SITE Centers Corp. (NYSE:SITC) announced today operating results for the quarter ended March 31, 2026.

"Year to date, the Company has sold three properties for an aggregate gross sales price of approximately $85.6 million and sold its interests in the Deer Park joint venture for $20.8 million," commented David R. Lukes, President and Chief Executive Officer. "SITE Centers remains focused on maximizing the value of its remaining assets through additional asset sales and resolution of its investment in the DTP joint venture."

Results for the First Quarter

First quarter net income was $0.9 million, or $0.02 per diluted share, as compared to $3.1 million, or $0.06 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of impairment charges and lower Net Operating Income ("NOI") as a result of property dispositions offset by the gain on the sale of joint venture interests, increases on gain on disposition of real estate and interest income and decreases in interest expense, condemnation revenue and depreciation and amortization expense.
First quarter operating funds from operations ("Operating FFO" or "OFFO") was a loss of $1.9 million, or a loss of $0.04 per diluted share, compared to income of $8.3 million, or income of $0.16 per diluted share, in the year-ago period. The decrease year-over-year was primarily the result of lower NOI as a result of property dispositions partially offset by a decrease in interest expense and an increase in interest income.
Sold two properties for an aggregate price of $74.5 million, all prior to closing costs, prorations and other closing adjustments.
Sold the Company's partnership interests in the RVIP IIIB joint venture that owns Deer Park Town Center (Deer Park, Illinois) to the existing joint venture partner for approximately $20.8 million, prior to closing costs.
The Company held $193.5 million of unrestricted cash at March 31, 2026. The Company expects to maintain a higher cash balance pending the resolution of the DTP joint venture in order to maximize options to monetize its remaining joint venture investment.

Significant First Quarter Activity and Key Operating Results

Reported a leased rate of 85.9% at March 31, 2026 as compared to 87.8% at December 31, 2025 and 89.8% at March 31, 2025, all on a pro rata basis. The change in the leased rate was due primarily to transactional activity and the remaining mix of properties.
Reported a commenced rate of 84.7% at March 31, 2026 as compared to 85.8% at December 31, 2025 and 89.4% at March 31, 2025, all on a pro rata basis. The change in the commenced rate was due primarily to transactional activity and the remaining mix of properties.
Executed one new lease and eight renewals for 17,906 square feet during the quarter.

Recent Activity

Sold Meadowmont Crossing (Chapel Hill, North Carolina) on May 4, 2026 for an aggregate gross sales price of approximately $11.1 million.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company 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 income (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; our ability to resolve and realize value from our remaining joint venture investment; 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 obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SITE Centers Corp. Income Statement: Consolidated Interests

	in thousands, except per share
		1Q26	1Q25
	Revenues:
	Rental income (1)	$9,241	$31,450
	Other property revenues	130	8,895
		9,371	40,345
	Expenses:
	Operating and maintenance (2)	3,293	7,132
	Real estate taxes	1,642	4,721
		4,935	11,853

	Net operating income (3)	4,436	28,492

	Other income (expense):
	JV and other fee income (4)	3,645	2,278
	Interest expense	0	(5,462)
	Depreciation and amortization	(5,017)	(13,252)
	General and administrative (5)	(8,899)	(9,395)
	Other income (expense), net (6)	197	(495)
	Impairment charges	(17,450)	0
	(Loss) income before earnings from JVs and other	(23,088)	2,166

	Equity in net (loss) income of JVs	(152)	39
	Gain on sale of joint venture interests	19,989	0
	Gain on disposition of real estate, net	4,007	1,029
	Tax benefit (expense)	182	(149)
	Net income	$938	$3,085

	Weighted average shares – Basic and Diluted– EPS	52,467	52,436

	Earnings per common share – Basic	$0.02	$0.06
	Earnings per common share – Diluted	$0.02	$0.06

(1)	Rental income:
	Minimum rents	$5,409	$20,366
	Ground lease minimum rents	308	1,321
	Straight-line rent, net	383	195
	Amortization of (above)/below-market rent, net	84	140
	Percentage and overage rent	249	364
	Recoveries	2,130	8,402
	Uncollectible revenue	36	(108)
	Ancillary and other rental income	192	401
	Lease termination fees	81	0
	Embedded lease Shared Services Agreement ("SSA") with Curbline	369	369

(2)	Includes the allocation of property management personnel expenses	144	354

(3)	Includes NOI from wholly-owned assets sold in 2026 and 2025	1,017	16,563

(4)	Curbline SSA fee	1,082	692
	Curbline SSA gross up	1,763	631
	Embedded lease SSA	(369)	(369)

(5)	Other charges related to system conversion	9	515

(6)	Interest income (fees), net	1,191	361
	Transaction costs and other expenses	769	(225)
	Curbline SSA gross up	(1,763)	(631)

