Curbline Properties (CURB) BofA Securities Global Real Estate Conference Presentation summary

Company overview and market opportunity

• Focuses on convenience properties in affluent U.S. suburban submarkets, with a 6M SF portfolio curated for demographics, credit, and growth potential.

• Addressable market includes over 68,000 convenience centers nationwide, with $1.7B in acquisitions since October 2024 spin-off.

• Acquired 62 properties YTD 2026 for $715M, including a record $374M in 2Q26 and $199M in 3Q26 to date.

• Portfolio is highly diversified by tenant and geography, with 220 properties and a 96.5% leased rate.

Portfolio performance and leasing economics

• YTD 2026 total portfolio NOI growth of 53.2% and same-property NOI growth of 2.1%.

• Achieved +27% straight-line new leasing spreads and +18% renewal spreads in 2Q26.

• Five-year average cash new leasing spreads of +27% and renewal spreads of +8%.

• Limited capital needs, with 5-year average CapEx at 8% of NOI, supporting elevated free cash flow.

Tenant and asset diversification

• 70% of ABR from national tenants, 28% from publicly traded tenants, and only one tenant (Starbucks) above 2% ABR.

• Over 1,200 unique tenants, with the lowest Top 20 tenant concentration among public open-air REITs.

• Ground leases represent 9% of ABR, with strong leasing spreads and long-term value creation.