Exhibit 99.1

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

 


 

img220075523_1.jpgCURBLINE 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: ir@curbline.com 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

 

 

 

 


 

 

 

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For Immediate Release

Curbline Properties Reports Second Quarter 2026 Results

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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.

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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

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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.

 

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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)

 

 

 

 

 

 

 

 

 

 

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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

 

 

 

 

 

 

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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

 

Maturity
Date
(1)

 

Interest
Rate
(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

Interest
Rate
(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

# of
Leases

 

Expiring
SF

% of SF
Total

ABR

% of ABR
Total

 

Rent
PSF

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

 

04/30/26

 

Westwind Village

 

Atlanta-Sandy Springs-Roswell, GA

 

9

 

5,900

 

05/08/26

 

Bridgewater Commons

 

Orlando-Kissimmee-Sanford, FL

 

55

 

23,400

 

05/11/26

 

Shops at Arrowhead

 

Phoenix-Mesa-Scottsdale, AZ

 

13

 

10,200

 

05/11/26

 

Shops at Albertville Crossing

 

Minneapolis-St. Paul-Bloomington, MN-WI

 

12

 

3,585

 

05/15/26

 

Shops at Middletown Station

 

Louisville/Jefferson County, KY-IN

 

99

 

42,200

 

05/27/26

 

Tuxedo Festival

 

Atlanta-Sandy Springs-Roswell, GA

 

54

 

46,000

 

05/28/26

 

Market at Olive Shops South

 

St. Louis, MO-IL

 

12

 

7,550

 

05/28/26

 

Market at Olive Shops North

 

St. Louis, MO-IL

 

7

 

5,800

 

05/28/26

 

Evergreen Shops

 

Portland-Vancouver-Hillsboro, OR-WA

 

6

 

5,525

 

06/08/26

 

Shops at HighPointe Park

 

Denver-Aurora-Lakewood, CO

 

11

 

4,731

 

06/11/26

 

2-Property Portfolio

 

Sacramento-Roseville-Arden-Arcade, CA

 

36

 

18,230

 

06/11/26

 

Shops at Centennial

 

Denver-Aurora-Lakewood, CO

 

16

 

6,370

 

06/12/26

 

University Station

 

Austin-Round Rock, TX

 

13

 

8,900

 

06/15/26

 

Shops on Milliken

 

Riverside-San Bernardino-Ontario, CA

 

14

 

9,400

 

06/18/26

 

24th Street Market

 

Houston-The Woodlands-Sugar Land, TX

 

6

 

4,450

 

06/29/26

 

Western Waveland Plaza

 

Chicago-Naperville-Elgin, IL-IN-WI

 

18

 

10,450

 

06/29/26

 

Greenfield Station

 

Milwaukee-Waukesha-West Allis, WI

 

6

 

3,030

 

06/30/26

 

Shops at Fountain Square

 

Waterbury-Shelton, CT

 

56

 

30,500

 

06/30/26

 

Clybourn Center

 

Chicago-Naperville-Elgin, IL-IN-WI

 

33

 

18,000

 

06/30/26

 

Shops at Highbury Centre

 

Salt Lake City-Murray, UT

 

19

 

10,520

 

06/30/26

 

79th Street Center

 

Minneapolis-St. Paul-Bloomington, MN-WI

 

20

 

5,619

 

 

 

 

 

2Q 2026 Total

 

703

 

$374,120

 

 

 

 

 

 

 

 

 

 

 

07/15/26

 

Shoppes at Crescent Park

 

Tampa-St. Petersburg-Clearwater, FL

 

24

 

$14,000

 

07/17/26

 

Carpenter's Landing

 

Houston-The Woodlands-Sugar Land, TX

 

16

 

7,735

 

07/17/26

 

Shops at Asante Trails

 

Phoenix-Mesa-Scottsdale, AZ

 

21

 

17,136

 

07/23/26

 

Ironwood Shops

 

Fort Collins-Loveland, CO

 

18

 

8,250

 

 

 

 

 

3Q 2026 QTD

 

79

 

$47,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2026 YTD

 

1,020

 

$563,665

 

 

16


 

Curbline Properties Corp.

Notable Accounting Policies and Non-GAAP Measures

The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

 

Performance Measures

FFO and Operating FFO

The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.

 

FFO excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.

 

FFO is generally defined and calculated by the Company as net income attributable to Curbline (computed in accordance with 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 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 believes that certain charges, income and gains/losses recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include gains/losses on the early extinguishments of debt, transaction costs and other restructuring type costs, including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements. The adjustment for these charges, income and gains/losses may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains/losses are non-recurring. These charges, income and gains/losses could be reasonably expected to recur in future results of operations.

 

These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part (i) as a disclosure to improve the understanding of the Company’s operating results among the investing public, (ii) as a measure of a real estate asset’s performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) to compare the Company’s performance to that of other publicly traded shopping center REITs. For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company’s operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant).

 

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

17


 

disposition of real estate property, potential impairments and reserves of real estate property, debt extinguishment costs or transaction costs. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

 

Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided herein.

 

Net Operating Income (“NOI”) and Same-Property Net Operating Income (“SPNOI”)

The Company uses NOI, which is 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 also presents NOI information on a same-property basis, or 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. SPNOI is frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs.

 

SPNOI is not, and is not intended to be, a presentation in accordance with GAAP. SPNOI information has its limitations as it excludes any capital expenditures associated with the re-leasing of tenant space or as needed to operate the assets. SPNOI does not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use SPNOI as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. SPNOI does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs. SPNOI should not be considered as an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. A reconciliation of NOI and SPNOI to its most directly comparable GAAP measure of net income (loss) has been provided herein.

18


 

img220075523_4.jpg

CURBLINE PROPERTIES INVESTOR RELATIONS DEPARTMENT e: ir@curbline.com w: curbline.com 320 Park Avenue, 27th Floor, New York, NY 10022; 3300 Enterprise Pkwy Beachwood, OH 44122 tf: 833-610-0761 p: 216-755-6200 f: 216-274-9711 • NYSE:CURB CURB LISTED NYSE

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