Financial Data and Key Metrics Changes - In Q4 2025, NOI increased by 16% sequentially and almost 60% year-over-year, driven by acquisitions and organic growth [12] - Same-property NOI grew by 3.3% for the full year and 1.5% for Q4, despite a 50 basis point headwind from uncollectible revenue [14] - The company is forecasting FFO guidance for 2026 in the range of $1.17 to $1.21 per share, representing a 12% year-over-year growth [15][16] Business Line Data and Key Metrics Changes - The company signed over 400,000 sq ft of new leases and renewals in 2025, with new lease spreads averaging 20% and renewal spreads just under 10% [6] - The lease rate remained unchanged at 96.7%, with occupancy up 20 basis points [13] Market Data and Key Metrics Changes - The total U.S. market for convenience retail assets is 950 million sq ft, significantly larger than the company's current portfolio of almost 5 million sq ft [7] - The company has built a significant network of relationships with sellers and brokers, with 27% of acquisitions being direct and off-market [8] Company Strategy and Development Direction - The company focuses on acquiring top-tier convenience retail assets, emphasizing capital efficiency and a first-mover advantage in the sector [5] - The strategy includes investing in simple, flexible buildings that align with consumer behavior, catering to daily errands rather than destination shopping [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in the convenience sector, citing a significant addressable investment market and a strong team to support growth [11] - The company expects to generate double-digit cash flow growth for several years, driven by capital efficiency and reinvestment of retained cash flow [11] Other Important Information - The company ended the year with a leverage ratio of less than 20%, providing substantial liquidity for future acquisitions [19] - The company has a unique capital structure aligned with its business plan, having raised $600 million in debt capital since formation [18] Q&A Session Summary Question: Can you talk about the acquisition pipeline and cap rates? - Management indicated that cap rates have remained just north of 6%, with a wide range depending on various factors [24] - The company has visibility on about half of the $700 million acquisition pipeline for 2026 [25] Question: Can you discuss same-store NOI and leasing spreads? - Management noted that leasing spreads are expected to return to low 20s, and same-property NOI guidance for 2026 is a wide range of 2%-4% [28][30] Question: Are there any operating synergies from having multiple properties in single markets? - Management acknowledged some operational synergies but emphasized that the high recovery rate of the asset class limits their impact on same-store NOI [36] Question: What is the thought process on incremental equity issuance versus building out the debt ladder? - Management highlighted a broad range of options for funding, including equity issuance and private placement, while maintaining a strong liquidity position [52] Question: Are there any planned dispositions for 2026? - Management confirmed that there are no planned dispositions, as the business model focuses on long-term ownership of acquired assets [63][65]

Financial Data and Key Metrics Changes - Curbline Properties acquired $415 million of properties in Q2 2025 and raised $300 million of debt capital [5][15] - NOI increased over 8% sequentially, driven by organic growth and acquisitions [16] - Same property NOI rose 6.2% for the quarter and 4.4% year-to-date [18] Business Line Data and Key Metrics Changes - Leasing volume reached almost 50,000 square feet, the highest since tracking began, with a lease rate of 96.1% [10][18] - Blended straight-line leasing spreads were 22% for the trailing twelve months [10] Market Data and Key Metrics Changes - Average household incomes for Q2 investments were nearly $137,000, with a weighted average lease rate over 96% [15] - Curbline's top five markets (Miami, Atlanta, Phoenix, Orlando, Houston) represent 44% of ABR [58] Company Strategy and Development Direction - Curbline focuses on convenience properties, emphasizing capital efficiency and high tenant renewal rates [6][8] - The company aims to acquire properties in affluent markets and is expanding into new submarkets like Dallas and New York Metro [13][14] - The company has a unique capital structure and received an investment-grade credit rating from Fitch, enhancing its competitive position [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth potential, citing a strong pipeline of acquisition opportunities and favorable market conditions [5][15] - The company raised OFFO guidance to a range between $1 and $1.03 per share for 2025, driven by better-than-projected operations [19] Other Important Information - Curbline's CapEx as a percentage of NOI was just over 7%, with expectations to remain below 10% for the full year [18] - The company has acquired over $750 million of assets since its spin-off, demonstrating strong acquisition volume [11] Q&A Session Summary Question: Can you comment on cap rate trends and the acquisition pipeline? - Management noted that cap rates have remained stable, blending to about a 6% on forward twelve-month NOI, with half of the pipeline being off-market opportunities [26][27] Question: Any commentary on tariff impacts and leasing spreads? - Management indicated no significant impact from tariffs on leasing economics or volume, with leasing spreads expected to remain consistent with 2024 [30] Question: Will there be any dispositions as you ramp up portfolio acquisitions? - Management confirmed there is no disposition pipeline and they are not buying assets they do not want to own long-term [34][35] Question: What is the current thought process on entering new markets? - Management is open to acquiring in various markets as long as the properties meet their criteria, with a focus on understanding and believing in the market [36][82] Question: How do you manage occupancy costs across your portfolio? - Management stated that occupancy costs are monitored primarily for local or regional tenants, with limited visibility for national tenants [79] Question: Will the shared service agreement with Site Centers impact Curbline? - Management indicated that the shared service agreement allows for efficient management of expenses, and any changes in Site Centers' plans would not significantly impact Curbline [61][62]

