SITE Centers Q3 operating FFO swings to loss as property sales reduce income
SITC•SITE Centers reported a third-quarter net loss of $5.40 million and operating FFO of negative $3.10 million, as property sales reduced rental income to $4.5 million from $24.2 million. The company paid a $1-per-share special dividend in Q3 and announced a $3-per-share special distribution in October.
1. Third-quarter results
SITE Centers reported a Q3 net loss of $5.40 million, with a loss per share of $0.10. Its net loss narrowed from the prior year, while operating FFO turned negative at $3.10 million, which the company attributed to lower NOI following property dispositions.
2. Rental income and distributions
Rental income fell to $4.5 million from $24.2 million as the remaining property portfolio shrank. The company paid a $1-per-share special dividend in Q3 and announced a $3-per-share special distribution in October.
3. Company outlook
SITE Centers expects to close the sale of The Blocks by the end of Q4 2026, subject to conditions, and is marketing its Beachwood, Ohio headquarters for sale. It expects no REIT taxable income in 2026 and estimates all 2026 distributions will be return of capital.
