SITE Centers provided an update on transaction activity along with updated projected Curbline Properties balance sheet information. From September 17, 2024 to September 27, 2024, SITE Centers sold 11 wholly owned properties for an aggregate gross price of $610.1 million. As a result of disposition activity, Curbline is now expected to be capitalized with $800 million of cash at the time of the spin-off in addition to a $400 million undrawn, unsecured line of credit, a $100 million unsecured, delayed draw term loan and no indebtedness. As previously announced, the distribution of the shares of Curbline common stock is expected to be completed at 12:01 a.m. Eastern Time on October 1, 2024. Following such distribution, Curbline will be an independent, publicly traded company listed on the New York Stock Exchange under the ticker symbol “CURB”. SITE Centers shareholders will receive two shares of Curbline common stock for every one common share of SITE Centers held at the close of business on the record date of September 23, 2024.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SITC:
- Site Centers price target raised to $65.25 from $65 at Stifel
- SITE Centers Announces Spin-Off and Board Restructuring
- Site Centers announces Board of Directors and CFO appointments
- Site Centers provides Q3 transaction and spin-off update
- SITE Centers Executives Transition to Curbline in Spin-Off Strategy