Curbline Properties Reports Strong Q1 Results

By Bobby Samwell • Thursday, April 24 10:07 • Permanent Link

Curbline Properties Corp. has reported its first quarter results for 2025, showcasing a successful start to the year. The company's net income attributable to Curbline increased to $10.6 million, or $0.10 per diluted share, compared to $8.0 million, or $0.08 per diluted share, in the same period last year. Operating funds from operations attributable to Curbline (OFFO) also saw a significant increase to $25.1 million, or $0.24 per diluted share, compared to $20.3 million, or $0.19 per diluted share, in the year-ago period.

The company's portfolio saw an increase of 2.5% in same-property net operating income (SPNOI) for the three-month period ended March 31, 2025, compared to the same period in 2024. Curbline also reported a leased rate of 96.0% at March 31, 2025, compared to 95.5% at December 31, 2024, and 96.6% at March 31, 2024.

Curbline's cash new leasing spreads for the trailing twelve-month period ended March 31, 2025, stood at 27.8%, with cash renewal leasing spreads at 10.5%. Additionally, the company generated straight-lined new leasing spreads of 47.7% and straight-lined renewal leasing spreads of 21.2% for the same period.

During the first quarter, Curbline acquired 11 convenience shopping centers for $124.2 million and funded a $100.0 million delayed draw term loan facility. The company also acquired five convenience shopping centers during the second quarter to date for an aggregate price of $14.9 million.

Looking ahead, Curbline has updated its guidance for net income attributable to Curbline for 2025 to be in the range of $0.43 to $0.50 per diluted share and OFFO to be from $0.99 to $1.02 per diluted share. These figures do not include a projection of gains or losses on asset sales, transaction costs, or debt extinguishment costs.

Curbline's performance in the first quarter of 2025 reflects its strong position in the public real estate sector, supported by its differentiated investment focus, leasing economics, and balance sheet. The company's strategic acquisitions and leasing activities have contributed to its growth and financial success in the reported period. As a result of these announcements, the company's shares have moved -1.7% on the market, and are now trading at a price of $23.0. If you want to know more, read the company's complete 8-K report here.

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