SITE Centers, an owner of open-air shopping centers, agreed to spin off the convenience portfolio. Financial terms were not disclosed. “We believe that the Convenience real estate sector offers attractive, inflation-protected returns with limited capital expenditure requirements and are excited to form and scale the first public real estate company focused exclusively on Convenience properties located on the curbline in the wealthiest submarkets in the United States. CURB’s balance sheet upon separation from SITE Centers is expected to position Curbline Properties for significant asset growth in a period of market disruption, providing a compelling competitive advantage in a fragmented yet liquid marketplace. For SITE Centers, our work over the past six years has resulted in a carefully curated mix of dominant grocery, lifestyle, net lease and regional power center properties located in the top submarkets in the United States with compelling near-term net operating income growth. Following the separation, SITE Centers intends to continue maximizing value via our leasing and tactical redevelopment efforts and opportunistically realize value through asset sales where appropriate,” David R. Lukes, SITE Centers President and CEO.