Curbline Properties (CURB) Q1 2025 earnings summary

Executive summary

• Achieved strong start to 2025 with net income of $10.6M ($0.10/share), up from $8.0M ($0.08/share) year-over-year, driven by acquisitions and higher leasing activity.

• Portfolio comprised 107 convenience shopping centers totaling 3.4 million sq. ft. GLA as of March 31, 2025, with 96.0% leased and 93.5% occupied; average annualized base rent per occupied sq. ft. was $35.14.

• Acquired 16 properties for $139.1 million through April 22, 2025, including the largest portfolio to date in Jacksonville, FL.

• Maintained a net cash position with $594 million in cash and $1 billion in liquidity at quarter end, supporting growth strategy.

• Completed spin-off from SITE Centers in October 2024, receiving 79 properties and $800 million in cash.

Financial highlights

• Net income attributable to Curbline was $10.6 million for Q1 2025, up from $8.0 million in Q1 2024.

• Funds from Operations (FFO) rose to $25.0 million from $17.2 million year-over-year; Operating FFO was $25.1 million, up from $20.3 million.

• Total revenues increased to $38.7 million from $28.0 million year-over-year, driven by property acquisitions.

• Same-property NOI grew 2.5% year-over-year; total NOI increased 28.9%.

• Lease rate improved 50 bps sequentially to 96%, with 27% blended straight-line leasing spreads.

Outlook and guidance

• 2025 net income per share guidance revised to $0.43–$0.50; Operating FFO guidance raised to $0.99–$1.02 per share.

• Same-property NOI growth expected to average above 3% in 2024–2026; 2025 range: 1.25%–4.25%.

• Full-year investment guidance remains at $500 million, with potential to exceed based on current pipeline.

• Interest expense to rise in 2Q25 due to $100M term loan funding.

• Guidance excludes gains/losses on asset sales, transaction, and debt extinguishment costs.