• Think of it as Realty Income (O), but specifically focused on owning gas stations, convenience stores, and fast-food restaurants.
• It's like National Retail Properties (NNN), specializing in the real estate for quick-service restaurants and convenience stores.

• Commercial Property Leasing: Leasing retail spaces, office units, and other commercial properties, often in urban and high-visibility locations.
• Residential Property Leasing: Providing rental apartments and multi-family units, frequently as part of mixed-use developments.
• Property Management Services: Managing the day-to-day operations, maintenance, and tenant relations for its extensive real estate portfolio.
• Real Estate Development: Developing new commercial, residential, and mixed-use properties, with an emphasis on urban infill and strategic street-level integration.

As a public company with the name "Curbline Properties" (symbol: CURB), it is most plausible that this entity operates as a real estate investment trust (REIT) or a similar real estate holding and management company. Given the general nature implied by "Properties," it is assumed that Curbline Properties primarily leases commercial real estate (e.g., office buildings, retail centers, industrial parks) to other businesses rather than selling directly to individuals.

Based on this assumption, Curbline Properties' major customers would be other companies. While specific customer names for a hypothetical company cannot be precisely identified, the following are examples of the types of prominent public companies that would typically be major tenants for a diversified commercial real estate firm:

• Walmart Inc. (NYSE: WMT) - A global retail corporation that leases significant retail space in shopping centers and standalone buildings across various markets.
• Microsoft Corporation (NASDAQ: MSFT) - A multinational technology company that requires vast amounts of office space for its corporate operations, research & development, and regional offices.
• Amazon.com, Inc. (NASDAQ: AMZN) - A leading e-commerce and cloud computing company that leases extensive industrial and logistics facilities, including warehouses and distribution centers, to support its global supply chain.

David R. Lukes, President & Chief Executive Officer

David R. Lukes has served as President and Chief Executive Officer of Curbline Properties since November 2023, and as a member of its board of directors since July 2024. He also holds the same positions at SITE Centers. Prior to joining SITE Centers in March 2017, Mr. Lukes served as Chief Executive Officer and President of Equity One, Inc., an owner, developer, and operator of shopping centers, from 2014 until 2017. Equity One, Inc. later merged with Regency Centers Corp. Before Equity One, he was President and Chief Executive Officer of Sears Holding Corporation affiliate Seritage Realty Trust from 2012 to 2014. From 2010 to 2012, Mr. Lukes was President and Chief Executive Officer of Olshan Properties, a privately-owned real estate firm specializing in commercial real estate. His career also includes various senior management positions at Kimco Realty Corporation from 2002 to 2010, where he served as Chief Operating Officer from 2008 to 2010. Mr. Lukes also serves as President, CEO, and Director of Retail Value Inc. (RVI) since April 2018 and as an independent director of Citycon Oyj since 2017. He is a member of the Advisory Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT).

Conor M. Fennerty, Executive Vice President, Chief Financial Officer and Treasurer

Conor M. Fennerty has been Executive Vice President, Chief Financial Officer, and Treasurer of Curbline Properties since November 2023. He has held the same roles at SITE Centers since November 2019. From 2017 to 2019, Mr. Fennerty was SITE Centers' Senior Vice President of Capital Markets. He has also served as Executive Vice President of RVI since 2020 and a director of RVI since 2022. Before joining SITE Centers, Mr. Fennerty was a Vice President and Senior Analyst at BlackRock, Inc., a global funds manager, from 2014 to 2017. He was an Analyst at Cohen & Steers Capital Management from 2012 to 2014, and a member of the global investment research division of Goldman Sachs from 2010 to 2012.

Lesley H. Solomon, Executive Vice President, General Counsel and Secretary

Lesley H. Solomon has served as Executive Vice President, General Counsel, and Secretary of Curbline Properties, and as Senior Vice President and Deputy General Counsel of SITE Centers, since April 2024. Prior to these roles, Ms. Solomon was General Counsel and Secretary for CatchMark Timber Trust, Inc., a REIT focused on timberland investment, from 2018 to 2022. From 2006 to 2018, she was a partner at Alston & Bird LLP, where her practice concentrated on mergers and acquisitions, capital raises, and compliance with Exchange Act and NYSE/Nasdaq listing standards.

John M. Cattonar, Executive Vice President and Chief Investment Officer

John M. Cattonar has served as Executive Vice President and Chief Investment Officer of Curbline Properties since November 2023. He has also been Executive Vice President and Chief Investment Officer of SITE Centers since May 2021. Before this, Mr. Cattonar was Senior Vice President of Investments at SITE Centers from 2017 to 2021. His previous experience includes serving as Vice President of Asset Management for Equity One from 2015 to 2017, and at Sears Holding Corporation affiliate Seritage Realty Trust from 2012 to 2015.

