Curbline Properties (CURB) Q1 2026 earnings summary

Executive summary

• Portfolio consists of 190 convenience shopping centers totaling 5.0 million sq. ft. GLA, focused on affluent U.S. suburban markets with a leased rate of 96.3% and occupancy of 94.1%.

• Raised 2026 investment target to $850 million and increased FFO guidance to $1.20–$1.23 per share, reflecting 14% growth at the midpoint, driven by strong deal flow and robust leasing.

• NOI grew 50.7% year-over-year, with same-property NOI up 4.8% in Q1 2026.

• Leasing spreads were strong: cash new leasing spreads of 33.5% and renewal spreads of 5.9% in Q1 2026; 145,000 sq. ft. of new and renewal leases signed.

• Over $1.2 billion in acquisitions since October 2024 spin-off, with $236 million acquired or pending in 2026.

Financial highlights

• Q1 2026 revenues were $58.0 million, up from $38.7 million year-over-year, driven by acquisitions and higher base rents.

• Net operating income increased to $42.9 million from $28.5 million year-over-year; same-property NOI up 4.8%.

• Net income attributable to shareholders was $3.6 million ($0.03 per diluted share), down from $10.6 million ($0.10 per share) year-over-year, mainly due to higher interest and depreciation expenses.

• FFO rose to $29.2 million and Operating FFO to $29.9 million, both up from prior year.

• CapEx as a percentage of NOI was 6.3% for the quarter and 7.3% on a trailing 12-month basis.

Outlook and guidance

• 2026 FFO guidance raised to $1.20–$1.23 per share, with 14% growth at midpoint; net income guidance revised to $0.29–$0.36 per share.

• Full-year investment target increased to $850 million, with 90% of the pipeline already closed, under contract, or awarded.

• Same-property NOI growth expected to average above 3% from 2024–2026, with 2026 guidance of 2.0%–4.0%.

• Management expects continued growth through acquisitions, supported by over $305 million in cash, a $400 million undrawn credit facility, and $357.7 million in expected gross proceeds from unsettled forward equity sales.

• Expecting a temporary deceleration in same-property NOI in Q2 due to CapEx timing and uncollectible revenue comparison, with acceleration in the second half.