Curbline Properties Corp. · NYSE:CURB
Curbline Properties — Q4 2024 Earnings Presentation
13 slides from Curbline Properties's earnings presentation, Feb 11, 2025
Slide 1: Curbline Properties 4Q24 Earnings Conference Call
CURBLINE PROPERTIES 4Q24 EARNINGS CONFERENCE CALL FEBRUARY 11, 2025
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT Curbline Properties considers portions of the information in this presentation to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s
Slide 3: Table of Contents
CURBLINE PROPERTIES TABLE OF CONTENTS KEY TAKEAWAYS 4 RESULTS SUMMARY 5 OPERATIONS OVERVIEW 6 BALANCE SHEET 8 GUIDANCE 9 APPENDIX 10 CURBLINE PROPERTIES 4Q24 EARNINGS CONFERENCE CALL 3
Slide 4: 4Q24 Results Key Takeaways
CURBLINE PROPERTIES: 4Q24 RESULTS KEY TAKEAWAYS Curbline is a differentiated company focused exclusively on convenience properties located on the curbline in the wealthiest submarkets in the United States. The Company’s 3M SF portfolio of convenience real estate concentrated in the top suburban U.S.
Slide 5: 4Q24 Results Summary
CURBLINE PROPERTIES: 4Q24 RESULTS SUMMARY $0.11 $0.23 E ARNINGS PER SHARE OFFO PER SHARE 5.8% 15.0% $206m 2024 SPNOI GROW TH 4Q24 NEW CASH LE ASE SPRE AD TR ANSACTIONS VOLUME 10.6% 4Q24 BLENDED CASH LEASE SPREAD Note: As of December 31, 2024. CURBLINE PROPERTIES 4Q24 EARNINGS CONFERENCE CALL 5
Slide 6: 4Q24 Operations Overview
CURBLINE PROPERTIES: 4Q24 OPERATIONS OVERVIEW Superior access, visibility, and standard unit sizes drive significant demand for convenience properties located in top suburban sub-markets and attractive leasing returns • Generated +54% straight-line new leasing spreads and S EL EC T NE W A ND R ENE W
Slide 7: Recent Acquisition: Shops at Olde Town Station
CURBLINE PROPERTIES: RECENT ACQUISITION: SHOPS AT OLDE TOWN STATION DENVER MSA Curbline acquired Shops at Olde Town Station in November 2024 for $10M. The asset benefits from its strong positioning on the hard corner of a heavily trafficked intersection in the affluent suburb of Avarda, CO. RTD TR A
Slide 8: Balance Sheet
CURBLINE PROPERTIES: BALANCE SHEET Balance sheet positioned to capitalize on growth opportunities and scale significantly • As of December 31, 2024, Curbline Properties had over $1.1B of liquidity consisting of: • $626M of cash • $500M of availability on Company’s credit facility • Closed on credit
Slide 9: 2025 Guidance and Earnings Considerations
CURBLINE PROPERTIES: 2025 GUIDANCE AND EARNINGS CONSIDERATIONS Curbline is positioned to generate significant earnings and cash flow growth on a relative and absolute basis as it scales in the fragmented but liquid convenience sector 4Q24 Earnings Considerations • Results include $499K of income (Ot
Slide 10: Appendix
APPENDIX CURBLINE PROPERTIES 4Q24 EARNINGS CONFERENCE CALL 10
Slide 11: Non-GAAP Financial Measures and Other Operational Metrics - Definitions
CURBLINE PROPERTIES: NON-GAAP FINANCIAL MEASURES AND OTHER OPERATIONAL METRICS - DEFINITIONS FFO and Operating FFO Funds from Operations ("FFO") is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trus
Slide 12: 4Q24 Detail
CURBLINE PROPERTIES: 4Q24 DETAIL 1Q24 2Q24 3Q24 4Q24 REVENUES: Rental income1 27,861 27,949 29,576 34,642 Other property income 178 207 186 282 28,039 28,156 29,762 34,924 EXPENSES: Operating and maintenance 2,931 3,059 3,541 4,628 Real estate taxes 3,021 2,975 3,311 4,137 5,952 6,034 6,852 8,765 NE
Slide 13: Reconciliations
CURBLINE PROPERTIES: RECONCILIATIONS RECONCILIATION: RECONCILIATION: NET INCOME ATTRIBUTABLE TO CURBLINE TO FFO AND OPERATING FFO NET INCOME ATTRIBUTABLE TO CURBLINE TO SAME-PROPERTY NOI ANNUAL PER SHARE DILUTED SAME-PROPERTY NOI Actual Estimate 4Q24 FY 2025 12M24 12M23 Net income attributable to Cu