Curbline Properties 2Q26營運FFO增24% 季內收購30個購物中心

EX-99.1
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curb-ex99_1.htm
EX-99.1

 
 EX-99.1
 
 
  

 Exhibit 99.1

CURBLINE PROPERTIES 2Q26 QUARTERLY FINANCIAL SUPPLEMENT QUARTER ENDED JUNE 30, 2026 Recent Acquisition University Station, ROUND ROCK, TEXAS

  

 
  

 CURBLINE PROPERTIES COMPANY & PORTFOLIO OVERVIEW Curbline Properties is an owner and manager of convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities. $3.5B MARKET CAPITALIZATION 220 PROPERTIES 5.7M GLA THE CURBLINE PORTFOLIO $126K AVERAGE HOUSEHOLD INCOME TOP 5 MSAs by ABR ATLANTA 11% MIAMI 9% PHOENIX 7% HOUSTON 6% ORLANDO 6% THE CURBLINE PORTFOLIO SOUTHEAST 36% SOUTHWEST MOUNTAIN & TEXAS 27% MID-ATLANTIC 9% MIDWEST & NORTHEAST 16% WEST COAST 12% RETAILER MIX LOCAL 30% NATIONAL 70% PROPERTY COMPOSITION ANCHOR 5% SHOP 95% AVERAGE ASSET SIZE 26K SF CURBLINE PROPERTIES INVESTOR RELATIONS DEPARTMENT e: [email protected] w: ir.curbline.com 320 Park Avenue, 27th Floor, New York, NY 10022 3300 Enterprise Pkwy Beachwood, OH 44122 o: 216-755-6200 f: 216-274-9711 w: curbline.com • NYSE: CURB CURB LISTED NYSE

  

 
  

 Curbline Properties Corp.
Table of Contents
 

 
 
 
 
 

 
 Section

 Page

 

 
  

  

 

 
 Earnings Release & Financial Statements

  

 

 
 Press Release

 1-8

 

 
  

  

 

 
 Company Summary

  

 

 
 Portfolio Summary

 9

 

 
 Capital Structure 

 10

 

 
 Debt Detail

 11

 

 
 Same Property Metrics

 12

 

 
 Leasing Summary

 13

 

 
 Lease Expirations

 14

 

 
 Top 25 Tenants

 15

 

 
  

  

 

 
 Investments

  

 

 
 Acquisitions

 16

 

 
  

  

 

 
 Reporting Policies and Other

  

 

 
 Notable Accounting Policies and Non-GAAP Measures

 17-18

 

  
 
 

  

 
  

  

 
 
 
 
 

 
  

  

 

  

 
 
 
 

 
 For Immediate Release

 

 
 Curbline Properties Reports Second Quarter 2026 Results

 

 
 

 

  
New York, New York, July 28, 2026 – Curbline Properties Corp. (NYSE: CURB) (the “Company” or “Curbline”), an owner of convenience centers in suburban, high household income communities, announced today operating results for the quarter ended June 30, 2026. For the six months ended June 30, 2026, net income attributable to Curbline was $10.5 million, or $0.10 per diluted share, as compared to net income of $20.9 million, or $0.20 per diluted share, in the year-ago period.
 
“Curbline’s second quarter results highlight the strength of the platform that we have constructed with record investment volume of $375 million, over $500 million of capital raised, and an uptick in leasing volume with the vast majority of the Company’s SNO pipeline expected to commence rent payment by March 2027. Curbline is again raising its full year investment target and OFFO guidance range given the significant outperformance to date with all cash and capital commitments needed to fund the revised investment pipeline on hand,” commented David R. Lukes, President and Chief Executive Officer. “Looking forward, we believe Curbline remains uniquely positioned for growth given its differentiated investment focus, the leasing economics of the Company’s property type, and its balance sheet.”
Results for the Second Quarter
•Second quarter net income attributable to Curbline was $6.9 million, or $0.06 per diluted share, as compared to net income of $10.4 million, or $0.10 per diluted share, in the year-ago period. The decrease year-over-year was primarily due to an increase in interest expense and in depreciation and amortization expense, partially offset by the net impact of asset acquisitions.

•Second quarter operating funds from operations attributable to Curbline (“Operating FFO” or “OFFO”) was $33.3 million, or $0.31 per diluted share, compared to $26.9 million, or $0.26 per diluted share, in the year-ago period. The increase year-over-year was primarily due to the net impact of asset acquisitions, partially offset by an increase in interest expense and a higher weighted-average share count resulting from shares issued to fund acquisitions.

Significant Second Quarter Activity and Recent Activity
•During the second quarter, acquired 30 convenience shopping centers for an aggregate purchase price of $374.1 million.

•During the second quarter, sold 6.6 million shares of common stock on a forward basis under its at-the-market equity offering program for expected gross proceeds of $186.5 million before issuance costs.

•In June, conducted an offering of 11.5 million shares of common stock on a forward basis generating expected gross proceeds of $354.8 million before issuance costs.

•During the second quarter, settled 8.4 million shares of common stock that were sold on a forward basis generating net proceeds of $199.8 million.

•In June, issued the Company's 2025 Corporate Sustainability Report marking both the first report as a standalone public company and Curbline’s first full year of sustainability reporting. The report was completed in alignment with the Task Force on Climate Related Financial Disclosure and can be found at (https://curbline.com/our-story#sustainability).

•As of June 30, 2026, adjusted for forward equity sales completed year to date, the Company had $850.9 million of cash and capital commitments for future acquisitions, including $154.7 million of cash and $696.2 million of expected gross proceeds from unsettled forward equity sales.

•In the third quarter to date, acquired four convenience shopping centers for an aggregate purchase price of $47.1 million.

Significant Year to Date 2026 Activity
•Year to date, acquired 48 convenience shopping centers for an aggregate purchase price of $563.7 million.

 1

 
  

 •Year to date, sold 29.3 million shares of common stock on a forward basis in follow-on public offerings and under its at-the-market equity offering program, generating expected gross proceeds of $823.5 million before issuance costs.

Key Quarterly Operating Results
•Reported an increase of 2.1% in same-property net operating income (“SPNOI”) for the six-month period ended June 30, 2026 compared to June 30, 2025. 

•Generated cash new leasing spreads of 20.2% and cash renewal leasing spreads of 7.4%, for the trailing twelve-month period ended June 30, 2026 and cash new leasing spreads of 8.2% and cash renewal leasing spreads of 8.6% for the second quarter of 2026. 

•Generated straight-lined new leasing spreads of 35.7% and straight-lined renewal leasing spreads of 17.1%, for the trailing twelve-month period ended June 30, 2026 and straight-lined new leasing spreads of 27.1% and straight-lined renewal leasing spreads of 18.1% for the second quarter of 2026.

