One-glance verdict
Undervalued
$65.09 our estimate vs market $0.68
99% below our estimate, below the bear case
Fundamentals snapshot
SITE Centers Corp.
SITC · NYQ · Real Estate · REIT - Retail
Current price
$0.68
52-week range
$0.59 - $7.49
Market cap
$35.56M
Balance sheet
Healthy
-0.10x Concerning
Net cash $200.21M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Returns 44.0% on equity, ahead of 83% of its peers.
- Reward Free cash flow was positive in 4/10 years.
- Risk Operating margin compressed from 21.1% to -49.6% over 3 years.
- Risk Insider ownership is only 0.4% (peer median: 0.8%).
What this company does
SITE Centers Corp.
SITE Centers Corp. owns and runs outdoor malls and shopping centers, which means they make money by renting out space to stores. This business is important because it provides physical places for people to shop, and their success depends on keeping those stores filled and drawing in shoppers.
How the company got here
SITE Centers Corp. has a long history, starting in 1965 as Developers Diversified Realty, Inc. [2, 3] It went public in 1993 and grew through various acquisitions over the years. [2, 3] The company has undergone significant transformations, including rebranding to SITE Centers in 2018 and spinning off certain assets into Retail Value Inc. [1, 2] More recently, SITE Centers has been strategically narrowing its focus by selling off properties. A major step in this direction was the 2024 spin-off of Curbline Properties, which created a separate company focused on convenience-oriented retail. [1, 9] This move has shifted SITE Centers' strategy from portfolio growth to realizing value from its remaining assets. [1]
What it actually does
SITE Centers Corp. is a real estate company that owns and manages open-air shopping centers. [5, 7, 8] Think of them as landlords for retail spaces. They lease these spaces to various businesses, from national brands to local shops, and collect rent from them. [4, 11] Their main goal is to own properties in attractive locations that draw shoppers, which in turn helps their tenant businesses succeed. [4, 10] The company operates as a Real Estate Investment Trust (REIT), which is a type of company that owns, operates, or finances income-generating real estate. [6, 13]
Rental Properties
This is the core business of SITE Centers, where they own and lease out space in open-air shopping centers. [6] These are the physical stores and spaces that shoppers visit. The company's income comes from the rent paid by the retailers who occupy these spaces. [4, 8] SITE Centers focuses on properties in suburban areas that are convenient for shoppers and have a good mix of necessity and value-oriented retailers, like grocery stores or pharmacies, which tend to attract consistent customer traffic. [4, 8, 17]
Management Services
Beyond owning properties, SITE Centers also offers management services. [6] This means they provide expertise in leasing, developing, and managing real estate for other entities, such as joint ventures (partnerships with other companies) or businesses they may have previously owned. [1, 6] Essentially, they use their knowledge of the retail real estate market to help others manage their properties effectively.
Redevelopment Projects
SITE Centers also engages in improving its existing shopping centers through redevelopment projects. [6] This involves renovating properties or re-tenanting them, which means bringing in new or different types of stores. [6] The goal of these projects is to enhance the shopping experience for customers and, in turn, increase the overall value of the real estate assets. [6, 10]
What management is betting on now
SITE Centers is currently focused on a strategy of selling off its remaining assets to realize their value. [1, 15] This follows the recent spin-off of its convenience-focused properties into a separate company called Curbline Properties. [1, 9] The company's management believes that by selling its properties and potentially the entire company platform, they can maximize value for shareholders. [15] This strategic shift means the company is moving away from growing its portfolio to focusing on efficiently managing the sale of its assets and distributing the proceeds. [1, 15]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$8.56M
Net income
—
Diluted EPS
-0.10
Operating cash flow
$-6.11M
Free cash flow
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Sources
Revenue
$10.69M
Net income
—
Diluted EPS
-0.03
Operating cash flow
$-10.15M
Free cash flow
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Sources
Revenue
$13.02M
Net income
—
Diluted EPS
0.02
Operating cash flow
$-4.31M
Free cash flow
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Sources
Revenue
$20.46M
Net income
$177.86M
Diluted EPS
2.55
Operating cash flow
$-8.47M
Free cash flow
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Sources
Revenue
$27.10M
Net income
—
Diluted EPS
-0.13
Operating cash flow
$5.15M
Free cash flow
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Sources
Revenue
$33.47M
Net income
—
Diluted EPS
0.88
Operating cash flow
$17.21M
Free cash flow
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Sources
Revenue
$42.62M
Net income
—
Diluted EPS
0.06
Operating cash flow
$5.72M
Free cash flow
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Sources
Revenue
$-51.06M
Net income
$-5.82M
Diluted EPS
2.72
Operating cash flow
$-31.16M
Free cash flow
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Sources
Is it cheap or expensive?
Fair value $65.09 vs current price $0.68
Our most-likely fair value is $65.09 a share — about 9,506.8% above today's price of $0.68, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $200.2M - more cash than debt. Interest coverage -0.1x.
Net debt
$-200.21M
Interest coverage
-0.10x
SITE Centers Corp.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
SITC
BASELINE
SITE Centers Corp.
Total debt $0.00 Interest coverage -0.10x This is the baseline the peer rows are being compared against.
Total debt $2.84B Interest coverage 1.47x This peer still has a real interest-payment cushion, while SITC does not.
Total debt $2.52B Interest coverage 1.93x This peer still has a real interest-payment cushion, while SITC does not.
Total debt $5.13B Interest coverage 2.82x This peer still has a real interest-payment cushion, while SITC does not.
Total debt $8.59B Interest coverage 2.17x This peer still has a real interest-payment cushion, while SITC does not.
Total debt $4.97B Interest coverage 2.50x This peer still has a real interest-payment cushion, while SITC does not.
What you should know
The case for and against SITC
3 Rewards
2 Risks
Rewards
-
Returns 44.0% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 4/10 years.
-
Trades at 0.3x P/E vs peer median 23.9x (98.8% cheaper).
Risks
-
Operating margin compressed from 21.1% to -49.6% over 3 years.
-
Insider ownership is only 0.4% (peer median: 0.8%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
0.28x
Forward P/E
-0.92x
P/B
0.13x
P/S
0.69x
EV/EBITDA
25.47x
PEG ratio
7.59x
Profitability
How much profit each dollar creates
Gross margin
60.6%
Operating margin
-49.6%
Net margin
248.4%
ROE
44.0%
ROA
-3.4%
Health
Liquidity and balance-sheet strength
Debt / equity
—
Current ratio
14.42x
Quick ratio
13.11x
Total debt
$0.00
Total cash
$200.21M
Growth
How the business has been compounding
Revenue TTM
$52.73M
Revenue 5Y CAGR
-30.6%
EPS TTM
2.44
EPS 5Y CAGR
4.8%
Cash flow
How much cash the business throws off
Operating CF TTM
$-29.04M
Free CF TTM
$19.61M
FCF margin
37.2%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
2026-11-06