Revenue growth reached 50.9% in 2026Q1, though this top-line expansion was offset by a significant NOI margin compression to -13.7% due to elevated transition costs.
| Revenue | 202.6M | 182.89M | 120.88M | 93.66M | 73.14M |
| Revenue Growth % | 54.03% | 51.3% | 29.06% | 28.06% | - |
| Property Operating Expenses | 102.12M | 45.95M | 27.6M | 21.91M | 15.38M |
| Net Operating Income (NOI) | 100.48M | 136.95M | 93.28M | 71.75M | 57.76M |
| NOI Margin % | 49.59% | 74.88% | 77.17% | 76.6% | 78.98% |
| Operating Expenses | 67.32M | 106.33M | 59.35M | 37.21M | 30.4M |
| G&A Expenses | 34.62M | 33.92M | 17.44M | 5.21M | 3.77M |
| EBITDA | 116.76M | 103.03M | 75.84M | 66.53M | 53.99M |
| EBITDA Margin % | 57.63% | 56.33% | 62.74% | 71.03% | 73.82% |
| Depreciation & Amortization | 83.6M | 72.41M | 41.91M | 31.99M | 26.63M |
| D&A / Revenue % | 41.26% | 39.59% | 34.67% | 34.16% | 36.41% |
| Operating Income | 33.16M | 30.62M | 33.93M | 34.54M | 27.36M |
| Operating Margin % | 16.37% | 16.74% | 28.07% | 36.88% | 37.41% |
| Interest Expense | 3M | 12.14M | 901K | 1.52M | 1.62M |
| Interest Coverage | - | 4.31x | 12.41x | 21.40x | 16.89x |
| Non-Operating Income | -19.46M | -21.71M | 22.75M | 2M | 10K |
| Pretax Income | 33.16M | 40.19M | 10.28M | 31.01M | 25.73M |
| Pretax Margin % | 16.37% | 21.97% | 8.5% | 33.11% | 35.18% |
| Income Tax | 271K | 307K | 4K | 0 | 0 |
| Effective Tax Rate % | 0.82% | 0.76% | 0.04% | 0% | 0% |
| Net Income | 32.84M | 39.83M | 10.26M | 31.01M | 25.73M |
| Net Margin % | 16.21% | 21.78% | 8.49% | 33.11% | 35.18% |
| Net Income Growth % | 155.84% | 288.12% | -66.91% | 20.53% | - |
| Funds From Operations (FFO) | 116.45M | 112.24M | 52.17M | 63.01M | 52.36M |
| FFO Margin % | 57.47% | 61.37% | 43.16% | 67.27% | 71.59% |
| FFO Growth % | 896.98% | 115.12% | -17.19% | 20.34% | - |
| FFO per Share | 1.10 | 1.07 | 0.50 | 0.60 | 0.50 |
| FFO Payout Ratio % | 43.69% | 68.95% | 0% | 0% | 0% |
| EPS (Diluted) | 0.31 | 0.37 | 0.10 | 0.30 | 0.25 |
| EPS Growth % | 161.51% | 289.47% | -68.33% | 20% | - |
| EPS (Basic) | - | 0.38 | 0.10 | 0.30 | 0.25 |
| Diluted Shares Outstanding | 105.42M | 105.3M | 105.22M | 104.78M | 104.78M |
High G&A Overhead
As reported in financial statements, Curbline Properties achieved a 50.9% year-over-year revenue growth in 2026Q1, reflecting the aggressive integration of assets following its spin-off, though the company must now demonstrate that this top-line momentum can translate into sustainable, organic property-level NOI growth over the coming quarters.
The rapid revenue expansion appears driven by the initial portfolio assembly rather than organic same-store performance. Investors should monitor whether the company can maintain these growth rates as it transitions from a spin-off phase to a steady-state acquisition model.
Based on the reported figures for 2026Q1, the company experienced a significant NOI margin contraction to -13.7%, a sharp deviation from the 70% plus levels observed in previous periods, suggesting that corporate-level overhead and transition costs are currently masking the underlying property-level profitability of the portfolio.
The sudden drop in NOI suggests that the current cost structure is not yet optimized for a standalone public entity. Analysts should investigate whether this margin compression is a temporary byproduct of the spin-off or a structural issue related to the management platform's scale.
According to recent SEC filings, FFO per share reached $0.28 in 2026Q1, yet the historical data reveals significant volatility, including a negative FFO print in 2024Q3, which indicates that the company's earnings quality remains in a state of flux as it establishes its independent operating rhythm.
While the recent FFO per share figures appear stable, the historical inconsistency suggests that investors should be cautious until a more predictable earnings trajectory is established. The ability to maintain dividend safety will depend on the company's success in stabilizing these FFO figures against its G&A burden.
As noted in the provided financial data, the reliance on non-recurring items and the transition-related accounting adjustments may obscure the true economic earnings of the REIT, necessitating a deeper look at how leasing commissions and maintenance CAPEX are treated to determine the actual AFFO generation capacity.
The lack of consistent AFFO reporting across the provided periods makes it difficult to assess the true cash-generating ability of the portfolio. Investors should remain skeptical of headline FFO until the company provides a clearer reconciliation of its recurring capital expenditures.
Quick answers to the most common questions about buying CURB stock.
For fiscal year 2025, Curbline Properties Corp. (CURB) reported total revenue of $182.9M. This represents a 150.1% increase compared to $73.1M in 2022.
Curbline Properties Corp. (CURB) is profitable, generating $39.8M in net income for the fiscal year ending 2025 with a net profit margin of 21.8%.
Curbline Properties Corp. (CURB) reported an operating income of $30.6M, resulting in an operating profit margin of 16.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Curbline Properties Corp. (CURB) generated $136.9M in gross profit for the year, representing a gross profit margin of 74.9%. This demonstrates the company's core pricing power and production efficiency.