On this page of StockholderLetter.com we present the latest annual shareholder letter from Curbline Properties Corp. — ticker symbol CURB. Reading current and past CURB letters to shareholders can bring important insights into the investment thesis.
012
3456
37346
64809232467154
8 71 48   2662 1
           5 8      
  9   !"

, 71107-94. 93.09607133 64832 1 / 9  012  3 464809232464 8 71 4783    / 
  3  45  6 784 34 14154649:43/     
9
; 39716232 194. 93.09607133 64832 1 / 9  012  3 464809232464 8 71 4783    / 
  3  4 3        <43  153 9
8 99      5 74 =9:43 !   > 
8=3:7  4.3 <43  4 8 3< 
04? 6 1 94 594    3     6<46 5 41  2  8  3 432
  387  1

06   4 3   43@=3  1 6     5
2 6 3< 3      3 3    A     2
/  . 3B7C4 =4 14DE 3B 14DE 3B
071134   5.3  6 < 74?46=  C4 55 64 2
3  74 54 6 67   
02 9 6 49<7 843
214   5 6     1  2
0F <8 142
94    3   G  474<   4 =9:43   67=1    34 6 140 >2H  !    
646=3   4 34    4341<=3 =     646      0:2 5  476 I
JKLLK)MNKO'PQ%&R%ST*UVWVXQ*&MY%&*
 1   70  2
633
89:
1 94 54 6 4?6    4  D  6 34    4341
JZ[\ ]*^_K&'MNKO'`aOY%)b*
646=3   4 34    4341<=3 =     646      0 2 5  476 I
1  4
c)deO%N*fgOY*O'L%&'ehNY*&*beiN&%)Nei%^*SSj')K^)i*%iK)*deiiT*&P%id*he)*de)[TS*kVlKhNY*M*OT&eNe*imONW_*i; ]K,
c)deO%N*fgOY*O'L%&'ehNY*&*beiN&%)Nei)KN&*nTe&*dNKheS*&*oK&NioT&iT%)NNKM*ONeK)XpK&M*ONeK)Xl#d+KhNY*mONW_*i; ]K,
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)Nq#X+Y%iheS*d%SS&*oK&Ni&*nTe&*dNKf*heS*dfgM*ONeK)XpK&Xl#d+KhNY*M*OT&eNe*i`aOY%)b*mONKh
XrpkdT&e)bNY*o&*O*de)bXsLK)NYi#K&hK&iTOYiYK&N*&o*&eKdNY%NNY*&*beiN&%)N^%i&*nTe&*dNKheS*iTOY&*oK&Ni+P%)d#s+Y%if**)iTft*ONNKiTOYheSe)b
&*nTe&*L*)NihK&NY*o%iNrVd%giW_*i, ]K;
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)NY%iiTfLeNN*d*S*ON&K)eO%SSg*u*&gc)N*&%ONeu*v%N%weS*&*nTe&*dNKf*iTfLeNN*doT&iT%)NNK[TS*kVl
Kh[*bTS%NeK)Mjx#yspsWkVlKhNYeiOY%oN*&+dT&e)bNY*o&*O*de)bXsLK)NYi#K&hK&iTOYiYK&N*&o*&eKdNY%NNY*&*beiN&%)N^%i&*nTe&*dNKiTfLeNiTOY
heS*i+W_*i, ]K;
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)Nei%S%&b*%OO*S*&%N*dheS*&P%)%OO*S*&%N*dheS*&P%)K)j%OO*S*&%N*dheS*&P%iL%SS*&&*oK&Ne)bOKLo%)gP
K&%)*L*&be)bb&K^NYOKLo%)gWM**NY*d*he)eNeK)iKhzS%&b*%OO*S*&%N*dheS*&P{z%OO*S*&%N*dheS*&P{ziL%SS*&&*oK&Ne)bOKLo%)gP{%)dz*L*&be)bb&K^NY
OKLo%)g{e)[TS*XsfjsKhNY*`aOY%)b*mONW
|%&b*%OO*S*&%N*dheS*&;
mOO*S*&%N*dheS*&;
]K)j%OO*S*&%N*dheS*&,
ML%SS*&&*oK&Ne)bOKLo%)g;
`L*&be)bb&K^NYOKLo%)g,
ch%)*L*&be)bb&K^NYOKLo%)gPe)deO%N*fgOY*O'L%&'ehNY*&*beiN&%)NY%i*S*ON*d)KNNKTi*NY**aN*)d*dN&%)ieNeK)o*&eKdhK&OKLoSge)b^eNY
%)g)*^K&&*uei*dhe)%)Oe%S%OOKT)Ne)biN%)d%&dio&Kued*doT&iT%)NNKM*ONeK)Xp#%+KhNY*`aOY%)b*mONW,
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)NY%iheS*d%&*oK&NK)%)d%NN*iN%NeK)NKeNiL%)%b*L*)N}i%ii*iiL*)NKhNY**hh*ONeu*)*iiKheNie)N*&)%S
OK)N&KSKu*&he)%)Oe%S&*oK&Ne)bT)d*&M*ONeK)kVk#f+KhNY*M%&f%)*ij(aS*gmON#XlZWMWJW~s s#f++fgNY*&*beiN*&*doTfSeO%OOKT)Ne)bhe&LNY%N
o&*o%&*dK&eiiT*deNi%TdeN&*oK&NW;
chi*OT&eNe*i%&*&*beiN*&*doT&iT%)NNKM*ONeK)Xs#f+KhNY*mONPe)deO%N*fgOY*O'L%&'^Y*NY*&NY*he)%)Oe%SiN%N*L*)NiKhNY*&*beiN&%)Ne)OSTd*de)
