Curbline Properties (CURB) Q3 2025 earnings summary

Executive summary

• Portfolio consists of 162 convenience shopping centers totaling 4.5 million sq. ft. with a 96.7% leased rate and 93.9% occupancy, focused on affluent U.S. suburban submarkets and strong tenant diversification; only one tenant exceeds 2% of annualized rent.

• Acquired 69 properties for $644.1 million year-to-date, with over $330 million in acquisitions in Q3 2025 alone, and a net cash position of $430.1 million.

• Achieved cash new leasing spreads of up to 26.9% and renewal spreads up to 21% on nearly 400,000 sq. ft. of new and renewal leases.

• Marked one-year anniversary as the only public company focused solely on acquiring top-tier convenience retail assets in the U.S., with a first-mover advantage in a capital-efficient sector.

• Declared three quarterly cash dividends of $0.16 per share in 2025.

Financial highlights

• Q3 2025 net income was $9.3 million ($0.09 per share), reversing a prior year loss, with total revenues of $48.6 million, up from $29.8 million in Q3 2024.

• Funds from Operations (FFO) for the nine months was $80.5 million, and Operating FFO was $81.6 million, both up significantly year-over-year.

• Same-property NOI increased 3.7% year-over-year; total NOI up 41.9% due to acquisitions.

• Lease rate increased 60 basis points sequentially to 96.7%, among the highest in the retail REIT sector.

• CapEx as a percentage of NOI was 7% in Q3 and 6% year-to-date.

Outlook and guidance

• 2025 OFFO per share guidance raised to $1.04–$1.05, with net income per share guidance at $0.35–$0.38.

• Forecasting $750 million in full-year investments for 2025, with potential for additional upside.

• Same-property NOI growth expected to average above 3% in 2024–2026, with a 2025 range of 2.25%–4.25%.

• Forecasting 20% year-over-year FFO growth for Q4 2025, well above the public REIT sector average.

• Excludes projections for gains/losses on asset sales, transaction costs, or debt extinguishment costs.