Curbline Properties Fourth Quarter 2024 Investment Update
Curbline Properties (NYSE: CURB) has completed its first quarter as a public company with significant investment activity, acquiring 20 convenience shopping centers for $206.1 million in Q4 2024. The acquisitions were funded with cash on hand, with the company maintaining a net cash position and access to an undrawn $400 million revolving credit facility and $100 million delayed draw term loan facility.
The properties are strategically located in high-income suburban areas across major US markets, including Tampa, Orlando, Los Angeles, Phoenix, and Houston. Notable acquisitions include the Shops at Prasada North in Phoenix for $32 million, Magnolia Point in Houston for $28.3 million, and a 6-property portfolio for $25.1 million. The company also reported successful execution of new leases with several new tenants, indicating strong demand for available space.
Curbline Properties (NYSE: CURB) ha completato il suo primo trimestre come azienda pubblica con attività di investimento significative, acquisendo 20 centri commerciali di prossimità per 206,1 milioni di dollari nel quarto trimestre del 2024. Le acquisizioni sono state finanziate con liquidità disponibile, con l'azienda che mantiene una posizione di liquidità netta e accesso a un fondo di credito rotativo non utilizzato di 400 milioni di dollari e una linea di prestito a termine con prelievo ritardato di 100 milioni di dollari.
Le proprietà sono strategicamente situate in aree suburbane ad alto reddito attraverso i principali mercati statunitensi, inclusi Tampa, Orlando, Los Angeles, Phoenix e Houston. Le acquisizioni degne di nota includono i Shops at Prasada North a Phoenix per 32 milioni di dollari, Magnolia Point a Houston per 28,3 milioni di dollari e un portafoglio di 6 proprietà per 25,1 milioni di dollari. L'azienda ha anche riportato un'esecuzione di successo di nuovi contratti di locazione con diversi nuovi inquilini, indicando una forte domanda di spazi disponibili.
Curbline Properties (NYSE: CURB) ha completado su primer trimestre como empresa pública con una actividad de inversión significativa, adquiriendo 20 centros comerciales de conveniencia por 206.1 millones de dólares en el cuarto trimestre de 2024. Las adquisiciones fueron financiadas con efectivo disponible, manteniendo la empresa una posición de efectivo neto y acceso a una línea de crédito revolvente no utilizada de 400 millones de dólares y una línea de préstamo a plazo con desembolso retrasado de 100 millones de dólares.
Las propiedades están ubicadas estratégicamente en áreas suburbanas de altos ingresos a través de los principales mercados de EE. UU., incluidos Tampa, Orlando, Los Ángeles, Phoenix y Houston. Las adquisiciones notables incluyen los Shops at Prasada North en Phoenix por 32 millones de dólares, Magnolia Point en Houston por 28.3 millones de dólares y un portafolio de 6 propiedades por 25.1 millones de dólares. La empresa también informó sobre la exitosa ejecución de nuevos contratos de arrendamiento con varios nuevos inquilinos, lo que indica una fuerte demanda de espacios disponibles.
Curbline Properties (NYSE: CURB)는 공기업으로서의 첫 분기를 완료하며 2024년 4분기에 2억 6천 1백만 달러에 20개의 편의점 쇼핑 센터를 인수하는 중요한 투자 활동을 진행했습니다. 인수는 현금을 통해 자금 조달되었으며, 회사는 순 현금 위치를 유지하고 4억 달러의 미사용 순환 신용 시설 및 1억 달러의 지연 인출 대출 시설에 접근할 수 있습니다.
이들 자산은 미국의 주요 시장에 걸쳐 고소득 교외 지역에 전략적으로 위치하고 있으며, 탬파, 올랜도, 로스앤젤레스, 피닉스, 휴스턴이 포함됩니다. 눈에 띄는 인수로는 피닉스의 프라사다 북 샵스가 3천 2백만 달러, 휴스턴의 매그놀리아 포인트가 2천 8백 3십만 달러, 6개 자산 포트폴리오가 2천 5백 1십만 달러였습니다. 회사는 또한 여러 신규 세입자와의 새로운 임대 계약의 성공적인 실행을 보고하며, 사용 가능한 공간에 대한 강한 수요를 나타내고 있습니다.
Curbline Properties (NYSE: CURB) a terminé son premier trimestre en tant qu'entreprise publique avec une activité d'investissement significative, acquérant 20 centres commerciaux de proximité pour 206,1 millions de dollars au quatrième trimestre 2024. Les acquisitions ont été financées par des liquidités disponibles, l'entreprise maintenant une position de liquidités nettes et ayant accès à une ligne de crédit rotatif de 400 millions de dollars non utilisée et un prêt à terme à tirage différé de 100 millions de dollars.
