Curbline Properties (CURB) Q1 2026 earnings summary

Executive summary

• Portfolio consists of 190 convenience shopping centers totaling 5.0 million sq. ft. GLA, focused on affluent U.S. suburban markets, with a leased rate of 96.3% and occupancy of 94.1%.

• Strategy centers on aggregating convenience retail assets in high-income suburban markets, leveraging a first-mover advantage as a public REIT.

• Acquired 22 properties for $236.2 million through April 2026, with over $1.2 billion acquired since the October 2024 spin-off.

• Same-property NOI grew 4.8% and total NOI rose 50.7% year-over-year, driven by acquisitions and organic growth.

• Leasing spreads were strong: Q1 2026 new leases at 33.5%–56%, renewals at 5.9%–15%, with over 145,000 sq. ft. of new leases and renewals signed.

Financial highlights

• Q1 2026 revenues were $58.0 million, up from $38.7 million year-over-year, with net operating income at $42.9 million and same-property NOI up 4.8%.

• Net income attributable to shareholders was $3.6 million ($0.03 per diluted share), down from $10.6 million ($0.10 per diluted share) year-over-year, mainly due to higher interest and depreciation expenses.

• Funds from Operations (FFO) rose to $29.2 million ($0.27 per share) and Operating FFO to $29.9 million ($0.28 per share), both up year-over-year.

• CapEx as a percentage of NOI was 6.3% for Q1 2026 and 7.3% on a trailing 12-month basis.

• Maintenance CapEx was $381,000 in Q1 2026; tenant allowances and landlord work totaled $1.87 million.

Outlook and guidance

• 2026 Operating FFO guidance raised to $1.20–$1.23 per share, with net income guidance at $0.29–$0.36 per share.

• Full-year investment target increased to $850 million, with 90% of the pipeline closed, under contract, or awarded.

• Same-property NOI growth expected to average above 3% from 2024–2026, with 2026 guidance of 2.0%–4.0%.

• Second quarter expected to see a temporary deceleration in same-property NOI due to CapEx timing and uncollectible revenue comparison.

• G&A for 2026 forecasted at ~$32 million, including shared services fees.