SITE Centers Corp. (NYSE: SITC) reported Q4 EPS of $0.05, $0.03 better than the analyst estimate of $0.02. Revenue for the quarter came in at $111.79 million versus the consensus estimate of $111.32 million.

Results for the Quarter

• Fourth quarter net income attributable to common shareholders was $9.7 million, or $0.05 per diluted share, as compared to net income of $172.5 million, or $0.93 per diluted share, in the year-ago period. The year-over-year decrease in net income was primarily attributable to higher gains on the sale of real estate in 2018.
• Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $62.3 million, or $0.33 per diluted share, compared to $58.0 million, or $0.31 per diluted share, in the year-ago period. The year-over-year increase in OFFO was primarily attributable to lower general and administrative expenses as well as lower interest expense due to deleveraging efforts.

“Fourth quarter results were well ahead of plan capping an excellent first full year of operations since our investor day highlighted by accelerated anchor openings and leasing momentum,” commented David R. Lukes, President and Chief Executive Officer. “We ended the year with a stronger portfolio and balance sheet and are excited about the prospects for 2020 and continued execution on all three drivers of our five-year business plan.”

GUIDANCE:

SITE Centers Corp. sees FY2020 EPS of $0.23-$0.29, versus the consensus of $0.21.

• The Company estimates net income attributable to common shareholders for 2020 to be from $0.23 to $0.29 per diluted share and Operating FFO to be $1.10 to $1.14 per diluted share. Disposition fees, debt extinguishment and mark-to-market adjustments of equity awards are excluded from guidance.

For earnings history and earnings-related data on SITE Centers Corp. (SITC) click here.