Curbline Properties reported first-quarter net income attributable to the company of $3.6 million, or $0.03 per diluted share, down from $10.6 million, or $0.10 per diluted share, a year earlier.
Operating funds from operations rose to $29.9 million, or $0.28 per diluted share, from $25.1 million, or $0.24 per diluted share.
The quarter included $142.4 million of acquisitions across 14 convenience shopping centers. In the first two months of the second quarter, the company added eight more centers for $93.8 million, bringing recent acquisition activity to $236.2 million.
Curbline also moved on the financing side. In January, it funded the remaining $172.0 million of its $200.0 million senior unsecured notes. In February, it sold 9.2 million shares on a forward basis at $25.50 per share, with expected gross proceeds of $234.6 million. It also sold 2.6 million additional shares on a forward basis through its ATM program for expected gross proceeds of $61.0 million. Combined, those equity sales represent $295.6 million of expected gross proceeds before issuance costs.
As of March 31, adjusted for forward equity sales completed year to date, Curbline said it had $676.9 million of cash and capital commitments available for future acquisitions. That total included $305.8 million of cash and $371.1 million of gross proceeds from unsettled forward equity sales.
Same-property net operating income increased 4.8% from the first quarter of 2025. Leasing spreads were also strong: cash new leasing spreads were 33.5% in the quarter and 20.2% over the trailing 12 months, while cash renewal spreads were 5.9% in the quarter and 7.1% over the trailing 12 months. Straight-lined new leasing spreads were 55.9% in the quarter and 35.9% over the trailing 12 months; straight-lined renewal spreads were 14.7% and 17.1%, respectively.
Occupancy slipped slightly to 96.3% at March 31 from 96.7% at December 31, though it was up from 96.0% a year earlier.
The company raised its 2026 outlook. Net income attributable to Curbline is now projected at $0.29 to $0.36 per diluted share, versus a prior range of $0.32 to $0.40. Operating FFO guidance was lifted to $1.20 to $1.23 per diluted share from $1.17 to $1.21. As a result of these announcements, the company's shares have moved -0.81% on the market, and are now trading at a price of $28.10. If you want to know more, read the company's complete 8-K report here.
