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美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

\n \n \n \n \n \n \n

\n	\n
☒	根据 1934 年证券交易法第 13 条或第 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度期间

或

\n \n \n \n \n \n \n

\n	\n
☐	根据 1934 年证券交易法第 13 条或第 15(d) 条提交的过渡报告

过渡期自 ___________ 至 ___________

备案文件编号 1-42265

Curbline Properties Corp.

(注册人根据其章程指定的确切名称)

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
马里兰州		93-4224532
(注册或组织所在司法管辖区)		(美国国税局雇主识别号)

\n \n \n \n \n \n \n \n \n \n \n \n \n

320 Park Avenue

纽约, 纽约

10022

(主要行政办公室地址)

(邮政编码)

注册人电话号码，包括区号： (216) 755-5500

根据该法第 12(b) 条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
每类证券的名称		交易代码		注册交易所名称
普通股, $0.01 每股面值		CURB		纽约证券交易所

通过勾选标记表明注册人：(1) 是否在过去的 12 个月中（或注册人被要求提交此类报告的较短期间内）已提交根据 1934 年证券交易法第 13 条或第 15(d) 条要求提交的所有报告，以及 (2) 是否在过去 90 天内一直受此类报告提交要求的约束。是 ☒ 否 ☐

通过勾选标记表明注册人是否在过去的 12 个月中（或注册人被要求提交此类文件的较短期间内）已根据 S-T 规则第 405 条（本章 § 232.405）提交了要求提交的每份交互式数据文件。是 ☒ 否 ☐

通过勾选标记表明注册人是否为大型加速申报人、加速申报人、非加速申报人、较小的报告公司或新兴增长公司。请参阅交易法第 12b-2 条中“大型加速申报人”、“加速申报人”、“较小的报告公司”和“新兴增长公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
大型加速申报人		☒		加速申报人		☐

非加速申报人		☐		较小的报告公司		☐

				新兴增长公司		☐

如果是新兴增长公司，请通过勾选标记表明注册人是否已选择不使用根据交易法第 13(a) 条提供的任何新或修订的财务会计准则的延长过渡期。 ☐

通过打钩符号表明注册人是否为空壳公司（根据《交易法》第12b-2条定义）。是 ☐ 否 ☒

截至2026年10月20日，注册人拥有 121,424,191 股普通股，每股面值0.01美元，在外流通。

前瞻性陈述

公司认为本季度报告中包含的部分信息属于前瞻性陈述，依据1933年《证券法》第27A条和1934年《证券交易法》第21E条（均经修订）的含义，涉及公司对未来期间的预期。尽管公司相信此类前瞻性陈述中反映的预期基于合理的假设，但无法保证其预期能够实现。为此，本声明中除历史事实外的任何陈述，包括关于公司预计的运营和财务业绩、战略、前景和计划的陈述，均可被视为前瞻性陈述。存在若干重要因素可能导致我们的结果与上述前瞻性陈述所示存在重大差异，包括但不限于以下因素：

•

由于广泛的经济和当地条件（如通货膨胀、利率波动以及市场对关税和其他贸易政策的反应）导致公司资产的经济表现和价值发生变化；

•

当地条件的变化，例如我们市场内零售房地产空间供应量的增加或减少；

•

消费者趋势、分销渠道、郊区人口、零售惯例和租户空间需求变化的影响；

•

我们对租金收入的依赖，而租金收入取决于租户的成功运营和财务状况；如果发生租户流失（包括因店铺关闭或破产导致），可能会造成显著的空置率损失，并负面影响我们物业的租金收入；

•

我们以有利条件签订新租约和续签现有租约的能力；

•

我们识别、收购、建设或开发能够产生我们预期现金流的额外资产的能力，这可能受到竞争压力的限制，以及我们有效管理增长并从扩张中预期获得的规模经济的能力；

•

潜在的环境责任；

•

我们以商业上可接受的条款或完全获得债务和股权融资的能力；

•

房地产投资的流动性不足，这可能限制我们调整投资组合以应对经济或其他条件变化的能力；

•

财产损坏、相关费用以及其他商业和经济后果（包括潜在的租金收入损失），这些后果源于我们拥有物业所在地的自然灾害、公共卫生危机和天气相关因素；准确估算这些损失金额的能力，以及任何相关保险赔偿支付的充分性和时机；

•

任何战略变化；

•

未来发行债务和权益证券对我们普通股价值的影响；

•

公司所依赖的网络或系统出现的任何中断、故障或违规行为，包括网络攻击导致的后果；

•

我们拥有的房地产价值减损；

•

影响 REITs 及一般房地产的税法变化，以及我们维持 REIT 地位的 ability；以及

•

我们留住和吸引关键管理人员的 ability。

有关可能导致公司业绩与前瞻性陈述所述内容存在重大差异的额外因素，请参阅公司最近期的 10-K 年度报告中的“Item 1A. Risk Factors”以及我们随后向证券交易委员会提交的报告。公司不承担公开修订这些前瞻性陈述以反映本报告发布日后发生的事件或情况的义务。

Curbline Properties Corp.

10-Q 表格季度报告

截至 2026 年 9 月 30 日的季度

\n	\n	\n	\n	\n
第一部分. 财务信息
Item 1.		财务报表 – 未审计
		截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的合并资产负债表		4
		截至 2026 年和 2025 年 9 月 30 日的三个月的合并经营业绩表		5
		截至 2026 年和 2025 年 9 月 30 日的九个月的合并经营业绩表		6
		截至 2026 年和 2025 年 9 月 30 日的三个月和九个月的合并综合收益表		7
		截至 2026 年和 2025 年 9 月 30 日的三个月和九个月的合并股东权益表		8
		截至 2026 年和 2025 年 9 月 30 日的九个月的合并现金流量表		9
		合并财务报表附注		10
Item 2.		管理层对财务状况和经营成果的讨论与分析		21
Item 3.		市场风险定量和定性披露		34
Item 4.		内部控制和程序		35
第二部分. 其他信息
Item 1.		法律诉讼		36
Item 1A.		风险因素		36
Item 2.		未注册的权益证券销售、收益使用及发行人购买权益证券		36
Item 3.		优先证券违约		36
Item 4.		矿山安全披露		36
Item 5.		其他信息		36
Item 6.		附注		37
签署		38

Curbline Properties Corp.

合并资产负债表

(未审计；单位为千美元，每股金额除外)

\n	\n	\n	\n	\n	\n	\n	\n
	2026 年 9 月 30 日			2025 年 12 月 31 日
资产
土地	$	1,019,831			$	759,267
建筑物		1,734,945				1,304,288
固定装置及租户改良		131,064				107,013
		2,885,840				2,170,568
减：累计折旧		(255,940	)			(209,429	)
		2,629,900				1,961,139
在建工程及土地		41,535				27,355
净房地产资产总额		2,671,435				1,988,494
现金及现金等价物		122,833				289,553
应收账款，净额		26,673				22,514
应收 SITE Centers 款项		6,599				21,457
无形资产，净额		178,528				137,513
其他资产		27,114				10,259
资产总额	$	3,033,182			$	2,469,790
负债及权益
债务：
高级票据，净额	$	347,406			$	175,086
定期贷款，净额		248,743				248,153
循环信贷额度		—				—
		596,149				423,239
低于市场租金，净额		84,437				66,698
应付股利		21,798				20,872
应付账款及其他负债		57,605				45,511
负债总额		759,989				556,320
承诺及或有事项（附注 7）
权益
优先股，面值 $0.01 每股； 100,000,000 授权股数； 0 股于 2026 年 9 月 30 日及 2025 年 12 月 31 日流通在外		—				—
普通股，面值 $0.01 每股； 400,000,000 授权股数； 121,302,763 及 105,368,120 股于 2026 年 9 月 30 日及 2025 年 12 月 31 日发行及流通在外，分别		1,213				1,054
额外实收资本		2,342,039				1,958,845
累计分配超过净收益		(85,248	)			(46,100	)
累计其他综合收益（亏损）		7,847				(4,606	)
股东权益总额		2,265,851				1,909,193
非控制性权益		7,342				4,277
权益总额		2,273,193				1,913,470
负债及权益总额	$	3,033,182			$	2,469,790

附注是这些合并财务报表的组成部分。

Curbline Properties Corp.

合并经营业绩表

（未审计；单位为千美元，每股金额除外）

\n	\n	\n	\n	\n	\n	\n	\n
	三个月
	截至 9 月 30 日
	2026			2025
经营收入：
租金收入	$	70,868			$	48,466
其他收入		231				181
		71,099				48,647
租金运营费用：
运营及维护		9,169				6,652
房地产税		8,659				5,988
一般及行政费用		9,797				7,265
折旧及摊销		29,742				19,777
		57,367				39,682
其他收入（费用）：
利息费用		(8,534	)			(3,983	)
利息收入		749				4,107
其他收入（费用），净额		1,493				313
税前收益（收益/费用）		7,440				9,402
应税 REIT 子公司及州特许经营及所得税税收益（费用）		3				(44	)
净收益	$	7,443			$	9,358
归属于非控制性权益的收益		(17	)			(12	)
归属于 Curbline 的净收益	$	7,426			$	9,346

每股数据：
基本	$	0.06			$	0.09
稀释	$	0.06			$	0.09

附注是这些合并财务报表的组成部分。

Curbline Properties Corp.

合并经营业绩表

（未审计；单位为千美元，每股金额除外）

\n	\n	\n	\n	\n	\n	\n	\n
	九个月
	截至 9 月 30 日
	2026			2025
经营收入：
租金收入	$	191,616			$	128,008
其他收入		766				736
		192,382				128,744
租金运营费用：
运营及维护		24,881				17,720
房地产税		23,480				15,780
一般及行政费用		28,660				24,349
折旧及摊销		81,865				50,279
		158,886				108,128
其他收入（费用）：
利息费用		(24,794	)			(6,317	)
利息收入		5,134				15,340
其他收入（费用），净额		4,231				866
处置房地产收益，净额		—				42
税前收益		18,067				30,547
应税 REIT 子公司及州特许经营所得税		(131	)			(221	)
净利润	$	17,936			$	30,326
归属于非控制性权益的收益		(37	)			(38	)
归属于 Curbline 的净利润	$	17,899			$	30,288

每股数据：
基本	$	0.16			$	0.28
稀释	$	0.16			$	0.28

附注是这些合并财务报表的组成部分。

Curbline Properties Corp.

合并综合收益表

（未经审计；以千计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	三个月			九个月
	截至 9 月 30 日			截至 9 月 30 日
	2026			2025			2026			2025
净利润	$	7,443			$	9,358			$	17,936			$	30,326
现金流量套期变动的利得		7,730				(753	)			12,481				(4,780	)
综合收益	$	15,173			$	8,605			$	30,417			$	25,546
归属于非控制性权益的综合（收益）损失		(18	)			1				(28	)			6
归属于非控制性权益的净利润		(17	)			(12	)			(37	)			(38	)
归属于 Curbline 的综合收益总额	$	15,138			$	8,594			$	30,352			$	25,514

附注是这些合并财务报表的组成部分。

Curbline Properties Corp.

