Curbline Properties launches 10M-share forward stock offering

Curbline Properties Corp. (NYSE: CURB) announced the commencement of an underwritten public offering of 10,000,000 shares of its common stock on a forward basis, according to a press release from the company.

Goldman Sachs & Co. LLC, Morgan Stanley and Wells Fargo Securities are acting as underwriters for the offering. The underwriters have a 30-day option to purchase up to an additional 1,500,000 shares, which would bring the total to 11,500,000 shares.

In connection with the offering, Curbline expects to enter into forward sale agreements with Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Bank, National Association, or their affiliates. The company expects to physically settle the forward sale agreements within approximately 18 months from the date of the prospectus supplement.

The company stated it will not receive proceeds from the sale of shares by the forward purchasers. Any net proceeds received upon settlement of the forward sale agreements are intended for general corporate purposes, which may include funding property acquisitions, working capital, capital expenditures, and repayment of outstanding debt.

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

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