Curbline Properties (CURB) Company Report

Curbline Properties Corp. (CURB) announced that its subsidiary, Curbline Properties LP, entered into a Note and Guaranty Agreement for a private placement of $200 million in senior unsecured notes, which are unconditionally guaranteed by the company.
The private placement consists of $50 million aggregate principal amount of 4.90% senior unsecured notes due January 20, 2031, and $150 million aggregate principal amount of 5.13% senior unsecured notes due January 20, 2033.
After treasury lock agreements, the effective interest rates for these notes are 5.06% for the 2031 notes and 5.31% for the 2033 notes.
The net proceeds from the issuance are intended for general corporate purposes, including funding future acquisitions.
The sale and purchase of $28.0 million of the 2031 notes is scheduled for December 31, 2025, with the remaining $22.0 million of the 2031 notes and all of the 2033 notes scheduled to close on January 20, 2026.

Nov 12, 2025, 9:17 PM

8-K

Curbline Properties Reports Strong Q3 2025 Results and Raises Full-Year Guidance

CURB

Earnings

Guidance Update

New Projects/Investments

Curbline Properties Corp. reported strong Q3 2025 results, with NOI up 17% sequentially and a 60 basis point sequential increase in lease rate to 96.7%. Same property NOI grew 3.7% year to date and 2.6% for the third quarter.
The company raised its 2025 OFFO guidance to a range of $1.04 to $1.05 per share and now expects full-year investments of approximately $750 million, an increase from the original $500 million guidance. This implies 20% year-over-year FFO growth.
Since its spin-off, Curbline has acquired $850 million in assets and signed nearly 400,000 square feet of new leases and renewals, with new lease spreads averaging over 20% and renewal spreads just under 10%.
The balance sheet remains strong, with $400 million in debt capital raised since formation at a weighted average rate of 5%, and an additional $200 million expected around year-end. The company anticipates ending the year with over $250 million of cash on hand and a net debt to EBITDA ratio less than one times.

Oct 28, 2025, 12:00 PM

Transcript

Curbline Properties Corp. Reports Strong Q3 2025 Results and Raises Full-Year Guidance

CURB

Earnings

Guidance Update

New Projects/Investments

Curbline Properties Corp. reported strong Q3 2025 results, with Net Operating Income (NOI) up 17% sequentially and the lease rate increasing 60 basis points sequentially to 96.7%.
The company raised its 2025 OFFO guidance to a range between $1.04 and $1.05 per share, projecting 20% year-over-year FFO growth.
2025 investment activity expectations were increased to approximately $750 million (from an initial $500 million), with the company expecting to end the year with over $250 million of cash on hand.
Since its spin-off, Curbline has acquired $850 million in assets, signed nearly 400,000 square feet of new leases and renewals with new lease spreads averaging over 20%, and maintained capital expenditures averaging just 6% of NOI.

Oct 28, 2025, 12:00 PM

Transcript

Curbline Properties Corp. Reports Strong Q3 2025 Results and Raises Full-Year Guidance

CURB

Earnings

Guidance Update

New Projects/Investments

Curbline Properties Corp. reported a strong third quarter 2025, with Net Operating Income (NOI) up 17% sequentially and the lease rate increasing 60 basis points sequentially to 96.7%.
The company raised its 2025 Operating FFO (OFFO) guidance to a range of $1.04 to $1.05 per share.
Curbline increased its full-year 2025 investment target to approximately $750 million, up from the original $500 million, with going-in cap rates blending to the low 6%s over the year.
The balance sheet is robust, with $400 million in debt capital raised since formation at a weighted average rate of 5%, and an additional $200 million in private placement proceeds expected by year-end. The company expects to end the year with over $250 million of cash on hand and a net debt to EBITDA ratio less than 1x.
Same property NOI for 2025 is now forecast to grow approximately 3.25% at the midpoint, driven by strong leasing activity with new lease spreads averaging over 20%.

Oct 28, 2025, 12:00 PM

Transcript

Curbline Properties Announces Q3 2025 Results and Revised 2025 Guidance

CURB

Earnings

Guidance Update

New Projects/Investments

Curbline Properties reported Q3 2025 Earnings Per Share (EPS) of $0.09 and Operating FFO (OFFO) per share of $0.28.
The company achieved same-property Net Operating Income (NOI) growth of 2.6% in Q3 2025 and 3.7% year-to-date, with total portfolio NOI increasing by 57.2% in Q3 2025 and 41.9% year-to-date.
Curbline expanded its portfolio by acquiring 37 properties for $336 million in Q3 2025, bringing the year-to-date total to 69 properties for $644 million.
The company maintains a strong financial position with over $800 million of liquidity as of September 30, 2025, and has revised its 2025 full-year OFFO per share guidance upwards to $1.04-$1.05.

