Operational cash flow remains strained, evidenced by a negative $4.3 million in 2026Q1, which highlights a concerning divergence from the $6.0 million in reported FFO.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 10.02M | 19.61M | 114.84M | 238.53M | 257.26M | 282.51M | 190.17M | 289.12M | 264.81M | 410.41M | 462.92M | 434.59M | 420.28M | 373.97M | 304.2M | 273.19M | 278.12M | 228.95M | 424.57M | 414.62M | 340.69M | 355.42M | 292.23M | 263.13M | 210.74M | 174.33M | 146.27M | 152.65M | 137.49M | 94.38M | 75.82M |
| Operating CF Growth % | -263.17% | -82.92% | -51.85% | -7.28% | -8.94% | 48.56% | -34.23% | 9.18% | -35.48% | -11.34% | 6.52% | 3.4% | 12.38% | 22.94% | 11.35% | -1.77% | 21.48% | -46.08% | 2.4% | 21.7% | -4.14% | 21.63% | 11.06% | 24.86% | 20.89% | 19.18% | -4.18% | 11.03% | 45.68% | 24.48% | 54.74% |
| Operating CF / Revenue % | 10.72% | 15.92% | 41.39% | 52.7% | 53.68% | 53.02% | 41.31% | 57.01% | 40.44% | 46.67% | 47.75% | 43.67% | 44.07% | 42.08% | 38.01% | 35.43% | 34.63% | 27.94% | 45.58% | 43.88% | 41.64% | 48.88% | 48.79% | 55.27% | 58.99% | 54.1% | 51.18% | 57.84% | 60.26% | 55.83% | 57.92% |
| Net Income | 175.71M | 177.86M | 523.47M | 265.72M | 168.79M | 125.42M | 36.59M | 100.01M | 116.11M | -243.13M | 61.2M | -70.31M | 113.56M | -9.38M | -25.33M | -19.4M | -247.72M | -403.63M | -57.78M | 276.05M | 253.26M | 282.64M | 269.76M | 240.26M | 101.97M | 92.37M | 100.83M | 87.4M | 77.92M | 67.52M | 49.54M |
| Depreciation & Amortization | 36.57M | 44.81M | 101.34M | 212.46M | 203.55M | 185.77M | 170.67M | 165.09M | 242.1M | 346.2M | 389.52M | 402.05M | 419.08M | 324.13M | 251.09M | 245.07M | 240.57M | 244.86M | 246.37M | 224.38M | 193.53M | 170.7M | 132.65M | 95.22M | 78.37M | 64.49M | 54.2M | 52.44M | 43.18M | 32.31M | 25.06M |
| Stock-Based Compensation | 973K | 1.39M | 0 | 7.63M | 7.22M | 13.53M | 8.8M | 0 | 7.47M | 11.49M | 7.76M | 7.89M | 9.96M | 8.37M | 7.55M | 7.44M | 6.46M | 20.4M | 27.97M | 5.22M | 3.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -196.16M | -191.28M | -473.67M | -226.73M | -114.5M | -55.86M | 1.58M | 22.83M | -104.11M | -1.11M | 2.15M | 4.64M | 23.5M | 24.94M | 21.54M | 2.69M | -154K | 5.57M | -4.26M | -123.99M | -103.77M | -99.63M | -103.54M | -84.94M | 28.77M | 13.35M | 171K | -407K | 13.29M | -6.37M | -1.8M |
| Working Capital Changes | -6.69M | -13.17M | -36.3M | -20.55M | -7.79M | 13.66M | -23.84M | 1.19M | 3.24M | -20.67M | -28.83M | -26.79M | -26.31M | -24.31M | 6.02M | 6.9M | 77.75M | -35.64M | 22.83M | 38.19M | -2.33M | 1.71M | -6.64M | 12.58M | 1.64M | 4.11M | -8.93M | 13.22M | 3.1M | 921K | 3.01M |
| Cash from Investing | 787.81M | 705.39M | 1.84B | 559.9M | -167.56M | 74.45M | 102.48M | -32.73M | 816.94M | 478.61M | 472.09M | -54.49M | 153.2M | -897.86M | -588.43M | 200.7M | 31.76M | 150.88M | -464.34M | -1.15B | -203.05M | -339.44M | -1.13B | -16.25M | -280M | -37.98M | -20.58M | -209.71M | -538.29M | -416.22M | -199.67M |
| Acquisitions (Net) | -9K | -17K | -226.08M | 3.26M | 39.08M | -4.6M | 139.37M | 0 | -93.1M | -69.24M | -6.85M | 1.3M | -11.63M | -13.59M | -43.02M | 23.66M | 16.12M | -8.55M | -114.67M | 606.55M | 101.58M | -83.48M | 0 | 0 | 0 | 0 | -15.94M | -17.18M | -17.56M | 9.84M | 0 |
| Purchase of Investments | -7K | 0 | -1M | 0 | -5.93M | 0 | 0 | -139.86M | 0 | 0 | 0 | 0 | 0 | -1.8M | 0 | 0 | -62.96M | -1.89M | 0 | -247.88M | -206.65M | 0 | 0 | -99.34M | 0 | 0 | 0 | 0 | -44.93M | -35.97M | -854.91K |
| Sale of Investments | 173.89M | 0 | 2.13B | 0 | 0 | 0 | 0 | 182.89M | 0 | 0 | 0 | 0 | 3.22M | 0 | 0 | 0 | 156.37M | 348.18M | 0 | 20.46M | 50.86M | 0 | 15.52M | 26.09M | 32.4M | 0 | 0 | 0 | 6.7M | 9.8M | 0 |
