SITE Centers (SITC) Q2 2026 earnings summary

Executive summary

• Reported a net loss of $1.3 million for Q2 2026 and $0.4 million for the six months ended June 30, 2026, compared to net income of $46.5 million and $49.6 million in the prior-year periods, driven by impairment charges, lower rental income from property dispositions, and lower gains on real estate sales.

• Operating FFO was a loss of $4.6 million, down from income of $8.3 million year-over-year, reflecting lower NOI from asset sales, partially offset by higher interest income and lower interest expense.

• Sold five wholly-owned shopping centers, a land parcel, and a joint venture interest for $167.8 million through July 2026; Q2 sales included Meadowmont Crossings and the Pike Outlets for $61.1 million.

• Paid a special cash dividend of $1.00 per share in July 2026.

• Portfolio reduced to 14 shopping centers (including 10 in a joint venture) and two office buildings, with occupancy declining to 81.1%–82.5% from 87.5%–88.1% year-over-year.

Financial highlights

• Total revenues for Q2 2026 were $10.7 million, down from $33.5 million in Q2 2025; six-month revenues were $23.7 million, down from $76.1 million year-over-year.

• Rental income for Q2 2026 was $6.8 million, down from $30.7 million in Q2 2025; six-month rental income was $16.1 million, down from $62.1 million.

• Net operating income for Q2 2026 was $2.0 million, compared to $20.0 million in Q2 2025.

• FFO for Q2 2026 was $(4.6) million ($-0.09 per share), down from $8.3 million ($0.16 per share) in Q2 2025.

• Cash balance at June 30, 2026 was $238.9 million, up from $119.0 million at year-end 2025; no consolidated debt outstanding.

Outlook and guidance

• Rental income and net income expected to decrease further due to ongoing asset sales and declining property revenues.

• General and administrative expenses to remain elevated until the Shared Services Agreement with Curbline ends in October 2027.

• Proceeds from future asset sales will be used for operating expenses, liquidity management, shareholder distributions, and wind-up reserves.

• Company does not expect to make regular quarterly dividends in the future; future dividends will depend on asset sales and joint venture resolution.

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