Curbline Properties Reports Fourth Quarter and Full Year 2025 Results

NEW YORK--( BUSINESS WIRE)--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 and year ended December 31, 2025. For the year ended December 31, 2025, net income attributable to Curbline was $39.8 million, or $0.37 per diluted share, as compared to net income of $10.3 million, or $0.09 per diluted share, in the prior year.

“Curbline’s fourth quarter results cap off an incredible first year as a public company as we look to scale the first public real estate company focused exclusively on convenience properties. The Company acquired almost $800 million of real estate, grew same-property NOI over 3% with CapEx as a percentage of NOI of 7%, and generated double-digit OFFO growth,” commented David R. Lukes, President and Chief Executive Officer. “Looking forward, we believe the fundamental drivers that supported 2025 results remain in place and 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 Fourth Quarter

Significant Fourth Quarter Activity and Recent Activity

Significant Full-Year 2025 Activity

Key Quarterly and Annual Operating Results

2026 Guidance

The Company estimates net income attributable to Curbline for 2026 to be from $0.32 to $0.40 per diluted share and Operating FFO to be from $1.17 to $1.21. 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 2025A

Per Share — Diluted

FY 2026E

Per Share — Diluted

Net income attributable to Curbline

$0.37

$0.32 — $0.40

Depreciation and amortization of real estate, net

0.69

0.85 — 0.81

Gain on disposition of real estate, net

(0.01)

N/A

FFO attributable to Curbline (NAREIT)

$1.05

$1.17 — $1.21

Transaction and other costs, net

0.01

N/A

Operating FFO attributable to Curbline

$1.06

$1.17 — $1.21

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 800-715-9871 (U.S.) or 646-307-1963 (international) using pass code 6823859 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 further review. You may also access the telephone replay by dialing 800-770-2030 or 609-800-9909 (international) using passcode 6823859 through February 16, 2026. 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 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 geographic 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 and 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; our ability to retain and attract key management personnel; and the finalization of the financial statements for the year ended December 31, 2025. 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.

Curbline Properties Corp.

Income Statement

in thousands, except per share

4Q25

4Q24

12M25

12M24

Revenues:

Rental income (1)

$53,975

$34,642

$181,983

$120,028

Other property revenues

174

282

910

853

54,149

34,924

182,893

120,881

Expenses:

Operating and maintenance

7,538

4,628

25,258

14,159

Real estate taxes

4,907

4,137

20,687

13,444

12,445

8,765

45,945

27,603

Net operating income

41,704

26,159

136,948

93,278

Other income (expense):

Interest expense

(5,824)

(485)

(12,141)

(901)

Interest income

3,216

7,810

18,556

7,810

Depreciation and amortization

(22,129)

(12,192)

(72,408)

(41,911)

General and administrative (2)

(9,573)

(10,134)

(33,922)

(17,439)

Other income (expense), net (3)

911

318

1,777

(30,560)

Gain on disposition of real estate, net

1,336

1,378

Income before taxes

9,641

11,476

40,188

10,277

Tax expense

(86)

(4)

(307)

(4)

Net income

9,555

11,472

39,881

10,273

Non-controlling interests

(14)

(11)

(52)

(11)

Net income attributable to Curbline

$9,541

$11,461

$39,829

$10,262

Weighted average shares – Basic – EPS

105,030

104,860

104,988

104,860

Assumed conversion of diluted securities

385

355

312

355

Weighted average shares – Diluted – EPS

105,415

105,215

105,300

105,215

Earnings per share of common stock – Basic

$0.09

$0.11

$0.37

$0.10

Earnings per share of common stock – Diluted

$0.09

$0.11

$0.37

$0.09

Note: Amounts prior to October 1, 2024 have been carved out of SITE Centers' consolidated financial statements which may impact the comparability between the periods.

(1)

Rental income:

Minimum rents

$33,515

$21,189

$111,682

$72,804

Ground lease minimum rents

3,874

2,858

14,545

10,819

Straight-line rent, net

1,270

753

3,908

1,979

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

1,469

700

4,639

2,710

Percentage and overage rent

173

424

668

854

Recoveries

12,476

8,132

44,439

26,539

Uncollectible revenue

(360)

(1,144)

(479)

Ancillary and other rental income

257

234

1,008

635

Lease termination fees

1,301

319

2,238

4,167

(2)

SITE SSA gross up

($1,026)

($499)

($3,013)

($499)

(3)

Other income (expense), net:

Transaction costs

($115)

($181)

($1,019)

($30,849)

SITE SSA gross up

1,026

499

3,013

499

Debt extinguishment and other

(217)

(210)

Curbline Properties Corp.

