At a glance
Curbline Properties Corp. is worth $3.41B, about 76 times its fiscal 2025 earnings. Revenue grew 51.3% to $182.9M in fiscal 2025, with 21.8% kept as profit; over 3 years it has grown 35.7% a year. It pays a 2.5% dividend yield, and returned $77.4M to shareholders in dividends and buybacks over FY2022–FY2025. The stock returned +18.7% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Curbline Properties is a landlord that owns small shopping centers on the curb of busy intersections and main roads in well-off suburbs. A typical center covers about 27,000 square feet: one row of small shops with its own parking. About half have at least one drive-thru. As of December 31, 2025, it owned 176 US centers with 4.8 million square feet of rentable space, 94.1% occupied, mainly in the Southeast, Mid-Atlantic, Southwest and Mountain regions, plus Texas.
Nearly all its income is rent. Tenants are service and restaurant businesses that cater to quick daily errands: fast food, healthcare and wellness, financial services, phone stores, hair salons and gyms. National chains pay over 70% of rent. The largest tenants are Starbucks (2.6% of annual base rent), Verizon (1.7%), Inspire Brands (1.4%), JAB Holding (1.2%) and Chipotle (1.2%); the top ten pay under 14%. Revenue reached $182.9 million in fiscal 2025, up 51.3%.
SITE Centers spun Curbline off on October 1, 2024, handing it 79 centers. Curbline is a real estate investment trust (REIT): it generally pays no corporate tax on income it distributes and must pay out at least 90% of its taxable income. It calls itself the only public company focused solely on convenience centers and aims to grow by acquiring more of the over 68,000 such US properties.
Price history
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CURB +18.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $71.1M, up 46.2% from a year earlier, and net income was $7.4M (-20.5%).
- For fiscal 2025, revenue was $182.9M (+51.3% year over year; +35.7% a year from FY2022 to FY2025) with a 21.8% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +35.7% good |
|---|---|
| Return on equity (FY2025) | 2.1% weak |
| Return on assets (FY2025) | 1.6% weak |
| Net cash (cash minus debt) | $-473.3M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $73.1M | $25.7M | — |
| FY2023 | $93.7M | $31.0M | — |
| FY2024 | $120.9M | $10.3M | — |
| FY2025 | $182.9M | $39.9M | — |
Valuation snapshot
| Market value | $3.41B |
|---|---|
| P/E ratio | 75.8 |
| Dividend yield | 2.5% |
Rank among 1514 US companies
Market value at each year end
Curbline Properties’s market value went from $2.44B at the end of 2024 to $3.41B on Oct 28, 2026, up 40%; since the end of 2025 it is up 39%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.41B | +39.3% |
| 2025 | $2.45B | +0.3% |
| 2024 | $2.44B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CURB price data to Oct 28, 2026 | +23.1% | +18.7% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.1% |
| 2025 | +2.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 23 sales ($46.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 8, 2026 | Alexander Otto Director | sell | $6.6M |
| Aug 25, 2026 | Alexander Otto Director | sell | $5.2M |
| Aug 14, 2026 | Alexander Otto Director | sell | $4.1M |
| Aug 13, 2026 | Alexander Otto Director | sell | $4.1M |
| Aug 26, 2026 | Alexander Otto Director | sell | $4.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15% | Jun 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 12.7% | Dec 31, 2025 |
| Vanguard Portfolio Management | 8.82% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.3% | Dec 31, 2024 |
| FMR LLC | 4% | Mar 31, 2026 |
ETFs with the most weight in CURB
| CSD Invesco S&P Spin-Off ETF | 2.49% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.65% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.36% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.35% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.35% |
| REIX NYLIM CBRE Real Estate & Infrastructure ETF | 0.34% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.34% |
| PSC Principal U.S. Small-Cap ETF | 0.31% |
What could go wrong
- Short record as a standalone company. Curbline has operated independently only since its October 1, 2024 spin-off, and its business model has a limited track record. Figures from its years inside SITE Centers may not predict how it performs alone.
