CURBLINE PROPERTIES TABLE OF CONTENTS CURBLINE PROPERTIES 4Q25 EARNINGS CONFERENCE CALL FEBRUARY 9, 2026 SAFE HARBOR STATEMENT Curbline Properties Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in su ...

Group 1 - The investment group High Yield Landlord is offering new members a promotion of $100 off and a 30-day money-back guarantee to encourage sign-ups at the beginning of 2026 [1] - High Yield Landlord has released its Top Picks for 2026, indicating a strategic focus on identifying promising investment opportunities for the upcoming year [1] - Jussi Askola, the President of Leonberg Capital, leads the High Yield Landlord group, which provides real-time insights into REIT investments and includes features like multiple portfolios and direct access to analysts [2] Group 2 - Jussi Askola has a strong background in REIT investing, having authored award-winning academic papers and built relationships with top REIT executives, enhancing the credibility of the investment group [2] - The group offers three distinct portfolios: core, retirement, and international, catering to different investment strategies and goals [2]

Core Viewpoint - The article emphasizes the expectation that value stocks will generate substantial alpha in the current year and beyond, while also highlighting the author's focus on macro analysis and stock research to identify durable businesses with strong cash-flow potential [1]. Group 1: Market Insights - The current market rotation has been a significant focus for the year, with an increased emphasis on value stocks [1]. - The author believes that value stocks will outperform and provide substantial returns in the near future [1]. Group 2: Author's Background - The author, Leo Nelissen, is characterized as a long-term investor and macro-focused strategist, with a strong interest in dividend growth and high-quality compounders [1]. - The author's investment strategy combines macro analysis with bottom-up stock research to identify businesses with strong cash-flow potential [1].

Group 1: Market Overview - The stock market has become more volatile recently, raising concerns about a potential bubble in AI stocks [1] - Uncertainty surrounding the Federal Reserve's actions and changing U.S. trade policies may lead some investors to be cautious [1] Group 2: Realty Income - Realty Income (NYSE: O) is the sixth-largest real estate investment trust (REIT) globally, owning over 15,500 properties across the U.S. and eight other countries [5] - The company boasts a forward dividend yield exceeding 5.1% and has increased its dividend for 30 consecutive years and 112 consecutive quarters [5][6] - Realty Income has demonstrated stable growth across various macroeconomic conditions, consistently outperforming the S&P 500 with lower volatility [6] - The company sees significant growth potential in Europe, with a total addressable market of $8.5 trillion, and is expanding into private capital [7] Group 3: United Parcel Service - United Parcel Service (NYSE: UPS) is a major package delivery company operating a large fleet and delivering packages in over 200 countries [8] - UPS has maintained its dividend since going public in 1999, with a forward dividend yield of 5.6% [8] - The company expects to generate approximately $6.5 billion in free cash flow this year while paying around $5.4 billion in dividends, allowing for capital expenditures of about $3 billion [9]

Group 1: Market Overview - Markets are cyclical, and sentiment can shift quickly, indicating a potential return of risk appetite [1] - Leadership in stocks is crucial during market upswings, as not all stocks will rise equally [1] Group 2: Singapore Exchange Limited (SGX) - SGX is recognized as a long-term dividend income player and is Singapore's sole approved stock exchange, allowing it to generate strong cash flows with low capital expenditure [2] - In the first half of fiscal year 2026, SGX reported a net revenue increase of 10.1% YoY to S$636.6 million and an adjusted net profit rise of 11.6% YoY to S$357.1 million [3] - The interim quarterly dividend declared is S$0.110 per share, contributing to a total dividend of S$0.2175 for 1HFY2026, a 20.8% YoY increase [4] Group 3: SATS Ltd - SATS is positioned as a cyclical recovery play, benefiting from the rebound in global air travel and increased cargo volumes, with a revenue increase of 9.1% YoY to S$3.08 billion in 1HFY2026 [5] - The net profit for SATS in 1HFY2026 was S$149.8 million, up 11.2% from the previous year [5] - An interim dividend of S$0.02 represents a 33% increase from the previous year, although inflation and economic slowdown may pose challenges [6] Group 4: Frasers Centrepoint Trust (FCT) - FCT is a quality REIT focused on suburban retail malls, which comprise 97.3% of its portfolio, providing stable income from essential services [7][8] - The trust has a debt of S$421.3 million due in FY2026 and benefits from refinancing at lower rates, with an average borrowing cost of 3.5% [8][9] - FCT has consistently paid dividends since 2006, with a 0.6% YoY increase in distribution per unit to S$0.12113 for FY2025 [9] Group 5: iFAST Corporation - iFAST is a rapidly growing fintech company in Singapore, driven by increasing assets under administration and recurring fee income [10] - In 3Q2025, gross revenue reached S$135.82 million, a 37% YoY increase, with net profit rising 54.7% YoY to S$26.01 million [11] - The company announced a third interim dividend of S$0.023 per share, a 53% increase from the previous year, with guidance suggesting a potential payout of S$0.082 for FY2025, indicating confidence in cash flow stability [11]

