Shares of SITE Facilities Corp. SITC plunged 5.03% within the Feb. 27 common buying and selling session on the NYSE after it reported fourth-quarter 2024 operating funds from operations (OFFO) per share of 16 cents, which missed the Zacks Consensus Estimate of 23 cents.
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Outcomes mirror a fall in revenues and leased price on year-over-year foundation. Nevertheless, enhance in commenced price supported the outcomes to some extent.
SITE Facilities generated revenues of $32.9 million, which missed the Zacks Consensus Estimate of $42.7 million.
On a year-over-year foundation, the highest line declined 66.4%, and OFFO per share fell 84.5%.
Per David R. Lukes, president and CEO of SITC, “The corporate’s commenced price elevated by new tenant retailer openings in an setting of robust leasing demand, and we intend to capitalize the place we view robust personal market curiosity in buying high-quality property by advertising and marketing a subset of buying facilities on the market. Going ahead, SITE Facilities intends to maximise worth by continued leasing, asset administration and potential extra asset gross sales.”
For 2024, SITE Facilities reported OFFO per share of $3.17, a lower of 33% from the prior yr’s quantity. Additional, the determine lagged the Zacks Consensus Estimate of $3.24. Complete revenues of $271.1 million have been 39.2% down yr over yr and missed the Zacks Consensus Estimate of $366.8 million.
SITC’s Quarter in Element
SITC reported a leased price of 91.1% on a pro-rata foundation as of Dec. 31, 2024, down from 91.3% as of Sept. 30, 2024. The determine in contrast unfavorably with the prior-year quarter’s determine of 92.2%.
On a pro-rata foundation, it reported commenced price of 90.6% as of Dec. 31, 2024, up from 89.8% as of Sept. 30, 2024. The determine in contrast favorably with the year-ago quarter’s 89.6%.
The bottom lease per sq. foot was $19.64 as of Dec. 31, 2024, up from $19.42 recorded a yr in the past.
SITE Facilities, on a pro-rata foundation, generated money renewal leasing spreads of 10.6% within the fourth quarter.
SITE Facilities exited the fourth quarter with $54.6 million of money, down from $1.06 billion as of Sept. 30, 2024.
SITE Facilities at present carries a Zacks Rank #3 (Maintain).
SITE CENTERS CORP. Value, Consensus and EPS Shock
SITE CENTERS CORP. price-consensus-eps-surprise-chart | SITE CENTERS CORP. Quote
Efficiency of Different Retail REITs
Federal Realty Funding Belief’s FRT fourth-quarter 2024 funds from operations (FFO) per share of $1.73 got here according to the Zacks Consensus Estimate. This additionally marked an increase of 5.5% from the year-ago quarter’s tally of $1.64.
Outcomes mirrored wholesome leasing exercise and important occupancy beneficial properties at its properties. FRT at present carries a Zacks Rank #3. You may see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Regency Facilities Company REG reported fourth-quarter 2024 NAREIT FFO per share of $1.09, outpacing the Zacks Consensus Estimate of $1.07. The determine elevated 6.9% from the prior-year quarter.
Outcomes mirrored wholesome leasing exercise. It witnessed a year-over-year enchancment in the identical property internet working earnings and base rents through the quarter. REG at present carries a Zacks Rank #2 (Purchase).
Word: Something associated to earnings offered on this write-up represents FFO, a extensively used metric to gauge the efficiency of REITs.
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Federal Realty Investment Trust (FRT) : Free Stock Analysis Report
Regency Centers Corporation (REG) : Free Stock Analysis Report
SITE CENTERS CORP. (SITC) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
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