Curbline Properties (CURB) Q2 2026 earnings summary

Executive summary

• Acquired 30–51 convenience shopping centers in Q2 for $374–$374.1 million, totaling $563.7–$581.9 million year-to-date, with a portfolio of 220 centers and 5.7–6 million sq. ft. GLA, focused on affluent suburban markets and tenant diversification.

• Portfolio leased rate reached 96.5% and occupancy 94.3% as of June 30, 2026, with over 1,300 unique tenants and 70% of base rent from national tenants.

• Raised over $823.5 million in capital year-to-date, including $541 million from 18.1 million shares sold on a forward basis and $354.8 million from a June offering.

• Ended Q2 with $850.9 million in cash and capital commitments, including $154.7 million in cash and $696.2 million from unsettled forward equity.

• Leasing activity robust, with 167,000 sq ft of new leases and renewals signed in Q2 and leasing spreads consistent with five-year averages.

Financial highlights

• Q2 2026 revenues were $63.3 million, up from $41.4 million in Q2 2025; six-month revenues were $121.3 million, up from $80.1 million year-over-year.

• Net operating income for Q2 2026 was $47.8 million, up from $30.8 million in Q2 2025; NOI up 12% sequentially and over 50% year-over-year.

• Operating FFO for Q2 2026 was $33.3 million ($0.31 per share), up from $26.9 million ($0.26 per share) year-over-year.

• Same-property NOI increased 2.1% for the first half of 2026, but Q2 saw a 0.5% decrease due to lower recovery revenue and storm-related expenses.

• Net income for Q2 2026 was $6.9 million ($0.06 per share), down from $10.4 million ($0.10 per share) year-over-year, mainly due to higher interest and depreciation.

Outlook and guidance

• Raised 2026 OFFO per share guidance to $1.24–$1.26, representing over 17% growth at the midpoint; net income per share guidance revised to $0.27–$0.32.

• Full-year investment target increased to $1 billion, with expected returns around 3.5% on cash.

• Management expects continued growth through acquisitions, leveraging strong liquidity and access to capital.

• Forecasts same-property NOI growth of 3% in 2026, following 3.3% in 2025 and 5.8% in 2024.

• 2H26 acquisitions to be funded by operating cash flow and unsettled forward equity.