Curbline Properties Announces Tax Basis
NEW YORK--(BUSINESS WIRE)--Oct 4, 2024--
On October 1, 2024, Curbline Properties Corp. (NYSE: CURB) (“CURB” or “Curbline”) completed its separation from SITE Centers Corp. (NYSE: SITC) (“SITC”) and became an independent publicly traded company. In the separation, SITC distributed two CURB common shares for every SITC common share held by SITC shareholders on the close of business on September 23, 2024 (the “Distribution”).
The fair market value of CURB’s common stock received by SITC shareholders in the Distribution for federal income tax purposes has been determined to be $22.29 per share based on the average closing price per share of CURB’s common stock on its first three trading days beginning October 1, 2024.
The impact of the Distribution on SITE Centers shareholders’ basis in SITC common stock will be determined after the taxable year closes and will be noted on IRS Form 8937 with details expected to be available on SITE Centers’ website at www.sitecenters.com in the first quarter of 2025.
About Curbline Properties
Curbline is an independent, publicly traded company trading 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. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
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CONTACT: Conor Fennerty
EVP and Chief Financial Officer
(216) 755-6200
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY DEPARTMENT STORES URBAN PLANNING REIT SPECIALTY CONVENIENCE STORE RETAIL OTHER CONSTRUCTION & PROPERTY
SOURCE: Curbline Properties Corp.
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