Core Viewpoint - Realty Income is positioned as a strong investment option for income-focused strategies, emphasizing its ability to generate reliable passive income through dividends [1]. Group 1: Dividend Performance - Realty Income has declared 667 consecutive monthly dividends since its inception over 50 years ago, demonstrating a consistent commitment to dividend payments [3]. - The company has increased its dividend payments 133 times since going public in 1994, achieving a compound annual growth rate of 4.2% during this period [3]. Group 2: Financial Metrics - Realty Income currently offers a dividend yield of 5.1%, significantly higher than the S&P 500's yield of 1.2%, indicating a strong income-generating potential [4]. - The REIT maintains a diversified portfolio that generates stable rental income, supported by long-term net leases that require tenants to cover all operating costs [4]. - Realty Income boasts one of the top 10 balance sheets in the sector, providing the financial flexibility to expand its portfolio of income-producing real estate [4]. Group 3: Market Data - As of the latest data, Realty Income's market capitalization stands at $58 billion, with a current stock price of $63.25 [5][6]. - The stock has experienced a day's range between $62.66 and $63.90, and a 52-week range from $50.71 to $63.90 [6]. - The average trading volume is reported at 6.4 million shares, with a gross margin of 48.14% [6].

Group 1: Federal Reserve and Interest Rates - President Trump has been advocating for the Federal Reserve to cut interest rates, and his nominee to succeed Jerome Powell, Kevin Warsh, supports this view [1] - Federal funds traders predict an 81% chance of a rate cut by summer, with a 45% chance of a cut in April [1] Group 2: Impact on Real Estate Investment Trusts (REITs) - U.S. companies may benefit from lower borrowing costs after years of tight monetary policy, which is favorable for REITs [2] - REITs benefit from lower interest rates in three ways: they pay 90% of net income as dividends, their valuations rise as future cash flows are discounted using the 10-year Treasury yield, and lower borrowing costs improve their refinancing options [2] Group 3: Historical Performance of REITs - REITs have historically outperformed the S&P 500 during periods of prolonged low rates, as evidenced from June 2009 to November 2015 when the federal funds rate was below 0.21% [3] Group 4: Investment Opportunities in REITs - Not all REITs will perform equally in a declining rate environment, but there are standout opportunities available [4] - Realty Income, a significant player in the REIT sector, has properties valued at $61 billion and clients including Lowe's and Walmart [5] - Realty Income has a strong track record with 112 consecutive quarterly dividend increases and a year-over-year earnings growth of 17%, currently offering a monthly dividend yield of 5.2% [6]

Group 1 - VICI Properties Inc. is recognized as one of the 13 best extremely profitable stocks to invest in currently [1] - The consensus price target for VICI is $35.00, indicating a potential upside of 24.64%, with 80% of analysts maintaining a bullish outlook [3] - Recent analyst updates include a downgrade from 'Outperform' to 'Sector Perform' by Scotiabank, with a revised price target of $30 [3] Group 2 - Cantor Fitzgerald reduced its price target from $35 to $33 while keeping an 'Overweight' rating, citing stable fundamentals and a well-covered dividend yield of nearly 4% [4] - Barclays also lowered its price target from $37 to $33, reiterating an 'Overweight' rating, reflecting tenant-related risks [5] - VICI Properties operates as a gaming-focused real estate investment trust, generating consistent rental income from casino, hospitality, and entertainment properties across the U.S. [6]

Group 1 - VICI Properties Inc. is recognized as one of the 13 best extremely profitable stocks to invest in currently [1] - The consensus price target for VICI is $35.00, indicating a potential upside of 24.64%, with 80% of analysts maintaining a bullish outlook [3] - Recent analyst updates include a downgrade from 'Outperform' to 'Sector Perform' by Scotiabank, with a revised price target of $30 [3] Group 2 - Cantor Fitzgerald reduced its price target from $35 to $33 while keeping an 'Overweight' rating, citing stable fundamentals and a well-covered dividend yield of nearly 4% [4] - Barclays also lowered its price target from $37 to $33, reiterating an 'Overweight' rating, reflecting tenant-related risks [5] - VICI Properties operates as a gaming-focused real estate investment trust, generating consistent rental income from casino, hospitality, and entertainment properties across the U.S. [6]

Core Insights - The current market indices are experiencing increased volatility due to the earnings season for large-cap technology companies, prompting investors to seek safer investment options [1] - Quality income funds are highlighted as a means to preserve capital during uncertain times, with a focus on high-quality dividend stocks and other income-generating assets [1] Investment Strategy - The investment approach combines classic dividend growth stocks with Business Development Companies, Real Estate Investment Trusts (REITs), and Closed-End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1] - A hybrid system that balances growth and income is proposed, aiming to capture total returns on par with the S&P 500 [1]