Curbline Properties第二季租金收入增53.5% 上半年淨收入690萬美元

10-Q
 
 
 
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

  
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
 
Form 10-Q
 
 

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the quarterly period ended June 30, 2026 
OR 
 

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the transition period from ___________ to ___________ 
Commission file number 1-42265 
 
 
Curbline Properties Corp.
(Exact name of registrant as specified in its charter) 
 
 

 
 
 
 
 
 

 
 Maryland

  

 93-4224532

 

 
 (State or other jurisdiction of incorporation or organization)

  

 (I.R.S. Employer Identification No.)

 

  

 
 
 
 
 
 

 
 320 Park Avenue
New York, New York

  

 10022

 

 
 (Address of principal executive offices)

  

 (Zip Code)

 

 Registrant’s telephone number, including area code: (216) 755-5500
Securities registered pursuant to Section 12(b) of the Act:
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading
Symbol(s)

  

 Name of each exchange on which registered

 

 
 Common Stock, $0.01 Par Value Per Share

  

 CURB

  

 New York Stock Exchange

 

 
  

  

  

  

  

 

 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
 

 
 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

  

 ☒

  

 Accelerated filer

 

 ☐

 

 
  

  

  

  

 

 
 Non-accelerated filer

 

 ☐

  

 Smaller reporting company

 

 ☐

 

 
  

  

  

  

  

  

  

 

 
  

  

  

  

 Emerging growth company

  

 ☐

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 
As of July 22, 2026, the registrant had 115,038,025 shares of common stock, $0.01 par value per share, outstanding.
 

  

 
  

 FORWARD-LOOKING STATEMENTS
The Company considers portions of the information in this quarterly report 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 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; and

•our ability to retain and attract key management personnel. 

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.
 

 2

 
  

  
Curbline Properties Corp.
QUARTERLY REPORT ON FORM 10-Q
Quarter Ended June 30, 2026
 
TABLE OF CONTENTS
 

 
 
 
 
 
 
 
 

 
 PART I. FINANCIAL INFORMATION

 

 
 Item 1.

  

 Financial Statements – Unaudited 

  

  

 

 
  

  

 Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 

  

 4

 

 
  

  

 Consolidated Statements of Operations for the Three Months Ended June 30, 2026 and 2025

  

 5

 

 
  

  

 Consolidated Statements of Operations for the Six Months Ended June 30, 2026 and 2025

  

 6

 

 
  

  

 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025

  

 7

 

 
  

  

 Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2026 and 2025 

  

 8

 

 
  

  

 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 

  

 9

 

 
  

  

 Notes to Consolidated Financial Statements 

  

 10

 

 
 Item 2.

  

 Management's Discussion and Analysis of Financial Condition and Results of Operations 

  

 20

 

 
 Item 3.

  

 Quantitative and Qualitative Disclosures about Market Risk 

  

 32

 

 
 Item 4.

  

 Controls and Procedures 

  

 33

 

 
 PART II. OTHER INFORMATION

 

 
 Item 1.

  

 Legal Proceedings 

  

 34

 

 
 Item 1A.

  

 Risk Factors 

  

 34

 

 
 Item 2.

  

 Unregistered Sales of Equity Securities and Use of Proceeds

  

 34

 

 
 Item 3.

  

 Defaults Upon Senior Securities 

  

 34

 

 
 Item 4.

  

 Mine Safety Disclosures 

  

 34

 

 
 Item 5.

  

 Other Information 

  

 34

 

 
 Item 6.

