SITE Centers posts Q2 net loss as property sales weigh on results

Overview

• U.S. shopping center REIT posted Q2 net loss, reversing profit from prior year

• Q2 operating FFO turned negative, reflecting impact of property sales and lower NOI

• Company declared $1.00 per share special dividend, paid July 31, 2026

Outlook

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

• Company expects closings of two property sales by end of third qtr 2026

• Outcome of DTP joint venture remains uncertain, with partner decision expected by Aug 31, 2026

Result Drivers

• PROPERTY SALES - Lower net operating income and negative operating FFO were primarily due to property dispositions, according to the company

• LEASED RATE DECLINE - Lower leased rate was mainly attributed to transactional activity and the remaining mix of properties, per company

• HIGHER LEGAL EXPENSES - Environmental and tenant litigation expenses increased to $1.0 mln in Q2 from $0.4 mln a year earlier

Company press release: ID:nBw2MWB2Da

Key Details

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 $5.00, about 16.8% above its July 31 closing price of $4.28

Reuters Recommended Reads

• Aug 3 - Alexander's Q2 net income surges on property sale gain

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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.)