合并股东权益表

（未经审计；以千计）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Curbline 股本
	普通股金额			额外实收资本			超过净收入的累计分配			其他综合收益（亏损）			股东权益总额			非控制性权益 - 运营合伙企业单位持有人			权益总额
2025年12月31日余额	$	1,054			$	1,958,845			$	(46,100	)		$	(4,606	)		$	1,909,193			$	4,277			$	1,913,470
与股票计划相关的普通股发行相关		3				(3	)			—				—				—				—				—
现金发行相关的普通股发行相关		84				199,758				—				—				199,842				—				199,842
为税务保留的股票奖励		(1	)			(3,552	)			—				—				(3,553	)			—				(3,553	)
股票薪酬，净额		—				3,280				—				—				3,280				2,482				5,762
股息和分配，已宣告净额		—				(82	)			(36,505	)			—				(36,587	)			(329	)			(36,916	)
非控制性权益的再平衡		—				274				—				—				274				(274	)			—
股权发行成本		—				(1,483	)			—				—				(1,483	)			—				(1,483	)
其他综合收益		—				—				—				4,741				4,741				10				4,751
净收入		—				—				10,473				—				10,473				20				10,493
2026年6月30日余额		1,140				2,157,037				(72,132	)			135				2,086,180				6,186				2,092,366
现金发行相关的普通股发行相关		73				183,955				—				—				184,028				—				184,028
为税务保留的股票奖励		—				(148	)			—				—				(148	)			—				(148	)
股票薪酬，净额		—				1,615				—				—				1,615				1,346				2,961
股息和分配，已宣告净额		—				(38	)			(20,542	)			—				(20,580	)			(165	)			(20,745	)
非控制性权益的再平衡		—				60				—				—				60				(60	)			—
股权发行成本		—				(442	)			—				—				(442	)			—				(442	)
其他综合收益		—				—				—				7,712				7,712				18				7,730
净收入		—				—				7,426				—				7,426				17				7,443
2026年9月30日余额	$	1,213			$	2,342,039			$	(85,248	)		$	7,847			$	2,265,851			$	7,342			$	2,273,193

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Curbline Equity
	普通股金额			额外实收资本			超过净收入的累计分配			其他综合收益（亏损）			股东权益总额			非控股权益 - 经营合伙企业的单位持有人			总权益
余额，2024年12月31日	$	1,050			$	1,954,548			$	(15,021	)		$	1,207			$	1,941,784			$	773			$	1,942,557
与股票计划相关的普通股发行与股票计划相关的普通股发行		3				(3	)			—				—				—				—				—
为税务保留的基于股票的奖励		(1	)			(2,982	)			—				—				(2,983	)			—				(2,983	)
基于股票的薪酬，净额		—				4,286				—				—				4,286				2,380				6,666
股息和分配，已宣告净额		—				(33	)			(33,869	)			—				(33,902	)			(298	)			(34,200	)
非控股权益的再平衡		—				117				—				—				117				(117	)			—
其他综合损失		—				—				—				(4,022	)			(4,022	)			(5	)			(4,027	)
净利润		—				—				20,942				—				20,942				26				20,968
余额，2025年6月30日		1,052				1,955,933				(27,948	)			(2,815	)			1,926,222				2,759				1,928,981
为税务保留的基于股票的奖励		—				(94	)			—				—				(94	)			—				(94	)
基于股票的薪酬，净额		—				1,874				—				—				1,874				1,227				3,101
股息和分配，已宣告净额		—				(14	)			(16,932	)			—				(16,946	)			(128	)			(17,074	)
非控股权益的再平衡		—				390				—				—				390				(390	)			—
其他综合损失		—				—				—				(752	)			(752	)			(1	)			(753	)
净利润		—				—				9,346				—				9,346				12				9,358
余额，2025年9月30日	$	1,052			$	1,958,089			$	(35,534	)		$	(3,567	)		$	1,920,040			$	3,479			$	1,923,519

附注是这些合并财务报表的组成部分。

Curbline Properties Corp.

合并现金流量表

(未经审计；单位：千美元)

\n	\n	\n	\n	\n	\n	\n	\n
	九个月
	截至9月30日
	2026			2025
经营活动产生的现金流量：
净利润	$	17,936			$	30,326
将净利润调节为经营活动产生的现金净额的调整项：
折旧和摊销		81,865				50,279
债务发行成本的摊销和核销		1,731				1,067
基于股票的薪酬		8,723				9,767
因土地租赁终止而承担的建筑物		(960	)			(704	)
处置房地产的收益		—				(42	)
应收账款的净变动		(2,421	)			(4,248	)
应付账款和应计费用的净变动		1,687				9,107
其他经营资产和负债的净变动		1,674				3,180
调整项合计		92,299				68,406
经营活动产生的现金净流量		110,235				98,732
投资活动产生的现金流量：
收购房地产，扣除负债和承担的现金		(745,371	)			(613,672	)
收购托管存款		(7,118	)			(4,688	)
经营房地产的房地产改良支出		(17,897	)			(9,981	)
处置房地产的款项		—				53
投资活动使用的现金净流量		(770,386	)			(628,288	)
筹资活动产生的现金流量：
定期贷款所得款项		—				250,000
无担保票据所得款项		172,000				150,000
债务发行成本的支付		(96	)			(2,854	)
普通股发行所得款项		383,870				—
普通股发行费用		(1,906	)			(383	)
已归属限制性股票的预扣税款		(3,701	)			(3,077	)
已支付股息		(56,736	)			(60,427	)
筹资活动提供的现金净流量		493,431				333,259

现金及现金等价物的净减少额		(166,720	)			(196,297	)
期初现金及现金等价物		289,553				626,409
期末现金及现金等价物	$	122,833			$	430,112

附注是这些合并财务报表的组成部分。

附注合并财务报表

业务性质和财务报表列报

业务性质

Curbline Properties Corp.，一家马里兰州公司，及其合并子公司（统称为“公司”或“Curbline”）主要从事拥有、租赁、收购和管理位于郊区、高家庭收入社区中交通繁忙的交叉路口和主要车辆通道的便利购物中心的业务。Curbline Properties LP（“运营合伙企业”）是一家特拉华州有限合伙企业，旨在作为Curbline的多数控股合伙企业子公司，并通过附属公司拥有我们所有的房地产物业和资产。运营合伙企业的资本包括运营合伙企业的普通一般和有限合伙权益（“普通单位”）和LTIP单位，如第9号注释所述（与普通单位一起，称为“OP单位”）。截至2026年9月30日，Curbline在运营合伙企业中持有约99.1%的权益，其余的OP单位由管理层成员持有。除非另有规定，本文中对“公司”或“Curbline”的引用包括Curbline Properties Corp.和Curbline Properties LP及其合并子公司。公司的租户基础包括全国性、区域性及本地零售租户的组合。因此，公司的信用风险主要集中在零售行业。截至2026年9月30日，公司拥有239个便利购物中心，总面积为610万平方英尺的可租赁面积（“GLA”）。大约 99.1% 的权益在运营合伙企业中，其余的OP单位由管理层成员持有。除非另有规定，本文中对“公司”或“Curbline”的引用包括Curbline Properties Corp.和Curbline Properties LP及其合并子公司。公司的租户基础包括全国性、区域性及本地零售租户的组合。因此，公司的信用风险主要集中在零售行业。截至2026年9月30日，公司拥有 239个便利购物中心，总面积为 6.1百万平方英尺的可租赁面积（“GLA”）。

编制财务报表时的估计使用

按照美国通用会计准则（“GAAP”）编制财务报表需要管理层做出影响资产和负债报告金额、或有资产和负债的披露以及当年收入和费用报告金额的估计和假设。实际结果可能与这些估计不同。

未经审计的中期财务报表

这些财务报表是公司根据GAAP的中期财务信息以及证券交易委员会适用的规则和法规编制的。因此，它们不包含GAAP要求的完整财务报表所需的所有信息和脚注。然而，管理层认为，中期财务报表包含为公允列报所呈现期间的结果所需的全部调整，仅包括正常的经常性调整。截至2026年9月30日的三个月和九个月的运营结果不一定代表全年可能获得的结果。这些未经审计的合并财务报表应与公司2025年12月31日止年度的年度报告中包含的经审计的财务报表及附注一起阅读。

合并原则

合并财务报表包括公司的经营合伙企业和其合并附属公司的财务结果。不属于公司的经营合伙企业权益被称为非控制性权益。这些非控制性权益以根据公司2024年股权和激励薪酬计划发行的LTIP单位或此类LTIP单位转换而成的普通单位形式由管理层成员持有。所有重大的内部往来余额和交易在合并时均已抵销。

现金流量表和非现金投资及融资信息的补充披露

非现金投资和融资活动如下所述（单位：百万美元）：

\n	\n	\n	\n	\n	\n	\n	\n
	九个月
	截至9月30日
	2026			2025
与在建工程相关的应付账款	$	2.7			$	2.9
与在建工程相关的应收账款		14.5				5.2
与未来收购相关的应付账款		1.7				0.6
与发行费用相关的应付账款		—				0.3
因土地租赁终止而承担的建筑物		1.0				0.7
已宣告但未支付的股息		21.8				17.5

非控制性权益

经营合伙企业的非控制性权益包括以普通单位和作为权益分类的LTIP单位奖励形式存在的有限合伙权益。与普通单位和服务型LTIP单位相关的非控制性权益的净收入是根据期间加权平均所有权计算的。当公司对经营合伙企业的所有权发生变化时，公司将调整非控制性权益的账面价值，以反映其对经营合伙企业账面价值的份额。此类调整将作为对伴随的合并权益表中非控制性权益的重新平衡，记入额外支付资本。

业务分部

公司有一个经营分部。公司的便利购物中心具有共同特征，并以合并方式管理。公司不根据地理或其他任何基础区分物业，以分配资源或资本。公司的首席运营决策者（“CODM”）可能会根据需要在物业层面审查运营和财务数据。

公司的CODM是首席执行官。 CODM根据合并损益表中报告的净收入评估各业务部门的业绩，并决定如何分配资源。此外，CODM还使用净运营收入（“NOI”）作为补充指标来评估和评估公司运营组合的业绩。公司定义NOI为物业收入减去物业相关费用，并排除折旧和摊销费用、利息收入和支出以及公司层面的交易。CODM审查与公司单一运营部门相关的重大费用，这些费用在合并损益表中列示。CODM使用净收入和NOI来评估从公司购物中心产生的收入，以决定是否将利润再投资或分配至资本支出、收购或股息。净收入和NOI也用于监控预算与实际结果，以评估公司物业的业绩。分部资产的衡量标准在合并资产负债表中作为总合并资产报告。

权益

2026年6月，公司签订了一份协议（“2026年权益销售协议”），根据该协议，公司将在按市价权益发行计划下未来发行最多400.0百万美元的普通股。鉴于签订2026年权益销售协议，公司此前于2025年10月1日签订的权益销售协议（“2025年权益销售协议”）项下的250.0百万美元按市价权益发行计划终止。截至终止时，根据2025年权益销售协议，约有7.1百万美元的普通股未售出。

根据2025年权益销售协议和2026年权益销售协议（统称为“ATM计划”）售出的股份由公司不时决定以一定金额出售，并在销售时以当时的市场价格进行协商交易。ATM计划还允许公司签订远期销售协议，这使公司能够在远期销售协议生效时或 shortly 后锁定普通股的销售价格，同时将股份销售所得款项的收取推迟到未来日期。公司根据会计准则汇编（“ASC”）第815-40节对远期销售协议进行了评估，并得出结论，截至2026年9月30日，这些协议符合作为权益分类的条件。根据远期销售协议可发行的股份在适用期间的稀释每股收益计算中，使用库存股票法进行反映。