  

 Exhibits 

  

 35

 

 
 SIGNATURES 

  

 36

 

  
 

 3

 
  

 Curbline Properties Corp.
CONSOLIDATED BALANCE SHEETS
(unaudited; in thousands, except share amounts)
 

 
 
 
 
 
 
 
 
 
 
 

 
  

 June 30, 2026

  

  

 December 31, 2025

  

 

 
 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

  

 

 
 Less: Accumulated depreciation

  

 (238,583

 )

  

  

 (209,429

 )

 

 
  

  

 2,422,943

  

  

  

 1,961,139

  

 

 
 Construction in progress and land

  

 40,171

  

  

  

 27,355

  

 

 
 Total real estate assets, net

  

 2,463,114

  

  

  

 1,988,494

  

 

 
 Cash and cash equivalents

  

 154,721

  

  

  

 289,553

  

 

 
 Accounts receivable, net

  

 26,832

  

  

  

 22,514

  

 

 
 Amounts receivable from SITE Centers

  

 9,273

  

  

  

 21,457

  

 

 
 Intangible assets, net

  

 169,200

  

  

  

 137,513

  

 

 
 Other assets

  

 18,074

  

  

  

 10,259

  

 

 
 Total assets

 $

 2,841,214

  

  

 $

 2,469,790

  

 

 
 Liabilities and Equity

  

  

  

  

  

 

 
 Indebtedness:

  

  

  

  

  

 

 
 Senior notes, net

 $

 347,277

  

  

 $

 175,086

  

 

 
 Term loans, net

  

 248,546

  

  

  

 248,153

  

 

 
 Revolving credit facility

  

 —

  

  

  

 —

  

 

 
  

  

 595,823

  

  

  

 423,239

  

 

 
 Below-market leases, net

  

 78,946

  

  

  

 66,698

  

 

 
 Dividends payable

  

 19,630

  

  

  

 20,872

  

 

 
 Accounts payable and other liabilities

  

 54,449

  

  

  

 45,511

  

 

 
 Total liabilities

  

 748,848

  

  

  

 556,320

  

 

 
 Commitments and contingencies (Note 7)

  

  

  

  

  

 

 
 Equity

  

  

  

  

  

 

 
 Preferred Stock, par value $0.01 per share; 100,000,000 authorized;
  0 shares outstanding at June 30, 2026 and December 31, 2025

  

 —

  

  

  

 —

  

 

 
 Common Stock, par value $0.01 per share; 400,000,000 shares authorized; 
  114,037,648 and 105,368,120 shares issued and outstanding
  at June 30, 2026 and December 31, 2025, respectively

  

 1,140

  

  

  

 1,054

  

 

 
 Additional paid-in-capital

  

 2,157,037

  

  

  

 1,958,845

  

 

 
 Accumulated distributions in excess of net income

  

 (72,132

 )

  

  

 (46,100

 )

 

 
 Accumulated other comprehensive income (loss)

  

 135

  

  

  

 (4,606

 )

 

 
 Total stockholders’ equity

  

 2,086,180

  

  

  

 1,909,193

  

 

 
 Non-controlling interests

  

 6,186

  

  

  

 4,277

  

 

 
 Total equity

  

 2,092,366

  

  

  

 1,913,470

  

 

 
  

 $

 2,841,214

  

  

 $

 2,469,790

  

 

  
The accompanying notes are an integral part of these consolidated financial statements.

 4

 
  

 Curbline Properties Corp.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share amounts)
 

 
 
 
 
 
 
 
 
 
 
 

 
  

 Three Months

  

 

 
  

 Ended June 30,

  

 

 
  

 2026

  

  

 2025

  

 

 
 Revenues from operations:

  

  

  

  

  

 

 
 Rental income

 $

 63,077

  

  

 $

 41,104

  

 

 
 Other income

  

 219

  

  

  

 298

  

 

 
  

  

 63,296

  

  

  

 41,402

  

 

 
 Rental operation expenses:

  

  

  

  

  

 

 
 Operating and maintenance

  

 7,904

  

  

  

 5,666

  

 

 
 Real estate taxes

  

 7,545

  

  

  

 4,971

  

 

 
 General and administrative

  

 9,240

  

  

  

 8,156

  

 

 
 Depreciation and amortization

  

 26,464

  

  

  

 16,039

  

 

 
  

  

 51,153

  

  

  

 34,832

  

 

 
 Other income (expense):

  

  

  

  

  

 

