Curbline Properties Corp. reported significant financial performance for the first quarter of 2025, with total revenues reaching $38.7 million, a 38% increase from $28.0 million in the same period last year. The company attributed this growth primarily to a rise in rental income, which amounted to $38.4 million, up from $27.9 million in the prior year. Net income attributable to Curbline also saw a notable increase, rising to $10.6 million, or $0.10 per diluted share, compared to $8.0 million, or $0.08 per diluted share, in the first quarter of 2024.
The company experienced substantial changes compared to the previous fiscal period, largely due to its spin-off from SITE Centers Corp. on October 1, 2024, which involved the transfer of 79 convenience properties. As of March 31, 2025, Curbline owned 107 convenience shopping centers, representing a gross leasable area of 3.4 million square feet. The aggregate occupancy rate for these properties was 93.5%, while the leased rate stood at 96.0%. The average annualized base rent per occupied square foot was $35.14, reflecting a slight decrease from $35.62 at the end of 2024.
Operationally, Curbline has made strategic moves to enhance its portfolio, acquiring 11 convenience shopping centers for a total of $124.2 million during the first quarter. The company also signed new leases and renewals for approximately 124,000 square feet of gross leasable area, achieving cash leasing spreads of 20.8% for new leases and 8.3% for renewals. The company’s employee headcount remained stable, with no significant changes reported in staffing levels.
The filing indicated that the increase in revenues and net income was primarily driven by property acquisitions, an uptick in interest income, and a reduction in transaction costs related to the spin-off. However, general and administrative expenses rose significantly, reflecting the costs associated with operating as an independent entity. Looking ahead, Curbline is positioned to capitalize on the fragmented convenience shopping center market, with a strong cash position of $594 million and access to a $400 million revolving credit facility, which remains undrawn as of the end of the quarter. The company anticipates continued growth through strategic acquisitions and effective management of its existing properties.
About Curbline Properties Corp.
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