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Transactions with Curbline Properties | 3 Months Ended
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Mar. 31, 2025
Transactions and Separation of Properties [Abstract] |
Transactions with Curbline Properties | 9. Transactions with Curbline Properties On October 1, 2024, the Company completed the spin-off of Curbline Properties. To govern certain ongoing relationships between the Company, Curbline Properties LP (the “Operating Partnership”) and Curbline Properties after the spin-off, and to provide for the allocation among the Company, the Operating Partnership and Curbline Properties of the Company’s assets, liabilities and obligations attributable to periods both prior to and following the separation of Curbline Properties and the Operating Partnership from SITE Centers, the Company, Curbline Properties and the Operating Partnership entered into agreements pursuant to which each provides certain services and has certain rights following the spin-off, and Curbline Properties, the Operating Partnership and SITE Centers indemnify each other against certain liabilities arising from their respective businesses. The Separation and Distribution Agreement, the Tax Matters Agreement, the Employee Matters Agreement, the Shared Services Agreement and other agreements governing ongoing relationships were negotiated between related parties and their terms, including fees and other amounts payable, may not be the same as if they had been negotiated at arm’s length with an unaffiliated third party. Separation and Distribution Agreement The Separation and Distribution Agreement contains obligations for the Company to complete certain redevelopment projects at properties that are owned by Curbline Properties. As of March 31, 2025, such redevelopment projects were estimated to cost $32.0 million to complete, which is recorded in Amounts payable to Curbline in the Company’s consolidated balance sheets. Shared Services Agreement The fair value of the services provided by the Company to Curbline Properties in excess of the fees and the fair value of the services received by the Company from Curbline Properties is reflected as $0.6 million of additional fee income within Fee and other income and $0.6 million of expense within Other income (expense), net, in the Company’s consolidated statements of operations for the three months ended March 31, 2025. The Shared Services Agreement provides Curbline Properties the right to use the Company’s office space in New York, New York. This arrangement is considered an embedded lease based on the criteria specified in Topic 842. The sublease income received under the Shared Services Agreement of $0.4 million is included in Rental income on the Company’s consolidated statements of operations. Summary For the period ended March 31, 2025, the Company recorded in Fee and other income on the Company’s consolidated statements of operations a cash fee of $0.7 million which represents 2% of Curbline’s gross revenue and $0.6 million for the incremental fair value of services provided to Curbline offset by an embedded lease charge of $0.4 million. Amounts payable to Curbline and amounts receivable from Curbline as of March 31, 2025, under the agreements described above, aggregated $32.6 million (including obligations to complete redevelopments) and $0.2 million, respectively.

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