 
 Interest expense

  

 (8,372

 )

  

  

 (1,767

 )

 

 
 Interest income

  

 1,477

  

  

  

 5,580

  

 

 
 Other income (expense), net

  

 1,742

  

  

  

 95

  

 

 
 Income before tax expense

  

 6,990

  

  

  

 10,478

  

 

 
 Tax expense of taxable REIT subsidiaries and state franchise and income taxes

  

 (65

 )

  

  

 (72

 )

 

 
 Net income

 $

 6,925

  

  

 $

 10,406

  

 

 
 Income attributable to non-controlling interests

  

 (15

 )

  

  

 (14

 )

 

 
 Net income attributable to Curbline

 $

 6,910

  

  

 $

 10,392

  

 

 
  

  

  

  

  

  

 

 
 Per share data:

  

  

  

  

  

 

 
 Basic

 $

 0.06

  

  

 $

 0.10

  

 

 
 Diluted

 $

 0.06

  

  

 $

 0.10

  

 

  
The accompanying notes are an integral part of these consolidated financial statements.

 5

 
  

 Curbline Properties Corp.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share amounts)
 

 
 
 
 
 
 
 
 
 
 
 

 
  

 Six Months

  

 

 
  

 Ended June 30,

  

 

 
  

 2026

  

  

 2025

  

 

 
 Revenues from operations:

  

  

  

  

  

 

 
 Rental income

 $

 120,748

  

  

 $

 79,542

  

 

 
 Other income

  

 535

  

  

  

 555

  

 

 
  

  

 121,283

  

  

  

 80,097

  

 

 
 Rental operation expenses:

  

  

  

  

  

 

 
 Operating and maintenance

  

 15,712

  

  

  

 11,068

  

 

 
 Real estate taxes

  

 14,821

  

  

  

 9,792

  

 

 
 General and administrative

  

 18,863

  

  

  

 17,084

  

 

 
 Depreciation and amortization

  

 52,123

  

  

  

 30,502

  

 

 
  

  

 101,519

  

  

  

 68,446

  

 

 
 Other income (expense):

  

  

  

  

  

 

 
 Interest expense

  

 (16,260

 )

  

  

 (2,334

 )

 

 
 Interest income

  

 4,385

  

  

  

 11,233

  

 

 
 Other income (expense), net

  

 2,738

  

  

  

 553

  

 

 
 Gain on disposition of real estate, net

  

 —

  

  

  

 42

  

 

 
 Income before tax expense

  

 10,627

  

  

  

 21,145

  

 

 
 Tax expense of taxable REIT subsidiaries and state franchise and income taxes

  

 (134

 )

  

  

 (177

 )

 

 
 Net income

 $

 10,493

  

  

 $

 20,968

  

 

 
 Income attributable to non-controlling interests

  

 (20

 )

  

  

 (26

 )

 

 
 Net income attributable to Curbline

 $

 10,473

  

  

 $

 20,942

  

 

 
  

  

  

  

  

  

 

 
 Per share data:

  

  

  

  

  

 

 
 Basic

 $

 0.10

  

  

 $

 0.20

  

 

 
 Diluted

 $

 0.10

  

  

 $

 0.20

  

 

  
The accompanying notes are an integral part of these consolidated financial statements.

 6

 
  

 Curbline Properties Corp.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

 Three Months

  

  

 Six Months

  

 

 
  

 Ended June 30,

  

  

 Ended June 30,

  

 

 
  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Net income

 $

 6,925

  

  

 $

 10,406

  

  

 $

 10,493

  

  

 $

 20,968

  

 

 
 Change in cash flow hedges

  

 2,997

  

  

  

 (2,864

 )

  

  

 4,751

  

  

  

 (4,027

 )

 

 
 Comprehensive income

 $

 9,922

  

  

 $

 7,542

  

  

 $

 15,244

  

  

 $

 16,941

  

 

 
 Comprehensive (income) loss attributable to non-controlling interests

  

 (21

 )

  

  

 4

  

  

  

 (10

 )

  

  

 5

  

 

 
 Net income attributable to non-controlling interests

  

 (15

 )

  

  

 (14

 )

  

  

 (20

 )

  

  

 (26

 )

 

 
 Total comprehensive income attributable to Curbline

 $

 9,886

  

  

 $

 7,532

  

  

 $

 15,214

  

  

 $

 16,920

  

 

  
The accompanying notes are an integral part of these consolidated financial statements.

