
Curbline Properties Reports Recent Acquisition and Leasing Performance for Q3 2024
Curbline Properties Corp. (NYSE: CURB), a leader in the acquisition and management of convenience shopping centers strategically located on high-traffic intersections and major corridors in affluent suburban areas, today shared an update on its acquisition activity and leasing performance for the quarter ended September 30, 2024.
“Curbline is off to a strong start as an independent publicly traded entity, on track to scale the first public real estate company focused exclusively on convenience properties in the wealthiest submarkets across the U.S.,” said David R. Lukes, President and CEO. “We’ve successfully closed over $100 million in acquisitions so far this quarter, capitalizing on the liquid yet fragmented convenience market. Demand for our properties remains strong, and we’re encouraged by the ongoing interest from potential tenants seeking space in Curbline’s prime locations.”
Key Highlights from Recent Activity:
Spin-off from SITE Centers Corp.
In October, Curbline completed its spin-off from SITE Centers Corp., with SITE Centers shareholders receiving two shares of Curbline for every one share of SITE Centers held as of the record date. The company began its independent operations with $800 million in cash, alongside an undrawn $400 million unsecured line of credit, a $100 million unsecured delayed-draw term loan, and no outstanding debt.
Acquisitions
In Q3 2024, Curbline acquired seven convenience shopping centers for a total of $145.3 million. Notable properties include:
- Village Plaza (Houston, TX)
- Brookhaven Station (Atlanta, GA)
- Loma Alta Station (San Diego, CA)
- Nine Mile Corner (Denver, CO)
- Crossroads Marketplace (Los Angeles, CA)
In Q4 2024, Curbline acquired 13 additional properties for $104.4 million, including:
- Shops at Bay Pines (Tampa, FL)
- Narcoossee Cove North (Orlando, FL)
- Houston Levee Galeria (Memphis, TN)
- Santa Margarita Marketplace (Los Angeles, CA)
Leasing Metrics for Q3 2024:
- Cash New Leasing Spreads: 28.3% for the trailing twelve-month period ending September 30, 2024; 9.0% for Q3 2024.
- Cash Renewal Leasing Spreads: 10.1% for the trailing twelve-month period; 8.1% for Q3 2024.
- Straight-Lined New Leasing Spreads: 49.2% for the trailing twelve-month period; 25.1% for Q3 2024.
- Straight-Lined Renewal Leasing Spreads: 21.2% for the trailing twelve-month period; 17.7% for Q3 2024.
The company reported a leased rate of 95.4% as of September 30, 2024, down slightly from 95.9% on June 30, 2024, primarily due to the acquisition of properties with a lower average leased rate (93.1%) during the quarter.
As of September 30, 2024, Curbline’s Signed Not Opened (SNO) pipeline included $3.9 million of annual base rent (ABR) and represented 160 basis points of gross leasable area (GLA).