olivLaw · US equity research
Curbline Properties Corp. CURB
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
Curbline Properties is a NYSE-listed REIT that owns and manages convenience shopping centers in suburban, high-income communities. The portfolio grew quickly from 176 properties at the end of 2025 to 239 by September 2026, and occupancy reached 94.5%. The company is the only listed public REIT focused exclusively on this segment, which gives it a distinct position in a highly fragmented market.
At the close of 04 Nov 2026, Curbline Properties Corp. (CURB) stock was 30.16 USD (+4.40% on the day), with market capitalisation 3.7 bn USD, P/E 125.4 on diluted EPS of 0.24 USD over the last 12 months, dividend yield 2.32%, beta 0.47, 52-week range 22.70–31.75 USD. Latest reported quarter (Q3 2026): revenue of 71.1 m USD (+46.2% YoY), net income of 7.4 m USD (−20.5% YoY), diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.9
- strong (55–70)
- Bollinger (20, 2)
- 25.71 – 29.92
- above the upper band · %B 1.06 · band width 15.1%
- SMA 50 / 200
- 28.45 / 28.22
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.30 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.3% | −1.1% | +9.4 pp | — |
| 3 months | +0.3% | −0.5% | +0.8 pp | — |
| 6 months | +9.0% | +4.4% | +4.6 pp | — |
| Year to date | +29.9% | +12.3% | +17.6 pp | — |
| 1 year | +30.1% | +13.5% | +16.5 pp | −12.2% |
| 3 years | unavailable | +76.4% | unavailable | −3.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34.9 m | 38.7 m | 41.4 m | 48.6 m | 54.1 m | 58.0 m | 63.3 m | 71.1 m |
| Depreciation & amortisation | 12.2 m | 14.5 m | 16.0 m | 19.8 m | 22.1 m | 25.7 m | 26.5 m | 29.7 m |
| Interest expense | 485.0 k | 567.0 k | 1.8 m | 4.0 m | 5.8 m | 7.9 m | 8.4 m | 8.5 m |
| Pre-tax income | 11.5 m | 10.7 m | 10.5 m | 9.4 m | 9.6 m | 3.6 m | 7.0 m | 7.4 m |
| Income tax | 4.0 k | 105.0 k | 72.0 k | 44.0 k | 86.0 k | 69.0 k | 65.0 k | -3.0 k |
| Net income | 11.5 m | 10.6 m | 10.4 m | 9.4 m | 9.6 m | 3.6 m | 6.9 m | 7.4 m |
| Diluted EPS | 0.11 ≈ | 0.10 | 0.10 | 0.09 | 0.09 ≈ | 0.03 | 0.06 | 0.06 |
| Operating cash flow | 29.0 m | 25.4 m | 34.2 m ≈ | 39.2 m ≈ | 25.9 m | 21.4 m | 47.2 m ≈ | 41.6 m ≈ |
| Dividends paid | 0 | 26.5 m | 17.0 m ≈ | 17.0 m ≈ | 17.0 m | 20.1 m | 18.0 m ≈ | 18.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 63 percentile of its own 8-quarter history (min 56.1, median 114.0, max 237.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 73.1 m | 93.7 m | 120.9 m | 182.9 m |
| Revenue YoY | unavailable | +28.1% | +29.1% | +51.3% |
| Net income | 25.7 m | 31.0 m | 10.3 m | 39.9 m |
| Net income YoY | unavailable | +20.5% | −66.9% | +288.2% |
| Diluted EPS | 0.25 | 0.30 | 0.09 | 0.37 |
| Diluted EPS YoY | unavailable | +20.0% | −70.0% | +311.1% |
| net % | 35.2% | 33.1% | 8.5% | 21.8% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 289.6 m USD
- Financial debt
- 423.2 m USD
- Net debt
- 133.7 m USD
- Equity
- 1.9 bn USD
- Total assets
- 2.5 bn USD
- Debt / equity
- 0.22x
- Current ratio
- unavailable
- ROE
- 2.1%
- ROA
