NEW YORK–(BUSINESS WIRE)–Curbline Properties Corp. (NYSE: CURB), an owner of convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities, announced today recent acquisition activity along with leasing metrics for the quarter ended September 30, 2024.
“Curbline is off to a strong start as an independent publicly traded company as we look to scale the first public real estate company focused exclusively on convenience properties located on the curbline in the wealthiest submarkets in the United States,” commented David R. Lukes, President and Chief Executive Officer. “The Company has closed over $100 million of acquisitions in the fourth quarter to date in the highly fragmented but liquid convenience market. Additionally, demand for available space remains robust and we continue to be encouraged by the depth of leasing prospects seeking space in Curbline’s properties.”
Significant Third Quarter and Recent Activity
- In October, the Company completed the spin-off from SITE Centers Corp. with SITE Centers shareholders receiving two shares of Curbline for every one share of SITE Centers held at the close of business on the record date. The Company was initially capitalized with $800 million dollars of cash in addition to a $400 million undrawn, unsecured line of credit, a $100 million unsecured, delayed draw term loan, and no indebtedness.
- In the third quarter, acquired seven convenience shopping centers for an aggregate price of $145.3 million, including Village Plaza (Houston, TX), Brookhaven Station (Atlanta, GA), Loma Alta Station (San Diego, CA), Nine Mile Corner (Denver, CO), and Crossroads Marketplace (Los Angeles, CA).
- In the fourth quarter to date, acquired 13 convenience shopping centers for an aggregate price of $104.4 million, including Shops at Bay Pines (Tampa, FL), Narcoossee Cove North (Orlando, FL), Houston Levee Galeria (Memphis, TN), and Santa Margarita Marketplace (Los Angeles, CA).
Key Third Quarter Operating Results
- Generated cash new leasing spreads of 28.3% and cash renewal leasing spreads of 10.1% for the trailing twelve-month period ended September 30, 2024, and cash new leasing spreads of 9.0% and cash renewal leasing spreads of 8.1% for the third quarter of 2024.
- Generated straight-lined new leasing spreads of 49.2% and straight-lined renewal leasing spreads of 21.2% for the trailing twelve-month period ended September 30, 2024, and straight-lined new leasing spreads of 25.1% and straight-lined renewal leasing spreads of 17.7% for the third quarter of 2024.
- Reported a leased rate of 95.4% at September 30, 2024 compared to 95.9% at June 30, 2024 with the sequential change primarily related to the acquisition of properties in the third quarter with an average leased rate of 93.1%.
- As of September 30, 2024, the Signed Not Opened (“SNO”) pipeline represented $3.9 million of ABR and 160 basis points of GLA.
About Curbline Properties
Curbline is an independent, publicly traded company trading under the ticker symbol “CURB” on the NYSE. Curbline is an owner and manager of convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities. Curbline plans to elect to be treated as a REIT for U.S. federal income tax purposes. Additional information about Curbline is available at www.curbline.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