NY*heSe)b&*hS*ONNY*OK&&*ONeK)Kh%)*&&K&NKo&*ueKTiSgeiiT*dhe)%)Oe%SiN%N*L*)NiW;
c)deO%N*fgOY*O'L%&'^Y*NY*&%)gKhNYKi**&&K&OK&&*ONeK)i%&*&*iN%N*L*)NiNY%N&*nTe&*d%&*OKu*&g%)%SgieiKhe)O*)Neu*jf%i*dOKLo*)i%NeK)
&*O*eu*dfg%)gKhNY*&*beiN&%)N}i*a*OTNeu*KhheO*&idT&e)bNY*&*S*u%)N&*OKu*&go*&eKdoT&iT%)NNKyskVWXVvjX#f+W;
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)Nei%iY*SSOKLo%)g#%id*he)*de)[TS*XsfjsKhNY*`aOY%)b*mON+W_*i; ]K,
miKh  T)*s  PsVskPNY*S%iNfTie)*iid%gKhNY*&*beiN&%)N}iLKiN&*O*)NSgOKLoS*N*di*OK)dheiO%SnT%&N*&PNY*&*beiN&%)N}iOKLLK)iNKO'^%i)KN
N&%d*dK)%)g)%NeK)%Si*OT&eNe*i*aOY%)b*K&e)NY*Ku*&jNY*jOKT)N*&L%&'*NP%)d^%i)KNY*Sdfg%)g)K)j%hheSe%N*iWxY*&*beiN&%)N}iOKLLK)iNKO'f*b%)
N&%de)boTfSeOSge)&*bTS%&^%gK)NY*]*^_K&'MNKO'`aOY%)b*K)(ONKf*&XPsVskT)d*&NY*igLfKSzJZ[\W{
c)deO%N*NY*)TLf*&KhiY%&*iKTNiN%)de)bKh*%OYKhNY*&*beiN&%)N}iOS%ii*iKhOKLLK)iNKO'P%iKhNY*S%N*iNo&%ONeO%fS*d%N*W
XVlPVkpP~  XiY%&*iKhOKLLK)iNKO'KTNiN%)de)b%iKhw*f&T%&gXkPsVsl
5 80 4136218 9. 97345  E94 494184
xY*&*beiN&%)Ne)OK&oK&%N*ifg&*h*&*)O*e)Q%&NcccY*&*KhoK&NeK)iKheNid*he)eNeu*Q&KagMN%N*L*)NhK&eNisVslm))T%S$**Ne)bKhMNKO'YKSd*&iW
012345467895760
% '* +  ,        +                    &(    - +  !  . (/ /0  ,- +  !  . (/ /.#  
    +                  1   2  -   $  ,    ,!   )*(,                  +             
  3      &(!        +  !               ,  +     +          4 !   %+  4 ,    '  156
         #7$%156      '*+    ,   ,    +          #
2 2+  !   (/ /0(156      +       ,              !   (         ) + 156      
+    !   ,89+  4    +                    &#         )      +  ,           1          ,
-   !     3       (,   ,    2+  !   (/ /0(    3        &(   !   "        :"(   ! ,  &
     !   "       (  ,156      (        , + ! ,   5         1        $  ,    ,!   )*#
                 &, + ! ,                      +  , ,  6; ! 99#     
     &7  3       1                $   < #    0//=>*   ,)   1 +       ,6;+  3 
        1     !  .(/ /0$  %5         1        '*#         ! +       + 4    /?   # #(
6        (  2+  !   (/ /0$  %1   2  -   '*#
     ) 3         (        &! +              ! + &   , ,+     &  ,    ,   @    &
  ,   +   !   ; ,             4            ,  1 +    A>=    3 A=     5         4    
 ,    9A=(      , ,(+     + 3)         &7       ; !  &     , 3- +  !  . (/ /0#  
     &7+        +B   ,      < )C  B1  +B6;+  3   ,     & !  % D E'#
- +  !  . (/ /0() +  +  ,        ,    F     & (/ /0  1     !  . (/ /0() +         
      #        (  , +              &7               (+     )   ,    +  +  ,      
                    +     & ,+  4                          (+     )       +  
+  ,             &     ,    ,   (  ! + &   , ,+     &#G    4  (      +              
    1   2  -           +     & ,+  4           &7               (+     )       +  
           ) 3  +                   #                  3  , 3   B       ,     
!     (           +   +      ,%  B  +   '#
012345675804809
8  