 7

 
  

 Curbline Properties Corp.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

 Curbline Equity

  

  

  

  

  

  

  

 

 
  

 Common Stock Amounts

  

  

 Additional 
Paid-in Capital

  

  

 Accumulated Distributions in Excess of Net Income

  

  

 Accumulated Other Comprehensive Income (Loss)

  

  

 Total Stockholders’ Equity

  

  

 Non-controlling Interests - Unit Holders in Operating Partnership

  

  

 Total Equity

  

 

 
 Balance, December 31, 2025

 $

 1,054

  

  

 $

 1,958,845

  

  

 $

 (46,100

 )

  

 $

 (4,606

 )

  

 $

 1,909,193

  

  

 $

 4,277

  

  

 $

 1,913,470

  

 

 
    Issuance of common stock
       related to stock plans

  

 2

  

  

  

 (2

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
    Stock-based awards retained for taxes

  

 (1

 )

  

  

 (3,541

 )

  

  

 —

  

  

  

 —

  

  

  

 (3,542

 )

  

  

 —

  

  

  

 (3,542

 )

 

 
    Stock-based compensation, net

  

 —

  

  

  

 1,821

  

  

  

 —

  

  

  

 —

  

  

  

 1,821

  

  

  

 1,150

  

  

  

 2,971

  

 

 
    Dividend and distributions,
       net declared

  

 —

  

  

  

 (45

 )

  

  

 (17,977

 )

  

  

 —

  

  

  

 (18,022

 )

  

  

 (165

 )

  

  

 (18,187

 )

 

 
    Rebalancing of non-controlling
       interests

  

 —

  

  

  

 168

  

  

  

 —

  

  

  

 —

  

  

  

 168

  

  

  

 (168

 )

  

  

 —

  

 

 
    Equity offering costs

  

 —

  

  

  

 (767

 )

  

  

 —

  

  

  

 —

  

  

  

 (767

 )

  

  

 —

  

  

  

 (767

 )

 

 
    Other comprehensive income

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 1,765

  

  

  

 1,765

  

  

  

 (11

 )

  

  

 1,754

  

 

 
    Net income

  

 —

  

  

  

 —

  

  

  

 3,563

  

  

  

 —

  

  

  

 3,563

  

  

  

 5

  

  

  

 3,568

  

 

 
 Balance, March 31, 2026

  

 1,055

  

  

  

 1,956,479

  

  

  

 (60,514

 )

  

  

 (2,841

 )

  

  

 1,894,179

  

  

  

 5,088

  

  

  

 1,899,267

  

 

 
    Issuance of common stock
       related to stock plans

  

 1

  

  

  

 (1

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
    Issuance of common stock for
       cash offering

  

 84

  

  

  

 199,758

  

  

  

 —

  

  

  

 —

  

  

  

 199,842

  

  

  

 —

  

  

  

 199,842

  

 

 
    Stock-based awards retained for taxes

  

 —

  

  

  

 (11

 )

  

  

 —

  

  

  

 —

  

  

  

 (11

 )

  

  

 —

  

  

  

 (11

 )

 

 
    Stock-based compensation, net

  

 —

  

  

  

 1,459

  

  

  

 —

  

  

  

 —

  

  

  

 1,459

  

  

  

 1,332

  

  

  

 2,791

  

 

 
    Dividend and distributions,
       net declared

  

 —

  

  

  

 (37

 )

  

  

 (18,528

 )

  

  

 —

  

  

  

 (18,565

 )

  

  

 (164

 )

  

  

