Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-31

Curbline Properties Corp. (CURB)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,279,961
David Lukes total, FY2025
9th
CEO pay percentile vs peers
13:1
CEO-to-median pay ratio
96.6%
Say-on-pay support, latest vote
Companies that benchmark against CURB
4 companies name CURB as a compensation peer

Each company listed discloses CURB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CURB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Lukes$50,000$0$789,045$0$2,400,000$0$40,916$3,279,961
Chief Executive Officer and President
Conor Fennerty600,00001,252,9120900,000021,4972,774,409
Executive Vice President, Chief Financial Officer and Treasurer
John Cattonar500,00001,154,3020750,000011,7812,416,083
Executive Vice President and Chief Investment Officer
Lesley Solomon400,0000350,2870300,000012,0001,062,287
Executive Vice President, General Counsel & Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
David Lukes$3,279,961$26,273,965−22,994,004
Conor Fennerty2,774,4094,007,1493,396,349−1,232,740
John Cattonar2,416,0833,454,9402,696,067−1,038,857
Lesley Solomon1,062,287

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Lesley SolomonEVP & General Counsel2026-04-08D408$27$10,930CommonForm 4 ↗
David R. LukesDirector2026-05-11D126,00000CommonForm 4 ↗
David R. LukesDirector2026-05-11A42,00000CommonForm 4 ↗
David R. LukesDirector2026-05-11A42,00000CommonForm 4 ↗
David R. LukesDirector2026-05-11A42,00000CommonForm 4 ↗
Conor FennertyEVP, CFO & Treasurer2026-06-25A49,32600CommonForm 4 ↗
John CattonarEVP & Chief Investment Officer2026-06-25A45,05100CommonForm 4 ↗
Conor FennertyEVP, CFO & Treasurer2026-07-30D55,105301,674,200CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Lesley SolomonRSU2025-02-224,052$98,707
John CattonarPSU2025-10-1526,31665,7901,006,291
Lesley SolomonPSU2025-10-156,57916,448251,580
Conor FennertyPSU2025-10-1526,31665,7901,006,291
David LukesRSU2025-02-2232,391789,045
John CattonarRSU2025-02-226,076148,011
Conor FennertyRSU2025-02-2210,124246,621
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Lesley Solomon$98,707$251,580$071.8%
John Cattonar148,0111,006,291087.2%
Conor Fennerty246,6211,006,291080.3%
David Lukes789,045000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
David LukesRSU343,071$7,962,678
David LukesRSU87,3992,028,531
Conor FennertyRSU132,6193,078,087
John CattonarRSU51,7921,202,092
John CattonarRSU107,9832,506,285
John CattonarRSU6,076141,024
David LukesPSU776,86818,031,106
Lesley SolomonRSU15,850367,879
Lesley SolomonRSU4,05294,047
Lesley SolomonPSU12,948300,523
John CattonarPSU65,7901,526,986
Conor FennertyRSU65,7901,526,986
Conor FennertyRSU51,7921,202,092
John CattonarRSU65,7901,526,986
Conor FennertyPSU65,7901,526,986
Conor FennertyRSU10,124234,978
David LukesRSU32,391751,795
Conor FennertyPSU51,7921,202,092
John CattonarPSU51,7921,202,092
David LukesRSU776,86818,031,106
Lesley SolomonPSU16,448381,758
05

Incentive-plan design — the Compensation Discussion & Analysis

attract, retain and motivate executives who can execute our strategy and maintain and grow the value of the Company and its assets over the long term; reward executives on an annual basis in a manner aligned with our financial performance, organizational objectives and their individual performance; retain and align the management team s long-term interests with our stockholders through long-term service-based and performance-based equity participation and ownership; and ensure that the cost of the compensation program is reasonable to stockholders.

