8-K
Curbline Properties Corp. (CURB)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): February 11, 2025 |
|---|
Curbline Properties Corp.
(Exact name of Registrant as Specified in Its Charter)
| Maryland | 001-42265 | 93-4224532 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 320 Park Avenue | ||
| New York, New York | 10022 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: 216 755-5500 | ||
| --- |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value per share | CURB | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 2.02 Results of Operations and Financial Condition.
On February 11, 2025, Curbline Properties Corp. (the “Company”) issued a quarterly financial supplement containing financial and property information of the Company (the “Quarterly Supplement”) for the quarter ended December 31, 2024, which includes a News Release containing financial results of the Company. A copy of the Quarterly Supplement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
| 99.1 | Quarterly financial supplement dated as of December 31, 2024 |
|---|---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CURBLINE PROPERTIES CORP. | |||
|---|---|---|---|
| Date: | February 11, 2025 | By: | /s/ Christina M. Yarian |
| Name: Christina M. Yarian<br>Title: Senior Vice President and Chief Accounting Officer |
EX-99.1
Exhibit 99.1
CURBLINE PROPERTIES 4Q24 QUARTERLY FINANCIAL SUPPLEMENT QUARTER ENDED DECEMBER 31, 2024 RECENT ACQUISITION Shops at Olde Town Station, Arvada, Colorado CURB LISTED NYSE.
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. $2.4B MARKET CAPITALIZATION 97 PROPERTIES 3.1M GLA 32K AVERAGE ASSET SIZE THE CURBLINE PORTFOLIO 119K AVERAGE HOUSEHOLD INCOME TOP 5 MSAs by ABR MIAMI 15% ATLANTA 11% PHOENIX 10% ORLANDO 6% HOUSTON 6% THE CURBLINE PROTFOLIO SOUTHEAST 46% SOUTHWEST MOUNTAIN & TEXAS 23% MIDWEST & NORTHEAST 8% WEST COAST 15% RETAILER MIX LOCAL 29% NATIONAL 71% PROPERTY COMPOSITION ANCHOR 7% SHOP 93% CURBLINE PROPERTIES INVESTOR RELATIONS DEPARTMENT e: ir@curbline.com w: ir.sitecenters.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 | 1-7 |
| Company Summary | |
| Portfolio Summary | 8 |
| Capital Structure | 9 |
| Debt Detail | 10 |
| Same Property Metrics | 11 |
| Leasing Summary | 12 |
| Lease Expirations | 13 |
| Top 25 Tenants | 14 |
| Investments | |
| Transactions | 15 |
| Shopping Center Summary | |
| Property List | 16-17 |
| Reporting Policies and Other | |
| Notable Accounting Policies and Non-GAAP Measures | 18-19 |
Curbline Properties Corp. considers portions of the information in this supplement 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, (1) changes in general economic conditions, including inflation and interest rate volatility; (2) 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; (3) the impact of changes in consumer practices, retailing practices and the space needs of tenants; (4) dependence on the successful operations and financial condition of tenants, the loss of which, including as a result of downsizing or bankruptcy, could negatively impact rental income from our properties; (5) our ability to enter into new leases, and renew existing leases, on favorable terms; (6) our ability to identify, acquire, construct or develop additional properties that produce a desired yield on invested capital; (7) potential environmental liabilities; (8) our ability to secure debt and equity financing on commercially acceptable terms or at all; (9) the illiquidity of real estate investments which could limit our ability to make changes to our portfolio to respond to economic or other conditions; (10) property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; (11) sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; (12) any change in strategy; (13) the impact of pandemics and other public health crises; (14) unauthorized access, use, theft or destruction of financial, operations or third-party data maintained in our information systems or by third parties on our behalf; (15) our ability to qualify as a REIT and to maintain REIT status once elected; and (16) the finalization of the financial statements for the period ended December 31, 2024. 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 Registration Statement on Form 10 and any subsequent reports that we file 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.
| For Immediate Release |
|---|
| Curbline Properties Reports Fourth Quarter 2024 Results |
| For additional information: |
| Conor Fennerty,<br><br>EVP and Chief Financial Officer |
New York, New York, February 11, 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 December 31, 2024.
“Curbline Properties had a very strong start on all fronts in its inaugural quarter as an independent publicly traded company as we look to scale the first public real estate company focused exclusively on convenience properties located on the curbline in the wealthiest submarkets in the United States,” commented David R. Lukes, President and Chief Executive Officer. “The Company is uniquely positioned in the public real estate sector with a differentiated investment focus and a net cash position at year end. In the fourth quarter, Curbline closed on the acquisition of 20 convenience shopping centers for $206.1 million along with a $500 million credit facility providing additional liquidity and investment capacity. Lastly, demand and interest for available space remains elevated highlighting the depth of leasing prospects for the Company’s largely homogenous unit sizes.”
Results for the Fourth Quarter
- On October 1, 2024, Curbline completed the previously announced spin-off from SITE Centers Corp. (“SITE Centers”) pursuant to which SITE Centers contributed 79 convenience properties to the Company. SITE Centers shareholders received two shares of Curbline common stock for every one common share of SITE Centers held at the close of business on the record date of September 23, 2024. The timing of the spin-off may impact comparability between the fourth quarter and prior 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.
- Fourth quarter net income attributable to Curbline was $11.5 million, or $0.11 per diluted share, as compared to net income of $7.6 million, or $0.07 per diluted share, in the year-ago period. The increase year-over-year primarily was due to an increase in net operating income from acquisitions and an increase in interest income, partially offset by an increase in general and administrative expenses.
- Fourth quarter operating funds from operations attributable to Curbline (“Operating FFO” or “OFFO”) was $23.8 million, or $0.23 per diluted share, compared to $17.9 million, or $0.17 per diluted share, in the year-ago period. The increase year-over-year primarily was due to an increase in net operating income from acquisitions and an increase in interest income, partially offset by an increase in general and administrative expenses.
Significant Fourth Quarter Activity and Recent Activity
Acquired 20 convenience shopping centers during the fourth quarter for an aggregate price of $206.1 million.
In October 2024, the Company closed on a $500 million credit facility which includes a revolving credit facility in the amount of $400.0 million and an unsecured, delayed draw term loan facility in the amount of $100.0 million. As of December 31, 2024, there was no balance on the revolving credit facility and the term loan was undrawn.
