Spin-off - Curbline Properties Corp.

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Form Type: 10-Q

Filing Date: 2025-04-25

Corporate Action: Spin-off

Type: Update

Accession Number: 000095017025058697

Filing Summary: Curbline Properties Corp. is reporting its quarterly results for the period ended March 31, 2025. This follows its recent spin-off from SITE Centers Corp., which occurred on October 1, 2024, where SITE contributed 79 convenience properties and $800 million in cash to Curbline. The documents detail that prior financial statements do not represent a standalone entity but a combination of entities prior to the spin-off. As of March 31, 2025, Curbline owns 107 convenience centers totaling 3.4 million square feet. Financial highlights include total assets of $2.12 billion and a net income of $10.55 million for the quarter. The report also emphasizes that the company's operations focus on leasing and managing shopping centers in affluent suburban areas. Furthermore, the company has been compliant with SEC filing requirements and has disclosed information regarding risks and market conditions relevant to its operations. The financial results reflect significant growth compared to the previous year, particularly in rental revenues and net income attributed to reduced costs in real estate operations.

Additional details:

Common Stock Outstanding: 105,215,056

Net Income: 10,550

Total Assets: 2,120,684

Total Liabilities: 185,224

Equity: 1,933,826

Form Type: 10-K

Filing Date: 2025-02-21

Corporate Action: Spin-off

Type: Update

Accession Number: 000095017025024834

Filing Summary: Curbline Properties Corp. was formed as part of a spin-off from SITE Centers Corp., which became effective at 12:01 a.m. on October 1, 2024. The spin-off involved the distribution of 79 convenience properties to Curbline, enabling it to become a separate publicly traded company intended to operate as a real estate investment trust. This transition included the formal establishment of Curbline's financial statements as independent from SITE Centers, now reflecting its status and operational results post-spin-off, particularly for the period ending December 31, 2024. Risks associated with the company's new operational model are prominent, including dependence on rental income, potential inflation impacts, and historical financial data not serving as indicative of future performance as an independent entity. Additional information is incorporated by reference from the company’s definitive proxy statement for its 2025 Annual Meeting of Stockholders.

Additional details:

Trading Symbol: CURB

Exchange Name: New York Stock Exchange

Spin Off Date: 2024-10-01

Properties Acquired: 79 convenience properties

Pre Spin Off Data Disclosure: Financial statements prior to the spin-off do not represent legal entity results.

Intended Tax Status: real estate investment trust under IRS sections 856-860

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