SITE Centers (SITC)
Market Price (9/25/2026): $3.01 | Market Cap: $157.9 MilSector: Real Estate | Industry: Retail REITs
SITE Centers (SITC)
Market Price (9/25/2026): $3.01Market Cap: $157.9 MilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 305%, Dividend Yield is 224%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 301% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -151% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include E-commerce & DTC Adoption, and Sustainable & Green Buildings. Themes include Online Grocery Platforms, Direct-to-Consumer Brands (Staples), Show more. | Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -94% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -23 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -32% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -59%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -45%, Rev Chg QQuarterly Revenue Change % is -68% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25% Key risksSITC key risks include [1] the substantial execution risk of its strategic plan to liquidate assets and dissolve the company and [2] significant financial distress, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 305%, Dividend Yield is 224%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 301% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -151% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include E-commerce & DTC Adoption, and Sustainable & Green Buildings. Themes include Online Grocery Platforms, Direct-to-Consumer Brands (Staples), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -94% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -23 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -32% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -59%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -45%, Rev Chg QQuarterly Revenue Change % is -68% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25% |
| Key risksSITC key risks include [1] the substantial execution risk of its strategic plan to liquidate assets and dissolve the company and [2] significant financial distress, Show more. |
Qualitative Assessment
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SITE Centers (SITC) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Accelerated Asset Disposition Strategy. SITE Centers has actively pursued a strategy of liquidating its retail real estate portfolio, transitioning from a traditional growth-focused REIT to an entity primarily focused on monetizing its remaining assets and returning capital to shareholders. Year-to-date, as of its fiscal Q2 2026 earnings report, the company had sold five properties, a land parcel, and a joint venture interest, generating aggregate gross sales prices of approximately $167.8 million. This ongoing divestment activity inherently limits future operational growth and shifts investor focus towards the company's liquidation value.
2. Deteriorating Fiscal Q2 2026 Financial Performance. The company's financial results for fiscal Q2 2026, which ended June 30, 2026, and were released on August 3, 2026, significantly underperformed. Quarterly revenue was reported at $6.85 million, falling below analyst consensus estimates of $8.20 million. Furthermore, Operating Funds From Operations (FFO) swung to a loss of approximately $4.6 million, marking a 166% decrease from a profit in fiscal Q2 2025, and the company posted a net loss of about $1.3 million. This weakened performance raised investor concerns regarding the value of the remaining portfolio.
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SITE Centers (SITC) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Accelerated Asset Disposition Strategy. SITE Centers has actively pursued a strategy of liquidating its retail real estate portfolio, transitioning from a traditional growth-focused REIT to an entity primarily focused on monetizing its remaining assets and returning capital to shareholders. Year-to-date, as of its fiscal Q2 2026 earnings report, the company had sold five properties, a land parcel, and a joint venture interest, generating aggregate gross sales prices of approximately $167.8 million. This ongoing divestment activity inherently limits future operational growth and shifts investor focus towards the company's liquidation value.
2. Deteriorating Fiscal Q2 2026 Financial Performance. The company's financial results for fiscal Q2 2026, which ended June 30, 2026, and were released on August 3, 2026, significantly underperformed. Quarterly revenue was reported at $6.85 million, falling below analyst consensus estimates of $8.20 million. Furthermore, Operating Funds From Operations (FFO) swung to a loss of approximately $4.6 million, marking a 166% decrease from a profit in fiscal Q2 2025, and the company posted a net loss of about $1.3 million. This weakened performance raised investor concerns regarding the value of the remaining portfolio.
3. Analyst Downgrades and Price Target Reductions. Following the release of its fiscal Q2 2026 earnings, SITE Centers experienced analyst downgrades and significant reductions in price targets. For example, Piper Sandler lowered its price target for SITC on August 4, 2026, to $3.50 from $5.00. This adjustment reflected a "more cautious liquidation-value view" from analysts, further contributing to negative investor sentiment and a downward revaluation of the stock.
4. High Non-Cash Earnings and Unresolved Joint Venture Uncertainty. The company's financial quality is also impacted by a high level of non-cash earnings, indicated by a 43% accrual ratio, which is considered a major risk factor. Additionally, the unresolved monetization of the DTP joint venture, in which SITE Centers holds a 20% interest, introduces uncertainty due to restrictions on how and when the company can divest its stake, adding to investor caution about the final capital return.