- 1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 73.1 m | 93.7 m | 120.9 m | 182.9 m | SEC (XBRL)· 10 Feb 2026verified |
| Depreciation & amortisation | 26.6 m | 32.0 m | 41.9 m | 72.4 m | SEC (XBRL)· 10 Feb 2026verified |
| Interest expense | 1.6 m | 1.5 m | 901.0 k | 12.1 m | SEC (XBRL)· 10 Feb 2026verified |
| Pre-tax income | 25.7 m | 31.0 m | 10.3 m | 40.2 m | SEC (XBRL)· 10 Feb 2026verified |
| Income tax | 0 | 0 | 4.0 k | 307.0 k | SEC (XBRL)· 10 Feb 2026verified |
| Net income | 25.7 m | 31.0 m | 10.3 m | 39.9 m | SEC (XBRL)· 10 Feb 2026verified |
| Diluted EPS | 0.25 | 0.30 | 0.09 | 0.37 | SEC (XBRL)· 10 Feb 2026verified |
| Weighted average diluted shares | 104.9 m | 104.9 m | 105.2 m | 105.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Dividend per share | — | — | 0.25 | 0.67 | SEC (XBRL)· 10 Feb 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 566.0 k | 626.4 m | 289.6 m | SEC (XBRL)· 10 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 34.3 m | 82.7 m | 137.5 m | SEC (XBRL)· 10 Feb 2026verified |
| Total assets | — | 921.6 m | 2.0 bn | 2.5 bn | SEC (XBRL)· 10 Feb 2026verified |
| Long-term debt | — | — | 0 | 423.2 m | SEC (XBRL)· 10 Feb 2026verified |
| Total liabilities | — | 59.0 m | 90.5 m | 556.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Equity | 691.8 m | 862.6 m | 1.9 bn | 1.9 bn | SEC (XBRL)· 10 Feb 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 49.9 m | 59.2 m | 54.3 m | 124.6 m | SEC (XBRL)· 10 Feb 2026verified |
| Investing cash flow | -323.5 m | -186.0 m | -437.4 m | -803.2 m | SEC (XBRL)· 10 Feb 2026verified |
| Financing cash flow | 273.3 m | 126.9 m | 1.0 bn | 341.8 m | SEC (XBRL)· 10 Feb 2026verified |
| Dividends paid | — | 0 | 0 | 77.4 m | SEC (XBRL)· 10 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 42 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns28
- Growth100
- Valuation32
- Quality52
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.80 – 30.90 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)8.80 – 11.84 (Mid 10.10)
- Peers: P/B9.27 – 30.90 (Mid 15.83)19 companies used · median multiple 0.8x · quartiles 0.5x – 1.7xAEI, AHRT, AIRE, BEEP, CBRE, CHCI, CIGI, CMTG, CWK, FOR, FRPH, GTY, HPP, IIPR, LPA, OPI, TRC, TRNO, UE
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 42/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 1.3% | 52 (vs peers) | 10% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 35.7% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 1.6x | 40 (vs peers) | 31% |
| P/E (TTM) · Valuation | 125.4x | 13 (vs peers) | 14% |
| Dividend yield · Returns | 2.3% | 36 (vs peers) | 24% |
| Payout ratio (EPS) · Returns | 291.1% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth100/100 · 1/1 factors with a value
- Quality· partial52/100 · 1/2 factors with a value
- Returns28/100 · 2/2 factors with a value
- Valuation32/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Curbline Properties Corp. (CURB). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 182.9 m USD in 2025; YoY growth 51.3%; net margin 11.2%; ROE 1.3%.
