Curbline Properties raised its full-year acquisition target to $1 billion from $850 million and increased its operating funds from operations guidance to a range of $1.24 to $1.26 per diluted share, representing 17% growth. The company reported second-quarter operating FFO of $33.3 million, or $0.31 per diluted share, up from $26.9 million a year earlier, while net income was $6.9 million, or $0.06 per share. Acquisition volume reached $374.1 million in the quarter, bringing year-to-date investments to $563.7 million, and the company ended the period with $850.9 million in liquidity, including $154.7 million in cash and $696.2 million from unsettled forward equity sales. Same-property net operating income declined 0.5%, weighed down by a 260-basis-point headwind from lower recovery revenue and a $370,000 storm-damage expense, but the leased rate rose 20 basis points sequentially to 96.5% and occupancy hit 94.3%, its highest since the company's formation. Management highlighted a signed-not-opened pipeline of $7.6 million in annualized base rent, with 90% expected to commence by March 31, 2027, and noted that trailing 12-month capital expenditures remained low at 8% of net operating income.
Curbline Properties Corp.Raises acquisition target and OFFO guidance, reports strong FFO growth and liquidity.