Curbline Properties Corp.

Convenience shopping centers are generally positioned on the curbline of well-trafficked intersections and major vehicular corridors, 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 December 31, 2025. The properties generally consist of a homogenous 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. The property type’s standardized site plans and the depth of leasing prospects that can utilize existing square footage generally reduce operating capital expenditures relative to other retail real estate formats and provide significant tenant diversification.

Information as to the Company’s largest tenants based on total ABR and Company-owned GLA at December 31, 2025, is set forth in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the caption “Executive Summary – Tenant Demand and Company Fundamentals” of this Annual Report on Form 10-K. The Company’s properties range in size from approximately 2,000 square feet to approximately 134,000 square feet of Company-owned GLA. The Company’s properties were 94.1% occupied as of December 31, 2025.

Tenant Lease Expirations and Renewals

The following table shows the impact of tenant lease expirations through 2035 at the Company’s 176 convenience shopping centers, assuming that none of the tenants exercise any of their renewal options:

ExpirationYear · No. ofLeasesExpiring · Approximate GLAin Square Feet(Thousands) · Annualized BaseRent UnderExpiring Leases(Thousands) · Average Base Rentper Square FootUnder ExpiringLeases · Percentage ofTotal GLARepresented byExpiring Leases · Percentage ofTotal Base RentalRevenuesRepresented byExpiring Leases

2026 · 211 · 487 · 16,248 · 33.36 · 10.1% · 10.5%

2027 · 219 · 526 · 18,509 · 35.19 · 11.0% · 11.9%

2028 · 272 · 764 · 25,491 · 33.37 · 15.9% · 16.5%

2029 · 197 · 471 · 15,722 · 33.38 · 9.8% · 10.1%

2030 · 195 · 536 · 18,684 · 34.86 · 11.2% · 12.0%

2031 · 102 · 256 · 8,521 · 33.29 · 5.3% · 5.5%

2032 · 117 · 330 · 11,793 · 35.74 · 6.9% · 7.6%

2033 · 117 · 350 · 12,455 · 35.59 · 7.3% · 8.0%

2034 · 121 · 349 · 13,249 · 37.96 · 7.3% · 8.5%

2035 · 67 · 188 · 6,974 · 37.10 · 3.9% · 4.5%

Total · 1,618 · 4,257 · 147,646 · 34.68 · 88.7% · 95.1%

The rental payments under certain of these leases will remain constant until the expiration of their base terms, regardless of inflationary increases. There can be no assurance that any of these leases will be renewed or that any replacement tenants will be obtained if not renewed.

