Financial Performance - For the year ended December 31, 2025, net income attributable to Curbline was $39.8 million, or $0.37 per diluted share, compared to $10.3 million, or $0.09 per diluted share, in the prior year[9]. - Fourth quarter net income attributable to Curbline was $9.5 million, or $0.09 per diluted share, down from $11.5 million, or $0.11 per diluted share, in the same period last year[13]. - The company estimates net income attributable to Curbline for 2026 to be between $0.32 and $0.40 per diluted share, with OFFO projected between $1.17 and $1.21[16]. - Earnings per share (EPS) for Q4 2025 was $0.09, down from $0.11 in Q4 2024[31]. - The company reported a net income attributable to Curbline of $9,541,000 for Q4 2025, down from $11,461,000 in Q4 2024[34]. Revenue and Income Growth - Total revenue for Q2 2025 reached $1.24 billion, representing a 4% increase year-over-year[1]. - Total revenue for Q2 2025 reached $774 million, representing a year-over-year increase of 33.6%[3]. - Total revenue for Q2 2025 reached $1.73 billion, representing a 40% increase year-over-year[1]. - Rental income for Q4 2025 increased to $53,975,000, up 55.8% from $34,642,000 in Q4 2024[31]. - Net operating income for Q4 2025 was $41,704,000, representing a 59.4% increase compared to $26,159,000 in Q4 2024[39]. Operational Metrics - Operating funds from operations (OFFO) for the fourth quarter was $30.4 million, or $0.29 per diluted share, compared to $23.8 million, or $0.23 per diluted share, in the prior year[13]. - Same-property net operating income (SPNOI) increased by 3.3% for the year ended December 31, 2025, compared to the previous year[19]. - Same-property net operating income (NOI) for Q4 2025 was $20,604,000, a slight increase of 1.5% from $20,305,000 in Q4 2024[39]. - The company achieved a Same Property NOI Operating Margin of 74.9%, slightly up from 74.5% year-over-year[51]. - The company reported a Total Equity Market Capitalization of $2,446,264,000, up from $2,439,122,000 in the previous year[45]. Property and Leasing Activity - Curbline acquired 81 convenience shopping centers for an aggregate price of $788.4 million during 2025[19]. - The company owns 176 properties with a total Gross Leasable Area (GLA) of 4,800,000 square feet, representing a 7.3% increase from the previous quarter[41]. - The leased rate was reported at 96.7% as of December 31, 2025, unchanged from September 30, 2025, and up from 95.5% a year earlier[19]. - The company has a total of 1,663 leases expiring, covering 4,496,000 square feet with a total ABR of $155,224,000, averaging $34.52 per square foot[59]. - The company reported a total Gross Leasable Area (GLA) of 2,000,000 square feet across various properties as of December 31, 2025[66]. Cash Flow and Debt - Cash and cash equivalents decreased to $289,553,000 in Q4 2025 from $626,409,000 in Q4 2024, a decline of 53.8%[36]. - The company’s total liabilities rose to $556,320,000 in Q4 2025, compared to $90,541,000 in Q4 2024, indicating a substantial increase[36]. - The company has a total debt of $428,000,000, with a net debt of $138,447,000 after accounting for cash[45]. - The company’s consolidated cash flow for the year was $124,779,000, compared to $105,197,000 in the previous year[45]. Market Expansion and Strategy - The company plans to expand its market presence by opening 25 new locations in key metropolitan areas by the end of 2025[1]. - Market expansion efforts are focused on the Southeast region, targeting a 30% increase in market share by 2026[1]. - The company is exploring potential acquisitions to further enhance its product portfolio and market reach[1]. - Future outlook includes potential acquisitions in high-growth markets, particularly in Florida and Georgia, to leverage increasing consumer demand[69]. - The company is implementing cost optimization strategies to improve overall profitability margins[1]. User Engagement and Technology - User data indicates a 15% increase in customer engagement across digital platforms, contributing to overall revenue growth[1]. - New product launches are expected to drive an additional $100 million in revenue in the next fiscal year[1]. - The company has allocated $50 million for research and development of innovative technologies aimed at enhancing customer experience[1]. - The company reported a 25% increase in operational efficiency due to recent technological upgrades[1]. - The company is actively investing in research and development for new technologies, aiming to enhance product offerings and user experience[1]. Performance Metrics and Measures - The company emphasizes the use of Funds from Operations (FFO) and Operating FFO as key performance measures, excluding non-cash items and gains/losses from property dispositions[78]. - Net Operating Income (NOI) is utilized as a supplemental performance measure, reflecting property revenues less property-related expenses[86]. - Same-Property Net Operating Income (SPNOI) is calculated to provide insights into the operating performance of comparable assets, excluding non-cash and non-comparable items[87]. - SPNOI does not represent cash generated from operating activities according to GAAP and should not be considered an alternative to net income or cash flow[88].
Curbline Properties Corp.(CURB) - 2025 Q4 - Annual Results