Curbline Properties Corp.

Listed Company

CURBCIK 0002027317NYSELarge AcceleratedReal EstateMarylandFY ends Dec 31

Period

FY 2025

Revenue

$182.89M

Net Income

$39.88M

Total Assets

$2.47B

Equity

$1.91B

Shares Out

105.54M

Op. Cash Flow

$124.60M

Business

Curbline Properties Corp. is engaged in owning, managing, leasing and acquiring a portfolio of convenience shopping centers. It rents small-shop retail units and provides property management for drive-thru, service and restaurant tenants, focusing on national, regional and local operators. The company operates through an UPREIT structure with substantially all properties held in its operating partnership and manages acquisitions, assets and leasing. All properties are located in the United States, primarily across the Southeast, Mid‑Atlantic, Southwest, Mountain regions and Texas, and are leased through direct landlord-tenant arrangements.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Rental income	182	120	93	73
Fee and other income	910,000	853,000	656,000	—
Total revenue from operations	183	121	94	73
Operating and maintenance	25	14	11	7
Real estate taxes	21	13	11	8
General and administrative	34	17	5	4
Depreciation and amortization	72	42	32	27
Total rental operation expenses	152	87	59	46
Interest expense	−12	−901,000	−2	−2
Interest income	19	8	0	0
Other income (expense), net	2	−31	−2	−10,000
Gain on disposition of real estate, net	1	0	371,000	0
Income before tax expense	40	10	31	26
Tax expense of taxable REIT subsidiaries and state franchise and income taxes	−307,000	−4,000	0	0
Net income	40	10	31	26
Income attributable to non-controlling interests	−52,000	−11,000	0	0
Net income attributable to Curbline	40	10	31	26
Basic	0.37	0.1	0.3	0.25
Diluted	0.37	0.09	0.3	0.25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	759	491	316	—	—
Buildings	1,304	842	622	—	—
Fixtures and tenant improvements	107	81	59	—	—
Total real estate rental property	2,171	1,413	997	—	—
Less: Accumulated depreciation	−209	−165	−136	—	—
Real estate rental property, net	1,961	1,248	861	—	—
Construction in progress and land	27	14	14	—	—
Total real estate assets, net	1,988	1,262	875	—	—
Cash and cash equivalents	290	626	566,000	—	—
Accounts receivable	23	16	12	—	—
Amounts receivable from SITE Centers	21	34	0	—	—
Intangible assets, net	138	83	34	—	—
Other assets	10	12	415,000	—	—
Total assets	2,470	2,033	922	—	—
Senior notes, net	175	0	—	—	—
Term loan, net	248	0	—	—	—
Revolving credit facility	0	0	—	—	—
Total indebtedness	423	0	—	—	—
Below-market leases, net	67	40	21	—	—
Dividends payable	21	27	0	0	—
Accounts payable and other liabilities	46	24	12	—	—
Total liabilities	556	91	59	—	—
Commitments and contingencies (Note 7)	—	—	—	—	—
Preferred Stock, par value $0.01 per share; 100,000,000 authorized; 0 shares outstanding at December 31, 2025 and December 31, 2024	0	0	0	—	—
Common Stock, par value $0.01 per share; 400,000,000 shares authorized; 105,368,120 and 105,043,781 shares outstanding at December 31, 2025 and December 31, 2024, respectively	1	1	0	—	—
Additional paid-in-capital	1,959	1,955	0	—	—
Accumulated distributions in excess of net income	−46	−15	0	—	—
Accumulated other comprehensive (loss) income	−5	1	0	—	—
Total stockholders' equity	1,909	1,942	863	—	—
Non-controlling interests	4	773,000	0	—	—
Total equity	1,913	1,943	863	692	389
Total liabilities and equity	2,470	2,033	922	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Amortization and write-off of debt issuance costs	2	346,000	161,000	161,000
Stock -based compensation	13	4	0	0
Assumption of buildings due to ground lease terminations	−2	−3	0	0
Net change in accounts receivable	−5	−859,000	−3	−2
Net change in accounts payable and accrued expenses	3	6	−753,000	−2
Net change in other operating assets and liabilities	4	−5	−135,000	722,000
Total adjustments	85	44	28	24
Net cash flow provided by operating activities	125	54	59	50
Real estate acquired, net of liabilities and cash assumed	−785	−419	−163	−305
Deposits for future acquisitions	−2	−913,000	0	0
Real estate improvements to operating real estate	−17	−18	−23	−19
Proceeds from disposition of real estate	2	0	563,000	0
Net cash flow used for investing activities	−803	−437	−186	−323
Proceeds from term loan	250	0	0	—
Proceeds from unsecured notes	178	0	0	—
Repayment of mortgage debt	0	−26	−13	−4
Payment of debt issuance costs	−4	−5	0	0
Common stock offering expenses	−1	0	0	—
Taxes withheld for vested restricted stock	−3	−23,000	0	—
Transactions with Parent	0	1,040	140	278
Dividends paid	−77	0	0	—
Net cash flow provided by financing activities	342	1,009	127	273
Net (decrease) increase in cash, cash equivalents and restricted cash	−337	626	131,000	−245,000

Filings

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