The estimated value range is 9.04–21.37 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 12.97 USD, the price of 30.16 USD leaves a potential of -57.0% (value / price − 1) and a margin of safety of -132.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 42/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 35.7%
What contradicts it
- P/E (TTM): 125.4x
- Payout ratio (EPS): 291.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CBRECbre Group, Inc. | 40.7 bn | 30.2 | 16.1% | 3.1% | +13.4% | −13% / +79% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | 32.7 bn | 131.8 | 9.1% | 85.4% | +12.2% | +19% / −2% |
| TRNOTerreno Realty Corporation | 7.5 bn | 20.3 | 8.3% | 68.1% | +24.5% | +8% / +19% |
| FSVFirstService Corporation | 7.1 bn | 49.0 | 14.9% | 3.5% | +5.4% | −1% / −1% |
| CIGIColliers International Group Inc. | 4.0 bn | 48.8 | 15.7% | 4.0% | +15.3% | −32% / −5% |
| CURBCurbline Properties Corp. | 3.7 bn | 125.4 | 1.3% | 11.2% | +51.3% | +30% / unavailable |
| CWKCushman & Wakefield Ltd. | 3.5 bn | 50.5 | 3.4% | 0.6% | +8.9% | −11% / +82% |
| UEUrban Edge Properties | 2.7 bn | 24.6 | 7.9% | 22.2% | +6.1% | +10% / +26% |
| GTYGetty Realty Corp. | 1.9 bn | 17.4 | 8.9% | 42.4% | +9.0% | +1% / −2% |
| IIPRInnovative Industrial Properties, Inc. | 1.6 bn | 12.5 | 7.6% | 53.2% | −13.8% | +14% / −31% |
| FORForestar Group Inc. | 1.3 bn | 7.5 | 9.6% | 9.9% | +10.1% | −2% / −18% |
| HPPHudson Pacific Properties, Inc. | 572.8 m | — | -19.8% | -69.1% | −1.3% | −24% / −74% |
| DUOFangdd Network Group Ltd. | 548.5 m | — | -17.9% | -23.9% | +9.2% | −68% / −96% |
| AHRTAh Realty Trust, Inc. | 500.6 m | — | -6.7% | -18.2% | +4.1% | +3% / −38% |
| TRCTejon Ranch Co. | 439.9 m | 71.3 | 1.3% | 10.6% | +18.4% | +0% / +3% |
| FRPHFrp Holdings, Inc. | 360.7 m | 2,041,655.0 | 0.0% | 0.2% | +2.6% | −19% / −32% |
| MLPMaui Land & Pineapple Co Inc | 289.5 m | — | -16.1% | -28.6% | +68.2% | −8% / −2% |
| OPIOffice Properties Income Trust | 285.6 m | — | -40.5% | -73.0% | −11.8% | unavailable / unavailable |
| CMTGClaros Mortgage Trust, Inc. | 261.0 m | — | -36.5% | -391.9% | −24.4% | −44% / −85% |
| CHCIComstock Holding Companies, Inc. | 165.7 m | 6.7 | 36.4% | 32.2% | +22.6% | +46% / +352% |
| BEEPMobile Infrastructure Corporation | 100.4 m | — | -16.1% | -67.2% | −5.2% | −22% / −54% |
| LPALogistic Properties of the Americas | 78.1 m | 7.5 | 4.3% | 20.9% | +14.3% | −27% / unavailable |
| OZBelpointe PREP, LLC | 47.6 m | — | — | -212.1% | +243.4% | −41% / −50% |
| AEIAlset Inc. | 21.1 m | — | -43.4% | -951.4% | −78.8% | −80% / −54% |
| CWDCalibercos Inc. | 4.7 m | — | — | -117.3% | −60.7% | −80% / −98% |
1- and 3-year price returns: for CURB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.55 Total return -38% · Per year -38% | 32.65 Total return 9% · Per year 9% | 48.98 Total return 63% · Per year 63% |
| 3 years | 22.01 Total return -25% · Per year -9% | 43.18 Total return 46% · Per year 13% | 70.52 Total return 138% · Per year 33% |
| 5 years | 26.10 Total return -10% · Per year -2% | 57.11 Total return 95% · Per year 14% | 101.56 Total return 244% · Per year 28% |
- Exit P/E± 10.80
- Net margin± 7.56
- Annual revenue growth± 5.64
- Annual dilution± 0.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Curbline Properties is a NYSE-listed REIT that owns and manages convenience shopping centers in suburban, high-income communities. The portfolio grew quickly from 176 properties at the end of 2025 to 239 by September 2026, and occupancy reached 94.5% 2. The company is the only listed public REIT focused exclusively on this segment, which gives it a distinct position in a highly fragmented market.
SWOT
Strengths
Weaknesses
- The company has a short history as an independent public entity, and earlier data are carved out of its former parent 1.
- Reliance on equity issuance and external financing exposes the company to capital market conditions 2.
- The management team is lean, and many functions depend on shared-services agreements 1.
Opportunities
Risks
- Concentration of rental incomemedium
Almost all income comes from rent, so the insolvency of some tenants could affect results 1.
- Dependence on acquisitionshigh
Growth depends on finding and integrating new properties at adequate returns 1.
- Interest rate exposuremedium
Higher debt and variable-rate borrowings could hurt margins if rates rise 13.
- Climate and natural disaster exposuremedium
Properties in hurricane-prone or flood-prone regions could suffer uninsured losses 1.