截至2026年9月30日的九个月期间，公司通过ATM计划以远期方式发行并售出了10,047,963股普通股，加权平均价格为每股27.32美元，预计在全额实物结算的情况下产生274.5百万美元的毛收入，扣除发行成本前。截至2026年9月30日，公司已结算了通过ATM计划售出的6,464,164股，产生净收入152.7百万美元。截至2026年9月30日，公司与普通股6,834,563股相关的远期销售协议有关，预计在全额实物结算的情况下产生195.2百万美元的毛收入，扣除发行成本前，最终结算日期从2027年6月2日到2027年9月30日，并且在ATM计划下仍有292.9百万美元的剩余额度。

2026年6月，公司定价了一项后续主要发行，以远期方式发行11,500,000股普通股，包括承销商完全行使购买最多1,500,000股普通股的期权，每股公开发行价为30.85美元，预计在扣除承销折扣和费用前产生354.8百万美元的毛收入。该发行于2026年7月完成。公司需在2027年12月29日前结算这些股份。

2026年2月，公司定价并完成了后续主要发行，以远期方式发行9,200,000股普通股，包括承销商完全行使购买最多1,200,000股普通股的期权，每股公开发行价为25.50美元，预计在扣除承销折扣和费用前产生234.6百万美元的毛收入。公司已通过2026年9月30日结算了9,200,000股，产生净收入231.1百万美元。

最近发布的会计准则

费用分解披露。 2024年11月，FASB发布了ASU 2024-03，该准则要求对某些利润表费用项目进行额外的分解披露。ASU 2024-03适用于2026年12月15日之后开始的年度报告期间以及2027年12月15日之后开始的财政年度内的中期期间。除了额外的披露外，该ASU的采用预计不会对公司的财务状况和/或经营成果产生重大影响。

收购

截至2026年9月30日的九个月期间，公司以总购买价格为750.4百万美元收购了67个便利购物中心。这些收购的公允价值分配如下（以千为单位）：

\n	\n	\n	\n	\n	\n
				加权平均摊销期（以年为单位）
土地	$	260,289			N/A
建筑		423,547			(A)
租户改进		13,791			(A)
在租约中（包括租约起源成本和租约的公允价值价值）		76,774			6.3
其他承担的资产		1,482			不适用
		775,883
减：低于市场价值的租约		(24,168	)		15.0
减：其他承担的负债		(6,344	)		不适用
收购的净资产	$	745,371

(A)

按照公司的政策进行折旧。

收购的总对价以现金支付。包括在公司截至2026年9月30日的三个月和九个月期间的合并损益表中，是1410万美元和2230万美元，分别是从收购日起至2026年9月30日，2026年收购的物业的总收入。

其他资产和无形资产，净额

其他资产、负债和无形资产包括以下内容（以千为单位）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	2026年9月30日
	资产			累计摊销			净额
无形资产，净额：
在租约	$	196,757			$	(75,173	)		$	121,584
高于市场价值的租约		15,164				(4,522	)			10,642
租约起源成本		43,827				(12,046	)			31,781
租户关系		651				(569	)			82
低于市场价值的租约（作为承租人）		14,596				(157	)			14,439
无形资产，净额总计	$	270,995			$	(92,467	)		$	178,528
其他资产：
预付费用								1,979
其他资产(A)								12,775
押金								820
掉期应收款								9,517
净递延费用								2,023
其他资产总计							$	27,114
	负债			累计摊销			净额
低于市场价值的租约，净额	$	101,824			$	(17,387	)		$	84,437

(A)

包括1030万美元的收购托管押金。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	2025年12月31日
	资产			累计摊销			净额
无形资产，净额：
在租约	$	141,231			$	(49,660	)		$	91,571
高于市场价值的租约		10,645				(3,067	)			7,578
租约起源成本		31,387				(7,911	)			23,476
租户关系		651				(551	)			100
低于市场价值的租约（作为承租人）		14,893				(105	)			14,788
无形资产，净额总计	$	198,807			$	(61,294	)		$	137,513
其他资产：
预付费用								1,143
其他资产(A)								4,864
押金								1,470
净递延费用								2,782
其他资产总计							$	10,259
	负债			累计摊销			净额
低于市场价值的租约，净额	$	78,781			$	(12,083	)		$	66,698

(A)

包括330万美元的收购托管押金。

截至2026年9月30日的三个月和九个月期间以及2025年的摊销费用，与公司无形资产（不包括作为承租人的低于市场价值租约）相关，如下所示（以千为单位）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
期间		收入			费用
截至2026年9月30日的三个月		$	1,667			$	11,667
截至2025年9月30日的三个月			1,211				7,486
截至2026年9月30日的九个月			4,930				31,592
截至2025年9月30日的九个月			3,170				17,205

租约

公司租约收入的分解，该收入包含在公司合并损益表中的租金收入中，作为固定或可变租约收入，对于截至2026年9月30日的三个月和九个月以及2025年的期间，如下所示（以千为单位）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
		2026			2025			2026			2025
租金收入：
固定租赁收入(A)		$	51,335			$	35,490			$	138,656			$	92,914
可变租赁收入(B)			18,287				12,115				49,240				32,708
高于市场和低于市场租赁的摊销（净额）			1,667				1,211				4,930				3,170
无法收回的收入			(421	)			(350	)			(1,210	)			(784	)
总租金收入		$	70,868			$	48,466			$	191,616			$	128,008

(A)

包括最低基础租金、固定费用补偿、附加收入和直线租金调整。

(B)

包括费用补偿、超额租金、租赁终止费收入和附加收入。

净债务

截至2026年9月30日，没有从循环信用额度中提取任何金额。有关本文中包含的债务设施的定义，请参阅公司截至2025年12月31日年度的10-K表格年度报告。截至2026年9月30日的未偿债务如下（以千为单位）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		账面价值为
		2026年9月30日		2025年12月31日		利率(A)		到期日(A)
2025年债券		$	150,000		$	150,000		5.58%—5.87%		2030年9月 — 2032年9月
2026年债券			200,000			28,000		4.90%—5.13%		2031年1月 — 2033年1月
未摊销债务发行成本			(2,594	)		(2,914	)
总高级债券		$	347,406		$	175,086

2024年定期贷款		$	100,000		$	100,000		4.53%(B)		2027年10月
2025年定期贷款			150,000			150,000		4.61%(B)		2029年1月
未摊销债务发行成本			(1,257	)		(1,847	)
总定期贷款		$	248,743		$	248,153

总债务		$	596,149		$	423,239

(A)

截至2026年9月30日。

(B)

反映了利用掉期合约，该合约固定了可变利率（SOFR）利息率。

2025年债券和2026年债券包含某些常规条款，包括但不限于最大总杠杆比率、最大担保杠杆比率、最大未抵押杠杆比率、最小固定费用覆盖率和最小无担保利息覆盖率。公司在2026年9月30日符合这些财务条款。

2024年定期贷款、2025年定期贷款和循环信用额度包含某些常规条款，包括但不限于杠杆比率、债务偿付覆盖率和固定费用覆盖率，以及限制公司出售其全部或几乎全部资产以及参与某些并购活动的能力。2024年定期贷款、2025年定期贷款和循环信用额度还包含常规违约条款，包括但不限于未能按时支付本金和利息，以及公司或其子公司未能在适用的宽限期和补救期后支付超过特定阈值的某些债务。公司在2026年9月30日符合这些财务条款。

2026年9月，该公司签订了一项远期利率互换协议，将可变利率部分固定为4.43%，针对的是预计将在第四季度完成的50百万美元的延迟提款定期贷款（“2026年定期贷款”）。2026年定期贷款的完成取决于最终协议的谈判和常规交割条件，无法保证2026年定期贷款一定会完成。互换的有效日期基于预计的融资时间，预计将在2027年第一季度。

金融工具和公允价值计量

公司为估算金融工具的公允价值披露所使用的方法和假设如下：

现金及现金等价物、应收账款和应付账款及其他负债

由于这些金融工具的到期日较短，因此在公司合并资产负债表中记录的金额近似于公允价值。

债务

债务的公允市场价格通过折现现金流技术进行估算，该技术结合了未来的合同利息和本金支付以及市场利率收益率曲线，并对期限、选择权和风险状况（包括公司的非履约风险和贷款价值）进行了调整，其在公允价值层级中被归类为第3级。

在估算金融工具的公允价值时需要大量判断。因此，所呈现的估算值不一定代表公司处置这些金融工具可能实现的金额。截至2026年9月30日和2025年12月31日，债务的账面金额分别为596.1百万美元和423.2百万美元，公允价值分别为582.9百万美元和432.0百万美元。

定期按公允价值计量的项目 - 衍生工具

该公司签订了支付固定利率的利率互换协议，以管理其部分对未来基准利率变化的敞口（“互换协议”）。公允价值的估算采用标准市场方法，即对折现的固定现金支付和折现的预期可变现金收入进行净额计算。可变现金收入基于从可观测的市场利率曲线中得出的利率预期（远期曲线）。此外，还考虑了信用估值调整，这些调整考虑了合同任何信用增强措施的影响，并将这些调整纳入公允价值，以考虑潜在的非履约风险，包括公司的自身非履约风险和各自交易对手的非履约风险。公司确定用于估值的显著输入值属于公允价值层级的第2级。

下表总结了公司衍生金融工具的条款和公允价值（以千为单位）：

公允价值截至

工具

相关债务工具

生效日期

到期日期

名义金额(A)

2026年9月30日(B)

December 31, 2025(B)

Interest Rate Swap

2024 Term Loan

Apr 2025

Oct 2028

100,000

2,003

(796

)

Interest Rate Swap

2024 Term Loan

Oct 2028

Oct 2029

100,000

940

(212

)

Interest Rate Swap

2025 Term Loan

Jul 2025

Jan 2031

150,000

5,902

(1,761

)

Interest Rate Swap

2026 Term Loan(C)

Feb 2027

Jan 2032

50,000

672

N/A

(A)

These interest rate swap agreements utilize a one-month SOFR.

(B)

The Swaps (included in other assets or accounts payable and other liabilities) are measured at fair value on a recurring basis, which are classified as Level 2 measurement on the fair value hierarchy.