Alabama

1 · Alabaster, AL · Promenade Plaza · 13 · $369

2 · Alabaster, AL · Shoppes at Alabaster · 12 · $293

3 · Huntsville, AL · Hampton Cove Corner · 14 · $345

4 · Madison, AL · Madison Station · 28 · $612

5 · Montgomery, AL · Eastchase Point · 8 · $203

6 · Opelika, AL · Shops at Tiger Town · 10 · $258

7 · Saraland, AL · Shops at Saraland · 10 · $204

Arizona

8 · Chandler, AZ · Chandler Center · 7 · $302

9 · Gilbert, AZ · Shops at Gilbert Crossroads · 18 · $633

10 · Laveen, AZ · Corner at Laveen Spectrum · 15 · $623

11 · Mesa, AZ · Shops at Power and Baseline · 4 · $214

12 · Mesa, AZ · Shops on Dobson · 7 · $179

13 · Peoria, AZ · Shops at Lake Pleasant · 47 · $1,856

14 · Phoenix, AZ · Deer Valley Plaza · 38 · $1,108

15 · Phoenix, AZ · Paradise Village Plaza · 84 · $2,925

16 · Phoenix, AZ · Red Mountain Corner · 6 · $116

17 · Phoenix, AZ · Shops on 35th · 12 · $294

18 · Scottsdale, AZ · Artesia Village · 21 · $918

19 · Scottsdale, AZ · Northsight Plaza · 10 · $372

20 · Surprise, AZ · Shops at Prasada North · 33 · $1,847

21 · Tempe, AZ · Broadway Center · 11 · $368

22 · Tucson, AZ · Shops at the Bridges · 14 · $595

California

23 · Carson, CA · Shops at Carson Town Center · 13 · $442

24 · Chino Hills, CA · Crossroads Marketplace · 77 · $2,474

25 · Citrus Heights, CA · Shops at Sunrise Oaks · 16 · $379

26 · Fontana, CA · Shops on Summit · 27 · $1,270

27 · Lafayette, CA · La Fiesta Square · 75 · $3,056

28 · Lafayette, CA · Lafayette Mercantile · 54 · $2,979

29 · Oceanside, CA · Loma Alta Station · 35 · $696

30 · Rancho Santa Margarita, CA · Santa Margarita Market Place · 29 · $1,340

31 · Roseville, CA · Creekside Plaza · 32 · $1,130

32 · Roseville, CA · Creekside Shops · 57 · $2,332

33 · San Bruno, CA · Avalon Crossing · 12 · $591

Colorado

34 · Arvada, CO · Shops at Olde Town Station · 15 · $608

35 · Aurora, CO · Tower Pavilion · 11 · $346

36 · Colorado Springs, CO · Shops at Falcon Landing · 62 · $1,844

37 · Colorado Springs, CO · Springs Ranch Center · 44 · $842

38 · Denver, CO · Parker Keystone · 17 · $664

39 · Denver, CO · Shops at University Hills · 26 · $905

40 · Denver, CO · Shops on Montview · 9 · $264

41 · Erie, CO · Nine Mile Corner · 31 · $1,205

42 · Parker, CO · Parker Station · 45 · $1,236

• Expectations relating to sustainability considerations expose the Company to potential liabilities, increased costs, reputational harm and other adverse effects on the Company’s business.
• Crime or civil unrest may affect the markets in which the Company operates its business and its profitability.
• The Company’s real estate assets may be subject to impairment charges.
• A disruption, failure or breach of the networks or systems on which the Company relies, including as a result of cyber-attacks, could harm its business.
• The use of technology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations.
• The Company was recently organized and employs a business model with a limited track record, and it may not be able to operate its business successfully or execute its business plan.
• The historical combined financial information is not necessarily indicative of the Company’s future financial condition, results of operations or cash flows nor does it reflect what the Company’s financial condition, results of operations or cash flows would have been as an independent public company during the periods presented.
• Risks Related to the Company’s Indebtedness and Capital Structure
• The Company may not be able to obtain additional capital to make investments or finance its operations.
• The Company is exposed to interest rate risk, and there can be no assurance that it will manage or mitigate this risk effectively.
• The Company’s financial condition and operating activities could be adversely affected by financial covenants which may curtail investment activities, require the Company to sell securities or alter or restrict distributions.
• Risks Related to the Company’s Relationship with SITE Centers
• The Company may have conflicts of interest with SITE Centers.
• The agreements with SITE Centers were not negotiated at an arm’s-length basis and may not be on the same terms as if they had been negotiated with an unaffiliated third party.
• It is possible that the Company may not obtain a fair market value tax basis in the Company’s assets as a result of the distribution.
• The Company may not achieve some or all of the expected benefits of the separation from SITE Centers, and the separation may have a material adverse effect on the Company’s business, financial condition and results of operations.
• Risks Related to the Company’s Taxation as a REIT
• If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax as a regular corporation and could have significant tax liability, which may have a significant adverse consequence to the value of the Company’s stock.
• If certain subsidiaries fail to qualify as partnerships or disregarded entities for U.S. federal income tax purposes, the Company may not qualify as a REIT.
• Compliance with REIT requirements may negatively affect the Company’s operating decisions.
• The Company may be forced to sell its securities or borrow funds to maintain its REIT status, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause the Company to curtail its investment activities and/or to dispose of assets at inopportune times, which could materially and adversely affect the Company.
• Dividends paid by REITs generally do not qualify for reduced tax rates.
• Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of the Company’s common stock if the Company does not qualify as a “domestically controlled” REIT.
• Legislative or other actions affecting REITs could have a negative effect on the Company or its stockholders.
• Risks Related to Company’s Ownership of Interests in the Operating Partnership
• Certain Operating Partnership assets may have book-tax differences, which may cause the Company to recognize taxable income in excess of cash proceeds and affect the Company’s ability to comply with REIT distribution requirements.
• The Company will be liable for any under-withholdings with respect to any non-U.S. limited partner’s share of Operating Partnership income.
• The Operating Partnership and any subsidiary partnerships may be subject to a U.S. federal income tax audit and the Company may be required to bear the economic cost of its attributable share of taxes.
• Risks Related to the Company’s Organization, Structure and Ownership
• Provisions of the Company’s Charter and Bylaws could have the effect of delaying, deferring or preventing a change in control, even if that change may be considered beneficial by some of the Company’s stockholders.
• The Company’s authorized but unissued common and preferred stock may prevent a change in the Company’s control.
• The Company has significant stockholders who may exert influence on the Company as a result of their considerable beneficial ownership of the Company’s common stock, and their interests may differ from the interests of other stockholders.
• The Company’s Board of Directors may change significant corporate policies without stockholder approval.
• Maryland law may limit the ability of a third party to acquire control of the Company.
• Conflicts of interest may exist or could arise in the future with the Operating Partnership and its limited partners, which may impede business decisions that could benefit stockholders.
• Curbline Properties Corp. is a holding company with no direct operations and expects to rely on distributions received from the Operating Partnership to make distributions to stockholders.
• Risks Related to the Company’s Common Stock
• Changes in market conditions could adversely affect the market price of the Company’s publicly traded securities.
• The Company has not established a minimum distribution payment level, and it cannot assure you of its ability to make distributions in the future.
• Shares eligible for future sale may have adverse effects on the Company’s stock price.
• Offerings of debt or equity securities, which would rank senior to the Company’s common stock, may adversely affect the market price for the Company’s common stock.
• The Company’s ability to make distributions is limited by the requirements of Maryland law.
• Changes in accounting standards issued by the Financial Accounting Standards Board or other standard-setting bodies may adversely affect the Company’s business.
• General Risks Relating to Investments in the Company’s Securities
• As a public company, the Company is subject to regulatory and reporting requirements that will increase legal, accounting and financial compliance costs.
• The Company may be unable to retain and attract key management personnel.