•Reported a leased rate of 96.5% at June 30, 2026 compared to 96.1% at June 30, 2025 and 96.7% at December 31, 2025. The sequential increase was due to an acceleration in net leasing activity, partially offset by an approximately 20 basis point impact from acquisitions.

•As of June 30, 2026, the Signed Not Opened spread was 220 basis points, representing $7.6 million of annualized base rent.

2026 Guidance
The Company has updated its guidance for net income attributable to Curbline for 2026 to be from $0.27 to $0.32 per diluted share and Operating FFO to be from $1.24 to $1.26 per diluted share. The Company does not include a projection of gains or losses on asset sales, transaction costs or debt extinguishment costs in guidance.
 
Reconciliation of Net Income Attributable to Curbline to FFO and Operating FFO estimates:
 

 
 
 
 
 
 
 

 
  

 FY 2026E (prior)Per Share — Diluted

  

 FY 2026E (revised)Per Share — Diluted

 

 
 Net income attributable to Curbline

 $0.29 — $0.36

  

 $0.27 — $0.32

 

 
 Depreciation and amortization of real estate, net

 0.90 — 0.86

  

 0.96 — 0.93

 

 
 FFO attributable to Curbline (NAREIT)

 $1.19 — $1.22

  

 $1.23 — $1.25

 

 
 Transaction and other costs, net (reported actual)

 0.01

  

 0.01

 

 
 Operating FFO attributable to Curbline

 $1.20 — $1.23

  

 $1.24 — $1.26

 

  
About Curbline Properties
Curbline Properties is an owner and manager of convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities. The Company is a self-managed real estate investment trust (“REIT”) that is publicly traded under the ticker symbol “CURB” on the NYSE. Additional information about the Company is available at curbline.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
 
Conference Call and Supplemental Information
The Company will hold its quarterly conference call today at 8:00 a.m. Eastern Time. To participate with access to the slide presentation, please visit the Investor Relations portion of Curbline's website, ir.curbline.com, or for audio only, dial 833-461-5787 (U.S.) or 626-884-3620 (international) using meeting ID 341781138 at least ten minutes prior to the scheduled start of the call. The call will also be webcast and available in a listen-only mode on Curbline's website at ir.curbline.com. If you are unable to participate during the live call, a replay of the conference call will also be available at ir.curbline.com for future review through July 28, 2027. Copies of the Company’s supplemental package and earnings slide presentation are available on the Company’s website.
 
Non-GAAP Measures and Other Operational Metrics
Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of REIT performance. The Company believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT, more appropriately measure the core operations of the Company, and provide benchmarks to its peer group. 
FFO is generally defined and calculated by the Company as net income attributable to Curbline (computed in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”)), adjusted to exclude (i) gains and losses from disposition of real estate property, which are presented net of taxes, (ii) impairment charges on real estate property, (iii) gains and losses from changes in control and (iv) certain non-cash items. These non-cash items principally include real property 

 2

 
  

 depreciation and amortization of intangibles net of depreciation allocated to non-controlling interests. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.
In calculating the expected range for or amount of net income attributable to Curbline to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gains and losses from the disposition of real estate property, potential impairments and reserves of real estate property, debt extinguishment costs and certain transaction costs. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.
The Company also uses net operating income (“NOI”), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses and excludes depreciation and amortization expense, interest income and expense and corporate level transactions. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis. 
The Company presents NOI information herein on a same-property basis (“SPNOI”). The Company defines SPNOI as property revenues less property-related expenses, which excludes depreciation and amortization expense, interest income and expense and corporate level transactions, as well as straight-line rental income and reimbursements and expenses, lease termination income, management fee expense and fair market value of leases. SPNOI only includes assets owned for the entirety of both comparable periods. Other real estate companies may calculate NOI and SPNOI in a different manner. The Company believes SPNOI provides investors with additional information regarding the operating performance of comparable assets because it excludes certain non-cash and non-comparable items as noted above. 
FFO, Operating FFO, NOI and SPNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein.
The Company calculates Cash Leasing Spreads by comparing the prior tenant's annual base rent in the final year of the prior lease to the executed tenant’s annual base rent in the first year of the executed lease. Straight-Lined Leasing Spreads are calculated by comparing the prior tenant’s average base rent over the prior lease term to the executed tenant’s average base rent over the term of the executed lease. For both Cash and Straight-Lined Leasing Spreads, the reported calculation excludes first generation units and spaces vacant at the time of acquisition and includes all leases for spaces vacant greater than twelve months along with split and combination deals.
Safe Harbor
Curbline Properties Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company’s projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, changes in the economic performance and value of the Company’s properties as a result of broad economic and local conditions, such as inflation, interest rate volatility and market reaction to tariffs and other trade policies; changes in local conditions such as an increase or decrease in the supply of, or demand for, retail real estate space in our markets; the impact of changes in consumer trends, distribution channels, suburban population, retailing practices and the space needs of tenants; our dependence on rental income which depends on the successful operations and financial condition of tenants, the loss of which, including as a result of store closures or bankruptcy, could result in significant occupancy loss and negatively impact rental income from our properties; our ability to enter into new leases and renew existing leases, in each case, on favorable terms; our ability to identify, acquire, construct or develop additional properties that produce the cash flows that we expect, which may be limited by competitive pressures, and our ability to manage our growth effectively and capture the efficiencies of scale that we expect from expansion; potential environmental liabilities; our ability to secure debt and equity financing on commercially 

 3

 
  

 acceptable terms or at all; the illiquidity of real estate investments which could limit our ability to make changes to our portfolio to respond to economic or other conditions; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from natural disasters, public health crises and weather-related factors in locations where we own properties, the ability to estimate accurately the amounts thereof and the sufficiency and timing of any insurance recovery payments related to such damages; any change in strategy; the effect of future offerings of debt and equity securities on the value of our common stock; any disruption, failure or breach of the networks or systems on which the Company relies, including as a result of cyber-attacks; impairment in the value of real estate property that we own; changes in tax laws impacting REITs and real estate in general, as well as our ability to maintain our REIT status; our ability to retain and attract key management personnel; and the finalization of the financial statements for the quarter ended June 30, 2026. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company’s most recent Annual Report on Form 10-K under “Item 1A. Risk Factors” and our subsequent reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
 

 4

 
  

 Curbline Properties Corp. 
Income Statement
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

 in thousands, except per share

  

  

  

  

 

 
  

  

 2Q26

  

 2Q25

  

 6M26

  

 6M25

  

 

 
  

 Revenues:

  

  

  

  

  

  

  

  

 

 
  

 Rental income (1)

 $63,077

  

 $41,104

  

 $120,748

  

 $79,542

  

 

 
  

 Other property revenues

 219

  

 298

  

 535

  

 555

  

 

 
  

  

 63,296

  

 41,402

  

 121,283

  

 80,097

  

 

 
  

 Expenses:

  

  

  

  

  

  

  

  

 

 
  

 Operating and maintenance

 7,904

  

