Curbline Properties Announces Acquisition and Leasing Update
Curbline Properties (NYSE: CURB), a convenience shopping center owner, reported significant acquisition and leasing activities. The company completed its spin-off from SITE Centers Corp. in October with an initial capitalization of $800 million cash and $500 million in credit facilities. In Q3 2024, they acquired seven shopping centers for $145.3 million, followed by 13 more centers in Q4 for $104.4 million. Operating results show strong leasing performance with cash new leasing spreads of 28.3% for TTM and 9.0% for Q3 2024. The company maintained a solid 95.4% leased rate as of September 30, 2024, with a Signed Not Opened pipeline representing $3.9 million in ABR.
Proprietà Curbline (NYSE: CURB), un proprietario di centri commerciali di convenienza, ha riportato attività significative di acquisizione e locazione. L'azienda ha completato la sua scissione da SITE Centers Corp. in ottobre con una capitalizzazione iniziale di 800 milioni di dollari in contante e 500 milioni di dollari in linee di credito. Nel terzo trimestre del 2024, hanno acquisito sette centri commerciali per 145,3 milioni di dollari, seguiti da altri 13 centri nel quarto trimestre per 104,4 milioni di dollari. I risultati operativi mostrano una forte performance di locazione con spread di nuovo affitto in contante del 28,3% per TTM e del 9,0% per il terzo trimestre del 2024. L'azienda ha mantenuto un solido tasso di locazione del 95,4% al 30 settembre 2024, con un pipeline firmato ma non aperto che rappresenta 3,9 milioni di dollari in ABR.
Propiedades Curbline (NYSE: CURB), un propietario de centros comerciales de conveniencia, informó sobre actividades significativas de adquisición y arrendamiento. La empresa completó su escisión de SITE Centers Corp. en octubre con una capitalización inicial de 800 millones de dólares en efectivo y 500 millones de dólares en líneas de crédito. En el tercer trimestre de 2024, adquirieron siete centros comerciales por 145,3 millones de dólares, seguidos de 13 centros más en el cuarto trimestre por 104,4 millones de dólares. Los resultados operativos muestran un sólido desempeño de arrendamiento con márgenes de nuevo arrendamiento en efectivo del 28,3% para TTM y del 9,0% para el tercer trimestre de 2024. La empresa mantuvo una sólida tasa de ocupación del 95,4% al 30 de septiembre de 2024, con un pipeline firmado pero no abierto que representa 3,9 millones de dólares en ABR.
커브라인 속성 (NYSE: CURB), 편의점 쇼핑센터 소유자, 인수 및 임대 활동에 대한 중요한 보고를 했습니다. 회사는 SITE Centers Corp.로부터의 분사를 10월에 완료했으며, 초기 자본금으로 8억 달러의 현금과 5억 달러의 신용 시설을 확보했습니다. 2024년 3분기 동안 그들은 1억 4,530만 달러에 7개의 쇼핑센터를 인수했으며, 4분기에는 1억 4,440만 달러에 13개의 추가 센터를 인수했습니다. 운영 결과는 TTM에 대해 28.3%의 현금 신규 임대 스프레드와 2024년 3분기에 대한 9.0%의 견고한 임대 성과를 보여주고 있습니다. 회사는 2024년 9월 30일 현재 95.4%의 견고한 임대율을 유지했으며, 서명된 미개방 파이프라인은 390만 달러의 ABR을 나타냅니다.
Propriétés Curbline (NYSE: CURB), un propriétaire de centres commerciaux de proximité, a rapporté des activités significatives d'acquisition et de location. L'entreprise a complété sa scission de SITE Centers Corp. en octobre avec une capitalisation initiale de 800 millions de dollars en espèces et 500 millions de dollars en lignes de crédit. Au troisième trimestre 2024, ils ont acquis sept centres commerciaux pour 145,3 millions de dollars, suivis de 13 autres centres au quatrième trimestre pour 104,4 millions de dollars. Les résultats opérationnels montrent une performance de location solide avec des spreads de nouvelle location en espèces de 28,3 % pour TTM et de 9,0 % pour le troisième trimestre 2024. L'entreprise a maintenu un taux de location solide de 95,4 % au 30 septembre 2024, avec un pipeline signé mais non ouvert représentant 3,9 millions de dollars en ABR.