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Stock Movement Drivers
Fundamental Drivers
The -22.0% change in SITC stock from 5/31/2026 to 9/24/2026 was primarily driven by a -24.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.87 | 3.02 | -22.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 94 | 71 | -24.2% |
| Net Income Margin (%) | 186.8% | 179.5% | -3.9% |
| P/E Multiple | 1.2 | 1.2 | 7.2% |
| Shares Outstanding (Mil) | 52 | 52 | 0.0% |
| Cumulative Contribution | -22.0% |
Market Drivers
5/31/2026 to 9/24/2026| Return | Correlation | |
|---|---|---|
| SITC | -22.0% | |
| Market (SPY) | 1.7% | -18.8% |
| Sector (XLRE) | -4.5% | 38.1% |
Fundamental Drivers
The -36.0% change in SITC stock from 2/28/2026 to 9/24/2026 was primarily driven by a -42.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.72 | 3.02 | -36.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 124 | 71 | -42.4% |
| Net Income Margin (%) | 143.8% | 179.5% | 24.8% |
| P/E Multiple | 1.4 | 1.2 | -11.0% |
| Shares Outstanding (Mil) | 52 | 52 | 0.0% |
| Cumulative Contribution | -36.0% |
Market Drivers
2/28/2026 to 9/24/2026| Return | Correlation | |
|---|---|---|
| SITC | -36.0% | |
| Market (SPY) | 12.4% | 1.9% |
| Sector (XLRE) | -3.5% | 44.5% |
Fundamental Drivers
The -42.6% change in SITC stock from 8/31/2025 to 9/24/2026 was primarily driven by a -58.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.26 | 3.02 | -42.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 172 | 71 | -58.6% |
| Net Income Margin (%) | 213.2% | 179.5% | -15.8% |
| P/E Multiple | 0.8 | 1.2 | 64.7% |
| Shares Outstanding (Mil) | 52 | 52 | -0.1% |
| Cumulative Contribution | -42.6% |
Market Drivers
8/31/2025 to 9/24/2026| Return | Correlation | |
|---|---|---|
| SITC | -42.6% | |
| Market (SPY) | 20.3% | 12.2% |
| Sector (XLRE) | 1.8% | 43.4% |
Fundamental Drivers
The -20.8% change in SITC stock from 8/31/2023 to 9/24/2026 was primarily driven by a -85.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.81 | 3.02 | -20.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 481 | 71 | -85.2% |
| Net Income Margin (%) | 23.9% | 179.5% | 650.6% |
| P/E Multiple | 1.7 | 1.2 | -28.5% |
| Shares Outstanding (Mil) | 52 | 52 | -0.3% |
| Cumulative Contribution | -20.8% |
Market Drivers
8/31/2023 to 9/24/2026| Return | Correlation | |
|---|---|---|
| SITC | -20.8% | |
| Market (SPY) | 76.8% | 27.0% |
| Sector (XLRE) | 24.6% | 42.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SITC Return | 61% | -10% | 5% | 3% | 18% | -40% | 12% |
| Peers Return | 64% | -11% | 9% | 17% | -4% | 10% | 96% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| SITC Win Rate | 83% | 50% | 42% | 50% | 42% | 44% | |
| Peers Win Rate | 82% | 38% | 57% | 62% | 43% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| SITC Max Drawdown | -16% | -36% | -23% | -15% | -31% | -46% | |
| Peers Max Drawdown | -12% | -31% | -20% | -12% | -19% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KIM, REG, BRX, FRT, KRG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/24/2026 (YTD)
How Low Can It Go
| Event | SITC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.2% | -18.8% |
| % Gain to Breakeven | 35.6% | 23.1% |
| Time to Breakeven | 129 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.2% | -9.5% |
| % Gain to Breakeven | 25.4% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.7% | -6.7% |
| % Gain to Breakeven | 21.6% | 7.1% |
| Time to Breakeven | 110 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.8% | -24.5% |
| % Gain to Breakeven | 46.7% | 32.4% |
| Time to Breakeven | 546 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.8% | -33.7% |
| % Gain to Breakeven | 192.2% | 50.9% |
| Time to Breakeven | 321 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.2% | -19.2% |
| % Gain to Breakeven | 19.3% | 23.8% |
| Time to Breakeven | 32 days | 105 days |
In The Past
SITE Centers's stock fell -26.2% during the 2025 US Tariff Shock. Such a loss loss requires a 35.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | SITC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.2% | -18.8% |
| % Gain to Breakeven | 35.6% | 23.1% |
| Time to Breakeven | 129 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.2% | -9.5% |
| % Gain to Breakeven | 25.4% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.8% | -24.5% |
| % Gain to Breakeven | 46.7% | 32.4% |
| Time to Breakeven | 546 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.8% | -33.7% |
