SITE Centers (SITC) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $0.9 million, down from $3.1 million in Q1 2025, mainly due to impairment charges and lower rental income from property sales, partially offset by gains on joint venture sales and lower interest expense.

• Operating FFO was a loss of $1.9 million (loss of $0.04 per share), compared to income of $8.3 million ($0.16 per share) in Q1 2025, reflecting lower NOI from asset dispositions.

• Portfolio consisted of 16 shopping centers (10 via joint venture) and two office buildings as of March 31, 2026.

• Sold three properties for $85.6 million and exited the Deer Park joint venture for $20.8 million; Meadowmont Crossing sold post-quarter for $11.1 million.

• Maintained $193.5 million in unrestricted cash at quarter-end, focusing on maximizing value from remaining assets and joint ventures.

Financial highlights

• Q1 2026 revenues: $13.0 million, down from $42.6 million in Q1 2025, driven by property dispositions and lower rental income.

• Rental income for Q1 2026 was $9.2 million, down from $31.5 million in Q1 2025.

• FFO: $(1.2) million in Q1 2026 vs. $16.0 million in Q1 2025; Operating FFO: $(1.9) million vs. $8.3 million.

• Impairment charges of $17.5 million were recorded in Q1 2026.

• No dividends declared or paid in Q1 2026 or Q1 2025.

Outlook and guidance

• Rental and net income expected to decline due to ongoing property sales.

• Plans to maintain higher cash balances pending resolution of the DTP joint venture to maximize monetization options.

• General and administrative expenses to remain elevated until Shared Services Agreement termination.

• Company expects to maintain sufficient liquidity for operations and wind-up costs.

• Continued focus on asset sales and joint venture resolutions to unlock value.