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CURBLINE PROPERTIES ANNUAL REPORT 2025
7KLV SDJH LQWHQWLRQDOO\ OHIW EODQN
Dear Fellow Stockholders, The convenience retail subsector is over 100 years old, This is the first stockholder letter for Curbline Properties, evolving along with automobiles and suburban migration. and we are delighted to share with you an overview of It has been tested through economic cycles and has proven our origin story and strategy, our 2025 results, and lastly particularly adaptive to changes in consumer demands. our outlook. Curbline Properties was spun-off from its It is this lack of obsolescence and continued desirability predecessor on October 1, 2024. Thus, calendar year 2025 from tenants that makes the asset class so unique. These was our first full year of operations as a public company. features were not new to us when we began investing in convenience assets, yet there was a significant dearth CURBLINE S ORIGIN STORY & STRATEGY of available data which resulted in an underfollowed and Our inspiration to begin investing in convenience assets in underrepresented asset class in both the institutional 2019 was based on three fundamental beliefs in retail real investment community and public markets. This lack of data estate. First, while retail tenants change over time, the best was our opportunity. real estate investments are in flexible buildings that need very little capital to accommodate the next tenant. This Via extensive research of both our predecessor s portfolio flexibility reduces obsolescence risk and landlord capital and the broader asset class, we recognized that: 1) the expenditures to maintain competitive relevance. Second, financial performance of the small-format asset class was both retailers and their customers accept that inflation is in fact superior to other retail formats and also many other a normal part of a growing economy and prices of goods real estate property types, 2) geolocation data confirmed and services rise with inflation. Our belief is that the best that the property type attributes were aligned with consumer retail real estate should also be able to realize higher behavior and attractive to a wide mix of national, regional rents as the economy grows, yet without the direct risk and local retailers, and 3) the total addressable market was of rents tied to sales and individual tenant performance. significant. Lastly, we believe that the best method to reduce portfolio risk is through diversification. This is achieved not only The COVID pandemic put a temporary pause on our through a wide geographic dispersion of properties, but investments in 2020, but in the post-pandemic period we also through investing in properties with a very wide range began accelerating our plans to aggregate a portfolio, of possible tenants reducing tenant concentration. These along with the infrastructure, that would eventually become three fundamental beliefs were the inspiration of our original Curbline Properties. investment thesis and are the foundation for future Curbline Properties investments. By the fourth quarter of 2023, we had amassed a $1 billion plus portfolio as measured by asset value and announced Convenience properties are inherently simple: a rectangular our plans to separate Curbline into an independent publicly building consisting of a row of retail shops along the traded company. Our strategy at the time was simple and curbline of major vehicular corridors and intersections in remains unchanged. We aim to own the highest quality high income suburban communities. They offer excellent portfolio of convenience shopping centers located in high access and visibility for our tenants with dedicated parking household income communities by scaling the fragmented, and often include drive-thru units. If you consider your yet liquid convenience sector. As the first mover and the only own consumer patterns, you can imagine how important public company exclusively focused on the sector, we have these property attributes are to the many errands you an opportunity like other real estate roll-up stories, including run every week for both goods and services. In fact, self-storage or data centers, to scale an asset class, create because our properties consist of a homogeneous row of significant value by constructing the premier operating primarily small-shop units leased to a diversified mixture of platform, and benefit from being the largest operator in the national, regional and local tenants, they cater to the daily property type. We have achieved this goal and status as the convenience trips from the growing suburban population dominant institutional investor in the sector, with significant and can accommodate a wide use by tenants today and in runway ahead of us. After all, the sector contains over 950 the future. This flexibility is a key component in providing million square feet of US inventory and Curbline, while stable long-term investment returns. currently the largest owner of high-quality assets, represents less than one-half of one percent of the industry.
2025 RESULTS Additionally, in the fourth quarter 2025 and first quarter 2025 was an incredible first full year as a public 2026, the Company sold 14.4 million common shares on company and we are proud of our achievements and a forward basis with $354.9 million of expected gross accomplishments for acquisitions, capital raising and proceeds. We expect to draw on these shares in 2026 to operations. For the full year 2025, we generated OFFO of fund investment volume. $1.06 per share as compared to the fourth quarter of 2024 annualized (our only comparable period) of $0.92 per share. Curbline s proven access to unsecured, fixed rate debt and The 15.2% earnings growth is the highest in the retail sector equity capital is a key differentiator from the largely private and amongst the highest in the entire REIT universe. buyer universe acquiring convenience properties. The net result of the capital markets activity since formation is We signed 414,149 square feet of new leases and renewals, that the Company ended the year with a leverage ratio less with trailing-twelve months cash new lease spreads of than 20% providing substantial dry powder and liquidity to 19.4% and cash renewal spreads of 8.0%. Straight-lined continue to acquire assets and scale. spreads were 34.6% and 18.3%, respectively. We generated 3.3% same-property growth on top of 5.8% growth in 2024 CURBLINE S OUTLOOK and, importantly, our capital expenditures were just 7% of Looking forward, we believe the fundamental drivers that NOI, placing us among the most capital-efficient operators supported 2025 growth remain in place and that these in the entire public REIT sector an important hallmark results are not just reflective of a single year but are of the convenience asset class. Demand for space was representative of the asset class and the opportunities in consistent across the portfolio and with limited supply, there front of us. They help explain our confidence in delivering remains a supply and demand imbalance in the markets in superior risk-adjusted returns. Specifically, we believe that: which we operate. 1) the convenience sector with simple and flexible buildings has superior economics versus other property types and While the Company s strong operations were largely in is aligned with consumer behavior, 2) there remains a line with our expectations for the year, investment volume significant addressable investment market that provides exceeded our expectations with $788 million of acquisitions an opportunity to scale the business; and, 3) we have the through a combination of individual and portfolio deals team and balance sheet to support our growth and drive as investments in our people and marketing paid off. compelling returns. Specifically, we have added transactions leadership in markets where we are looking to acquire properties and OUR TEAM our brand recognition has allowed us to become the first Attaining the first-mover advantage and setting the table call for those looking to sell high-quality properties. This for an extended period of growth for Curbline has required operating structure differentiates Curbline in the fragmented a tremendous amount of work and shows the dedication brokerage and ownership environment and is leading of our team, the pride we take in our strategic vision, and to increased visibility and confidence in our investment our intense focus on execution. The entire organization is pipeline. focused on our stewardship of stockholder capital. We are aware of your choices as investors and intend to deliver on Curbline was spun-off with a unique capital structure our goals to create and maintain our leadership in what we aligned with the Company s business plan with $800 million believe is the most compelling asset class within retail real of cash and no debt. The higher-than-expected pace of estate. 2025 investment activity pulled forward our capital raising plans. In May 2025, we received our inaugural investment We are in the early innings and intend to capitalize on the grade credit rating from Fitch allowing us to tap the private opportunity in front of us. I couldn t be more excited. placement market and we closed two private placement notes offerings in 2025 raising $350 million. The offerings Sincerely, brought total debt capital raised since spin-off to $600 million dollars at a weighted average rate of roughly 5%. David R. Lukes | President & Chief Executive Officer
 • shareholder letter icon 3/24/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/26/2025 CURB Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters
 • Benford's Law Stocks icon CURB Benford's Law Stock Score = 85