 5,666

  

 15,712

  

 11,068

  

 

 
  

 Real estate taxes

 7,545

  

 4,971

  

 14,821

  

 9,792

  

 

 
  

  

 15,449

  

 10,637

  

 30,533

  

 20,860

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
  

 Net operating income

 47,847

  

 30,765

  

 90,750

  

 59,237

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
  

 Other income (expense):

  

  

  

  

  

  

  

  

 

 
  

 Interest expense

 (8,372)

  

 (1,767)

  

 (16,260)

  

 (2,334)

  

 

 
  

 Interest income

 1,477

  

 5,580

  

 4,385

  

 11,233

  

 

 
  

 Depreciation and amortization

 (26,464)

  

 (16,039)

  

 (52,123)

  

 (30,502)

  

 

 
  

 General and administrative (2)

 (9,240)

  

 (8,156)

  

 (18,863)

  

 (17,084)

  

 

 
  

 Other income (expense), net (3)

 1,742

  

 95

  

 2,738

  

 553

  

 

 
  

 Gain on disposition of real estate, net

 0

  

 0

  

 0

  

 42

  

 

 
  

 Income before taxes

 6,990

  

 10,478

  

 10,627

  

 21,145

  

 

 
  

 Tax expense

 (65)

  

 (72)

  

 (134)

  

 (177)

  

 

 
  

 Net income

 6,925

  

 10,406

  

 10,493

  

 20,968

  

 

 
  

 Non-controlling interests

 (15)

  

 (14)

  

 (20)

  

 (26)

  

 

 
  

 Net income attributable to Curbline

 $6,910

  

 $10,392

  

 $10,473

  

 $20,942

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
  

 Weighted average shares – Basic – EPS

 106,411

  

 105,003

  

 105,751

  

 104,958

  

 

 
  

 Assumed conversion of diluted securities

 2,484

  

 239

  

 1,872

  

 232

  

 

 
  

 Weighted average shares – Diluted – EPS

 108,895

  

 105,242

  

 107,623

  

 105,190

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
  

 Earnings per share of common stock – Basic

 $0.06

  

 $0.10

  

 $0.10

  

 $0.20

  

 

 
  

 Earnings per share of common stock – Diluted

 $0.06

  

 $0.10

  

 $0.10

  

 $0.20

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 (1)

 Rental income:

  

  

  

  

  

  

  

  

 

 
  

 Minimum rents

 $39,737

  

 $25,011

  

 $75,894

  

 $48,240

  

 

 
  

 Ground lease minimum rents

 4,046

  

 3,586

  

 7,911

  

 6,790

  

 

 
  

 Straight-line rent, net

 1,252

  

 795

  

 2,482

  

 1,456

  

 

 
  

 Amortization of (above)/below-market rent, net

 1,586

  

 1,029

  

 3,263

  

 1,959

  

 

 
  

 Percentage and overage rent

 275

  

 269

  

 409

  

 362

  

 

 
  

 Recoveries

 15,785

  

 10,365

  

 30,564

  

 19,815

  

 

 
  

 Uncollectible revenue

 (371)

  

 (215)

  

 (789)

  

 (434)

  

 

 
  

 Ancillary and other rental income

 302

  

 264

  

 549

  

 500

  

 

 
  

 Lease termination fees

 465

  

 0

  

 465

  

 854

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 (2)

 SITE SSA gross up

 ($1,759)

  

 ($625)

  

 ($3,522)

  

 ($1,256)

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 (3)

 Other income (expense), net:

  

  

  

  

  

  

  

  

 

 
  

 Transaction costs

 ($17)

  

 ($343)

  

 ($784)

  

 ($516)

  

 

 
  

 SITE SSA gross up

 1,759

  

 625

  

 3,522

  

 1,256

  

 

 
  

 Debt extinguishment and other

 0

  

 (187)

  

 0

  

 (187)

  

 

 
  

  

  

  

  

  

  

  

  

  

 

  

 5

 
  

 Curbline Properties Corp.
Reconciliation: Net Income to FFO and Operating FFO
and Other Financial Information
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

 in thousands, except per share

  

  

  

 

 
  

  

 2Q26

  

 2Q25

  

 6M26

  

 6M25

 

 
  

 Net income attributable to Curbline

 $6,910

  

 $10,392

  

 $10,473

  

 $20,942

 

 
  

 Depreciation and amortization of real estate, net of non-controlling interests

 26,406

  

 16,018

  

 52,023

  

 30,464

 

 
  

 Gain on disposition of real estate, net of non-controlling interests

 0

  

 0

  

 0

  

 (42)

 

 
  

 FFO attributable to Curbline

 $33,316

  

 $26,410

  

 $62,496

  

 $51,364

 

 
  

 Transaction costs, net of non-controlling interests

 17

  

 529

  

 783

  

 702

 

 
  

 Operating FFO attributable to Curbline

 $33,333

  

 $26,939

  

 $63,279

  

 $52,066

 

 
  

  

  

  

  

  

  

  

  

 

 
  

 Weighted average shares & units – Basic: FFO & OFFO

 106,411

  

 105,003

  

 105,751

  

 104,958

 

 
  

 Assumed conversion of dilutive securities

 2,484

  

 239

  

 1,872

  

 232

 

 
  

 Weighted average shares & units – Diluted: FFO & OFFO

 108,895

  

 105,242

  

 107,623

  

 105,190

 

 
  

  

  

  

  

  

  

  

  

 

 
  

 FFO per share – Basic

 $0.31

  

 $0.25

  

 $0.59

  

 $0.49

 

 
  

 FFO per share – Diluted

 $0.31

  

 $0.25

  

 $0.58

  

 $0.49

 

 
  

 Operating FFO per share – Basic

 $0.31

  

 $0.26

  

 $0.60

  

 $0.50

 

 
  

 Operating FFO per share – Diluted

 $0.31

  

 $0.26

  

 $0.59

  

 $0.49

 

 
  

  

  

  

  

  

  

  

  

 

 
  

 Capital expenditures and certain non-cash items:

  

  

  

  

  

  

  

 

 
  

 Maintenance capital expenditures, net

 $1,666

  

 $1,090

  

 $2,047

  

 $1,100

 

 
  

 Tenant allowances and landlord work, net

 2,102

  

 826

  

 3,972

  

 1,628

 

 
  

 External leasing commissions, net

 451

  

 351

  

 904

  

 830

 

 
  

 Loan cost amortization

 (579)

  

 (354)

  

 (1,152)

  

 (607)

 

 
  

 Stock compensation expense

 (2,791)

  

 (3,072)

  

 (5,762)

  

 (6,666)

 

 
  

  

  

  

  

  

  

  

  

 

  

 6

 
  

 Curbline Properties Corp. 
Balance Sheet
 

 
 
 
 
 
 
 
 

 
  

 $ in thousands

  

  

  

 

 
  

  

  

 