- Growth depends on acquiring more centers. The plan relies on acquisitions. Purchased centers may produce less cash than expected, competition from other bidders may limit deals, and growth may not bring the expected savings from scale.
- New shares and debt pay for growth. Curbline issues new shares and borrows to fund acquisitions. Its share count rose 15.6% from November 2024 to October 2026, diluting holders, and debt reached $596 million by September 30, 2026, from none at end-2024.
- Ties to former parent SITE Centers. Agreements with SITE Centers made at the spin-off were not negotiated at arm's length (between independent parties), so terms may differ from an outside deal. Conflicts of interest may also arise.
- Tenant troubles and expiring leases. Nearly all income is rent, so tenant failures or non-renewals hurt. As of December 31, 2025, leases on about 10.1% of leased space were due to expire during 2026; renewals may bring lower rents.
- Economy, inflation and changing shopper habits. Results track consumer spending and the economy, including tariff effects. Inflation can lift taxes, insurance and repair costs faster than rents, and changes in consumer habits or suburban population growth could reduce tenant demand.
Recent events
- Quarterly results released
- Major agreement ended; Change to shareholder rights
- Quarterly results released
- Other company announcement
- Executive or board change
- Major agreement signed
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
Curbline pays a dividend, but its record is short. Dividends per share were $0.25 for fiscal 2024 and $0.67 for fiscal 2025, which appears to include a one-time special payout. There is no streak of increases, and the company has set no minimum payout. Dividends of $77.4 million in fiscal 2025 equaled 194% of net income; property owners often pay out more than reported profit because depreciation, a non-cash charge, lowers earnings. The yield was 2.5% as of October 28, 2026. As a real estate investment trust, its dividends generally miss out on lower qualified-dividend tax rates. Curbline has not repurchased shares; its share count rose 15.6% from November 2024 to October 2026.
The stock is too new to show how it handles a market crash; it began trading after the 2008, 2020 and 2022 downturns. Through October 28, 2026, its deepest drop from a peak was 16.5%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Curbline Properties make money?
Almost entirely from rent. Curbline owns convenience shopping centers, small rows of shops with their own parking on busy suburban corners, and leases them to service and restaurant tenants such as Starbucks, Verizon and Chipotle. As of December 31, 2025, it owned 176 centers totaling 4.8 million square feet, 94.1% occupied, with average yearly base rent of $34.52 per occupied square foot. Revenue was $182.9 million in fiscal 2025, up 51.3%.
Does Curbline Properties pay a dividend?
Yes. As a real estate investment trust (REIT), Curbline must generally pay out at least 90% of its taxable income. Dividends per share were $0.25 for fiscal 2024 and $0.67 for fiscal 2025, though the fiscal 2025 figure appears to include a special dividend. The yield was 2.5% as of October 28, 2026. The company has set no minimum payout and is too new to have a record of yearly increases.
Is Curbline part of SITE Centers?
No. Curbline has been a separate public company since SITE Centers spun it off on October 1, 2024. SITE Centers contributed 79 convenience centers, and its shareholders received two Curbline shares for each SITE Centers share. The two companies signed shared services, tax and employee agreements at the split. Curbline's 10-K warns that those agreements were not negotiated at arm's length, meaning between fully independent parties, and that conflicts of interest could arise.
How much debt does Curbline have?
Curbline had $596.1 million of debt as of September 30, 2026, against $122.8 million of cash and investments. That compares with no debt at December 31, 2024 and $428.0 million a year later. Total assets were $3.03 billion and shareholders' equity $2.27 billion at September 30, 2026. Curbline also funds acquisitions by issuing new shares, and its 10-K flags interest rate risk: higher rates could raise borrowing costs and weigh on property values.
Have Curbline insiders sold shares?
Yes. Form 4 insider filings in the year to October 29, 2026 showed at least 23 sales worth about $46.9 million and no purchases. The five largest were by director Alexander Otto, including a $6.6 million sale on September 8, 2026, and none were marked as made under a pre-arranged trading plan. Insiders part with shares for many reasons, such as taxes or diversification, so these sales alone do not reveal a view on the business.