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, 2026. For the nine months ended September 30, 2026, net income attributable to Curbline was $17.9 million, or $0.16 per diluted share, as compared to net income of $30.3 million, or $0.28 per diluted share, in the year-ago period.

“Curbline’s third quarter results represent a continuation of trends from the first half of the year with over $300 million of investments and capital raised. Importantly, the Company’s SNO pipeline also began to ramp in the quarter with the majority of the leases expected to commence rent payment by March 2027. This operational tailwind, along with Curbline’s higher full year investment target funded with liquidity on hand, is expected to generate compelling per share growth into the fourth quarter and into 2027,” 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 Third Quarter

• Third quarter net income attributable to Curbline was $7.4 million, or $0.06 per diluted share, as compared to net income of $9.3 million, or $0.09 per diluted share, in the year-ago period. The decrease year-over-year was primarily due to an increase in interest and depreciation and amortization expense and a decrease in interest income as well as a higher weighted-average share count resulting from shares issued to fund acquisitions, partially offset by the net impact of asset acquisitions.
• Third quarter operating funds from operations attributable to Curbline (“Operating FFO” or “OFFO”) was $37.4 million, or $0.32 per diluted share, compared to $29.5 million, or $0.28 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, a decrease in interest income and a higher weighted-average share count resulting from shares issued to fund acquisitions.

Significant Third Quarter Activity and Recent Activity

• During the third quarter, acquired 23 convenience shopping centers for an aggregate purchase price of $233.9 million.
• During the third quarter and fourth quarter to date, sold 3.6 million shares of common stock on a forward basis under its at-the-market equity offering program for expected gross proceeds of $102.4 million before issuance costs.
• During the third quarter, settled 7.3 million shares of common stock that were sold on a forward basis generating net proceeds of $184.0 million.
• In September 2026, the Company entered into a $50 million forward interest rate swap agreement to fix a portion of the variable-rate component of an unsecured term loan expected to close in the fourth quarter.
• As of September 30, 2026, adjusted for forward equity sales completed year to date, the Company had $734.9 million of cash and capital commitments for future acquisitions, including $122.8 million of cash and $612.1 million of expected gross proceeds from unsettled forward equity sales.
• In the fourth quarter to date, acquired five convenience shopping centers for an aggregate purchase price of $49.6 million.
• In October 2026, the Company entered into an additional $50 million forward interest rate swap agreement to fix a portion of the variable-rate component of an unsecured term loan expected to close in the fourth quarter.

Significant Year to Date 2026 Activity

• Year to date, acquired 72 convenience shopping centers for an aggregate purchase price of $800.0 million.
• Year to date, sold 33.0 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 $925.9 million before issuance costs.
• 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 Disclosures and can be found at https://curbline.com/our-story#sustainability.

Key Quarterly Operating Results

• Reported an increase of 3.4% in same-property net operating income (“SPNOI”) for the three-month period ended September 30, 2026 compared to September 30, 2025 driven by an acceleration in base rent growth from rent commencements.
• Generated cash new leasing spreads of 22.2% and cash renewal leasing spreads of 6.6% for the third quarter of 2026 and cash new leasing spreads of 16.7% and cash renewal leasing spreads of 6.7% for the trailing twelve-month period ended September 30, 2026.
• Generated straight-lined new leasing spreads of 41.2% and straight-lined renewal leasing spreads of 14.6% for the third quarter of 2026 and straight-lined new leasing spreads of 34.8% and straight-lined renewal leasing spreads of 15.7% for the trailing twelve-month period ended September 30, 2026.
• Reported a leased rate of 96.4% at September 30, 2026 compared to 96.5% at June 30, 2026 and 96.7% at September 30, 2025.
• As of September 30, 2026, the Signed Not Opened pipeline was 190 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 $0.25 to $0.29 per diluted share and raised its guidance for Operating FFO to be from $1.25 to $1.27 per diluted share. The Company does not include a projection of gains or losses on asset sales, certain transaction costs or debt extinguishment costs in guidance.

Reconciliation of Net Income Attributable to Curbline to FFO and Operating FFO estimates:

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 527587845 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 October 22, 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, including the ability to complete the anticipated unsecured term loan; 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 September 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. 

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