Curbline Properties Increases Ownership Limit to 9.8%; Waiver Ends

What Happened

• Curbline Properties Corp. announced that, effective August 12, 2026, the beneficial ownership of director Alexander Otto, his family and related persons (the "Exempt Holder") fell to 7.5% or less of outstanding common stock. Because of that "Exempt Holder Reduction Event," the company’s charter Ownership Limit increased to 9.8% for all holders and the Waiver Agreement with Mr. Otto automatically terminated in accordance with its terms.
• The Waiver Agreement had been entered into on October 1, 2024 in connection with Curbline’s spin-off from SITE Centers Corp.; it previously waived a related-party cap that otherwise allowed constructive ownership by the Exempt Holder up to 9.8%. The company filed a Certificate of Notice with the Maryland Department of Assessments and Taxation to reflect the change (Exhibit 3.1 to the 8-K).

Key Details

• Effective date: August 12, 2026 (Exempt Holder Reduction Event).
• Exempt Holder ownership level: 7.5% or less of outstanding common stock.
• Ownership Limit change: from 8% (general cap) to 9.8% for all holders under the Charter.
• Waiver Agreement: originally dated October 1, 2024; it terminated automatically when the Exempt Holder Reduction Event occurred.

Why It Matters

• For investors, the charter change effectively relaxes a prior ownership cap for non‑Exempt holders from 8% to 9.8%, potentially allowing larger single-party stakes subject to other charter provisions and securities laws.
• The automatic termination of the Waiver Agreement removes the special waiver that had applied to the Otto family, standardizing the ownership limits across holders. This is a governance and ownership-structure development — not a financial results disclosure — that could affect future share accumulation or activist-investor dynamics.