    ,!*" )-."/0(&112)33"!(                                                     
 2  256"* "' *(5                                                                
+   *)7"*("                                                                    
4  9":&- *)'""/!:                                                             
8  < !"0&1"(5= '-)  *"                         
>  <&*$"(1)* ": (*&!(? 2)33)!@A (5B "-&("/0()'$C)-/"*<&(("* &!/    "*  *'C& " 
)1@A (50"' *("                                                            
D  E " "*."/F                                                                   
;  <&!&:"3"!(? = '   )!&!/ !&-5  )1%!&!'&-2)!/()!&!/ "  -( )1G7"*&()!    
;   I &!((&(."&!/I &-(&(."= '-)  *"  6) (<&*$"(  $                           
#  %!&!'&-0(&("3"!( &!/0 77-"3"!(&*5=&(&                                      
H  2C&!:" !&!/= &:*""3"!( J(C '') !(&!( )! '') !(!:&!/%!&!'&-= '-)  *"   
H   2)!(*)- &!/ *)'"/ *"                                                         
H   G(C"* !1)*3&()!                                                             
H2  = '-)  *" ":&*/!:%)*":!K * /'()!  C&( *"."!( ! 7"'()!                     
 L  =*"'()* B@M"' (."G11'"* &!/2)*7)*&("N)."*!&!'"                              
    @M"' (."2)37"! &()!                                                       
 +  0"' *(5GJ!"* C7)12"*(&! "!"1'&-GJ!"* &!/<&!&:"3"!(&!/ "-&("/0()'$C)-/"*
 4  2"*(&! "-&()! C7 &!/ "-&("/ *&! &'()! B&!/=*"'()* !/"7"!/"!'"               
 8   *!'7&- '') !(&!(%"" &!/0"*.'"                                            
     O
 >  @MC6( &!/%!&!'&-0(&("3"!(0'C"/ -"                                         
 D  %)*3 LPQ0 33&*5                                                          
4



