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Top 3 Retail REITs to Watch as Industry Sentiment Strengthens
ZACKS· 2025-08-08 15:31
Core Insights - The Zacks REIT and Equity Trust - Retail industry is well-positioned to leverage favorable market conditions, with strong consumer spending and limited new development supporting healthy fundamentals [1] - The industry is experiencing a rebound driven by renewed consumer interest in in-store shopping, despite facing challenges from e-commerce expansion and macroeconomic pressures [2][5] Industry Overview - The industry comprises REITs that own, develop, manage, and lease various retail properties, including regional malls and grocery-anchored shopping venues [2] - Key demand drivers include geographic location and demographics, with a positive shift in the retail landscape noted [2] Future Trends - Experiential retail and omnichannel integration are revitalizing the sector, with physical stores transforming into immersive destinations that enhance customer engagement [3] - Solid leasing demand from consumer service providers and cross-border entrants is diversifying the tenant base and driving long-term occupancy stability [3] Supply and Demand Dynamics - Retail REITs benefit from a constrained supply pipeline, with limited new construction due to high building costs and labor shortages, leading to historically tight national vacancy rates [4] - Many REITs are redeveloping underperforming assets and adding non-traditional tenants, enhancing portfolio durability [4] Macroeconomic Challenges - High interest rates, inflation, and tariff changes are pressuring retailers, leading to delayed leasing decisions and increased store closures [5] - E-commerce penetration is dampening demand for traditional retail space, particularly in commodity-driven segments [5] Industry Performance - The Zacks REIT and Equity Trust - Retail industry has underperformed the broader Zacks Finance sector and the S&P 500 over the past year, declining 5.5% compared to the S&P 500's rise of 19.4% [10] - The industry is currently trading at a forward 12-month price-to-FFO of 14.62X, below the S&P 500's forward P/E of 22.54X [13] Stock Recommendations - **Brixmor Property Group Inc. (BRX)** focuses on open-air shopping centers with a balanced tenant base, currently has a Zacks Rank 2, and its FFO per share estimate has been revised upward to $2.23, indicating a 4.7% year-over-year increase [17][19] - **Phillips Edison & Company, Inc. (PECO)** specializes in grocery-anchored shopping centers, managing 327 centers with a Zacks Rank 2, and its FFO per share estimate for 2025 has been revised to $2.58, reflecting a bullish outlook [21][24] - **Urban Edge Properties (UE)** operates in densely populated regions with a focus on essential retailers, holding a Zacks Rank 2, and its FFO per share estimate has been raised to $1.40, indicating a 3.7% year-over-year increase [26][28]
Brixmor: Limited Supply And Acquisitions Driving FFO Growth
Seeking Alpha· 2025-08-06 16:32
Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in BRX over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. No financ ...
Brixmor: Strong Performance Supports Ongoing Growth
Seeking Alpha· 2025-08-02 03:59
Core Viewpoint - Brixmor Property Group (NYSE: BRX) has experienced modest performance over the past year, with a gain of just over 2%, despite solid results, primarily due to elevated interest rates impacting the real estate sector [1]. Company Performance - The company's stock has gained slightly over 2% in the past year, indicating a modest performance in a challenging market environment [1]. - Elevated interest rates have been identified as a significant headwind for the real estate industry, affecting overall performance [1]. Analyst Insights - The analyst has over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories, aiming for outsized returns with a favorable risk/reward profile [1].
Brixmor Property Group Inc. (BRX) Q2 2025 Earnings Conference Call Transcript
Seeking Alpha· 2025-07-29 16:32
Core Viewpoint - Brixmor Property Group Inc. held its Q2 2025 earnings call, discussing financial performance and strategic initiatives for the upcoming period [1][2]. Group 1: Financial Performance - The company reported its earnings for the second quarter of 2025, highlighting key financial metrics and performance indicators [3]. - Specific figures regarding revenue, net income, and other financial metrics were discussed, although exact numbers were not provided in the excerpts [1][3]. Group 2: Leadership and Management - The call featured key executives including CEO Jim Taylor, President Brian Finnegan, and CFO Steve Gallagher, who provided insights into the company's operations and future outlook [3]. - The presence of various analysts from leading financial institutions indicates strong interest in the company's performance and strategic direction [1][2].
