Financial Performance - Curbline Properties reported a fourth quarter net income of $11.5 million, or $0.11 per diluted share, compared to $7.6 million, or $0.07 per diluted share, in the prior year, reflecting a year-over-year increase of 51.3%[8]. - Operating funds from operations (OFFO) for the fourth quarter were $23.8 million, or $0.23 per diluted share, up from $17.9 million, or $0.17 per diluted share, in the same period last year, marking a 32.9% increase[8]. - The company reported a net income attributable to Curbline of $11,461,000 for Q4 2024, compared to $7,626,000 in Q4 2023[22]. - FFO attributable to Curbline for Q4 2024 was $23,642,000, up 43% from $16,436,000 in Q4 2023[26]. - Net operating income for Q4 2024 was $26,159,000, representing a 31.4% increase compared to $19,914,000 in Q4 2023[30]. - Same Property Net Operating Income (NOI) for Q4 2024 increased by 3.0% year-over-year to $17,584,000, while annual Same Property NOI rose by 5.8% to $68,433,000[41]. - Total Curbline NOI for Q4 2024 was $26,159,000, reflecting a significant increase of 31.4% compared to the previous year, with annual NOI growing by 30.0% to $93,278,000[41]. - The company estimates net income for 2025 to be between $0.48 and $0.56 per diluted share, with Operating FFO projected between $0.97 and $1.01 per diluted share[11]. Acquisitions and Growth - The company acquired 20 convenience shopping centers for a total of $206.1 million during the fourth quarter[8]. - In Q1 2024, Curbline Properties Corp. acquired 37 properties for a total price of $19.11 million, with a total GLA of 37,000 square feet[55]. - In Q2 2024, the company acquired 176 properties for $54.73 million, totaling 176,000 square feet of GLA[55]. - In Q3 2024, Curbline Properties Corp. acquired 266 properties for $145.33 million, with a total GLA of 266,000 square feet[55]. - The total acquisitions for 2024 amounted to 878 properties for $425.32 million, with a total GLA of 878,000 square feet[55]. - Curbline Properties Corp. is expanding its market presence with acquisitions in key metropolitan areas such as Phoenix, Los Angeles, and Miami[55]. - The company is focusing on enhancing its portfolio through strategic acquisitions and market expansion initiatives[55]. - Future guidance indicates continued growth in property acquisitions and potential new developments in 2025[55]. Leasing and Occupancy - The leased rate was 95.5% as of December 31, 2024, slightly down from 96.7% a year earlier, primarily due to acquisitions[19]. - Cash new leasing spreads were 30.5% and cash renewal leasing spreads were 10.3% for the year ended December 31, 2024[19]. - The company reported a leased rate of 96.1% for Same Properties, consistent with the previous year, while the commenced rate improved to 95.1%[41]. - Minimum rents for Q4 2024 were $17,126,000, up from $16,536,000 in Q4 2023, indicating a positive trend in rental income[41]. - In Q4 2024, new leases totaled 4 with a Gross Leasable Area (GLA) of 7,375 square feet at an average base rent (ABR) of $46.22 per square foot, reflecting a 15.0% increase in cash leasing spreads[45]. - The total number of renewals in Q4 2024 was 18, covering 45,118 square feet at an ABR of $29.54 per square foot, with a cash leasing spread increase of 9.5%[45]. - The combined new leases and renewals in Q4 2024 amounted to 22, with a GLA of 52,493 square feet and an average rent of $31.88 per square foot, showing a cash leasing spread increase of 10.6%[45]. Financial Metrics and Ratios - Total assets as of Q4 2024 reached $2,033,098,000, a significant increase from $921,632,000 in Q4 2023[28]. - Total equity market capitalization stands at $2,439,122,000, with a market value per share of $23.22[37]. - The company has no total debt, resulting in a net debt of $(626,409,000)[37]. - The company’s Same Property NOI operating margin is 73.8%, slightly down from 75.8% in the previous year[41]. - The total portfolio consists of 1,002 leases covering 2,909,000 square feet, with an aggregate ABR of $103,218,000, averaging $35.48 per square foot[51]. - The top 25 tenants contribute $25,383,000 in base rent, accounting for 24.6% of total base rent, with a GLA of 699,000 square feet, representing 22.6% of total GLA[53]. Operational Strategies - The company has a strategy to focus on properties with long-term tenants, enhancing stability and revenue predictability[54]. - The company is actively exploring new technologies and strategies to optimize property management and enhance tenant experiences[55]. - The company utilizes Funds from Operations (FFO) and Operating FFO as key performance measures, which exclude depreciation and amortization unique to real estate, providing a clearer view of operational performance[64]. - The company defines Operating FFO as FFO excluding certain non-comparable charges, which helps in analyzing core operating results[67]. - Net Operating Income (NOI) is used as a supplemental performance measure, calculated as property revenues minus property-related expenses, reflecting trends in occupancy and rental rates[72]. - Same-Property Net Operating Income (SPNOI) is reported to provide insights into the performance of comparable assets, excluding non-cash and non-comparable items[73]. - The company emphasizes that FFO and Operating FFO should not be considered as alternatives to GAAP net income or cash flow measures, as they do not represent cash available for dividends or capital expenditures[71].
Curbline Properties Corp.(CURB) - 2024 Q4 - Annual Results