Curbline Properties Launches 8M-Share Forward Offering with 1.2M-Share Option
Curbline Properties initiated an underwritten forward sale of 8,000,000 common shares with Morgan Stanley and BofA Securities, plus a 30-day option for 1,200,000 additional shares. Physical settlement is expected within 18 months and net proceeds will fund acquisitions, capital expenditures, working capital and debt repayment.
1. Forward Sale Offering
Curbline Properties announced an underwritten public offering of 8,000,000 shares of its common stock on a forward basis, entering into forward sale agreements with Morgan Stanley and BofA Securities as the forward purchasers.
2. Underwriters' Option
The underwriters have a 30-day option, exercisable in whole or in part, to purchase up to 1,200,000 additional shares, which would increase the total offering to 9,200,000 shares if fully exercised.
3. Settlement and Use of Proceeds
Physical settlement of the forward sale agreements and any additional forward sale agreements is expected within approximately 18 months. Net proceeds upon settlement will be used for property acquisitions, working capital, capital expenditures or debt repayment.
4. About Curbline
Curbline Properties is a self-managed real estate investment trust that owns and manages curbline convenience shopping centers located at high-traffic intersections in affluent suburban communities.