SITE Centers Corp. (NYSE: SITC) released its financial results for the third quarter ended September 30, 2026, alongside updates on asset sales and corporate restructuring. The company reported a net loss of $5.4 million, or $0.10 per diluted share, for the quarter, compared to a net loss of $6.2 million, or $0.13 per diluted share, in the prior year period. The improvement was attributed to lower interest expense, reduced impairment charges, and decreased depreciation and amortization, partially offset by lower Net Operating Income (NOI) resulting from property dispositions.
On an operating funds from operations (Operating FFO) basis, the company reported a loss of $3.1 million, or $0.06 per diluted share, contrasting with income of $5.6 million, or $0.11 per diluted share, in the third quarter of 2025. The decline was primarily driven by lower NOI due to property sales and a decrease in interest expense.
During the quarter, SITE Centers sold Meadowmont Market, the Shoppes at Paradise Pointe, and a land parcel for a combined gross sales price of $19.9 million. Additionally, in October, the company sold The Maxwell in Chicago for approximately $15.3 million and its partnership interests in the Dividend Trust Portfolio joint venture for about $32.4 million. Year-to-date, the company has sold seven properties, a land parcel, and joint venture interests for an aggregate gross sales price of approximately $223.8 million.
In other corporate developments, SITE Centers announced a special cash distribution of $3.00 per common share, payable on November 5, 2026. The company also provided notice to the New York Stock Exchange of its intent to voluntarily delist its common shares prior to trading on December 4, 2026, with the shares expected to trade over-the-counter following the delisting. The company is actively marketing its Beachwood, Ohio headquarters office buildings and has entered into a lease agreement with Curbline Properties Corp. for approximately 31,089 square feet beginning October 1, 2027.