(C)

The 2026 Term Loan is a delayed draw term loan that the Company anticipates closing in the fourth quarter of 2026 with an expected funding in the first quarter of 2027. (Note 5)

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt

or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company generally uses swaps, caps and treasury locks as part of its interest rate risk management strategy. The Swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

被指定并符合现金流量对冲条件的衍生工具公允价值变动的有效部分记录在累计其他综合收益（“OCI”）中，并在对冲的预测交易影响收益的期间，将其重新分类至利息费用。公司预计在未来12个月内，利息费用将减少约1.7百万美元。所有互换协议的组成部分均纳入了对冲有效性的评估。

如果互换协议的交易对手未能履行义务，公司可能会面临信用风险。公司认为通过与主要金融机构签订互换协议可以缓解其信用风险。公司持续监控并积极管理其浮动利率债务组合的利息成本，并可能根据市场状况签订额外的利率互换头寸或其他衍生利率工具。公司尚未签订，也不计划签订任何用于交易或投机目的的衍生金融工具。

下表详细说明了作为现金流量对冲的利率互换和远期利率协议在财务报表中的收入位置（以千为单位）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月末			截至九个月末
		2026年9月30日			2026年9月30日
在累计其他综合收益中确认的利率互换净收入		$	7,655			$	12,292

从累计其他综合收益重新分类至利息费用的金额		$	57			$	161

与信用风险相关的或有条款

公司与互换交易对手有协议，其中规定如果公司未能履行部分债务，公司也可能被认定为互换协议违约，从而导致互换协议下的付款加速。

承诺与或有事项

法律事务

公司及其子公司面临各种法律诉讼，这些诉讼总体上预计不会对公司的经营造成重大不利影响。公司还可能因日常业务中产生的个人伤害或财产损害而面临各种法律诉讼，其中大部分由保险覆盖。虽然无法确定所有事项的最终结果，但管理层认为这些法律诉讼和索赔的最终结果不会对公司的流动性、财务状况或经营成果产生重大不利影响。

承诺与担保

公司经常签订维护其财产的合同。这些合同通常可在提前30至60天通知的情况下无罚金取消。截至2026年9月30日，公司有采购订单义务，通常在一年内支付，总额约为2.2百万美元，用于其财产的维护。

累计其他综合收益（损失）

按组成部分的累计 OCI 变化如下（以千为单位）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
	现金流量对冲的损益
2025年12月31日余额(A)	$	(4,606	)
其他综合收益（重分类前）		12,292
从累计其他综合收益重分类至利息支出的金额(B)		161
当期其他综合收益净额		12,453
2026年9月30日余额(A)	$	7,847

(A)

包括公司与2024年定期贷款、2025年定期贷款、2025年债券、2026年债券以及预期的2026年定期贷款相关的衍生金融工具（注5）。

(B)

在公司的合并损益表中归类为利息支出。

股权激励与员工福利

限制性股票

2025年2月22日，公司向其高管和其他员工授予了总计30,924股基于服务的限制性股票，总价值为0.8百万美元，将在四年期内按比例兑现，首次兑现日期为2026年2月22日，前提是相关高管或员工继续任职。高管的奖励是根据各自的雇佣协议授予的。

2026年2月22日，公司向其高管和其他员工授予了总计39,472股基于服务的限制性股票，总价值为1.1百万美元，将在四年期内按比例兑现，首次兑现日期为2027年2月22日，前提是相关高管或员工继续任职。高管的奖励是根据各自的雇佣协议授予的。

2026年6月25日，公司向两名高管授予了总计94,377股基于服务的限制性股票，总价值为3.0百万美元。这些股票将在五年期内兑现，首次兑现日期为2028年6月25日，前提是相关高管继续任职。五年期内的兑现计划如下：0%、15%、15%、20% 和 50%。高管的奖励是根据各自的修改后的雇佣协议授予的。授予价值等于授予日公司普通股的市场价格。

LTIP单位

LTIP 单位代表运营合伙企业中的有限合伙单位，该公司是公司开展业务的实体，其结构旨在符合联邦所得税目的的“收益权益”。LTIP 单位的授予应参照我们的普通股进行估值。发行时，LTIP 单位在每单位基础上与普通单位不具有完全的平等性。在税务目的上，如果它们获得足够的账面收益分配，LTIP 单位随时间推移可以与普通单位达到完全的平等，在此时间点，已实现的 LTIP 单位将按一对一的比例转换为普通单位。尚未与普通单位达到完全平等的已实现 LTIP 单位也可能根据相对资本账户按少于一对一的比例转换为普通单位。对于未实现的 LTIP 单位，运营合伙企业将按照适用的授予协议规定进行常规和其他非清算性分配。在转换为已实现的 LTIP 单位后，每个普通单位都可以由持有人选择，以现金形式赎回，金额等于公司普通股的市场价格，但公司可以选择以每股普通股的形式收购每个如此提出的普通单位，具体取决于某些调整。

2025 年 2 月 22 日，CEO 根据其与公司的雇佣协议获得了价值为 0.8 百万美元的基于服务的 LTIP 单位，相当于 32,391 个 LTIP 单位，将在三年的期限内按比例实现，第一次实现日期为 2026 年 2 月 22 日，前提是其继续受雇。2026 年 2 月 22 日，CEO 和一位高管根据其雇佣协议获得了价值为 3.3 百万美元和 0.2 百万美元的基于服务的 LTIP 单位，相当于 122,373 个 LTIP 单位和 5,740 个 LTIP 单位，分别将在三年和四年的期限内按比例实现，第一次实现日期为 2027 年 2 月 22 日，前提是其继续受雇。授予价值等于授予日期公司普通股的市场价值。

非现金薪酬费用

公司在合并损益表中记录的与所有未到期的股权激励和 LTIP 单位的摊销相关的普通及行政费用金额，对于 2026 年和 2025 年 9 月 30 日止的三个月和九个月期间，包括以下内容（以千为单位）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 9 月 30 日的三个月			截至 9 月 30 日的九个月
非现金薪酬费用		2026			2025			2026			2025
限制性股票单位（“RSUs”）和限制性股票奖励（“RSAs”）		$	1,291			$	1,739			$	3,935			$	5,760
基于服务的 LTIP 单位			542				423				1,441				1,221
基于绩效的限制性股票奖励（“PRSAs”）			324				135				961				400
基于绩效的LTIP单位（“PB LTIPs”）			804				804				2,386				2,386
总非现金薪酬费用		$	2,961			$	3,101			$	8,723			$	9,767

10.

每股收益

公司宣布了每季度现金股息为$0.17每普通股在2026年的第一、第二和第三季度，以及公司宣布每季度现金股息为$0.16每普通股在2025年的第一、第二和第三季度。

下表提供了净收入以及用于计算“基本”每股收益（“EPS”）所使用的普通股股份数的调节，该计算不考虑可能稀释的普通股，以及“稀释”EPS，其中包括所有这些股份（以千为单位，除非另有说明）。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	截至9月30日的三个月			截至9月30日的九个月
	2026			2025			2026			2025
分子 – 基本和稀释
净收入	$	7,443			$	9,358			$	17,936			$	30,326
归属于非控制性权益的收入		(17	)			(12	)			(37	)			(38	)
归属于未归属股份的收益		(111	)			(131	)			(304	)			(398	)
归属于普通股股东的净收入，扣除对参与性证券的分配	$	7,315			$	9,215			$	17,595			$	29,890

分母 – 股份数量
基本 – 平均流通股数		115,135				105,004				108,914				104,973
假设转换稀释性证券 - PRSAs 和 PB LTIPs		594				260				534				235
假设转换稀释性证券 - 远期股权		1,205				—				1,366				—
稀释 – 平均流通股数		116,934				105,264				110,814				105,208

每股收益：
基本	$	0.06			$	0.09			$	0.16			$	0.28
稀释	$	0.06			$	0.09			$	0.16			$	0.28

Basic average shares outstanding do not include RSUs totaling 0.5 million and RSAs totaling 0.2 million that were not vested at September 30, 2026. Basic average shares outstanding do not include RSUs totaling 0.7 million and RSAs totaling 0.1 million that were not vested at September 30, 2025. Dividends are paid on the outstanding RSUs and RSAs, which makes these shares participating securities.

PRSAs and PB LTIPs issued to certain executives were considered dilutive and are included in the computation of diluted EPS for the three and nine months ended September 30, 2026 and 2025.

Forward sale agreements covering approximately 25.6 million and 34.0 million shares of common stock were considered in the computation of diluted EPS for the three and nine months ended September 30, 2026, respectively, using the treasury stock method.

During the three and nine months ended September 30, 2026, the Company settled 7.3 million and 15.7 million shares of common stock, respectively, that were sold on a forward basis. These agreements were not outstanding at September 30, 2025.

11.

Agreements and Transactions with SITE Centers

On October 1, 2024, Curbline, the Operating Partnership and SITE Centers Corp. (“SITE Centers”) entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”), pursuant to which, among other things, SITE Centers transferred its portfolio of convenience shopping centers, $800.0 million of unrestricted cash and certain other assets, liabilities and obligations to Curbline and effected a pro rata special distribution of all of the outstanding shares of Curbline common stock to common shareholders of SITE Centers as of September 23, 2024 (the “Spin-Off”).

To govern certain ongoing relationships between the Company, the Operating Partnership and SITE Centers after the Spin-Off, and to provide for the allocation among the Company, the Operating Partnership and SITE Centers of SITE Centers’ assets, liabilities and obligations attributable to periods both prior to and following the separation of the Company and the Operating Partnership from SITE Centers, the Company, the Operating Partnership and SITE Centers entered into agreements pursuant to which certain services and rights are provided following the Spin-Off, and the Company, the Operating Partnership and SITE Centers will indemnify each other against certain liabilities arising from their respective businesses. The Separation and Distribution Agreement, as well as the Tax Matters Agreement, the Employee Matters Agreement, the Shared Services Agreement and other agreements governing ongoing relationships were negotiated between related parties and their terms, including fees and other amounts payable, may not be on the same terms as if they had been negotiated at arm’s length with an unaffiliated third party.

Separation and Distribution Agreement

The Separation and Distribution Agreement contains obligations for SITE Centers to complete certain redevelopment projects at properties that are owned by the Company. At September 30, 2026 and December 31, 2025, the remaining amount, which is recorded in amounts receivable from SITE Centers in the consolidated balance sheets, was $6.2 million and $20.7 million, respectively.

Shared Services Agreement

The Company expensed Shared Services Agreement fees payable to SITE Centers of $1.4 million and $3.7 million for the three and nine months ended September 30, 2026, respectively, and $0.9 million and $2.4 million for the three and nine months ended September 30, 2025, respectively. These amounts are included in general and administrative expenses in the consolidated statements of operations, related to the Shared Services Agreement and are equal to 2% of Curbline’s Gross Revenue (as defined in the Shared Services Agreement). The fair value of the services received by the Company, which was in excess of the fee paid and the fair value of the services provided to SITE Centers, is reflected as an additional expense within general and administrative expense and income within other income (expense), net in the consolidated statements of operations which amounted to $1.8 million and $5.3 million for the three and nine months ended September 30, 2026, respectively, and $0.8 million and $2.0 million for the three and nine months ended September 30, 2025, respectively. Amounts payable to SITE Centers (included in accounts payable and other liabilities on the consolidated balance sheets) as of September 30, 2026 and December 31, 2025 aggregated $0.5 million and $0.9 million, respectively.

Pursuant to the Shared Services Agreement, Curbline has the right to use SITE Centers’ office space, including the location in New York. This arrangement is considered an embedded lease based on the criteria specified in Topic 842. The amount recorded under the Shared Services Agreement is variable and the embedded lease rent expense of $0.4 million and $1.1 million for the three and nine months ended September 30, 2026, respectively, and $0.3 million and $1.1 million for the three and nine months ended September 30, 2025, respectively, is included in general and administrative expense on the consolidated statements of operations. In September 2026, the Company, the Operating Partnership and SITE Centers entered into a letter agreement (the “Letter Agreement”) that supplements the Shared Services Agreement and the Separation and Distribution Agreement. Pursuant to the Letter Agreement, the Company agreed to terminate its use of the New York office space effective June 30, 2027.

Lease Agreements

In October 2024, the Company entered into a lease agreement with SITE Centers under the Separation and Distribution Agreement where SITE Centers leased a portion of a property for one year beginning on April 1, 2025. SITE Centers paid annual rents of $0.8 million as well as a proportionate share of real estate tax expense. The amount received under the lease for the three and nine months ended September 30, 2026 was none and $0.2 million, respectively, and $0.2 million and $0.4 million for the three and nine months ended September 30, 2025, respectively.