CEO STI target (% of salary)2,000%
CEO LTI target (% of salary)
Independent consultantGressle & McGinley
Clawback policytrue
Anti-hedging
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0794,472,1093,322,14497,40496.6%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0796.6%a

a. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)13 : 1
CEO total compensation$3,279,961
Median employee compensation$253,144
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Terrance R. AhernIndependent · Board Chair · Compensation (Chair)$207,500$0$0$0$0$207,500
Jane E. DeFlorioIndependent · Audit (Chair) · Compensation110,0000000110,000
Linda B. AbrahamIndependent · Audit95,000000095,000
Barry A. SholemIndependent · Nominating and Sustainability · Compensation92,500000092,500
Victor B. MacFarlaneIndependent · Audit · Nominating and Sustainability (Chair)90,000000090,000
Alexander OttoIndependent · Audit (Chair) · Compensation75,000000075,000
David R. LukesEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$300,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline$375,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$670,000
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$670,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Curbline Properties Corp. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Curbline Properties Corp..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Kimco Realty Corporation2025Conor Flynn$1,000,000$7,080,401$0$3,398,400$11,581,750
2Regency Centers Corporation2025Lisa Palmer1,050,0007,099,09802,925,00011,092,432
3Federal Realty Investment Trust2025Donald Wood1,000,0007,554,43401,350,0009,929,147
4Urban Edge Properties2025Jeffrey Olson1,100,0004,892,46502,091,2438,106,208
5Phillips Edison & Company Inc.2025Jeffrey Edison991,8644,931,23001,960,7008,062,820
6Kite Realty Group Trust2025John Kite1,000,0003,931,06102,912,5007,882,883
7InvenTrust Properties Corp.2025Daniel Busch950,0004,627,08402,012,8137,597,244
8Tanger Factory Outlet Centers2025Stephen Yalof900,0004,150,03601,809,3757,113,515
9Acadia Realty Trust2025Kenneth Bernstein850,0003,574,54402,486,8986,922,230
10Brixmor Property Group Inc.2025Brian T. Finnegan650,0001,777,1340830,9443,735,474
11Curbline Properties Corp.2025David Lukes50,000789,04502,400,0003,279,961
12Saul Centers Inc.2025B. Francis Saul125,0001,010,22501,262,364

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Curbline Properties Corp.200%LTIP Units 100Yes — Relative TSRGressle & McGinley
Acadia Realty Trust145%LTIP Units 100Yes — Relative TSR vs. Nareit Shopping Center IndexFerguson Partners Consulting (FPC)
Brixmor Property Group Inc.111%PSU 60 · RSU 40YesPay Governance
Federal Realty Investment Trust120%not disclosedNoSemler Brossy Consulting Group
InvenTrust Properties Corp.212%RSU 100NoFerguson Partners Consulting
Kimco Realty Corporation189%PSU 67 · RSU 33Yes — Total Stockholder Return (TSR)Pay Governance LLC
Kite Realty Group Trustnot disclosedPSU 60 · RSU 40Yes — relative TSR performance versus shopping center REITsFerguson Partners Consulting
Phillips Edison & Company Inc.140%PSU 68 · RSU 32Yes — Relative TSRFPC
Regency Centers Corporation150%PSU 80 · RSU 20NoSemler Brossy
Saul Centers Inc.20%RSU 50 · PSU 50Nonot disclosed
Tanger Factory Outlet Centers134.0%PSU 60 · RSU 40Yes — Absolute TSRFerguson Partners
Urban Edge Properties190%LTIP Units 100Yes — Absolute TSRFarient Advisors

