Curbline Properties Corp. Files Q3 2024 10-Q

TL;DR

Curbline Properties Corp. 10-Q filed. Q3 2024 update on real estate assets.

AI Summary

Curbline Properties Corp. filed its 10-Q for the period ending September 30, 2024. The company's business address is 320 Park Avenue, New York, NY, 10022, with a mailing address in Beachwood, OH. The filing indicates various property names such as Nine Mile Corner, Erie Colorado, Vero Beach Florida, Sunrise Plaza, Oceanside California, Loma Alta Station, Roswell Market Center, Roswell Georgia, and Wilmette Center in Wilmette, Illinois.

Why It Matters

This filing provides investors with an update on Curbline Properties Corp.'s financial performance and operational status for the third quarter of 2024, including details on its real estate holdings.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Players & Entities

• Curbline Properties Corp. (company) — Filer
• 320 Park Avenue, New York, NY, 10022 (location) — Business Address
• 3300 Enterprise Parkway, Beachwood, OH, 44122 (location) — Mail Address
• Nine Mile Corner (company) — Property Name
• Erie Colorado (location) — Property Location
• Vero Beach Florida (location) — Property Location
• Sunrise Plaza (company) — Property Name
• Oceanside California (location) — Property Location
• Loma Alta Station (company) — Property Name
• Roswell Market Center (company) — Property Name

FAQ

Key Financial Figures

• $0.01 — had 105,041,594 shares of common stock, $0.01 par value per share, outstanding. EXP

Filing Documents

• curb-20240930.htm (10-Q) — 1158KB
• curb-ex31_1.htm (EX-31.1) — 15KB
• curb-ex31_2.htm (EX-31.2) — 15KB
• curb-ex32_1.htm (EX-32.1) — 7KB
• curb-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-126295.txt ( ) — 4342KB
• curb-20240930.xsd (EX-101.SCH) — 677KB
• curb-20240930_htm.xml (XML) — 584KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements – Unaudited

Financial Statements – Unaudited CURBLINE PROPERTIES CORP. Balance S heet as of September 30, 2024 4 4

Notes to Financial Statements

Notes to Financial Statements 4 CURBLINE PROPERTIES CORP. PREDECESSOR Combined Balance Sheets as of September 30, 2024 and December 31, 2023 5 Combined Statements of Operations for the Three Months Ended September 30, 2024 and 2023 6 Combined Statements of Operations for the Nine Months Ended September 30, 2024 and 2023 7 Combined Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 8 Combined Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 9 Notes to Combined Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

SIGNATURES

SIGNATURES 30 3 Curbline Properties Corp. BALANCE SHEET (unaudited; in thousands; except share amounts) September 30, 2024 Assets Cash and cash equivalents $ 1 $ 1 Liabilities and Equity Equity Common stock, $ 0.01 par value per share; 400,000,000 shares authorized; 104,860,322 shares issued at September 30, 2024 $ 1,048 Preferred stock, $ 0.01 par value per share; 100,000,000 shares authorized; 0 shares issued at September 30, 2024 — Additional paid-in-capital ( 1,047 ) Total equity $ 1 Curbline Properties Corp. (unaudited; in thousands) Common Stock Additional Paid-in Capital Total Equity Balance, July 15, 2024 $ — $ 1 $ 1 Issuance of common stock 1,048 ( 1,048 ) - Balance, September 30, 2024 $ 1,048 $ ( 1,047 ) $ 1 The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 1. Organization and Description of Business Curbline Properties Corp. (the "Company" or "Curbline Properties") was incorporated in the state of Maryland on October 25, 2023 and was capitalized with $ 1,000 on July 15, 2024. The Company was a direct, wholly owned subsidiary of SITE Centers Corp. ("SITE Centers"), formed in contemplation of a spin-off transaction in which SITE Centers planned to contribute substantially all of its convenience properties to the Company, or its subsidiaries, and distribute all the outstanding shares of common stock of the Company to SITE Centers' common shareholders. Upon formation, the Company's authorized capital stock consisted of 100 shares of common stock, $ 0.01 par value per share, all of which were issued to SITE Centers. On September 30, 2024, the Company's charter was amended and restated to, among other things, increase the Company's authorized capital stock to 400,000,000 shares of common stock, $ 0.01 par value per share, and 100,000,000 shares of preferred stock, $ 0.01 par value per share. Also, on September 30, 2024, in connection with the spin-off, the Company issued a dividend to SITE Centers of 104,860,222 shares of Curbline Properties common stock, resulting in a total of 104,860,322 shares outstanding and held by SITE Centers. 2. Summary of Significant Accounting Policies The financial statements have been prepared in accordance with U.S. generally accepted accounting principles as set forth within the Financial Accounting Standards Board's Accounting Standards Codification. Statements of operations and cash flows have not been prepared as no material substantive transactions related to these statements have taken place during the nine months ended September 30, 2024. 3. Subsequent Events Spin-Off On October 1, 2024, SITE Centers completed the spin-off of the Company pursuant to which SITE Centers contributed 79 convenience properties to the Company. The spin

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