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Curbline Properties Corp. (CURB) is a Maryland-based company specializing in owning, managing, leasing, and acquiring convenience shopping centers across the United States. The company operates a geographically diversified portfolio primarily located in the Southeast, Mid-Atlantic, Southwest, and Mountain regions, as well as Texas. CURB's properties cater to daily convenience trips for suburban populations, offering small-shop units leased to a mix of national, regional, and local service and restaurant tenants.
- Convenience Shopping Centers - Owns and leases properties located at high-traffic intersections and major vehicular corridors, featuring dedicated parking and drive-thru units. These centers primarily consist of small-shop units catering to daily convenience needs.
| Revenue by Segment - in Millions of USD | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|---|---|---|---|---|
| Rental Income | 29.58 | - | 120.028 | 38.348 |
| - Base and Percentage Rental Income | 22.15 | - | 89.166 | 28.117 |
| - Recoveries from Tenants | 6.72 | - | 26.539 | 9.450 |
| - Uncollectible Revenue | -0.03 | - | -0.479 | -0.219 |
| - Lease Termination & Other Rental Income | 0.73 | - | 4.802 | 1.090 |
| Other Income | 0.19 | - | 0.853 | 0.257 |
| Total Revenue | 29.76 | - | 120.881 | 38.695 |
| KPIs - Metric (Unit, Scale) | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Occupancy rate (percentage) | 93.8 | - | 93.9 | - |
| Leased rate (percentage) | 95.4 | - | 95.5 | - |
| ABR per occupied square foot (USD per square foot) | 35.65 | - | 35.62 | - |
| Weighted-average cost of tenant improvements and lease commissions (USD per rentable square foot) | 1.62 | - | 1.72 | - |
| Number of new leases executed (count) | - | - | - | - |
| Number of renewal leases executed (count) | - | - | - | - |
| Total leases executed (count) | - | - | - | - |
| Square footage of new leases and renewals (square feet) | 257,000 | - | 309,000 | - |
| Cash leasing spread for new leases (percentage) | - | - | 30.5 | - |
| Cash leasing spread for renewal leases (percentage) | - | - | 10.3 | - |
| Blended cash leasing spread (percentage) | - | - | 13.3 | - |
| Average base rent per square foot for 2025 expiring leases (USD per square foot) | - | - | 36.72 | - |
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David R. Lukes ExecutiveBoard | President and Chief Executive Officer | President, CEO and Director at SITE Centers (March 2017); President, CEO and Director at Retail Value Inc. (April 2018); Independent Director at Citycon Oyj (2017) | David R. Lukes has served as the President and Chief Executive Officer of CURB since November 2023 and joined the Board of Directors in July 2024. He brings extensive real estate expertise from his active leadership roles at SITE Centers (since March 2017), Retail Value Inc. (since April 2018), and as an independent director at Citycon Oyj (since 2017). | View Report → |
Conor M. Fennerty Executive | Executive Vice President, Chief Financial Officer, and Treasurer | Conor M. Fennerty has been serving as Executive Vice President, Chief Financial Officer, and Treasurer of CURB since November 2023, where he oversees financial operations. Previously, he held significant executive roles at SITE Centers Corp. and served on the board of Retail Value Inc., highlighting his extensive experience in finance and real estate. | ||
John M. Cattonar Executive | Executive Vice President and Chief Investment Officer | Executive Vice President and Chief Investment Officer at SITE Centers (since May 2021); Board Member at SITE Centers (since September 2024) | John M. Cattonar has been serving as the Executive Vice President and Chief Investment Officer at CURB since November 2023, and he also holds active roles at SITE Centers as Executive Vice President and Chief Investment Officer since May 2021 and as a Board Member since September 2024. | |
Lesley H. Solomon Executive | Executive Vice President, General Counsel, and Secretary | Lesley H. Solomon is the Executive Vice President, General Counsel, and Secretary of CURB since April 2024. She has extensive experience in senior legal roles at organizations such as SITE Centers Corp., CatchMark Timber Trust, Inc., and Alston & Bird LLP. | ||
Alexander Otto Board | Director | CEO of ECE Group GmbH & Co. KG; SITE Centers Board member | Alexander Otto serves as a Director on the CURB Board since September 30, 2024. He brings extensive real estate experience, previously serving as CEO of ECE Group GmbH & Co. KG since 2000 and as a member of the SITE Centers Board since 2015. | |
Barry A. Sholem Board | Director | Founder and Chairman of MSD Real Estate at MSD Capital, L.P; Independent Director at Hudson Pacific Properties, Inc. | Barry A. Sholem serves as a Director at CURB, joining the board effective September 30, 2024. He has extensive experience in real estate investment and corporate governance from his current role as Founder and Chairman of MSD Real Estate at MSD Capital, L.P. and his service as an Independent Director at Hudson Pacific Properties, Inc.. | |
Jane E. DeFlorio Board | Director | SITE Centers Independent Director (since 2017); Vivid Seats Independent Director and Chair of Audit Committee (since 2021) | Jane E. DeFlorio has served as a Director at CURB since September 25, 2024. She brings extensive expertise in investment banking and corporate governance from her roles as an Independent Director at SITE Centers since 2017 and as the Independent Director and Chair of the Audit Committee at Vivid Seats since 2021. | |
