SITE Centers Corp. (NYSE: SITC) reported Q1 EPS of $0.15, $0.09 better than the analyst estimate of $0.06. Revenue for the quarter came in at $114.08 million versus the consensus estimate of $113.05 million.

Results for the Quarter

• First quarter net income attributable to common shareholders was $29.2 million, or $0.15 per diluted share, as compared to net income of $27.4 million, or $0.15 per diluted share, in the year-ago period. The year-over-year increase in net income was primarily attributable to a gain recognized on the sale of a joint venture interest offset by a valuation allowance of the Company’s preferred investments and debt extinguishment costs.
• First quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $61.2 million, or $0.32 per diluted share, compared to $58.7 million, or $0.32 per diluted share, in the year-ago period.

“SITE Centers had a strong start to the year and is well-positioned heading into a period of economic uncertainty given the strength of the Company’s curated portfolio and balance sheet,” commented David R. Lukes, President and Chief Executive Officer. “We have substantial liquidity, no material near-term maturities, and no material capital commitments.”

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