Curbline Properties Corp.

What the company does

• Maryland corporation organized as a real estate investment trust (REIT) focused exclusively on convenience shopping centers.
• Structured as an UPREIT; the Company owns the Operating Partnership through which its properties and assets are held.
• Primary source of income is rental revenue from its portfolio of shopping centers.
• Spin‑off from SITE Centers on October 1, 2024. SITE Centers contributed 79 convenience centers and related assets, liabilities, and obligations; SITE stockholders received two shares of Curbline for every one SITE Centers share.
• Uses a Shared Services Agreement with SITE Centers (and related agreements) for certain management, financial, and transaction services.

Portfolio and operating metrics (as of December 31, 2025)

• Properties: 176 convenience shopping centers
• Gross Leasable Area (GLA): 4.8 million square feet
• Occupancy: 94.1%
• Average annualized base rent (ABR) per occupied square foot: $34.52
• Property characteristics: generally a homogeneous row of small-shop units; about half of properties include at least one drive-thru unit
• Average property size: ~27,000 square feet of GLA
• Rent concentration: 94% of base rent comes from units smaller than 10,000 square feet

Geography

• Geographically diversified across the United States, with emphasis in the Southeast, Mid-Atlantic, Southwest, Mountain regions, and Texas

Tenant composition

• Mix of national, regional, and local service and restaurant tenants
• National tenants account for more than 70% of portfolio ABR
• Public company tenants account for more than 29% of portfolio ABR
• Largest tenants (by ABR): Starbucks (2.6%), Verizon (1.7%), Inspire Brands (1.4%), JAB Holding (1.2%), Chipotle (1.2%)
• Top ten tenants collectively represent less than 14% of total ABR
• Leases expiring through 2035 are disclosed in the accompanying table (a mix of renewals and expirations)

Ownership, structure, and governance

• Elected REIT status for federal income tax purposes beginning with the year ended December 31, 2024
• UPREIT structure with Curbline Properties LP as the Operating Partnership; the Company is the sole general partner
• Related-party agreements with SITE Centers include a Shared Services Agreement, Tax Matters Agreement, and Employee Matters Agreement governing ongoing relationships and service allocations
• Significant stockholders include certain investors (e.g., Alexander Otto) with potential influence over board decisions and strategic options

Capital, liquidity, and indebtedness (as of December 31, 2025)

• Unrestricted cash: $289.6 million
• Outstanding indebtedness: $428.0 million
• Unfunded debt: $172.0 million in senior unsecured notes
• Undrawn financing capacity: $400.0 million available on an unsecured line of credit
• Forward equity: $75.5 million of expected gross proceeds from unsettled forward equity sales
• Debt context: principal outstanding reported as $600.0 million as of February 9, 2026, reflecting borrowing activity after the 2025 year-end
• The Company has exposure to interest rate risk, uses hedging derivatives, and operates under customary debt covenants while funding REIT distributions

Recent developments (early 2026)

• January–February 2026 acquisitions: 4 convenience centers acquired for a total purchase price of $39.5 million
• Financing: completed sale of $22.0 million of 2025-C Notes and $150.0 million of 2026-A Notes on January 20, 2026
• Equity: sold 1.9 million shares of common stock on a forward basis under an ATM program for expected gross proceeds of $44.8 million

Management and executive team (as of February 9, 2026)

• David R. Lukes, age 56 — Chief Executive Officer and President since November 2023; also CEO and board member of SITE Centers
• Conor M. Fennerty, age 40 — Executive Vice President, Chief Financial Officer and Treasurer since November 2023
• John M. Cattonar, age 44 — Executive Vice President and Chief Investment Officer since November 2023
• Lesley H. Solomon, age 54 — Executive Vice President, General Counsel and Secretary since April 2024

Corporate information

• Legal status: Maryland corporation organized in 2023
• Corporate offices: 320 Park Ave, New York, NY 10022
• Website: www.curbline.com
• Investor communications: distributes press releases, presentations, financial information, and SEC filings via the Investor Relations section of its website

Human capital

• Total full-time employees: 39 (as of December 31, 2025)
• Geographic distribution: 36% in New York, NY; 21% in Beachwood, OH; remainder in regional offices or remote
• Tenure: approximately 64% have been with the Company or SITE Centers for more than 5 years; 12% for more than 10 years