802

Exhibit 99.1

CURBLINE PROPERTIES 2Q25 QUARTERLY FINANCIAL SUPPLEMENT QUARTER ENDED September 30, 2025 Recent Acquisition Roundlake Plaza, TAMPA, FLORIDA

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. $2.3B MARKET CAPITALIZATION 162 PROPERTIES 4.5M GLA THE CURBLINE PORTFOLIO 117K AVERAGE HOUSEHOLD INCOME TOP 5 MSAs by ABR ATLANTA 12% MIAMI 11% PHOENIX 8% ORLANDO 6% HOUSTON 6% THE CURBLINE PROTFOLIO SOUTHEAST 41% SOUTHWEST MOUNTAIN & TEXAS 24% MID-ATLANTIC 11% MIDWEST & NORTHEAST 11% WEST COAST 14% RETAILER MIX LOCAL 30% NATIONAL 70% PROPERTY COMPOSITION ANCHOR 6% SHOP 94% AVERAGE ASSET SIZE 28K SF CURBLINE PROPERTIES INVESTOR RELATIONS DEPARTMENT e: ir@curbline.com w: ir.curbline.com 323 Park Avenue, 27thFloor, 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	9
Capital Structure	10
Debt Detail	11
Same Property Metrics	12
Leasing Summary	13
Lease Expirations	14
Top 25 Tenants	15

Investments
Acquisitions	16

Shopping Center Summary
Property List	17-19

Reporting Policies and Other
Notable Accounting Policies and Non-GAAP Measures	20-21

     For Immediate Release

    

     Curbline Properties Reports Third Quarter 2025 Results

    

     For additional information:

    

     Conor Fennerty,  
EVP and Chief Financial Officer

New York, New York, October 28, 2025 – 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 September 30, 2025.

“Curbline had a very strong third quarter with results ahead of expectations, over $330 million of acquisitions, better-than-budgeted same-property NOI growth and elevated new leasing activity pushing the Company’s leased rate close to 97%. Momentum has continued into the fourth quarter highlighting the strength of the Company’s simple and focused business plan,” commented David R. Lukes, President and Chief Executive Officer. “Curbline remains uniquely positioned in the public real estate sector as it looks to scale the first public real estate company focused exclusively on convenience properties given its differentiated investment focus, the leasing economics of the Company’s property type, and its balance sheet.”

Results for the Third Quarter

•

Third quarter net income attributable to Curbline was $9.3 million, or $0.09 per diluted share, as compared to a net loss of $15.4 million, or $0.15 per diluted share, in the year-ago period. The increase year-over-year was due primarily to an increase in net operating income from acquisitions, an increase in interest income and a decrease in transaction costs, partially offset by an increase in interest expense, general and administrative expenses and depreciation and amortization expense. The timing of the Company’s spin-off from SITE Centers Corp. (“SITE Centers”) may impact comparability between the current year and prior year periods as the results prior to the spin-off do not represent the historical results of a legal entity, but rather a combination of entities under common control that have been “carved out” of SITE Centers’ consolidated financial statements and presented on a combined basis.

•

Third quarter operating funds from operations attributable to Curbline (“Operating FFO” or “OFFO”) was $29.5 million, or $0.28 per diluted share, compared to $19.5 million, or $0.19 per diluted share, in the year-ago period. The increase year-over-year was primarily due to an increase in net operating income from acquisitions and an increase in interest income, partially offset by an increase in interest expense and general and administrative expenses.

Significant Third Quarter Activity and Recent Activity

•

During the third quarter, acquired 37 convenience shopping centers for an aggregate price of $336.1 million.

•

In July 2025, closed and funded a $150.0 million term loan with a fully extended maturity date of January 2031 inclusive of two one-year extensions at the Company's option. In conjunction with this agreement, in May 2025, the Company entered into a forward interest rate swap agreement to fix the variable-rate SOFR component resulting in a fixed all-in rate of 4.61% based on the loan's current applicable spread.

•

In September 2025, funded the previously disclosed Note and Guaranty Agreement in connection with a private placement of $150.0 million senior unsecured notes which priced and closed in June 2025.

•

In September 2025, entered into interest rate lock agreements to fix the treasury component of the Company’s anticipated $200 million private placement offering of senior unsecured notes. The 5-year and 7-year treasury rates were locked at 3.76% and 3.96%, respectively.

•

In October 2025, the Company priced a private placement offering of $200.0 million of senior unsecured notes, consisting of $50.0 million of 4.90% senior unsecured 5-year notes and $150.0 million of 5.13% senior unsecured

7-year notes, which the Company expects to be funded on or around year-end and in the first quarter of 2026. Considering the treasury lock agreements, the interest rate on the notes will be fixed at 5.06% and 5.31%, respectively.

•

In October 2025, acquired two convenience shopping centers during the fourth quarter to date for an aggregate price of $29.0 million, bringing year to date acquisitions to 69 convenience shopping centers for an aggregate price of $644.1 million.

Key Quarterly Operating Results

•

Reported an increase of 3.7% in same-property net operating income (“SPNOI”) for the nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024.

•

Generated cash new leasing spreads of 20.2% and cash renewal leasing spreads of 9.1%, for the trailing twelve-month period ended September 30, 2025 and cash new leasing spreads of 26.9% and cash renewal leasing spreads of 10.3% for the third quarter of 2025.

