CURB · Curbline Properties Corp. Q2 FY2026 earnings call record财报电话会记录

“These factors in aggregate are driving significant earnings growth with our raised guidance representing over 17% growth, which is among the highest in the sector.”

“Beginning with investments, as I mentioned, we've acquired over $560 million of real estate year to date and are raising our full year investment target to $1 billion of acquisitions from $850 million.”

“In terms of operating metrics, the lease rate was up 20 basis points sequentially to 96.5%, despite an almost 20 basis point headwind from acquisitions.”

“Leasing volume in the second quarter accelerated from the first quarter, driven by an uptick in renewals, though quarterly volumes and figures remain volatile given the lack of available space in the portfolio.”

“The second quarter also included $370,000 of expense related to storm damage at a property in North Carolina, which is an additional 100 basis point headwind.”

“Importantly, this growth was generated by limited Capital Expenditures with trailing 12-month CapEx of 8% of NOI.”

“Moving to our outlook for 2026, we are increasing OFFO guidance to a range between $1.24 and $1.26 per share, which at the midpoint represents just over 17% growth.”

“The net result of the capital markets activity since formation, as of the company ended the quarter with a leverage ratio of approximately 20%, providing substantial dry powder and liquidity, continue to acquire assets and scale, resulting in significant earnings and cash flow growth well in excess of the REIT average.”

“Just on the acquisitions, obviously pretty impressive volumes here.”

“Would just love to hear what you guys are seeing in terms of cap rate and return expectations for this vintage of acquisitions versus maybe 12 to 24 months ago.”

“Our job as asset managers is to generate as much rent as we can from the best credit for people that want that access to those many customers traveling 40,000 cars a day along that road.”

“To your point, we have just under $900 million of either cash, unsettled equity, free cash flow, over the course of the year, and that's offset by use to satisfy the rest of our pipeline of about $500 million.”