4+
4+
48
4;
4;
4#
4#
4H
>D
>D



>H
>H
DL
D+
0123425611789 4    9  28704  12    42 
             !" #!$%&'() "    *+!, !-'  .  /0 " " $  " , "   "  $     / +
1 )"  23  +"  1 ) ! "    )"+%455  -1 )"  2%6 +"  1 ) ! "   67)   /  )"+%4589"  
*67)   /  )"0:;<"    $  - -;, " !    )"""  = $   >?  7  )" "   +!+ " !   ! - @#!, !-'
  .  / " " $  "   )  - ;, "  "  $ " "  ; " " $  " !   " -" )A    "     - "  !<       - B   $  "
 )" B "   ;+ " ! )   "   7   - " !  ;+    )  /  !)    - B    <   ">  -"   ++ )"  +  B ! $  "    "  !! /   "   @  "  / "  = $   ><    B  "  ""   7  )" "   ! +  )" -  "    +!, !-'  .  /
 " " $  "  ! <   -   !     <      $ "   ;"  = $   >)  / B       !  ) "  " "  7  )" "   ,   
<  )   B -@#!"     !   ;  > " " $  " ) "    -  !   "  " !  " " " $  "  +   "! )  + )"    -< 
-  $ -"< +!, !-'  .  / " " $  " @C "  "  $ "  /"  +! /  /;"  , !- *,   ;0*<    B  ;0
*  " )   "  ;0*     ;0* 7  )" ;0*   . ;0*  " $ "  0  -  $   ! 7 !       !   "  - -" -  " +>+!, !-'
  .  / " " $  " @   - !     - 7 !)   )  "      " ! ! "  /  -!  >  /  +!, !-'  .  / " " $  " 
< )      )  " " $  "   B B . ,   -  . , !  . ;  ) !"   "     - "  !+ )"! "  " ! ;   $ 
)    ;< > -"  = $   >? ) "!   -"  ")  -)     )"   !    " "- ++ !$ " !    >+!$"    7 !    ! $    -  "  +!, !-'  .  / " " $  "   -"  ")  -$ " !    > ++ )""  = $   >?  )"   !    " ;
  !+!$  )  ! )   B $  " @
# )"! "  ")  -)     )"   !    " ;  !+!$  )  ! )   B $  " "- ++ !$ " !    >+!$"    7 !    - !
 $    -<>+!, !-'  .  / " " $  "   )  - ;< " !  "  $ " -";"  +  ,  /D
2EFGF2HIJKHLKMKNH MOPJQRSFTUFEQHFFVWXMPHXKEHFJQL KXJKHYEHF
Z    = $   >,  ! )  " > !/   [ -  -   $  >  / <       $ -  , "    $ " -"! ).! )!-;
  - "$ > "<  <  "   ! "  " <         ))   +   > ! 7 ) "  " <           @
Z       "! )  )$<   -+    )     +!$ "     "  )    !  >  - ) " B  +"  = $   >? + " ! 
+    )   ) - "  ;!    "  +   ! "    !)   + , ,   -  B <         -    -  "  <  )
Z     ) $ )  !+!$  )   -B     +"  = $   >?  !  !"   -    -  $  >+ )"! ;
  )  -  /<! - ) $ )  - )  ) - "   ;  )  +,  ) )  -  B    -B !   $  )" "  
Z    = $   >? -    -  )   !  "    )$ $ > -B !   > ++ )""  = $   >? !    "  +
  ! "     "   B  "+  /  + )  "))    )>   @
Z \ +  "  )  - -B !   > $  )""  = $   >? !     " "    ! "   -  "  )!       
)  "! )"  ) "  !   ! "  / 7         7)    +!  "    )$ @
Z    = $   >?  7      $ >! $   )  "  "!  )!     B   +  )$ +!$"  = $   >? 
Z    = $   >?  )A    "   )" B "   $ > " !- ) "  )   + , "  " " 7  )"   -$ >< 
  $ " -<>)$  " " B  !    !   ! "  !+ )"! @
Z    = $   >$ ><    <  "$   /  " /!,"  ++ )" B  >  -<    <  ")  " ! "  
 ++ )   )    + )   "  " " 7  )" +!$ 7      @
Z    = $   >$ > "<  <  " <"    -- "    )   "  "$ .   B  "$  "  !+    )  " 
8
0 12342563627892562865327447 7  6 22  2 6 2    38  3 8 6 23 426  75  52     26725
  28 2572    8 39 3 4262 5 
0   2    38  52342563627892562865 3   863782897 8 2863475 56 36  4 3 92524 3  2 6
76525465    2367 85 
0   38 2578  85 2628 5  7567 67 8  38824538 5   38   4367 85 3 82 367924 3  2 6
292825 
0    2 6367 85243678 6 5563783 7476   857 2367 852  526 2    38 6   6286734473 7476725 
78 2352   565 2 6367 834 3 38  6 23 92522  2 65 86 2    38  5 578255 
0   2    38  3  23 92524 3  2 62   43 5 2 4367 85   6 27552524362 6  47362
  38 2 
0   2    38  5   26725  4  25 !2 66  47362  38 2  3 3 2   836 34 7535625   47 
 2346  752538  236 2"24362  3 6 5 38 8785 2 4 55 86 2    38  5   26725  34 55
6 362 22 56 247765  6 2    38  5785 38 2  47 725  4 5 !2 66 2    38 6 4 56 3 7634
  29282 86  52   26725 
0  72   79748256 3 3  2 66 2 3 26578  7  6 2    38   23625765 57825538 765
   763 7476  
0   2    38  5234256362355265 3  25 !2 66 7 37 286  3 25 
0 # 75  67 8  374 2   23    6 2826   5  5 562 5 8  7  6 2    38  24725 78 4 78 35
32546     2"3663  5   4  3 765 578255 
$%&'&$()*+%,-+.+/(0.12*,34&$()*+%.,&/%25%+/67890(,+(:&
0   2    38  3  392  8 47 65  7862256 76 ;<   28625   23 22 2865 76 ;<   28625
 228 682  67362  8383  5"428 6  357538  3 8 6 2 86 253 262 5357 6 2  3  228
82  67362  76 38 83  747362 6 7  36  
0 <675  557 426 366 2    38  3 8 6  63783 37 3 26934263  3575786 2    38  5355265
3532546  6 2 7567 67 8 
0   2    38  3 8 63  72925  2  344  6 22 2 62  282 765  6 252 3367 8   ;<  
 28625 38 6 252 3367 8 3  3923 3627343 92522  2 6 86 2    38  5 578255  7838 734
  8 767 838  25465    2367 85 
$%&'&$()*+(=+.+/(0.12*,34&8*>*+%.,*&*$978
0 < 6 2    38  37456  347  3531 < 7838 633 42 23 76 744 25 !2 66 ? ;  2 234
78   263 3532 43    367 838   4  39257 87 7 38663 473 7476    7   3  3923
57 87 7 3863 9252  852 28 26 6 29342  6 2    38  556    
0 <  263785 57 73725 3746  347  35 36825 7 5   752 3 2 28676725   ? ;  2 23478   2
63     525 6 2    38  3 8 6 347  3531 <  
0     4738 2 76 1 <  2 72 2865 3 82 367924 3  2 66 2    38  5  23678  2 757 85
 • shareholder letter icon 3/26/2025 Letter Continued (Full PDF)
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters
 • Benford's Law Stocks icon CURB Benford's Law Stock Score = 86


CURB Shareholder/Stockholder Letter Transcript:

012
3456
37346
64809232467154
8 71 48   2662 1
           5 8      
  9   !"