SITE Centers Corp. Reconciliation: Net Income to FFO and Operating FFO and Other Financial Information

	in thousands, except per share
		1Q26	1Q25
	Net income	$938	$3,085
	Depreciation and amortization of real estate	3,333	12,414
	Equity in net loss (income) of JVs	152	(39)
	JVs' FFO	947	1,593
	Impairment charges	17,450	0
	Gain on sale of joint venture interests	(19,989)	0
	Gain on disposition of real estate, net	(4,007)	(1,029)
	FFO	($1,176)	$16,024
	Transaction and other	(803)	122
	Condemnation revenue	0	(8,379)
	Other charges	95	515
	Total non-operating items, net	(708)	(7,742)
	Operating FFO	($1,884)	$8,282

	Weighted average shares & units – Basic: FFO & OFFO	52,467	52,436
	Assumed conversion of dilutive securities	0	0
	Weighted average shares & units – Diluted: FFO & OFFO	52,467	52,436

	FFO per share – Basic	$(0.02)	$0.31
	FFO per share – Diluted	$(0.02)	$0.31
	Operating FFO per share – Basic	$(0.04)	$0.16
	Operating FFO per share – Diluted	$(0.04)	$0.16
	Common stock dividends declared, per share	$0.00	$0.00

	Capital expenditures (SITE Centers share)(1):
	Maintenance capital expenditures	0	347
	Tenant allowances and landlord work	1,645	1,063
	Leasing commissions	151	285
	Construction administrative costs (capitalized)	204	440

	Certain non-cash items (SITE Centers share):
	Straight-line rent	395	219
	Straight-line fixed CAM	1	16
	Amortization of below-market rent/(above), net	185	235
	Straight-line ground rent income	35	20
	Debt fair value and loan cost amortization	(193)	(908)
	Stock compensation expense	(282)	(384)
	Non-real estate depreciation expense	(1,684)	(842)

SITE Centers Corp. Balance Sheet: Consolidated Interests
	$ in thousands
		At Period End
		1Q26	4Q25
	Assets:
	Land	$25,096	$47,182
	Buildings	276,513	338,527
	Fixtures and tenant improvements	125,507	170,247
		427,116	555,956
	Depreciation	(279,634)	(332,774)
		147,482	223,182
	Construction in progress and land	516	2,554
	Real estate, net	147,998	225,736

	Investments in and advances to JVs	26,837	27,676
	Cash	193,453	119,034
	Restricted cash	4,622	3,781
	Receivables and straight-line (1)	10,934	13,015
	Intangible assets, net (2)	12,157	22,207
	Amounts receivable from Curbline	351	902
	Other assets, net	5,568	6,386
	Total Assets	401,920	418,737

	Liabilities and Equity:
	Amounts payable to Curbline	16,139	22,107
	Other liabilities (3)	49,831	61,865
	Total Liabilities	65,970	83,972
	Common shares	5,248	5,247
	Paid-in capital	3,981,137	3,981,084
	Distributions in excess of net income	(3,650,400)	(3,651,338)
	Common shares in treasury at cost	(35)	(228)
	Total Equity	335,950	334,765

	Total Liabilities and Equity	$401,920	$418,737

(1)	Straight-line rents (including fixed CAM), net	$3,790	$3,511

(2)	Operating lease right of use assets	10,284	14,700

(3)	Operating lease liabilities	29,912	34,330
	Below-market leases, net	3,485	4,670

SITE Centers Corp. Portfolio Summary

	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025
Shopping Center Count
Operating Centers - 100%	16	19	27	31	33
Wholly Owned	6	8	16	20	22
JV Portfolio	10	11	11	11	11

Gross Leasable Area (GLA)
Owned and Ground Lease - Pro Rata Share	1,567	2,013	4,271	5,355	5,918
Wholly Owned	888	1,155	3,413	4,497	5,060
JV Portfolio - Pro Rata Share	679	858	858	858	858


Quarterly Operational Overview
Pro Rata Share
Base Rent PSF	$20.00	$22.61	$19.62	$19.83	$19.75
Base Rent PSF < 10K	$31.19	$33.09	$31.05	$31.19	$31.46
Base Rent PSF > 10K	$15.73	$18.02	$15.86	$15.99	$16.12

Commenced Rate	84.7%	85.8%	86.5%	87.5%	89.4%
Commenced Rate < 10K SF	74.9%	79.4%	83.2%	85.6%	85.9%
Commenced Rate > 10K SF	88.7%	88.7%	87.6%	88.1%	90.5%

Leased Rate	85.9%	87.8%	87.6%	88.1%	89.8%
Leased Rate < 10K SF	76.3%	81.9%	84.2%	87.3%	87.1%
Leased Rate > 10K SF	89.8%	90.6%	88.7%	88.4%	90.6%

Note: GLA in thousands. Base Rent PSF excludes ground leases. All results exclude the Company's owned Beachwood, OH headquarters office buildings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507266871/en/

For additional information:

Gerald Morgan, EVP and Chief Financial Officer

216-755-5500

SITE Centers Reports First Quarter 2026 Results