Financial Data and Key Metrics Changes - The company reported a sequential increase in Net Operating Income (NOI) of over 8%, driven by stronger base rent, recoveries, and other income [14][15] - Same property NOI increased by 6.2% for the quarter and 4.4% year-to-date [17] - Capital expenditures (CapEx) as a percentage of NOI was just over 7%, with expectations to remain below 10% for the full year [17][21] Business Line Data and Key Metrics Changes - The company achieved its highest quarterly new leasing volume since tracking began, with almost 50,000 square feet of new leases signed [9] - The lease rate increased to 96.1%, among the highest in the sector, with blended straight-line leasing spreads of 22% for the trailing twelve months [9][14] - The company acquired 19 properties for $155 million in the second quarter, continuing to focus on affluent markets [12][13] Market Data and Key Metrics Changes - Average household incomes for second quarter investments were nearly $137,000, with a weighted average lease rate of over 96% [13] - The company has been active in both primary and secondary markets, with significant acquisitions in Houston, Chicago, Phoenix, and Atlanta [12][57] Company Strategy and Development Direction - The company focuses exclusively on convenience properties, which have shown strong financial performance and high tenant renewal rates [6][10] - The strategy includes acquiring properties that share common characteristics with the existing portfolio, emphasizing visibility, access, and compelling economics [10][12] - The company aims to leverage its strong balance sheet and investment-grade credit rating to continue scaling and acquiring assets [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential, highlighting a robust pipeline of acquisition opportunities and strong demand for leasing [4][14] - The company raised its Operating Funds From Operations (OFFO) guidance for 2025 to a range between $1 and $1.03 per share, driven by better-than-expected operations [18] - Management noted that while leasing spreads may experience volatility, overall leasing activity remains elevated [16][30] Other Important Information - The company has raised $300 million in debt capital and has a net cash position of almost $430 million, providing substantial liquidity for future acquisitions [13][21] - The company received its inaugural investment-grade credit rating from Fitch, which is expected to lower borrowing costs [20] Q&A Session Summary Question: Can you comment on cap rate trends and the acquisition pipeline? - Management indicated that cap rates have not changed dramatically, blending to about a 6% on forward twelve-month NOI, with half of the pipeline being off-market opportunities [26][27] Question: Any commentary on tariff impact and leasing spreads? - Management noted that there has been no change in the tone surrounding tariffs, and leasing spreads are expected to remain consistent with previous years despite some quarterly volatility [30] Question: Are there plans for dispositions as acquisitions ramp up? - Management clarified that there is no disposition pipeline and they do not expect to engage in capital recycling, focusing instead on long-term acquisitions [35][36] Question: What is the current thought process on entering new markets? - Management expressed a willingness to enter new markets if the right opportunities arise, emphasizing the importance of understanding market dynamics [37][38] Question: How do you view the Midwest market for acquisitions? - Management stated that acquisitions are based on financial returns, and they are open to opportunities in the Midwest as long as they meet their criteria [80] Question: Are occupancy costs used as key metrics for managing rents? - Management indicated that occupancy costs are minimally used, primarily for local or regional tenants, as most of the portfolio consists of national credit tenants [78][79]

Financial Data and Key Metrics Changes - Curbline Properties reported a nearly 9% sequential increase in NOI, driven by organic growth and acquisitions [27] - CapEx as a percentage of NOI was under 5%, leading to approximately $25 million of retained cash flow before distributions, despite NOI being $28 million [13][29] - The company raised its OFFO guidance to a range between $0.99 and $1.02 per share for 2025, reflecting better-than-projected operations [30] Business Line Data and Key Metrics Changes - The leasing rate increased by 50 basis points sequentially to 96%, with blended straight-line leasing spreads at 27% [15] - Same-property NOI growth is expected to average greater than 3% for the three-year period ending in 2026 [15] - The company signed almost 120,000 square feet of new leases and renewals in Q1, including notable tenants like AT&T and Verizon [14] Market Data and Key Metrics Changes - Curbline owns over 3.3 million square feet of convenience assets, representing less than 1% of the total U.S. inventory of 950 million square feet [16] - The average household income for first-quarter investments was nearly $110,000, with a weighted average lease rate of over 95% [22] Company Strategy and Development Direction - Curbline focuses exclusively on convenience properties, which are expected to outperform in various macro environments due to high tenant retention and low CapEx [7][12] - The company plans to continue acquiring convenience properties, with a current pipeline exceeding $500 million [19][20] - The strategy emphasizes capital efficiency and the ability to generate cash flow growth with minimal capital investment [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to generate compelling stakeholder value, supported by a strong balance sheet with nearly $600 million in cash [25] - The demand for available space remains strong, driven by existing retailers and service tenants expanding into suburban markets [23] - Management acknowledged potential impacts from macroeconomic changes but emphasized the attractiveness of small-format retail in affluent areas [24] Other Important Information - The company has a net cash position and $1 billion in liquidity, positioning it well for future investments [25][35] - Curbline's business model allows for quick tenant turnover and lower costs associated with re-leasing spaces [106] Q&A Session Summary Question: Thoughts on funding sources and cost of capital - Management indicated they are exploring various funding sources, including bank, bond, and insurance markets, and will choose the best option as the year progresses [41][42] Question: Details on the acquisition pipeline - The acquisition pipeline consists mostly of single asset purchases, with a blended cap rate around 6.25% [48][49] Question: Impact of tariffs on underwriting and sector exposure - Management noted that most tenants do not carry inventory, minimizing the impact of tariffs, but acknowledged that higher capital costs may affect investment decisions [52][55] Question: Changes in seller willingness to transact - Seller willingness remains firm, primarily driven by life events rather than market timing, leading to consistent inventory levels [64] Question: Same-store growth and occupancy changes - Same-property NOI was up 2.5% for the quarter, with occupancy metrics impacted by a small pool of properties [29][66] Question: Confidence in affluent portfolio amidst consumer pullback - Management emphasized the importance of zoning and scarcity value in affluent areas, which supports tenant demand despite broader consumer trends [88][89] Question: Acquisition guidance for 2025 - The company maintains a $500 million acquisition target for 2025, with potential for exceeding this based on current deal flow [96][97]