Les propriétés sont stratégiquement situées dans des zones suburbaines à revenu élevé à travers les principaux marchés américains, y compris Tampa, Orlando, Los Angeles, Phoenix et Houston. Parmi les acquisitions notables, on trouve les Shops at Prasada North à Phoenix pour 32 millions de dollars, Magnolia Point à Houston pour 28,3 millions de dollars et un portefeuille de 6 propriétés pour 25,1 millions de dollars. L'entreprise a également signalé l'exécution réussie de nouveaux baux avec plusieurs nouveaux locataires, ce qui indique une forte demande pour des espaces disponibles.
Curbline Properties (NYSE: CURB) hat sein erstes Quartal als öffentliches Unternehmen mit bedeutenden Investitionstätigkeiten abgeschlossen und 20 Convenience-Einkaufszentren im vierten Quartal 2024 für 206,1 Millionen Dollar erworben. Die Akquisitionen wurden mit Barmitteln finanziert, wobei das Unternehmen eine Netto-Cash-Position beibehalten und Zugang zu einer ungenutzten 400-Millionen-Dollar-Rotationskreditlinie sowie einer 100-Millionen-Dollar-Disagio-Darlehen hat.
Die Immobilien sind strategisch in einkommensstarken Vororten in den wichtigsten US-Märkten gelegen, darunter Tampa, Orlando, Los Angeles, Phoenix und Houston. Zu den bemerkenswerten Akquisitionen zählen die Shops at Prasada North in Phoenix für 32 Millionen Dollar, Magnolia Point in Houston für 28,3 Millionen Dollar sowie ein 6-Objekte-Portfolio für 25,1 Millionen Dollar. Das Unternehmen berichtete auch über die erfolgreiche Ausführung neuer Mietverträge mit mehreren neuen Mietern, was auf eine starke Nachfrage nach verfügbaren Flächen hinweist.
- Significant expansion with 20 new property acquisitions worth $206.1M
- Strong liquidity position with undrawn $400M credit facility and $100M term loan facility
- Successful execution of new leases indicating strong tenant demand
- Strategic acquisitions in high-income suburban markets
- None.
Insights
The
The company's financial position remains robust with zero net debt, an undrawn
The acquisition strategy reveals a clear focus on suburban convenience retail in high-growth markets, particularly in the Sunbelt region. The portfolio's geographic distribution is notable, with significant presence in Florida, Texas and Colorado markets that are experiencing strong population growth and demographic shifts. The emphasis on "curbline" properties - those located at high-visibility intersections - positions the company to benefit from the continuing trend of convenience-oriented shopping behavior.
The execution of new leases with new-to-portfolio tenants suggests strong market demand for these locations, which is important for maintaining and growing rental income. The average deal size of approximately
“Curbline’s first quarter as an independent publicly traded company was very productive 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 closed on the acquisition of 20 convenience shopping centers for
| Date | Property Name | MSA | Price ( |
| 10/02/24 | Shops at Bay Pines | 4,650 |
|
| 10/15/24 | Narcoossee Cove North | 13,200 |
|
| 10/18/24 | 6-Property Portfolio | Various | 25,100 |
| 10/28/24 | Worthington Plaza | 6,675 |
|
| 11/01/24 | Houston Levee Galleria | 19,200 |
|
| 11/04/24 | Independence Point | 4,600 |
|
| 11/04/24 | Shops at Riverdale Commons | 8,175 |
|
| 11/12/24 | Santa Margarita Marketplace | 22,760 |
|
| 11/21/24 | Shops at Olde Town Station | 9,900 |
|
| 11/22/24 | Scenic Plaza | 8,201 |
|
| 12/12/24 | Magnolia Point | 28,373 |
|
| 12/17/24 | Nine Mile Corner - Phase II | 12,375 |
|
| 12/20/24 | Shops at West Carmel Marketplace | 9,600 |
|
| 12/20/24 | Magnolia Point - Phase II | 1,333 |
|
| 12/30/24 | Shops at Prasada North | 32,000 |
|
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About Curbline Properties
Curbline Properties 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. The Company is publicly traded under the ticker symbol “CURB” on the NYSE and 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/20250108468459/en/
For additional information:
Conor Fennerty,
EVP and Chief Financial Officer
(216) 755-6200
Source: Curbline Properties Corp.
FAQ
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