, 71107-94. 93.09607133 64832 1 / 9  012  3 464809232464 8 71 4783    / 
  3  45  6 784 34 14154649:43/     
9
; 39716232 194. 93.09607133 64832 1 / 9  012  3 464809232464 8 71 4783    / 
  3  4 3        <43  153 9
8 99      5 74 =9:43 !   > 
8=3:7  4.3 <43  4 8 3< 
04? 6 1 94 594    3     6<46 5 41  2  8  3 432
  387  1

06   4 3   43@=3  1 6     5
2 6 3< 3      3 3    A     2
/  . 3B7C4 =4 14DE 3B 14DE 3B
071134   5.3  6 < 74?46=  C4 55 64 2
3  74 54 6 67   
02 9 6 49<7 843
214   5 6     1  2
0F <8 142
94    3   G  474<   4 =9:43   67=1    34 6 140 >2H  !    
646=3   4 34    4341<=3 =     646      0:2 5  476 I
JKLLK)MNKO'PQ%&R%ST*UVWVXQ*&MY%&*
 1   70  2
633
89:
1 94 54 6 4?6    4  D  6 34    4341
JZ[\ ]*^_K&'MNKO'`aOY%)b*
646=3   4 34    4341<=3 =     646      0 2 5  476 I
1  4
c)deO%N*fgOY*O'L%&'ehNY*&*beiN&%)Nei%^*SSj')K^)i*%iK)*deiiT*&P%id*he)*de)[TS*kVlKhNY*M*OT&eNe*imONW_*i; ]K,
c)deO%N*fgOY*O'L%&'ehNY*&*beiN&%)Nei)KN&*nTe&*dNKheS*&*oK&NioT&iT%)NNKM*ONeK)XpK&M*ONeK)Xl#d+KhNY*mONW_*i; ]K,
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)Nq#X+Y%iheS*d%SS&*oK&Ni&*nTe&*dNKf*heS*dfgM*ONeK)XpK&Xl#d+KhNY*M*OT&eNe*i`aOY%)b*mONKh
XrpkdT&e)bNY*o&*O*de)bXsLK)NYi#K&hK&iTOYiYK&N*&o*&eKdNY%NNY*&*beiN&%)N^%i&*nTe&*dNKheS*iTOY&*oK&Ni+P%)d#s+Y%if**)iTft*ONNKiTOYheSe)b
&*nTe&*L*)NihK&NY*o%iNrVd%giW_*i, ]K;
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)NY%iiTfLeNN*d*S*ON&K)eO%SSg*u*&gc)N*&%ONeu*v%N%weS*&*nTe&*dNKf*iTfLeNN*doT&iT%)NNK[TS*kVl
Kh[*bTS%NeK)Mjx#yspsWkVlKhNYeiOY%oN*&+dT&e)bNY*o&*O*de)bXsLK)NYi#K&hK&iTOYiYK&N*&o*&eKdNY%NNY*&*beiN&%)N^%i&*nTe&*dNKiTfLeNiTOY
heS*i+W_*i, ]K;
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)Nei%S%&b*%OO*S*&%N*dheS*&P%)%OO*S*&%N*dheS*&P%)K)j%OO*S*&%N*dheS*&P%iL%SS*&&*oK&Ne)bOKLo%)gP
K&%)*L*&be)bb&K^NYOKLo%)gWM**NY*d*he)eNeK)iKhzS%&b*%OO*S*&%N*dheS*&P{z%OO*S*&%N*dheS*&P{ziL%SS*&&*oK&Ne)bOKLo%)gP{%)dz*L*&be)bb&K^NY
OKLo%)g{e)[TS*XsfjsKhNY*`aOY%)b*mONW
|%&b*%OO*S*&%N*dheS*&;
mOO*S*&%N*dheS*&;
]K)j%OO*S*&%N*dheS*&,
ML%SS*&&*oK&Ne)bOKLo%)g;
`L*&be)bb&K^NYOKLo%)g,
ch%)*L*&be)bb&K^NYOKLo%)gPe)deO%N*fgOY*O'L%&'ehNY*&*beiN&%)NY%i*S*ON*d)KNNKTi*NY**aN*)d*dN&%)ieNeK)o*&eKdhK&OKLoSge)b^eNY
%)g)*^K&&*uei*dhe)%)Oe%S%OOKT)Ne)biN%)d%&dio&Kued*doT&iT%)NNKM*ONeK)Xp#%+KhNY*`aOY%)b*mONW,
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)NY%iheS*d%&*oK&NK)%)d%NN*iN%NeK)NKeNiL%)%b*L*)N}i%ii*iiL*)NKhNY**hh*ONeu*)*iiKheNie)N*&)%S
OK)N&KSKu*&he)%)Oe%S&*oK&Ne)bT)d*&M*ONeK)kVk#f+KhNY*M%&f%)*ij(aS*gmON#XlZWMWJW~s s#f++fgNY*&*beiN*&*doTfSeO%OOKT)Ne)bhe&LNY%N
o&*o%&*dK&eiiT*deNi%TdeN&*oK&NW;
chi*OT&eNe*i%&*&*beiN*&*doT&iT%)NNKM*ONeK)Xs#f+KhNY*mONPe)deO%N*fgOY*O'L%&'^Y*NY*&NY*he)%)Oe%SiN%N*L*)NiKhNY*&*beiN&%)Ne)OSTd*de)
NY*heSe)b&*hS*ONNY*OK&&*ONeK)Kh%)*&&K&NKo&*ueKTiSgeiiT*dhe)%)Oe%SiN%N*L*)NiW;
c)deO%N*fgOY*O'L%&'^Y*NY*&%)gKhNYKi**&&K&OK&&*ONeK)i%&*&*iN%N*L*)NiNY%N&*nTe&*d%&*OKu*&g%)%SgieiKhe)O*)Neu*jf%i*dOKLo*)i%NeK)
&*O*eu*dfg%)gKhNY*&*beiN&%)N}i*a*OTNeu*KhheO*&idT&e)bNY*&*S*u%)N&*OKu*&go*&eKdoT&iT%)NNKyskVWXVvjX#f+W;
c)deO%N*fgOY*O'L%&'^Y*NY*&NY*&*beiN&%)Nei%iY*SSOKLo%)g#%id*he)*de)[TS*XsfjsKhNY*`aOY%)b*mON+W_*i; ]K,
miKh  T)*s  PsVskPNY*S%iNfTie)*iid%gKhNY*&*beiN&%)N}iLKiN&*O*)NSgOKLoS*N*di*OK)dheiO%SnT%&N*&PNY*&*beiN&%)N}iOKLLK)iNKO'^%i)KN
N&%d*dK)%)g)%NeK)%Si*OT&eNe*i*aOY%)b*K&e)NY*Ku*&jNY*jOKT)N*&L%&'*NP%)d^%i)KNY*Sdfg%)g)K)j%hheSe%N*iWxY*&*beiN&%)N}iOKLLK)iNKO'f*b%)
N&%de)boTfSeOSge)&*bTS%&^%gK)NY*]*^_K&'MNKO'`aOY%)b*K)(ONKf*&XPsVskT)d*&NY*igLfKSzJZ[\W{
c)deO%N*NY*)TLf*&KhiY%&*iKTNiN%)de)bKh*%OYKhNY*&*beiN&%)N}iOS%ii*iKhOKLLK)iNKO'P%iKhNY*S%N*iNo&%ONeO%fS*d%N*W
XVlPVkpP~  XiY%&*iKhOKLLK)iNKO'KTNiN%)de)b%iKhw*f&T%&gXkPsVsl
5 80 4136218 9. 97345  E94 494184
xY*&*beiN&%)Ne)OK&oK&%N*ifg&*h*&*)O*e)Q%&NcccY*&*KhoK&NeK)iKheNid*he)eNeu*Q&KagMN%N*L*)NhK&eNisVslm))T%S$**Ne)bKhMNKO'YKSd*&iW