CURB Shareholder/Stockholder Letter Transcript:

CURBLINE
PROPERTIES
ANNUAL
REPORT
2025

7KLV SDJH LQWHQWLRQDOO\ OHIW EODQN 

Dear Fellow Stockholders,
The convenience retail subsector is over 100 years old,
This is the first stockholder letter for Curbline Properties,
evolving along with automobiles and suburban migration.
and we are delighted to share with you an overview of
It has been tested through economic cycles and has proven
our    origin story    and strategy, our 2025 results, and lastly
particularly adaptive to changes in consumer demands.
our outlook. Curbline Properties was spun-off from its
It is this lack of obsolescence and continued desirability
predecessor on October 1, 2024. Thus, calendar year 2025
from tenants that makes the asset class so unique. These
was our first full year of operations as a public company.
features were not new to us when we began investing in
convenience assets, yet there was a significant dearth
CURBLINE   S    ORIGIN STORY    & STRATEGY
of available data which resulted in an underfollowed and
Our inspiration to begin investing in convenience assets in
underrepresented asset class in both the institutional
2019 was based on three fundamental beliefs in retail real
investment community and public markets. This lack of data
estate. First, while retail tenants change over time, the best
was our opportunity.
real estate investments are in flexible buildings that need
very little capital to accommodate the next tenant. This
Via extensive research of both our predecessor   s portfolio
flexibility reduces obsolescence risk and landlord capital
and the broader asset class, we recognized that: 1) the
expenditures to maintain competitive relevance. Second,
financial performance of the small-format asset class was
both retailers and their customers accept that inflation is
in fact superior to other retail formats and also many other
a normal part of a growing economy and prices of goods
real estate property types, 2) geolocation data confirmed
and services rise with inflation. Our belief is that the best
that the property type attributes were aligned with consumer
retail real estate should also be able to realize higher
behavior and attractive to a wide mix of national, regional
rents as the economy grows, yet without the direct risk
and local retailers, and 3) the total addressable market was
of rents tied to sales and individual tenant performance.
significant.
Lastly, we believe that the best method to reduce portfolio
risk is through diversification. This is achieved not only
The COVID pandemic put a temporary pause on our
through a wide geographic dispersion of properties, but
investments in 2020, but in the post-pandemic period we
also through investing in properties with a very wide range
began accelerating our plans to aggregate a portfolio,
of possible tenants reducing tenant concentration. These
along with the infrastructure, that would eventually become
three fundamental beliefs were the inspiration of our original
Curbline Properties.
investment thesis and are the foundation for future Curbline
Properties investments.
By the fourth quarter of 2023, we had amassed a $1 billion
plus portfolio as measured by asset value and announced
Convenience properties are inherently simple: a rectangular
our plans to separate Curbline into an independent publicly
building consisting of a row of retail shops along the
traded company. Our strategy at the time was simple and
curbline of major vehicular corridors and intersections in
remains unchanged. We aim to own the highest quality
high income suburban communities. They offer excellent
portfolio of convenience shopping centers located in high
access and visibility for our tenants with dedicated parking
household income communities by scaling the fragmented,
and often include drive-thru units. If you consider your
yet liquid convenience sector. As the first mover and the only
own consumer patterns, you can imagine how important
public company exclusively focused on the sector, we have
these property attributes are to the many errands you
an opportunity like other real estate roll-up stories, including
run every week for both goods and services. In fact,
self-storage or data centers, to scale an asset class, create
because our properties consist of a homogeneous row of
significant value by constructing the premier operating
primarily small-shop units leased to a diversified mixture of
platform, and benefit from being the largest operator in the
national, regional and local tenants, they cater to the daily
property type. We have achieved this goal and status as the
convenience trips from the growing suburban population
dominant institutional investor in the sector, with significant
and can accommodate a wide use by tenants today and in
runway ahead of us. After all, the sector contains over 950
the future. This flexibility is a key component in providing
million square feet of US inventory and Curbline, while
stable long-term investment returns.
currently the largest owner of high-quality assets, represents
less than one-half of one percent of the industry.

