Overview

* SITE Centers ( SITC ) Q2 net income falls due to lower gains on property sales

* Operating FFO for Q2 declines, impacted by property dispositions

* The real estate investment trust sold properties for $319 mln, announced special cash distributions

Result Drivers

* PROPERTY DISPOSITIONS - Lower net income and Operating FFO attributed to reduced gains from property sales and decreased rental income following asset sales and Curbline spin-off

* LEASING ACTIVITY - Executed four new leases and 13 renewals for 145,000 sq ft, despite a decline in leased rate to 88.1%

* ASSET SALES STRATEGY - Sold five properties for $319 mln and in process of selling additional assets, focusing on maximizing asset value

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS $0.88

Q2 Net $46.50

Income mln

Q2 FFO $8.30

mln

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the commercial reits peer group is "buy."

* Wall Street's median 12-month price target for Site Centers Corp ( SITC ) is $14.75, about 24.5% above its August 4 closing price of $11.13

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)