012345467895760
% '* +  ,        +                    &(    - +  !  . (/ /0  ,- +  !  . (/ /.#  
    +                  1   2  -   $  ,    ,!   )*(,                  +             
  3      &(!        +  !               ,  +     +          4 !   %+  4 ,    '  156
         #7$%156      '*+    ,   ,    +          #
2 2+  !   (/ /0(156      +       ,              !   (         ) + 156      
+    !   ,89+  4    +                    &#         )      +  ,           1          ,
-   !     3       (,   ,    2+  !   (/ /0(    3        &(   !   "        :"(   ! ,  &
     !   "       (  ,156      (        , + ! ,   5         1        $  ,    ,!   )*#
                 &, + ! ,                      +  , ,  6; ! 99#     
     &7  3       1                $   < #    0//=>*   ,)   1 +       ,6;+  3 
        1     !  .(/ /0$  %5         1        '*#         ! +       + 4    /?   # #(
6        (  2+  !   (/ /0$  %1   2  -   '*#
     ) 3         (        &! +              ! + &   , ,+     &  ,    ,   @    &
  ,   +   !   ; ,             4            ,  1 +    A>=    3 A=     5         4    
 ,    9A=(      , ,(+     + 3)         &7       ; !  &     , 3- +  !  . (/ /0#  
     &7+        +B   ,      < )C  B1  +B6;+  3   ,     & !  % D E'#
- +  !  . (/ /0() +  +  ,        ,    F     & (/ /0  1     !  . (/ /0() +         
      #        (  , +              &7               (+     )   ,    +  +  ,      
                    +     & ,+  4                          (+     )       +  
+  ,             &     ,    ,   (  ! + &   , ,+     &#G    4  (      +              
    1   2  -           +     & ,+  4           &7               (+     )       +  
           ) 3  +                   #                  3  , 3   B       ,     
!     (           +   +      ,%  B  +   '#