2025 RESULTS
Additionally, in the fourth quarter 2025 and first quarter
2025 was an incredible first full year as a public
2026, the Company sold 14.4 million common shares on
company and we are proud of our achievements and
a forward basis with $354.9 million of expected gross
accomplishments for acquisitions, capital raising and
proceeds. We expect to draw on these shares in 2026 to
operations. For the full year 2025, we generated OFFO of
fund investment volume.
$1.06 per share as compared to the fourth quarter of 2024
annualized (our only comparable period) of $0.92 per share.
Curbline   s proven access to unsecured, fixed rate debt and
The 15.2% earnings growth is the highest in the retail sector
equity capital is a key differentiator from the largely private
and amongst the highest in the entire REIT universe.
buyer universe acquiring convenience properties. The net
result of the capital markets activity since formation is
We signed 414,149 square feet of new leases and renewals,
that the Company ended the year with a leverage ratio less
with trailing-twelve months cash new lease spreads of
than 20% providing substantial dry powder and liquidity to
19.4% and cash renewal spreads of 8.0%. Straight-lined
continue to acquire assets and scale.
spreads were 34.6% and 18.3%, respectively. We generated
3.3% same-property growth on top of 5.8% growth in 2024
CURBLINE   S OUTLOOK
and, importantly, our capital expenditures were just 7% of
Looking forward, we believe the fundamental drivers that
NOI, placing us among the most capital-efficient operators
supported 2025 growth remain in place and that these
in the entire public REIT sector     an important hallmark
results are not just reflective of a single year but are
of the convenience asset class. Demand for space was
representative of the asset class and the opportunities in
consistent across the portfolio and with limited supply, there
front of us. They help explain our confidence in delivering
remains a supply and demand imbalance in the markets in
superior risk-adjusted returns. Specifically, we believe that:
which we operate.
1) the convenience sector with simple and flexible buildings
has superior economics versus other property types and
While the Company   s strong operations were largely in
is aligned with consumer behavior, 2) there remains a
line with our expectations for the year, investment volume
significant addressable investment market that provides
exceeded our expectations with $788 million of acquisitions
an opportunity to scale the business; and, 3) we have the
through a combination of individual and portfolio deals
team and balance sheet to support our growth and drive
as investments in our people and marketing paid off.
compelling returns.
Specifically, we have added transactions leadership in
markets where we are looking to acquire properties and
OUR TEAM
our brand recognition has allowed us to become the first
Attaining the first-mover advantage and setting the table
call for those looking to sell high-quality properties. This
for an extended period of growth for Curbline has required
operating structure differentiates Curbline in the fragmented
a tremendous amount of work and shows the dedication
brokerage and ownership environment and is leading
of our team, the pride we take in our strategic vision, and
to increased visibility and confidence in our investment
our intense focus on execution. The entire organization is
pipeline.
focused on our stewardship of stockholder capital. We are
aware of your choices as investors and intend to deliver on
Curbline was spun-off with a unique capital structure
our goals to create and maintain our leadership in what we
aligned with the Company   s business plan with $800 million
believe is the most compelling asset class within retail real
of cash and no debt. The higher-than-expected pace of
estate.
2025 investment activity pulled forward our capital raising
plans. In May 2025, we received our inaugural investment
We are in the early innings and intend to capitalize on the
grade credit rating from Fitch allowing us to tap the private
opportunity in front of us. I couldn   t be more excited.
placement market and we closed two private placement
notes offerings in 2025 raising $350 million. The offerings
Sincerely,
brought total debt capital raised since spin-off to $600
million dollars at a weighted average rate of roughly 5%.
David R. Lukes | President & Chief Executive Officer


shareholder letter icon 3/24/2026 Letter Continued (Full PDF)
 

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