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Jun 30, 2025
Curbline Properties Corp Q2 2025 Earnings Report
Curbline Properties reported strong Q2 2025 results with increased net income and leasing spreads, driven by acquisitions and operational momentum.
Key Takeaways
Curbline delivered solid performance in Q2 2025 with higher net income, improved leasing spreads, and strong acquisition activity. The company maintained a high leased rate and raised additional capital to fuel expansion.
Net income rose to $10.4 million, or $0.10 per diluted share, from $6.2 million in Q2 2024
Operating FFO increased to $26.9 million from $19.8 million in the prior year
Same-property NOI grew 6.2% compared to Q2 2024
Curbline acquired 19 shopping centers for $154.9 million and maintained a 96.1% leased rate
Forward Guidance
Curbline reaffirmed its FY2025 guidance for Operating FFO and narrowed net income projections, expecting continued acquisition activity and strong leasing momentum.
Positive Outlook
- Operating FFO revised upward to $1.00–$1.03 per diluted share
- Net income guidance range adjusted to $0.37–$0.44 per diluted share
- Increased investment activity with $260 million in Q3 acquisitions to date
- Private placement of $150 million in unsecured senior notes completed
- Fitch investment-grade credit rating secured, lowering financing costs
Challenges Ahead
- Guidance excludes potential gains/losses from asset sales and other non-operating items
- Increased G&A expenses due to scaling operations
- Depreciation and amortization rising with acquisitions
- Interest expense also increased in the quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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