Curbline Properties Corp. CURB
Curbline Properties Corp., a Maryland corporation (the "Company" or "Curbline"), is primarily engaged in the business of owning, leasing, acquiring, and managing convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities. All of Curbline's properties are located in the United States and are geographically diversified, principally across the Southeast, Mid-Atlantic, Southwest and Mountain regions, along with Texas. At December 31, 2025, the aggregate occupancy of the Company's portfolio of 176 properties, which aggregated 4.8 million square feet of gross leasable area ("GLA"), was 94.1% and the average annualized base rent ("ABR") per occupied square foot was $34.52. The primary source of the Company's income is generated from the rental of the Company's convenience shopping centers to tenants.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $182.9M | $120.9M | $93.7M | $73.1M | — |
| SG&A | $33.9M | $17.4M | $5.2M | $3.8M | — |
| Total operating expenses | $152.3M | $87.0M | $59.1M | $45.8M | — |
| Interest expense | $12.1M | $901.0K | $1.5M | $1.6M | — |
| Pre-tax income | $40.2M | $10.3M | $31.0M | $25.7M | — |
| Income tax | $307.0K | $4.0K | $0 | $0 | — |
| Net income | $39.9M | $10.3M | $31.0M | $25.7M | — |
| EPS, basic | 0.37 | 0.10 | 0.30 | 0.25 | — |
| EPS, diluted | 0.37 | 0.09 | 0.30 | 0.25 | — |
| Shares, diluted (wtd. avg.) | $105.3M | $105.2M | $104.9M | $104.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $289.6M | $626.4M | $566.0K | — | — |
| Other intangibles | $137.5M | $82.7M | $34.3M | — | — |
| Total assets | $2.47B | $2.03B | $921.6M | — | — |
| Long-term debt | $423.2M | $0 | — | — | — |
| Total liabilities | $556.3M | $90.5M | $59.0M | — | — |
| Total equity | $1.91B | $1.94B | $862.6M | $691.8M | $388.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $124.6M | $54.3M | $59.2M | $49.9M | — |
| Stock-based compensation | $12.9M | $3.8M | $0 | $0 | — |
| Investing cash flow | -$803.2M | -$437.4M | -$186.0M | -$323.5M | — |
| Financing cash flow | $341.8M | $1.01B | $126.9M | $273.3M | — |
| Dividends paid | $77.4M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-043647.
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