Curbline Properties (CURB) Q2 2025 earnings summary

Executive summary

• Achieved record leasing volume in Q2 2025, signing nearly 50,000 sq ft of new leases and expanding the portfolio to 125 convenience shopping centers totaling 3.7–4 million sq ft, with a leased rate of 96.1%.

• Acquired 59 properties for $539.5 million year-to-date, including 19 properties for $154.9M in Q2 and 29 for $260.4M in Q3, with a focus on affluent, high-traffic suburban markets.

• Portfolio NOI grew 39.1% and same-property NOI increased 6.2% year-over-year in Q2 2025, driven by acquisitions and organic growth.

• Maintained a net cash position of $329–$430 million and over $1 billion in liquidity, supporting continued acquisition and growth.

• Received inaugural BBB investment grade rating from Fitch in May 2025, lowering borrowing costs and enabling $150 million private placement and $150 million term loan.

Financial highlights

• Q2 2025 net income attributable per share was $0.10, with Operating FFO per share of $0.26; net income for Q2 was $10.4 million, up 67% year-over-year.

• Total revenues for Q2 2025 were $41.4 million, up from $28.2 million in Q2 2024; H1 2025 revenues were $80.1 million.

• Same-property NOI rose 6.2% for Q2 2025 and 4.4% year-to-date; total NOI grew 39.1% year-over-year.

• Leased rate reached 96.1% at June 30, 2025, among the highest in the sector.

• Blended straight-line leasing spreads were 22–33% for the trailing 12 months, with cash new leasing spreads of 15.3–16.2%.

Outlook and guidance

• 2025 Operating FFO guidance raised to $1.00–$1.03 per share, reflecting better operations and acquisition pacing.

• 2025 net income per share guidance revised to $0.37–$0.44.

• Same-property NOI growth expected to average above 3% in 2024–2026, with 2025 guidance of 1.25%–4.25%.

• Year-end cash expected to exceed $300 million, with debt to EBITDA ratio below 1x.

• Interest expense projected to rise and interest income to decline in Q3 2025 due to acquisitions and debt capital raised.