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Curbline Properties (CURB) investor relations material

Curbline Properties Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary28 Oct, 2025

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.

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Frequently asked questions

Curbline Properties Corp is a real estate investment company focused on the acquisition, development, and management of commercial and residential properties. The company’s portfolio includes a range of assets such as office buildings, retail spaces, and multi-family residential units. Curbline Properties specializes in urban properties with a focus on creating value through strategic development, renovation, and effective property management, aiming to cater to both tenants and investors in key markets. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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