Curbline Properties Corp.

Curbline Properties Corp. is a U.S. REIT that owns, leases, acquires and manages convenience shopping centers located on high-traffic suburban corridors and intersections. Its portfolio is built around small-shop retail assets that serve daily convenience trips, with income primarily generated from rent paid by a diversified mix of service and restaurant tenants.

21,8 %

+51,3 %

— Curbline Properties Corp.
%
Convenience shopping center ownership and leasing90% Rental income from owned curbline retail centers leased to tenants.
Property acquisition and portfolio expansion5% Acquisition of convenience assets to expand the portfolio and cash flow base.
Property management and tenant services5% Ongoing management, leasing, renewals and re-leasing of retail space.

Curbline’s customers are the tenants that lease space in its shopping centers, not end consumers...

  • Quick-service restaurantsprimary

    Lease small-shop and drive-thru space for high-frequency food service locations that rely on traffic visibility and access.

  • Service and daily-needs tenantsprimary

    Includes healthcare, wellness, financial services, beauty and fitness tenants that want suburban convenience access.

  • National credit tenantsprimary

    Well-capitalized chains that support occupancy stability and reduce tenant credit risk.

  • Regional and local operatorssecondary

    Smaller tenants that fill out the tenant mix and support diversification across centers.

Curbline’s portfolio is entirely in the United States and is geographically diversified across the Southeast,...

  • •All properties are located in the United States
  • •Portfolio spans Southeast, Mid-Atlantic, Southwest and Mountain regions
  • •Texas is a meaningful part of the geographic mix
  • •Suburban, high-income trade areas support tenant demand
  • •Local traffic and demographics drive occupancy and rent growth

Curbline’s strategy is to scale a highly fragmented convenience shopping center market by using its public REIT...

01
Acquire convenience shopping centers in attractive suburban marketsshort-term

Acquisitions are the main growth lever and expand recurring rental income.

02
Increase scale in a fragmented private-market asset classmedium-term

Scale can improve sourcing, diversification and market differentiation.

03
Maintain high occupancy through leasing and renewalsshort-term

Stable occupancy supports rent collections and cash flow visibility.

Curbline’s results depend on local retail demand, tenant health and the attractiveness of its properties, so weak...

high

Local and regional economic weakness

Property values and rent collections depend on traffic, demographics and employment trends.

Scope
Suburban retail centers in growth markets
Materiality
high
high

Interest rate and refinancing risk

Higher borrowing costs can reduce acquisition returns and pressure cash flow.

Scope
Variable-rate debt and future acquisitions
Materiality
high
high

UPREIT structural dependence

The parent relies on distributions from the operating partnership to fund obligations and dividends.

Scope
Operating partnership cash generation and creditor restrictions
Materiality
high
medium

Tenant concentration and credit risk

A small number of larger tenants can still affect rent if they weaken or vacate.

Scope
National and regional service/restaurant tenants
Materiality
medium
medium

Retail sector disruption

E-commerce, changing consumer behavior and competition can reduce demand for physical retail space.

Scope
Convenience shopping centers and small-shop tenants
Materiality
medium
Purchase price allocation for property acquisitions
Affects net income, FFO bridge and future depreciation expense
Fair value measurement of real estate and debt instruments
Can create non-cash gains, losses and balance sheet volatility
FFO and Operating FFO presentation
Improves comparability of recurring property cash flow
Spin-off and transaction costs
Affects comparability between pre- and post-spin periods

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: 28/04/2026