 (18,729

 )

 

 
    Rebalancing of non-controlling
       interests

  

 —

  

  

  

 106

  

  

  

 —

  

  

  

 —

  

  

  

 106

  

  

  

 (106

 )

  

  

 —

  

 

 
    Equity offering costs

  

 —

  

  

  

 (716

 )

  

  

 —

  

  

  

 —

  

  

  

 (716

 )

  

  

 —

  

  

  

 (716

 )

 

 
    Other comprehensive income

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 2,976

  

  

  

 2,976

  

  

  

 21

  

  

  

 2,997

  

 

 
    Net income

  

 —

  

  

  

 —

  

  

  

 6,910

  

  

  

 —

  

  

  

 6,910

  

  

  

 15

  

  

  

 6,925

  

 

 
 Balance, June 30, 2026

 $

 1,140

  

  

 $

 2,157,037

  

  

 $

 (72,132

 )

  

 $

 135

  

  

 $

 2,086,180

  

  

 $

 6,186

  

  

 $

 2,092,366

  

 

  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

 Curbline Equity

  

  

  

  

  

  

  

 

 
  

 Common Stock Amounts

  

  

 Additional 
Paid-in Capital

  

  

 Accumulated Distributions in Excess of Net Income

  

  

 Accumulated Other Comprehensive Income (Loss)

  

  

 Total Stockholders’ Equity

  

  

 Non-controlling Interests - Unit Holders in Operating Partnership

  

  

 Total Equity

  

 

 
 Balance, December 31, 2024

 $

 1,050

  

  

 $

 1,954,548

  

  

 $

 (15,021

 )

  

 $

 1,207

  

  

 $

 1,941,784

  

  

 $

 773

  

  

 $

 1,942,557

  

 

 
    Issuance of common stock
       related to stock plans

  

 3

  

  

  

 (3

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
    Stock-based awards retained for taxes

  

 (1

 )

  

  

 (2,973

 )

  

  

 —

  

  

  

 —

  

  

  

 (2,974

 )

  

  

 —

  

  

  

 (2,974

 )

 

 
    Stock-based compensation, net

  

 —

  

  

  

 2,428

  

  

  

 —

  

  

  

 —

  

  

  

 2,428

  

  

  

 1,166

  

  

  

 3,594

  

 

 
    Dividend and distributions,
       net declared

  

 —

  

  

  

 (18

 )

  

  

 (16,935

 )

  

  

 —

  

  

  

 (16,953

 )

  

  

 (163

 )

  

  

 (17,116

 )

 

 
    Rebalancing of non-controlling
       interests

  

 —

  

  

  

 153

  

  

  

 —

  

  

  

 —

  

  

  

 153

  

  

  

 (153

 )

  

  

 —

  

 

 
    Other comprehensive loss

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (1,162

 )

  

  

 (1,162

 )

  

  

 (1

 )

  

  

 (1,163

 )

 

 
    Net income

  

 —

  

  

  

 —

  

  

  

 10,550

  

  

  

 —

  

  

  

 10,550

  

  

  

 12

  

  

  

 10,562

  

 

 
 Balance, March 31, 2025

  

 1,052

  

  

  

 1,954,135

  

  

  

 (21,406

 )

  

  

 45

  

  

  

 1,933,826

  

  

  

 1,634

  

  

  

 1,935,460

  

 

 
    Stock-based awards retained for taxes

  

 —

  

  

  

 (9

 )

  

  

 —

  

  

  

 —

  

  

  

 (9

 )

  

  

  

  

  

 (9

 )

 

 
    Stock-based compensation, net

  

 —

  

  

  

 1,858

  

  

  

 —

  

  

  

 —

  

  

  

 1,858

  

  

  

 1,214

  

  

  

 3,072

  

 

 
    Dividend and distributions,
       net declared

  

 —

  

  

  

 (15

 )

  

  

 (16,934

 )

  

  

 —

  

  

  

 (16,949

 )

  

  

 (135

 )

  

  