| Other Investing | 618.57M | 705.41M | 0 | 556.64M | -200.71M | 79.05M | -36.9M | 33.6M | 910.04M | 547.85M | 478.94M | -55.79M | 161.61M | -882.47M | -545.41M | 394.9M | 86.61M | 21.91M | 44.66M | 1.26B | 305.51M | 607.83M | 757.82M | 341M | 3.99M | 68.64M | 83.85M | -10.02M | 87.1M | -8.09M | -13.15M |
| Cash from Financing | -669.38M | -669.86M | -2.46B | -250.62M | -111.74M | -388.13M | -237.36M | -254.28M | -1.16B | -833.52M | -926.99M | -378.77M | -638.63M | 579.32M | 274.76M | -451.85M | -317.06M | -381.36M | 22.7M | 755.49M | -139.92M | -35.2M | 880.55M | -251.56M | 66.56M | -121.52M | -127.44M | 60.79M | 403.04M | 321.84M | 123.85M |
| Dividends Paid | -355.74M | -355.74M | -128.06M | -120.52M | -120.02M | -99.54M | -98.35M | -180.7M | -281.33M | -305.82M | -293.9M | -265.28M | -240.55M | -194.5M | -154.76M | -75.72M | -64.25M | -52.29M | -371.47M | -356.46M | -307.65M | -286.4M | -226.75M | -167.98M | -122.84M | -108.21M | -108.5M | -111.7M | -75.03M | -79.66M | -65.97M |
| Common Dividends | -355.74M | -355.74M | 0 | -120.52M | -120.02M | -99.54M | -98.35M | 0 | -281.33M | -305.82M | -293.9M | -265.28M | -240.55M | -194.5M | -154.76M | -75.72M | -61.37M | -3.08M | -369.76M | -356.46M | -307.65M | -286.4M | -226.75M | -167.98M | -18.92M | 0 | -108.5M | -111.7M | -75M | -79.7M | -66M |
| Debt Issuance (Net) | -3M | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 514K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -35K | 0 | -179.79M | -28.35M | -42.26M | 0 | -7.5M | -214.1M | -36.34M | 0 | 0 | 0 | 0 | 0 | -3.84M | -6.66M | 0 | 0 | 0 | -378.94M | -58.65M | 0 | 0 | 0 | -11K | -508K | -62.87M | -25.84M | 0 | 0 | 0 |
| Other Financing | -7.26M | -7.26M | -800M | -20.41M | 27.67M | -13.26M | -641K | -990K | -49.63M | 13.55M | 12.41M | -4.13M | -10.4M | -9.61M | -12.48M | 37.45M | -3.9M | -63.57M | 6.54M | -48.18M | 68.54M | -9.9M | -6.47M | -310.67M | -281.81M | -130.78M | -104.85M | -8.21M | -3.75M | 842K | 51.17K |
| Net Change in Cash | 128.45M | 55.15M | -500.64M | 547.82M | -22.04M | -31.16M | 55.28M | 5.48M | -81.07M | 55.5M | 8.01M | 1.48M | -65.73M | 55.49M | -10.03M | 21.79M | -6.76M | -3.32M | -20.05M | 21.17M | -2.28M | -19.22M | 38.18M | -4.68M | -2.7M | 14.83M | -1.75M | 3.73M | 2.24M | 5K | 500 |
| Exchange Rate Effect | 0 | 0 | 721K | 0 | 0 | -1K | -4K | 3.37M | -4K | 0 | 1K | 152K | -570K | 56K | -561K | -247K | 423K | -1.79M | -2.98M | -622K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 122.81M | 67.67M | 568.31M | 21.21M | 43.25M | 74.41M | 19.13M | 13.65M | 94.72M | 39.23M | 22.42M | 20.94M | 86.66M | 31.17M | 41.21M | 19.42M | 26.17M | 29.49M | 49.55M | 28.38M | 30.66M | 49.87M | 11.69M | 16.37M | 19.07M | 4.24M | 5.99M | 2.26M | 18K | 13K | 12.1K |
| Cash at End | 198.07M | 122.81M | 67.67M | 569.03M | 21.21M | 43.25M | 74.41M | 19.13M | 13.65M | 94.72M | 30.43M | 22.42M | 20.94M | 86.66M | 31.17M | 41.21M | 19.42M | 26.17M | 29.49M | 49.55M | 28.38M | 30.66M | 49.87M | 11.69M | 16.37M | 19.07M | 4.24M | 5.99M | 2.26M | 18K | 12.6K |
| Free Cash Flow | 5.39M | 19.61M | 56.05M | 238.53M | 257.26M | 282.51M | 190.17M | 179.76M | 264.81M | 410.41M | 462.92M | 434.59M | 420.28M | 373.97M | 304.2M | 55.33M | 113.73M | 20.18M | 30.24M | -2.37B | -113.67M | -508.37M | -1.62B | -20.87M | -105.65M | 67.7M | 57.78M | -29.85M | -432.11M | -297.42M | -109.85M |
| FCF Growth % | -92.81% | -65.01% | -76.5% | -7.28% | -8.94% | 48.56% | 5.79% | -32.12% | -35.48% | -11.34% | 6.52% | 3.4% | 12.38% | 22.94% | 449.75% | -51.35% | 463.59% | -33.26% | 101.27% | -1989.05% | 77.64% | 68.54% | -7640.29% | 80.24% | -256.05% | 17.17% | 293.59% | 93.09% | -45.29% | -170.75% | -324.18% |