Under the Shared Services Agreement, the Company had the option to lease a portion of the SITE Centers’ Beachwood office buildings. At the time of the separation, the Company recorded a $1.2 million below-market lease (as lessee) for which no amortization was to occur until the option was exercised. Pursuant to the Letter Agreement, the Company entered into a new lease with SITE Centers for a portion of the Beachwood office buildings commencing October 1, 2027 with annual rents of $0.2 million and a term of five years with four five-year extension options. In connection with entering into the new lease, the Company’s option under the Shared Services Agreement was terminated and the below-market lease (as lessee) was reduced by $0.3 million. The amortization of this below-market lease (as lessee) will begin on October 1, 2027.

12.

Subsequent Events

From October 1, 2026 through October 22, 2026, the Company acquired five convenience shopping centers for an aggregate purchase price of $49.6 million.

Between October 1, 2026 and October 22, 2026, the Company sold 2,226,654 shares of common stock through the ATM Program on a forward basis generating expected gross proceeds (assuming full physical settlement) of $62.1 million before issuance costs.

In October 2026, the Company entered into a forward interest rate swap agreement to fix the variable-rate component at 4.54% for an additional $50 million of the 2026 Term Loan currently anticipated to close in the fourth quarter.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides readers with a perspective from management on the financial condition, results of operations and liquidity of Curbline Properties Corp. and its consolidated subsidiaries (collectively, the “Company” or “Curbline”) and other factors that may affect the Company’s future results. The Company believes it is important to read the MD&A in conjunction with the Company’s consolidated financial statements and the notes thereto appearing elsewhere in this report as well as its Annual Report on Form 10-K for the year ended December 31, 2025 and other publicly available information. In addition, the following discussion contains forward-looking statements, such as statements regarding our expectations for future performance, liquidity, and capital resources, that involve risks, uncertainties, and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward-looking statements as a result of various factors, including those set forth under “Forward-Looking Statements” above.

EXECUTIVE SUMMARY

Curbline Properties Corp. is a Maryland corporation formed to own, lease, acquire, and manage convenience shopping centers. The Operating Partnership is a Delaware limited partnership formed to serve as Curbline’s majority-owned partnership subsidiary and to own, through affiliates, all of its real estate properties and assets. The Operating Partnership’s capital includes common general and limited partnership interests in the Operating Partnership (“Common Units”) and LTIP Units, as defined in the partnership agreement (together with the Common Units, the “OP Units”). As of September 30, 2026, Curbline held an approximately 99.1% ownership interest in the Operating Partnership with the remaining OP Units held by members of management.

As of September 30, 2026, the Company’s portfolio consisted of 239 convenience shopping centers comprising 6.1 million square feet of gross leasable area (“GLA”) and the aggregate leased and occupancy rates were 96.4% and 94.5%, respectively.

Convenience shopping centers are generally positioned on the curbline of well-trafficked intersections and major vehicular corridors, in suburban, high household income communities, offering excellent access and visibility, dedicated parking and often include drive-thru units, with approximately half of the Company’s properties having at least one drive-thru unit as of September 30, 2026 and 11% of the Company’s ABR generated by units with a drive-thru. Convenience shopping centers generally consist of a homogeneous row of primarily small-shop units leased to a diversified mixture of national, regional and local service and restaurant tenants that cater to daily convenience trips from the growing suburban population and typically experience more customer foot traffic per square foot than anchored retail. The property type has the ability to generate above-average, occupancy-neutral cash flow growth driven by high retention rates and limited operating capital expenditures given the standardized site plan and the depth of leasing prospects that can utilize existing square footage and provide significant tenant diversification. As of September 30, 2026, the average GLA of a property in the Curbline portfolio was approximately 26,000 square feet with 96% of base rent generated by units less than 10,000 square feet.

Strategy

The Company believes that as the first and only publicly traded real estate company focused exclusively on the convenience real estate sector, it is well positioned to take advantage of and aggregate the highly fragmented but liquid marketplace for convenience shopping centers. As of September 30, 2026, the Company had $122.8 million of cash on hand plus unsettled common equity and significant leverage capacity to grow its asset base through acquisitions. With over 68,000 convenience shopping centers in the United States (950 million square feet of GLA) and a liquid transaction market primarily among private investors, the property type provides a substantial addressable opportunity for the Company to scale and differentiate itself as the first mover public REIT exclusively focused on convenience assets.

Curbline’s acquisition strategy is focused on a number of real estate and financial factors including demographics, property access and visibility, vehicular traffic, tenant credit profile, rent mark-to-market opportunities and prospects for cash flow growth. The Company’s current portfolio is generally located in submarkets with compelling long-term population and employment growth prospects and above-average household incomes of over $129,000 as compared to the national median household income of $87,460.

The Company focuses on leasing space to a diversified group of primarily national, high credit quality tenants operating across a wide range of service and restaurant businesses, including quick-service restaurants, healthcare and wellness operators, financial services, beverage retail, telecommunications, beauty and hair salons, and fitness, among others.

Convenience properties have the ability to generate above-average, occupancy-neutral cash flow growth (compared to cash flow growth levels for other retail real estate assets) through rental income increases from either fixed annual rental increases or renewal option increases embedded in tenant leases, elevated retention rates limiting lost rent resulting from vacancy, and

positive mark-to-market of leases at renewal. In addition, tenant lease agreements at convenience properties typically have shorter fully-extended lease terms and fewer tenant renewal options with approximately 48% of the average annualized base rent (“ABR”) under Curbline’s leases expiring within the next five years without any tenant renewal option assumptions. The weighted average lease term of the Curbline portfolio provides the Company with more frequent opportunities to increase rents to market levels and to mitigate the risk and impact of inflation. Convenience properties’ standardized site plans, high tenant retention rates, higher annualized base rents per square foot, and the depth of leasing prospects that can utilize existing square footage also generally result in lower operating capital expenditure levels as a percentage of annualized base rents over time relative to other retail real estate formats including grocery, lifestyle and regional power center properties.

Transaction and Capital Markets Highlights

Transactional and investment highlights for the Company from January 1, 2026 through October 22, 2026, include the following:

•

Acquired 72 convenience shopping centers for an aggregate purchase price of $800.0 million;

•

Funded the remaining $172.0 million balance of the 2026 Notes in January 2026;

•

In September and October 2026, entered into forward interest rate swap agreements to fix the variable-rate component at 4.43% and 4.54%, respectively, for two separate $50 million portions of a delayed draw term loan currently anticipated to close in the fourth quarter (the “2026 Term Loan”). The closing of the 2026 Term Loan is subject to the negotiation of definitive agreements and customary closing conditions, and there can be no assurance that the 2026 Term Loan will be completed;

•

Sold 33.0 million shares of common stock on a forward basis in public offerings and under its at-the-market equity offering program, generating expected gross proceeds (assuming full physical settlement) of $925.9 million before issuance costs with 15.7 million shares settled to date; and

•

In February, May and September 2026, declared a quarterly cash dividend of $0.17 per share of common stock paid in April, July and October, respectively.

Operational Metrics

Key operational results and transactions for the Company from January 1, 2026 through September 30, 2026 include the following:

•

Signed new leases and renewals for approximately 480 thousand square feet of GLA, which included approximately 73 thousand square feet of new leasing volume;

•

For comparable leases executed, achieved cash new leasing spreads of 18.2% and cash renewal leasing spreads of 7.0%;

•

Aggregate leased rate was 96.4% at September 30, 2026, as compared to 96.7% at December 31, 2025 and 96.7% at September 30, 2025; and

•

Aggregate occupancy rate was 94.5% at September 30, 2026, as compared to 94.1% at December 31, 2025 and 93.9% at September 30, 2025.

Cash leasing spreads are a key metric in real estate, representing the percentage increase of the tenant’s annual base rent in the first year of the newly executed or renewal lease, over the annual base rent applicable to the final year of the previous lease term, though leasing spreads exclude consideration of the amount of capital expended in connection with new leasing activity and exclude properties in redevelopment. The Company’s cash leasing spread calculation excludes deals for first generation units or where the unit was vacant at the time of acquisition and as a result, is a good benchmark to compare the average annualized base rent of expiring leases with the comparable executed market rental rates.

Summary Financial Results

The following provides an overview of the Company’s key financial metrics (see “Non-GAAP Financial Measures” described later in this section) (in thousands except per share amounts):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Three Months			Nine Months
	Ended September 30,			Ended September 30,
	2026			2025			2026			2025
Net income attributable to Curbline	$	7,426			$	9,346			$	17,899			$	30,288
FFO attributable to Curbline	$	37,100			$	29,096			$	99,596			$	80,461
Operating FFO attributable to Curbline	$	37,397			$	29,514			$	100,676			$	81,581
Earnings per share - Diluted	$	0.06			$	0.09			$	0.16			$	0.28

For the nine months ended September 30, 2026, the decrease in net income, as compared to the prior-year period, was primarily attributable to increases in interest and depreciation expense and a decrease in interest income, partially offset by an increase in net operating income primarily from asset acquisitions. The increase in FFO and Operating FFO attributable to Curbline, as compared to the prior-year period, was primarily attributable to an increase in net operating income primarily from asset acquisitions, partially offset by a decrease in interest income and an increase in interest expense.

RESULTS OF OPERATIONS

For the comparison of 2026 performance to 2025, presented below, convenience properties owned as of January 1, 2025, are referred to herein as the “Comparable Portfolio Properties.”

Revenues from Operations (in thousands)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Three Months
	Ended September 30,
	2026			2025			$ Change
Rental income(A)	$	70,868			$	48,466			$	22,402
Other income		231				181				50
Total revenues	$	71,099			$	48,647			$	22,452

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Nine Months
	Ended September 30,
	2026			2025			$ Change
Rental income(A)	$	191,616			$	128,008			$	63,608
Other income		766				736				30
Total revenues	$	192,382			$	128,744			$	63,638

(A) The following tables summarize the key components of rental income (in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months
		Ended September 30,
Rental Income		2026			2025			$ Change
Base and percentage rental income		$	52,522			$	36,334			$	16,188
Recoveries from tenants			17,849				12,148				5,701
Uncollectible revenue			(421	)			(350	)			(71	)
Lease termination fees, ancillary and other rental income			918				334				584
Total rental income		$	70,868			$	48,466			$	22,402

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months
		Ended September 30,
Rental Income		2026			2025			$ Change
Base and percentage rental income(1)		$	142,481			$	95,141			$	47,340
Recoveries from tenants(2)			48,413				31,963				16,450
Uncollectible revenue			(1,210	)			(784	)			(426	)
Lease termination fees, ancillary and other rental income(3)			1,932				1,688				244
Total rental income		$	191,616			$	128,008			$	63,608

(1)

The changes in base and percentage rental income for the nine months ended September 30, 2026, were due to the following (in millions):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
		2026 vs. 2025 Increase
Acquisition of convenience shopping centers		$	43.5
Comparable Portfolio Properties			2.4
Straight-line rents			1.4
Total		$	47.3

At September 30, 2026 and 2025, the Company owned 239 and 162 wholly owned properties, respectively, with an aggregate occupancy rate of 94.5% and 93.9%, respectively.

(2)

The increase in recovery income from tenants is primarily due to the impact of acquisitions. Recoveries from tenants were approximately 100.1% and 95.4% of operating expenses and real estate taxes for the nine months ended September 30, 2026 and 2025, respectively.

(3)

During the nine months ended September 30, 2026 and 2025, the amount reported includes $1.1 million and $0.9 million, respectively, from lease terminations and the assumption of buildings due to ground lease expirations or terminations.

