CURB · Curbline Properties Corp.

Curbline Properties Corp. delivered mixed Q1 2026 results with GAAP net income declining to $3.6 million ($0.03 per diluted share) from $10.6 million ($0.10) a year ago, driven by reduced interest income, elevated interest expense from recent financings, and higher depreciation and amortization, though partially mitigated by net operating income gains from $142.4 million in acquisitions. Non-GAAP Operating FFO improved to $29.9 million ($0.28 per share) from $25.1 million ($0.24), reflecting the positive NOI contribution from new properties. Same-property NOI rose 4.8% year-over-year, supported by robust leasing with cash new spreads of 33.5% and straight-lined spreads of 55.9% in the quarter, alongside a stable 96.3% leased rate. Portfolio leased rate dipped slightly from 96.7% at year-end but exceeded prior-year 96.0%, with Signed Not Opened adding 220 basis points ($8.1 million annualized base rent). CEO David R. Lukes highlighted a strong start, including over $140 million acquisitions, 4.8% SPNOI acceleration, and nearly $500 million in private notes and equity raises, prompting an upward revision in full-year investment targets and OFFO guidance to $1.20-$1.23 per share from $1.17-$1.21. Activity extended into Q2 with $93.8 million in further buys and $676.9 million liquidity as of March 31, adjusted for unsettled forwards, positioning the REIT for continued growth in high-income suburban convenience centers across top MSAs like Atlanta and Miami.