Curbline Properties
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Curbline Properties (CURB) investor relations material

Curbline Properties Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary9 Feb, 2026

Executive summary

  • Achieved a strong first year as a public company, acquiring 81 properties for $788.4M and expanding the portfolio to nearly 5 million sq ft, with a focus on affluent U.S. suburban submarkets and a highly diversified tenant base.

  • Maintained a leased rate of 96.7%, up 120 bps year-over-year, with only one tenant contributing more than 2% of base rent.

  • Delivered net income of $39.8M ($0.37/diluted share) and operating FFO of $112.0M ($1.06/diluted share) for 2025, both up significantly year-over-year.

  • Capital expenditures were just 7% of NOI, highlighting capital efficiency.

  • Positioned for continued growth in a fragmented convenience retail sector with a significant addressable market and robust national network.

Financial highlights

  • Fourth quarter NOI rose 16% sequentially and nearly 60% year-over-year, with full-year NOI up 46.8% to $136.9M.

  • Same property NOI increased 3.3% for the full year, with total revenues reaching $182.9M.

  • Lease rate held steady at 96.7%, with occupancy up 20 bps from the prior quarter.

  • 2025 new leasing spreads: cash 19.4%, straight-line 34.6%; renewal spreads: cash 8.0%, straight-line 18.3%.

  • 4Q25 earnings per share: $0.09; Operating FFO per share: $0.29.

Outlook and guidance

  • 2026 Operating FFO guidance: $1.17–$1.21 per share, net income guidance: $0.32–$0.40 per share, representing 12% year-over-year growth at the midpoint.

  • Forecasting $700M in full-year investments, 3% same property NOI growth, CapEx below 10% of NOI, and G&A of ~$32M.

  • Bad debt expected to normalize at 60 bps for 2026, up from 30 bps in 2025.

  • Anticipates acceleration in lease commencements and same property NOI in the second half of 2026.

  • Interest expense expected to rise to $8M in 1Q26 due to recent private placement fundings.

Why flat occupancy despite strong leasing spreads?
Impact of rising interest expense on 2026 OFFO
Future growth reliance on acquisitions vs. SPNOI
What drives off-market deal flow for Curbline?
Future capital mix: debt ladder vs. equity?
Post-SSA, what is Curbline's G&A efficiency target?
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Frequently asked questions

Curbline Properties Corp is a real estate investment company focused on the acquisition, development, and management of commercial and residential properties. The company’s portfolio includes a range of assets such as office buildings, retail spaces, and multi-family residential units. Curbline Properties specializes in urban properties with a focus on creating value through strategic development, renovation, and effective property management, aiming to cater to both tenants and investors in key markets. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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