Curbline Reports Q1 FFO Surge to $29.9M, Acquisitions Top $142M
Curbline’s Q1 net income dropped to $3.6M ($0.03/share) from $10.6M ($0.10/share) year-over-year, driven by higher interest and depreciation expenses offset by acquisitions. OFFO rose 19% to $29.9M ($0.28/share) as the REIT closed $142.4M in new center acquisitions and raised nearly $296M through equity and debt financings.
1. Q1 Financial Results
Curbline reported net income attributable of $3.6M ($0.03/share) compared to $10.6M ($0.10/share) a year earlier, reflecting higher interest expense and depreciation. Operating FFO climbed 19% to $29.9M ($0.28/share), driven by contributions from recent asset acquisitions.
2. Acquisition and Financing Activity
In Q1, Curbline acquired 14 convenience centers for $142.4M and added eight centers for $93.8M in early Q2, boosting portfolio size. The REIT also funded $172M of senior unsecured notes, sold 9.2M forward shares at $25.50 for $234.6M gross proceeds, and issued 2.6M ATM shares for $61M.
3. Operating Metrics
Same-property net operating income rose 4.8%, reflecting cash new leasing spreads of 33.5% and renewal spreads of 5.9% in Q1. The leased rate held at 96.3%, and signed-not-opened rents represent 220 basis points of additional annualized base rent.
4. Guidance Update
Full-year net income guidance was revised to $0.29–$0.36 per share, down from $0.32–$0.40, while Operating FFO guidance was raised to $1.20–$1.23 per share from $1.17–$1.21, reflecting strong acquisition-driven growth.