Stifel has adjusted its valuation outlook for Curbline Properties Corp (NYSE: CURB), moving the price target up to $27.00 from $26.50 and preserving a Buy rating on the real estate investment trust. The revised target implies only modest upside relative to the stock's then-current trading level of $25.70, and sits roughly 1% below the 52-week high of $26.01.
The research note emphasized tenant diversification as a strategic strength. No single tenant contributes more than 2.6% of Curbline's base rents, with Starbucks representing the largest individual share of annual base rent at 2.6%. Other meaningful tenants named by the firm include Verizon, Inspire Brands, JAB Holding, Chipotle, and Somnigroup. Stifel tied this tenant mix to Curbline's recent top-line performance, noting revenue growth of 46.9% over the trailing twelve-month period.
Stifel also reviewed Curbline's recent capital markets activity. In the fourth quarter of 2025 the company sold 3.3 million shares on a forward basis through its ATM Continuous Equity Program, generating gross proceeds of $75.5 million. Early in 2026 the company sold an additional 1.9 million shares for $44.8 million in gross proceeds. According to Stifel, these equity transactions underpin a strong liquidity position, which is reflected in a current ratio reported at 7.38.
Following these assessments, Stifel raised its normalized funds from operations projections for the company, increasing the 2026 estimate to $1.21 from $1.18 and lifting the 2027 figure to $1.35 from $1.30. The research note also reiterated Curbline's dividend profile: the REIT pays a quarterly dividend of $0.16 per share, equating to an annualized $0.64 and a yield of 2.5% at the cited share price. Stifel included the company's estimated 2026 FAD payout ratio of 63.4% and observed that dividend yields have averaged around 2% over the past several years.
On balance-sheet metrics, Stifel described Curbline as having a "very strong" position. As of December 31, the company held approximately $289.6 million in cash, retained full access to its $400 million revolving credit facility, reported $172.0 million of unfunded senior unsecured notes, and had $120.3 million in gross proceeds from unsettled forward equity. Independent analysis referenced in the note showed that the company holds more cash than debt and carries an Altman Z-Score of 3.38. That analysis assigns an overall financial health rating of "GREAT" with a score of 3.12 out of 5.
Operationally, Curbline posted a strong fourth quarter of 2025. Net operating income rose 16% sequentially and 60% year over year. The company reported earnings per share of $0.09 and total revenue of $54.15 million for the quarter, figures Stifel cited as evidence of significant recent growth.
Not all sell-side coverage is aligned. Morgan Stanley maintained an Underweight rating on Curbline while setting a price target of $29.00, a stance reiterated by analyst Ronald Kamdem in a recent investor note. The coexistence of a Buy rating from Stifel and an Underweight from Morgan Stanley highlights differing analyst views despite the company’s recent operating and liquidity metrics.
Investors evaluating Curbline may weigh the firm’s tenant diversity, upgraded FFO outlook and sizable cash balances against the limited upside to Stifel’s new target and divergent analyst opinions. The company’s recent equity issuance has bolstered liquidity, and reported operating results for Q4 2025 show substantial growth, but market assessments of valuation and risk remain mixed among brokers.
Related information available: Curbline’s reported metrics and the analyst revisions described above form the basis for more detailed equity research and valuation models available through professional research services.