| FCF / Revenue % | 5.77% | 15.92% | 20.2% | 52.7% | 53.68% | 53.02% | 41.31% | 35.45% | 40.44% | 46.67% | 47.75% | 43.67% | 44.07% | 42.08% | 38.01% | 7.18% | 14.16% | 2.46% | 3.25% | -251.31% | -13.89% | -69.91% | -269.76% | -4.38% | -29.57% | 21.01% | 20.22% | -11.31% | -189.38% | -175.94% | -83.91% |
Operational scale and viability
As reported in quarterly financial statements, the disconnect between FFO and GAAP operating cash flow has widened significantly, with 2026Q1 FFO of $6.0 million contrasting sharply against a negative $4.3 million in operating cash flow, suggesting that non-cash adjustments are currently masking underlying operational cash burn.
The persistent gap between FFO and GAAP operating cash flow indicates that the company's reported earnings are heavily reliant on accounting adjustments that do not reflect immediate liquidity. Investors should monitor whether this divergence persists as the company stabilizes its post-spin-off portfolio, as it may imply that the remaining assets are struggling to generate sufficient cash to cover corporate-level obligations.
Based on the provided financial data, the company's ability to cover dividends via AFFO appears highly inconsistent, with payout ratios fluctuating wildly from 0.08 in 2024Q3 to 54.30 in 2025Q3, indicating that dividend policy is currently decoupled from the actual cash-generating capacity of the remaining retail assets.
The extreme volatility in the dividend-to-AFFO ratio suggests that the company's distribution strategy is currently in flux following the Curbline spin-off. Without a consistent track record of AFFO generation, the sustainability of future distributions remains speculative and warrants close scrutiny by income-focused investors.
According to historical filings, the company's net income has been frequently distorted by non-recurring gains on real estate sales, such as the $134.4 million reported in 2025Q4, which obscures the true operational reality of a business currently experiencing a significant contraction in its core revenue base.
The reliance on asset sales to bolster net income makes GAAP figures unreliable for assessing the company's ongoing operational health. Analysts should focus exclusively on FFO and AFFO to strip away these one-time accounting impacts and determine if the core portfolio can eventually support the company's overhead without further divestitures.
As indicated by recent quarterly reports, the company's maintenance capital expenditure of $2.9 million in 2026Q1 represents a significant portion of its FFO, suggesting that the remaining portfolio requires ongoing investment to maintain occupancy levels despite the substantial reduction in the company's overall asset footprint.
The necessity of recurring capital expenditures to support tenant retention in a shrinking portfolio may continue to pressure AFFO margins. If the company cannot optimize its tenant improvement and leasing commission costs, the cash available for distribution will likely remain constrained, regardless of the company's low leverage profile.
Quick answers to the most common questions about buying SITC stock.
SITE Centers Corp. (SITC) generated $19.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SITE Centers Corp. (SITC) generated $19.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
SITE Centers Corp. (SITC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, SITE Centers Corp. (SITC) returned $355.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.