Curbline Properties Model Update

Research evidence excerpt

Curbline Properties Model Update

Michael W. Mueller, CFA AC North America Equity Research

(1-212) 622-6689 02 July 2026 J P M O R G A N

michael.w.mueller@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We have an Overweight rating on CURB. CURB’s strategy in

the strip center REIT space is a unique one as it focuses on

smaller-format, unanchored, convenience centers, and we like

the prospects for the business and the potential for the stock. The

company has a low-leveraged balance sheet with significant

liquidity and dry powder to continue to acquire/consolidate in

the fragmented convenience center niche within retail.

Additionally, as it relates to core operations, its in-line–only

tenant base offers significant tenant diversification, strong

YTD 1m 3m 12m overall in-place rent escalators, and the potential for a lower cap-

Abs 29.2% 4.6% 15.5% 31.6% ex spend. We do recognize that the stock tends to trade at

Rel 7.8% 1.0% -4.4% -5.5%

premium valuation metrics, but this seems warranted to us given

Company Data our current view of its growth runway.

Shares O/S (mn) 106,877

52-week range ($) 31.87-21.59

Market cap ($ mn) 3,206,310.00 Performance Drivers

Exchange rate 1.00

Free float (%) 92.0%

3M ADV (mn) 0.97

3M ADV ($ mn) 28.3

Volatility (90 Day) 22

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 6|3|0

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E FY28E

Financial Estimates

NOI 137 198 251 298

Adj. EBITDA 106 167 218 263

FFO per share 1.06 1.22 1.36 1.51

BBG FFOPS 1.04 1.22 1.36 1.49

AFFO per share 0.89 1.02 1.17 1.32

DPS 0.48 0.64 0.69 0.76

Margins and Growth

NOI margin 75.8% 85.5% 105.9% 122.4%

NOI growth 46.8% 44.9% 26.4% 18.8%

EBITDA margin 58.7% 71.8% 91.8% 108.0%

EBITDA Growth Y/Y (%) 561.7% 57.2% 30.5% 20.9%

Ratios