Expenses from Operations (in thousands)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Three Months
	Ended September 30,
	2026			2025			$ Change
Operating and maintenance	$	9,169			$	6,652			$	2,517
Real estate taxes		8,659				5,988				2,671
General and administrative		9,797				7,265				2,532
Depreciation and amortization		29,742				19,777				9,965
	$	57,367			$	39,682			$	17,685

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Nine Months
	Ended September 30,
	2026			2025			$ Change
Operating and maintenance(A)	$	24,881			$	17,720			$	7,161
Real estate taxes(A)		23,480				15,780				7,700
General and administrative(B)		28,660				24,349				4,311
Depreciation and amortization(A)		81,865				50,279				31,586
	$	158,886			$	108,128			$	50,758

(A)

The changes for the nine months ended September 30, 2026, as compared to the prior year period, were due to the following (in millions):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Operating and Maintenance			Real Estate Taxes			Depreciation and Amortization
Acquisition of convenience shopping centers		$	8.5			$	7.6			$	34.8
Comparable Portfolio Properties			(1.3	)			0.1				(3.2	)
		$	7.2			$	7.7			$	31.6

(B)

The increase was primarily attributable to expenses recognized under the Shared Services Agreement (Note 11).

Other Income and Expenses (in thousands)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Three Months
	Ended September 30,
	2026			2025			$ Change
Interest expense	$	(8,534	)		$	(3,983	)		$	(4,551	)
Interest income		749				4,107				(3,358	)
Other income (expense), net		1,493				313				1,180
Tax benefit (expense) of taxable REIT subsidiaries and state franchise and income taxes		3				(44	)			47

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Nine Months
	Ended September 30,
	2026			2025			$ Change
Interest expense(A)	$	(24,794	)		$	(6,317	)		$	(18,477	)
Interest income(B)		5,134				15,340				(10,206	)
Other income (expense), net(C)		4,231				866				3,365
Gain on disposition of real estate, net		—				42				(42	)
Tax expense of taxable REIT subsidiaries and state franchise and income taxes		(131	)			(221	)			90

(A)

At September 30, 2026, the Company’s consolidated indebtedness consisted of the 2024 Term Loan, the 2025 Term Loan, the 2025 Notes and the 2026 Notes with an aggregate outstanding balance of $600.0 million and a weighted-average interest rate of 5.0% (based on contractual rates including the impact of the interest rates swaps and excluding amortization of debt issuance costs). At September 30, 2026, the weighted-average maturity (without extensions) was 3.8 years. For the nine months ended September 30, 2025, the expense relates to the Company’s 2024 Term Loan, the 2025 Term Loan and the 2025 Notes with an aggregate outstanding balance of $400.0 million and a weighted-average interest rate (based on contractual rates including the impact of the interest rates swaps and excluding amortization of debt issuance costs) of 5.0%.

(B)

The decrease was primarily due to the use of cash to fund acquisitions.

(C)

The increase was primarily attributable to income recognized under the Shared Services Agreement (Note 11).

Non-Controlling Interests and Net Income (in thousands)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Three Months
	Ended September 30,
	2026			2025			$ Change
Income attributable to non-controlling interests	$	(17	)		$	(12	)		$	(5	)
Net income attributable to Curbline		7,426				9,346				(1,920	)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Nine Months
	Ended September 30,
	2026			2025			$ Change
Income attributable to non-controlling interests	$	(37	)		$	(38	)		$	1
Net income attributable to Curbline(A)		17,899				30,288				(12,389	)

(A)

For the nine months ended September 30, 2026, the decrease in net income as compared to the prior-year period was primarily attributable to increases in interest and depreciation expense and a decrease in interest income, partially offset by the net operating impact from asset acquisitions.

NON-GAAP FINANCIAL MEASURES

Funds from Operations and Operating Funds from Operations

Definition and Basis of Presentation

The Company believes that Funds from Operations (“FFO”) and Operating FFO (as defined below), 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 assumes 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 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 net of depreciation allocated to non-controlling interests. The Company’s calculation of FFO is consistent with the definition of FFO provided by the National Association of Real Estate Investment Trusts (“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 determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain non-operating 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 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 reasonably be 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 company’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. Other real estate companies may calculate 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 and considered in addition to cash flows determined in accordance with GAAP, as presented in its consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income have been provided below.

Reconciliation Presentation

A reconciliation of net income to FFO and Operating FFO is as follows (in thousands). The Company provides no assurances that these charges, income and gains/losses adjusted in the calculation of Operating FFO are non-recurring. These charges, income and gains/losses could reasonably be expected to recur in future results of operations.

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	Three Months			Nine Months
	Ended September 30,			Ended September 30,
	2026			2025			2026			2025
Net income attributable to Curbline	$	7,426			$	9,346			$	17,899			$	30,288
Depreciation and amortization of real estate investment, net of non-controlling interests		29,674				19,750				81,697				50,215
Gain on disposition of real estate, net of non-controlling interests		—				—				—				(42	)
FFO attributable to Curbline		37,100				29,096				99,596				80,461
Transaction costs, net of non-controlling interests		297				418				1,080				1,120
Operating FFO attributable to Curbline	$	37,397			$	29,514			$	100,676			$	81,581

The increase in FFO and Operating FFO attributable to Curbline, as compared to the prior-year period, was primarily attributable to the net operating impact of property acquisitions, partially offset by a decrease in interest income and an increase in interest expense.

Net Operating Income and Same-Property Net Operating Income

Definition and Basis of Presentation

The Company uses net operating income (“NOI”), which is 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 also presents NOI information on a same property basis, or Same-Property Net Operating Income (“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. 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 their most directly comparable GAAP measure of net income is provided below.

Reconciliation Presentation

The Company’s reconciliation of net income computed in accordance with GAAP to NOI and SPNOI for the Company is as follows (in thousands):

\n	\n	\n	\n	\n	\n	\n	\n
	Nine Months
	Ended September 30,
	2026			2025
Net income attributable to Curbline	$	17,899			$	30,288
Interest expense		24,794				6,317
Interest income		(5,134	)			(15,340	)
Depreciation and amortization		81,865				50,279
General and administrative		28,660				24,349
Other income (expense), net		(4,231	)			(866	)
Gain on disposition of real estate, net		—				(42	)
Tax expense		131				221
Non-controlling interests		37				38
Total Curbline NOI		144,021				95,244
Less: Non-Same Property NOI		(62,879	)			(16,109	)
Total Same-Property NOI	$	81,142			$	79,135

Total Curbline NOI % Change		51.2	%
Same-Property NOI % Change		2.5	%

The same-property increase for the nine months ended September 30, 2026, as compared to the prior-year period, was primarily attributable to minimum rent increases resulting from an increase in comparable base rent due to rent steps and renewal or option rent increases.

LIQUIDITY, CAPITAL RESOURCES AND FINANCING ACTIVITIES

The Company requires capital to fund its business plan including investment activities, capital expenditures and operating expenses. At September 30, 2026, the Company’s primary sources of capital were $122.8 million of unrestricted cash, a $400.0 million unsecured, undrawn line of credit, $550.0 million of expected gross proceeds from unsettled forward equity sales and cash flow from operations. The Company may also raise additional capital as appropriate to finance the growth of its business. Debt outstanding was $600.0 million and $428.0 million as of September 30, 2026 and December 31, 2025, respectively.

Equity

In June 2026, the Company entered into an agreement (the “2026 Equity Sales Agreement”) for the future issuance of up to $400.0 million of common stock under an at-the-market equity offering program. In connection with the entry into the 2026 Equity Sales Agreement, the Company’s $250.0 million at-the-market equity offering program pursuant to the Company’s prior equity sales agreement, dated as of October 1, 2025 (the “2025 Equity Sales Agreement”) was terminated. As of its termination, shares of common stock having an aggregate offering price of approximately $7.1 million were not sold under the 2025 Equity Sales Agreement.

Shares sold pursuant to the 2025 Equity Sales Agreement and the 2026 Equity Sales Agreement (together, the “ATM Program”) are offered and sold in amounts determined by the Company from time to time, and are sold in negotiated transactions at market prices prevailing at the time of sale. The ATM Program also allows the Company to enter into forward sale agreements which give the ability to lock in a share price on the sale of common stock at or shortly after the time the forward sale agreement becomes effective, while postponing the receipt of proceeds from the sale of shares until a future date. The Company evaluated the forward sale agreements in accordance with Accounting Standards Codification (“ASC”) Topic 815-40 and concluded that they meet the conditions to be classified within equity as of September 30, 2026. Shares issuable under a forward sale agreement are reflected in the diluted earnings per share calculations for the applicable periods using the treasury stock method.

During the nine months ended September 30, 2026, the Company offered and sold 10,047,963 shares of its common stock on a forward basis under the ATM Program at a weighted-average price of $27.32 per share, generating expected gross proceeds of $274.5 million (assuming full physical settlement) before issuance costs. The Company has settled 6,464,164 shares through September 30, 2026 that were sold under the ATM Program generating net proceeds of $152.7 million. As of September 30, 2026, the Company was party to forward sale agreements relating to 6,834,563 shares of common stock, with $195.2 million of expected gross proceeds

(assuming full physical settlement) before issuance costs with final settlement dates ranging from June 2, 2027 through September 30, 2027 and had $292.9 million of remaining capacity under the ATM Program.

In June 2026, the Company priced a follow-on primary offering of 11,500,000 shares of its common stock on a forward basis, including the full exercise of the underwriters’ option to purchase up to 1,500,000 additional shares of common stock, at a public offering price of $30.85 per share for expected gross proceeds of $354.8 million before deducting underwriting discounts and expenses. The offering closed in July 2026. The Company is required to settle these shares by December 29, 2027.

In February 2026, the Company priced and closed a follow-on primary offering of 9,200,000 shares of its common stock on a forward basis, including the full exercise of the underwriters’ option to purchase up to 1,200,000 additional shares of common stock, at a public offering price of $25.50 per share for expected gross proceeds of $234.6 million before deducting underwriting discounts and expenses. The Company has settled 9,200,000 shares through September 30, 2026 generating net proceeds of $231.1 million.

Indebtedness

Credit Facilities and Term Loans

In October 2024, the Operating Partnership, as borrower, the Company, the lenders named therein and Wells Fargo Bank, National Association, as administrative agent entered into a credit agreement (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in the amount of $400.0 million (the “Revolving Credit Facility”) and a delayed draw term loan in the amount of $100.0 million (the “2024 Term Loan” and together with the Revolving Credit Facility, the “2024 Credit Facilities”). The aggregate amount available under the 2024 Credit Facilities may be increased up to $750.0 million so long as existing or new lenders agree to provide incremental commitments and subject to the satisfaction of certain customary conditions.

The Revolving Credit Facility matures on September 29, 2028, subject to two six-month options to extend the maturity to September 29, 2029 at the Operating Partnership’s option and subject to the satisfaction of certain conditions. Borrowings under the Revolving Credit Facility bear interest at variable rates at the Operating Partnership’s election, based on either (i) the term or daily simple SOFR rate plus a credit spread adjustment plus an applicable margin, or (ii) the alternative base rate plus an applicable margin. The Revolving Credit Facility also provides for a facility fee, paid on a quarterly basis. Each of the applicable margin and the facility fee under the Revolving Credit Facility varies based on whether the Company has obtained a long-term senior unsecured debt rating of at least BBB- (or the equivalent) from S&P Global Ratings or Fitch Investor Services Inc. or a long-term unsecured debt rating of Baa3 (or the equivalent) from Moody’s Investors Service, Inc. (each, an “IG Rating”). In May 2025, Fitch Ratings assigned the Company a Long-Term Issuer Default Rating of BBB. No amounts were drawn under the Revolving Credit Facility as of September 30, 2026.