•

Generated straight-lined new leasing spreads of 36.2% and straight-lined renewal leasing spreads of 19.0%, for the trailing twelve-month period ended September 30, 2025 and straight-lined new leasing spreads of 39.7% and straight-lined renewal leasing spreads of 20.5% for the third quarter of 2025.

•

Reported a leased rate of 96.7% at September 30, 2025 compared to 96.1% at June 30, 2025 and 95.4% at September 30, 2024.

•

As of September 30, 2025, the Signed Not Opened spread was 280 basis points, representing $8.3 million of annualized base rent.

2025 Guidance

The Company has updated its guidance for net income attributable to Curbline for 2025 to be from $0.35 to $0.38 per diluted share and Operating FFO to be from $1.04 to $1.05 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 2025E (prior) Per Share — Diluted	FY 2025E (revised) Per Share — Diluted
Net income attributable to Curbline	$0.37 — $0.44	$0.35 — $0.38
Depreciation and amortization of real estate, net	0.62 — 0.58	0.68 — 0.66
FFO attributable to Curbline (NAREIT)	$0.99 — $1.02	$1.03 — $1.04
Transaction, debt extinguishment and other costs, net (reported actual)	0.01	0.01
Operating FFO attributable to Curbline	$1.00 — $1.03	$1.04 — $1.05

About Curbline Properties

Curbline Properties is an owner and manager of convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities. The Company is a self-managed real estate investment trust (“REIT”) that is publicly traded under the ticker symbol “CURB” on the NYSE. Additional information about the Company is available at curbline.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Conference Call and Supplemental Information

The Company will hold its quarterly conference call today at 8:00 a.m. Eastern Time. To participate with access to the slide presentation, please visit the Investor Relations portion of Curbline's website, ir.curbline.com, or for audio only, dial 800-715-9871 (U.S.) or 646-307-1963 (international) using pass code 6823859 at least ten minutes prior to the scheduled start of the call. The call will also be webcast and available in a listen-only mode on Curbline's website at ir.curbline.com. If you are unable to participate during the live call, a replay of the conference call will also be available at ir.curbline.com for further review. You may also access the telephone replay by dialing 800-770-2030 or 609-800-9909 (international) using passcode 6823859 through November 4, 2025. 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 or “SPNOI.” The Company defines SPNOI as property revenues less property-related expenses, which exclude 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. SPNOI excludes all non-property and corporate level revenue and expenses. 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 performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

FFO, Operating FFO, NOI and SPNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein.

The Company calculates Cash Leasing Spreads by comparing the prior tenant's annual base rent in the final year of the prior lease to the executed tenant’s annual base rent in the first year of the executed lease. Straight-Lined Leasing Spreads are calculated by comparing the prior tenant’s average base rent over the prior lease term to the executed tenant’s average base rent over the term of the executed lease. For both Cash and Straight-Lined Leasing Spreads, the reported calculation excludes first generation units and spaces vacant at the time of acquisition and includes all leases for spaces vacant greater than twelve months along with split and combination deals.

Safe Harbor

Curbline Properties Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company’s projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, changes in the economic performance and value of the Company’s properties as a result of broad economic and local conditions, such as inflation, interest rate volatility and market reaction to tariffs and other trade policies; changes in local conditions such as an increase or decrease in the supply of, or demand for, retail real estate space in our geographic markets; the impact of changes in consumer trends, distribution channels, suburban population, retailing practices and the space needs of tenants; our dependence on rental income which depends on the successful operations and financial condition of tenants, the loss of which, including as a result of store closures or bankruptcy, could result in significant occupancy loss and negatively impact

rental income from our properties; our ability to enter into new leases and renew existing leases, in each case, on favorable terms; our ability to identify, acquire, construct or develop additional properties that produce the cash flows that we expect and may be limited by competitive pressures, and our ability to manage our growth effectively and capture the efficiencies of scale that we expect from expansion; potential environmental liabilities; our ability to secure debt and equity financing on commercially acceptable terms or at all, including the ability to complete the anticipated sale and purchase of our private placement notes; 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 climate change, 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 period ended September 30, 2025. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company’s 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
		3Q25	3Q24	9M25	9M24
	Revenues:
	Rental income (1)	$48,466	$29,576	$128,008	$85,386
	Other property revenues	181	186	736	572
		48,647	29,762	128,744	85,958
	Expenses:
	Operating and maintenance	6,652	3,541	17,720	9,532
	Real estate taxes	5,988	3,311	15,780	9,307
		12,640	6,852	33,500	18,839

	Net operating income	36,007	22,910	95,244	67,119

	Other income (expense):
	Interest expense	(3,983)	0	(6,317)	(416)
	Interest income	4,107	0	15,340	0
	Depreciation and amortization	(19,777)	(11,108)	(50,279)	(29,719)
	General and administrative (2)	(7,265)	(3,578)	(24,349)	(7,304)
	Other income (expense), net (3)	313	(23,634)	866	(30,879)
	Gain on disposition of real estate, net	0	0	42	0
	Income (loss) before taxes	9,402	(15,410)	30,547	(1,199)
	Tax expense	(44)	0	(221)	0
	Net income (loss)	9,358	(15,410)	30,326	(1,199)
	Non-controlling interests	(12)	0	(38)	0
	Net income (loss) attributable to Curbline	$9,346	($15,410)	$30,288	($1,199)

	Weighted average shares – Basic – EPS	105,004	104,860	104,973	104,860
	Assumed conversion of diluted securities	260	0	235	0
	Weighted average shares – Diluted – EPS	105,264	104,860	105,208	104,860

	Earnings per share of common stock – Basic	$0.09	$(0.15)	$0.28	$(0.01)
	Earnings per share of common stock – Diluted	$0.09	$(0.15)	$0.28	$(0.01)

	Note: Amounts for the three and nine month periods ended September 30, 2024 have been carved out of SITE Centers' consolidated financial statements which may impact the comparability between the periods.

