Curbline Properties Corp. announced operating results for the quarter and year ended December 31, 2025.

Curbline Properties Corp. (NYSE: CURB) (the "Company" or "Curbline"), an owner of convenience centers in suburban, high household income communities, announced today operating results for the quarter and year ended December 31, 2025. For the year ended December 31, 2025, net income attributable to Curbline was $39.8 million, or $0.37 per diluted share, as compared to net income of $10.3 million, or $0.09 per diluted share, in the prior year.

"Curbline's fourth quarter results cap off an incredible first year as a public company as we look to scale the first public real estate company focused exclusively on convenience properties. The Company acquired almost $800 million of real estate, grew same-property NOI over 3% with CapEx as a percentage of NOI of 7%, and generated double-digit OFFO growth," commented David R. Lukes, President and Chief Executive Officer. "Looking forward, we believe the fundamental drivers that supported 2025 results remain in place and Curbline remains uniquely positioned for growth given its differentiated investment focus, the leasing economics of the Company's property type, and its balance sheet."

Results for the Fourth Quarter

Fourth quarter net income attributable to Curbline was $9.5 million, or $0.09 per diluted share, as compared to net income of $11.5 million, or $0.11 per diluted share, in the year-ago period. The decrease year-over-year was primarily due to a decrease in interest income, an increase in interest expense and an increase in depreciation and amortization expense, partially offset by the impact from asset acquisitions and related increase in net operating income.

Fourth quarter operating funds from operations attributable to Curbline ("Operating FFO" or "OFFO") was $30.4 million, or $0.29 per diluted share, compared to $23.8 million, or $0.23 per diluted share, in the year-ago period. The increase year-over-year was primarily due to the impact from asset acquisitions and related increase in net operating income, partially offset by a decrease in interest income and an increase in interest expense.

Significant Fourth Quarter Activity and Recent Activity

During the fourth quarter, acquired 14 convenience shopping centers for an aggregate price of $173.2 million.

In November 2025, agreed to sell in a private placement, $200.0 million of senior unsecured notes, consisting of $50.0 million of 4.90% senior unsecured 5-year notes and $150.0 million of 5.13% senior unsecured 7-year notes. Considering the treasury lock agreements, the interest rate on the notes is fixed at 5.06% and 5.31%, respectively. In December 2025, the Company funded $28.0 million of the senior unsecured notes and funded the remaining $172.0 million in January 2026.

During the fourth quarter, sold 3.3 million shares of common stock on a forward basis under its ATM Continuous Equity Program for gross proceeds of $75.5 million. In 2026 to date, sold 1.9 million shares of common stock on a forward basis for gross proceeds of $44.8 million.

In the first quarter of 2026 to date, acquired four convenience shopping centers for an aggregate price of $39.5 million.

As of December 31, 2025, adjusted for forward equity sales completed in the first quarter 2026 to date, the Company had $581.9 million of cash and capital commitments for future acquisitions, including $289.6 million of cash, $172.0 million of unfunded senior unsecured notes and $120.3 million of gross proceeds from unsettled forward equity sales.

Significant Full-Year 2025 Activity

During the year, acquired 81 convenience shopping centers for an aggregate price of $788.4 million.

In March 2025, funded the Company's $100.0 million delayed draw term loan facility. The all-in rate of the Term Loan Facility is fixed at 4.53% based on the loan's current applicable spread.

In May 2025, Fitch Ratings assigned the Company a Long-Term Issuer Default Rating of 'BBB' with a Stable Rating Outlook.

In September 2025, funded the June private placement of $150.0 million unsecured senior notes consisting of $100.0 million aggregate principal amount of 5.58% senior unsecured 5-year notes and $50.0 million aggregate principal amount of 5.87% senior unsecured 7-year notes. In conjunction with this agreement, the Company entered into an interest rate lock agreement resulting in a 5.79% effective interest rate on the 7-year notes and a weighted average coupon of 5.65%.

In July 2025, closed on a $150.0 million term loan due January 2031, including two one-year extensions at the Company's option. In conjunction with this agreement, in May 2025, the Company entered into a forward interest rate swap agreement to fix the variable-rate SOFR component resulting in a fixed all-in rate of 4.61% based on the loan's current applicable spread.

Key Quarterly and Annual Operating Results

Reported an increase of 3.3% in same-property net operating income ("SPNOI") for the year ended December 31, 2025 compared to the year ended December 31, 2024.

Generated cash new leasing spreads of 19.4% and cash renewal leasing spreads of 8.0%, for the trailing twelve-month period ended December 31, 2025 and cash new leasing spreads of 12.6% and cash renewal leasing spreads of 4.7% for the fourth quarter of 2025.

Generated straight-lined new leasing spreads of 34.6% and straight-lined renewal leasing spreads of 18.3%, for the trailing twelve-month period ended December 31, 2025 and straight-lined new leasing spreads of 26.2% and straight-lined renewal leasing spreads of 15.2% for the fourth quarter of 2025.

Reported a leased rate of 96.7% at December 31, 2025 compared to 96.7% at September 30, 2025 and 95.5% at December 31, 2024.

As of December 31, 2025, the Signed Not Opened spread was 260 basis points, representing $8.4 million of annualized base rent.

2026 Guidance

The Company estimates net income attributable to Curbline for 2026 to be from $0.32 to $0.40 per diluted share and Operating FFO to be from $1.17 to $1.21. The Company does not include a projection of gains or losses on asset sales, transaction costs or debt extinguishment costs in guidance.

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