In October 2024, the Company entered into a forward interest rate swap agreement to fix the variable-rate component of the Company's $100.0 million Term Loan Facility. The all-in rate of the Term Loan Facility will be fixed at 5.078% based on the loan’s current applicable spread.
Acquired two convenience shopping centers during the first quarter to date for an aggregate price of $7.7 million.
Key Quarterly and Annual Operating Results
- Reported an increase of 5.8% in same-property net operating income (“SPNOI”) for the year ended December 31, 2024 compared to December 31, 2023.
- Generated cash new leasing spreads of 30.5% and cash renewal leasing spreads of 10.3% for the year ended December 31, 2024 and cash new leasing spreads of 15.0% and cash renewal leasing spreads of 9.5%, for the fourth quarter of 2024.
- Generated straight-lined new leasing spreads of 54.0% and straight-lined renewal leasing spreads of 21.2% for the year ended December 31, 2024 and straight-lined new leasing spreads of 36.9% and straight-lined renewal leasing spreads of 16.9% for the fourth quarter of 2024.
- Reported a leased rate of 95.5% at December 31, 2024 compared to 95.4% at September 30, 2024 and 96.7% at December 31, 2023. The year-over-year decline was primarily related to the impact of acquisitions.
- As of December 31, 2024, the Signed Not Opened (“SNO”) spread was 160 basis points, representing $4.6 million of annualized base rent.
2025 Guidance
The Company estimates net income attributable to Curbline for 2025 to be from $0.48 to $0.56 per diluted share and Operating FFO to be from $0.97 to $1.01 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<br>Per Share — Diluted | |
|---|---|
| Net income attributable to Curbline | $0.48 — $0.56 |
| Depreciation and amortization of real estate | 0.49 — 0.45 |
| FFO (NAREIT) and Operating FFO | $0.97 — $1.01 |
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 publicly traded under the ticker symbol “CURB” on the NYSE and plans to elect to be treated as a REIT for U.S. federal income tax purposes. 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, 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 curbline.com. If you are unable to participate during the live call, a replay of the conference call will also be available at 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 February 18, 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 real estate investment trust (“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 and income (loss) from 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.
The Company also uses NOI, a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. 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, (1) changes in general economic conditions, including inflation and interest rate volatility; (2) 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; (3) the impact of changes in consumer practices, retailing practices and the space needs of tenants; (4) dependence on the successful operations and financial condition of tenants, the loss of which, including as a result of downsizing or bankruptcy, could negatively impact rental income from our properties; (5) our ability to enter into new leases, and renew existing leases, on favorable terms; (6) our ability to identify, acquire, construct or develop additional properties that produce a desired yield on invested capital; (7) potential environmental liabilities; (8) our ability to secure debt and equity financing on commercially acceptable terms or at all; (9) the illiquidity of real estate investments which could limit our ability to make changes to our portfolio to respond to economic or other conditions; (10) property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; (11) sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; (12) any change in strategy; (13) the impact of pandemics and other public health crises; (14) unauthorized access, use, theft or destruction of financial, operations or third-party data maintained in our information systems or by third parties on our behalf; (15) our ability to qualify as a REIT and to maintain REIT status once elected; and (16) the finalization of the financial statements for the period ended December 31, 2024. 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 Registration Statement on Form 10 and any subsequent reports that we file 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 | |||||
|---|---|---|---|---|---|
| 4Q24 | 4Q23 | 12M24 | 12M23 | ||
| Revenues: | |||||
| Rental income (1) | $34,642 | $25,307 | $120,028 | $93,004 | |
| Other property revenues | 282 | 163 | 853 | 656 | |
| 34,924 | 25,470 | 120,881 | 93,660 | ||
| Expenses: | |||||
| Operating and maintenance | 4,628 | 3,113 | 14,159 | 10,653 | |
| Real estate taxes | 4,137 | 2,443 | 13,444 | 11,261 | |
| 8,765 | 5,556 | 27,603 | 21,914 | ||
| Net operating income | 26,159 | 19,914 | 93,278 | 71,746 | |
| Other income (expense): | |||||
| Interest expense | (485) | (354) | (901) | (1,520) | |
| Interest income | 7,810 | 0 | 7,810 | 0 | |
| Depreciation and amortization | (12,192) | (8,810) | (41,911) | (31,993) | |
| General and administrative (2) | (10,134) | (1,801) | (17,439) | (5,215) | |
| Other income (expense), net (3) | 318 | (1,323) | (30,560) | (2,376) | |
| Gain on disposition of real estate | 0 | 0 | 0 | 371 | |
| Income before taxes | 11,476 | 7,626 | 10,277 | 31,013 | |
| Tax expense | (4) | 0 | (4) | 0 | |
| Net income | 11,472 | 7,626 | 10,273 | 31,013 | |
| Non-controlling interests | (11) | 0 | (11) | 0 | |
| Net income attributable to Curbline | 11,461 | 7,626 | 10,262 | 31,013 | |
| Weighted average shares – Basic – EPS | 104,860 | 104,860 | 104,860 | 104,860 | |
| Assumed conversion of diluted securities | 355 | 0 | 355 | 0 | |
| Weighted average shares – Diluted – EPS | 105,215 | 104,860 | 105,215 | 104,860 | |
| Earnings per share of common stock – Basic | $0.11 | $0.07 | $0.10 | $0.30 | |
| Earnings per share of common stock – Diluted | $0.11 | $0.07 | $0.09 | $0.30 | |
| Note: Amounts prior to October 1, 2024 have been carved out of SITE Centers' consolidated financial statements which may impact the comparability between the fourth quarter and prior periods. | |||||
| (1) | Rental income: | ||||
| Minimum rents | $21,189 | $15,591 | $72,804 | $57,498 | |
| Ground lease minimum rents | 2,858 | 2,541 | 10,819 | 9,918 | |
| Straight-line rent, net | 753 | 361 | 1,979 | 1,553 | |
| Amortization of (above)/below-market rent, net | 700 | 443 | 2,710 | 1,505 | |
| Percentage and overage rent | 424 | 407 | 854 | 880 | |
| Recoveries | 8,132 | 5,838 | 26,539 | 21,602 | |
| Uncollectible revenue | 33 | (13) | (479) | (407) | |
| Ancillary and other rental income | 234 | 139 | 635 | 412 | |
| Lease termination fees | 319 | 0 | 4,167 | 43 | |
| (2) | SITE SSA gross up | ($499) | 0 | ($499) | 0 |
| (3) | Other income (expense), net: | ||||
| Transaction costs | ($181) | ($1,297) | ($30,849) | ($2,334) | |
| Debt extinguishment costs | 0 | (26) | (182) | (26) | |
| SITE SSA gross up | 499 | 0 | 499 | 0 | |
| Other | 0 | 0 | (28) | (16) |
Curbline Properties Corp.
