Curbline Properties Reports Second Quarter 2026 Results

Key Terms

operating ffo financial

Operating FFO is a cash-based performance measure used mainly by real estate companies to show the recurring cash generated by their core property operations after removing accounting items that don’t reflect everyday cash flow, like depreciation or one-time gains and losses. Investors use it like a household budget that separates steady rent income from occasional windfalls or big repairs to judge dividend sustainability and compare operational health across companies.

same-property net operating income financial

Same-property net operating income is the rental income from properties owned throughout the entire comparison period minus the regular operating costs for those same properties, excluding effects from recent purchases, sales or major renovations. Investors use it like a "same-store sales" comparison to judge whether a real estate portfolio is growing revenue and controlling costs on a steady, apples‑to‑apples basis, rather than being boosted by new assets or one-off events.

at-the-market equity offering financial

An at-the-market equity offering is a way for a public company to raise cash by selling newly issued shares directly into the open market at current market prices over time through a broker. Think of it as gradually selling items on an online marketplace at whatever buyers are paying now rather than holding a single big sale; it gives the company flexible access to funds but can lower each existing owner’s share of the company and put gentle downward pressure on the stock price if done in large amounts.

signed not opened technical

Signed not opened describes a delivery status where someone has acknowledged receipt of a document or package by signing for it but did not inspect or unpack the contents at the time of delivery. For investors this matters because it confirms legal or record receipt of important materials—like shareholder notices, regulatory filings, or tender documents—even if the recipient hasn’t yet reviewed the information that could affect decisions or deadlines. Think of it as signing a sealed envelope: you’ve accepted it, but you haven’t seen what’s inside.

reit financial

A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.

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NEW YORK--(BUSINESS WIRE)-- 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 ended June 30, 2026. For the six months ended June 30, 2026, net income attributable to Curbline was $10.5 million, or $0.10 per diluted share, as compared to net income of $20.9 million, or $0.20 per diluted share, in the year-ago period.

“Curbline’s second quarter results highlight the strength of the platform that we have constructed with record investment volume of $375 million, over $500 million of capital raised, and an uptick in leasing volume with the vast majority of the Company’s SNO pipeline expected to commence rent payment by March 2027. Curbline is again raising its full year investment target and OFFO guidance range given the significant outperformance to date with all cash and capital commitments needed to fund the revised investment pipeline on hand,” commented David R. Lukes, President and Chief Executive Officer. “Looking forward, we believe 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 Second Quarter

• Second quarter net income attributable to Curbline was $6.9 million, or $0.06 per diluted share, as compared to net income of $10.4 million, or $0.10 per diluted share, in the year-ago period. The decrease year-over-year was primarily due to an increase in interest expense and in depreciation and amortization expense, partially offset by the net impact of asset acquisitions.
• Second quarter operating funds from operations attributable to Curbline (“Operating FFO” or “OFFO”) was $33.3 million, or $0.31 per diluted share, compared to $26.9 million, or $0.26 per diluted share, in the year-ago period. The increase year-over-year was primarily due to the net impact of asset acquisitions, partially offset by an increase in interest expense and a higher weighted-average share count resulting from shares issued to fund acquisitions.

Significant Second Quarter Activity and Recent Activity

• During the second quarter, acquired 30 convenience shopping centers for an aggregate purchase price of $374.1 million.
• During the second quarter, sold 6.6 million shares of common stock on a forward basis under its at-the-market equity offering program for expected gross proceeds of $186.5 million before issuance costs.
• In June, conducted an offering of 11.5 million shares of common stock on a forward basis generating expected gross proceeds of $354.8 million before issuance costs.
• During the second quarter, settled 8.4 million shares of common stock that were sold on a forward basis generating net proceeds of $199.8 million.
• In June, issued the Company's 2025 Corporate Sustainability Report marking both the first report as a standalone public company and Curbline’s first full year of sustainability reporting. The report was completed in alignment with the Task Force on Climate Related Financial Disclosure and can be found at (https://curbline.com/our-story#sustainability).
• As of June 30, 2026, adjusted for forward equity sales completed year to date, the Company had $850.9 million of cash and capital commitments for future acquisitions, including $154.7 million of cash and $696.2 million of expected gross proceeds from unsettled forward equity sales.
• In the third quarter to date, acquired four convenience shopping centers for an aggregate purchase price of $47.1 million.

Significant Year to Date 2026 Activity

• Year to date, acquired 48 convenience shopping centers for an aggregate purchase price of $563.7 million.
• Year to date, sold 29.3 million shares of common stock on a forward basis in follow-on public offerings and under its at-the-market equity offering program, generating expected gross proceeds of $823.5 million before issuance costs.

