SITE Centers Corp. (NYSE: SITC) (the “Company” or “SITE Centers”) today provided additional information related to the spin-off and distribution of Curbline Properties Corp. (NYSE: CURB) (“Curbline Properties” or “CURB”). On October 1, 2024, each shareholder of SITE Centers received two common shares of Curbline Properties in a taxable spin. The fair market value of the CURB shares received by SITE Centers shareholders for federal income tax purposes has been determined by SITE Centers to be $22.29 per CURB share.
Based upon preliminary taxable net income analysis to date, the Company estimates that approximately 21% of the CURB distribution constitutes a taxable capital gain and approximately 79% constitutes a return of capital. Full year 2024 operating results for SITE Centers could result in a change to the character of the CURB distribution. The final determination of the tax treatment of total 2024 distributions will be reported to SITE Centers shareholders on Form 1099-DIV, which will be issued in January 2025.
About SITE Centers
SITE Centers is an owner and manager of open-air shopping centers primarily located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the NYSE under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
Safe Harbor
SITE Centers considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, the finalization of the tax basis for the assets included in the CURB distribution and the calculation of the Company’s earnings and profits and the character of the Company’s dividends for 2024. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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Contacts
Gerald Morgan, EVP and
Chief Financial Officer
216-755-5500