Reconciliation: Net Income to FFO and Operating FFO
and Other Financial Information
| in thousands, except per share | ||||
|---|---|---|---|---|
| 4Q24 | 4Q23 | 12M24 | 12M23 | |
| Net income attributable to Curbline | $11,461 | $7,626 | $10,262 | $31,013 |
| Depreciation and amortization of real estate | 12,192 | 8,810 | 41,911 | 31,993 |
| Income from non-controlling interest | (11) | 0 | (11) | 0 |
| Gain on disposition of real estate, net | 0 | 0 | 0 | (371) |
| FFO attributable to Curbline | $23,642 | $16,436 | $52,162 | $62,635 |
| Transaction, debt extinguishment and other | 181 | 1,443 | 31,335 | 2,864 |
| Total non-operating items, net | 181 | 1,443 | 31,335 | 2,864 |
| Operating FFO attributable to Curbline | $23,823 | $17,879 | $83,497 | $65,499 |
| Weighted average shares & units – Basic: FFO & OFFO | 104,860 | 104,860 | 104,860 | 104,860 |
| Assumed conversion of dilutive securities | 355 | 0 | 355 | 0 |
| Weighted average shares & units – Diluted: FFO & OFFO | 105,215 | 104,860 | 105,215 | 104,860 |
| FFO per share – Basic | $0.23 | $0.16 | $0.50 | $0.60 |
| FFO per share – Diluted | $0.22 | $0.16 | $0.50 | $0.60 |
| Operating FFO per share – Basic | $0.23 | $0.17 | $0.80 | $0.62 |
| Operating FFO per share – Diluted | $0.23 | $0.17 | $0.79 | $0.62 |
| Capital expenditures: | ||||
| Maintenance capital expenditures | 238 | |||
| Tenant allowances and landlord work, net | 944 | |||
| Leasing commissions, net | 254 | |||
| Certain non-cash items: | ||||
| Straight-line rent | 753 | |||
| Amortization of below-market rent/(above), net | 700 | |||
| Amortization of below-market ground lease (lessee) | (17) | |||
| Loan cost amortization | (253) | |||
| Stock compensation expense | (3,825) |
Curbline Properties Corp.
Balance Sheet
| in thousands | ||
|---|---|---|
| 4Q23 | ||
| Assets: | ||
| Land | $316,212 | |
| Buildings | 622,414 | |
| Fixtures and tenant improvements | 58,676 | |
| 997,302 | ||
| Depreciation | (136,168) | |
| 861,134 | ||
| Construction in progress and land | 13,504 | |
| Real estate, net | 874,638 | |
| Cash | 566 | |
| Restricted cash | 155 | |
| Receivables and straight-line rents (1) | 11,528 | |
| Amounts receivable from SITE Centers | 0 | |
| Intangible assets, net (2) | 34,330 | |
| Other assets, net | 415 | |
| Total Assets | 921,632 | |
| Liabilities and Equity: | ||
| Revolving credit facilities | 0 | |
| Secured debt | 25,758 | |
| 25,758 | ||
| Dividends payable | 0 | |
| Other liabilities (3) | 33,236 | |
| Total Liabilities | 58,994 | |
| Common stock | 0 | |
| Paid-in capital | 0 | |
| Distributions in excess of net income | 0 | |
| Net parent investment | 862,638 | |
| Accumulated comprehensive income | 0 | |
| Non-controlling interest | 0 | |
| Total Equity | 862,638 | |
| Total Liabilities and Equity | $921,632 | |
| (1) | Straight-line rents (including fixed CAM), net | $8,044 |
| (2) | Below-market leases (as lessee) | 0 |
| (3) | Below-market leases, net | 21,243 |
All values are in US Dollars.
Curbline Properties Corp.
Reconciliation of Net Income Attributable to Curbline to Same-Property NOI
| in thousands | |||
|---|---|---|---|
| 4Q23 | 12M24 | 12M23 | |
| GAAP Reconciliation: | |||
| Net income attributable to Curbline | $7,626 | $10,262 | $31,013 |
| Interest expense | 354 | 901 | 1,520 |
| Interest income | 0 | (7,810) | 0 |
| Depreciation and amortization | 8,810 | 41,911 | 31,993 |
| General and administrative | 1,801 | 17,439 | 5,215 |
| Other expense (income), net | 1,323 | 30,560 | 2,376 |
| Gain on disposition of real estate | 0 | 0 | (371) |
| Tax expense | 0 | 4 | 0 |
| Non-controlling interests | 0 | 11 | 0 |
| Total Curbline NOI | 19,914 | 93,278 | 71,746 |
| Less: Non-Same Property NOI | (2,845) | (24,845) | (7,040) |
| Total Same-Property NOI | $17,069 | $68,433 | $64,706 |
| Total Curbline NOI % Change | 30.0% | ||
| Same-Property NOI % Change | 5.8% |
All values are in US Dollars.
Curbline Properties Corp.