| % Gain to Breakeven | 192.2% | 50.9% |
| Time to Breakeven | 321 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.4% | -17.9% |
| % Gain to Breakeven | 47.8% | 21.8% |
| Time to Breakeven | 165 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.4% | -15.4% |
| % Gain to Breakeven | 43.7% | 18.2% |
| Time to Breakeven | 104 days | 125 days |
In The Past
SITE Centers's stock fell -26.2% during the 2025 US Tariff Shock. Such a loss loss requires a 35.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SITE Centers (SITC)
SITE Centers (SITC) is a publicly traded Real Estate Investment Trust (REIT) that specializes in owning and managing open-air shopping centers. As a self-administered and self-managed REIT, the company operates as a fully integrated real estate entity, meaning it handles all aspects of its property portfolio, from acquisition and development to ongoing management.
The company's main service involves providing highly compelling retail spaces within its shopping centers to a diverse range of tenants. These open-air centers are designed to offer an attractive shopping experience and a strong merchandise mix for consumers. SITE Centers' primary customers are the retail businesses that lease space within these properties, enabling them to operate their stores and serve their respective consumer markets.
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Here are a few analogies for SITE Centers (SITC):
- Like Prologis, but for open-air retail properties instead of warehouses.
- Like Simon Property Group, but specializing in open-air shopping centers and strip malls rather than enclosed malls.
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- Leasing Retail Space: SITE Centers provides commercial real estate within its portfolio of open-air shopping centers for various retail businesses.
- Property Management: The company actively manages and maintains its owned open-air shopping centers, ensuring an attractive environment for both tenants and consumers.
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SITE Centers (SITC) primarily generates revenue from leasing space in its open-air shopping centers to retail businesses. Therefore, its major customers are other companies, specifically retailers.
Based on their latest financial disclosures, some of SITE Centers' major customer companies (tenants), listed by their contribution to annualized base rent, include:
- The TJX Companies, Inc. (TJX)
- Grocery Outlet Holding Corp. (GO)
- Giant Eagle, Inc.
- Ulta Beauty, Inc. (ULTA)
- Dick's Sporting Goods, Inc. (DKS)
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David R. Lukes, President & Chief Executive Officer
David R. Lukes has served as President and Chief Executive Officer of SITE Centers since 2017 and is a member of its Board of Directors. Prior to joining SITE Centers, he held leadership roles at several other real estate companies, including President and Chief Executive Officer of Equity One Inc. from 2014 to 2017. Equity One Inc. later merged with Regency Centers Corp. Mr. Lukes also served as President and Chief Executive Officer of Sears Holding Corporation affiliate Seritage Realty Trust from 2012 to 2014, and President and Chief Executive Officer of Olshan Properties from 2010 to 2012. From 2002 to 2010, he held various senior management positions at Kimco Realty Corporation, including Chief Operating Officer. Additionally, Mr. Lukes has served as President, CEO, and Director of Curbline Properties Corp. since 2024 and Retail Value Inc. since 2018.
Gerald ("Gerry") Morgan, Executive Vice President, Chief Financial Officer & Treasurer
Gerald ("Gerry") Morgan was appointed Executive Vice President, Chief Financial Officer, and Treasurer of SITE Centers in October 2024. Before joining SITE Centers, he served as the Chief Financial Officer of Four Corners Property Trust, a public REIT, from 2015 to April 2024. From 2012 to 2015, Mr. Morgan was the CFO and a Managing Director of Amstar Advisers, a private real estate investment manager, where he also served on its Executive and Investment Committees. He was also the Managing Director of Financial Strategy and Planning for Prologis from 2010 to 2011, involved in capital markets and M&A activities. Mr. Morgan previously served as President and CFO of American Residential Communities and as a senior officer with Archstone. Notably, he was also the CFO of Francisco Partners, a technology-focused private equity fund.
