SITE Centers Corp. (NYSE: SITC) reported Q2 EPS of ($0.05), $0.05 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $98.26 million versus the consensus estimate of $97.89 million.

Results for the Quarter

• Second quarter net loss attributable to common shareholders was $9.7 million, or $0.05 per diluted share, as compared to net income of $8.9 million, or $0.05 per diluted share, in the year-ago period. The year-over-year decrease in net income was primarily attributable to the impact of the COVID-19 pandemic.
• Second quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $39.9 million, or $0.21 per diluted share, compared to $57.0 million, or $0.31 per diluted share, in the year-ago period.

“Despite unprecedented operating conditions, second quarter results demonstrate the durability of our assets with 100% of our properties operational and over 90% of our tenants currently open for business,” commented David R. Lukes, President and Chief Executive Officer. “Our agreement with Blackstone to unwind our BRE DDR joint ventures further improves our Company’s financial position and outlook with 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.