Financial Data and Key Metrics Changes - Same property NOI grew by 4.2% for the year, with a fourth-quarter increase of 6% [9][15] - FFO for the year was at the high end of guidance at $2.25 per share, up 5.6% year-over-year [9][16] - Overall CapEx spending decreased by 14% year-over-year, the lowest since 2021 [11][19] - The expense recovery ratio reached a record 92.3% at year-end [12] Business Line Data and Key Metrics Changes - Small shop occupancy increased to a new high of 92.2%, contributing to the largest sequential overall occupancy gain in the company's history, up 100 basis points to 95.1% [10] - New lease rent growth for the year was 39%, while renewal rent growth was 15%, marking the third consecutive year of mid-teens renewal growth [11] - The company executed $70 million of new rent, fully replenishing that volume with another $70 million of net new rent [17] Market Data and Key Metrics Changes - The company acquired approximately $420 million of asset value in Houston, Southern California, and Denver, marking 2025 as the most active year for acquisitions [9] - The demand from high-quality tenants remains robust, with significant interest from grocers and retailers in the health and wellness sectors [10] Company Strategy and Development Direction - The company plans to remain disciplined but opportunistic in capital allocation, focusing on creating outsized value without relying solely on acquisitions for growth [9] - There is a strong emphasis on technology and analytics, with early initiatives in AI and automation yielding positive results [8] - The operational realignment from four to three regions continues to enhance efficiency and leasing execution [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumers and the favorable fundamentals for open-air, grocery-anchored retail [7] - The company anticipates 4.5%-5.5% same property NOI growth for 2026, driven by expected base rent contributions [17] - The balance sheet is in the strongest position ever, supporting the business plan for consistent growth [14] Other Important Information - The company stabilized $183 million of projects in 2025 at an attractive 10% incremental yield [12] - The active pipeline at year-end totaled $336 million, with significant redevelopment projects planned [12] Q&A Session Summary Question: Guidance for bad debt this year - Management noted that the guidance of 75-100 basis points reflects improved tenant health trends and a strong underlying tenancy [23][25] Question: Acquisition environment and capital recycling - Management expressed optimism about the transaction pipeline and highlighted the importance of redeploying capital into higher-growth opportunities [30][32] Question: Same-property NOI guidance assumptions - Management explained that the guidance reflects ongoing execution and the compounding of rent commencements, with a focus on maintaining strong performance [38][40] Question: CEO initiatives and portfolio management - The new CEO emphasized the continuation of aggressive asset management and the use of technology to enhance decision-making [44][46] Question: SNO pipeline growth and tenant quality - Management indicated that the SNO pipeline remains robust, with strong demand from retailers and a focus on attracting high-quality tenants [68] Question: Ancillary income guidance for 2026 - Management highlighted the focus on maximizing revenue across properties, with a strong ancillary team driving income opportunities [71][74] Question: Disposition pipeline and market demand - Management noted strong demand for lower-growth assets, allowing for capital recycling into higher-growth opportunities [78][80]

Brixmor Property Group (NYSE:BRX) Q4 2025 Earnings call February 10, 2026 10:00 AM ET Company ParticipantsBrian Finnegan - CEO and PresidentCaitlin Burrows - VP of Equity ResearchCraig Mailman - Director of Equity ResearchHaendel St. Juste - Managing DirectorJuan Sanabria - Managing DirectorMark Horgan - EVP and CIOMichael Griffin - Director of Equity ResearchMichael Mueller - Managing DirectorStacy Slater - SVP of Investor RelationsSteve Gallagher - CFOTayo Okusanya - Managing DirectorTodd Thomas - Managin ...

Financial Data and Key Metrics Changes - Same property NOI grew by 4.2% for the year, with fourth quarter same property NOI increasing by 6% [8][13] - FFO for the year was at the high end of guidance at $2.25 per share, up 5.6% year-over-year [8][14] - Record leasing year with $70 million of new rent executed, and overall occupancy increased to 95.1%, marking the largest sequential gain in company history [8][12] Business Line Data and Key Metrics Changes - New lease rent growth for the year was 39%, and renewal rent growth was 15%, resulting in three consecutive years of mid-teens renewal growth [10] - Small shop occupancy increased to a new high of 92.2%, with 70% of small shop rent derived from multi-unit operators [8][9] Market Data and Key Metrics Changes - Demand from high-quality tenants remains robust, with significant new leases signed with operators like Publix and Sprouts [9] - The competitive environment has pushed net effective rents to a record $23.66, with a payback period averaging two years [17] Company Strategy and Development Direction - The company plans to continue capital allocation towards opportunities that create outsized value without relying solely on acquisitions for growth [6][12] - The operational realignment from four to three regions has improved efficiency and leasing execution [6] - The company is focusing on technology and analytics, with early initiatives in AI and automation yielding positive results [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the portfolio and the ability to capture continued demand for well-located open-air retail centers [13] - The company anticipates 4.5%-5.5% same property NOI growth for 2026, driven by expected base rent contributions [15][16] - Management highlighted the strong credit quality of the tenant base and limited exposure to high-risk sectors [20][82] Other Important Information - The company entered 2026 with strong momentum, having hosted over 9 million visits last year [12] - The balance sheet is in the strongest position ever, with $1.6 billion of available liquidity [17] Q&A Session Summary Question: Guidance for bad debt this year - Management noted that the guidance reflects improved tenant health trends and a stronger underlying tenancy, with limited disruption expected [20][22] Question: Acquisition environment and capital recycling - Management expressed optimism about the transaction front, highlighting a growing pipeline and the importance of capital deployment towards redevelopment opportunities [26][28] Question: Same-property NOI guidance assumptions - Management explained that the guidance reflects ongoing execution on the SNO pipeline and the ability to drive rent growth [35][36] Question: Use of technology and AI for tenant health evaluation - Management discussed the implementation of data-driven decisions to monitor tenant health and identify early signals of potential issues [85][86] Question: Sustainability of lower CapEx spend - Management indicated that lower CapEx is expected to continue due to improved portfolio quality and reduced deferred maintenance [89][90] Question: Disposition strategy and market demand - Management highlighted strong demand for lower-growth assets, allowing for capital recycling into higher-growth opportunities [76][78]