The Company drew $100.0 million on the 2024 Term Loan in March 2025 which will mature on October 1, 2027, subject to two one-year options to extend its maturity to October 1, 2029 at the Operating Partnership’s option and subject to the satisfaction of certain conditions. Loans under the 2024 Term Loan bear interest at variable rates at the Operating Partnership’s election, based on either (i) the term or daily simple SOFR rate plus a credit spread adjustment plus an applicable margin or (ii) the alternative base rate plus an applicable margin. Similar to the Revolving Credit Facility, the applicable margin under the 2024 Term Loan varies. As of September 30, 2026, $100.0 million is outstanding under the 2024 Term Loan.

The 2024 Credit Facilities contain certain customary covenants including, among other things, leverage ratios and debt service coverage and fixed-charge coverage ratios, as well as limitations on the Company’s ability to sell all or substantially all of the Company’s assets and engage in certain mergers and acquisitions. The 2024 Credit Facilities also contain customary default provisions including, among other things, the failure to make timely payments of principal and interest payable thereunder and the failure of the Company or its subsidiaries to pay, when due, certain indebtedness in excess of certain thresholds beyond applicable grace and cure periods.

The Company maintains a $100.0 million interest rate swap agreement to fix the variable-rate SOFR component of the Company’s $100.0 million 2024 Term Loan to 3.58%, from April 1, 2025 through October 1, 2028. In April 2025, the Company entered into a $100.0 million interest rate swap agreement to fix the variable-rate SOFR component of the Company’s 2024 Term Loan at 3.71% from October 1, 2028 through October 1, 2029. Following the investment grade rating and simultaneously with the Company’s borrowing of the 2025 Term Loan (defined below), the Credit Agreement was amended to reduce the interest rate spread resulting in an all-in rate for the 2024 Term Loan of 4.53% based on the loan’s current applicable spread.

In July 2025, the Operating Partnership, as borrower, and the Company entered into a term loan agreement with a syndicate of lenders and PNC, National Association, as administrative agent, which provides for an unsecured, term loan in the amount of $150.0 million (the “2025 Term Loan”). In connection with entering into the term loan agreement, the Operating Partnership borrowed the full $150.0 million under the 2025 Term Loan. The 2025 Term Loan will mature in January 2029, subject to two one-year options to

extend its maturity to January 2031 at the Operating Partnership’s option and subject to the satisfaction of certain customary conditions.

The 2025 Term Loan bears interest at variable rates at the Operating Partnership’s election, based on either (i) the term or daily simple SOFR rate plus an applicable margin or (ii) the alternative base rate plus an applicable margin. The applicable margin under the 2025 Term Loan varies based on the rating assigned by S&P Global Ratings, Moody’s Investors Service, Inc. or Fitch Investor Services Inc. to the senior unsecured long-term indebtedness of the Company or the Operating Partnership. In May 2025, the Company entered into a $150.0 million interest rate swap agreement to fix the variable-rate SOFR component of the 2025 Term Loan at 3.66% from July 16, 2025 through January 1, 2031. The all-in rate of the 2025 Term Loan is fixed at 4.61% based on the loan’s current applicable spread.

Amounts owing under the 2024 Term Loan and the 2025 Term Loan may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings with respect to which a SOFR-based rate election is in effect. The 2024 Term Loan and the 2025 Term Loan contain certain customary covenants including, among other things, leverage ratios and debt service coverage and fixed-charge coverage ratios, as well as limitations on the Company’s ability to sell all or substantially all of the Company’s assets and engage in certain mergers and acquisitions. The 2024 Term Loan and the 2025 Term Loan also contain customary default provisions including, among other things, the failure to make timely payments of principal and interest payable thereunder and the failure of the Company or its subsidiaries to pay, when due, certain indebtedness in excess of certain thresholds beyond applicable grace and cure periods.

In September and October 2026, the Company entered into two forward interest rate swap agreements to fix the variable-rate component at 4.43% and 4.54%, respectively, for two separate $50 million portions of the 2026 Term Loan, a delayed draw term loan currently anticipated to close in the fourth quarter. The closing of the 2026 Term Loan is subject to the negotiation of definitive agreements and customary closing conditions, and there can be no assurance that the 2026 Term Loan will be completed. The effective date of the swaps are based on the expected funding timing which is anticipated to be in the first quarter of 2027.

Senior Unsecured Notes

On June 26, 2025, the Company and the Operating Partnership entered into a Note and Guaranty Agreement in connection with a private placement of $150.0 million of the Operating Partnership’s senior unsecured notes (the “2025 Notes”), consisting of (i) $100.0 million aggregate principal amount of 5.58% senior unsecured notes due September 3, 2030 (the “2025-A Notes”) and (ii) $50.0 million aggregate principal amount of 5.87% senior unsecured notes due September 3, 2032 (the “2025-B Notes”), to a group of institutional investors. The sale and purchase of the 2025 Notes was completed on September 3, 2025.

In connection with the 2025 Notes, the Company executed a treasury lock hedge transaction in June 2025 which included proceeds of $0.2 million, which were recognized as a gain within Accumulated OCI on the consolidated balance sheets. This amount is amortized on a straight-line basis as a decrease to interest expense over the term of the 2025-B Notes. The effective interest rate on the 2025-B Notes will be fixed at 5.79%.

On November 12, 2025, the Company and the Operating Partnership entered into a Note and Guaranty Agreement in connection with a private placement of $200.0 million of the Operating Partnership’s senior unsecured notes (the “2026 Notes”), consisting of (i) $50.0 million aggregate principal amount of 4.90% senior unsecured notes due January 20, 2031 (the “2025-C Notes”) and (ii) $150.0 million aggregate principal amount of 5.13% senior unsecured notes due January 20, 2033 (the “2026-A Notes”), with a group of institutional investors. Considering the treasury lock agreements noted below, the effective interest rate on the notes will be fixed at 5.06% and 5.31%, respectively.

The sale and purchase of $28.0 million of the 2025-C Notes was completed on December 31, 2025 and sale and purchase of the balance of the $172.0 million of the 2026 Notes was completed on January 20, 2026.

In connection with the offering of the 2026 Notes, the Company executed two treasury lock hedge transactions in September 2025 to hedge the treasury yield component of the overall rate ultimately assigned to the two tranches of 2026 Notes which included a payment of $2.0 million, which is recognized as a loss within Accumulated OCI on the consolidated balance sheets as of December 31, 2025. This amount is amortized on a straight-line basis as an increase to interest expense over the terms of the 2025-C and the 2026-A notes.

The 2025 Notes and the 2026 Notes bear interest on the outstanding principal balance at the stated rates per annum from the date of issuance, payable semi-annually in arrears, until such principal becomes due and payable. The entire unpaid principal balance of each 2025 Note and each 2026 Note shall be due and payable on the maturity date thereof. The 2025 Notes and the 2026 Notes are senior unsecured obligations of the Operating Partnership and rank equal in right of payment with all other senior unsecured indebtedness of the Operating Partnership. The 2025 Notes and the 2026 Notes are unconditionally guaranteed by the Company.

The Operating Partnership is permitted to prepay the outstanding 2025 Notes and 2026 Notes in whole or in part, in an amount not less than 5% of the aggregate principal amount of the 2025 Notes or the 2026 Notes, as applicable, then outstanding, at any time at (i) 100% of the principal amount so prepaid, plus (ii) the make-whole amount, which is equal to the excess, if any, of the discounted value of the remaining scheduled principal and interest payments with respect to the 2025 Notes or 2026 Notes being prepaid over the principal amount of such 2025 Notes or 2026 Notes. The discount rate to be used is equal to 0.50% plus the yield to maturity reported for the most recently actively traded U.S. Treasury Securities with a maturity equal to the remaining average life of the prepaid principal. If a change in control occurs for the Company, the Operating Partnership must offer to prepay the outstanding 2025 Notes and 2026 Notes. The prepayment amount will be 100% of the principal amount, as well as accrued and unpaid interest but without any make-whole amount.

The 2025 Notes and the 2026 Notes contain certain customary covenants including, among other things, a maximum total leverage ratio, a maximum secured leverage ratio, a maximum unencumbered leverage ratio, a minimum fixed charge coverage ratio and a minimum unsecured interest coverage ratio.

As of September 30, 2026, the Company was in compliance with all its financial covenants governing its debt. Although the Company believes it will continue to operate in compliance with these covenants, if the Company were to violate these covenants, the Company may be subject to higher finance costs and fees or accelerated maturities.

As part of its growth strategy, the Company may incur additional debt to finance future acquisitions, including debt that refinances or replaces borrowings under the Revolving Credit Facility and the Company’s unsecured debt. While the Company believes it has several viable sources to obtain capital and fund its business, the sources of funds could be affected by various risks and uncertainties.

Dividend Distributions

The Company declared a quarterly cash dividend of $0.17 per share in each of the first three quarters of 2026. The dividends are summarized as follows (in millions):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Quarter Declared		Amount Declared			Date Paid		Amount Paid
First quarter 2026		$	18.2			April 8, 2026		$	18.0
Second quarter 2026		$	18.7			July 9, 2026		$	18.6
Third quarter 2026		$	20.7			October 14, 2026		$	20.6
Total year to date		$	57.6					$	57.2

The Company anticipates making distributions to holders of its common stock to satisfy REIT requirements and generally not be subject to U.S. federal income tax (other than with respect to operations conducted through a taxable REIT subsidiary of the Company) or excise tax. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its REIT taxable income. The Company generally intends to make distributions with respect to each taxable year in an amount at least equal to its REIT taxable income for such taxable year. To the extent that cash available for distribution is less than the Company’s REIT taxable income, the Company may make a portion of its distributions in the form of additional shares of common stock, and any such distribution of such common stock may be taxable as a dividend to stockholders.

Although the Company generally expects to declare and pay distributions on a quarterly basis, the Company’s Board of Directors (the “Board”) will evaluate its distribution policy regularly in order to maintain sufficient liquidity for operations and in order to maximize the Company’s free cash flow while still adhering to REIT payout requirements and minimizing federal income taxes (excluding federal income taxes applicable to its taxable REIT subsidiary activities).

Any distributions the Company makes to its stockholders will be at the discretion of the Board and will depend upon, among other things, the Company’s actual and anticipated results of operations and liquidity, which will be affected by various factors, including the income from its portfolio, its operating expenses and any other expenditures.

Cash Flow Activity

The Company expects that its core business of leasing space to well-capitalized retailers will continue to generate consistent cash flow after expenses. The following presents a summary of consolidated statements of cash flows (in thousands):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n
	For the Nine Months Ended September 30,
	2026			2025
Cash flow provided by operating activities	$	110,235			$	98,732
Cash flow used for investing activities		(770,386	)			(628,288	)
Cash flow provided by financing activities		493,431				333,259

Changes in cash flows for the nine months ended September 30, 2026, compared to the prior-year period, are as follows:

Operating Activities: Cash provided by operating activities increased $11.5 million primarily due to the net impact of property acquisitions, partially offset by an increase in interest expense and a decrease in interest income.

Investing Activities: Cash used for investing activities increased $142.1 million primarily due to an increase of $134.1 million related to real estate assets acquired net of escrow deposits and an increase in real estate improvements of $7.9 million.