Portfolio Summary
| 12/31/2024 | 9/30/2024 | |||||
|---|---|---|---|---|---|---|
| Quarterly Operational Overview | ||||||
| Properties | 97 | 79 | ||||
| Owned GLA | 2,699 | 2,345 | ||||
| Ground lease GLA | 399 | 362 | ||||
| Total GLA | 3,098 | 2,707 | ||||
| Base Rent PSF | $35.62 | $35.65 | ||||
| Commenced Rate | 93.9% | 93.8% | ||||
| Leased Rate | 95.5% | 95.4% | ||||
| Quarterly SPNOI | 3.0% | - | ||||
| TTM New Leasing (GLA in 000's) | 84 | 95 | ||||
| TTM Renewals (GLA in 000's) | 225 | 238 | ||||
| TTM Total Leasing (GLA in 000's) | 309 | 333 | ||||
| TTM Cash New Rent Spreads | 30.5% | 23.9% | ||||
| TTM Cash Renewal Rent Spreads | 10.3% | 10.1% | ||||
| TTM Cash Blended New and Renewal Rent Spreads | 13.3% | 12.1% | ||||
| TTM GAAP New Rent Spreads | 54.0% | 48.5% | ||||
| TTM GAAP Renewal Rent Spreads | 21.2% | 21.2% | ||||
| TTM GAAP Blended New and Renewal Rent Spreads | 25.9% | 25.2% | ||||
| Top 20 MSA's | ||||||
| Properties | GLA | % of GLA | ABR | % of ABR | ABR PSF | |
| 1 | 6 | 450 | 14.5% | $15,513 | 15.0% | $35.83 |
| 2 | 13 | 386 | 12.5% | 11,007 | 10.7% | $30.37 |
| 3 | 11 | 275 | 8.9% | 9,865 | 9.6% | $38.99 |
| 4 | 3 | 155 | 5.0% | 6,422 | 6.2% | $43.34 |
| 5 | 6 | 184 | 5.9% | 6,276 | 6.1% | $41.42 |
| 6 | 2 | 128 | 4.1% | 5,711 | 5.5% | $54.93 |
| 7 | 3 | 134 | 4.3% | 5,022 | 4.9% | $40.05 |
| 8 | 6 | 142 | 4.6% | 4,691 | 4.5% | $37.68 |
| 9 | 4 | 176 | 5.7% | 4,150 | 4.0% | $23.59 |
| 10 | 4 | 117 | 3.8% | 3,953 | 3.8% | $35.36 |
| 11 | 2 | 89 | 2.9% | 3,640 | 3.5% | $41.27 |
| 12 | 2 | 82 | 2.6% | 2,723 | 2.6% | $35.34 |
| 13 | 3 | 49 | 1.6% | 2,468 | 2.4% | $50.72 |
| 14 | 2 | 66 | 2.1% | 1,973 | 1.9% | $30.92 |
| 15 | 1 | 62 | 2.0% | 1,826 | 1.8% | $29.41 |
| 16 | 1 | 62 | 2.0% | 1,511 | 1.5% | $29.68 |
| 17 | 2 | 41 | 1.3% | 1,500 | 1.5% | $36.37 |
| 18 | 1 | 66 | 2.1% | 1,384 | 1.3% | $23.63 |
| 19 | 2 | 51 | 1.6% | 1,238 | 1.2% | $25.74 |
| 20 | 1 | 19 | 0.6% | 1,164 | 1.1% | $61.23 |
| 22 | 364 | 11.7% | 11,181 | 10.8% | $31.87 | |
| 97 | 3,098 | 100.0% | $103,218 | 100.0% | $35.62 | |
| Note: and GLA in thousands except property count and base rent PSF. |
All values are in US Dollars.
Curbline Properties Corp.
Capital Structure
| , shares and units in thousands, except per share |
|---|
| Capital Structure |
| Market Value Per Share |
| Common Stock |
| OP Units |
| Total Common Stock |
| Total Equity Market Capitalization |
| Unsecured Credit Facilities |
| Unsecured Term Loan |
| Total Debt |
| Less: Cash (including restricted cash) |
| Net Debt |
| Total Enterprise Value |
All values are in US Dollars.
Curbline Properties Corp.
Debt Detail
| in thousands | |
|---|---|
| Interest<br>Rate(2) | |
| Bank Debt | |
| Unsecured Revolver (400m) | SOFR+1.35% |
| Unsecured Term Loan (100m) | 5.08% |
| Total Debt | |
| (1) Maturity dates assumed all borrower extension options are exercised. | |
| (2) Rate excludes loan fees and unamortized loan costs. Interest rates are shown as swapped or capped all-in interest rate where applicable. |
All values are in US Dollars.
Curbline Properties Corp.
Same Property Metrics
| Same-Property Net Operating Income(1) | ||||
|---|---|---|---|---|
| Quarterly Same-Property NOI | Annual Same-Property NOI | |||
| 4Q24 | 4Q23 | 12M24 | 12M23 | |
| Same Property - Leased rate | 96.1% | 96.4% | 96.1% | 96.4% |
| Same Property - Commenced rate | 95.1% | 94.9% | 95.1% | 94.9% |
| Revenues: | ||||
| Minimum rents | $17,126 | 16,536 | $67,537 | 64,211 |
| Recoveries | 5,875 | 5,320 | 21,552 | 20,351 |
| Uncollectible revenue | 72 | (26) | (325) | (406) |
| Percentage and overage rents | 375 | 407 | 801 | 880 |
| Ancillary and other rental income | 378 | 278 | 1,292 | 1,037 |
| 23,826 | 22,515 | 90,857 | 86,073 | |
| Expenses: | ||||
| Operating and maintenance | (3,006) | (3,143) | (11,006) | (10,774) |
| Real estate taxes | (3,236) | (2,303) | (11,418) | (10,593) |
| (6,242) | (5,446) | (22,424) | (21,367) | |
| Total Comparable SPNOI | $17,584 | 17,069 | $68,433 | 64,706 |
| Non-Same Property NOI | 8,575 | 2,845 | 24,845 | 7,040 |
| Total Curbline NOI | $26,159 | 19,914 | $93,278 | 71,746 |
| Same Property NOI Operating Margin | 73.8% | 75.8% | 75.3% | 75.2% |
| Same Property NOI Recovery Rate | 94.1% | 97.7% | 96.1% | 95.2% |
| (1) See the definition in the Notable Accounting Policies and Non-GAAP Measures section and the GAAP reconciliation on page 7. |
All values are in US Dollars.
Curbline Properties Corp.