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Curbline Properties Corp. in fiscal 2025?
The highest-paid executive at Curbline Properties Corp. in fiscal 2025 was David Lukes, Chief Executive Officer and President, with total compensation of $3,279,961.
How does Curbline Properties Corp.'s chief executive pay compare to its disclosed peer group?
The filing shows that David Lukes' pay falls within the 9th percentile of disclosed peers.
What is Curbline Properties Corp.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was 13:1.
How did shareholders vote on Curbline Properties Corp.'s executive compensation?
Shareholders approved the latest executive compensation plan with 96.6% support.
How much does Curbline Properties Corp. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $670,000.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, David LukesDEF 14A2026-03-240001193125-26-120603Section “Summary Compensation Table” · page 38. As printed: 3,279,961. Filing ↗machine: t45 · r7 · c30 · span 1125424–1125433
2Section 01, Conor FennertyDEF 14A2026-03-240001193125-26-120603Section “Summary Compensation Table” · page 38. As printed: 2,774,409. Filing ↗machine: t45 · r12 · c30 · span 1190985–1190994
3Section 01, John CattonarDEF 14A2026-03-240001193125-26-120603Section “Summary Compensation Table” · page 38. As printed: 2,416,083. Filing ↗machine: t45 · r17 · c30 · span 1256041–1256050
4Section 01, Lesley SolomonDEF 14A2026-03-240001193125-26-120603Section “Summary Compensation Table” · page 38. As printed: 1,062,287. Filing ↗machine: t45 · r22 · c30 · span 1321636–1321645
5Section 03, Lesley Solomon RSUDEF 14A2026-03-240001193125-26-120603Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t47 · r19 · c6 · span 1716136–1716141
6Section 03, John Cattonar PSUDEF 14A2026-03-240001193125-26-120603Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t46 · r11 · c16 · span 1501043–1501049
7Section 03, Lesley Solomon PSUDEF 14A2026-03-240001193125-26-120603Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t46 · r14 · c16 · span 1534809–1534814
8Section 03, Conor Fennerty PSUDEF 14A2026-03-240001193125-26-120603Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t46 · r8 · c16 · span 1467080–1467086
9Section 03, David Lukes RSUDEF 14A2026-03-240001193125-26-120603Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t47 · r8 · c6 · span 1605805–1605811
10Section 03, John Cattonar RSUDEF 14A2026-03-240001193125-26-120603Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t47 · r15 · c6 · span 1676058–1676063
11Section 03, Conor Fennerty RSUDEF 14A2026-03-240001193125-26-120603Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t47 · r11 · c6 · span 1635975–1635981
12Section 07, pay ratioDEF 14A2026-03-240001193125-26-120603Section “CEO Pay Ratio”. As printed: 13 : 1. Filing ↗machine: span 2714223–2714230
13Section 08, Terrance R. AhernDEF 14A2026-03-240001193125-26-120624Section “Director Compensation”. As printed: 207,500. Filing ↗
14Section 08, Jane E. DeFlorioDEF 14A2026-03-240001193125-26-120624Section “Director Compensation”. As printed: 110,000. Filing ↗
15Section 08, Linda B. AbrahamDEF 14A2026-03-240001193125-26-120624Section “Director Compensation”. As printed: 95,000. Filing ↗
16Section 08, Barry A. SholemDEF 14A2026-03-240001193125-26-120624Section “Director Compensation”. As printed: 92,500. Filing ↗
17Section 08, Victor B. MacFarlaneDEF 14A2026-03-240001193125-26-120624Section “Director Compensation”. As printed: 90,000. Filing ↗
18Section 08, Alexander OttoDEF 14A2026-03-240001193125-26-120624Section “Director Compensation”. As printed: 75,000. Filing ↗
19Section 08, David R. LukesDEF 14A2026-03-240001193125-26-120624Section “Director Compensation”. As printed: 0. Filing ↗
20Section 02, Lesley Solomon 2026-04-08Form 42026-04-090001193125-26-149604Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, David R. Lukes 2026-05-11Form 42026-05-130001193125-26-221594Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, David R. Lukes 2026-05-11Form 42026-05-130001193125-26-221594Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, David R. Lukes 2026-05-11Form 42026-05-130001193125-26-221594Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, David R. Lukes 2026-05-11Form 42026-05-130001193125-26-221594Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Conor Fennerty 2026-06-25Form 42026-06-250001193125-26-282806Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, John Cattonar 2026-06-25Form 42026-06-250001193125-26-282776Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Conor Fennerty 2026-07-30Form 42026-07-310001193125-26-328460Insider equity transaction reported since the proxy statement. Filing ↗