 
  

  

 2Q26

  

 4Q25

 

 
  

 Assets:

  

  

  

 

 
  

 Land

 $919,733

  

 $759,267

 

 
  

 Buildings

 1,618,627

  

 1,304,288

 

 
  

 Fixtures and tenant improvements

 123,166

  

 107,013

 

 
  

  

 2,661,526

  

 2,170,568

 

 
  

 Accumulated depreciation

 (238,583)

  

 (209,429)

 

 
  

  

 2,422,943

  

 1,961,139

 

 
  

 Construction in progress and land

 40,171

  

 27,355

 

 
  

 Real estate, net

 2,463,114

  

 1,988,494

 

 
  

  

  

  

  

 

 
  

 Cash

 154,721

  

 289,553

 

 
  

 Receivables and straight-line rents (1)

 26,832

  

 22,514

 

 
  

 Amounts receivable from SITE Centers

 9,273

  

 21,457

 

 
  

 Intangible assets, net (2)

 169,200

  

 137,513

 

 
  

 Other assets, net (3)

 18,074

  

 10,259

 

 
  

 Total Assets

 2,841,214

  

 2,469,790

 

 
  

  

  

  

  

 

 
  

 Liabilities and Equity:

  

  

  

 

 
  

 Revolving credit facilities

 0

  

 0

 

 
  

 Unsecured debt

 595,823

  

 423,239

 

 
  

  

 595,823

  

 423,239

 

 
  

 Dividends payable

 19,630

  

 20,872

 

 
  

 Other liabilities (4)

 133,395

  

 112,209

 

 
  

 Total Liabilities

 748,848

  

 556,320

 

 
  

  

  

  

  

 

 
  

 Common stock

 1,140

  

 1,054

 

 
  

 Paid-in capital

 2,157,037

  

 1,958,845

 

 
  

 Distributions in excess of net income

 (72,132)

  

 (46,100)

 

 
  

 Accumulated comprehensive income (loss)

 135

  

 (4,606)

 

 
  

 Non-controlling interest

 6,186

  

 4,277

 

 
  

 Total Equity

 2,092,366

  

 1,913,470

 

 
  

  

  

  

  

 

 
  

 Total Liabilities and Equity

 $2,841,214

  

 $2,469,790

 

 
  

  

  

  

  

 

 
 (1)

 Straight-line rents (including fixed CAM), net

 $16,440

  

 $13,929

 

 
  

  

  

  

  

 

 
 (2)

 Below-market leases (as lessee), net

 14,753

  

 14,788

 

 
  

  

  

  

  

 

 
 (3)

 Acquisition escrow deposits

 8,351

  

 3,258

 

 
  

  

  

  

  

 

 
 (4)

 Below-market leases, net

 78,946

  

 66,698

 

 
  

  

  

  

  

 

  

 7

 
  

 Curbline Properties Corp.
Reconciliation of Net Income Attributable to Curbline to Same-Property NOI
 

 
 
 
 
 
 
 
 
 
 
 

 
 $ in thousands

  

  

  

  

  

  

  

 

 
  

 2Q26

  

 2Q25

  

 6M26

  

 6M25

 

 
 GAAP Reconciliation:

  

  

  

  

  

  

  

 

 
 Net income attributable to Curbline

 $6,910

  

 $10,392

  

 $10,473

  

 $20,942

 

 
 Interest expense

 8,372

  

 1,767

  

 16,260

  

 2,334

 

 
 Interest income

 (1,477)

  

 (5,580)

  

 (4,385)

  

 (11,233)

 

 
 Depreciation and amortization

 26,464

  

 16,039

  

 52,123

  

 30,502

 

 
 General and administrative

 9,240

  

 8,156

  

 18,863

  

 17,084

 

 
 Other expense (income), net

 (1,742)

  

 (95)

  

 (2,738)

  

 (553)

 

 
 Gain on disposition of real estate, net

 0

  

 0

  

 0

  

 (42)

 

 
 Tax expense

 65

  

 72

  

 134

  

 177

 

 
 Non-controlling interests

 15

  

 14

  

 20

  

 26

 

 
 Total Curbline NOI

 47,847

  

 30,765

  

 90,750

  

 59,237

 

 
 Less: Non-Same Property NOI

 (20,899)

  

 (3,693)

  

 (36,799)

  

 (6,399)

 

 
 Total Same-Property NOI

 $26,948

  

 $27,072

  

 $53,951

  

 $52,838

 

 
  

  

  

  

  

  

  

  

 

 
 Total Curbline NOI % Change

 55.5%

  

  

  

 53.2%

  

  

 

 
 Same-Property NOI % Change

 (0.5%)

  

  

  

 2.1%

  

  

 

  

 8

 
  

 Curbline Properties Corp.
Portfolio Summary
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

 6/30/2026

  

 3/31/2026

  

 12/31/2025

  

 9/30/2025

  

 6/30/2025

 

 
 Quarterly Operational Overview

  

  

  

  

  

  

  

  

  

  

 

 
 Properties

  

 220

  

 190

  

 176

  

 162

  

 125

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Owned GLA

  

 5,242

  

 4,559

  

 4,323

  

 3,984

  

 3,212

 

 
 Ground lease GLA

  

 503

  

 481

  

 477

  

 488

  

 477

 

 
 Total GLA

  

 5,745

  

 5,040

  

 4,800

  

 4,472

  

 3,689

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Base Rent PSF

  

 $34.99

  

 $34.91

  

 $34.52

  

 $34.38

  

 $35.26

 

 
 Commenced Rate

  

 94.3%

  

 94.1%

  

 94.1%

  

 93.9%

  

 93.5%

 

 
 Leased Rate

  

 96.5%

  

 96.3%

  

 96.7%

  

 96.7%

  

 96.1%

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Quarterly SPNOI

  

 -0.5%

  

 4.8%

  

 1.5%

  

 2.6%

  

 6.2%

 

 
  

  

  

  

  

  

  

  

  

  

  

 

 
 TTM New Leasing (GLA in 000's)

  

 106

  

 105

  

 128

  

 115

  

 73

 

 
 TTM Renewals (GLA in 000's)

  

 415

  

 328

  

 286

  

 264

  

 216

 

 
 TTM Total Leasing (GLA in 000's)

  

 521

  

 433

  

 414

  

 379

  

 289

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 TTM Cash New Rent Spreads

  

 20.2%

  

 20.2%

  

 19.4%

  

 20.2%

  

 15.3%

 

 
 TTM Cash Renewal Rent Spreads

  

 7.4%

  

 7.1%

  

 8.0%

  

 9.1%

  

 8.5%

 

 
 TTM Cash Blended New and Renewal Rent Spreads

  

 10.0%

  

 10.3%

  

 11.5%

  

 12.6%

  

 10.4%

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 TTM Straight-Lined New Rent Spreads

  

 35.7%

  

 35.9%

  