Key Quarterly Operating Results

• Reported an increase of 2.1% in same-property net operating income (“SPNOI”) for the six-month period ended June 30, 2026 compared to June 30, 2025.
• Generated cash new leasing spreads of 20.2% and cash renewal leasing spreads of 7.4%, for the trailing twelve-month period ended June 30, 2026 and cash new leasing spreads of 8.2% and cash renewal leasing spreads of 8.6% for the second quarter of 2026.
• Generated straight-lined new leasing spreads of 35.7% and straight-lined renewal leasing spreads of 17.1%, for the trailing twelve-month period ended June 30, 2026 and straight-lined new leasing spreads of 27.1% and straight-lined renewal leasing spreads of 18.1% for the second quarter of 2026.
• Reported a leased rate of 96.5% at June 30, 2026 compared to 96.1% at June 30, 2025 and 96.7% at December 31, 2025. The sequential increase was due to an acceleration in net leasing activity, partially offset by an approximately 20 basis point impact from acquisitions.
• As of June 30, 2026, the Signed Not Opened spread was 220 basis points, representing $7.6 million of annualized base rent.

2026 Guidance

The Company has updated its guidance for net income attributable to Curbline for 2026 to be from $0.27 to $0.32 per diluted share and Operating FFO to be from $1.24 to $1.26 per diluted share. The Company does not include a projection of gains or losses on asset sales, transaction costs or debt extinguishment costs in guidance.

Reconciliation of Net Income Attributable to Curbline to FFO and Operating FFO estimates:

	FY 2026E (prior) Per Share — Diluted		FY 2026E (revised) Per Share — Diluted
Net income attributable to Curbline	$0.29 — $0.36		$0.27 — $0.32
Depreciation and amortization of real estate, net	0.90 — 0.86		0.96 — 0.93
FFO attributable to Curbline (NAREIT)	$1.19 — $1.22		$1.23 — $1.25
Transaction and other costs, net (reported actual)	0.01		0.01
Operating FFO attributable to Curbline	$1.20 — $1.23		$1.24 — $1.26

About Curbline Properties

Curbline Properties is an owner and manager of convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities. The Company is a self-managed real estate investment trust (“REIT”) that is publicly traded under the ticker symbol “CURB” on the NYSE. Additional information about the Company is available at curbline.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Conference Call and Supplemental Information

The Company will hold its quarterly conference call today at 8:00 a.m. Eastern Time. To participate with access to the slide presentation, please visit the Investor Relations portion of Curbline's website, ir.curbline.com, or for audio only, dial 833-461-5787 (U.S.) or 626-884-3620 (international) using meeting ID 341781138 at least ten minutes prior to the scheduled start of the call. The call will also be webcast and available in a listen-only mode on Curbline's website at ir.curbline.com. If you are unable to participate during the live call, a replay of the conference call will also be available at ir.curbline.com for future review through July 28, 2027. Copies of the Company’s supplemental package and earnings slide presentation are available on the Company’s website.

Non-GAAP Measures and Other Operational Metrics

Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of REIT performance. The Company believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT, more appropriately measure the core operations of the Company, and provide benchmarks to its peer group.

FFO is generally defined and calculated by the Company as net income attributable to Curbline (computed in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”)), adjusted to exclude (i) gains and losses from disposition of real estate property, which are presented net of taxes, (ii) impairment charges on real estate property, (iii) gains and losses from changes in control and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles net of depreciation allocated to non-controlling interests. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO as FFO excluding certain non-operating charges, income and gains/losses. Operating FFO is useful to investors as the Company removes non-comparable charges, income and gains/losses to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

In calculating the expected range for or amount of net income attributable to Curbline to estimate projected FFO and Operating FFO for future periods, the Company does not include a projection of gains and losses from the disposition of real estate property, potential impairments and reserves of real estate property, debt extinguishment costs and certain transaction costs. Other real estate companies may calculate expected FFO and Operating FFO in a different manner.

The Company also uses net operating income (“NOI”), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses and excludes depreciation and amortization expense, interest income and expense and corporate level transactions. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

The Company presents NOI information herein on a same-property basis (“SPNOI”). The Company defines SPNOI as property revenues less property-related expenses, which excludes depreciation and amortization expense, interest income and expense and corporate level transactions, as well as straight-line rental income and reimbursements and expenses, lease termination income, management fee expense and fair market value of leases. SPNOI only includes assets owned for the entirety of both comparable periods. Other real estate companies may calculate NOI and SPNOI in a different manner. The Company believes SPNOI provides investors with additional information regarding the operating performance of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

FFO, Operating FFO, NOI and SPNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP, as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures have been provided herein.