012345675804809
8  


    ,!*" )-."/0(&112)33"!(                                                     
 2  256"* "' *(5                                                                
+   *)7"*("                                                                    
4  9":&- *)'""/!:                                                             
8  < !"0&1"(5= '-)  *"                         
>  <&*$"(1)* ": (*&!(? 2)33)!@A (5B "-&("/0()'$C)-/"*<&(("* &!/    "*  *'C& " 
)1@A (50"' *("                                                            
D  E " "*."/F                                                                   
;  <&!&:"3"!(? = '   )!&!/ !&-5  )1%!&!'&-2)!/()!&!/ "  -( )1G7"*&()!    
;   I &!((&(."&!/I &-(&(."= '-)  *"  6) (<&*$"(  $                           
#  %!&!'&-0(&("3"!( &!/0 77-"3"!(&*5=&(&                                      
H  2C&!:" !&!/= &:*""3"!( J(C '') !(&!( )! '') !(!:&!/%!&!'&-= '-)  *"   
H   2)!(*)- &!/ *)'"/ *"                                                         
H   G(C"* !1)*3&()!                                                             
H2  = '-)  *" ":&*/!:%)*":!K * /'()!  C&( *"."!( ! 7"'()!                     
 L  =*"'()* B@M"' (."G11'"* &!/2)*7)*&("N)."*!&!'"                              
    @M"' (."2)37"! &()!                                                       
 +  0"' *(5GJ!"* C7)12"*(&! "!"1'&-GJ!"* &!/<&!&:"3"!(&!/ "-&("/0()'$C)-/"*
 4  2"*(&! "-&()! C7 &!/ "-&("/ *&! &'()! B&!/=*"'()* !/"7"!/"!'"               
 8   *!'7&- '') !(&!(%"" &!/0"*.'"                                            
     O
 >  @MC6( &!/%!&!'&-0(&("3"!(0'C"/ -"                                         
 D  %)*3 LPQ0 33&*5                                                          
4



4+
4+
48
4;
4;
4#
4#
4H
>D
>D



>H
>H
DL
D+

0123425611789 4    9  28704  12    42 
             !" #!$%&'() "    *+!, !-'  .  /0 " " $  " , "   "  $     / +
1 )"  23  +"  1 ) ! "    )"+%455  -1 )"  2%6 +"  1 ) ! "   67)   /  )"+%4589"  
*67)   /  )"0:;<"    $  - -;, " !    )"""  = $   >?  7  )" "   +!+ " !   ! - @#!, !-'
  .  / " " $  "   )  - ;, "  "  $ " "  ; " " $  " !   " -" )A    "     - "  !<       - B   $  "
 )" B "   ;+ " ! )   "   7   - " !  ;+    )  /  !)    - B    <   ">  -"   ++ )"  +  B ! $  "    "  !! /   "   @  "  / "  = $   ><    B  "  ""   7  )" "   ! +  )" -  "    +!, !-'  .  /
 " " $  "  ! <   -   !     <      $ "   ;"  = $   >)  / B       !  ) "  " "  7  )" "   ,   
<  )   B -@#!"     !   ;  > " " $  " ) "    -  !   "  " !  " " " $  "  +   "! )  + )"    -< 
-  $ -"< +!, !-'  .  / " " $  " @C "  "  $ "  /"  +! /  /;"  , !- *,   ;0*<    B  ;0
*  " )   "  ;0*     ;0* 7  )" ;0*   . ;0*  " $ "  0  -  $   ! 7 !       !   "  - -" -  " +>+!, !-'
  .  / " " $  " @   - !     - 7 !)   )  "      " ! ! "  /  -!  >  /  +!, !-'  .  / " " $  " 
< )      )  " " $  "   B B . ,   -  . , !  . ;  ) !"   "     - "  !+ )"! "  " ! ;   $ 
)    ;< > -"  = $   >? ) "!   -"  ")  -)     )"   !    " "- ++ !$ " !    >+!$"    7 !    ! $    -  "  +!, !-'  .  / " " $  "   -"  ")  -$ " !    > ++ )""  = $   >?  )"   !    " ;
  !+!$  )  ! )   B $  " @
# )"! "  ")  -)     )"   !    " ;  !+!$  )  ! )   B $  " "- ++ !$ " !    >+!$"    7 !    - !
 $    -<>+!, !-'  .  / " " $  "   )  - ;< " !  "  $ " -";"  +  ,  /D
2EFGF2HIJKHLKMKNH MOPJQRSFTUFEQHFFVWXMPHXKEHFJQL KXJKHYEHF
Z    = $   >,  ! )  " > !/   [ -  -   $  >  / <       $ -  , "    $ " -"! ).! )!-;
  - "$ > "<  <  "   ! "  " <         ))   +   > ! 7 ) "  " <           @
Z       "! )  )$<   -+    )     +!$ "     "  )    !  >  - ) " B  +"  = $   >? + " ! 
+    )   ) - "  ;!    "  +   ! "    !)   + , ,   -  B <         -    -  "  <  )
Z     ) $ )  !+!$  )   -B     +"  = $   >?  !  !"   -    -  $  >+ )"! ;
  )  -  /? -    -  )   !  "    )$ $ > -B !   > ++ )""  = $   >? !    "  +
  ! "     "   B  "+  /  + )  "))    )>   @
Z \ +  "  )  - -B !   > $  )""  = $   >? !     " "    ! "   -  "  )!       
)  "! )"  ) "  !   ! "  / 7         7)    +!  "    )$ @
Z    = $   >?  7      $ >! $   )  "  "!  )!     B   +  )$ +!$"  = $   >? 
Z    = $   >?  )A    "   )" B "   $ > " !- ) "  )   + , "  " " 7  )"   -$ >< 
  $ " -<>)$  " " B  !    !   ! "  !+ )"! @
Z    = $   >$ ><    <  "$   /  " /!,"  ++ )" B  >  -<    <  ")  " ! "  
 ++ )   )    + )   "  " " 7  )" +!$ 7      @
Z    = $   >$ > "<  <  " <"    -- "    )   "  "$ .   B  "$  "  !+    )  " 
8

