Curbline Properties rises after announcing $250 mln stock buyback, equity raise plans

Curbline Properties

02/10/2025 14:45

** Shares of retail REIT Curbline Properties CURB.N up 0.9% at $22.63 early Thurs as it looks to buy back stock and raise equity to grow its portfolio

** New York-based owner of suburban convenience shopping centers early Thurs said its board authorized a $250 mln share repurchase program

** Also, CURB said in a filing it entered into $250 mln ATM ("at-the-market") equity offering sales agreement with Wells Fargo, BNY Mellon, BofA and BTIG, among other investment banks

** It intends to use net offering proceeds, including from any forward sales, for general purposes, including acquisitions, capex, debt paydown

** With 105.2 mln shares outstanding, CURB has about $2.4 bln market cap

** Co completed spin-off from Site Centers SITC.N a year ago

** CURB's shares closed at $22.36 in first day of trading as an independent firm on Oct 1, 2024

** 6 of 9 analysts covering CURB rate the stock "hold" and 3 rate "strong buy" or "buy"; median PT is $25.50, LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))