(1)	Rental income:
	Minimum rents	$29,927	$18,390	$78,167	$51,615
	Ground lease minimum rents	3,881	2,627	10,671	7,961
	Straight-line rent, net	1,182	357	2,638	1,226
	Amortization of (above)/below-market rent, net	1,211	679	3,170	2,010
	Percentage and overage rent	133	99	495	430
	Recoveries	12,148	6,724	31,963	18,407
	Uncollectible revenue	(350)	(33)	(784)	(512)
	Ancillary and other rental income	251	155	751	401
	Lease termination fees	83	578	937	3,848

(2)	SITE SSA gross up	($731)	N/A	($1,987)	N/A

(3)	Other income (expense), net:
	Transaction costs	($388)	($23,627)	($904)	($30,668)
	SITE SSA gross up	731	N/A	1,987	N/A
	Debt extinguishment and other	(30)	(7)	(217)	(211)

Curbline Properties Corp.

Reconciliation: Net Income (Loss) to FFO and Operating FFO

and Other Financial Information


in thousands, except per share
	3Q25	3Q24	9M25	9M24
Net income (loss) attributable to Curbline	$9,346	($15,410)	$30,288	($1,199)
Depreciation and amortization of real estate, net of non-controlling interests	19,750	11,108	50,215	29,719
Gain on disposition of real estate, net	0	0	(42)	0
FFO attributable to Curbline	$29,096	($4,302)	$80,461	$28,520
Transaction, debt extinguishment and other costs, net of non-controlling interests	418	23,814	1,120	31,155
Total non-operating items, net	418	23,814	1,120	31,155
Operating FFO attributable to Curbline	$29,514	$19,512	$81,581	$59,675

Weighted average shares & units – Basic: FFO & OFFO	105,004	104,860	104,973	104,860
Assumed conversion of dilutive securities	260	0	235	0
Weighted average shares & units – Diluted: FFO & OFFO	105,264	104,860	105,208	104,860

FFO per share – Basic	$0.28	$(0.04)	$0.77	$0.27
FFO per share – Diluted	$0.28	$(0.04)	$0.76	$0.27
Operating FFO per share – Basic	$0.28	$0.19	$0.78	$0.57
Operating FFO per share – Diluted	$0.28	$0.19	$0.78	$0.57

Capital expenditures and certain non-cash items:
Maintenance capital expenditures	$1,161		$2,261
Tenant allowances and landlord work, net	770		2,398
Leasing commissions, net	477		1,307
Loan cost amortization	(460)		(1,067)
Stock compensation expense	(3,101)		(9,767)

Curbline Properties Corp.

Balance Sheet


	$ in thousands

		3Q25	4Q24
	Assets:
	Land	$711,551	$490,563
	Buildings	1,187,783	841,912
	Fixtures and tenant improvements	99,435	80,636
		1,998,769	1,413,111
	Accumulated depreciation	(196,261)	(165,350)
		1,802,508	1,247,761
	Construction in progress and land	20,389	14,456
	Real estate, net	1,822,897	1,262,217

	Cash	430,112	626,409
	Receivables and straight-line rents (1)	21,099	15,887
	Amounts receivable from SITE Centers	28,275	33,762
	Intangible assets, net (2)	129,397	82,670
	Other assets, net (4)	13,510	12,153
	Total Assets	2,445,290	2,033,098

	Liabilities and Equity:
	Revolving credit facilities	0	0
	Unsecured term loan	396,442	0
		396,442	0
	Dividends payable	17,521	26,674
	Other liabilities (3)	107,808	63,867
	Total Liabilities	521,771	90,541

	Common stock	1,052	1,050
	Paid-in capital	1,958,089	1,954,548
	Distributions in excess of net income	(35,534)	(15,021)
	Accumulated comprehensive income	(3,567)	1,207
	Non-controlling interest	3,479	773
	Total Equity	1,923,519	1,942,557

	Total Liabilities and Equity	$2,445,290	$2,033,098

(1)	Straight-line rents (including fixed CAM), net	$12,638	$9,949

(2)	Below-market leases (as lessee), net	14,806	14,858

(3)	Below-market leases, net	59,832	40,149

(4)	Acquisition escrow deposits	5,580	750

Curbline Properties Corp.