0 12342563627892562865327447 7  6 22  2 6 2    38  3 8 6 23 426  75  52     26725
  28 2572    8 39 3 4262 5 
0   2    38  52342563627892562865 3   863782897 8 2863475 56 36  4 3 92524 3  2 6
76525465    2367 85 
0   38 2578  85 2628 5  7567 67 8  38824538 5   38   4367 85 3 82 367924 3  2 6
292825 
0    2 6367 85243678 6 5563783 7476   857 2367 852  526 2    38 6   6286734473 7476725 
78 2352   565 2 6367 834 3 38  6 23 92522  2 65 86 2    38  5 578255 
0   2    38  3  23 92524 3  2 62   43 5 2 4367 85   6 27552524362 6  47362
  38 2 
0   2    38  5   26725  4  25 !2 66  47362  38 2  3 3 2   836 34 7535625   47 
 2346  752538  236 2"24362  3 6 5 38 8785 2 4 55 86 2    38  5   26725  34 55
6 362 22 56 247765  6 2    38  5785 38 2  47 725  4 5 !2 66 2    38 6 4 56 3 7634
  29282 86  52   26725 
0  72   79748256 3 3  2 66 2 3 26578  7  6 2    38   23625765 57825538 765
   763 7476  
0   2    38  5234256362355265 3  25 !2 66 7 37 286  3 25 
0 # 75  67 8  374 2   23    6 2826   5  5 562 5 8  7  6 2    38  24725 78 4 78 35
32546     2"3663  5   4  3 765 578255 
$%&'&$()*+%,-+.+/(0.12*,34&$()*+%.,&/%25%+/67890(,+(:&
0   2    38  3  392  8 47 65  7862256 76 ;<   28625   23 22 2865 76 ;<   28625
 228 682  67362  8383  5"428 6  357538  3 8 6 2 86 253 262 5357 6 2  3  228
82  67362  76 38 83  747362 6 7  36  
0 <675  557 426 366 2    38  3 8 6  63783 37 3 26934263  3575786 2    38  5355265
3532546  6 2 7567 67 8 
0   2    38  3 8 63  72925  2  344  6 22 2 62  282 765  6 252 3367 8   ;<  
 28625 38 6 252 3367 8 3  3923 3627343 92522  2 6 86 2    38  5 578255  7838 734
  8 767 838  25465    2367 85 
$%&'&$()*+(=+.+/(0.12*,34&8*>*+%.,*&*$978
0 < 6 2    38  37456  347  3531 < 7838 633 42 23 76 744 25 !2 66 ? ;  2 234
78   263 3532 43    367 838   4  39257 87 7 38663 473 7476    7   3  3923
57 87 7 3863 9252  852 28 26 6 29342  6 2    38  556    
0 <  263785 57 73725 3746  347  35 36825 7 5   752 3 2 28676725   ? ;  2 23478   2
63     525 6 2    38  3 8 6 347  3531 <  
0     4738 2 76 1 <  2 72 2865 3 82 367924 3  2 66 2    38  5  23678  2 757 85 



shareholder letter icon 3/26/2025 Letter Continued (Full PDF)
 

CURB Stockholder/Shareholder Letter (Curbline Properties Corp.) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.