34,330 |
|
Below-market leases, net |
1,076 |
|
4,670 |
6
SITE Centers Corp.
Transactions
$ and GLA in thousands |
|
|
|
|
|
|
||
|
|
SITE |
|
Owned |
|
|
||
|
|
Property Name |
MSA |
Own % |
|
GLA |
|
Price |
Property Dispositions |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
02/27/26 |
|
FlatAcres MarketCenter |
Denver-Aurora-Lakewood, CO |
100% |
|
136 |
|
$24,400 |
03/03/26 |
|
3030 North Broadway |
Chicago-Naperville-Elgin, IL-IN-WI |
100% |
|
132 |
|
50,100 |
|
|
|
1Q 2026 Total |
|
|
268 |
|
$74,500 |
|
|
|
|
|
|
|
|
|
05/04/26 |
|
Meadowmont Crossing |
Durham-Chapel Hill, NC |
100% |
|
92 |
|
$11,050 |
06/30/26 |
|
The Pike Outlets |
Los Angeles-Long Beach-Anaheim, CA |
100% |
|
389 |
|
50,000 |
|
|
|
2Q 2026 Total |
|
|
481 |
|
$61,050 |
|
|
|
|
|
|
|
|
|
07/14/26 |
|
Land Parcel |
New York-Newark-Jersey City, NY-NJ |
100% |
|
N/A |
|
$450 |
07/27/26 |
|
Meadowmont Market |
Durham-Chapel Hill, NC |
100% |
|
49 |
|
11,000 |
09/16/26 |
|
Shoppes at Paradise Pointe |
Crestview-Fort Walton Beach-Destin, FL |
100% |
|
73 |
|
8,400 |
|
|
|
3Q 2026 Total |
|
|
122 |
|
$19,850 |
|
|
|
|
|
|
|
|
|
10/01/26 |
|
The Maxwell |
Chicago-Naperville-Elgin, IL-IN-WI |
100% |
|
240 |
|
$15,250 |
|
|
|
4Q 2026 QTD |
|
|
240 |
|
$15,250 |
|
|
|
|
|
|
|
|
|
Sale of Partnership Interests |
|
|
|
|
|
|
||
01/16/26 |
|
Deer Park Town Center |
Chicago-Naperville-Elgin, IL-IN-WI |
|
|
358(1) |
|
$20,762 |
10/15/26 |
|
Dividend Trust Portfolio |
Various |
|
|
3,397(1) |
|
32,407 |
|
|
|
Total 2026 YTD |
|
|
4,866 |
|
$223,819 |
|
||||||||
(1) Amount represents 100% of the GLA owned by the partnership. |
||||||||
7
SITE Centers Corp. |
|||||
Property List as of November 2, 2026 |
|||||
|
|||||
Center |
Location |
Owned |
Leased Rate |
ABR |
Comments |
The Blocks |
Portland, OR |
97 |
68.9% |
$37.23 |
The Company has agreed to sell The Blocks with closing of the transaction expected to occur by the end of the fourth quarter of 2026. Q3 2026 annualized NOI is $1.7M |
Headquarter Office Buildings |
Beachwood, OH |
339 |
N/A |
— |
Corporate office buildings have 217,000 square feet of leasable office space of which 160,000 is currently occupied by third parties and approximately 53,000 is occupied by SITE Centers/Curbline Properties. With respect to space currently occupied by third parties, ABR per occupied square foot is $27.18. Q3 2026 annualized NOI with respect to space currently occupied by third parties is $2.0M |
|
|
|
|
|
|
GLA: Gross leasable area in thousands |
|
|
|
||
ABR PSF: Annualized base rent per square foot |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
8
SITE Centers Corp.
Notable Accounting and Supplemental Policies
The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Form 10-K and Form 10-Q.
Rental Income (Revenues)
General and Administrative Expenses
Real Estate
Buildings |
31.5 years |
Building Improvements |
5 to 20 years |
Furniture/Fixtures/ Tenant Improvements |
Shorter of economic life or lease terms |
Gains on Sales of Real Estate
9
SITE Centers Corp.
Non-GAAP Measures
Performance Measures
FFO and Operating FFO
The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company.
FFO excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from depreciable property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.
FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, (ii) impairment charges on real estate property and related investments and (iii) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity loss from joint ventures and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by the National Association of Real Estate Investment Trusts (“NAREIT”).
The Company believes that certain charges, income and gains recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include condemnation revenues, gains/losses on the early extinguishment of debt, certain transaction fee income, transaction costs and other restructuring type costs, including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements. The adjustment for these charges, income and gains/losses may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains/losses are non-recurring. These charges, income and gains/losses could be reasonably expected to recur in future results of operations.
These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part as a disclosure to improve the understanding of the Company’s operating results among the investing public and as a measure of a real estate asset’s performance. For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company’s operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.
10
SITE Centers Corp.
Non-GAAP Measures
Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income have been provided herein.
Net Operating Income (“NOI”)
The Company uses NOI, which is a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.
11
SITE CENTERS INVESTOR RELATIONS DEPARTMENT 3300 ENTERPRISE PKWY, BEACHWOOD, OH 44122 O: 216-755-5500 F: 216-755-1500 SITECENTERS.COM NYSE: SITC
