Cash flow quality remains mixed as evidenced by an FFO-to-Net Income ratio of 6.00 in 2026Q1, suggesting that non-cash accounting adjustments significantly influence reported earnings.
| Cash from Operations | 120.6M | 124.6M | 54.26M | 59.24M | 49.88M |
| Operating CF Growth % | 729.92% | 129.64% | -8.41% | 18.76% | - |
| Operating CF / Revenue % | 59.52% | 68.13% | 44.89% | 63.25% | 68.21% |
| Net Income | 32.84M | 39.88M | 10.27M | 31.01M | 25.73M |
| Depreciation & Amortization | 83.6M | 72.41M | 41.91M | 31.99M | 26.63M |
| Stock-Based Compensation | 12.32M | 12.95M | 3.83M | 0 | 0 |
| Other Non-Cash Items | -742K | -1.81M | -2.33M | -210K | 161K |
| Working Capital Changes | -7.48M | 1.17M | 583K | -3.56M | -2.63M |
| Cash from Investing | -827.7M | -803.25M | -437.4M | -186.02M | -323.46M |
| Acquisitions (Net) | 0 | -2.35M | -913K | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -827.7M | -800.89M | -436.49M | -186.02M | -323.46M |
| Cash from Financing | 418.84M | 341.79M | 1.01B | 126.91M | 273.33M |
| Dividends Paid | -71.01M | -77.38M | 0 | 0 | 0 |
| Common Dividends | -50.87M | -77.38M | 0 | 0 | 0 |
| Debt Issuance (Net) | 3M | 1000K | -1000K | -1000K | -1000K |
| Share Repurchases | 0 | 0 | -23K | 0 | 0 |
| Other Financing | -10.07M | -8.83M | 1.03B | 139.85M | 277.13M |
| Net Change in Cash | -288.26M | -336.86M | 625.69M | 131K | -245K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 289.55M | 626.41M | 721K | 590K | 835K |
| Cash at End | 305.78M | 289.55M | 626.41M | 721K | 590K |
| Free Cash Flow | 120.6M | 124.6M | 54.26M | 59.24M | 49.88M |
| FCF Growth % | 87.94% | 129.64% | -8.41% | 18.76% | - |
| FCF / Revenue % | 59.52% | 68.13% | 44.89% | 63.25% | 68.21% |
High G&A Overhead
According to the provided financial data, Curbline's FFO consistently exceeds GAAP operating cash flow, with the FFO-to-Net Income ratio reaching 6.00 in 2026Q1, suggesting that non-cash charges and accounting adjustments play a significant role in reconciling the company's reported earnings to its actual cash-generating capacity.
The wide variance between GAAP metrics and FFO highlights the impact of depreciation and amortization inherent in the REIT structure. Investors should monitor whether this divergence narrows as the portfolio stabilizes, as a persistent gap may indicate that reported FFO is overly reliant on non-cash accounting benefits rather than organic cash growth.
Based on reported figures, the dividend payout ratio relative to AFFO reached 0.69 in 2026Q1, indicating that while the company is currently distributing a significant portion of its available cash, it maintains a modest buffer to support its ongoing operational requirements and potential future capital deployment needs.
The fluctuation in payout ratios, ranging from 0.54 to 1.06 over the last year, suggests that dividend sustainability remains sensitive to the timing of property-level cash flows. Management's ability to maintain this coverage while scaling the portfolio will be a critical indicator of long-term financial discipline.
As reported in financial statements, the significant disparity between Net Income and FFO underscores the distortive effect of depreciation on Curbline's GAAP earnings, with the company frequently reporting positive FFO even during periods of negative net income, such as the -$15.4 million net loss observed in 2024Q3.
This accounting reality necessitates a focus on FFO as the primary proxy for performance, as GAAP net income fails to capture the underlying cash-generative nature of the convenience-retail assets. Analysts should remain cautious of relying on net income as a gauge for dividend capacity given these structural accounting distortions.
Data indicates that Curbline's cash flow statement may obscure the true economic cost of maintaining its properties, as the limited disclosure of recurring capital expenditures and leasing commissions suggests that these items may be capitalized rather than expensed, potentially inflating the reported AFFO figures for the period.
The lack of granular detail regarding maintenance CAPEX warrants further investigation, as these costs are essential for preserving the long-term value of the convenience-retail portfolio. If these obligations are higher than currently reflected, the actual free cash flow available for distribution may be lower than the headline AFFO suggests.
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.