10-Q · May 7, 2026
SITE Centers Corp. reported a significant decline in both revenue and earnings for Q1 2026 compared to previous quarters and the prior year. Revenue stood at $13.02 million, down from $42.62 million a year earlier,…
Earnings analysis · 10-Q
SITC earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
SITE Centers' Q2 revenue declined 68.1% year over year to $10.693 million and it reported a $0.03 diluted loss per share, versus $0.88 of EPS a year earlier, as its planned liquidation/disposition strategy substantially…
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SITE Centers' Q2 revenue declined 68.1% year over year to $10.693 million and it reported a $0.03 diluted loss per share, versus $0.88 of EPS a year earlier, as its planned liquidation/disposition strategy substantially reduced rental income. Core performance weakened materially, with Operating FFO falling to a $4.569 million loss, occupancy declining to 81.1%, and first-half operating cash flow turning to a $14.455 million outflow. Parent-level liquidity remains substantial at $238.9 million of cash with no consolidated debt, but the investment case is dominated by uncertain asset-sale timing, wind-down liabilities, and the pending DTP joint-venture buy-sell process.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.03
What stood out
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Revenue contracted sharply with asset sales
Q2 total revenue was $10.693 million, down $2.307 million, or 17.7%, from $13.0 million in Q1 2026 and down $22.777 million, or 68.1%, from $33.470 million a year earlier. The decline was principally driven by property dispositions, including a $17.056 million drop in base and percentage rental income.
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Cash-rich and debt-free at parent level
The company ended June 30 with $238.9 million of unrestricted cash and no consolidated indebtedness, versus $292.0 million of consolidated debt at June 30, 2025. It also generated $133.016 million of investing cash inflow in the first half, principally from asset and joint-venture sales.
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Monetization returned cash to holders
SITE Centers sold five wholly owned shopping centers and a land parcel for aggregate sales prices of $147.0 million through July 31, 2026. It additionally paid a $1.00-per-share special cash dividend, or $52.7 million in aggregate, on July 31.
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Loss and margin deteriorated versus prior periods
Quarterly GAAP diluted EPS was a loss of $0.03, versus earnings of $0.02 in Q1 2026 and $0.88 in Q2 2025. The operating margin was negative 78.4%, as $19.072 million of operating expenses exceeded $10.693 million of revenue.
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Debt payoff eliminated interest expense
Interest expense fell to $0 in Q2 from $5.304 million a year earlier, while interest income reached $1.615 million. This reflects the absence of consolidated debt and interest earned on cash retained from dispositions.
What to watch
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Core operations and operating cash flow turned negative
Operating FFO was a loss of $4.569 million in Q2, a $12.916 million deterioration from positive $8.347 million a year earlier; first-half operating cash flow was negative $14.455 million versus positive $22.933 million. Management attributes the cash-flow decline primarily to lower NOI following dispositions.
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Occupancy and portfolio rent metrics declined
Portfolio occupancy fell to 81.1% at June 30, 2026 from 85.9% at December 31, 2025 and 87.5% a year earlier; average annualized base rent per square foot fell to $18.40 from $22.61 at year-end. Remaining wholly owned retail assets were only 66.9% occupied.
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DTP buy-sell outcome creates liquidity uncertainty
The DTP joint venture carried $380.6 million of debt, of which SITE Centers' proportionate share was $76.1 million, and the company has limited contractual control over monetization. The counterparty's August 31 election could require SITE Centers to buy its partner's 80% interest for approximately $129.6 million, rather than sell its own 20% stake for approximately $32.4 million.
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Impairments and wind-down costs pressure results
The company recorded $18.450 million of first-half impairment charges triggered by purchase offers and says it expects rental income and net income to decrease in future periods as dispositions reduce property revenues. It also expects general and administrative expense to remain elevated before the Shared Services Agreement is expected to terminate on October 1, 2027.
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No risk-factor update; no revolver remains
There were no new or revised risk factors in Item 1A of this 10-Q; the filing states "None." However, management notes it has no revolving credit facility and must fund operations, an estimated $8.5 million of Curbline redevelopment obligations, and anticipated wind-up costs from cash and asset-sale proceeds.
Management's outlook
No formal revenue or EPS outlook was provided in the 10-Q. Management expects sales of Shoppes at Paradise Pointe for approximately $8.4 million and The Maxwell for approximately $15.3 million to close by the end of Q3 2026, subject to customary conditions. The DTP partner must elect by August 31, 2026 either to purchase SITE Centers' 20% interest for approximately $32.4 million or sell its 80% interest for approximately $129.6 million; closing is expected no later than October 15, 2026 under the joint-venture agreement.
Earlier filings 4
10-K · February 26, 2026
SITE Centers is executing a disposition-driven wind‑down: the portfolio declined to 19 shopping centers at December 31, 2025 (from 33 at year‑end 2024) while management pursues remaining asset sales and joint‑venture…
10-K · February 28, 2025
SITE Centers describes a retail shopping-center focused REIT strategy that emphasizes asset sales, active leasing and shared-services relationships following the October 1, 2024 spin-off. Key balance-sheet items in the…
10-Q · July 31, 2024
SITE Centers reported Q2 net income of $238,245 (three months) driven by a $233,316 gain on disposition of real estate; revenue declined to $115,671 versus $138,158 a year ago. The quarter materially boosted cash (cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.