Spin-off - SITE Centers Corp.
Form Type: 10-Q
Filing Date: 2025-05-07
Corporate Action: Spin-off
Type: Update
Accession Number: 000095017025065759
Filing Summary: On October 1, 2024, SITE Centers Corp. completed a spin-off of 79 convenience retail properties into a new publicly traded entity named Curbline Properties Corp. This strategic shift involved approximately 2.7 million square feet of gross leasable area and has led to the Curbline properties being classified as discontinued operations in the financial statements for the period ending March 31, 2025. The report outlines the company's financial performance for the first quarter of 2025, including revenue streams primarily from rental income and fees from operations, along with a detailed breakdown of expenses, net income, and cash flow activities. The balance sheet is presented, indicating total assets of $929,755,000 and total liabilities of $410,138,000. The income statement highlights a net income of $3,085,000 for the quarter, contrasting with a significant net loss of $23,552,000 in Q1 2024. Management's discussion provides insights into financial conditions, market risks, and operational strategies moving forward.
Additional details:
Common Shares Outstanding: 52444898
Interest Expense: 5565
Gain On Debt Retirement: 0
Loss On Derivative Instruments: 0
Net Income: 3085
Rental Income: 31450
Fee And Other Income: 11173
Tax Expense: 149
Accumulated Distributions In Excess Of Net Income: -3470373
Cash And Cash Equivalents: 58155
Restricted Cash: 11466
Form Type: DEF 14A
Filing Date: 2025-04-02
Corporate Action: Spin-off
Type: New
Accession Number: 000119312525071314
Filing Summary: SITE Centers Corp. is preparing for its 2025 Annual Meeting of Shareholders, scheduled for May 14, 2025, which will be held virtually. Key proposals include the election of five Directors, an advisory vote on executive officer compensation, and the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm. The Company highlighted its successful spin-off of Curbline Properties, which took place on October 1, 2024, making it the first publicly-traded REIT focused on convenience properties. This spin-off was part of a broader strategy established in October 2023, aimed at raising at least $300 million from asset sales, which contributed to an overall capitalization of Curbline Properties with $800 million in cash. The Company’s total return from the announcement of the spin-off through the closure of trading on its completion was 45.8%. Corporate governance practices underscore the Company’s commitment to high standards and include measures such as annual elections, majority voting for directors, and a prohibition on pledging and hedging transactions in Company securities by directors and officers. The compensation structure has adapted post-spin-off, with adjustments to executive agreements and an emphasis on qualitative assessments given recent transitions. Further governance highlights will be addressed during the meeting, reinforcing shareholder rights and transparency in operations.
Additional details:
Record Date: 2025-03-17
Meeting Time: 2025-05-14T09:00:00
Virtual Location: www.meetnow.global/MZR2P4U
Director Nominations: [{"name":"Gary N. Boston","age":56,"independent":"Yes"},{"name":"John M. Cattonar","age":43,"independent":"No"},{"name":"Cynthia Foster Curry","age":62,"independent":"Yes"},{"name":"David R. Lukes","age":55,"independent":"No"},{"name":"Dawn M. Sweeney","age":65,"independent":"Yes"}]
Shareholder Voting Methods: ["By Internet","By Telephone","By Mail","At the Meeting"]
Mail Date: 2025-04-02
Form Type: 10-K
Filing Date: 2025-02-28
Corporate Action: Spin-off
Type: Update
Accession Number: 000095017025029989
Filing Summary: SITE Centers Corp. is a Real Estate Investment Trust (REIT) that specializes in shopping centers. On October 1, 2024, the Company executed a spin-off where it separated 79 convenience retail properties, equating to about 2.7 million square feet of gross leasable area. This strategic move led to the formation of Curbline Properties Corp., which now handles the spin-off properties. The spin-off included a transfer of $800 million in unrestricted cash and other assets, alongside a special distribution of Curbline common stock to existing shareholders at a ratio of 2 shares of Curbline for every share of SITE Centers. This transaction was a significant reorganization in the Company’s operations, with discontinued operations duly noted in the latest annual report. As of December 31, 2024, SITE Centers controlled 33 shopping centers, with an aggregate occupancy rate of 90.6% and an average annual base rent per occupied square foot of $19.64.
Additional details:
Total Properties Owned: 33
Aggregate Occupancy: 90.6
Average Base Rent Per Occupied Sqft: 19.64
Spin Off Date: 2024-10-01
Spinoff Portfolio Size: 2.7 million square feet
Cushion Cash Transfer: 800000000
Form Type: 8-K
Filing Date: 2024-10-02
Corporate Action: Spin-off
Type: Update
Accession Number: 000119312524231147
Filing Summary: SITE Centers Corp. completed a spin-off of Curbline Properties Corp., transferring a portfolio of convenience retail properties and other assets. Each holder of SITE Centers common shares received two shares of Curbline common stock for every one share held as of the record date of September 23, 2024. Curbline is now independent and publicly traded on the New York Stock Exchange under the symbol "CURB".