Aaron M. Kitlowski, Executive Vice President, General Counsel & Corporate Secretary
Aaron M. Kitlowski has served as Executive Vice President, General Counsel, and Corporate Secretary of SITE Centers since 2017. Prior to joining the Company, he served as General Counsel and Corporate Secretary at Equity One for six years. Before Equity One, Mr. Kitlowski was Chief Counsel of CIT Group Inc. for six years and an Associate at Simpson Thacher & Bartlett for seven years.
John M. Cattonar, Executive Vice President, Chief Investment Officer
John M. Cattonar has served as Executive Vice President and Chief Investment Officer of SITE Centers since 2021 and as a Director since 2024. He was previously Senior Vice President of Investments from 2017 to 2021. Mr. Cattonar also holds the position of Executive Vice President and Chief Investment Officer of Curbline Properties Corp. since 2024.
Jeffrey Scott, Chief Accounting Officer
Jeffrey Scott serves as the Chief Accounting Officer for SITE Centers. He joined the Company in December 2007.
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- Execution Risk of Strategic Wind-down and Asset Dispositions: SITE Centers is currently engaged in a strategic wind-down, actively selling off most of its properties and planning to monetize its joint venture investments, with the ultimate goal of winding up the business. A primary risk is the company's ability to successfully execute this disposition plan, which includes selling remaining properties on commercially reasonable terms and realizing adequate value from its joint venture stakes. The spin-off of a significant portion of its portfolio as Curbline Properties in 2024 underscores this ongoing transformation.
- Declining Financial Performance: As a direct consequence of its asset disposition strategy, SITE Centers has experienced substantial declines in revenue and Funds From Operations (FFO). Earnings are forecast to continue declining significantly, impacting the company's financial health throughout its wind-down phase. This decline is evidenced by a substantial drop in third-quarter revenue and a forecast of average annual earnings decline over the next three years.
- Market Conditions and E-commerce Impact: The company remains susceptible to general economic conditions, including inflation and interest rate volatility, which can influence the demand for retail real estate and the valuation of its remaining properties. High interest rates, in particular, can make it more challenging and costly to acquire or develop real estate. Additionally, the ongoing rise in e-commerce adoption poses a continuous concern for brick-and-mortar retail, potentially impacting the market share for physical shopping centers and the value of SITE Centers' remaining assets.
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The rapid and continuous evolution of e-commerce fulfillment, particularly the proliferation of dark stores and micro-fulfillment centers, which directly diminishes the need for traditional consumer-facing retail square footage for product sales and increasingly shifts retail operations towards logistics and online order processing.
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The addressable market for SITE Centers' services, as an owner and manager of open-air shopping centers, can be estimated based on the broader shopping centers market in the United States. In 2021, the global shopping centers market size was valued at USD 5,231.63 billion. North America constituted the largest share of this market, accounting for over 46%. Therefore, the addressable market for shopping centers in North America was approximately USD 2.41 trillion in 2021.
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Share Repurchases
- SITE Centers' Board of Directors authorized a common share repurchase program for up to $100 million in 2022.
- As of December 31, 2024, the company had repurchased 0.5 million common shares at an aggregate cost of $26.6 million under this program.
Share Issuance
- In March 2021, SITE Centers sold 17.25 million common shares in a registered public offering, generating net proceeds of $225.3 million.
- During 2021, the company sold 2,225,698 common shares on a forward basis under its At-The-Market (ATM) program, with expected gross proceeds of $35.1 million.
- The company terminated its $250.0 million ATM continuous equity program in May 2024.
Outbound Investments
- In October 2024, SITE Centers completed the spin-off of 79 convenience retail properties into a separately traded company, Curbline Properties Corp.
- The company sold 14 properties in 2025 for an aggregate price of $752.5 million, significantly reducing its asset base.
- Since the spin-off announcement in 2023, SITE Centers has sold $3.7 billion of assets, comprising 64 retail properties and one land parcel.
Capital Expenditures
- In 2021, SITE Centers' share of capital expenditures included $15.4 million for redevelopment costs and $20.3 million for maintenance capital expenditures.
- For the nine months ended September 30, 2024, capital expenditures amounted to $15.7 million for redevelopment costs and $11.5 million for maintenance capital expenditures.