Linda B. Abraham Board | Director | Managing Director, Crimson Capital; Board Member, SITE Centers; Board Member, School of Data Science at the University of Virginia; Board Member, Tiger 21; Fellow in the Stanford University Distinguished Careers Institute | Linda B. Abraham currently serves as a Class I Director at CURB since September 30, 2024. She has extensive experience as a technology entrepreneur, having been the Managing Director at Crimson Capital since 2014 and co-founded comScore where she served as Executive Vice President from 1999 to 2013. | |
Terrance R. Ahern Board | Chair of the Curbline Board | Independent Director of KKR Real Estate Finance Trust; Board Member at SITE Centers | Terrance R. Ahern, a seasoned real estate professional with over 35 years of experience, is expected to serve as Chair of the Curbline Board at CURB effective September 30, 2024. Previously, he built a distinguished career as the Co-Founder, Principal, and CEO of The Townsend Group until May 2022 and has served as an Independent Director of KKR Real Estate Finance Trust and a Board Member at SITE Centers. | |
Victor B. MacFarlane Board | Director | Chairman and CEO of MacFarlane Partners; Independent Director of Veris Residential, Inc.; Board Member of SITE Centers | Victor B. MacFarlane is a seasoned real estate leader with over 40 years of experience and has held multiple leadership positions in the industry. At CURB, he serves as a Director, having been appointed on September 30, 2024 , and he also chairs the Nominating and Sustainability Committee. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Convenience Shopping Centers | 2025 | Curbline Properties Corp. acquired two convenience shopping centers for a total purchase price of $7.7 million, with the transaction completed between January 1 and February 21, 2025. |
Grove at Harper's Preserve | 2024 | Acquired in February 2024 in Conroe, Texas for $10.65 million covering approximately 22,000 square feet, supporting the firm’s portfolio expansion. |
Shops at Gilbert Crossroads | 2024 | Acquired in March 2024 in Gilbert, Arizona for $8.46 million with 15,000 square feet of retail space, enhancing the company's geographic diversity. |
Wilmette Center | 2024 | Acquired in May 2024 in Wilmette, Illinois for $2.85 million with 9,000 square feet of space and attractive annual rent metrics. |
Sunrise Plaza | 2024 | Acquired in May 2024 in Vero Beach, Florida for $5.5 million covering roughly 16,000–17,000 square feet, featuring an annual base rent per square foot of $24.05. |
Meadowmont Village | 2024 | Acquired in May 2024 in Chapel Hill, North Carolina for $26.534 million with 62,000 square feet, aligning with a strategic expansion of its convenience retail portfolio and yielding an ABR PSF of $29.33. |
Red Mountain Corner | 2024 | Acquired in June 2024 in Phoenix, Arizona for $2.1 million over 6,000 square feet and reporting an annual base rent per square foot of $24.18. |
Roswell Market Center | 2024 | Acquired in June 2024 in Roswell, Georgia for $17.75 million covering 82,000 square feet, adding significant scale to the portfolio. |
Crocker Commons | 2024 | Acquired in July 2024 in Westlake, Ohio for $18.5 million with 29,000 square feet, reinforcing the expansion into diverse local markets. |
Maple Corner | 2024 | Acquired in July 2024 in Henderson, Tennessee for $8.25 million over 20,000 square feet, contributing to the broader growth strategy. |
Village Plaza | 2024 | Acquired in August 2024 in Houston, Texas for $31 million with 42,000 square feet of retail space, further diversifying the firm's asset base. |
Brookhaven Station | 2024 | Acquired in August 2024 in Atlanta, Georgia for $30.2 million covering 45,000 square feet, complementing its expanding portfolio in key markets. |
Loma Alta Station | 2024 | Acquired in September 2024 in Oceanside, California for $12.35 million with 35,000 square feet, reinforcing growth in coastal markets. |
Crossroads Marketplace | 2024 | Acquired in September 2024 in Chino Hills, California for $34.15 million offering 77,000 square feet of retail space, further enhancing strategic market positioning. |
Nine Mile Corner | 2024 | Acquired in September 2024 in Erie, Colorado for $10.88 million with 18,000 square feet, rounding out the diversified portfolio of retail properties. |
Recent press releases and 8-K filings for CURB.
- Q1 2025 Financial Performance: Achieved strong operational results with NOI up nearly 9% sequentially, +2.5% same-property NOI growth, 96% leasing/occupancy, net income of $10.6M and diluted EPS of $0.10 .
- Revised Guidance: Raised 2025 OFFO guidance to $0.99–$1.02 per share and updated net income/FFO projections amid increased expenses, supported by a robust acquisitions pipeline .
- Liquidity & Financing Strength: Maintained nearly $600M in cash (≈$594M) and $1B in liquidity (including a $400M credit facility), complemented by a secured $100M term loan at 5.1% fixed .
- Strategic Acquisitions & Pipeline: Advanced growth strategy with a strong acquisitions pipeline exceeding $500M and completion of the Carrie Plaza acquisition in Jacksonville, Florida .
- Market Position: Listed on the NYSE (ticker: CURB) and targeting high household income suburban markets .
- The company filed a Form 8-K reporting a new direct financial obligation where its subsidiary, Curbline Properties LP, funded $100 million in indebtedness under a delayed-draw term loan facility.
- The funds, secured under a Credit Agreement dated October 1, 2024, are intended for general corporate purposes, with the initial event dated March 28, 2025 and the filing signed on March 31, 2025.