28Section 06, 2026 voteForm 8-K2026-05-080001193125-26-213256Item 5.07 · say-on-pay result. As reported: 96.6% (votes for as printed: 94,472,109). Filing ↗
29Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
31Section 09b board cost (computed)ComputedcomputedCash 670,000 + equity 0 + all other 0 = 670,000, summed across the director compensation table rows.machine: formula: Σ = 670,000
32Kimco Realty Corporation, Section 10b CEO totalDEF 14A2026-04-080001206774-26-000197CEO total compensation as printed in Kimco Realty Corporation's own proxy. As printed: 11,581,750. Filing ↗machine: t133 · r4 · c7 · span 542175–542185
33Regency Centers Corporation, Section 10b CEO totalDEF 14A2026-03-250001193125-26-122880CEO total compensation as printed in Regency Centers Corporation's own proxy. As printed: 11,092,432. Filing ↗machine: r7 · c23 · span 803411–803422
34Federal Realty Investment Trust, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127642CEO total compensation as printed in Federal Realty Investment Trust's own proxy. As printed: 9,929,147. Filing ↗machine: t136 · r3 · c27 · span 657645–657654
35Urban Edge Properties, Section 10b CEO totalDEF 14A2026-03-240001140361-26-010899CEO total compensation as printed in Urban Edge Properties's own proxy. As printed: 8,106,208. Filing ↗machine: r2 · c21 · span 876925–876934
36Phillips Edison & Company Inc., Section 10b CEO totalDEF 14A2026-03-230001476204-26-000016CEO total compensation as printed in Phillips Edison & Company Inc.'s own proxy. As printed: 8,062,820. Filing ↗machine: r5 · c18 · span 575792–575801
37Kite Realty Group Trust, Section 10b CEO totalDEF 14A2026-04-010001286043-26-000024CEO total compensation as printed in Kite Realty Group Trust's own proxy. As printed: 7,882,883. Filing ↗machine: r2 · c6 · span 1509426–1509435
38InvenTrust Properties Corp., Section 10b CEO totalDEF 14A2026-03-190001307748-26-000097CEO total compensation as printed in InvenTrust Properties Corp.'s own proxy. As printed: 7,597,244. Filing ↗machine: t86 · r3 · c7 · span 1486834–1486843
39Tanger Factory Outlet Centers, Section 10b CEO totalDEF 14A2026-03-260001628280-26-021249CEO total compensation as printed in Tanger Factory Outlet Centers's own proxy. As printed: 7,113,515. Filing ↗machine: r5 · c33 · span 922980–922989
40Acadia Realty Trust, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134606CEO total compensation as printed in Acadia Realty Trust's own proxy. As printed: 6,922,230. Filing ↗machine: span 777495–777504
41Brixmor Property Group Inc., Section 10b CEO totalDEF 14A2026-03-110001104659-26-026381CEO total compensation as printed in Brixmor Property Group Inc.'s own proxy. As printed: 3,735,474. Filing ↗machine: r4 · c27 · span 957466–957475
42Curbline Properties Corp. (subject), Section 10b CEO totalDEF 14A2026-03-240001193125-26-120603CEO total compensation as printed in Curbline Properties Corp.'s own proxy. As printed: 3,279,961. Filing ↗machine: t45 · r7 · c30 · span 1125424–1125433
43Saul Centers Inc., Section 10b CEO totalDEF 14A2026-03-230000907254-26-000025CEO total compensation as printed in Saul Centers Inc.'s own proxy. As printed: 1,262,364. Filing ↗machine: span 314877–314886
44Section 10a, Tanger Factory Outlet Centers reciprocityDEF 14A0001628280-26-021249Tanger Factory Outlet Centers's most recent proxy was read; its disclosed peer group does not include Curbline Properties Corp.. Filing ↗
45Section 10a, Urban Edge Properties reciprocityDEF 14A0001140361-26-010899Urban Edge Properties's most recent proxy was read; its disclosed peer group does not include Curbline Properties Corp.. Filing ↗
46Section 10a, Acadia Realty Trust reciprocityDEF 14A0001193125-26-134606Acadia Realty Trust names Curbline Properties Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Federal Realty Investment Trust reciprocityDEF 14A0001193125-25-066328Federal Realty Investment Trust's most recent proxy was read; its disclosed peer group does not include Curbline Properties Corp.. Filing ↗
48Section 10a, Regency Centers Corporation reciprocityDEF 14A0001193125-26-122880Regency Centers Corporation's most recent proxy was read; its disclosed peer group does not include Curbline Properties Corp.. Filing ↗
49Section 10a, Brixmor Property Group Inc. reciprocityDEF 14A0001104659-26-026381Brixmor Property Group Inc.'s most recent proxy was read; its disclosed peer group does not include Curbline Properties Corp.. Filing ↗
50Section 10a, Phillips Edison & Company Inc. reciprocityDEF 14A0001476204-26-000016Phillips Edison & Company Inc.'s most recent proxy was read; its disclosed peer group does not include Curbline Properties Corp.. Filing ↗
51Section 10a, Kite Realty Group Trust reciprocityDEF 14A0001286043-26-000024Kite Realty Group Trust names Curbline Properties Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