Curbline Properties Corp 2025年季度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 Form 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the quarterly period ended March 31, 2025OR Curbline Properties Corp.(Exact name of registrant as specified in its charter) (I.R.S. Employer Identification No.) Title of each classTradingSymbol(s)Name of each exchange on which registeredCommon Stock, $0.01 Par Value Per ShareCURBNew York Stock Exchange Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct.☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of April 22, 2025 the registrant had 105,215,056 shares of common stock, $0.01 par value per share, outstanding. EXPLANATORY NOTE This quarterly report of Curbline Properties Corp. (the “Company” or “Curbline”, “we” or “us”) includes thefinancial statements of the Company as of March 31, 2025 and December 31, 2024 and for the three monthsended March 31, 2025 and 2024. On October 1, 2024, SITE Centers Corp. (“SITE Centers”) completed the spin-off of Curbline, pursuant to whichSITE Centers contributed 79 convenience properties to the Company. The spin-off was effected pursuant to theSeparation and Distribution Agreement, dated as of October 1, 2024, among the Company, Curbline PropertiesLP, a subsidiary of the Company, and SITE Centers, as further described in the Information Statement (as definedbelow). The spin-off is more fully described in the information statement included as Exhibit 99.1 to the Company’sRegistration Statement on Form 10 (File No. 001-42265) filed with the Securities and Exchange Commission onSeptember 3, 2024 (the “Information Statement”). The spin-off became effective at 12:01 a.m., Eastern Time, onOctober 1, 2024 (the “Spin-Off Date”). The Company’s common stock trades on the New York Stock Exchangeunder the symbol “CURB”. The financial statements prior to the Spin-Off Date do not represent the financial statements of a legal entity, butrather a combination of entities under common control that have been “carved out” of the consolidated financialstatements of SITE Centers and presented on a consolidated basis. Therefore, the consolidated financialstatements prior to the Spin-Off Date are not necessarily indicative of the Company’s results of operations, cashflows or financial position following the completion of the spin-off. For more information regarding the risksrelated to our business, refer to the section captioned “1A. Risk Factors” contained in the Company’s AnnualReport on Form 10-K. TABLE OF CONTENTS PART I. FINANCIAL INFORMATIONItem 1.Financial Statements – UnauditedConsolidated Balance Sheets as of March 31, 2025 and December 31, 20244Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 20245Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025and 20246Consolidated Statements of Equity for the Three Months Ended March 31, 2025 and 20247Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 20248Notes to Consolidated Financial Statements9Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations18Item 3.Quantitative and Qualitative Disclosures about Market Risk29Item 4.Controls and Procedures29PART II. OTHER INFORMATIONItem 1.Legal Proceedings30Item1A.Risk Factors30Item 2.Unregistered Sales of Equity Securities and Use of Proceeds30Item 3.Defaults Upon Senior Securities30Item 4.Mine Safety Disclosures30Item 5.Other Information30Item 6.Exhibits31SIGNATURES32 Curbline Properties Corp.CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited; in thousands) The accompanying notes are a