 (17,084

 )

 

 
    Rebalancing of non-controlling
       interests

  

 —

  

  

  

 (36

 )

  

  

 —

  

  

  

 —

  

  

  

 (36

 )

  

  

 36

  

  

  

 —

  

 

 
    Other comprehensive loss

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (2,860

 )

  

  

 (2,860

 )

  

  

 (4

 )

  

  

 (2,864

 )

 

 
    Net income

  

 —

  

  

  

 —

  

  

  

 10,392

  

  

  

 —

  

  

  

 10,392

  

  

  

 14

  

  

  

 10,406

  

 

 
 Balance, June 30, 2025

 $

 1,052

  

  

 $

 1,955,933

  

  

 $

 (27,948

 )

  

 $

 (2,815

 )

  

 $

 1,926,222

  

  

 $

 2,759

  

  

 $

 1,928,981

  

 

  
The accompanying notes are an integral part of these consolidated financial statements.

 8

 
  

 Curbline Properties Corp.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
 

 
 
 
 
 
 
 
 
 
 
 

 
  

 Six Months

  

 

 
  

 Ended June 30,

  

 

 
  

 2026

  

  

 2025

  

 

 
 Cash flow from operating activities:

  

  

  

  

  

 

 
 Net income

 $

 10,493

  

  

 $

 20,968

  

 

 
 Adjustments to reconcile net income to net cash flow provided by operating activities:

  

  

  

  

  

 

 
 Depreciation and amortization

  

 52,123

  

  

  

 30,502

  

 

 
 Amortization and write-off of debt issuance costs

  

 1,152

  

  

  

 607

  

 

 
 Stock-based compensation

  

 5,762

  

  

  

 6,666

  

 

 
 Assumption of buildings due to ground lease terminations

  

 (457

 )

  

  

 (704

 )

 

 
 Gain on disposition of real estate

  

 —

  

  

  

 (42

 )

 

 
 Net change in accounts receivable

  

 (3,627

 )

  

  

 (2,238

 )

 

 
 Net change in accounts payable and accrued expenses

  

 3,547

  

  

  

 2,015

  

 

 
 Net change in other operating assets and liabilities

  

 (405

 )

  

  

 1,769

  

 

 
 Total adjustments

  

 58,095

  

  

  

 38,575

  

 

 
 Net cash flow provided by operating activities

  

 68,588

  

  

  

 59,543

  

 

 
 Cash flow from investing activities:

  

  

  

  

  

 

 
 Real estate acquired, net of liabilities and cash assumed

  

 (514,186

 )

  

  

 (280,552

 )

 

 
 Acquisition escrow deposits

  

 (5,292

 )

  

  

 (22,690

 )

 

 
 Real estate improvements to operating real estate

  

 (13,025

 )

  

  

 (5,237

 )

 

 
 Net cash flow used for investing activities

  

 (532,503

 )

  

  

 (308,479

 )

 

 
 Cash flow from financing activities:

  

  

  

  

  

 

 
 Proceeds from term loan

  

 —

  

  

  

 100,000

  

 

 
 Proceeds from unsecured notes

  

 172,000

  

  

  

 —

  

 

 
 Payment of debt issuance costs

  

 (96

 )

  

  

 (1,156

 )

 

 
 Proceeds from issuance of common stock

  

 199,842

  

  

  

 —

  

 

 
 Common stock offering expenses

  

 (950

 )

  

  

 —

  

 

 
 Taxes withheld for vested restricted stock

  

 (3,553

 )

  

  

 (2,983

 )

 

 
 Dividends paid

  

 (38,160

 )

  

  

 (43,469

 )

 

 
 Net cash flow provided by financing activities

  

 329,083

  

  

  

 52,392

  

 

 
  

  

  

  

  

  

 

 
 Net decrease in cash and cash equivalents

  

 (134,832

 )

  

  

 (196,544

 )

 

 
 Cash and cash equivalents, beginning of period

  

 289,553

  

  

  

 626,409

  

 

 
 Cash and cash equivalents, end of period

 $

 154,721

  

  

 $

 429,865

  

 

  
The accompanying notes are an integral part of these consolidated financial statements.

