Curbline Properties is a REIT that owns, leases, and manages convenience shopping centers — small, curbside strip centers positioned on high-traffic suburban intersections. Curbline spun off from SITE Centers in October 2024 and bills itself as the only publicly traded company focused exclusively on this property type. The typical Curbline property is a simple row of small shops averaging around 27,000 square feet, with roughly half including at least one drive-thru unit. These centers serve customers on quick, recurring errand trips rather than destination shopping. Tenants are primarily national service and restaurant operators — quick-service restaurants, healthcare providers, financial services, telecom, and fitness operators. The top 10 tenants, including Starbucks, Verizon, and Chipotle, account for less than 14% of annualized base rent combined, with national tenants comprising over 70% of the total. Curbline generates revenue almost entirely from base rent, with organic growth driven by ~3% annual fixed rent escalators and above-market rent resets at renewal. New lease spreads averaged ~20% and renewal spreads just under 10% in 2025. The business is capital-light — CapEx runs around 7% of NOI — because the simple building format requires minimal tenant improvement spending. Curbline's growth strategy centers on acquisitions in a highly fragmented market that management estimates at over 68,000 properties, roughly 190 times Curbline's current footprint. The company acquired nearly $800M of assets in 2025 and has raised ~$600M of unsecured debt at a ~5% blended rate, while keeping leverage under 20% LTV, preserving significant capacity for continued acquisitions.