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After nearly a year since its board of directors approved the split, SITE Centers, a national owner of open-air shopping centers, has completed its spinoff of Curbline Properties Corp. into the first and only public REIT focused exclusively on convenience retail assets.

The new REIT began trading yesterday on the New York Stock Exchange under the ticker CURB. SITE Center shareholders received two shares of Curbline common stock for every one common share of SITE Centers held at the close of business on Sept. 23. SITE Centers will provide shared services to CURB in the first two years following the spinoff.