(RTTNews) - SITE Centers Corp. (SITC), a real estate investment company, on Tuesday reported a decline in Funds from Operations or FFO for the fourth quarter, amidst loss in disposition of real estate and a decline in FFO from joint ventures.
In addition, the company's earnings beat the Street view.
For the fourth quarter, the company posted an FFO of $52.936 million or $0.25 per share, less than $62.262 million or $0.29 per share, posted for the same period of last year.
Loss on disposition of real estate moved up to $187.796 million from $15.352 million in 2022.
FFO from joint ventures was at $1.654 million, less than $2.806 million last year.
Operating FFO stood at $53.979 million or $0.26 per share, compared with $62.501 million or $0.29 per share a year ago.
Net income surged to $193.635 million or $0.92 per share from $25.408 million or $0.12 per share in 2022. Net earnings were supported by a gain on disposition of real estate of $187.796 million, compared with last year's $15.532 million.
On average, six analysts polled by Thomson Reuters had expected the firm to earn $0.02 per share, for the quarter. Analysts' estimates typically exclude special items.
Operating income slipped to $84.938 million from $94.207 million a year ago.
Revenue was $123.156 million, down from the previous year's $136.433 million and the analysts' estimate of $129.52 million.
For the first quarter, SITE Centers has announced a dividend of $0.13 per share, scheduled to be paid on April 5, to shareholders of record as of March 14.
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