 34.6%

  

 36.2%

  

 33.0%

 

 
 TTM Straight-Lined Renewal Rent Spreads

  

 17.1%

  

 17.1%

  

 18.3%

  

 19.0%

  

 18.1%

 

 
 TTM Straight-Lined Blended New and Renewal Rent Spreads

  

 20.8%

  

 21.7%

  

 23.4%

  

 24.5%

  

 22.4%

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Top 20 MSAs

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

  

 

  

 

  

 

  

 

  

 

  

 

 

 
  

  

 MSA

 Properties

  

 GLA

  

 % of GLA

  

 ABR

  

 % of ABR

  

 ABR PSF

 

 
 1

  

 Atlanta-Sandy Springs-Roswell, GA

 30

  

 712

  

 12.4%

  

 $21,104

  

 11.2%

  

 $31.26

 

 
 2

  

 Miami-Fort Lauderdale-West Palm Beach, FL

 8

  

 504

  

 8.8%

  

 17,395

  

 9.2%

  

 $37.23

 

 
 3

  

 Phoenix-Mesa-Scottsdale, AZ

 15

  

 325

  

 5.7%

  

 12,652

  

 6.7%

  

 $40.15

 

 
 4

  

 Houston-The Woodlands-Sugar Land, TX

 12

  

 330

  

 5.7%

  

 12,126

  

 6.4%

  

 $39.71

 

 
 5

  

 Orlando-Kissimmee-Sanford, FL

 6

  

 291

  

 5.1%

  

 10,816

  

 5.7%

  

 $39.28

 

 
 6

  

 San Francisco-Oakland-Hayward, CA

 3

  

 141

  

 2.5%

  

 6,762

  

 3.6%

  

 $57.32

 

 
 7

  

 Jacksonville, FL

 7

  

 235

  

 4.1%

  

 6,628

  

 3.5%

  

 $28.49

 

 
 8

  

 Charlotte-Concord-Gastonia, NC-SC

 8

  

 242

  

 4.2%

  

 5,983

  

 3.2%

  

 $25.94

 

 
 9

  

 Dallas-Fort Worth-Arlington, TX

 7

  

 211

  

 3.7%

  

 5,947

  

 3.1%

  

 $30.94

 

 
 10

  

 Sacramento-Roseville-Arden-Arcade, CA

 5

  

 140

  

 2.4%

  

 5,202

  

 2.8%

  

 $37.69

 

 
 11

  

 Denver-Aurora-Lakewood, CO

 9

  

 157

  

 2.7%

  

 5,078

  

 2.7%

  

 $35.34

 

 
 12

  

 Riverside-San Bernardino-Ontario, CA

 4

  

 127

  

 2.2%

  

 4,496

  

 2.4%

  

 $38.40

 

 
 13

  

 Tampa-St. Petersburg-Clearwater, FL

 5

  

 128

  

 2.2%

  

 4,482

  

 2.4%

  

 $38.71

 

 
 14

  

 Chicago-Naperville-Elgin, IL-IN-WI

 9

  

 160

  

 2.8%

  

 4,480

  

 2.4%

  

 $30.00

 

 
 15

  

 Colorado Springs, CO

 3

  

 139

  

 2.4%

  

 4,268

  

 2.3%

  

 $34.06

 

 
 16

  

 Austin-Round Rock, TX

 4

  

 113

  

 2.0%

  

 4,123

  

 2.2%

  

 $37.08

 

 
 17

  

 Cleveland-Elyria, OH

 4

  

 92

  

 1.6%

  

 3,256

  

 1.7%

  

 $36.53

 

 
 18

  

 Minneapolis-St. Paul-Bloomington, MN-WI

 4

  

 90

  

 1.6%

  

 3,124

  

 1.7%

  

 $34.54

 

 
 19

  

 Columbus, OH

 2

  

 82

  

 1.4%

  

 2,994

  

 1.6%

  

 $36.39

 

 
 20

  

 Washington-Arlington-Alexandria, DC-VA-MD-WV

 4

  

 59

  

 1.0%

  

 2,802

  

 1.5%

  

 $47.75

 

 
  

  

 Other

 71

  

 1,467

  

 25.5%

  

 45,346

  

 24.0%

  

 $33.08

 

 
  

  

 Total

 220

  

 5,745

  

 100.0%

  

 $189,064

  

 100.0%

  

 $34.99

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Note: $ and GLA in thousands except property count and base rent PSF.

 

 
  

 

  

 9

 
  

 Curbline Properties Corp.
Capital Structure
 

 
 
 
 
 
 
 
 

 
 $, shares and units in thousands, except per share

  

  

  

  

 

 
  

  

  

  

  

 

 
  

 June 30, 2026

  

  

 December 31, 2025

 

 
 Market Value Per Share

 $30.40

  

  

 $23.21

 

 
  

  

  

  

  

 

 
 Common Stock

 114,038

  

  

 105,368

 

 
 Common Units

 40

  

  

 29

 

 
 Total Common Stock and Units

 114,078

  

  

 105,397

 

 
  

  

  

  

  

 

 
 Total Equity Market Capitalization

 $3,467,971

  

  

 $2,446,264

 

 
  

  

  

  

  

 

 
 Unsecured Revolver

 0

  

  

 0

 

 
 Unsecured Term Loans

 250,000

  

  

 250,000

 

 
 Unsecured Notes Payable

 350,000

  

  

 178,000

 

 
 Total Debt

 600,000

  

  

 428,000

 

 
 Less: Cash(1)

 154,721

  

  

 289,553

 

 
 Net Debt

 445,279

  

  

 138,447

 

 
  

  

  

  

  

 

 
 Total Enterprise Value

 $3,913,250

  

  

 $2,584,711

 

 
  

  

  

  

  

 

 
 (1) Excludes $8.4 million and $3.3 million of acquisition escrow deposits as of June 30, 2026 and December 31, 2025, respectively.