Leasing Summary
| Leasing Activity | Net Effective Rents | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Comparable Pool | Total Pool | CapEx PSF | ||||||||||||||
| Count | GLA | ABR <br>PSF | Cash | Straight-<br>lined | Count | GLA | ABR <br>PSF | Term | GLA | ABR <br>PSF | TA & LL | LC | Total | NER <br>PSF | Term | |
| New Leases | ||||||||||||||||
| 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 |
| 3Q24 | 3 | 7,113 | $40.80 | 9.0% | 25.1% | 8 | 17,600 | $50.14 | 10.7 | 8,737 | $46.35 | $2.55 | $2.28 | $4.83 | $41.52 | 9.4 |
| 2Q24 | 5 | 15,988 | $47.07 | 64.5% | 97.3% | 9 | 30,991 | $47.99 | 10.7 | 23,323 | $49.20 | $5.01 | $2.12 | $7.13 | $42.07 | 10.9 |
| 1Q24 | 3 | 5,916 | $35.73 | 4.9% | 21.8% | 5 | 28,073 | $26.98 | 13.6 | 5,916 | $39.82 | $2.22 | $2.45 | $4.67 | $35.15 | 8.7 |
| 15 | 36,392 | $43.83 | 30.5% | 54.0% | 26 | 84,039 | $41.27 | 11.5 | 45,351 | $47.80 | $4.39 | $2.30 | $6.69 | $41.11 | 9.9 | |
| Renewals | ||||||||||||||||
| 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 |
| 3Q24 | 15 | 39,070 | $32.47 | 8.1% | 17.7% | 15 | 39,070 | $32.47 | 5.2 | 39,070 | $33.98 | $0.00 | $0.02 | $0.02 | $33.96 | 5.2 |
| 2Q24 | 23 | 83,327 | $35.39 | 14.7% | 28.7% | 23 | 83,327 | $35.39 | 7.4 | 83,327 | $38.12 | $0.00 | $0.00 | $0.00 | $38.12 | 7.4 |
| 1Q24 | 24 | 57,860 | $42.36 | 7.0% | 16.8% | 24 | 57,860 | $42.36 | 5.2 | 57,860 | $44.16 | $0.00 | $0.00 | $0.00 | $44.16 | 5.2 |
| 80 | 225,375 | $35.50 | 10.3% | 21.2% | 80 | 225,375 | $35.50 | 5.8 | 225,375 | $37.39 | $0.02 | $0.00 | $0.02 | $37.37 | 5.8 | |
| New + Renewals | ||||||||||||||||
| 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 |
| 3Q24 | 18 | 46,183 | $33.76 | 8.2% | 19.1% | 23 | 56,670 | $37.96 | 6.9 | 47,807 | $36.24 | $0.73 | $0.67 | $1.40 | $34.84 | 6.0 |
| 2Q24 | 28 | 99,315 | $37.27 | 22.3% | 38.9% | 32 | 114,318 | $38.81 | 8.3 | 106,650 | $40.55 | $1.45 | $0.62 | $2.07 | $38.48 | 8.2 |
| 1Q24 | 27 | 63,776 | $41.75 | 6.9% | 17.2% | 29 | 85,933 | $37.34 | 8.0 | 63,776 | $43.76 | $0.32 | $0.36 | $0.68 | $43.08 | 5.5 |
| 95 | 261,767 | $36.66 | 13.3% | 25.9% | 106 | 309,414 | $37.07 | 7.4 | 270,726 | $39.13 | $1.13 | $0.59 | $1.72 | $37.41 | 6.5 |
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.
Curbline Properties Corp.
Lease Expiration Schedule
| and GLA in thousands | |||||
|---|---|---|---|---|---|
| Year | Expiring<br>SF | % of SF<br>Total | ABR | % of ABR<br>Total | Rent<br>PSF |
| MTM | 11 | 0.4% | $313 | 0.3% | $28.45 |
| 2025 | 194 | 6.7% | 7,124 | 6.9% | $36.72 |
| 2026 | 258 | 8.9% | 9,243 | 9.0% | $35.83 |
| 2027 | 350 | 12.0% | 13,007 | 12.6% | $37.16 |
| 2028 | 530 | 18.2% | 17,820 | 17.3% | $33.62 |
| 2029 | 251 | 8.6% | 8,837 | 8.6% | $35.21 |
| 2030 | 249 | 8.6% | 8,894 | 8.6% | $35.72 |
| 2031 | 128 | 4.4% | 4,658 | 4.5% | $36.39 |
| 2032 | 211 | 7.3% | 7,913 | 7.7% | $37.50 |
| 2033 | 282 | 9.7% | 10,094 | 9.8% | $35.79 |
| 2034 | 239 | 8.2% | 8,843 | 8.6% | $37.00 |
| Thereafter | 206 | 7.1% | 6,472 | 6.3% | $31.42 |
| Total | 2,909 | 100.0% | $103,218 | 100.0% | $35.48 |
| Note: Before exercise of any lease options; includes ground leases. |
All values are in US Dollars.
Curbline Properties Corp.
Top 25 Tenants
| and GLA in thousands | |||||
|---|---|---|---|---|---|
| Units | Base Rent | % of Total | GLA | % of Total | |
| 1 | 22 | $2,477 | 2.4% | 43 | 1.4% |
| 2 | 8 | 1,586 | 1.5% | 54 | 1.7% |
| 3 | 7 | 1,315 | 1.3% | 30 | 1.0% |
| 4 | 8 | 1,265 | 1.2% | 27 | 0.9% |
| 5 | 2 | 1,259 | 1.2% | 49 | 1.6% |
| 6 | 8 | 1,187 | 1.1% | 41 | 1.3% |
| 7 | 16 | 1,173 | 1.1% | 30 | 1.0% |
| 8 | 9 | 1,063 | 1.0% | 23 | 0.7% |
| 9 | 12 | 963 | 0.9% | 25 | 0.8% |
| 10 | 5 | 954 | 0.9% | 36 | 1.2% |
| 11 | 4 | 947 | 0.9% | 38 | 1.2% |
| 12 | 13 | 932 | 0.9% | 26 | 0.8% |
| 13 | 5 | 895 | 0.9% | 21 | 0.7% |
| 14 | 5 | 882 | 0.9% | 26 | 0.8% |
| 15 | 5 | 827 | 0.8% | 29 | 0.9% |
| 16 | 5 | 822 | 0.8% | 21 | 0.7% |
| 17 | 7 | 807 | 0.8% | 17 | 0.5% |
| 18 | 6 | 792 | 0.8% | 23 | 0.7% |
| 19 | 1 | 788 | 0.8% | 31 | 1.0% |
| 20 | 1 | 788 | 0.8% | 18 | 0.6% |
| 21 | 4 | 758 | 0.7% | 17 | 0.5% |
| 22 | 2 | 757 | 0.7% | 12 | 0.4% |
| 23 | 5 | 755 | 0.7% | 21 | 0.7% |
| 24 | 6 | 705 | 0.7% | 18 | 0.6% |
| 25 | 5 | 686 | 0.7% | 23 | 0.7% |
| 171 | $25,383 | 24.6% | 699 | 22.6% | |
| $103,218 | 100.0% | 3,098 | 100.0% | ||
| (1) Longhorn Steakhouse (4) / Olive Garden (3) / Chuy's (1) | |||||
| (2) Dunkin (7) / Jimmy John's (5) / Buffalo Wild Wings (3) / Baskin Robbins (1) | |||||
| (3) Cracker Barrel (3) / Maple Street Biscuit (2) | |||||
| (4) Club Pilates (3) / Yoga Six (3) / Cyclebar (2) / Pure Barre (2) / Stretchlab (2) / BFT (1) | |||||
| (5) Panera Bread (4) / Bruegger's Bagels (1) / Einstein Bros. Bagels (1) |
All values are in US Dollars.