 9

 
  

 Notes to Consolidated Financial Statements
1.Nature of Business and Financial Statement Presentation

Nature of Business
Curbline Properties Corp., a Maryland corporation, and its consolidated subsidiaries (collectively, the “Company” or “Curbline”) are primarily engaged in the business of owning, leasing, acquiring, and managing convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities. Curbline Properties LP (the “Operating Partnership”) is a Delaware limited partnership formed to serve as Curbline’s majority-owned partnership subsidiary and to own, through affiliates, all of our real estate properties and assets. The Operating Partnership’s capital includes common general and limited partnership interests in the operating partnership (“Common Units”) and LTIP Units, as described in Note 9 (together with the Common Units, the “OP Units”). As of June 30, 2026, Curbline held an approximately 99.1% ownership interest in the Operating Partnership, with the remaining OP Units held by members of management. Unless otherwise provided, references herein to the Company or Curbline include Curbline Properties Corp. and Curbline Properties LP and their consolidated subsidiaries. The Company’s tenant base includes a mixture of national, regional and local retail tenants. Consequently, the Company’s credit risk is primarily concentrated in the retail industry. As of June 30, 2026, the Company owned 220 convenience shopping centers consisting of 5.7 million square feet of gross leasable area (“GLA”). 

Use of Estimates in Preparation of Financial Statements
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates.

Unaudited Interim Financial Statements
These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and six months ended June 30, 2026 and 2025, are not necessarily indicative of the results that may be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Principles of Consolidation
The consolidated financial statements include the results of the Company, the Operating Partnership and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as non-controlling interests. These non-controlling interests are held by members of management in the form of LTIP Units issued pursuant to the Company’s 2024 Equity and Incentive Compensation Plan or the Common Units into which such LTIP Units have converted. All significant intercompany balances and transactions have been eliminated in consolidation.

Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information
Non-cash investing and financing activities are summarized as follows (in millions):

 
 
 
 
 
 
 
 
 
 
 

 
  

 Six Months

  

 

 
  

 Ended June 30,

  

 

 
  

 2026

  

  

 2025

  

 

 
 Accounts payable related to construction in progress

 $

 2.7

  

  

 $

 3.2

  

 

 
 Accounts receivable related to construction in progress

  

 12.3

  

  

  

 2.1

  

 

 
 Accounts payable related to future acquisitions

  

 0.8

  

  

  

 1.0

  

 

 
 Accounts payable related to finance costs

  

 —

  

  

  

 0.3

  

 

 
 Accounts payable related to offering expense

  

 0.5

  

  

  

 —

  

 

 
 Assumption of buildings due to ground lease terminations

  

 0.5

  

  

  

 0.7

  

 

 
 Dividends declared, but not paid

  

 19.6

  

  

  

 17.4

  

 

  

 10

 
  

 Non-Controlling Interests
Non-controlling interests in the Operating Partnership include limited partnership interests in the Operating Partnership in the form of Common Units and LTIP Unit awards classified as equity. Net income allocated to the non-controlling interests related to the Common Units and service-based LTIP Units is based on the weighted-average ownership during the period. The Company will adjust the carrying value of the non-controlling interests to reflect its share of the book value of the Operating Partnership when there has been a change in the Company’s ownership of the Operating Partnership. Such adjustments will be recorded to additional paid-in capital as a rebalancing of non-controlling interests on the accompanying consolidated statements of equity.

