SITE Centers Corp. SITC → Curbline Properties Corp. CURB
| Parent | SITE Centers Corp. SITC |
|---|---|
| Spinco | Curbline Properties Corp. CURB |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 2 Curbline shares for every 1 SITE Centers share |
| Ratio note | Stated on post-split SITE Centers shares; the parent had done a 1-for-4 reverse split six weeks earlier. |
| Checked against EDGAR | 2026-08-22 |
Data trap
SITE Centers ran a 1-for-4 reverse split of its own shares six weeks before the separation, and the 2-for-1 Curbline ratio is quoted on post-split parent shares. Applying it to a pre-August-2024 SITE Centers share count overstates Curbline shares fourfold; the pre-split equivalent is half a Curbline share per SITE Centers share. This deal is also the only one here with no Form 10 amendment at all, so there is no 'final amendment' to look for.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2023-10-30Separation announced
- 2024-09-03Form 10 filed
- —Form 10 last amended
- 2024-09-23Form 10 effective
- 2024-09-23Record date
- —When-issued trading opens
- 2024-10-01Distribution
- 2024-11-13First standalone earnings
- —Index inclusion announced
Performance since separation
| Curbline Properties Corp. since separation | +30.04% |
|---|---|
| SITE Centers Corp. over the same window | -82.00% |
| S&P 500 (SPY) over the same window | +34.66% |
| Russell 2000 (IWM) over the same window | +37.67% |
| Excess over the S&P 500 | -4.62% |
| Excess over the Russell 2000 | -7.63% |
Measured from the first regular-way close on or after the distribution — 2024-10-01 at 22.60 — to 2026-08-21 at 29.39. Window: 1.9 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -60.04% |
|---|---|
| Combined (SITE Centers Corp. + Curbline Properties Corp.), pre-distribution to now | +243.61% |
| Combined excess over the S&P 500 | +210.15% |
| Combined excess over the Russell 2000 | +207.81% |
Combined treats a pre-spin holding as 2 Curbline shares for every 1 SITE Centers share valued at the parent's last close before regular post-spin trading resumed — 2024-09-30 at 18.00 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2024-09-03 · 0001193125-24-212125The only Form 10 filed for this deal; no amendments exist
- 8-Kfiled 2024-09-30 · 0001193125-24-228387800 million dollars of unrestricted cash to transfer on consummation
- 8-Kfiled 2024-10-01 · 0001193125-24-230147Completion: spin off completed October 1, 2024; 104,860,322 shares issued and the same number distributed
- 10-Qfiled 2024-11-13 · 0000950170-24-126295First periodic report as an independent company
Notes
SITE Centers' separation of its convenience retail properties. Regular-way trading began on the distribution date itself. Left unclassified: the parent is filed as a real estate investment trust and the spinco under general real estate, a coding difference that reflects filing choices rather than a change of business. Classified focus_increasing: the Form 10 frames this as narrowing a multi-format retail REIT (grocery, lifestyle, convenience, net lease, power center) into two single-strategy REITs — Curbline exclusively convenience-retail strip centers, SITE Centers keeping the broader shopping-center portfolio. Unusually, the parent capitalized the spinco with cash rather than extracting a dividend: Curbline started with no debt and roughly $600-800 million of cash plus $500 million of undrawn credit facilities. The distribution is taxable, deliberately timed to help satisfy SITE Centers' own REIT distribution requirement.