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Curbline Properties (NYSE: CURB), a company specializing in convenience shopping centers in high-income suburban areas, has announced a special cash dividend of $0.25 per share. The dividend will be paid on January 16, 2025, to shareholders recorded as of December 31, 2024. The company's properties are strategically located at well-trafficked intersections and major vehicular corridors.
SITE Centers has provided tax information regarding the Curbline Properties spin-off distribution. On October 1, 2024, SITE Centers shareholders received two Curbline Properties shares per share held, with a fair market value of $22.29 per CURB share for federal tax purposes. The distribution is estimated to be approximately 21% taxable capital gain and 79% return of capital. The final tax treatment will be reported on Form 1099-DIV in January 2025, with potential changes based on SITE Centers' full-year 2024 operating results.
Curbline Properties (NYSE: CURB), a convenience shopping center owner, reported significant acquisition and leasing activities. The company completed its spin-off from SITE Centers Corp. in October with an initial capitalization of $800 million cash and $500 million in credit facilities. In Q3 2024, they acquired seven shopping centers for $145.3 million, followed by 13 more centers in Q4 for $104.4 million. Operating results show strong leasing performance with cash new leasing spreads of 28.3% for TTM and 9.0% for Q3 2024. The company maintained a solid 95.4% leased rate as of September 30, 2024, with a Signed Not Opened pipeline representing $3.9 million in ABR.
Curbline Properties Corp. (NYSE: CURB) has completed its separation from SITE Centers Corp. (NYSE: SITC) on October 1, 2024, becoming an independent publicly traded company. The separation involved a distribution where SITC shareholders received two CURB common shares for every SITC common share held as of September 23, 2024.
The fair market value of CURB's common stock for federal income tax purposes has been determined to be $22.29 per share, based on the average closing price during its first three trading days. The impact of this distribution on SITC shareholders' tax basis will be detailed in an IRS Form 8937, expected to be available on SITE Centers' website in Q1 2025.
SITE Centers Corp. (NYSE: SITC) has completed the spin-off of Curbline Properties Corp. (NYSE: CURB), which is now an independent, publicly traded company. Curbline, an owner of convenience shopping centers in suburban, high-income areas, will begin regular-way trading on the NYSE. The company plans to elect REIT status for tax purposes.
SITE Centers shareholders received two shares of Curbline common stock for every one common share of SITE Centers held at the close of business on September 23, 2024. Curbline's properties are positioned on well-trafficked intersections and major vehicular corridors, focusing on convenience-oriented retail locations.
Curbline Properties Corp. (NYSE: CURB) has completed its spin-off from SITE Centers Corp. and is now an independent, publicly traded company. Curbline began regular-way trading on the New York Stock Exchange under the ticker symbol CURB. The company focuses on owning convenience shopping centers in high-income suburban areas, positioned at well-trafficked intersections and major vehicular corridors.
Curbline plans to elect REIT status for U.S. federal income tax purposes. SITE Centers shareholders received two shares of Curbline common stock for every one common share of SITE Centers held at the close of business on September 23, 2024. David R. Lukes, President and CEO, expressed excitement about forming the first public real estate company exclusively focused on convenience properties in wealthy U.S. submarkets, highlighting the substantial opportunity for growth in this fragmented market.
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