Segments
The Company has a single operating segment. The Company’s convenience shopping centers have common characteristics and are managed on a consolidated basis. The Company does not differentiate among properties on a geographical basis or any other basis for purposes of allocating resources or capital. The Company’s Chief Operating Decision Maker (“CODM”) may review operational and financial data on an ad-hoc basis at a property level. 
The Company’s CODM is the chief executive officer. The CODM assesses performance for the segment and decides how to allocate resources based on net income as reported in the consolidated statements of operations. In addition, the CODM uses net operating income (“NOI”) as a supplemental measure to evaluate and assess the performance of the Company’s operating portfolio. The Company defines NOI as property revenues less property-related expenses and excludes depreciation and amortization expense, interest income and expense, and corporate level transactions. The CODM reviews significant expenses associated with the Company’s single operating segment which are presented in the consolidated statements of operations. The CODM uses net income and NOI to evaluate income generated from the Company’s shopping centers in deciding whether to reinvest or allocate profits to capital expenditures, acquisitions or dividends. Net income and NOI are also used to monitor budget versus actual results in assessing the performance of the Company’s properties. The measure of segment assets is reported in the consolidated balance sheets as total consolidated assets.

Equity
In June 2026, the Company entered into an agreement (the “2026 Equity Sales Agreement”) for the future issuance of up to $400.0 million of common stock under an at-the-market equity offering program. In connection with the entry into the 2026 Equity Sales Agreement, the Company’s $250.0 million at-the-market equity offering program pursuant to the Company’s prior equity sales agreement, dated as of October 1, 2025 (the “2025 Equity Sales Agreement”) was terminated. As of its termination, shares of common stock having an aggregate offering price of approximately $7.1 million were not sold under the 2025 Equity Sales Agreement.
Shares sold pursuant to the 2025 Equity Sales Agreement and the 2026 Equity Sales Agreement (together, the “ATM Program”) were offered and sold in amounts determined by the Company from time to time, and are sold in negotiated transactions at market prices prevailing at the time of sale. The ATM Program also allows the Company to enter into forward sale agreements which give the ability to lock in a share price on the sale of common stock at or shortly after the time the forward sale agreement becomes effective, while postponing the receipt of proceeds from the sale of shares until a future date. The Company evaluated the forward sale agreements in accordance with Accounting Standards Codification (“ASC”) Topic 815-40 and concluded that they meet the conditions to be classified within equity as of June 30, 2026. Shares issuable under a forward sale agreement are reflected in the diluted earnings per share calculations for the applicable periods using the treasury stock method.
During the six months ended June 30, 2026, the Company offered and sold 8,640,212 shares of its common stock on a forward basis under the ATM Program at a weighted-average price of $27.10 per share, generating expected gross proceeds (assuming full physical settlement) of $234.2 million before issuance costs. The Company has settled 5,804,164 shares through June 30, 2026 that were sold under the ATM Program generating net proceeds of $134.8 million. As of June 30, 2026, the Company was party to forward sale agreements relating to 6,086,812 shares of common stock, with $173.1 million of expected gross proceeds (assuming full physical settlement) before issuance costs with final settlement dates ranging from March 31, 2027 through July 31, 2027 and had $333.2 million of remaining capacity under the ATM Program.
In June 2026, the Company conducted a follow-on primary offering of 11,500,000 shares of its common stock on a forward basis, including the full exercise of the underwriters’ option to purchase up to 1,500,000 additional shares of common stock, at a public offering price of $30.85 per share for expected gross proceeds of $354.8 million before deducting underwriting discounts and expenses. The offering was completed in July 2026. The Company is required to settle these shares by December 2027.
 

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 In February 2026, the Company completed a follow-on primary offering of 9,200,000 shares of its common stock on a forward basis, including the full exercise of the underwriters’ option to purchase up to 1,200,000 additional shares of common stock, at a public offering price of $25.50 per share for expected gross proceeds of $234.6 million before deducting underwriting discounts and expenses. The Company has settled 2,600,000 shares through June 30, 2026 generating net proceeds of $65.0 million. The Company is required to settle the remaining shares by August 2027.

Recently Issued Accounting Standards
Expense Disaggregation Disclosures. In November 2024, the FASB issued ASU 2024-03, which requires additional disaggregated disclosure about certain income statement expense line items. ASU 2024-03 is effective for annual reporting periods beginning af