A month has gone by since the last earnings report for SITE CENTERS CORP. (SITC). Shares have added about 6.8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is SITE CENTERS CORP. due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. SITE Centers Tops on Q4 OFFO & Revenues, NOI DownSITE Centers reported fourth-quarter 2020 operating FFO (OFFO) per share of 25 cents that surpassed the Zacks Consensus Estimate of 24 cents. The reported figure, however, declined 24% year over year.The company generated revenues of $108.4 million in the fourth quarter, outpacing the Zacks Consensus Estimate of $103.3 million. Yet, the top line declined 3% year over year.The quarterly results were aided by strong leasing activity and improvement in rental receipts and annualized base rent. Nevertheless, a year-over-year decline in same-store net operating income (NOI) on a pro-rata basisand pandemic-led uncollectible revenues affected results.For 2020, the company reported OFFO per share of 99 cents, down 22% from the prior year’s $1.27. Nonetheless, the figure was in line with the Zacks Consensus Estimate. Total revenues of $416.7 million slid 7.1% year over year.Same-store NOI declined 10.9% on a pro-rata basis in 2020, excluding redevelopment.Quarter in DetailSame-store NOI declined 11.8% on a pro-rata basis in the fourth quarter, excluding redevelopment. The company reported a leased rate of 91.6% as of Dec 31, marking a contraction of 220 basis points from the prior-year quarter’s figure of 94.2% on a pro-rata basis.Fourth-quarter 2020 leasing volume was the highest since third-quarter 2018 and indicated a year-over-year increase of 51%.Annualized base rent per occupied square foot was $18.50 on a pro-rata basis as of Dec 31, 2020, up from $18.25 as of Dec 31, 2019. The company, on a pro-rata basis, generated new and renewal leasing spreads of -3.8% and -1.9%, respectively, in the December-end quarter.Portfolio ActivityDuring the fourth quarter, the company received an equity interest in BRE DDR IV joint venture from an affiliate of Blackstone for a nominal consideration of $1, thereby, leaving it as the sole owner of the seven properties and $5.4 million in cash.Balance SheetSITE Centers exited the fourth quarter with $69.7 million in cash, up from 16.1 million as of Dec 31, 2019.OutlookThe company expects 2021 OFFO per share between 90 cents and $1.COVID-19 UpdateAs of Feb 12, SITE Centers collected about 94% of its rental receipts for the fourth quarter. As of the same date, the company collected 94% of the total rents for January 2021. Rent collection for the second and third quarters also improved.It entered deferral agreements with tenants, representing 11% of second-quarter 2020 rents, 8% of third-quarter 2020 rents, 2% of fourth-quarter 2020 rents and 1% of first-quarter 2021 rents.As of Feb 12, all of the company’s properties were open, while 98% of tenants (at the company’s share and based on average base rents) were open for business as compared with 45% as of Apr 5 and 98% as of Oct 23.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.VGM ScoresAt this time, SITE CENTERS CORP. has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions has been net zero. Notably, SITE CENTERS CORP. has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SITE CENTERS CORP. (SITC): Get Free Report To read this article on Zacks.com click here.