Curbline Properties Publicly Files Form 10 with SEC

Rhea-AI Summary

SITE Centers Corp. (NYSE: SITC) has announced that Curbline Properties Corp. has publicly filed a Registration Statement on Form 10 with the SEC on September 3, 2024. This filing is a important step in SITE Centers' previously announced plan to spin-off its portfolio of convenience assets into a separate publicly traded company. The Form 10 is now available for public viewing on the SEC website.

The completion of the spin-off is contingent on several conditions, including the SEC declaring the Form 10 effective and approval from SITE Centers' Board of Directors. This move represents a significant development in SITE Centers' strategic plans to create two distinct publicly traded entities, potentially unlocking value for shareholders.

Positive

• Progress in strategic plan to spin-off convenience assets portfolio
• Potential for unlocking shareholder value through creation of separate public company
• Transparency in the spin-off process with public filing of Form 10

Negative

• Spin-off completion subject to regulatory and board approval, introducing uncertainty
• Potential for increased operational costs with two separate public entities

BEACHWOOD, Ohio--(BUSINESS WIRE)-- SITE Centers Corp. (NYSE: SITC) (the “Company” or “SITE Centers”) today announced that, in connection with the Company’s previously announced plan to spin-off its portfolio of convenience assets into a separate publicly traded company, on September 3, 2024, Curbline Properties Corp. (“Curbline”) publicly filed a Registration Statement on Form 10 (the “Form 10”) with the Securities and Exchange Commission (the “SEC”), which is available at www.sec.gov.

The completion of the Company’s spin-off of Curbline is subject to certain conditions including, without limitation, the SEC declaring the Form 10 effective and approval by the SITE Centers Board of Directors.

About SITE Centers

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the NYSE under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

About Curbline Properties

Curbline Properties will become an independent, publicly traded company upon its spin-off from SITE Centers, which is expected to occur on October 1, 2024, and thereafter trade under the ticker symbol CURB on the NYSE. Curbline is an owner and manager of convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household communities. Curbline plans to elect to be treated as a REIT for U.S. federal income tax purposes. Additional information about Curbline is available at www.curbline.com.

Safe Harbor

SITE Centers considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, our ability to complete the spin-off of Curbline in a timely manner or at all, our ability to satisfy the various closing conditions to the spin-off, the impact of the spin-off on our business and that of Curbline, Curbline’s ability to qualify as a REIT, and the Company’s and Curbline’s ability to execute their respective business strategies following the spin-off. Other risks and uncertainties that could cause our results to differ materially from those indicated by such forward-looking statements include general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to secure equity or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; and our ability to maintain REIT status. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240904439316/en/

Conor Fennerty, EVP and Chief Financial Officer

216-755-5500

Source: SITE Centers Corp.

FAQ

What is the significance of Curbline Properties filing Form 10 for SITE Centers (SITC)?

The Form 10 filing by Curbline Properties is a important step in SITE Centers' (SITC) plan to spin-off its convenience assets portfolio into a separate publicly traded company, potentially creating value for shareholders and streamlining operations.

When did Curbline Properties file Form 10 with the SEC for SITE Centers (SITC)?

Curbline Properties filed the Form 10 with the SEC on September 3, 2024, as part of SITE Centers' (SITC) spin-off process.

What conditions need to be met for SITE Centers (SITC) to complete the Curbline Properties spin-off?

The spin-off completion is subject to the SEC declaring the Form 10 effective and approval by SITE Centers' (SITC) Board of Directors, among other conditions.

How can investors access Curbline Properties' Form 10 filing related to SITE Centers (SITC)?

Investors can access Curbline Properties' Form 10 filing on the SEC website at www.sec.gov, which contains detailed information about the proposed spin-off from SITE Centers (SITC).