Form 8-K

8-K — Curbline Properties Corp.

Accession: 0001193125-26-318826

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0002027317

SIC: 6500 (REAL ESTATE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — curb-20260728.htm (Primary)

EX-99.1 (curb-ex99_1.htm)

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8-K

8-K (Primary)

Filename: curb-20260728.htm · Sequence: 1

8-K

false000202731700020273172026-07-282026-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026

Curbline Properties Corp.

(Exact name of Registrant as Specified in Its Charter)

Maryland

001-42265

93-4224532

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

320 Park Avenue

New York, New York

10022

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (216) 755-5500

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

CURB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2026, Curbline Properties Corp. (the “Company”) issued a quarterly financial supplement containing financial and property information of the Company (the “Quarterly Supplement”) for the quarter ended June 30, 2026, which includes a News Release containing financial results of the Company. A copy of the Quarterly Supplement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number Description

99.1

Quarterly financial supplement dated as of June 30, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CURBLINE PROPERTIES CORP.

Date:

July 28, 2026

By:

/s/ Christina M. Yarian

Name: Christina M. Yarian

Title: Senior Vice President and Chief Accounting Officer

EX-99.1

Filename: curb-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

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

CURBLINE 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

Capital Structure

Debt Detail

Same Property Metrics

Leasing Summary

Lease Expirations

Top 25 Tenants

Investments

Acquisitions

Reporting Policies and Other

Notable Accounting Policies and Non-GAAP Measures

17-18

For Immediate Release

Curbline Properties Reports Second Quarter 2026 Results

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.

•

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

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

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

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.

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

2,738

553

Gain on disposition of real estate, net

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

$0.20

Earnings per share of common stock – Diluted

$0.06

$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

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

(187)

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

(42)

FFO attributable to Curbline

$33,316

$26,410

$62,496

$51,364

Transaction costs, net of non-controlling interests

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)

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

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

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

(42)

Tax expense

134

177

Non-controlling interests

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%

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%

93.9%

93.5%

Leased Rate

96.5%

96.3%

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

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%

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%

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

Atlanta-Sandy Springs-Roswell, GA

712

12.4%

$21,104

11.2%

$31.26

Miami-Fort Lauderdale-West Palm Beach, FL

504

8.8%

17,395

9.2%

$37.23

Phoenix-Mesa-Scottsdale, AZ

325

5.7%

12,652

6.7%

$40.15

Houston-The Woodlands-Sugar Land, TX

330

5.7%

12,126

6.4%

$39.71

Orlando-Kissimmee-Sanford, FL

291

5.1%

10,816

5.7%

$39.28

San Francisco-Oakland-Hayward, CA

141

2.5%

6,762

3.6%

$57.32

Jacksonville, FL

235

4.1%

6,628

3.5%

$28.49

Charlotte-Concord-Gastonia, NC-SC

242

4.2%

5,983

3.2%

$25.94

Dallas-Fort Worth-Arlington, TX

211

3.7%

5,947

3.1%

$30.94

Sacramento-Roseville-Arden-Arcade, CA

140

2.4%

5,202

2.8%

$37.69

Denver-Aurora-Lakewood, CO

157

2.7%

5,078

2.7%

$35.34

Riverside-San Bernardino-Ontario, CA

127

2.2%

4,496

2.4%

$38.40

Tampa-St. Petersburg-Clearwater, FL

128

2.2%

4,482

2.4%

$38.71

Chicago-Naperville-Elgin, IL-IN-WI

160

2.8%

4,480

2.4%

$30.00

Colorado Springs, CO

139

2.4%

4,268

2.3%

$34.06

Austin-Round Rock, TX

113

2.0%

4,123

2.2%

$37.08

Cleveland-Elyria, OH

1.6%

3,256

1.7%

$36.53

Minneapolis-St. Paul-Bloomington, MN-WI

1.6%

3,124

1.7%

$34.54

Columbus, OH

1.4%

2,994

1.6%

$36.39

Washington-Arlington-Alexandria, DC-VA-MD-WV

1.0%

2,802

1.5%

$47.75

Other

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.

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

Total Common Stock and Units

114,078

105,397

Total Equity Market Capitalization

$3,467,971

$2,446,264

Unsecured Revolver

Unsecured Term Loans

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%

Consolidated Secured Indebtedness Net of Restricted Cash Collateral

Consolidated Market Value

3,146,209

2,707,669

Consolidated Secured Indebtedness Ratio

Covenant

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

Consolidated Cash Flow

143,654

124,779

Fixed Charges

24,916

11,400

Fixed Charge Ratio

5.8X

10.9X

Covenant

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

Credit Ratings (Outlook)

Fitch

BBB (Stable)

Curbline Properties Corp.