Reconciliation of Net Income (Loss) Attributable to Curbline to Same-Property NOI


$ in thousands
	3Q25	3Q24	9M25	9M24
GAAP Reconciliation:
Net income (loss) attributable to Curbline	$9,346	($15,410)	$30,288	($1,199)
Interest expense	3,983	0	6,317	416
Interest income	(4,107)	0	(15,340)	0
Depreciation and amortization	19,777	11,108	50,279	29,719
General and administrative	7,265	3,578	24,349	7,304
Other expense (income), net	(313)	23,634	(866)	30,879
Gain on disposition of real estate, net	0	0	(42)	0
Tax expense	44	0	221	0
Non-controlling interests	12	0	38	0
Total Curbline NOI	36,007	22,910	95,244	67,119
Less: Non-Same Property NOI	(15,878)	(3,285)	(34,495)	(8,561)
Total Same-Property NOI	$20,129	$19,625	$60,749	$58,558

Total Curbline NOI % Change	57.2%		41.9%
Same-Property NOI % Change	2.6%		3.7%

Curbline Properties Corp.

Portfolio Summary



				9/30/2025	6/30/2025	3/31/2025	12/31/2024
Quarterly Operational Overview
Properties				162	125	107	97

Owned GLA				3,984	3,212	2,933	2,699
Ground lease GLA				488	477	452	399
Total GLA				4,472	3,689	3,385	3,098

Base Rent PSF				$34.38	$35.26	$35.14	$35.62
Commenced Rate				93.9%	93.5%	93.5%	93.9%
Leased Rate				96.7%	96.1%	96.0%	95.5%

Quarterly SPNOI				2.6%	6.2%	2.5%	3.0%

TTM New Leasing (GLA in 000's)				115	73	94	84
TTM Renewals (GLA in 000's)				264	216	253	225
TTM Total Leasing (GLA in 000's)				379	289	347	309

TTM Cash New Rent Spreads				20.2%	15.3%	27.8%	30.5%
TTM Cash Renewal Rent Spreads				9.1%	8.5%	10.5%	10.3%
TTM Cash Blended New and Renewal Rent Spreads				12.6%	10.4%	14.2%	13.3%

TTM Straight-Lined New Rent Spreads				36.2%	33.0%	47.7%	54.0%
TTM Straight-Lined Renewal Rent Spreads				19.0%	18.1%	21.2%	21.2%
TTM Straight-Lined Blended New and Renewal Rent Spreads				24.5%	22.4%	26.9%	25.9%


Top 20 MSAs

	MSA	Properties	GLA	% of GLA	ABR	% of ABR	ABR PSF
1	Atlanta-Sandy Springs-Roswell, GA	24	610	13.6%	$16,637	11.6%	$29.23
2	Miami-Fort Lauderdale-West Palm Beach, FL	6	450	10.1%	15,620	10.8%	$36.75
3	Phoenix-Mesa-Scottsdale, AZ	14	312	7.0%	11,750	8.2%	$39.96
4	Orlando-Kissimmee-Sanford, FL	4	225	5.0%	8,998	6.2%	$41.27
5	Houston-The Woodlands-Sugar Land, TX	8	229	5.1%	8,050	5.6%	$39.21
6	San Francisco-Oakland-Hayward, CA	3	140	3.1%	6,662	4.6%	$56.21
7	Jacksonville, FL	7	235	5.3%	6,192	4.3%	$28.39
8	Charlotte-Concord-Gastonia, NC-SC	7	227	5.1%	5,020	3.5%	$23.98
9	Denver-Aurora-Lakewood, CO	6	142	3.2%	5,000	3.5%	$37.96
10	Tampa-St. Petersburg-Clearwater, FL	5	128	2.9%	4,403	3.1%	$36.31
11	Los Angeles-Long Beach-Anaheim, CA	3	119	2.7%	4,133	2.9%	$38.08
12	Sacramento-Roseville-Arden-Arcade, CA	3	104	2.3%	3,834	2.7%	$39.58
13	Dallas-Fort Worth-Arlington, TX	3	127	2.8%	3,339	2.3%	$30.92
14	Columbus, OH	2	82	1.8%	2,982	2.1%	$36.24
15	Washington-Arlington-Alexandria, DC-VA-MD-WV	4	59	1.3%	2,763	1.9%	$47.09
16	Cleveland-Elyria, OH	3	56	1.3%	2,187	1.5%	$42.95
17	Austin-Round Rock, TX	2	66	1.5%	2,059	1.4%	$31.47
18	Trenton, NJ	1	62	1.4%	1,884	1.3%	$30.34
19	Chicago-Naperville-Elgin, IL-IN-WI	5	78	1.7%	1,847	1.3%	$24.51
20	Charlottesville, VA	3	45	1.0%	1,690	1.2%	$37.33
	Other	49	976	21.8%	28,928	20.1%	$31.31
	Total	162	4,472	100.0%	$143,978	100.0%	$34.38

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

	September 30, 2025	December 31, 2024
Market Value Per Share	$22.30	$23.22

Common Stock	105,220	105,044
OP Units	0	0
Total Common Stock	105,220	105,044

Total Equity Market Capitalization	$2,346,408	$2,439,122

Unsecured Revolver	0	0
Unsecured Term Loans	250,000	0
Unsecured Notes Payable	150,000	0
Total Debt	400,000	0
Less: Cash(1)	430,112	626,409
Net Debt	(30,112)	(626,409)

Total Enterprise Value	$2,316,296	$1,812,713

(1) Excludes $5.6 million and $0.8 million of acquisition escrow deposits as of September 30, 2025 and December 31, 2024, respectively.


