Curbline Properties (CURB) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 2025 results with net income of $10.6M ($0.10/share), up from $8.0M ($0.08/share) year-over-year, driven by acquisitions and robust leasing activity; portfolio comprised 107 convenience shopping centers totaling 3.4M sq. ft. GLA, 96.0% leased.

• Acquired 16 properties for $139.1M through April 22, 2025, including a six-property Jacksonville, FL portfolio for $86M; current pipeline exceeds $500M.

• Leased rate increased 50 bps sequentially to 96.0%, among the highest in the sector, with strong tenant mix and high retention.

• Maintained a net cash position with $594M in cash and $1B in liquidity at quarter end, supporting ongoing growth and acquisitions.

• Continued focus on capital-efficient, convenience-oriented properties in affluent, high-traffic suburban locations.

Financial highlights

• Q1 2025 net income attributable to Curbline: $10.6M; FFO: $25.0M; Operating FFO: $25.1M ($0.24/share); total revenues: $38.7M, up from $28.0M year-over-year.

• Same-property NOI grew 2.5% year-over-year; total NOI increased 28.9% to $28.5M.

• Blended straight-line leasing spreads were 27%–37%; cash new leasing spreads 20.8%, renewal spreads 8.3%.

• CapEx as a percentage of NOI under 5%; maintenance capex for Q1 was $10K.

• Weighted average shares outstanding: 105.1M diluted.

Outlook and guidance

• 2025 net income per share guidance: $0.43–$0.50; Operating FFO/FFO per share: $0.99–$1.02, reflecting better-than-expected operations and strong acquisition pacing.

• Same-property NOI growth expected to average over 3% for 2024–2026; 2025 range: 1.25%–4.25%.

• Full-year investment guidance remains at $500M, funded roughly 50/50 with debt and cash.

• Interest expense expected to rise in Q2 due to $100M term loan funding.

• Guidance excludes gains/losses on asset sales, transaction, and debt extinguishment costs.