Debt Detail

$ in thousands

Balance

Maturity

Date(1)

Interest

Rate(2)

Bank Debt

Unsecured Revolver ($400m)

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

2027

2028

2029

100,000

4.53%

2030

100,000

5.58%

2031

200,000

4.72%

2032

50,000

5.79%

2033

150,000

5.31%

2034 and beyond

Total

$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.

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)

(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.

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

Total

NER

PSF

Term

New Leases

2Q26

26,154

$32.69

8.2%

27.1%

33,947

$31.16

9.0

33,947

$34.67

$4.90

$1.90

$6.80

$27.87

9.0

1Q26

10,377

$41.95

33.5%

55.9%

16,768

$39.10

9.1

15,538

$42.67

$4.46

$2.44

$6.90

$35.77

9.1

4Q25

20,651

$35.67

12.6%

26.2%

32,547

$36.66

8.1

29,944

$39.31

$5.26

$2.19

$7.45

$31.86

7.9

3Q25

49,186

$38.60

26.9%

39.7%

66,684

$37.20

9.7

29,063

$40.72

$4.24

$1.89

$6.13

$34.59

9.3

106,368

$36.90

20.2%

35.7%

149,946

$35.93

9.1

108,492

$38.72

$4.76

$2.06

$6.82

$31.90

8.8

Renewals

2Q26

133,100

$33.76

8.6%

18.1%

133,100

$33.76

4.9

133,100

$35.31

$0.37

$0.00

$0.37

$34.94

4.9

1Q26

127,791

$33.14

5.9%

14.7%

127,791

$33.14

5.2

127,791

$34.46

$0.00

$34.46

5.2

4Q25

67,446

$37.32

4.7%

15.2%

67,446

$37.32

5.3

67,446

$39.33

$0.09

$0.00

$0.09

$39.24

5.3

3Q25

86,417

$34.88

10.3%

20.5%

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

159,254

$33.59

8.6%

19.6%

167,047

$33.24

5.8

167,047

$35.18

$1.81

$0.60

$2.41

$32.77

5.8

1Q26

138,168

$33.80

7.9%

17.8%

144,559

$33.83

5.7

143,329

$35.35

$0.78

$0.43

$1.21

$34.14

5.6

4Q25

88,097

$36.94

6.4%

17.6%

99,993

$37.11

6.2

97,390

$39.33

$2.15

$0.87

$3.02

$36.31

6.1

3Q25

135,603

$36.23

16.2%

27.4%

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.

Curbline Properties Corp.

Lease Expiration Schedule

$ and GLA in thousands

Year

# of

Leases

Expiring

% of SF

Total

ABR

% of ABR

Total

Rent

PSF

MTM

0.6%

$1,130

0.6%

$34.24

2026

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.

Curbline Properties Corp.

Top 25 Tenants

$ and GLA in thousands

Tenant

Units

Base Rent

% of Total

GLA

% of Total

Starbucks

$4,744

2.5%

1.4%

Verizon

2,937

1.6%

1.2%

Chipotle

2,411

1.3%

0.9%

Inspire Brands (1)

2,409

1.3%

1.1%

JAB Holding (2)

2,319

1.2%

1.0%

AT&T

2,008

1.1%

1.0%

Somnigroup (Mattress Firm)

1,929

1.0%

Darden (3)

1,674

0.9%

T-Mobile

1,555

0.8%

0.7%

JPMorgan Chase

1,540

0.8%

0.6%

Five Guys

1,416

0.7%

0.6%

Restaurant Brands International (4)

1,377

0.7%

AFC Urgent Care

1,355

0.7%

0.8%

Total Wine & More

1,345

0.7%

0.9%

Jersey Mike's

1,343

0.7%

GoTo Foods (5)

1,266

0.7%

Chick-Fil-A

1,257

0.7%

0.6%

FedEx Office

1,233

0.7%

0.6%

Self Esteem Brands (6)

1,174

0.6%

0.7%

First Watch Restaurant Group

1,117

0.6%

0.5%

Cava

1,083

0.6%

0.3%

Cracker Barrel (7)

1,083

0.6%

0.7%

Xponential Fitness (8)

1,023

0.5%

Brinker (Chili's)

