Spin-offs/SITE Centers Corp. → Curbline Properties Corp.

Curbline Properties Corp.CURB

Spin-off from SITE Centers Corp. (SITC) · Oct 1, 2024 · NYSE

Announced

—

Form 10 filed

Sep 3, 2024

Record date

—

Distributed

Oct 1, 2024

Ratio

2 : 1

Debt loaded

—

Cash to parent

—

Latest filing

Sep 3, 2024

two shares of Curbline for every one SITE Centers common share

Documents

Form 10 Information statement New company filings Parent filings Company site

Both companies today

The new company

Curbline Properties Corp.CURB

Market cap

$3.09B

Moat

None

Quality

Price

$29.47

Fair value

$27.60

Price / FV

1.08×

The parent

SITE Centers Corp.SITC

Market cap

$150M

Moat

None

Quality

Price

$2.87

Fair value

$12.37

Price / FV

0.24×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Curbline Properties is a REIT focused exclusively on convenience retail — small-format properties on the curb of well-trafficked intersections in wealthy submarkets with barriers to entry — separated from SITE Centers as the first public REIT dedicated to the asset class.

Stated rationaleSITE Centers said separating the convenience portfolio would create a pure-play convenience REIT while SITE Centers monetizes its remaining shopping centers.

The four questions

The four-question write-up for Curbline Properties Corp. is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.