Curbline Properties Corp. Reports $10.4M Net Income and 47% Revenue Growth in Q2 2025

Curbline Properties Corp. reported significant financial growth in its latest quarterly filing, with net income attributable to the company reaching $10.4 million for the three months ended June 30, 2025, compared to $6.2 million for the same period in 2024. This translates to earnings per share of $0.10, up from $0.06 year-over-year. For the six months ending June 30, 2025, net income was $20.9 million, a notable increase from $14.2 million in the prior year. The company’s total revenues for the second quarter were $41.4 million, a 47% increase from $28.2 million in the previous year, driven primarily by a rise in rental income, which reached $41.1 million, up from $27.9 million.

The company’s financial performance reflects substantial changes following its spin-off from SITE Centers Corp. on October 1, 2024, which involved the transfer of 79 convenience properties to Curbline. The spin-off has allowed Curbline to operate independently, and the financial results for the current period are not directly comparable to those prior to the spin-off. The company has since expanded its portfolio to 125 convenience shopping centers, totaling 3.7 million square feet of gross leasable area, with an occupancy rate of 93.5% as of June 30, 2025.

Curbline has also made strategic moves to enhance its market position, acquiring 30 convenience shopping centers for $279.1 million during the first half of 2025. This acquisition strategy is part of the company's broader goal to capitalize on the fragmented convenience shopping center market, which it views as an opportunity for growth. The company reported a cash position of $429.9 million as of June 30, 2025, alongside a $400 million undrawn revolving credit facility, positioning it well for future acquisitions.

Operationally, Curbline has signed new leases and renewals for approximately 217,000 square feet of gross leasable area, achieving cash new leasing spreads of 16.2% and cash renewal leasing spreads of 8.3%. The average annualized base rent per occupied square foot was $35.26, slightly down from $35.62 at the end of 2024. The company’s strategic focus on leasing to a diversified tenant base, primarily national and high credit quality tenants, is expected to provide stability and growth in rental income.

Looking ahead, Curbline remains optimistic about its growth trajectory, with plans to continue acquiring additional properties and expanding its footprint in the convenience retail sector. The company’s management believes that its focus on convenience properties, which cater to daily consumer needs, positions it favorably against economic fluctuations and changing consumer behaviors. However, the company acknowledges potential risks, including rising interest rates and market volatility, which could impact its operations and financial performance.