April 28th, 2026

The call presented strong operational and financial momentum: materially higher NOI (sequential +3%, YoY >50%), robust leasing activity, continued portfolio growth and a raised OFFO guidance (~14% midpoint growth). Management highlighted deep liquidity (> $700M), high occupancy (96.3%) and attractive going-in returns (low-6% cap rates, unlevered IRR 7%–9%), which together point to a positive growth trajectory. Near-term headwinds include an expected ~300 bps Q2 same-property NOI drag from timing of CapEx and bad-debt comparisons, some noncash accounting volatility and the usual execution risk on a highly granular acquisition pipeline. Overall, the positives (strong balance sheet, clear pipeline visibility, raised guidance and outsized YoY NOI growth) outweigh the near-term operational and accounting challenges.

Company Guidance

Curbline raised 2026 OFFO guidance to $1.20–$1.23 per share (midpoint ≈ 14% growth) based on assumptions of roughly $850 million of full‑year investments (up from $750M), a 3.25% cash return with interest income declining as cash is deployed, CapEx <10% of NOI (Q1 CapEx = 6.3% of NOI; trailing 12‑month = 7.3%), G&A of about $32 million (includes $1.1M Q1 SITE fees) and same‑property NOI growth of ~3% at the midpoint (vs. 3.3% in 2025 and 5.8% in 2024). Management cautioned Q2 will face an ~300 bps headwind to same‑property NOI from timing of 2025 CapEx and tough uncollectible revenue comps, with second‑half base rent growth averaging >4%. Near‑term moving pieces include interest expense rising to ~ $8.5M in Q2 from private placement funding, sequential noncash revenue down ≈ $0.5M, roughly flat G&A Q/Q, and an expected ~$0.01 per share OFFO drag from forward‑offering dilution (just under 1M unsettled shares in Q1). Balance‑sheet capacity cited to fund guidance: cash $306M, unsettled equity proceeds $371M, >$700M total immediate liquidity, and leverage of ~20%; management noted about $750M of the $850M pipeline is closed/under contract/awarded.