Curbline Properties Corp.
Transactions
| and GLA in thousands | |||
|---|---|---|---|
| Acquisitions | Owned | ||
| MSA | GLA | Price | |
| 02/14/24 | Houston-The Woodlands-Sugar Land, TX | 22 | $10,650 |
| 03/29/24 | Phoenix-Mesa-Scottsdale, AZ | 15 | 8,460 |
| 1Q 2024 Total | 37 | $19,110 | |
| 05/24/24 | Chicago-Naperville-Elgin, IL-IN-WI | 9 | $2,850 |
| 05/30/24 | Raleigh, NC | 62 | 26,534 |
| 05/31/24 | Sebastian-Vero Beach-West Vero Corridor, FL | 17 | 5,500 |
| 06/13/24 | Phoenix-Mesa-Scottsdale, AZ | 6 | 2,100 |
| 06/14/24 | Atlanta-Sandy Springs-Roswell, GA | 82 | 17,750 |
| 2Q 2024 Total | 176 | $54,734 | |
| 07/02/24 | Cleveland-Elyria, OH | 29 | $18,500 |
| 07/26/24 | Nashville-Davidson-Murfreesboro-Franklin, TN | 20 | 8,250 |
| 08/22/24 | Houston-The Woodlands-Sugar Land, TX | 42 | 31,000 |
| 08/23/24 | Atlanta-Sandy Springs-Roswell, GA | 45 | 30,200 |
| 09/09/24 | San Diego-Carlsbad, CA | 35 | 12,350 |
| 09/12/24 | Denver-Aurora-Lakewood, CO | 18 | 10,880 |
| 09/18/24 | Los Angeles-Long Beach-Anaheim, CA | 77 | 34,150 |
| 3Q 2024 Total | 266 | $145,330 | |
| 10/02/24 | Tampa-St. Petersburg-Clearwater, FL | 9 | $4,650 |
| 10/15/24 | Orlando-Kissimmee-Sanford, FL | 16 | 13,200 |
| 10/18/24 | Various | 84 | 25,100 |
| 10/28/24 | Columbus, OH | 11 | 6,675 |
| 11/04/24 | Memphis, TN-MS-AR | 66 | 19,200 |
| 11/04/24 | Kansas City, MO-KS | 7 | 4,600 |
| 11/04/24 | Minneapolis-St. Paul-Bloomington, MN-WI | 10 | 8,175 |
| 11/13/24 | Los Angeles-Long Beach-Anaheim, CA | 29 | 22,760 |
| 11/21/24 | Denver-Aurora-Lakewood, CO | 15 | 9,900 |
| 11/22/24 | Atlanta-Sandy Springs-Roswell, GA | 20 | 8,201 |
| 12/12/24 | Houston-The Woodlands-Sugar Land, TX | 45 | 28,373 |
| 12/17/24 | Denver-Aurora-Lakewood, CO | 13 | 12,375 |
| 12/20/24 | Houston-The Woodlands-Sugar Land, TX | 9 | 1,333 |
| 12/20/24 | Indianapolis-Carmel-Greenwood, IN | 32 | 9,600 |
| 12/30/24 | Phoenix-Mesa-Scottsdale, AZ | 33 | 32,000 |
| 4Q 2024 Total | 399 | $206,142 | |
| Total 2024 | 878 | $425,316 | |
| 01/16/25 | Toledo, OH | 15 | $4,950 |
| 01/24/25 | Phoenix-Mesa-Scottsdale, AZ | 3 | 2,700 |
| 1Q 2025 QTD | 18 | $7,650 |
All values are in US Dollars.
Curbline Properties Corp.
Property List
GLA in thousands; as of December 31, 2024
| # | Center | MSA | Location | ST | Owned<br>GLA | ABR<br>PSF |
|---|---|---|---|---|---|---|
| 1 | Shops at Tiger Town | Auburn-Opelika, AL | Opelika | AL | 10 | $26.11 |
| 2 | Promenade Plaza | Birmingham-Hoover, AL | Alabaster | AL | 13 | $27.04 |
| 3 | Hampton Cove Corner | Huntsville, AL | Huntsville | AL | 14 | $23.97 |
| 4 | Madison Station | Huntsville, AL | Madison | AL | 28 | $22.76 |
| 5 | Shops at Saraland | Mobile, AL | Saraland | AL | 10 | $19.23 |
| 6 | Eastchase Point | Montgomery, AL | Montgomery | AL | 8 | $25.56 |
| 7 | Chandler Center | Phoenix-Mesa-Scottsdale, AZ | Chandler | AZ | 7 | $43.58 |
| 8 | Shops at Gilbert Crossroads | Phoenix-Mesa-Scottsdale, AZ | Gilbert | AZ | 15 | $39.06 |
| 9 | Shops at Power and Baseline | Phoenix-Mesa-Scottsdale, AZ | Mesa | AZ | 4 | $56.22 |
| 10 | Shops at Lake Pleasant | Phoenix-Mesa-Scottsdale, AZ | Peoria | AZ | 47 | $40.73 |
| 11 | Deer Valley Plaza | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 38 | $35.23 |
| 12 | Paradise Village Plaza | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 84 | $36.18 |
| 13 | Red Mountain Corner | Phoenix-Mesa-Scottsdale, AZ | Phoenix | AZ | 6 | $24.40 |
| 14 | Artesia Village | Phoenix-Mesa-Scottsdale, AZ | Scottsdale | AZ | 21 | $41.91 |
| 15 | Northsight Plaza | Phoenix-Mesa-Scottsdale, AZ | Scottsdale | AZ | 10 | $37.66 |
| 16 | Shops at Prasada North | Phoenix-Mesa-Scottsdale, AZ | Surprise | AZ | 33 | $47.34 |
| 17 | Broadway Center | Phoenix-Mesa-Scottsdale, AZ | Tempe | AZ | 11 | $38.08 |