Unsecured Debt Covenants
Consolidated outstanding indebtedness net of restricted cash	396,442	0
Consolidated Market Value	2,671,107	2,228,154
Consolidated Outstanding Indebtedness Ratio	15%	0%
Covenant	60%	60%

Consolidated Secured Indebtedness net of restricted cash collateral	0	0
Consolidated Market Value	2,671,107	2,228,154
Consolidated Secured Indebtedness Ratio	0%	0%
Covenant	35%	35%

Value of Unencumbered Assets	2,671,107	2,214,759
Consolidated outstanding unsecured indebtedness net of restricted cash	396,442	0
Unencumbered Asset Ratio	6.7X	N/A
Covenant	1.7X	1.7X

Consolidated Cash Flow	116,236	105,197
Fixed Charges	6,254	1,394
Fixed Charge Ratio	18.6X	75.5X
Covenant	1.5X	1.5X

Unencumbered Adjusted NOI	98,928	97,788
Consolidated Unsecured Interest Expense	5,586	929
Unencumbered NOI Coverage Ratio	17.7X	105.3X
Covenant	1.8X	1.8X

Credit Ratings (Outlook)
Fitch	BBB (Stable)	N/A

Curbline Properties Corp.

Debt Detail


$ in thousands
	Balance	Maturity Date(1)	Interest Rate(2)
Bank Debt
Unsecured Revolver ($400m)	$0	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 - 2032	50,000	Sep-32	5.79%
	$150,000

Subtotal Debt	$400,000		4.98%
Unamortized Loan Costs, Net	(3,558)
Total Debt	$396,442		4.98%

(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.


Maturity Schedule(1)	Secured	Unsecured	Total	Interest Rate(2)
2025	$0	$0	$0	0
2026	0	0	0	0
2027	0	0	0	0
2028	0	0	0	0
2029	0	100,000	100,000	4.53%
2030	0	100,000	100,000	5.58%
2031	0	150,000	150,000	4.61%
2032	0	50,000	50,000	5.79%
2033	0	0	0	0
2034 and beyond	0	0	0	0
Total	$0	$400,000	$400,000	4.98%

(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
	3Q25	3Q24	Change	9M25	9M24	Change

Same Property - Leased rate	97.1%	96.2%	0.9%	97.1%	96.2%	0.9%
Same Property - Commenced rate	94.3%	94.4%	(0.1%)	94.3%	94.4%	(0.1%)

Revenues:
Minimum rents	$19,876	$19,347		$59,496	$58,022
Recoveries	6,692	6,306		20,076	18,127
Uncollectible revenue	(82)	8		(229)	(466)
Percentage and overage rents	132	100		495	431
Ancillary and other rental income	349	337		1,167	966
	26,967	26,098	3.3%	81,005	77,080	5.1%
Expenses:
Operating and maintenance	(3,478)	(3,373)		(10,300)	(9,397)
Real estate taxes	(3,360)	(3,100)		(9,956)	(9,125)
	(6,838)	(6,473)	5.6%	(20,256)	(18,522)	9.4%
Total Comparable SPNOI	$20,129	$19,625	2.6%	$60,749	$58,558	3.7%

Non-Same Property NOI	15,878	3,285		34,495	8,561
Total Curbline NOI	$36,007	$22,910	57.2%	$95,244	$67,119	41.9%

Same Property NOI Operating Margin	74.6%	75.2%		75.0%	76.0%
Same Property NOI Recovery Rate	97.9%	97.4%		99.1%	97.9%

(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	LC	Total	NER PSF	Term
New Leases
3Q25	16	49,186	$38.60	26.9%	39.7%	23	66,684	$37.20	9.7	29,063	$40.72	$4.24	$1.89	$6.13	$34.59	9.3
2Q25	11	24,543	$44.01	10.6%	29.5%	16	45,881	$40.03	11.6	26,845	$48.45	$4.43	$2.85	$7.28	$41.17	9.0
1Q25	11	33,808	$41.37	20.8%	36.8%	12	37,933	$40.24	9.6	37,933	$44.68	$5.24	$2.43	$7.67	$37.01	9.6
4Q24	4	7,375	$46.22	15.0%	36.9%	4	7,375	$46.22	8.4	7,375	$51.48	$6.02	$2.95	$8.97	$42.51	8.4
	42	114,912	$41.06	20.2%	36.2%	55	157,873	$39.17	10.2	101,216	$45.04	$4.80	$2.43	$7.23	$37.81	9.3

Renewals
3Q25	33	86,417	$34.88	10.3%	20.5%	33	86,417	$34.88	6.7	86,417	$37.20	$0.37	$0.14	$0.51	$36.69	6.7
2Q25	25	46,199	$34.47	8.3%	20.0%	26	47,599	$35.53	5.3	46,199	$36.53	$0.00	$0.00	$0.00	$36.53	5.5
1Q25	28	85,899	$37.96	8.3%	17.9%	28	85,899	$37.96	5.3	85,899	$39.59	$0.04	$0.00	$0.04	$39.55	5.3
4Q24	18	45,118	$29.54	9.5%	16.9%	18	45,118	$29.54	4.1	45,118	$30.30	$0.14	$0.00	$0.14	$30.16	4.1
	104	263,633	$34.90	9.1%	19.0%	105	265,033	$35.08	5.1	263,633	$36.68	$0.15	$0.05	$0.20	$36.48	5.6