Oct 28, 2025, 12:00 PM

Presentation

Curbline Properties Reports Strong Q3 2025 Results and Updates Full-Year Guidance

CURB

Earnings

Guidance Update

M&A

Curbline Properties Corp. reported net income attributable to Curbline of $9.3 million, or $0.09 per diluted share, for Q3 2025, a significant improvement from a net loss in the year-ago period.
Operating Funds From Operations (OFFO) for Q3 2025 increased to $29.5 million, or $0.28 per diluted share, compared to $19.5 million, or $0.19 per diluted share, in the year-ago period.
The company completed substantial acquisition activity, acquiring 37 convenience shopping centers for $336.1 million during Q3 2025, contributing to 69 acquisitions totaling $644.1 million year-to-date.
Curbline updated its 2025 guidance, projecting net income attributable to Curbline between $0.35 and $0.38 per diluted share and Operating FFO between $1.04 and $1.05 per diluted share.
Key operational metrics include a leased rate of 96.7% at September 30, 2025, and a 3.7% increase in same-property net operating income (SPNOI) for the nine-month period ended September 30, 2025.

Oct 28, 2025, 10:45 AM

8-K

Curbline Properties Corp. Initiates ATM Equity Offering and Share Repurchase Program

CURB

Share Buyback

New Projects/Investments

Curbline Properties Corp. entered into an ATM Equity Offering Sales Agreement on October 1, 2025, to issue and sell shares of common stock with an aggregate gross sales price not to exceed $250,000,000. The net proceeds are intended for general corporate purposes, including funding property acquisitions, working capital, capital expenditures, and repaying outstanding indebtedness.
The company's board of directors authorized a share repurchase program on September 25, 2025, for up to an aggregate purchase price of $250,000,000.
Curbline Properties Corp. made a timely election to be taxed as a Real Estate Investment Trust (REIT) for its taxable year ended December 31, 2024, and expects to continue to meet the requirements for this qualification.

Oct 1, 2025, 9:48 PM

8-K

CurbLine Properties Corp. Raises 2025 Guidance and Reports Strong Q2 2025 Results

CURB

Earnings

Guidance Update

New Projects/Investments

CurbLine Properties Corp. raised its 2025 OFFO guidance to a range between $1 and $1.03 per share.
The company acquired $415 million of properties in Q2 and Q3 to date, with approximately $700 million in full-year investments expected for 2025.
Q2 2025 saw strong operational performance, with NOI up over 8% sequentially and same property NOI increasing 6.2% for the quarter.
CurbLine reported a net cash position of almost $430 million at quarter-end and over $1 billion in liquidity. It also raised $300 million in debt capital with a weighted average coupon of 5.1% and secured an inaugural investment grade credit rating from Fitch.
The portfolio maintained a high weighted average lease rate of over 96% for Q2 investments, with the overall portfolio 96.1% leased as of Q2 2025.

Jul 28, 2025, 11:10 PM

Curbline Properties Secures $150 Million Term Loan Facility

CURB

Debt Issuance

New Projects/Investments

Curbline Properties Corp. (CURB) and its subsidiary, Curbline Properties LP, entered into a Term Loan Agreement on July 15, 2025, securing a $150.0 million term loan facility.
The full $150.0 million was borrowed for general corporate purposes, including funding future acquisitions, with the facility having the potential to increase to $250.0 million.
The loan matures in January 2029, with options to extend to January 2031.
In May 2025, Curbline Properties Corp. entered into a $150.0 million forward interest rate swap agreement to fix the variable-rate SOFR component, resulting in an all-in rate of 4.609% for the Term Loan Facility from July 16, 2025, through January 1, 2031.
The agreement includes customary financial covenants, such as Consolidated Outstanding Indebtedness not exceeding 60% of Consolidated Market Value and Consolidated Cash Flow being no less than 1.5 times Fixed Charges.

Jul 17, 2025, 12:00 AM

8-K

Curbline Properties Corp. announces $150 million senior note private placement

CURB

Debt Issuance

New Projects/Investments

Curbline Properties Corp.'s subsidiary, Curbline Properties LP, entered into a Note and Guaranty Agreement for a private placement of $150 million of unsecured senior notes.
The notes consist of $100 million at 5.58% due September 3, 2030, and $50 million at 5.87% due September 3, 2032, with a weighted average coupon of 5.65%.
The notes are unconditionally guaranteed by Curbline Properties Corp..
The sale and purchase of the notes is scheduled for September 3, 2025, with net proceeds intended for general corporate purposes, including funding future acquisitions.