Overview
Shopping center owner's Q4 net income rose to $134.4 mln from loss last year
Operating FFO for Q4 fell due to lower NOI from property dispositions
Company sold eight properties for $380 mln, repaid $187 mln mortgage debt
Outlook
Company maintains higher cash balance to maximize joint venture monetization options
SITE Centers continues to sell remaining retail real estate assets
Result Drivers
PROPERTY SALES - Gains from property sales significantly boosted net income, while lower NOI from these sales impacted Operating FFO
DEBT REPAYMENT - Reduced interest expenses contributed to higher net income, as the company repaid $187 mln in mortgage debt
LEASED RATE DECLINE - Leased rate fell due to transactional activity and increased vacancy at The Maxwell, affecting occupancy metrics
Company press release: ID:nBw6HzqY5a
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 EPS | $2.55 | ||
Q4 Net Income | $134.40 mln | ||
Q4 FFO | $2.90 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "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 is $8.00, about 20.5% above its February 25 closing price of $6.64
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(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.)
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