Cautious Outlook for SITE Centers: Hold Rating Amid Adjusted FFO and Target PriceWe are updating our SITC model to reflect 3Q25 results and revised forward expectations. Accordingly, we increase our 2025E FFO to $0.50 from $0.48, mainly driven by the +1c beat versus our estimate in 3Q, and decrease 2026E FFO to $0.09 from $0.18, reflecting increased disposition activity. We are decreasing our target price to $8 from $8.82 to reflect the decline in our NAV estimate to $10.42 from $13.02 (driven by recent/pending sales and announced special dividends).