President and CEO David R. Lukes emphasized the company’s accelerated growth trajectory. “Curbline’s fourth quarter results cap off an incredible first year as a public company,” Lukes said. Key achievements included nearly $800 million in real estate acquisitions, over 3% same-property net operating income (SPNOI) growth, CapEx at 7% of NOI, and double-digit operating funds from operations (OFFO) expansion.
Q4 Financial Performance
Fourth-quarter OFFO attributable to Curbline climbed to $30.4 million, or $0.29 per diluted share, from $23.8 million, or $0.23 per diluted share, in the prior-year period. This growth stemmed primarily from acquisitions boosting net operating income, despite lower interest income and elevated interest costs. The net income decline reflected these financing pressures alongside increased depreciation from the expanded portfolio.
Aggressive Acquisition and Capital Activity
Curbline deployed significant capital throughout 2025, acquiring 81 convenience shopping centers for $788.4 million. Q4 alone saw 14 properties added for $173.2 million. Post-year-end, four more centers were purchased in early 2026 for $39.5 million.
Financing supported this expansion effectively. In November 2025, the company priced $200 million in senior unsecured notes: $50 million at 4.90% (5-year) and $150 million at 5.13% (7-year), with treasury locks yielding effective rates of 5.06% and 5.31%.
Initial funding of $28 million occurred in December 2025, with the balance in January 2026. Earlier, a $100 million delayed draw term loan was funded in March at a fixed 4.53% all-in rate, and a $150 million term loan closed in July at 4.61%.
Equity markets also contributed: Q4 forward sales of 3.3 million common shares under the ATM program generated $75.5 million, with 1.9 million more shares sold in 2026 YTD for $44.8 million. As of December 31, 2025, adjusted for early 2026 equity, liquidity stood at $581.9 million, including cash, unfunded notes, and forward proceeds.
Strong Operating Metrics
Same-property NOI rose 3.3% for full-year 2025. Leasing spreads remained compelling: trailing 12-month cash new leasing at 19.4% and renewals at 8.0%; straight-lined new at 34.6% and renewals at 18.3%. Q4 cash spreads were 12.6% (new) and 4.7% (renewals). Portfolio leased rate held steady at 96.7% (vs. 96.7% at Q3 end, up from 95.5% a year earlier), with Signed Not Opened spread at 260 basis points ($8.4 million annualized rent).
2026 Guidance and Positioning
Curbline projects 2026 net income of $0.32–$0.40 per diluted share and OFFO of $1.17–$1.21, excluding asset sale gains, transaction costs, or debt extinguishments. Lukes noted enduring drivers: “Curbline remains uniquely positioned for growth given its differentiated investment focus, the leasing economics of the company’s property type, and its balance sheet.”
The company’s public debut success, acquisition momentum, and operational resilience underscore its strategy to scale as the premier REIT for convenience retail in high-income communities.