The Company calculates Cash Leasing Spreads by comparing the prior tenant's annual base rent in the final year of the prior lease to the executed tenant’s annual base rent in the first year of the executed lease. Straight-Lined Leasing Spreads are calculated by comparing the prior tenant’s average base rent over the prior lease term to the executed tenant’s average base rent over the term of the executed lease. For both Cash and Straight-Lined Leasing Spreads, the reported calculation excludes first generation units and spaces vacant at the time of acquisition and includes all leases for spaces vacant greater than twelve months along with split and combination deals.

Safe Harbor

Curbline Properties Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact, including statements regarding the Company’s projected operational and financial performance, strategy, prospects and plans, may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, changes in the economic performance and value of the Company’s properties as a result of broad economic and local conditions, such as inflation, interest rate volatility and market reaction to tariffs and other trade policies; changes in local conditions such as an increase or decrease in the supply of, or demand for, retail real estate space in our markets; the impact of changes in consumer trends, distribution channels, suburban population, retailing practices and the space needs of tenants; our dependence on rental income which depends on the successful operations and financial condition of tenants, the loss of which, including as a result of store closures or bankruptcy, could result in significant occupancy loss and negatively impact rental income from our properties; our ability to enter into new leases and renew existing leases, in each case, on favorable terms; our ability to identify, acquire, construct or develop additional properties that produce the cash flows that we expect, which may be limited by competitive pressures, and our ability to manage our growth effectively and capture the efficiencies of scale that we expect from expansion; potential environmental liabilities; our ability to secure debt and equity financing on commercially acceptable terms or at all; the illiquidity of real estate investments which could limit our ability to make changes to our portfolio to respond to economic or other conditions; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from natural disasters, public health crises and weather-related factors in locations where we own properties, the ability to estimate accurately the amounts thereof and the sufficiency and timing of any insurance recovery payments related to such damages; any change in strategy; the effect of future offerings of debt and equity securities on the value of our common stock; any disruption, failure or breach of the networks or systems on which the Company relies, including as a result of cyber-attacks; impairment in the value of real estate property that we own; changes in tax laws impacting REITs and real estate in general, as well as our ability to maintain our REIT status; our ability to retain and attract key management personnel; and the finalization of the financial statements for the quarter ended June 30, 2026. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company’s most recent Annual Report on Form 10-K under “Item 1A. Risk Factors” and our subsequent reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Curbline Properties Corp.
Income Statement

	in thousands, except per share
		2Q26		2Q25		6M26		6M25
	Revenues:
	Rental income (1)	$63,077		$41,104		$120,748		$79,542
	Other property revenues	219		298		535		555
		63,296		41,402		121,283		80,097
	Expenses:
	Operating and maintenance	7,904		5,666		15,712		11,068
	Real estate taxes	7,545		4,971		14,821		9,792
		15,449		10,637		30,533		20,860
	Net operating income	47,847		30,765		90,750		59,237
	Other income (expense):
	Interest expense	(8,372)		(1,767)		(16,260)		(2,334)
	Interest income	1,477		5,580		4,385		11,233
	Depreciation and amortization	(26,464)		(16,039)		(52,123)		(30,502)
	General and administrative (2)	(9,240)		(8,156)		(18,863)		(17,084)
	Other income (expense), net (3)	1,742		95		2,738		553
	Gain on disposition of real estate, net	0		0		0		42
	Income before taxes	6,990		10,478		10,627		21,145
	Tax expense	(65)		(72)		(134)		(177)
	Net income	6,925		10,406		10,493		20,968
	Non-controlling interests	(15)		(14)		(20)		(26)
	Net income attributable to Curbline	$6,910		$10,392		$10,473		$20,942
	Weighted average shares – Basic – EPS	106,411		105,003		105,751		104,958
	Assumed conversion of diluted securities	2,484		239		1,872		232
	Weighted average shares – Diluted – EPS	108,895		105,242		107,623		105,190
	Earnings per share of common stock – Basic	$0.06		$0.10		$0.10		$0.20
	Earnings per share of common stock – Diluted	$0.06		$0.10		$0.10		$0.20
(1)	Rental income:
	Minimum rents	$39,737		$25,011		$75,894		$48,240
	Ground lease minimum rents	4,046		3,586		7,911		6,790
	Straight-line rent, net	1,252		795		2,482		1,456
	Amortization of (above)/below-market rent, net	1,586		1,029		3,263		1,959
	Percentage and overage rent	275		269		409		362
	Recoveries	15,785		10,365		30,564		19,815
	Uncollectible revenue	(371)		(215)		(789)		(434)
	Ancillary and other rental income	302		264		549		500
	Lease termination fees	465		0		465		854
(2)	SITE SSA gross up	($1,759)		($625)		($3,522)		($1,256)
(3)	Other income (expense), net:
	Transaction costs	($17)		($343)		($784)		($516)
	SITE SSA gross up	1,759		625		3,522		1,256
	Debt extinguishment and other	0		(187)		0		(187)