Additional details:
Newco Cik: 2027317
Parent Cik: 894315
File Number: 1-11690
Access 12: 000119312524
: 0
Effective Date: 2024-05-17
Spin Off Id: 574
Form Type: 8-K
Filing Date: 2024-09-30
Corporate Action: Spin-off
Type: New
Accession Number: 000119312524228387
Filing Summary: The document reports that Curbline Properties Corp. is expected to receive $800 million from SITE Centers Corp. upon the consummation of the anticipated spin-off pursuant to the Separation and Distribution Agreement. The spin-off is expected to occur on October 1, 2024.
Additional details:
Newco Cik: 2027317
Parent Cik: 894315
File Number: 1-42265
:
Effective Date: 2024-10-01
Form Type: 8-K
Filing Date: 2024-09-11
Corporate Action: Spin-off
Type: Update
Accession Number: 000119312524220121
Filing Summary: SITE Centers Corp. plans to spin off a portfolio of convenience retail properties into a new publicly traded company named Curbline Properties Corp. The completion of this spin-off is expected to occur on October 1, 2024, pending certain conditions. There are significant changes happening within the Board of Directors in connection with this spin-off, including a reduction in board size and resignations of several directors ahead of the Antecedent Date.
Additional details:
Newco Cik: 2027317
Parent Cik: 894315
File Number: 1-11690
Access 12: 000119312524
: 0
Effective Date: 2024-05-17
Spin Off Id: 574
Form Type: 8-K
Filing Date: 2024-09-03
Corporate Action: Spin-off
Type: Update
Accession Number: 000095017024102794
Filing Summary: SITE Centers Corp. announced that it is preparing for a spin-off of Curbline Properties Corp., with the spin-off date scheduled for September 1, 2024. This organizational change involves the transfer of employment for certain executives from SITE Centers to Curbline, reflecting strategic restructuring within the company.
Additional details:
Newco Cik: 2027317
Parent Cik: 894315
File Number: 1-11690
Access 12: 000095017024
: 0
Effective Date: 2024-05-17
Spin Off Id: 574
Form Type: 8-K
Filing Date: 2024-08-08
Corporate Action: Spin-off
Type: Update
Accession Number: 000095017024093876
Filing Summary: The announcement details the completion of a mortgage loan facility and mentions a planned spin-off of the company's convenience real estate portfolio into a publicly traded REIT named Curbline Properties Corp.
Additional details:
Newco Cik: 2027317
Parent Cik: 894315
File Number: 1-11690
Access 12: 000095017024
: 0
Effective Date: 2024-05-17
Spin Off Id: 574
Form Type: 8-K
Filing Date: 2024-07-30
Corporate Action: Spin-off
Type: Update
Accession Number: 000095017024087497
Filing Summary: The announcement pertains to SITE Centers Corp. issuing a quarterly financial supplement and does not indicate any spin-off activity.
Additional details:
Newco Cik: 2027317
Parent Cik: 894315
File Number: 1-11690
Access 12: 000095017024
:
Effective Date: 2024-05-17
Spin Off Id: 574
Deleted: 1
Form Type: 8-K
Filing Date: 2024-07-22
Corporate Action: Spin-off
Type: Update
Accession Number: 000095017024085241
Filing Summary: SITE Centers Corp. has announced its plans for a spin-off of Curbline Properties Corp., with a new employment agreement made with David R. Lukes that outlines terms contingent on this event. The spin-off is being structured to go into effect prior to March 11, 2025, and will involve adjustments to Mr. Lukes' employment terms to facilitate the transition. The content emphasizes the management changes and financial arrangements connected to the spin-off, asserting that the current employment agreement will extend until the spin-off occurs. If the spin-off occurs as scheduled, Mr. Lukes will transition to serve Curbline after the spin-off date.
Additional details:
Newco Cik: 2027317
Parent Cik: 894315
File Number: 1-11690
Access 12: 000095017024
: 0
Effective Date: 2024-05-17
Spin Off Id: 574
Form Type: 8-K
Filing Date: 2024-06-17
Corporate Action: Spin-off
Type: Update
Accession Number: 000095017024073999
Filing Summary: SITE Centers Corp. has completed a sale of several properties to an affiliate of Pine Tree for $495 million, retaining some parcels intended for a future spin-off of Curbline Properties Corp.
Additional details:
Newco Cik: 2027317
Parent Cik: 894315
File Number: 1-11690
Access 12: 000095017024
: 0
Effective Date: 2024-05-17
Spin Off Id: 574
Form Type: 8-K
Filing Date: 2024-05-20
Corporate Action: Spin-off
Type: New
Accession Number: 000095017024062115
Filing Summary: The company is involved in a spin-off of Curbline Properties Corp., which is planned alongside the sale of certain real estate assets to an affiliate of Pine Tree. The transaction details indicate specific properties that will be retained for this spin-off, signaling a strategic shift for SITE Centers Corp.
Additional details:
Newco Cik: 2027317
Parent Cik: 894315
File Number: 1-11690
:
Effective Date: 2024-05-17
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