Reconciliation: Net Income to FFO and Operating FFO

and Other Financial Information

in thousands, except per share

4Q25

4Q24

12M25

12M24

Net income attributable to Curbline

$9,541

$11,461

$39,829

$10,262

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

22,099

12,181

72,314

41,900

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

(1,334)

(1,376)

FFO attributable to Curbline

$30,306

$23,642

$110,767

$52,162

Transaction, debt extinguishment and other costs, net of non-controlling interests

114

181

1,234

31,335

Total non-operating items, net

114

181

1,234

31,335

Operating FFO attributable to Curbline

$30,420

$23,823

$112,001

$83,497

Weighted average shares & units – Basic: FFO & OFFO

105,030

104,860

104,988

104,860

Assumed conversion of dilutive securities

385

355

312

355

Weighted average shares & units – Diluted: FFO & OFFO

105,415

105,215

105,300

105,215

FFO per share – Basic

$0.29

$0.23

$1.06

$0.50

FFO per share – Diluted

$0.29

$0.22

$1.05

$0.50

Operating FFO per share – Basic

$0.29

$0.23

$1.07

$0.80

Operating FFO per share – Diluted

$0.29

$0.23

$1.06

$0.79

Capital expenditures and certain non-cash items:

Maintenance capital expenditures

$921

$238

$3,182

Tenant allowances and landlord work, net

1,441

944

3,839

Leasing commissions, net

1,330

254

2,637

Loan cost amortization

(523)

(253)

(1,590)

Stock compensation expense

(3,181)

(3,825)

(12,948)

Curbline Properties Corp.

Balance Sheet

$ in thousands

4Q25

4Q24

Assets:

Land

$759,267

$490,563

Buildings

1,304,288

841,912

Fixtures and tenant improvements

107,013

80,636

2,170,568

1,413,111

Accumulated depreciation

(209,429)

(165,350)

1,961,139

1,247,761

Construction in progress and land

27,355

14,456

Real estate, net

1,988,494

1,262,217

Cash

289,553

626,409

Receivables and straight-line rents (1)

22,514

15,887

Amounts receivable from SITE Centers

21,457

33,762

Intangible assets, net (2)

137,513

82,670

Other assets, net (3)

10,259

12,153

Total Assets

2,469,790

2,033,098

Liabilities and Equity:

Revolving credit facilities

Unsecured debt

423,239

Dividends payable

20,872

26,674

Other liabilities (4)

112,209

63,867

Total Liabilities

556,320

90,541

Common stock

1,054

1,050

Paid-in capital

1,958,845

1,954,548

Distributions in excess of net income

(46,100)

(15,021)

Accumulated comprehensive (loss) income

(4,606)

1,207

Non-controlling interest

4,277

773

Total Equity

1,913,470

1,942,557

Total Liabilities and Equity

$2,469,790

$2,033,098

(1)

Straight-line rents (including fixed CAM), net

$13,929

$9,949

(2)

Below-market leases (as lessee), net

14,788

14,858

(3)

Acquisition escrow deposits

3,258

750

(4)

Below-market leases, net

66,698

40,149

Curbline Properties Corp.

Reconciliation of Net Income Attributable to Curbline to Same-Property NOI

$ in thousands

4Q25

4Q24

12M25

12M24

GAAP Reconciliation:

Net income attributable to Curbline

$9,541

$11,461

$39,829

$10,262

Interest expense

5,824

485

12,141

901

Interest income

(3,216)

(7,810)

(18,556)

(7,810)

Depreciation and amortization

22,129

12,192

72,408

41,911

General and administrative

9,573

10,134

33,922

17,439

Other expense (income), net

(911)

(318)

(1,777)

30,560

Gain on disposition of real estate, net

(1,336)

(1,378)

Tax expense

307

Non-controlling interests

Total Curbline NOI

41,704

26,159

136,948

93,278

Less: Non-Same Property NOI

(21,100)

(5,854)

(55,661)

(14,584)

Total Same-Property NOI

$20,604

$20,305

$81,287

$78,694

Total Curbline NOI % Change

59.4%

46.8%

Same-Property NOI % Change

1.5%

3.3%