The board of SITE Centers Corp. (NYSE:SITC) agreed to Spin-Off Convenience assets on October 30, 2023. Shareholders of SITE Centers will receive shares of CURB via a taxable pro rata stock distribution.

SITE Centers Board of Directors has unanimously approved the transaction. SITE Centers Corp. plans to spin off Convenience assets into a separate publicly-traded REIT to be named Curbline Properties Corp.

The transaction is subject to certain conditions, including the effectiveness of CURB's Form 10 registration statement and final approval and declaration of the distribution by SITE Centers' Board of Directors. The transaction does not require shareholder approval. CURB expects to confidentially submit its initial draft Form 10 registration statement with the U.S. Securities and Exchange Commission in 2024, and the spin-off is expected to be completed in the second half of 2024.

As of February 13, 2024, The spin-off is expected to be completed on or around October 1, 2024. Morgan Stanley & Co. LLC and Wells Fargo are acting as lead financial advisors and Jones Day is serving as legal counsel to SITE Centers.