- The primary focus of capital expenditures is on enhancing existing properties through redevelopment, maintenance, and tenant allowances for new leases, as indicated by a $19 million "Signed but Not Opened" pipeline in 2022.
Peer Outperformance in Retail REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 15.8% | 58.5% | 59.9% | WELL 216% · DHC 155% · CTRE 126% |
| Retail REITs ← | 22 | 8.9% | 35.6% | 29.8% | IVT 1492% · SKT 152% · SPG 99% |
| Real Estate Development | 6 | -21.2% | 9.7% | 18.8% | JOE 62% · AXR 51% · FOR 40% |
| Other Specialized REITs | 11 | 6.5% | 23.3% | 12.7% | IRM 211% · EPR 60% · OUT 58% |
| Industrial REITs | 11 | 18.0% | 26.6% | 4.7% | EGP 38% · FR 32% · PLD 21% |
| Hotel & Resort REITs | 16 | 33.2% | 35.9% | 3.1% | HST 66% · RHP 65% · DRH 49% |
| Diversified REITs | 12 | 8.4% | 33.7% | -6.1% | CTO 71% · LXP 23% · WPC 19% |
| Single-Family Residential REITs | 4 | -4.2% | -2.2% | -18.5% | AMH -10% · ELS -17% · INVH -21% |
| Multi-Family Residential REITs | 13 | -7.1% | 3.8% | -22.6% | AIV 4% · ESS -1% · BRT -6% |
| Real Estate Services | 27 | -18.3% | -1.7% | -28.3% | REAX 732% · MDRR 612% · CHCI 290% |
| Office REITs | 18 | -13.3% | 22.6% | -33.6% | PSTL 71% · CDP 51% · SLG -4% |
| Telecom Tower REITs | 3 | -12.7% | -12.2% | -47.6% | AMT -31% · SBAC -48% · CCI -52% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 26.22 |
| Mkt Cap | 9.0 |
| Rev LTM | 1,369 |
| Op Inc LTM | 491 |
| FCF LTM | 507 |
| FCF 3Y Avg | 481 |
| CFO LTM | 658 |
| CFO 3Y Avg | 619 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 5.4% |
| Rev Chg Q | 4.6% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 6.2% |
| Op Inc Chg 3Y Avg | 7.4% |
| Op Mgn LTM | 34.5% |
| Op Mgn 3Y Avg | 34.2% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 49.2% |
| CFO/Rev 3Y Avg | 49.0% |
| FCF/Rev LTM | 40.6% |
| FCF/Rev 3Y Avg | 40.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 124 | 277 | 453 | 479 | |
| Fee and other income | 42 | ||||
| Rental income | 491 | ||||
| Total | 124 | 277 | 453 | 479 | 533 |
| $ Mil | 2004 |
|---|---|
| Shopping Centers | 138 |
| Business Centers | 23 |
| Total | 161 |
| $ Mil | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|
| Shopping Centers | 8,883 | 7,360 | 6,943 | 5,339 | 3,619 |
| Business Centers | 102 | 91 | 86 | 265 | 266 |
| Total | 8,985 | 7,451 | 7,029 | 5,603 | 3,885 |
Price Behavior
| Market Price | $3.02 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 02/02/1993 | |
| Distance from 52W High | -42.5% | |
| 50 Days | 200 Days | |
| DMA Price | $3.08 | $4.02 |
| DMA Trend | down | down |
| Distance from DMA | -1.9% | -24.9% |
| 3M | 1YR | |
| Volatility | 44.5% | 31.1% |
| Downside Capture | 0.66 | 63.79 |
| Upside Capture | -74.36 | -8.35 |
| Correlation (SPY) | -22.7% | 11.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.54 | -0.78 | -0.81 | 0.01 | 0.29 | 0.65 |
| Up Beta | -1.72 | -2.64 | -2.31 | -0.64 | -0.09 | 0.68 |
| Down Beta | -4.41 | -2.00 | -0.08 | 0.29 | 0.58 | 0.81 |
| Up Capture | -32% | -29% | -94% | -26% | -6% | 16% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 29 | 57 | 115 | 357 |
| Down Capture | 223% | 106% | 12% | 83% | 80% | 87% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 19 | 33 | 65 | 127 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SITC | |