Curbline Properties Corp.
Reconciliation: Net Income to FFO and Operating FFO and Other Financial Information

	in thousands, except per share
		2Q26		2Q25		6M26		6M25
	Net income attributable to Curbline	$6,910		$10,392		$10,473		$20,942
	Depreciation and amortization of real estate, net of non-controlling interests	26,406		16,018		52,023		30,464
	Gain on disposition of real estate, net of non-controlling interests	0		0		0		(42)
	FFO attributable to Curbline	$33,316		$26,410		$62,496		$51,364
	Transaction costs, net of non-controlling interests	17		529		783		702
	Operating FFO attributable to Curbline	$33,333		$26,939		$63,279		$52,066
	Weighted average shares & units – Basic: FFO & OFFO	106,411		105,003		105,751		104,958
	Assumed conversion of dilutive securities	2,484		239		1,872		232
	Weighted average shares & units – Diluted: FFO & OFFO	108,895		105,242		107,623		105,190
	FFO per share – Basic	$0.31		$0.25		$0.59		$0.49
	FFO per share – Diluted	$0.31		$0.25		$0.58		$0.49
	Operating FFO per share – Basic	$0.31		$0.26		$0.60		$0.50
	Operating FFO per share – Diluted	$0.31		$0.26		$0.59		$0.49
	Capital expenditures and certain non-cash items:
	Maintenance capital expenditures, net	$1,666		$1,090		$2,047		$1,100
	Tenant allowances and landlord work, net	2,102		826		3,972		1,628
	External leasing commissions, net	451		351		904		830
	Loan cost amortization	(579)		(354)		(1,152)		(607)
	Stock compensation expense	(2,791)		(3,072)		(5,762)		(6,666)

Curbline Properties Corp.
Balance Sheet

	$ in thousands
		2Q26		4Q25
	Assets:
	Land	$919,733		$759,267
	Buildings	1,618,627		1,304,288
	Fixtures and tenant improvements	123,166		107,013
		2,661,526		2,170,568
	Accumulated depreciation	(238,583)		(209,429)
		2,422,943		1,961,139
	Construction in progress and land	40,171		27,355
	Real estate, net	2,463,114		1,988,494
	Cash	154,721		289,553
	Receivables and straight-line rents (1)	26,832		22,514
	Amounts receivable from SITE Centers	9,273		21,457
	Intangible assets, net (2)	169,200		137,513
	Other assets, net (3)	18,074		10,259
	Total Assets	2,841,214		2,469,790
	Liabilities and Equity:
	Revolving credit facilities	0		0
	Unsecured debt	595,823		423,239
		595,823		423,239
	Dividends payable	19,630		20,872
	Other liabilities (4)	133,395		112,209
	Total Liabilities	748,848		556,320
	Common stock	1,140		1,054
	Paid-in capital	2,157,037		1,958,845
	Distributions in excess of net income	(72,132)		(46,100)
	Accumulated comprehensive income (loss)	135		(4,606)
	Non-controlling interest	6,186		4,277
	Total Equity	2,092,366		1,913,470
	Total Liabilities and Equity	$2,841,214		$2,469,790
(1)	Straight-line rents (including fixed CAM), net	$16,440		$13,929
(2)	Below-market leases (as lessee), net	14,753		14,788
(3)	Acquisition escrow deposits	8,351		3,258
(4)	Below-market leases, net	78,946		66,698

Curbline Properties Corp.
Reconciliation of Net Income Attributable to Curbline to Same-Property NOI

$ in thousands
	2Q26		2Q25		6M26		6M25
GAAP Reconciliation:
Net income attributable to Curbline	$6,910		$10,392		$10,473		$20,942
Interest expense	8,372		1,767		16,260		2,334
Interest income	(1,477)		(5,580)		(4,385)		(11,233)
Depreciation and amortization	26,464		16,039		52,123		30,502
General and administrative	9,240		8,156		18,863		17,084
Other expense (income), net	(1,742)		(95)		(2,738)		(553)
Gain on disposition of real estate, net	0		0		0		(42)
Tax expense	65		72		134		177
Non-controlling interests	15		14		20		26
Total Curbline NOI	47,847		30,765		90,750		59,237
Less: Non-Same Property NOI	(20,899)		(3,693)		(36,799)		(6,399)
Total Same-Property NOI	$26,948		$27,072		$53,951		$52,838
Total Curbline NOI % Change	55.5%				53.2%
Same-Property NOI % Change	(0.5%)				2.1%

 

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Source: Curbline Properties Corp.