Curbline Properties (NYSE: CURB), ein Eigentümer von Convenience-Einkaufszentren, berichtete über bedeutende Akquisitionen und Mietaktivitäten. Das Unternehmen schloss im Oktober seine Abspaltung von SITE Centers Corp. mit einem anfänglichen Kapital von 800 Millionen Dollar in bar und 500 Millionen Dollar in Kreditlinien ab. Im 3. Quartal 2024 erwarben sie sieben Einkaufszentren für 145,3 Millionen Dollar, gefolgt von 13 weiteren Zentren im 4. Quartal für 104,4 Millionen Dollar. Die Betriebsergebnisse zeigen eine starke Mietleistung mit einer neuen Bar-Mietspreizung von 28,3% für TTM und 9,0% für Q3 2024. Das Unternehmen hielt zum 30. September 2024 eine solide vermietete Rate von 95,4%, wobei eine unterzeichnete, aber noch nicht eröffnete Pipeline 3,9 Millionen Dollar in ABR repräsentiert.
- Strong acquisition momentum with $249.7 million in shopping center purchases
- Robust initial capitalization with $800 million cash and $500 million in credit facilities
- Impressive TTM cash new leasing spreads of 28.3%
- High occupancy rate of 95.4%
- Future revenue potential with $3.9 million in Signed Not Opened ABR
- Slight decrease in leased rate from 95.9% to 95.4% quarter-over-quarter
- Lower Q3 2024 cash new leasing spreads (9.0%) compared to TTM performance (28.3%)
Insights
The spin-off and subsequent acquisition spree marks a significant strategic move in the convenience retail sector. The initial capitalization of
The operating metrics are particularly strong, with impressive leasing spreads of
Curbline's strategic positioning in the convenience retail sector is noteworthy, targeting a specific niche in wealthy submarkets that traditionally shows resilience during economic downturns. The portfolio expansion across major metropolitan areas including Houston, Atlanta, San Diego and Los Angeles demonstrates geographical diversification in high-growth markets.
The
“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
Significant Third Quarter and Recent Activity
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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$400 million $100 million -
In the third quarter, acquired seven convenience shopping centers for an aggregate price of
$145.3 million 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 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 of10.1% for the trailing twelve-month period ended September 30, 2024, and cash new leasing spreads of9.0% and cash renewal leasing spreads of8.1% for the third quarter of 2024. -
Generated straight-lined new leasing spreads of
49.2% and straight-lined renewal leasing spreads of21.2% for the trailing twelve-month period ended September 30, 2024, and straight-lined new leasing spreads of25.1% and straight-lined renewal leasing spreads of17.7% for the third quarter of 2024. -
Reported a leased rate of
95.4% at September 30, 2024 compared to95.9% at June 30, 2024 with the sequential change primarily related to the acquisition of properties in the third quarter with an average leased rate of93.1% . -
As of September 30, 2024, the Signed Not Opened (“SNO”) pipeline represented
$3.9 million
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
Safe Harbor
Curbline Properties considers portions of the information in this press release 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 expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, the ability to execute our business strategy as an independent, publicly traded company. Other risks and uncertainties that could cause our results to differ materially from those indicated by such forward-looking statements include general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a tenant and the impact of any such event on rental income and our properties; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to secure equity or debt financing on commercially acceptable terms or at all; development and construction activities may not achieve a desired return on investment; impairment charges; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; and our ability to qualify as a REIT and to maintain REIT status once elected. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's Registration Statement on Form 10 and any subsequent reports that we file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113398140/en/
Conor Fennerty
EVP and Chief Financial Officer
(216) 755-6200
Source: Curbline Properties Corp.
FAQ
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