Curbline Properties launches 8 million share public offering

Curbline Properties Corp. (NYSE: CURB) announced the commencement of an underwritten public offering of 8 million shares of common stock on a forward basis.

Morgan Stanley and BofA Securities are serving as underwriters for the offering. The underwriters have a 30-day option to purchase up to an additional 1.2 million shares.

The company expects to enter into forward sale agreements with Morgan Stanley and BofA Securities regarding the 8 million shares. Under these agreements, the forward purchasers will borrow shares from third parties and sell them to the underwriters.

Curbline Properties will not receive proceeds from the initial sale of shares by the forward purchasers. The company expects to physically settle the forward sale agreements within approximately 18 months from the prospectus supplement date, at which point it will issue the shares to the forward purchasers and receive proceeds.

The company stated it intends to use net proceeds from the eventual settlement for general corporate purposes, including property acquisitions, working capital, capital expenditures, and debt repayment.

The shares will be offered under the company's effective shelf registration statement filed with the Securities and Exchange Commission.

Curbline Properties operates as a real estate investment trust that owns and manages convenience shopping centers located at high-traffic intersections in suburban communities with high household incomes.

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