 

 
  

  

  

  

  

 

 
 Unsecured Debt Covenants

  

  

  

  

 

 
 Consolidated Outstanding Indebtedness Net of Restricted Cash

 595,823

  

  

 423,239

 

 
 Consolidated Market Value

 3,146,209

  

  

 2,707,669

 

 
 Consolidated Outstanding Indebtedness Ratio

 19%

  

  

 16%

 

 
 Covenant

 60%

  

  

 60%

 

 
  

  

  

  

  

 

 
 Consolidated Secured Indebtedness Net of Restricted Cash Collateral

 0

  

  

 0

 

 
 Consolidated Market Value

 3,146,209

  

  

 2,707,669

 

 
 Consolidated Secured Indebtedness Ratio

 0%

  

  

 0%

 

 
 Covenant

 35%

  

  

 35%

 

 
  

  

  

  

  

 

 
 Value of Unencumbered Assets

 3,146,209

  

  

 2,707,669

 

 
 Consolidated Outstanding Unsecured Indebtedness Net of Restricted Cash

 595,823

  

  

 423,239

 

 
 Unencumbered Asset Ratio

 5.3X

  

  

 6.4X

 

 
 Covenant

 1.7X

  

  

 1.7X

 

 
  

  

  

  

  

 

 
 Consolidated Cash Flow

 143,654

  

  

 124,779

 

 
 Fixed Charges

 24,916

  

  

 11,400

 

 
 Fixed Charge Ratio

 5.8X

  

  

 10.9X

 

 
 Covenant

 1.5X

  

  

 1.5X

 

 
  

  

  

  

  

 

 
 Unencumbered Adjusted NOI

 135,041

  

  

 112,286

 

 
 Consolidated Unsecured Interest Expense

 24,044

  

  

 10,669

 

 
 Unencumbered NOI Coverage Ratio

 5.6X

  

  

 10.5X

 

 
 Covenant

 1.8X

  

  

 1.8X

 

 
  

  

  

  

  

 

 
 Credit Ratings (Outlook)

  

  

  

  

 

 
 Fitch

 BBB (Stable)

  

  

 BBB (Stable)

 

  

 10

 
  

 Curbline Properties Corp.
Debt Detail
 

 
 
 
 
 
 
 
 
 
 

 
 $ in thousands

  

  

  

  

  

  

 

 
  

  

 Balance

  

 MaturityDate(1)

  

 InterestRate(2)

 

 
 Bank Debt

  

  

  

  

  

  

 

 
 Unsecured Revolver ($400m)

  

 $0

  

 Sep-29

  

 SOFR+0.85%

 

 
 Unsecured Term Loan ($100m)

  

 100,000

  

 Oct-29

  

 4.53%

 

 
 Unsecured Term Loan ($150m)

  

 150,000

  

 Jan-31

  

 4.61%

 

 
  

  

 $250,000

  

  

  

  

 

 
 Unsecured Debt

  

  

  

  

  

  

 

 
 Unsecured Notes - 2030

  

 100,000

  

 Sep-30

  

 5.58%

 

 
 Unsecured Notes - 2031

  

 50,000

  

 Jan-31

  

 5.06%

 

 
 Unsecured Notes - 2032

  

 50,000

  

 Sep-32

  

 5.79%

 

 
 Unsecured Notes - 2033

  

 150,000

  

 Jan-33

  

 5.31%

 

 
  

  

 $350,000

  

  

  

  

 

 
  

  

  

  

  

  

  

 

 
 Subtotal Debt

  

 $600,000

  

  

  

 5.07%

 

 
 Unamortized Loan Costs, Net

  

 (4,177)

  

  

  

  

 

 
 Total Debt

  

 $595,823

  

  

  

  

 

 
  

  

  

  

  

  

  

 

 
  

 

 
  

 

 
  

 

  

 
 
 
 
 
 
 
 
 

 
 Maturity Schedule(1)

  

 Secured

 Unsecured

 Total

 InterestRate(2)

 

 
 2026

  

 $0

 $0

 $0

 -

 

 
 2027

  

 0

 0

 0

 -

 

 
 2028

  

 0

 0

 0

 -

 

 
 2029

  

 0

 100,000

 100,000

 4.53%

 

 
 2030

  

 0

 100,000

 100,000

 5.58%

 

 
 2031

  

 0

 200,000

 200,000

 4.72%

 

 
 2032

  

 0

 50,000

 50,000

 5.79%

 

 
 2033

  

 0

 150,000

 150,000

 5.31%

 

 
 2034 and beyond

  

 0

 0

 0

 -

 

 
 Total

  

 $0

 $600,000

 $600,000

 5.07%

 

 
  

  

  

  

  

  

 

 
 (1) Maturity dates assumed all borrower extension options are exercised.

 

 
 (2) Rate excludes loan fees and unamortized loan costs. Interest rates are shown at hedged all-in rates where applicable.

 

  

 11

 
  

 Curbline Properties Corp.
Same Property Metrics
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
  

 Same-Property Net Operating Income(1)

 

 
  

 Quarterly Same-Property NOI

  

 Annual Same-Property NOI

 

 
  

 2Q26

  

 2Q25

 Change

  

 6M26

  

 6M25

 Change

 

 
 

  

  

  

  

  

  

  

  

  

 

 
 Same Property - Leased rate

 96.8%

 

 96.2%

 0.6%

  

 96.8%

 

 96.2%

 0.6%

 

 
 Same Property - Commenced rate

 93.7%

  

 93.5%

 0.2%

  

 93.7%

  

 93.5%

 0.2%

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Revenues:

  

  

  

  

  

  

  

  

  

 

 
 Minimum rents

 $26,633

  

 $26,029

 

  

 $53,290

  

 $51,790

  

 

 
 Recoveries

 9,077

  

 9,480

 

  

 18,250

  

 18,532

  

 

 
 Uncollectible revenue

 (176)

  

 (176)

 

  

 (281)

  

 (397)

  

 

 
 Percentage and overage rents

 256

  

 269

 

  

 390

  

 362

  

 

 
 Ancillary and other rental income

 437

  

 548

 

  

 924

  

 1,038

  

 

 
  

 36,227

 

 36,150

 0.2%

  

 72,573

 

 71,325

 1.7%

 

 
 Expenses:

  

  

  

  

  

  

  

  

  

 

 
 Operating and maintenance

 (4,676)

  

 (4,617)

 

  

 (9,403)

  

 (9,523)

 

 

 
 Real estate taxes

 (4,603)

  

 (4,461)

 

  

 (9,219)

  

 (8,964)

 

 

 
  

 (9,279)

  

 (9,078)

 2.2%

  

 (18,622)

  

 (18,487)

 0.7%

 

 
 Total Comparable SPNOI

 $26,948

  

 $27,072

 -0.5%

  

 $53,951

  

 $52,838

 2.1%

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Non-Same Property NOI

 20,899

  

 3,693

  

  

 36,799

  

 6,399

  

 

 
 Total Curbline NOI

 $47,847

  

 $30,765

 55.5%

  

 $90,750

  

 $59,237

 53.2%

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Same-Property NOI Operating Margin

 74.4%

  

 74.9%

  

  

 74.3%

  

 74.1%

  

 

 
 Same-Property NOI Recovery Rate

 97.8%

  

 104.4%

  

  

 98.0%

  

 100.2%

  

 

 
  

 

 
 (1) See the definition in the Notable Accounting Policies and Non-GAAP Measures section and the GAAP reconciliation on page 8.

