SITE Centers Corp. (SITC) Plunge 7.76% to Monthly Low on Q3 Revenue Drop, Asset Sales, Impairment Charges

The share price fell to its lowest level so far this month, with an intraday decline of 7.76%.

SITE Centers Corp. (SITC) reported a 58.9% year-over-year drop in third-quarter revenue to $24.5 million, driven by asset sales and a $106.6 million impairment charge tied to five properties. The REIT sold $380.9 million in assets during the quarter, accelerating a portfolio restructuring strategy that includes divesting non-core holdings and spinning off its Curbline digital retail subsidiary. Despite a $6.2 million net loss, the company maintained dividends at $5.75 per share, aligning with REIT tax requirements but raising questions about sustainability amid declining operating cash flows.

Broader retail real estate sector pressures—high interest rates, e-commerce competition, and shifting consumer behavior—have amplified SITC’s challenges. Analysts note that while asset sales generate liquidity, they also reduce rental income. The company’s focus on open-air shopping centers, a format showing relative resilience, positions it for potential long-term gains but requires disciplined execution to balance short-term liquidity needs with value creation. With a median price target of $12.00 versus its recent $7.40 level, investors await clarity on leasing progress and the pace of asset sales to gauge a potential rebound.