|---|---|---|---|---|
| SITC | -41.0% | 31.0% | -1.67 | - |
| Sector ETF (XLRE) | 1.8% | 14.1% | -0.11 | 43.8% |
| Equity (SPY) | 16.7% | 13.0% | 0.92 | 11.6% |
| Gold (GLD) | 13.1% | 29.3% | 0.42 | 2.9% |
| Commodities (DBC) | 45.1% | 20.7% | 1.71 | -17.4% |
| Real Estate (VNQ) | 3.7% | 13.7% | 0.01 | 46.8% |
| Bitcoin (BTCUSD) | -24.8% | 44.8% | -0.51 | 12.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SITC | |
|---|---|---|---|---|
| SITC | -6.6% | 34.7% | -0.14 | - |
| Sector ETF (XLRE) | 0.8% | 19.1% | -0.06 | 54.5% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 41.5% |
| Gold (GLD) | 19.0% | 18.8% | 0.82 | 5.9% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | 7.6% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 57.4% |
| Bitcoin (BTCUSD) | 12.0% | 52.6% | 0.41 | 17.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SITC | |
|---|---|---|---|---|
| SITC | -6.4% | 42.1% | -0.02 | - |
| Sector ETF (XLRE) | 6.3% | 20.4% | 0.26 | 58.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 45.7% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 2.7% |
| Commodities (DBC) | 8.5% | 18.1% | 0.39 | 19.4% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 64.1% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 12.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -4.2% | -8.8% | -12.4% |
| 5/7/2026 | -0.9% | -3.0% | -11.2% |
| 2/26/2026 | -8.7% | -7.4% | -22.1% |
| 11/5/2025 | -4.1% | -4.1% | -4.8% |
| 8/5/2025 | 0.8% | 2.0% | 56.6% |
| 5/7/2025 | 0.0% | 0.7% | -1.7% |
| 2/27/2025 | -5.1% | -8.3% | -12.2% |
| 10/30/2024 | -4.0% | -6.9% | -8.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 11 | 11 | 13 |
| Median Positive | 2.2% | 2.0% | 8.0% |
| Median Negative | -4.0% | -6.9% | -8.4% |
| Max Positive | 4.3% | 12.0% | 56.6% |
| Max Negative | -8.7% | -8.8% | -22.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -4.2% | -8.8% | -12.4% |
| 5/7/2026 | -0.9% | -3.0% | -11.2% |
| 2/26/2026 | -8.7% | -7.4% | -22.1% |
| 11/5/2025 | -4.1% | -4.1% | -4.8% |
| 8/5/2025 | 0.8% | 2.0% | 56.6% |
| 5/7/2025 | 0.0% | 0.7% | -1.7% |
| 2/27/2025 | -5.1% | -8.3% | -12.2% |
| 10/30/2024 | -4.0% | -6.9% | -8.7% |
| 7/30/2024 | 2.6% | -3.7% | -2.2% |
| 4/30/2024 | -1.5% | 2.6% | 2.2% |
| 2/13/2024 | 1.5% | 1.5% | 2.4% |
| 10/30/2023 | 3.6% | 12.0% | 15.4% |
| 7/25/2023 | -3.6% | -3.6% | -12.8% |
| 4/25/2023 | 2.2% | 1.9% | 0.3% |
| 2/8/2023 | 0.4% | 1.2% | -7.8% |
| 10/25/2022 | 4.3% | 6.5% | 15.6% |
| 7/28/2022 | 3.6% | 1.1% | -0.4% |
| 4/26/2022 | -0.1% | -8.0% | -8.4% |
| 2/9/2022 | 1.1% | 3.1% | 8.0% |
| 10/25/2021 | 2.5% | -3.2% | 2.6% |
| 7/29/2021 | 4.1% | 0.1% | 0.7% |
| 4/22/2021 | -1.3% | 2.9% | -1.2% |
| 2/18/2021 | 0.3% | 9.6% | 8.0% |
| 10/27/2020 | -5.5% | -7.7% | 48.7% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 11 | 11 | 13 |
| Median Positive | 2.2% | 2.0% | 8.0% |
| Median Negative | -4.0% | -6.9% | -8.4% |
| Max Positive | 4.3% | 12.0% | 56.6% |
| Max Negative | -8.7% | -8.8% | -22.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Investor Activity (13F)
Updated Sep 25, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Retail REITs Resources |
| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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