Investing.com — Compass Level has initiated protection of Curbline Properties Corp (NYSE:) with a “impartial” score and a worth goal of $24 given firm’s distinctive deal with unanchored comfort properties and its low-leverage mannequin.
Spun out from Web site Facilities in October 2024, CURB owns 97 properties, primarily in suburban markets throughout the Southeast and Southwest, together with Miami, Atlanta, and Phoenix. The corporate operates with no debt and plans to fund acquisitions utilizing an $800 million money steadiness and anticipated unsecured debt issuance in 2025, enabling potential portfolio doubling with out fairness raises.
Shares of CURB commerce at a slight low cost to NAV however command a premium valuation of 23.7x projected 2025 FFO of $0.99, reflecting its development prospects. Regardless of a 15% rise since itemizing, Compass Level stays cautious, noting the necessity for CURB to exhibit constant public market efficiency and development execution earlier than justifying additional premium multiples.
With plans to turn into the biggest unanchored comfort house proprietor within the U.S., CURB’s development trajectory will rely on strategic acquisitions and environment friendly leverage administration.
