Curbline Properties

CURB · NYSE · Real Estate · Financials, fiscal 2022 to 2025

CURB · Last close · November 6, 2026

$29.38

Curbline Properties' revenue rose 51.3% to $183 million in fiscal 2025. Its net margin was 21.8%, up from 8.5% a year earlier. It paid out $77 million in dividends and buybacks.

Curbline Properties Corp. Latest fiscal year ended December 31, 2025 10-K filed February 10, 2026 · 0001193125-26-043647 Updated November 5, 2026

Revenue

$183M

51.3%

Net margin

21.8%

13.3 pts

Net income

$40M

288.2%

Free cash flow

—

Return on capital

3.1%

Market cap

$3.4B

Nov 6 close

P/E

122.4x

On $0.24 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Curbline Properties does

Curbline Properties is a real estate company, organized as a Maryland corporation, that owns, leases, buys and manages convenience shopping centers. They sit at well-traveled intersections and main roads in suburban communities with high household incomes. All of its properties are in the United States, mostly across the Southeast, Mid-Atlantic, Southwest and Mountain regions, plus Texas.

It earns money from rent. Its properties generally are rows of small shop units leased to a mix of national, regional and local service and restaurant tenants who serve daily convenience trips. The company says about half of its properties have at least one drive-thru unit, and that the standard site plans reduce the capital spending it needs compared with other kinds of shopping centers. At the end of 2025 it owned 176 properties.

Curbline was spun off from SITE Centers on October 1, 2024, when SITE Centers contributed 79 convenience shopping centers to it and distributed Curbline shares to its own shareholders. Curbline is a holding company and depends on distributions from its operating partnership.

Its biggest risks, as it describes them

Losing significant occupancy, since it depends on rental income.
Expenses that stay the same or rise even if income from its properties falls, and inflation in construction and operating costs.
Being unable to manage growth well or capture the savings it expects from scale.
Real estate being hard to sell when it wants to, or on good terms.
Changes in consumer habits, shopping channels and suburban populations that could cut revenue.

From Curbline Properties's annual report on Form 10-K, filed February 10, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2022 to 2025, earnings per share grew 14.0% a year and net income 15.8% a year, with the share count about the same.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25
Cash and short-term investments	—	1	626	290
Debt incl. finance leases	—	—	0	423
Net debt (negative means net cash)	—	—	−626	134
Net debt to EBITDA	—	—	−11.8x	1.1x
Debt to equity	—	—	0.0x	0.2x
Interest coverage	16.9x	21.4x	12.4x	4.3x
Current ratio	—	—	—	—
Quick ratio	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Curbline Properties' filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Curbline Properties' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Curbline Properties' projections

What Curbline Properties says to expect

Full year 2026: net income and Operating FFO per shareThe Company has updated its guidance for net income attributable to Curbline for 2026 to be from $0.25 to $0.29 per diluted share and raised its guidance for Operating FFO to be from $1.25 to $1.27 per diluted share.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 22, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Curbline Properties shares on the open market, and 4 insiders sold $47.0 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 4, 2026	Christina M. YarianSVP & Chief Accounting Officer	Sold	5,000	$29.97	$149,850	Form 4
Sep 14, 2026	Alexander OttoDirector	Sold	839	$29.52	$24,767	Form 4
Sep 10, 2026	Alexander OttoDirector	Sold	2,344	$29.51	$69,171	Form 4
Sep 9, 2026	Alexander OttoDirector	Sold	33,112	$29.59	$979,784	Form 4
Sep 8, 2026	Alexander OttoDirector	Sold	221,812	$29.68	$6.6 million	Form 4
Sep 1, 2026	Alexander OttoDirector	Sold	100	$30.02	$3,002	Form 4
Aug 31, 2026	Alexander OttoDirector	Sold	3,600	$30.05	$108,180	Form 4
Aug 28, 2026	Alexander OttoDirector	Sold	110,144	$30.11	$3.3 million	Form 4
Aug 27, 2026	Alexander OttoDirector	Sold	500	$30.00	$15,000	Form 4
Aug 26, 2026	Alexander OttoDirector	Sold	134,868	$30.17	$4.1 million	Form 4
Aug 25, 2026	Alexander OttoDirector	Sold	174,293	$30.12	$5.2 million	Form 4
Aug 19, 2026	Alexander OttoDirector	Sold	1,206	$30.10	$36,301	Form 4

The latest 12 of 24 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	—	−3.0%	−3.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	—	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	—	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	—	—	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Curbline Properties side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Curbline Properties	FY25	51.3%	—	—	3.1%	1.1x	—
NETSTREIT	FY25	19.8%	—	56.1%	2.5%	7.5x	—	Compare
Getty Realty	FY25	9.0%	57.2%	57.3%	5.1%	5.2x	—	Compare
Saul Centers	FY25	7.8%	67.4%	—	16.4%	1.8x	—	Compare
InvenTrust Properties	FY25	9.2%	20.1%	37.1%	2.4%	4.2x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

4 years of figures

Fiscal year	FY22	FY23	FY24	FY25
Income statement
Revenue	73	94	121	183
Revenue growth	—	28.1%	29.1%	51.3%
Gross profit	—	—	—	—
Research and development	—	—	—	—
Operating income	—	—	—	—
Net income	26	31	10	40
Diluted EPS (US$)	0.25	0.30	0.09	0.37
Diluted shares (millions)	105	105	105	105
Cash flow
Cash from operations	50	59	54	125
Capital expenditure	—	—	—	—
Free cash flow	—	—	—	—
Dividends paid	0	0	0	77
Share buybacks	0	0	0	0
Acquisitions	0	0	1	2
Stock-based compensation	0	0	4	13
Balance sheet at fiscal year end
Cash and short-term investments	—	1	626	290
Debt incl. finance leases	—	—	0	423
Total assets	—	922	2,033	2,470
Total liabilities	—	59	90	556
Shareholders' equity	692	863	1,942	1,909
Margins and ratios
Gross margin	—	—	—	—
Operating margin	—	—	—	—
Net margin	35.2%	33.1%	8.5%	21.8%
Free cash flow margin	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—
Return on capital	—	—	—	3.1%
Return on equity	—	—	0.7%	2.1%
Return on assets	—	—	0.7%	1.8%
Net debt to EBITDA	—	—	−11.8x	1.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Curbline Properties' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Curbline Properties.