- Shareholder dilutionlow
Forward equity issuance can reduce per-share results if acquisition returns fall short 2.
Investment thesis
What would need to be true (bull case)
- If leasing spreads stay positive and new properties enter revenue, Operating FFO growth could continue into 2027 23.
- Being the only public REIT focused on convenience centers may help attract capital and acquisition access 1.
- High occupancy and high-credit national tenants could support stable cash flows 12.
What would break the thesis
What to watch
- Trend in occupancy and leasing spreadsQ4 2026
- Pace at which signed-but-not-opened leases begin paying rentQ1 2027
- Operating FFO guidance for 20272027
- Final terms of the delayed draw term loannext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Curbline Properties Corp. is a Maryland REIT that leases and manages convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities 1. Its income comes mainly from rent paid by tenants, largely service and restaurant businesses, and about half of its properties have at least one drive-thru unit 1. The company was spun off from SITE Centers on October 1, 2024 and is headquartered in New York 1.
Acquisitions are central to Curbline's strategy. Year to date through October 2026 it acquired 72 centers for an aggregate purchase price of 800.0 million dollars 2, funded largely by forward equity sales and new debt 23. Operating cash flow is supported by leases with fixed annual increases and high tenant retention 1.
Its UPREIT structure holds properties through Curbline Properties LP, of which the company is the sole general partner 1. It elected REIT status beginning with the taxable year ending December 31, 2024 and intends to maintain it 1. Headcount was small, 39 full-time employees at the end of 2025, with management functions supported by shared services arrangements with SITE Centers 1.
Segments
Convenience shopping centers
The core segment, which makes up the entire portfolio, consists of centers with mostly small-shop units, mainly service and restaurant tenants, with an average size of about 26,000 square feet as of September 30, 2026 2. More than 96% of base rent comes from units under 10,000 square feet 2.
Market context
The company cites more than 68,000 convenience shopping centers in the United States, with about 950 million square feet of GLA, in a fragmented and liquid market dominated by private investors 1. Household incomes in the portfolio exceed 129,000 dollars, compared with a national median of 87,460 dollars 2.
Profitability depends on demand for space, rent levels at renewal, and the cost of capital for acquisitions. Higher financing costs and construction costs could slow acquisitions, while existing properties generate growth through leasing 13.
Trends
- Rent growth on renewals and new leasestailwind
Leasing spreads remain positive, at 18.2% for new leases and 7.0% on renewals over the first nine months of 2026 2. If this continues, rent growth in the existing portfolio could support medium-term results.
- Cost of financing and acquisitionsheadwind
The company has fixed swap rates on upcoming borrowings, which shows its sensitivity to interest rates 23. Higher rates could narrow acquisition spreads and slow expansion.
- Suburban convenience demandmixed
Demand for convenience retail depends on daily suburban traffic and on consumer behaviour, including e-commerce 1. Suburban population growth could support demand, while shifts in habits could reduce it.
- Dilution from share issuancemixed
The company sold over 33 million shares on a forward basis in 2026 to fund growth 2. This can support asset growth but may lower per-share results if acquisitions earn insufficient returns.
Competitive position
Curbline competes with other real estate companies and developers, private and public, on rent, location, space availability, management services and property condition 1. Because the market is fragmented, the main competition for acquisitions comes from private investors, who are also sellers in many transactions 12.
The company differentiates itself as the only public REIT focused exclusively on convenience centers, giving it a first-mover position in public markets 1. That position can attract capital, but it does not remove pressure from private investors competing for good properties.
- Private convenience-center investors
Private and local investors own most convenience centers and compete for acquisitions 1.
- Shopping center developers and owners
Developers, private or public, compete for tenants and leasable space 1.
- SITE Centers
Former parent until the October 2024 spin-off, which provides management services under contractual agreements 1.
- Retail Value Inc.
Affiliated entity with shared leadership, mentioned in the company's filings 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- What Makes Curbline Properties (CURB) an Attractive Bet?Yahoo Finance — News · 21 Sept 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report22 Oct 2026
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report18 Aug 2026Termination of a material agreement · Item 3.03 · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jul 2026Other events · Financial statements and exhibits
- Current report25 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report02 Jun 2026Material agreement · Financial statements and exhibits
- Current report08 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report29 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Curbline Properties Corp. · 10 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Curbline Properties Corp. · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Curbline Properties Corp. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.