 

  
 
 
 
 

 12

 
  

 Curbline Properties Corp.
Leasing Summary
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 Leasing Activity

  

 Net Effective Rents

 

 
  

 Comparable Pool

  

 Total Pool

  

  

  

 CapEx PSF

  

  

 

 
  

 Count

 GLA

 ABR PSF

 Cash

 Straight-lined

  

 Count

 GLA

 ABR PSF

 Term

  

 GLA

 ABR PSF

 TA & LL

 LC

 Total

 NER PSF

 Term

 

 
 New Leases

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 2Q26

 11

 26,154

 $32.69

 8.2%

 27.1%

  

 15

 33,947

 $31.16

 9.0

  

 33,947

 $34.67

 $4.90

 $1.90

 $6.80

 $27.87

 9.0

 

 
 1Q26

 5

 10,377

 $41.95

 33.5%

 55.9%

  

 10

 16,768

 $39.10

 9.1

  

 15,538

 $42.67

 $4.46

 $2.44

 $6.90

 $35.77

 9.1

 

 
 4Q25

 10

 20,651

 $35.67

 12.6%

 26.2%

  

 16

 32,547

 $36.66

 8.1

  

 29,944

 $39.31

 $5.26

 $2.19

 $7.45

 $31.86

 7.9

 

 
 3Q25

 16

 49,186

 $38.60

 26.9%

 39.7%

  

 23

 66,684

 $37.20

 9.7

  

 29,063

 $40.72

 $4.24

 $1.89

 $6.13

 $34.59

 9.3

 

 
  

 42

 106,368

 $36.90

 20.2%

 35.7%

  

 64

 149,946

 $35.93

 9.1

  

 108,492

 $38.72

 $4.76

 $2.06

 $6.82

 $31.90

 8.8

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Renewals

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 2Q26

 53

 133,100

 $33.76

 8.6%

 18.1%

  

 53

 133,100

 $33.76

 4.9

  

 133,100

 $35.31

 $0.37

 $0.00

 $0.37

 $34.94

 4.9

 

 
 1Q26

 52

 127,791

 $33.14

 5.9%

 14.7%

  

 52

 127,791

 $33.14

 5.2

  

 127,791

 $34.46

 $0.00

 $0.00

 $0.00

 $34.46

 5.2

 

 
 4Q25

 33

 67,446

 $37.32

 4.7%

 15.2%

  

 33

 67,446

 $37.32

 5.3

  

 67,446

 $39.33

 $0.09

 $0.00

 $0.09

 $39.24

 5.3

 

 
 3Q25

 33

 86,417

 $34.88

 10.3%

 20.5%

  

 33

 86,417

 $34.88

 6.7

  

 86,417

 $37.20

 $0.37

 $0.14

 $0.51

 $36.69

 6.7

 

 
  

 171

 414,754

 $34.38

 7.4%

 17.1%

  

 171

 414,754

 $34.38

 5.5

  

 414,754

 $36.10

 $0.21

 $0.03

 $0.24

 $35.86

 5.5

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 New + Renewals

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 2Q26

 64

 159,254

 $33.59

 8.6%

 19.6%

  

 68

 167,047

 $33.24

 5.8

  

 167,047

 $35.18

 $1.81

 $0.60

 $2.41

 $32.77

 5.8

 

 
 1Q26

 57

 138,168

 $33.80

 7.9%

 17.8%

  

 62

 144,559

 $33.83

 5.7

  

 143,329

 $35.35

 $0.78

 $0.43

 $1.21

 $34.14

 5.6

 

 
 4Q25

 43

 88,097

 $36.94

 6.4%

 17.6%

  

 49

 99,993

 $37.11

 6.2

  

 97,390

 $39.33

 $2.15

 $0.87

 $3.02

 $36.31

 6.1

 

 
 3Q25

 49

 135,603

 $36.23

 16.2%

 27.4%

  

 56

 153,101

 $35.89

 8.0

  

 115,480

 $38.08

 $1.60

 $0.69

 $2.29

 $35.79

 7.4

 

 
  

 213

 521,122

 $34.90

 10.0%

 20.8%

  

 235

 564,700

 $34.79

 6.4

  

 523,246

 $36.64

 $1.54

 $0.62

 $2.16

 $34.48

 6.1

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

 

  
Leasing Spreads
•Cash Leasing Spreads are calculated by comparing the prior tenant’s annual base rent in the final year of the prior lease to the executed tenant’s annual base rent in the first year of the executed lease. 

•Straight-Lined Leasing Spreads are calculated by comparing the prior tenant’s average base rent over the prior lease term to the executed tenant’s average base rent over the term of the executed lease. 

•Both Cash and Straight-Lined Leasing spreads include leases vacant greater than twelve months along with split and combination deals and exclude first generation units and units vacant at the time of acquisition. 

 
Net Effective Rents
•Net effective rents are calculated as the weighted average base rent per rentable square foot over the lease term less all costs associated with leasing the space including landlord work which represents property level improvements associated with the lease transaction. Excludes first generation space.

 13

 
  

 Curbline Properties Corp.
Lease Expiration Schedule
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 $ and GLA in thousands

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

 

 
 Year

 # ofLeases

  

 ExpiringSF

 % of SFTotal

 ABR

 % of ABRTotal

  

 RentPSF

 

 
 MTM

 16

  

 33

 0.6%

 $1,130

 0.6%

  

 $34.24

 

 
 2026

 79

  

 168

 3.1%

 5,597

 3.0%

  

 $33.32

 

 
 2027

 234

  

 557

 10.3%

 19,264

 10.2%

  

 $34.59

 

 
 2028

 320

  

 839

 15.5%

 27,940

 14.8%

  

 $33.30

 

 
 2029

 260

  

 615

 11.4%

 20,786

 11.0%

  

 $33.80

 

 
 2030

 239

  

 630

 11.7%

 21,973

 11.6%

  

 $34.88

 

 
 2031

 223

  

 553

 10.2%

 18,337

 9.7%

  

 $33.16

 

 
 2032

 154

  

 432

 8.0%

 16,184

 8.6%

  

 $37.46

 

 
 2033

 135

  

 392

 7.3%

 13,855

 7.3%

  

 $35.34

 

 
 2034

 151

  

 411

 7.6%

 15,639

 8.3%

  

 $38.05

 

 
 2035

 121

  

 315

 5.8%

 12,069

 6.4%

  

 $38.31

 

 
 Thereafter

 127

  

 458

 8.5%

 16,290

 8.6%

  

 $35.57

 

 
 Total

 2,059

  

 5,403

 100.0%

 $189,064

 100.0%

  

 $34.99

 

 
  

  

  

  

  

  

  

  

  

 

 
 Note: Before exercise of any lease options; includes ground leases.

