Analyst action
KeyBanc on Tuesday raised its price objective for Curbline Properties Corp to $28.00 from $27.00 and retained an Overweight rating on the convenience-center focused REIT. The new target implies roughly 9% upside from the stock's then-current quote of $25.66, with shares trading close to their 52-week high of $26.01.
Quarterly performance and earnings backdrop
KeyBanc's target bump followed fourth-quarter results that the firm says outperformed expectations. For the most recent trailing twelve months, Curbline reported revenue of $182.89 million. InvestingPro data cited by analysts shows the company produced a diluted EPS of $0.37 over the past year.
Company-provided guidance for fiscal year 2026 Operating Funds From Operations - OFFO - also exceeded consensus at the midpoint by 2.6%. KeyBanc flagged that the low end of the guidance range sits $0.01 per share above consensus, an observation the bank interprets as likely to prompt upward revisions from the analyst community. Separate InvestingPro notes referenced in coverage indicate that net income is expected to rise this year and that analysts are forecasting substantial sales expansion - specifically a projected 47% increase for FY2026.
Balance sheet strength and portfolio fundamentals
KeyBanc underscored what it characterizes as robust fundamentals across Curbline's convenience-center portfolio, pointing to consistent acquisition activity and a strong balance sheet. The bank highlighted a current ratio of 15.98 and an Altman Z-Score of 3.43 as evidence of financial resilience. Coverage materials also note that the REIT holds more cash than debt on its balance sheet, a position described as uncommon within the sector.
Valuation metrics and market positioning
Despite these positives, KeyBanc acknowledged valuation premiums. Curbline shares trade at a reported 11.8% premium to net asset value - in contrast to an average 9% discount observed for Shopping Center REITs. The stock carries elevated multiples, with a price-to-earnings ratio of 66.67 and an EV/EBITDA of 29.1. Yet the reported PEG ratio of 0.13 was noted as suggesting the stock could be inexpensive relative to its projected growth.
Other analyst perspectives and tenant concentration
Market coverage of Curbline includes differing analyst views. Stifel increased its price target for the company to $27, citing the diversity of its tenant roster as a positive attribute. Morgan Stanley reiterated an Underweight rating while maintaining a $29 price objective. The company disclosed a tenant mix led by Starbucks, which accounts for 2.6% of annual base rent, followed by Verizon, Inspire Brands, JAB Holding, Chipotle and Somnigroup.
Company quarter snapshot
Curbline's reported fourth-quarter 2025 results showed a sequential net operating income increase of 16% and a year-over-year rise of 60%, with earnings per share of $0.09 and quarterly revenue of $54.15 million. These results were presented as strong indicators of the REIT's recent performance.
What this means for investors
KeyBanc's action reflects confidence in the company's recent operating results, its cash-rich balance sheet and initial FY2026 guidance that exceeded consensus at the midpoint. At the same time, the firm and other analysts point to premium valuation metrics and differing brokerage views, which contribute to a mixed market narrative around Curbline's near-term attractiveness.
Investors evaluating Curbline will weigh the company's healthy liquidity and reported growth in operating income against its elevated multiples and premium trading relative to peer NAVs. The range of analyst views - from KeyBanc's Overweight and Stifel's higher target to Morgan Stanley's maintained Underweight - underscores that market assessments vary even as the company posts strong quarterly results.