1,018

0.5%

0.6%

The UPS Store

960

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)

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

$10,150

01/23/26

Shops at Dublin Commons

Colorado Springs, CO

20,500

02/04/26

Canyon Springs Station

Riverside-San Bernardino-Ontario, CA

4,890

02/04/26

Corner at Towne Lake

Atlanta-Sandy Springs-Roswell, GA

3,950

02/13/26

Cypress Creek Corner

Houston-The Woodlands-Sugar Land, TX

27,000

02/13/26

Southbrook Station

Austin-Round Rock, TX

25,750

02/20/26

Centennial Place Shops

Milwaukee-Waukesha-West Allis, WI

4,950

02/25/26

Augusta Crossing

Chicago-Naperville-Elgin, IL-IN-WI

5,900

02/26/26

Spalding Station

Atlanta-Sandy Springs-Roswell, GA

3,000

02/26/26

Shops at Avalon Chase

Orlando-Kissimmee-Sanford, FL

5,275

03/12/26

Corner at Arapahoe Plaza

Denver-Aurora-Lakewood, CO

4,925

03/13/26

Promenade Shoppes at Pine Gardens

Miami-Fort Lauderdale-West Palm Beach, FL

12,900

03/17/26

Mission Bend Plaza

Houston-The Woodlands-Sugar Land, TX

3,500

03/27/26

Bald Hill Corner

Providence-Warwick, RI-MA

9,734

1Q 2026 Total

238

$142,424

04/07/26

Village at Arbor Lakes

Minneapolis-St. Paul-Bloomington, MN-WI

$28,000

04/16/26

Arroyo Ridge Shoppes

Las Vegas-Henderson-Paradise, NV

18,000

04/20/26

5-Property Portfolio

Various, TX

41,085

04/23/26

Tech Plaza

Athens-Clarke County, GA

6,675

04/30/26

Westwind Village

Atlanta-Sandy Springs-Roswell, GA

5,900

05/08/26

Bridgewater Commons

Orlando-Kissimmee-Sanford, FL

23,400

05/11/26

Shops at Arrowhead

Phoenix-Mesa-Scottsdale, AZ

10,200

05/11/26

Shops at Albertville Crossing

Minneapolis-St. Paul-Bloomington, MN-WI

3,585

05/15/26

Shops at Middletown Station

Louisville/Jefferson County, KY-IN

42,200

05/27/26

Tuxedo Festival

Atlanta-Sandy Springs-Roswell, GA

46,000

05/28/26

Market at Olive Shops South

St. Louis, MO-IL

7,550

05/28/26

Market at Olive Shops North

St. Louis, MO-IL

5,800

05/28/26

Evergreen Shops

Portland-Vancouver-Hillsboro, OR-WA

5,525

06/08/26

Shops at HighPointe Park

Denver-Aurora-Lakewood, CO

4,731

06/11/26

2-Property Portfolio

Sacramento-Roseville-Arden-Arcade, CA

18,230

06/11/26

Shops at Centennial

Denver-Aurora-Lakewood, CO

6,370

06/12/26

University Station

Austin-Round Rock, TX

8,900

06/15/26

Shops on Milliken

Riverside-San Bernardino-Ontario, CA

9,400

06/18/26

24th Street Market

Houston-The Woodlands-Sugar Land, TX

4,450

06/29/26

Western Waveland Plaza

Chicago-Naperville-Elgin, IL-IN-WI

10,450

06/29/26

Greenfield Station

Milwaukee-Waukesha-West Allis, WI

3,030

06/30/26

Shops at Fountain Square

Waterbury-Shelton, CT

30,500

06/30/26

Clybourn Center

Chicago-Naperville-Elgin, IL-IN-WI

18,000

06/30/26

Shops at Highbury Centre

Salt Lake City-Murray, UT

10,520

06/30/26

79th Street Center

Minneapolis-St. Paul-Bloomington, MN-WI

5,619

2Q 2026 Total

703

$374,120

07/15/26

Shoppes at Crescent Park

Tampa-St. Petersburg-Clearwater, FL

$14,000

07/17/26

Carpenter's Landing

Houston-The Woodlands-Sugar Land, TX

7,735

07/17/26

Shops at Asante Trails

Phoenix-Mesa-Scottsdale, AZ

17,136

07/23/26

Ironwood Shops

Fort Collins-Loveland, CO

8,250

3Q 2026 QTD

$47,121

2026 YTD

1,020

$563,665

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).

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.

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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