SITE Centers announces spin-off of convenience portfolio into Curbline Properties

SITE Centers Corp.

Spin-off of 61 convenience properties into new publicly-traded REIT Curbline Properties (CURB); expected completion H2 2024.
$646M of assets sold since June 30 at 6.5% cap rate; $242M additional under contract.
$1.1B financing commitment from Apollo affiliates to repay all unsecured debt prior to spin-off.
Q4 dividend declared $0.13/share; special cash dividend of at least $0.10/share expected before Jan 31, 2024.
CURB to be led by David Lukes (CEO), Conor Fennerty (CFO), John Cattonar (CIO); net cash position at separation.

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