Financing Activities: Cash provided by financing activities increased $160.2 million primarily due to an increase in proceeds of $22.0 million from the 2026 Notes, an increase in net proceeds from issuance of common stock of $382.3 million and a decrease in dividends paid of $3.7 million, partially offset by a decrease in proceeds from the 2024 and 2025 Term Loans of $250.0 million.

SOURCES AND USES OF CAPITAL

The Company remains committed to maintaining sufficient liquidity and financial flexibility in order to pursue its stated business plan to acquire additional convenience properties and scale the Company’s portfolio while managing its overall risk profile. Cash flow from operations, as well as debt and equity financings, represent additional potential sources of proceeds to be used to execute on the Company’s business plan.

Equity

The Company has settled 15,664,164 shares through October 22, 2026 that were sold under the February 2026 follow-on primary offering and the ATM Program generating net proceeds of $383.9 million.

Acquisitions

From January 1, 2026 through October 22, 2026, the Company acquired 72 convenience shopping centers for an aggregate purchase price of $800.0 million.

Indebtedness

As of September 30, 2026, $100.0 million had been drawn on the 2024 Term Loan, $150.0 million had been drawn on the 2025 Term Loan, $150.0 million had been drawn on the 2025 Notes and $200.0 million had been drawn on the 2026 Notes.

CAPITALIZATION

At September 30, 2026, the Company’s capitalization consisted of $600.0 million of debt and $3.4 billion of market equity (calculated as shares of common stock and common units outstanding multiplied by $27.83, the closing price of the Company’s common stock on the New York Stock Exchange on September 30, 2026).

Management seeks to maintain access to the capital resources necessary to manage the Company’s balance sheet. Accordingly, the Company may seek to obtain funds through additional debt or equity financings in a manner consistent with its intention to operate with a prudent debt capitalization policy.

CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS

In conjunction with construction and maintenance of convenience shopping centers, the Company has entered into commitments with general contractors aggregating approximately $0.3 million for its consolidated properties at September 30, 2026. These obligations, composed principally of construction contracts, are generally due within 12 to 24 months, as the related construction costs

are incurred, and are expected to be financed through operating cash flow. These contracts typically can be changed or terminated without penalty.

The Company routinely enters into contracts for the maintenance of its properties. These contracts typically can be canceled upon 30 to 60 days’ notice without penalty. At September 30, 2026, the Company had purchase order obligations, typically payable within one year, aggregating approximately $2.2 million related to the maintenance of its properties.

In addition, the Company has debt maturity and interest payment obligations as described in Note 5.

ECONOMIC CONDITIONS

The Company continues to experience steady retailer demand for vacant or available space and executed new leases and renewals aggregating approximately 480 thousand square feet of GLA for the nine months ended September 30, 2026. The Company believes the elevated portfolio leased rate and overall tenant activity are attributable to demand for space at properties located on the curbline of well-trafficked intersections and major vehicular corridors and limited new supply. Additionally, the Company’s portfolio benefits from its concentration in suburban, above-average household income communities along with positive demographic and economic trends.

The Company has a diversified tenant base, with only one tenant whose annualized rental revenue equals or exceeds 2% of the Company’s ABR (Starbucks at 2.7% as of September 30, 2026). Other significant national tenants generally have relatively strong financial positions, have outperformed their respective retail categories over time and, the Company believes, remain well-capitalized. The majority of the tenants in the Company’s convenience shopping centers provide day-to-day consumer necessities with a focus on value and convenience, versus discretionary items, which the Company believes will enable many of the tenants to outperform under a variety of economic conditions and provide a stable revenue base. The Company has relatively little reliance on overage or percentage rents dependent on tenant sales performance or on ancillary income.

The Company believes that its convenience property portfolio is well positioned, as evidenced by recent leasing activity, historical leased and occupancy levels and consistent reported leasing spreads. At September 30, 2026, the leased and occupancy rates were 96.4% and 94.5%, respectively, and the portfolio ABR per occupied square foot was $35.19, as compared to leased and occupancy rates of 96.7% and 94.1%, respectively, and ABR per occupied square foot of $34.52 at December 31, 2025. The per square foot cost of leasing capital expenditures has been consistent with the Company’s historical trends and the standardized site plan of the majority of the Company’s convenience shopping centers together with high tenant retention rates, higher ABRs per square foot and the depth of leasing prospects that can utilize existing square footage generally result in lower operating capital expenditure levels as a percentage of annualized base rents over time. The Company generally does not expend a significant amount of capital on lease renewals, which constitute the majority of overall leasing activity. The weighted-average cost of tenant improvements and lease commissions estimated to be incurred over the expected lease term for all leases executed during the nine months ended September 30, 2026 and 2025 was $1.67 and $3.04 per rentable square foot, respectively.

Inflation, higher interest rates, evolving U.S. tariffs and reciprocal or retaliatory tariffs on U.S. goods and the market reaction thereto, and concerns over consumer spending growth, along with the volatility of global capital markets continue to pose risks to the U.S. economy, the retail sector overall and the Company’s tenants. The retail sector overall has also been affected by changing consumer behaviors, increased competition and e-commerce market share gains. The Company routinely monitors the credit profiles of its tenants and analyzes the possible impact of any potential tenant credit issues on the financial statements and overall cash flow, balance sheet and liquidity. In some cases, changing conditions have resulted in weaker retailers losing market share and declaring bankruptcy and/or closing stores. However, other retailers continue to expand their store fleets and launch new concepts within the suburban, high household income communities in which the properties are located. As a result, the Company believes that its prospects of backfilling any spaces vacated by bankrupt or non-renewing tenants are generally favorable. However, there can be no assurance that vacancy resulting from increasingly uncertain economic conditions will not adversely affect the Company’s operating results.

Rising interest rates and the availability of commercial real estate financing have also impacted, at certain times, real estate owners’ ability to acquire and sell assets and raise equity and debt financing. Although the Company had $600.0 million of indebtedness as of September 30, 2026 as compared to $3.4 billion of market equity, debt capital markets liquidity could adversely impact the Company’s current and expected future business plan and its ability to finance future maturities and/or investments, and the interest rates applicable thereto. Depending on market conditions, the Company intends to acquire additional assets funded with cash on hand and unsettled common equity along with retained cash flow and debt and equity financing. The timing of certain acquisitions may be impacted by capital markets activity along with the volume and pricing of assets available to acquire. Unfavorable changes in interest rates or the capital markets could adversely impact the Company’s return on investments.

CRITICAL ACCOUNTING ESTIMATES

For a discussion of our critical accounting policies and estimates, refer to our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to these policies during the nine months ended September 30, 2026.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company’s primary market risk exposure is interest rate risk. At September 30, 2026, the Company’s debt, adjusted to reflect the swaps of the variable-rate (SOFR) components of the interest rates applicable to the 2024 Term Loan and 2025 Term Loan to fixed rates, is summarized as follows:

September 30, 2026

December 31, 2025

Amount
(Millions)

Weighted-
Average
Maturity
(Years)

Weighted-
Average
Interest
Rate

Percentage
of Total

Amount
(Millions)

Weighted-
Average
Maturity
(Years)

Weighted-
Average
Interest
Rate

Percentage
of Total

Fixed-Rate Debt

596.1

3.8

5.0

100.0

423.2

3.7

5.0

100.0

Variable-Rate Debt

—

If the Company were to incur variable-rate indebtedness, its exposure to increases in interest rates could increase. The Company does not believe, however, that increases in interest expense as a result of inflation or other economic factors will significantly impact the Company’s distributable cash flow.

The interest rate risk on a portion of the Company’s variable-rate debt has been mitigated through the use of interest rate swap agreements with major financial institutions. At September 30, 2026, the variable-rate (SOFR) component of the interest rate applicable to the Company’s $100.0 million consolidated 2024 Term Loan and the $150.0 million consolidated 2025 Term Loan were swapped to a fixed rate through October 1, 2029 and January 1, 2031, respectively. The Company is exposed to credit risk in the event of nonperformance by the counterparties to the swaps. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions.

The carrying value of the Company’s fixed-rate debt was adjusted to include the $250.0 million of variable-rate debt that was swapped to a fixed rate. An estimate of the effect of a 100 basis-point increase at September 30, 2026, is summarized as follows (in millions):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

September 30, 2026

December 31, 2025

Carrying
Value

Fair
Value

100 Basis-Point
Increase in
Market Interest
Rate

Carrying
Value

Fair
Value

100 Basis-Point
Increase in
Market Interest
Rate

Company's fixed-rate debt

596.1

574.0

(A)

551.6

(B)

423.2

434.8

(A)

416.7

(B)

(A)

Includes the fair value of the swap, which was an asset of $8.9 million and a liability of $2.7 million at September 30, 2026 and December 31, 2025, respectively.

(B)

Includes the fair value of the swap adjusted for a 100 basis-point increase in market interest rates of an asset of $16.8 million and $7.2 million at September 30, 2026 and December 31, 2025, respectively.

The Company intends to continually monitor and actively manage interest costs on any variable-rate debt portfolio and may enter into swap positions or interest rate caps. Accordingly, the cost of obtaining such protection agreements in relation to the Company’s access to capital markets will continue to be evaluated. The Company has not entered into, and does not plan to enter into, any derivative financial instruments for trading or speculative purposes. As of September 30, 2026, the Company had no other material exposure to market risk.

Item 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure and Control Procedures

The Company’s management, with the participation of the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2026. Based on that evaluation, the CEO and CFO have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and were effective as of the end of such period to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its CEO and CFO, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

The Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal proceedings or claims for personal injury or property damage arising in the ordinary course of its business, most of which are covered by insurance, although they may be subject to deductibles or retentions. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations.

Item 1A. RISK FACTORS

There have been no material changes to the risk factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

On September 25, 2025, the Board of Directors of the Company authorized a common stock repurchase program, which was announced on October 2, 2025. Under the terms of the program, the Company is authorized to repurchase up to an aggregate purchase price of $250.0 million in shares of its common stock. During the third quarter of 2026, the Company did not repurchase any shares of its common stock, and as of September 30, 2026, the dollar value of shares that may yet be purchased under the program is $250.0 million. The repurchase program has no expiration date.

There were no unregistered sales of equity securities during the third quarter of 2026.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

Item 5. OTHER INFORMATION

None.

Item 6. EXHIBITS

\n	\n	\n
3.1		Certificate of Notice of Curbline Properties Corp. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on August 18, 2026)

10.1		Letter Agreement, dated September 22, 2026, between SITE Centers Corp., Curbline Properties Corp. and Curbline Properties LP1

31.1		Certification of principal executive officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 19341

31.2		Certification of principal financial officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 19341

32.1		Certification of chief executive officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 20021,2

32.2		Certification of chief financial officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 20021,2

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document1

101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Document1

104		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 has been formatted in Inline XBRL and included in Exhibit 101.

Submitted electronically herewith.

Furnished (and not filed) herewith pursuant to Item 601(b)(32)(ii) of Regulation S-K.

Attached as Exhibit 101 to this report are the following formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025, (ii) Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025, (iii) Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025, (iv) Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2026 and 2025, (v) Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 and (vi) Notes to Consolidated Financial Statements.

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 thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
		CURBLINE PROPERTIES CORP.

		By:		/s/ Christina M. Yarian
				Name:		Christina M. Yarian
				Title:		Senior Vice President and Chief Accounting Officer (Authorized Officer; Principal Accounting Officer)
Date: October 22, 2026

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