Curbline Properties (CURB) Q4 2025 earnings summary

Executive summary

• Achieved a strong first year as a public company, acquiring 81 properties for $788.4M and expanding the portfolio to nearly 5 million sq ft, with a focus on affluent U.S. suburban submarkets and a highly diversified tenant base.

• Maintained a leased rate of 96.7%, up 120 bps year-over-year, with only one tenant contributing more than 2% of base rent.

• Delivered net income of $39.8M ($0.37/diluted share) and operating FFO of $112.0M ($1.06/diluted share) for 2025, both up significantly year-over-year.

• Capital expenditures were just 7% of NOI, highlighting capital efficiency.

• Positioned for continued growth in a fragmented convenience retail sector with a significant addressable market and robust national network.

Financial highlights

• Fourth quarter NOI rose 16% sequentially and nearly 60% year-over-year, with full-year NOI up 46.8% to $136.9M.

• Same property NOI increased 3.3% for the full year, with total revenues reaching $182.9M.

• Lease rate held steady at 96.7%, with occupancy up 20 bps from the prior quarter.

• 2025 new leasing spreads: cash 19.4%, straight-line 34.6%; renewal spreads: cash 8.0%, straight-line 18.3%.

• 4Q25 earnings per share: $0.09; Operating FFO per share: $0.29.

Outlook and guidance

• 2026 Operating FFO guidance: $1.17–$1.21 per share, net income guidance: $0.32–$0.40 per share, representing 12% year-over-year growth at the midpoint.

• Forecasting $700M in full-year investments, 3% same property NOI growth, CapEx below 10% of NOI, and G&A of ~$32M.

• Bad debt expected to normalize at 60 bps for 2026, up from 30 bps in 2025.

• Anticipates acceleration in lease commencements and same property NOI in the second half of 2026.

• Interest expense expected to rise to $8M in 1Q26 due to recent private placement fundings.