Cash conversion is robust with Q2 2026 operating cash flow of $47.2M and AFFO of $25.8M covering dividends 1.85x, despite minimal capex of $7.6M.
Curbline Properties Corp. (CURB) cash flow statement — 4-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Cash from Operations | 133.65M | 124.6M | 54.26M | 59.24M | 49.88M |
| Operating CF Growth % | 665.5% | 129.64% | -8.41% | 18.76% | - |
| Operating CF / Revenue % | 60.98% | 68.13% | 44.89% | 63.25% | 68.21% |
| Net Income | 29.36M | 39.88M | 10.27M | 31.01M | 25.73M |
| Depreciation & Amortization | 94.03M | 72.41M | 41.91M | 31.99M | 26.63M |
| Stock-Based Compensation | 6.28M | 12.95M | 3.83M | 0 | 0 |
| Other Non-Cash Items | 4.8M | -1.81M | -2.33M | -210K | 161K |
| Working Capital Changes | -859K | 1.17M | 583K | -3.56M | -2.63M |
| Cash from Investing | -1.03B | -803.25M | -437.4M | -186.02M | -323.46M |
| Acquisitions (Net) | 0 | -2.35M | -913K | 0 | 0 |
| Purchase of Investments | -372.24M | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -647.48M | -800.89M | -436.49M | -186.02M | -323.46M |
| Cash from Financing | 618.48M | 341.79M | 1.01B | 126.91M | 273.33M |
| Dividends Paid | -72.08M | -77.38M | 0 | 0 | 0 |
| Common Dividends | -51.94M | -77.38M | 0 | 0 | 0 |
| Debt Issuance (Net) | 2.98M | 1000K | -1000K | -1000K | -1000K |
| Share Repurchases | 0 | 0 | -23K | 0 | 0 |
| Other Financing | -8.24M | -8.83M | 1.03B | 139.85M | 277.13M |
| Net Change in Cash | -275.14M | -336.86M | 625.69M | 131K | -245K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 305.78M | 626.41M | 721K | 590K | 835K |
| Cash at End | 154.72M | 289.55M | 626.41M | 721K | 590K |
| Free Cash Flow | 133.65M | 124.6M | 54.26M | 59.24M | 49.88M |
| FCF Growth % | 64.04% | 129.64% | -8.41% | 18.76% | - |
| FCF / Revenue % | 60.98% | 68.13% | 44.89% | 63.25% | 68.21% |
Quick answers to the most common questions about buying CURB stock.
Curbline Properties Corp. (CURB) generated $124.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Curbline Properties Corp. (CURB) generated $124.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Curbline Properties Corp. (CURB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Curbline Properties Corp. (CURB) returned $77.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Deferred SNO rent commencements
Metrics are mathematically derived from official filings.
AFFO Coverage Strengthens
In Q2 2026, AFFO of $25.8M covered dividends 1.85x, a marked improvement from 0.94x in Q1 2025, as reported in the latest financial statements.
The dividend payout ratio based on AFFO dropped to 54% in Q2 2026, indicating a substantial retained cash buffer for future acquisitions. This coverage is particularly strong given the company's aggressive investment pace, suggesting that dividend growth could be supported without straining liquidity. Investors should monitor whether this coverage persists as the portfolio expands and G&A costs normalize.
Capex Discipline Supports AFFO
Curbline's capital expenditures were minimal in most quarters, with only $7.6M in Q2 2026, allowing AFFO to closely track FFO, based on reported cash flow data.
The low capex intensity reflects the convenience-oriented, service-based tenant mix that requires less tenant improvement spending. This structural advantage likely contributes to higher AFFO conversion and supports the company's ability to fund growth internally. However, as the portfolio matures, recurring capex may rise, so the current low levels should be viewed with caution.
Working Capital Swings Signal Timing
Operating cash flow surged to $47.2M in Q2 2026 from $21.4M in Q1, a 121% jump that appears driven by working capital timing, as per quarterly cash flow statements.
The volatility in OCF relative to net income suggests significant swings in tenant receivables and payables, likely due to the rapid acquisition activity. While this does not necessarily indicate collection issues, it highlights the need to normalize for timing effects when forecasting cash flows. The straight-line rent adjustments may also be inflating reported revenue, so AFFO remains the more reliable metric.
Equity-Fueled Growth Engine
Curbline raised over $500M in capital during Q2 2026, funding record investments of $375M while maintaining a near-zero debt ratio, as disclosed in the earnings release.
The company's reliance on equity issuance rather than debt to finance acquisitions is a deliberate strategy that preserves balance sheet flexibility. This approach appears well-suited to the current high-rate environment, but it dilutes existing shareholders. The pace of capital raising suggests management is confident in the acquisition pipeline, yet investors should assess whether the returns on new investments will exceed the cost of equity.
Depreciation Masks Cash Generation
GAAP net income of $6.9M in Q2 2026 is less than a quarter of FFO of $33.4M, underscoring the distortion from real estate depreciation, as per SEC filings.
The wide gap between net income and FFO is typical for REITs, but Curbline's ratio of FFO to net income (6.83x) is exceptionally high, reflecting the significant depreciation charges on its recently acquired assets. This reinforces the importance of using FFO/AFFO rather than GAAP earnings to evaluate the company's cash-generating ability. The low net income also makes the P/E ratio meaningless, so investors should rely on P/FFO.
Straight-Lining May Overstate Cash
Curbline's revenue growth of 51% likely includes straight-line rent adjustments that inflate GAAP revenue, while AFFO in Q2 2026 was $25.8M, as reported in financial statements.
The company's heavy reliance on straight-line rent accounting could overstate economic income if tenants default or if lease terms are back-loaded. The deferred commencement of a majority of SNO pipeline rents to March 2027 suggests that near-term cash flows may be lower than reported revenue. Investors should monitor the collectability of straight-line receivables and the timing of cash rent commencement to assess the true cash flow trajectory.