Curbline Properties (CURB) Q3 2026 earnings summary

Executive summary

• Portfolio totaled 239 convenience centers and 6.1M sq. ft. at Sept. 30, 2026; leased rate was 96.4% and occupancy was 94.5%.

• Q3 total NOI rose 47.9% YoY to $53.271M; same-property NOI grew 3.4%.

• Q3 Operating FFO was $37.4M, or $0.32 per diluted share, versus $29.5M, or $0.28, YoY; net income was $7.4M, or $0.06 per diluted share.

• Acquisitions since the October 2024 spin-off exceeded $1.7B; 72 centers totaling $800.0M were acquired through Oct. 22, 2026.

Financial highlights

• Q3 revenue was $71.1M versus $48.6M YoY; Q3 net income attributable to common shareholders was $7.4M versus $9.3M, and diluted EPS was $0.06 versus $0.09.

• 9M revenue was $192.4M versus $128.7M; net income attributable to common shareholders was $17.9M versus $30.3M, and diluted EPS was $0.16 versus $0.28.

• 9M Operating FFO was $100.7M, or $0.91 per diluted share, versus $81.6M, or $0.78; Q3 Operating FFO per diluted share was $0.32 versus $0.28.

• Q3 interest expense rose to $8.5M from $4.0M and depreciation and amortization to $29.7M from $19.8M; interest income declined to $0.7M from $4.1M.

Outlook and guidance

• FY26 Operating FFO guidance increased to $1.25–$1.27 per diluted share from $1.24–$1.26; net income guidance fell to $0.25–$0.29 from $0.27–$0.32.

• FY26 same-property NOI growth guidance is 2.5%–4.0%; 2024 and 2025 growth was 5.8% and 3.3%, respectively.

• Guidance assumes over $1B of full-year investments, CapEx below 10% of NOI and FY26 G&A of ~$32M; Q4 G&A is expected just under $9M.

• Nearly 75% of the SNO pipeline is expected to commence by March 31, 2027, and over 98% by September 30, 2027, supporting occupancy and per-share growth into 2027.