New + Renewals
3Q25	49	135,603	$36.23	16.2%	27.4%	56	153,101	$35.89	8.0	115,480	$38.08	$1.60	$0.69	$2.29	$35.79	7.4
2Q25	36	70,742	$37.78	9.2%	23.9%	42	93,480	$37.74	8.4	73,044	$40.91	$2.17	$1.39	$3.56	$37.35	6.8
1Q25	39	119,707	$38.92	11.8%	23.2%	40	123,832	$38.66	6.6	123,832	$41.15	$2.35	$1.08	$3.43	$37.72	6.6
4Q24	22	52,493	$31.88	10.6%	20.7%	22	52,493	$31.88	4.7	52,493	$33.27	$1.61	$0.74	$2.35	$30.92	4.7
	146	378,545	$36.77	12.6%	24.5%	160	422,906	$36.61	6.9	364,849	$39.00	$1.97	$0.97	$2.94	$36.06	6.6

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 SF	% of SF Total	ABR	% of ABR Total	Rent PSF
MTM	8	9	0.2%	$268	0.2%	$28.78
2025	37	83	2.0%	2,568	1.8%	$30.82
2026	178	417	10.0%	13,886	9.6%	$33.28
2027	204	494	11.8%	17,379	12.1%	$35.19
2028	255	726	17.3%	24,256	16.8%	$33.42
2029	183	447	10.7%	14,824	10.3%	$33.21
2030	165	465	11.1%	16,259	11.3%	$34.97
2031	89	230	5.5%	7,736	5.4%	$33.67
2032	108	310	7.4%	10,986	7.6%	$35.42
2033	113	338	8.1%	11,966	8.3%	$35.43
2034	104	306	7.3%	11,686	8.1%	$38.04
Thereafter	88	363	8.7%	12,164	8.4%	$32.71
Total	1,532	4,188	100.0%	$143,978	100.0%	$34.38

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
1	Starbucks	33	$3,825	2.7%	65	1.5%
2	Verizon	16	2,325	1.6%	55	1.2%
3	Inspire Brands (1)	25	1,775	1.2%	47	1.1%
4	JAB Holding (2)	14	1,698	1.2%	47	1.1%
5	Chipotle	14	1,620	1.1%	36	0.8%
6	Darden (3)	8	1,586	1.1%	54	1.2%
7	Somnigroup (Mattress Firm)	11	1,553	1.1%	47	1.1%
8	AT&T	21	1,536	1.1%	44	1.0%
9	JPMorgan Chase	8	1,521	1.1%	34	0.8%
10	Total Wine & More	2	1,259	0.9%	49	1.1%
11	AFC Urgent Care	8	1,211	0.8%	41	0.9%
12	T Mobile	14	1,086	0.8%	28	0.6%
13	FedEx Office	8	1,065	0.7%	31	0.7%
14	Chick-Fil-A	6	1,057	0.7%	31	0.7%
15	Five Guys	9	1,044	0.7%	22	0.5%
16	Restaurant Brands (4)	14	1,018	0.7%	33	0.7%
17	Brinker (Chili's)	6	1,008	0.7%	34	0.8%
18	Cracker Barrel (5)	5	978	0.7%	36	0.8%
19	CVS	4	947	0.7%	38	0.8%
20	Jersey Mike's	17	914	0.6%	28	0.6%
21	GoTo Foods (6)	11	889	0.6%	29	0.6%
22	Wells Fargo	5	879	0.6%	21	0.5%
23	Nordstrom Rack	1	867	0.6%	31	0.7%
24	SITE Centers	1	788	0.5%	18	0.4%
25	Amwins Insurance	2	771	0.5%	12	0.3%
	Top 25 Total	263	$33,220	23.1%	911	20.4%
	Total Portfolio		$143,978	100.0%	4,472	100.0%

(1) Dunkin (13) / Jimmy John's (7) / Buffalo Wild Wings (4) / Baskin Robbins (1)
(2) Panera Bread (9) / Einstein Bros. Bagels (3) / Bruegger's Bagels (2)
(3) Longhorn Steakhouse (4) / Olive Garden (3) / Chuy's (1)
(4) Firehouse Subs (9) / Popeye's Chicken (3) / Burger King (2)
(5) Cracker Barrel (3) / Maple Street Biscuit (2)
(6) Moe's Southwest Grill (4) / Jamba Juice (3) / McAlister's Deli (3) / Schlotzsky's Deli (1)

Curbline Properties Corp.