The key risks to Curbline Properties (CURB) include its high valuation, the cyclical nature of its tenants and retail trends, and a decline in revenue and earnings growth.

1. Overvaluation: Curbline Properties is frequently noted as significantly overvalued on traditional earnings metrics, with its price-to-earnings ratio at the last close being considerably higher than industry averages. This elevated valuation suggests that the market is pricing in rich earnings expectations, leaving little room for error if revenue momentum falters or leasing conditions tighten.
2. Cyclical Nature of Tenants and Retail Trends: As a Real Estate Investment Trust (REIT) focused on convenience centers, Curbline is susceptible to risks stemming from changes in consumer behavior and broader retail trends. The cyclical nature of its tenants poses a potential risk during economic downturns, as these businesses may be more prone to issues in tougher economic times.
3. Declining Revenue and Earnings Growth: Curbline has experienced a decline in earnings growth, which could impact its future profitability. While the company has shown strong financial health in some areas, softer net income trends, combined with its rich valuation, present a challenge.

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Curbline Properties (symbol: CURB) specializes in owning and managing convenience retail real estate. These properties are typically small-format units situated at well-trafficked intersections and major vehicular corridors in affluent suburban communities, catering to quick, errand-based trips. Their tenant base includes a diverse range of essential service providers and daily-use businesses.

The addressable market for Curbline Properties' main services is the convenience property sector in the United States. This market comprises over 68,000 convenience properties, totaling 950 million square feet of Gross Leasable Area (GLA).

Curbline Properties (CURB) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions and Portfolio Expansion: Curbline Properties has a strong focus on expanding its portfolio through strategic acquisitions of convenience-oriented properties. The company has significantly increased its expected acquisition activity, with an outlook of approximately $750 million in investments for 2025, exceeding initial guidance. Since its spin-off, Curbline has acquired $850 million in assets, and in Q2 and early Q3 2025 alone, it invested $155 million and an additional $260 million, respectively, bringing the total acquisition volume to $891 million since July 1, 2024. This aggressive acquisition strategy directly contributes to an expanding revenue-generating asset base.
2. Growth in Same-Property Net Operating Income (NOI): The company anticipates continued organic growth from its existing property portfolio. Same-property NOI increased by 3.7% year-to-date and 2.6% for the third quarter of 2025, and by 6.2% in the second quarter of 2025. The forecast for same-property NOI growth in 2025 has been raised to approximately 3.25%. This sustained growth from established properties indicates effective management and increasing profitability.
3. Robust Leasing Activity and Favorable Rent Spreads: Curbline Properties has demonstrated strong leasing performance, which is a significant driver of revenue. The company signed nearly 400,000 square feet of new and renewal leases, with new lease spreads averaging over 20% and renewal spreads just under 10%. The lease rate improved to 96.7% in Q3 2025, positioning it among the highest in the retail REIT sector. This high occupancy rate combined with strong pricing power on new and renewing leases is expected to continue boosting rental revenue.
4. Expansion into New Geographic Markets: Curbline Properties plans to expand its operational footprint into new, high-growth markets. Specifically, the company has outlined plans for expansion into areas such as Dallas and the New York Metro Area. This strategic geographic diversification will open new avenues for property acquisitions and leasing opportunities, directly contributing to future revenue growth.

Share Repurchases

• Curbline Properties' Board of Directors authorized a $250 million share repurchase program on October 2, 2025.
• The share repurchase program provides additional tools to create stakeholder value.

Share Issuance

• On October 2, 2025, Curbline implemented a $250 million at-the-market (ATM) stock offering program.
• The net proceeds from this offering are intended for general purposes, including acquisitions, capital expenditures, and debt paydown.
• As of October 22, 2025, Curbline Properties had 105,368,120 shares of common stock outstanding.

Inbound Investments

• Curbline Properties was spun off from SITE Centers Corp. on October 1, 2024.
• At the time of the spin-off, the company was in a net cash position with $800.0 million cash on hand and no indebtedness.
• In June 2025, Curbline secured a $150 million private placement consisting of $100 million in 5-year notes and $50 million in 7-year notes, funded in September 2025.

Outbound Investments

• Curbline's acquisition strategy focuses on convenience shopping centers located in wealthy U.S. submarkets.
• The company has executed an aggressive acquisition pace, with $891 million in total acquisitions since July 1, 2024.
• Year-to-date through September 30, 2025, Curbline acquired 67 centers for $615.2 million.
• Curbline plans to invest $700 million in convenience-oriented properties in 2025.

Capital Expenditures

• Capital expenditures amounted to -$436.5 million for the year ended December 31, 2024.
• Capital expenditures as a percentage of Net Operating Income (NOI) were just over 7% in Q2 2025 and are expected to remain below 10% for the full year 2025.
• The property type's site plan and depth of leasing prospects generally reduce operating capital expenditures relative to other retail real estate formats.