Curbline Properties - Boca Raton, FL

Curbline Properties was formed through a spin-off from SITE Centers Corp that was completed on October 1, 2024, becoming the first publicly-traded REIT focused exclusively on convenience retail real estate. The company trades on the New York Stock Exchange under ticker symbol CURB. Curbline owns and manages convenience shopping centers positioned on the curblines of well-trafficked intersections and major vehicular corridors in suburban, high household income communities across the United States. The company's investment thesis centers on properties that cater to convenience trips from suburban populations, with assets offering dedicated parking and high visibility. As of September 30, 2025, Curbline's portfolio comprised 162 properties totaling approximately 4.5 million square feet of owned gross leasable area, with an average asset size of 28,000 square feet. The portfolio maintains a 94% shop-to-anchor ratio, with a tenant mix of 70% national brands and 30% local operators. The company has pursued an aggressive acquisition strategy since formation, completing $966 million in acquisitions from July 2024 through Q3 2025, including $206.1 million across 20 properties in Q4 2024 and $336.1 million across 37 properties in Q3 2025. Fourth quarter 2024 blended acquisition cap rates were 6.25%. Atlanta represents 12% of annual base rent, Miami accounts for 11%, and Phoenix comprises 8%, with 41% of base rent concentrated in the Southeast region and 24% in the Southwest/Mountain regions. Top tenants include Starbucks, Verizon, Inspire Brands, Chipotle, and AT&T, with no single tenant exceeding 3% of total base rent. The leased rate reached 96.7% in Q3 2025, with new lease rent spreads of 39.7% and renewal spreads of 20.5% for the quarter. Leadership is headed by President and CEO David R. Lukes, who previously served as CEO of Equity One and held senior positions at Kimco Realty.