Acquisitions


$ and GLA in thousands


	Property Name	MSA	GLA	Price

01/16/25	Navarre Crossing	Toledo, OH	15	$4,950
01/24/25	Shops at Gilbert Crossroads - Phase II	Phoenix-Mesa-Scottsdale, AZ	3	2,700
02/24/25	Corner at Laveen Spectrum	Phoenix-Mesa-Scottsdale, AZ	15	10,350
02/27/25	6-Property Portfolio	Jacksonville, FL	211	86,300
03/31/25	Aramingo Assemblage	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	23	14,790
03/31/25	Corner at 240	Asheville, NC	18	5,100
		1Q 2025 Total	285	$124,190

04/11/25	3-Property Portfolio	Various	20	$11,000
04/17/25	Magnolia Point - Phase III	Houston-The Woodlands-Sugar Land, TX	7	1,583
04/21/25	Shops on North Avenue	Chicago-Naperville-Elgin IL-IN-WI	3	2,300
05/09/25	Shops on Highway 100	Milwaukee-Waukesha-West Allis, WI	14	4,475
05/14/25	Salmon Creek Square	Portland-Vancouver-Hillsboro, OR-WA	22	11,625
05/14/25	Shops on Dobson	Phoenix-Mesa-Scottsdale, AZ	7	2,709
05/22/25	Plaza at Stacy Green	Dallas-Fort Worth-Arlington, TX	24	15,160
05/22/25	Jericho Crossing	New York-Newark-Jersey City, NY-NJ-PA	13	9,450
06/03/25	Dawson Marketplace Plaza	Atlanta-Sandy Springs-Roswell, GA	10	6,847
06/05/25	Shoppes at Alabaster	Birmingham-Hoover, AL	12	3,960
06/11/25	Orland Park Center	Chicago-Naperville-Elgin IL-IN-WI	9	3,350
06/16/25	Shops at Carson Town Center	Los Angeles-Long Beach-Anaheim, CA	13	8,205
06/27/25	Westside Shoppes	Orlando-Kissimmee-Sanford, FL	70	39,000
06/27/25	Shops at Wyoming Mall	Albuquerque, NM	42	14,650
06/27/25	Shops at Healthway	Cleveland-Elyria, OH	11	8,150
06/30/25	Sunset Crossing	Columbia, SC	13	6,847
06/30/25	Shops at Sunrise Oaks	Sacramento-Roseville-Arden-Arcade, CA	16	5,595
		2Q 2025 Total	306	$154,906

07/07/25	Avalon Crossing	San Francisco-Oakland-Hayward, CA	12	$9,280
07/21/25	Ellingson Crossing	Seattle-Tacoma-Bellevue, WA	15	8,000
07/24/25	The Monterey	Las Vegas-Henderson-Paradise, NV	42	22,000
07/24/25	23-Property Portfolio	Various	422	158,930
07/25/25	Mockingbird Central Plaza	Dallas-Fort Worth-Arlington, TX	80	41,900
07/25/25	Silverlake Center	Houston-The Woodlands-Sugar Land, TX	25	13,000
07/25/25	College Park Corner	Indianapolis-Carmel-Anderson, IN	12	7,276
07/31/25	Roundlake Plaza	Tampa-St. Petersburg-Clearwater, FL	11	7,250
08/14/25	Pearl Plaza	Cleveland-Elyria, OH	16	9,550
09/08/25	Shops at Lacey Marketplace	Olympia-Tumwater, WA	32	20,025
09/09/25	Pebblewood Commons	Chicago-Naperville-Elgin IL-IN-WI	20	8,180
09/10/25	Shoppes of Hiram	Atlanta-Sandy Springs-Roswell, GA	13	4,340
09/16/25	Shops on North Avenue East	Chicago-Naperville-Elsin IL-IN-WI	36	8,350
09/19/25	Ponce de Leon Plaza	Jacksonville, FL	25	12,200
09/25/25	Shoppes at Main Street Market	Winston-Salem, NC	13	5,800
		3Q 2025 Total	774	$336,081

10/08/25	Springs Ranch Center	Colorado Springs, CO	44	$14,500
10/21/25	French Creek Square	Cleveland-Elyria, OH	37	14,472
		4Q 2025 QTD	81	$28,972

		2025 YTD Total	1,446	$644,149

Curbline Properties Corp.