Core Insights - Brixmor Property (BRX) reported a revenue of $353.75 million for the quarter ended December 2025, reflecting a year-over-year increase of 7.7% [1] - The earnings per share (EPS) for the quarter was $0.58, significantly higher than the $0.27 reported in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $348.23 million, resulting in a positive surprise of 1.59% [1] - The EPS also surpassed the consensus estimate of $0.57, with a surprise of 2.33% [1] Revenue Breakdown - Rental income was reported at $352.21 million, exceeding the three-analyst average estimate of $347.18 million, marking a year-over-year increase of 7.3% [4] - Other revenues reached $1.54 million, significantly higher than the two-analyst average estimate of $0.42 million, representing a remarkable year-over-year change of 1691.9% [4] Stock Performance - Brixmor's shares have returned 10.3% over the past month, contrasting with a -0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - Brixmor Property (BRX) reported quarterly funds from operations (FFO) of $0.58 per share, exceeding the Zacks Consensus Estimate of $0.57 per share, and up from $0.53 per share a year ago, representing an FFO surprise of +2.33% [1] - The company achieved revenues of $353.75 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.59%, compared to year-ago revenues of $328.44 million [2] - Brixmor has outperformed the S&P 500 with an 8% increase in shares since the beginning of the year, while the S&P 500 gained 1.3% [3] 分组2 - The future performance of Brixmor's stock will largely depend on management's commentary during the earnings call and the company's FFO outlook for upcoming quarters [3][4] - The current consensus FFO estimate for the next quarter is $0.58 on revenues of $347.77 million, and for the current fiscal year, it is $2.35 on revenues of $1.42 billion [7] - The REIT and Equity Trust - Retail industry, to which Brixmor belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group Inc.) Commission File Number: 333-256637-01 (Brixmor Operating Partnership LP) Brixmor Property Group I ...

Exhibit 99.2 For additional information, please visit https://www.brixmor.com; follow Brixmor on LinkedIn at https://www.linkedin.com/company/brixmor, Facebook at https://www.facebook.com/Brixmor, Instagram at https://www.instagram.com/brixmorpropertygroup, and YouTube at https://www.youtube.com/user/Brixmor. This Supplemental Disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These stateme ...

Company Overview - Goldman Sachs, founded in 1869, is the world's second-largest investment bank by revenue and ranks 55th on the Fortune 500 list of largest U.S. corporations by total revenue [1] - The firm offers a range of services including financing, advisory services, risk distribution, and hedging for institutional and corporate clients, maintaining its leadership in the investment landscape [1] Market Insights - Timothy Moe, Chief Head of APAC Equity Strategy at Goldman Sachs, highlighted a historical pattern of market corrections occurring every eight to nine months, indicating that the market is overdue for a correction [2] - The firm is increasingly focusing on the energy sector, predicting that while prices may remain flat or decline this year, they could rise starting in 2027 [2] Investment Recommendations - Goldman Sachs has identified five top stocks for investors to consider, particularly emphasizing two companies in the energy sector that are expected to perform well in the future [3] - The firm maintains its status as a premier financial institution, being the go-to bank for a wide range of financial needs over the past 15 years [4] Stock Highlights - **Brixmor Property Group**: This REIT offers a 4.31% dividend and has a target price of $32, indicating a 23% upside potential [5][7] - **Duke Energy**: An electric power and natural gas holding company with a 3.52% dividend and a target price of $141, representing a 20% gain from current levels [8][9] - **Hershey**: A snacks company with a 2.77% dividend and a target price of $220, suggesting a 21% potential increase [10][13] - **Johnson & Johnson**: A diversified healthcare company with a 2.31% dividend and a target price of $240, indicating a 16% upside [14][16] - **Valero Energy**: A multinational manufacturer of petroleum products with a 2.43% dividend and a target price of $197, representing a 19% gain [17][20]

Brixmor Property Group (NYSE:BRX) is one of the most favored real estate investment trusts according to Hedge Funds. On January 14, Scotiabank analyst Nicholas Yulico maintained his Outperform rating on Brixmor Property Group (NYSE:BRX). He lowered his price target forecast from $30 to $29, resulting in a revised upside of almost 9% from the prevailing level. Rishiken/Shutterstock.com Yulico’s rating follows Scotiabank’s broader adjustments to its price targets for the U.S. Real Estate & REITs segment. ...