| 18 | Crossroads Marketplace | Los Angeles-Long Beach-Anaheim, CA | Chino Hills | CA | 77 | $35.04 |
| 19 | Shops on Summit | Los Angeles-Long Beach-Anaheim, CA | Fontana | CA | 27 | $45.72 |
| 20 | Santa Margarita Market Place | Los Angeles-Long Beach-Anaheim, CA | Rancho Santa Margarita | CA | 29 | $47.53 |
| 21 | Creekside Plaza | Sacramento-Roseville-Arden-Arcade, CA | Roseville | CA | 32 | $42.91 |
| 22 | Creekside Shops | Sacramento-Roseville-Arden-Arcade, CA | Roseville | CA | 57 | $40.37 |
| 23 | Loma Alta Station | San Diego-Carlsbad, CA | Oceanside | CA | 35 | $26.12 |
| 24 | La Fiesta Square | San Francisco-Oakland-Hayward, CA | Lafayette | CA | 75 | $50.74 |
| 25 | Lafayette Mercantile | San Francisco-Oakland-Hayward, CA | Lafayette | CA | 53 | $59.86 |
| 26 | Shops at Olde Town Station | Denver-Aurora-Lakewood, CO | Arvada | CO | 15 | $39.85 |
| 27 | Parker Keystone | Denver-Aurora-Lakewood, CO | Denver | CO | 17 | $41.46 |
| 28 | Shops at University Hills | Denver-Aurora-Lakewood, CO | Denver | CO | 26 | $45.41 |
| 29 | Shops on Montview | Denver-Aurora-Lakewood, CO | Denver | CO | 9 | $38.13 |
| 30 | Nine Mile Corner | Denver-Aurora-Lakewood, CO | Erie | CO | 31 | $41.73 |
| 31 | Parker Station | Denver-Aurora-Lakewood, CO | Parker | CO | 45 | $29.79 |
| 32 | Estero Crossing | Cape Coral-Fort Mysers, FL | Estero | FL | 34 | $33.96 |
| 33 | Shops at Boca Center | Miami-Fort Lauderdale-West Palm Beach, FL | Boca Raton | FL | 117 | $43.15 |
| 34 | Shoppes at Addison Place | Miami-Fort Lauderdale-West Palm Beach, FL | Delray Beach | FL | 56 | $47.49 |
| 35 | Concourse Village | Miami-Fort Lauderdale-West Palm Beach, FL | Jupiter | FL | 134 | $19.36 |
| 36 | Collection at Midtown Miami | Miami-Fort Lauderdale-West Palm Beach, FL | Miami | FL | 119 | $41.61 |
| 37 | Shops at the Fountains | Miami-Fort Lauderdale-West Palm Beach, FL | Plantation | FL | 14 | $36.14 |
| 38 | Shops at Midway | Miami-Fort Lauderdale-West Palm Beach, FL | Tamarac | FL | 10 | $47.48 |
| 39 | Shops at Carillon | Naples-Immokalee-Marco Island, FL | Naples | FL | 15 | $26.95 |
| 40 | Shops at Casselberry | Orlando-Kissimmee-Sanford, FL | Casselberry | FL | 8 | $38.50 |
| 41 | Narcoossee Cove | Orlando-Kissimmee-Sanford, FL | Orlando | FL | 16 | $49.00 |
| 42 | Shops at the Grove | Orlando-Kissimmee-Sanford, FL | Winter Garden | FL | 131 | $42.90 |
| 43 | Sunrise Plaza | Sebastian-Vero Beack-West Vero Corridor FL | Vero Beach | FL | 16 | $24.84 |
| 44 | Shops at Lake Brandon | Tampa-St. Petersburg-Clearwater, FL | Brandon | FL | 12 | $40.50 |
| 45 | Shoppes of Boot Ranch | Tampa-St. Petersburg-Clearwater, FL | Palm Harbor | FL | 52 | $29.97 |
| 46 | Shops at Bay Pines | Tampa-St. Petersburg-Clearwater, FL | St. Petersburg | FL | 9 | $36.53 |
| 47 | Southtown Center | Tampa-St. Petersburg-Clearwater, FL | Tampa | FL | 44 | $40.69 |
| 48 | Alpha Soda Center | Atlanta-Sandy Springs-Roswell, GA | Alpharetta | GA | 15 | $40.49 |
| 49 | Shoppes of Crabapple | Atlanta-Sandy Springs-Roswell, GA | Alpharetta | GA | 8 | $30.62 |
| 50 | Brookhaven Station | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 44 | $36.77 |
| 51 | Hammond Springs | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 69 | $32.97 |
| 52 | Parkwood Shops | Atlanta-Sandy Springs-Roswell, GA | Atlanta | GA | 20 | $25.87 |
| 53 | Marketplace Plaza North | Atlanta-Sandy Springs-Roswell, GA | Cumming | GA | 37 | $33.81 |
| 54 | Marketplace Plaza South | Atlanta-Sandy Springs-Roswell, GA | Cumming | GA | 44 | $31.45 |
| 55 | Plaza at Market Square | Atlanta-Sandy Springs-Roswell, GA | Douglasville | GA | 9 | $16.28 |
| 56 | Barrett Corners | Atlanta-Sandy Springs-Roswell, GA | Kennesaw | GA | 19 | $46.59 |
Curbline Properties Corp.