Property List

GLA in thousands; as of September 30, 2025


#	Center	MSA	Location	ST	GLA	ABR PSF
1	Shops at Tiger Town	Auburn-Opelika, AL	Opelika	AL	10	$26.55
2	Promenade Plaza	Birmingham-Hoover, AL	Alabaster	AL	13	$27.57
3	Shoppes at Alabaster	Birmingham-Hoover, AL	Alabaster	AL	12	$24.38
4	Hampton Cove Corner	Huntsville, AL	Huntsville	AL	14	$24.39
5	Madison Station	Huntsville, AL	Madison	AL	28	$23.46
6	Shops at Saraland	Mobile, AL	Saraland	AL	10	$19.55
7	Eastchase Point	Montgomery, AL	Montgomery	AL	8	$26.30
8	Chandler Center	Phoenix-Mesa-Scottsdale, AZ	Chandler	AZ	7	$43.58
9	Shops at Gilbert Crossroads	Phoenix-Mesa-Scottsdale, AZ	Gilbert	AZ	18	$39.76
10	Corner at Laveen Spectrum	Phoenix-Mesa-Scottsdale, AZ	Laveen	AZ	15	$40.77
11	Shops at Power and Baseline	Phoenix-Mesa-Scottsdale, AZ	Mesa	AZ	4	$56.22
12	Shops on Dobson	Phoenix-Mesa-Scottsdale, AZ	Mesa	AZ	7	$26.71
13	Shops at Lake Pleasant	Phoenix-Mesa-Scottsdale, AZ	Peoria	AZ	47	$42.11
14	Deer Valley Plaza	Phoenix-Mesa-Scottsdale, AZ	Phoenix	AZ	38	$35.50
15	Paradise Village Plaza	Phoenix-Mesa-Scottsdale, AZ	Phoenix	AZ	84	$36.61
16	Red Mountain Corner	Phoenix-Mesa-Scottsdale, AZ	Phoenix	AZ	6	$24.74
17	Shops on 35th	Phoenix-Mesa-Scottsdale, AZ	Phoenix	AZ	12	$27.86
18	Artesia Village	Phoenix-Mesa-Scottsdale, AZ	Scottsdale	AZ	21	$42.30
19	Northsight Plaza	Phoenix-Mesa-Scottsdale, AZ	Scottsdale	AZ	10	$38.06
20	Shops at Prasada North	Phoenix-Mesa-Scottsdale, AZ	Surprise	AZ	33	$55.44
21	Broadway Center	Phoenix-Mesa-Scottsdale, AZ	Tempe	AZ	11	$38.85
22	Shops at Carson Town Center	Los Angeles-Long Beach-Anaheim, CA	Carson	CA	13	$34.55
23	Crossroads Marketplace	Los Angeles-Long Beach-Anaheim, CA	Chino Hills	CA	77	$35.23
24	Santa Margarita Market Place	Los Angeles-Long Beach-Anaheim, CA	Rancho Santa Margarita	CA	29	$47.55
25	Shops on Summit	Riverside-San Bernardino-Ontario, CA	Fontana	CA	27	$46.50
26	Shops at Sunrise Oaks	Sacramento-Roseville-Arden-Arcade, CA	Citrus Heights	CA	16	$26.85
27	Creekside Plaza	Sacramento-Roseville-Arden-Arcade, CA	Roseville	CA	32	$43.66
28	Creekside Shops	Sacramento-Roseville-Arden-Arcade, CA	Roseville	CA	57	$40.89
29	Loma Alta Station	San Diego-Carlsbad, CA	Oceanside	CA	35	$26.39
30	La Fiesta Square	San Francisco-Oakland-Hayward, CA	Lafayette	CA	75	$52.06
31	Lafayette Mercantile	San Francisco-Oakland-Hayward, CA	Lafayette	CA	53	$60.94
32	Avalon Crossing	San Francisco-Oakland-Hayward, CA	San Bruno	CA	12	$56.03
33	Shops at Olde Town Station	Denver-Aurora-Lakewood, CO	Arvada	CO	15	$40.22
34	Parker Keystone	Denver-Aurora-Lakewood, CO	Denver	CO	17	$42.22
35	Shops at University Hills	Denver-Aurora-Lakewood, CO	Denver	CO	26	$44.40
36	Shops on Montview	Denver-Aurora-Lakewood, CO	Denver	CO	9	$38.13
37	Nine Mile Corner	Denver-Aurora-Lakewood, CO	Erie	CO	31	$40.83
38	Parker Station	Denver-Aurora-Lakewood, CO	Parker	CO	45	$30.09
39	Estero Crossing	Cape Coral-Fort Myers, FL	Estero	FL	34	$34.15
40	Carrie Plaza	Jacksonville, FL	Jacksonville	FL	26	$25.09
41	Deerwood Station	Jacksonville, FL	Jacksonville	FL	31	$30.07
42	Oakleaf Crossing	Jacksonville, FL	Jacksonville	FL	31	$33.87
43	Roosevelt Plaza	Jacksonville, FL	Jacksonville	FL	59	$26.48
44	Ponce de Leon Plaza	Jacksonville, FL	St. Augustine	FL	25	$31.06
45	Southlake Plaza	Jacksonville, FL	St. Augustine	FL	32	$28.27
46	Julington Station	Jacksonville, FL	St. Johns	FL	31	$24.96
47	Shops at Boca Center	Miami-Fort Lauderdale-West Palm Beach, FL	Boca Raton	FL	117	$45.41
48	Shoppes at Addison Place	Miami-Fort Lauderdale-West Palm Beach, FL	Delray Beach	FL	56	$48.43
49	Concourse Village	Miami-Fort Lauderdale-West Palm Beach, FL	Jupiter	FL	134	$19.56
50	Collection at Midtown Miami	Miami-Fort Lauderdale-West Palm Beach, FL	Miami	FL	119	$42.87
51	Shops at the Fountains	Miami-Fort Lauderdale-West Palm Beach, FL	Plantation	FL	14	$38.33
52	Shops at Midway	Miami-Fort Lauderdale-West Palm Beach, FL	Tamarac	FL	10	$47.48
53	Shops at Carillon	Naples-Immokalee-Marco Island, FL	Naples	FL	15	$28.61
54	Shops at Casselberry	Orlando-Kissimmee-Sanford, FL	Casselberry	FL	8	$38.50
55	Narcoossee Cove	Orlando-Kissimmee-Sanford, FL	Orlando	FL	16	$49.12
56	Westside Shoppes	Orlando-Kissimmee-Sanford, FL	Windemere	FL	70	$36.52

Curbline Properties Corp.

Property List

GLA in thousands; as of September 30, 2025


#	Center	MSA	Location	ST	GLA	ABR PSF
57	Shops at the Grove	Orlando-Kissimmee-Sanford, FL	Winter Garden	FL	131	$43.08
58	Sunrise Plaza	Sebastian-Vero Beach, FL	Vero Beach	FL

Curbline Properties Corp. 8-K