 

  

 14

 
  

 Curbline Properties Corp.
Top 25 Tenants
 

 
 
 
 
 
 
 
 
 
 
 

 
 $ and GLA in thousands

  

  

  

  

 

 
  

  

  

  

  

  

 

 
  

  

 Tenant

 Units

 Base Rent

 % of Total

 GLA

 % of Total

 

 
 1

  

 Starbucks

 41

 $4,744

 2.5%

 80

 1.4%

 

 
 2

  

 Verizon

 23

 2,937

 1.6%

 71

 1.2%

 

 
 3

  

 Chipotle

 20

 2,411

 1.3%

 53

 0.9%

 

 
 4

  

 Inspire Brands (1)

 34

 2,409

 1.3%

 66

 1.1%

 

 
 5

  

 JAB Holding (2)

 20

 2,319

 1.2%

 58

 1.0%

 

 
 6

  

 AT&T

 25

 2,008

 1.1%

 57

 1.0%

 

 
 7

  

 Somnigroup (Mattress Firm)

 13

 1,929

 1.0%

 56

 1.0%

 

 
 8

  

 Darden (3)

 8

 1,674

 0.9%

 54

 0.9%

 

 
 9

  

 T-Mobile

 19

 1,555

 0.8%

 41

 0.7%

 

 
 10

  

 JPMorgan Chase

 8

 1,540

 0.8%

 34

 0.6%

 

 
 11

  

 Five Guys

 13

 1,416

 0.7%

 32

 0.6%

 

 
 12

  

 Restaurant Brands International (4)

 19

 1,377

 0.7%

 43

 0.7%

 

 
 13

  

 AFC Urgent Care

 9

 1,355

 0.7%

 44

 0.8%

 

 
 14

  

 Total Wine & More

 2

 1,345

 0.7%

 49

 0.9%

 

 
 15

  

 Jersey Mike's

 25

 1,343

 0.7%

 39

 0.7%

 

 
 16

  

 GoTo Foods (5)

 15

 1,266

 0.7%

 39

 0.7%

 

 
 17

  

 Chick-Fil-A

 7

 1,257

 0.7%

 37

 0.6%

 

 
 18

  

 FedEx Office

 10

 1,233

 0.7%

 37

 0.6%

 

 
 19

  

 Self Esteem Brands (6)

 14

 1,174

 0.6%

 39

 0.7%

 

 
 20

  

 First Watch Restaurant Group

 7

 1,117

 0.6%

 30

 0.5%

 

 
 21

  

 Cava

 7

 1,083

 0.6%

 18

 0.3%

 

 
 22

  

 Cracker Barrel (7)

 6

 1,083

 0.6%

 39

 0.7%

 

 
 23

  

 Xponential Fitness (8)

 15

 1,023

 0.5%

 28

 0.5%

 

 
 24

  

 Brinker (Chili's)

 6

 1,018

 0.5%

 34

 0.6%

 

 
 25

  

 The UPS Store

 19

 960

 0.5%

 28

 0.5%

 

 
  

  

 Top 25 Total

 385

 $41,576

 22.0%

 1,106

 19.3%

 

 
  

  

 Total Portfolio

  

 $189,064

 100.0%

 5,745

 100.0%

 

 
  

  

  

  

  

  

  

  

 

 
 (1) Dunkin (14) / Jimmy John's (14) / Buffalo Wild Wings Go (3) / Buffalo Wild Wings (2) / Baskin Robbins (1)

  

 

 
 (2) Panera Bread (10) / Einstein Bros. Bagels (7) / Bruegger's Bagels (2) / Caribou Coffee (1)

  

 

 
 (3) Longhorn Steakhouse (4) / Olive Garden (3) / Chuy's (1)

  

 

 
 (4) Firehouse Subs (13) / Popeye's Chicken (4) / Burger King (2)

  

 

 
 (5) Moe's Southwest Grill (5) / McAlister's Deli (5) / Jamba Juice (4) / Schlotzsky's Deli (1)

  

  

 

 
 (6) Orangetheory Fitness (8) / Waxing the City (3) / Anytime Fitness (2) / Base Camp Fitness (1)

  

  

 

 
 (7) Cracker Barrel (3) / Maple Street Biscuit (3)

  

 

 
 (8) Club Pilates (7) / Stretchlab (3) / YogaSix (3) / Pure Barre (2)

  

 

  

 15

 
  

 Curbline Properties Corp.
Acquisitions
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 $ and GLA in thousands

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

 

 
  

  

 Property Name

  

 MSA

  

 GLA

  

 Price

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 01/22/26

  

 Village at Research Park

  

 Charlotte-Concord-Gastonia, NC-SC

  

 14

  

 $10,150

  

 

 
 01/23/26

  

 Shops at Dublin Commons

  

 Colorado Springs, CO

  

 34

  

 20,500

  

 

 
 02/04/26

  

 Canyon Springs Station

  

 Riverside-San Bernardino-Ontario, CA

  

 8

  

 4,890

  

 

 
 02/04/26

  

 Corner at Towne Lake

  

 Atlanta-Sandy Springs-Roswell, GA

  

 9

  

 3,950

  

 

 
 02/13/26

  

 Cypress Creek Corner

  

 Houston-The Woodlands-Sugar Land, TX

  

 40

  

 27,000

  

 

 
 02/13/26

  

 Southbrook Station

  

 Austin-Round Rock, TX

  

 34

  

 25,750

  

 

 
 02/20/26

  

 Centennial Place Shops

  

 Milwaukee-Waukesha-West Allis, WI

  

 14

  

 4,950

  

 

 
 02/25/26

  

 Augusta Crossing

  

 Chicago-Naperville-Elgin, IL-IN-WI

  

 15

  

 5,900

  

 

 
 02/26/26

  

 Spalding Station

  

 Atlanta-Sandy Springs-Roswell, GA

  

 5

  

 3,000

  

 

 
 02/26/26

  

 Shops at Avalon Chase

  

 Orlando-Kissimmee-Sanford, FL

  

 11

  

 5,275

  

 

 
 03/12/26

  

 Corner at Arapahoe Plaza

  

 Denver-Aurora-Lakewood, CO

  

 8

  

 4,925

  

 

 
 03/13/26

  

 Promenade Shoppes at Pine Gardens

  

 Miami-Fort Lauderdale-West Palm Beach, FL

  

 28

  

 12,900

  

 

 
 03/17/26

  

 Mission Bend Plaza

  

 Houston-The Woodlands-Sugar Land, TX

  

 6

  

 3,500

  

 

 
 03/27/26

  

 Bald Hill Corner

  

 Providence-Warwick, RI-MA

  

 12

  

 9,734

  

 

 
  

  

  

  

 1Q 2026 Total

  

 238

  

 $142,424

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 04/07/26

  

 Village at Arbor Lakes

  

 Minneapolis-St. Paul-Bloomington, MN-WI

  

 48

  

 $28,000

  

 

 
 04/16/26

  

 Arroyo Ridge Shoppes

  

 Las Vegas-Henderson-Paradise, NV

  

 37

  

 18,000

  

 

 
 04/20/26

  

 5-Property Portfolio

  

 Various, TX

  

 91

  

 41,085

  

 

 
 04/23/26

  

 Tech Plaza

  

 Athens-Clarke County, GA

  

 12

  

 6,675

  

 

 
 0