CURB
Curbline Properties Corp.23.04
-0.06-0.26%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Pipeline visibility on half of acquisitions
Q&A gave investors clear visibility into half of the $700 million acquisition target, all single-asset deals at blended low-6% cap rates, underscoring execution confidence without portfolio reliance. Same-store NOI details showed H2 acceleration from lease commencements, bad debt normalizing to 60bps headwind, and leasing spreads rebounding to low 20s. Management downplayed market-scale synergies as marginal and reaffirmed no-risk strategy, avoiding value-add for high-quality assets. No dispositions budgeted. Balance sheet optionality abounds. Pipeline half locked in.
Key Stats
Market Cap
2.43BP/E (TTM)
60.63Basic EPS (TTM)
0.38Dividend Yield
0.02%Recent Filings
8-K
Forward sale of 8M shares
Curbline Properties entered a forward equity offering on February 10, 2026, for 8,000,000 common shares via underwriters Morgan Stanley and BofA Securities, closing February 12 with a 30-day option for 1,200,000 more. Forward sellers borrowed and sold the shares; Curbline plans physical settlement within 18 months, delivering shares for cash at adjusted forward prices. Proceeds target property acquisitions, debt repayment, capex. Settlement terms carry adjustment risks.
10-K
FY2025 results
Curbline Properties, the pure-play convenience REIT spun off from SITE Centers in October 2024, ended FY2025 with 176 properties totaling 4.8 million square feet at 94.1% occupancy and $34.52 average annualized base rent per occupied square foot, up from 93.9% occupancy in 2024 amid $788.4 million in acquisitions that drove rental income to $182M (up 51% y/y). Q4 momentum shone through 11.5% blended cash leasing spreads on 0.5 million square feet leased (derived), leased rates climbing to 96.7%, and NOI surging 47% y/y to $137M, fueled by acquisition NOI while same-property NOI grew 3%. Liquidity stays robust at $289.6M unrestricted cash, $400M undrawn revolver, and $428M debt at 5.0% weighted average rate maturing 3.7 years out; quarterly $0.16/share dividends plus a $0.03 special were declared. Yet economic swings hit tenant demand hard.
8-K
Q4 FFO up, acquisitions surge
Curbline Properties reported Q4 net income of $9.5M, down from $11.5M year-ago due to higher interest expense and depreciation, yet Operating FFO rose 28% to $30.4M on $173M of acquisitions boosting NOI 59%. Portfolio hit 176 properties with 96.7% leased rate and 3.3% full-year SPNOI growth. Growth intact. 2026 OFFO guided $1.17-$1.21.
8-K
Secures $200M notes
Curbline Properties entered a Note Agreement on November 12, 2025, for $200M senior unsecured notes: $50M 4.90% due 2031 and $150M 5.13% due 2033, with closings December 31, 2025 ($28M) and January 20, 2026 ($172M). Proceeds fund acquisitions. Notes carry treasury locks at 5.06%/5.31% effective rates; covenants cap leverage ratios. Staged funding locks capital.
10-Q
Q3 FY2025 results
Curbline's Q3 rental income jumped 63.7% y/y to $48.5M, fueled by 67 acquisitions for $615.2M cash, while comparable portfolio NOI grew 3.7% y/y (derived). Net income flipped to $9.3M profit from $15.4M loss, with diluted EPS at $0.09 on 105.3M shares, reconciling cleanly. Operating cash flow hit $98.7M YTD, funding growth amid $430.1M cash and $400M undrawn revolver; debt stands at $396.4M (net) with 5.0% weighted rate and 3.8-year maturity, all covenant-compliant. Portfolio spans 162 centers at 93.9% occupancy. Tenant bankruptcies threaten rental income.
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