Property List
GLA in thousands; as of December 31, 2024
| # | Center | MSA | Location | ST | Owned<br>GLA | ABR<br>PSF |
|---|---|---|---|---|---|---|
| 57 | Roswell Market Center | Atlanta-Sandy Springs-Roswell, GA | Roswell | GA | 82 | $17.50 |
| 58 | Presidential Plaza North | Atlanta-Sandy Springs-Roswell, GA | Snellville | GA | 11 | $42.50 |
| 59 | Presidential Plaza South | Atlanta-Sandy Springs-Roswell, GA | Snellville | GA | 10 | $40.29 |
| 60 | Scenic Plaza | Atlanta-Sandy Springs-Roswell, GA | Snellville | GA | 20 | $29.82 |
| 61 | Wilmette Center | Chicago-Naperville-Elsin IL-IN-WI | Wilmette | IL | 9 | $31.82 |
| 62 | Shops at West Carmel Marketplace | Indianapolis-Carmel-Greenwood, IN | Carmel | IN | 32 | $24.12 |
| 63 | Shops at Framingham | Boston-Cambridge-Newton, MA-NH | Framingham | MA | 19 | $61.23 |
| 64 | Foxtail Center | Baltimore-Columbia-Towson, MD | Timonium | MD | 30 | $37.69 |
| 65 | Shops at Riverdale Commons | Minneapolis-St. Paul-Bloomington, MN-WI | Coon Rapids | MN | 10 | $53.44 |
| 66 | Independence Point | Kansas City, MO-KS | Independence | MO | 7 | $41.22 |
| 67 | Belgate Plaza | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 20 | $36.79 |
| 68 | Point at University | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 14 | $38.65 |
| 69 | Shops at The Fresh Market | Charlotte-Concord-Gastonia, NC-SC | Cornelius | NC | 132 | $18.59 |
| 70 | Carolina Station | Charlotte-Concord-Gastonia, NC-SC | Charlotte | NC | 10 | $41.59 |
| 71 | Meadowmont Village | Raleigh, NC | Chapel Hill | NC | 62 | $29.68 |
| 72 | Freehold Marketplace | New York-Newark-Jersey City, NY-NJ-PA | Freehold | NJ | 21 | $37.18 |
| 73 | Shops at Hamilton | Trenton, NJ | Hamilton | NJ | 62 | $29.41 |
| 74 | Crocker Commons | Cleveland-Elyria, OH | Westlake | OH | 29 | $41.92 |
| 75 | Shops on Polaris | Columbus, OH | Columbus | OH | 71 | $34.77 |
| 76 | Worthington Plaza | Columbus, OH | Worthington | OH | 11 | $39.24 |
| 77 | Shops at Tanasbourne | Portland-Vancouver-Hillsboro, OR-WA | Hillsboro | OR | 5 | $32.60 |
| 78 | Shops at Echelon Village | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Voorhees | NJ | 4 | $49.52 |
| 79 | Houston Levee Galleria | Memphis, TN-MS-AR | Collierville | TN | 66 | $23.63 |
| 80 | Maple Corner | Nashville-Davidson-Murfreesboro-Franklin, TN | Hendersonville | TN | 20 | $29.71 |
| 81 | Oaks at Slaughter | Austin, TX | Austin | TX | 26 | $35.66 |
| 82 | Vintage Plaza | Austin, TX | Round Rock | TX | 41 | $28.03 |
| 83 | Grove at Harper's Preserve | Houston-The Woodlands-Sugar Land, TX | Conroe | TX | 21 | $32.93 |
| 84 | Briarcroft Center | Houston-The Woodlands-Sugar Land, TX | Houston | TX | 33 | $43.00 |
| 85 | Marketplace at 249 | Houston-The Woodlands-Sugar Land, TX | Houston | TX | 17 | $37.83 |
| 86 | Shops at Tanglewood | Houston-The Woodlands-Sugar Land, TX | Houston | TX | 26 | $49.88 |
| 87 | Village Plaza | Houston-The Woodlands-Sugar Land, TX | Houston | TX | 42 | $42.00 |
| 88 | Magnolia Point | Houston-The Woodlands-Sugar Land, TX | Magnolia | TX | 45 | $41.45 |
| 89 | Bandera Corner | San Antonio-New Braunfels, TX | San Antonio | TX | 3 | $22.46 |
| 90 | Shops at Bandera Pointe | San Antonio-New Braunfels, TX | San Antonio | TX | 48 | $25.96 |
| 91 | Emmet Street North | Charlottesville, VA | Charlottesville | VA | 11 | $52.46 |
| 92 | Emmet Street Station | Charlottesville, VA | Charlottesville | VA | 2 | $78.55 |
| 93 | Towne Crossing Shops | Richmond, VA | Midlothian | VA | 7 | $39.79 |
| 94 | White Oak Plaza | Richmond, VA | Richmond | VA | 34 | $35.66 |
| 95 | Boulevard Marketplace | Washington-Arlington-Alexandria, DC-VA-MD-WV | Fairfax | VA | 19 | $42.54 |
| 96 | Fairfax Marketplace | Washington-Arlington-Alexandria, DC-VA-MD-WV | Fairfax | VA | 19 | $59.15 |
| 97 | Fairfax Pointe | Washington-Arlington-Alexandria, DC-VA-MD-WV | Fairfax | VA | 10 | $50.61 |
Curbline Properties Corp.
Notable Accounting Policies and Non-GAAP Measures
The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Prior to the Spin-off
The historical results of operations, liquidity and capital resources of Curbline prior to the spin-off do not represent the historical results of operations, liquidity and capital resources 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, in each case, in accordance with GAAP.
Performance Measures
FFO and Operating FFO
The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.
FFO excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.
FFO is generally defined and calculated by the Company as net income (loss) attributable to Curbline (computed in accordance with 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 and income (loss) from non-controlling interests. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT.
The Company believes that certain charges, income and gains/losses recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains/losses that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include gains/losses on the early extinguishments of debt, transaction costs and other restructuring type costs, including employee separation costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements. The adjustment for these charges, income and gains/losses may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains/losses are non-recurring. These charges, income and gains/losses could be reasonably expected to recur in future results of operations.
These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part (i) as a disclosure to improve the understanding of the Company’s operating results among the investing public, (ii) as a measure of a real estate asset’s performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) to compare the Company’s performance to that of other publicly traded shopping center REITs. For the reasons described above, management believes that FFO and
Operating FFO provide the Company and investors with an important indicator of the Company’s operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant).
In calculating the expected range for or amount of net (loss) income attributable to Curbline to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gain and losses from the disposition of real estate property, potential impairments and reserves of real estate property, debt extinguishment costs or transaction costs. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.
Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided herein.
Net Operating Income (“NOI”) and Same-Property Net Operating Income (“SPNOI”)
The Company uses NOI, which is a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. 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 also presents NOI information 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. SPNOI is frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs.
SPNOI is not, and is not intended to be, a presentation in accordance with GAAP. SPNOI information has its limitations as it excludes any capital expenditures associated with the re-leasing of tenant space or as needed to operate the assets. SPNOI does not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use SPNOI as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. SPNOI does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs. SPNOI should not be considered as an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. A reconciliation of NOI and SPNOI to its most directly comparable GAAP measure of net income (loss) has been provided herein.
CURBLINE PROPERTIES INVESTOR RELATIONS DEPARTMENT e: ir@curbline.com w: ir.sitecenters.com 323 Park Avenue, 27th Floor, 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