BPG(BRX) - 2025 Q2 - Earnings Call Transcript
2025-07-29 15:02
Financial Data and Key Metrics Changes - NAREIT FFO was $0.56 per share in the second quarter, driven by same property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption [15][17] - The company expects to update its same property NOI growth guidance to 3.9% to 4.3% and increase FFO guidance to $2.22 to $2.25 [17] Business Line Data and Key Metrics Changes - Leasing activity included 1,700,000 square feet of new and renewal leases at a blended cash spread of 24%, with over 900,000 square feet of new leases at a 44% spread [10][11] - The average in-place annual base rent (ABR) reached a new record, with a signed but not yet commenced pool totaling $67 million [7][16] Market Data and Key Metrics Changes - The company reported a sequential occupancy growth to 94.2%, with small shop leasing reaching a new portfolio high of 91.2% [11][12] - The acquisition of La Centerra, a grocery-anchored lifestyle asset, is expected to drive significant traffic and enhance the portfolio's performance [8][32] Company Strategy and Development Direction - The company is focused on disciplined capital recycling, targeting lower growth assets for sale and redeploying proceeds into higher potential assets [8][9] - The strategy includes enhancing the portfolio through value-add projects and capturing opportunities from tenant disruptions [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumers and the strong demand for retail space, indicating a positive outlook for 2025 and beyond [13][14] - The company highlighted the importance of maintaining a strong credit profile and reducing exposure to at-risk tenants [24][25] Other Important Information - The company has a robust pipeline of identified projects worth several hundred million dollars, providing visibility on growth for the next several years [8] - The management emphasized the importance of capturing additional revenue through ancillary services and renegotiated agreements [37][41] Q&A Session Summary Question: About leasing in the quarter and future tenant disruption - Management noted strong leasing activity and expressed confidence in reaching a lease rate of 95% in the future, with a smaller watch list of at-risk tenants [20][24] Question: Rent collection and economic occupancy - Management indicated that rent commencements from backfills will accelerate base rent growth in the latter half of the year [26][27] Question: Opportunity at Lafayette and cap rate - The acquisition of La Centerra was highlighted as a classic example of value-added investing, with a cap rate in the low-6s and significant growth potential [30][33] Question: Same store NOI growth and other revenue drivers - Management explained that renegotiated agreements and backfilling vacant spaces contributed to the increase in other revenues [36][41] Question: Bad debt expense and leasing demand trends - Management expressed confidence in the underlying credit quality of the portfolio and noted that leasing demand remains strong despite potential headwinds [46][48] Question: Acquisition pipeline and competition - The company is focused on high-growth opportunities and remains disciplined in capital recycling while facing increased competition from private capital [72][74] Question: Future growth and tenant disruption - Management is optimistic about the portfolio's positioning and the potential for growth despite the possibility of additional tenant disruptions [106][107]
BPG(BRX) - 2025 Q2 - Earnings Call Transcript
2025-07-29 15:00
Financial Data and Key Metrics Changes - NAREIT FFO was $0.56 per share in the second quarter, driven by same property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption [13][16] - The company updated its same property NOI growth guidance to 3.9% to 4.3% and increased FFO guidance to $2.22 to $2.25 [16] Business Line Data and Key Metrics Changes - Leasing activity included 1,700,000 square feet of new and renewal leases at a blended cash spread of 24%, with over 900,000 square feet of new leases at a 44% spread [9][10] - The signed but not commenced pipeline totaled $67 million, which includes $59 million of net new rent [14] Market Data and Key Metrics Changes - The company reported a sequential occupancy growth to 94.2%, despite a 70 basis point drag from bankruptcies [10] - Small shop leasing reached a new portfolio high of 91.2% [10] Company Strategy and Development Direction - The company is focused on a value add plan that includes disciplined capital recycling and reinvestment projects, with an expected project delivery range of $150 million to $200 million [5][6] - The acquisition of La Centerra is seen as a strategic move to capitalize on below-market rents and enhance the portfolio [7][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the business, citing strong traffic and collection trends, as well as a larger forward leasing pipeline compared to the previous year [11][12] - The company remains optimistic about its ability to deliver compelling growth in 2025 and beyond, despite tenant disruptions [12][16] Other Important Information - The company has a future pipeline of identified projects worth several hundred million dollars, providing visibility on growth for the next several years [6] - The company has $1.4 billion of available liquidity and no remaining debt maturities until June 2026 [15] Q&A Session Summary Question: Path to getting the portfolio's lease rate back to 95% and tenant disruption outlook - Management noted strong leasing activity and a smaller watch list of at-risk tenants, indicating confidence in achieving higher lease rates [21][22] Question: Rent collected in the quarter and expectations for Q3 - Management indicated that rent commencements from backfills will accelerate base rent growth in the latter half of the year [24][25] Question: Same store NOI growth and driving factors - The increase in other revenues was attributed to a renegotiated parking agreement and efforts to capitalize on temporarily vacant spaces [35][36] Question: Bad debt expense and potential headwinds - Management expressed confidence in the underlying credit quality of the portfolio, with no significant concerns regarding bad debt [42][43] Question: Leasing demand trends and tenant types - Management reported strong demand across various retail categories, with a focus on high-quality tenants [46][47] Question: Earnings cadence and La Centerra contribution - Management expects acceleration in same property NOI growth in the second half of the year, with La Centerra financed through capital recycling [54][55] Question: Retailer conversations regarding tariffs and inventory - Management noted that retailers remain committed to physical stores and are navigating tariffs effectively, maintaining strong demand [60][61] Question: Acquisition pipeline and competition - Management acknowledged increased competition for grocery-anchored deals but emphasized a disciplined approach to acquisitions [66][67] Question: SHOP occupancy and future growth - Management indicated potential for further growth in small shop occupancy, particularly as redevelopment projects are completed [87][88] Question: Progress on releasing efforts for Big Lots and Jo Ann's - Management reported being about 80% resolved on backfilling spaces from recent bankruptcies, with strong leasing activity [94][95]
Brixmor Property (BRX) Beats Q2 FFO and Revenue Estimates
ZACKS· 2025-07-28 22:26
分组1 - Brixmor Property (BRX) reported quarterly funds from operations (FFO) of $0.56 per share, exceeding the Zacks Consensus Estimate of $0.55 per share, and up from $0.54 per share a year ago, representing an FFO surprise of +1.82% [1] - The company achieved revenues of $339.49 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.01%, compared to $315.69 million in the same quarter last year [2] - Brixmor has outperformed consensus revenue estimates three times over the last four quarters [2] 分组2 - The stock has underperformed the market, losing about 7.9% since the beginning of the year, while the S&P 500 gained 8.6% [3] - The future performance of Brixmor's stock will depend on management's commentary on the earnings call and the company's FFO outlook [4][6] - The current consensus FFO estimate for the coming quarter is $0.56 on revenues of $335.27 million, and for the current fiscal year, it is $2.22 on revenues of $1.35 billion [7] 分组3 - The REIT and Equity Trust - Retail industry, to which Brixmor belongs, is currently ranked in the bottom 39% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - EPR Properties, another company in the same industry, is expected to report quarterly earnings of $1.25 per share, reflecting a year-over-year change of +4.2% [9] - EPR Properties' revenues are anticipated to be $147.86 million, up 1.9% from the year-ago quarter [10]
BPG(BRX) - 2025 Q2 - Quarterly Results
2025-07-28 20:11
```markdown **Glossary of Terms** This section defines key terms and non-GAAP measures used throughout the financial report [Summary of Key Terms and Non-GAAP Measures](index=4&type=section&id=Glossary%20of%20Terms_Summary) This section defines key financial and property-related terms, including non-GAAP measures, clarifying their use and limitations in the supplemental disclosure - Anchor Spaces are defined as spaces equal to or greater than **10,000 square feet ("SF")** of Gross Leasable Area (GLA)[8](index=8&type=chunk) - Annualized Base Rent ("ABR") is the contractual monthly base rent as of a specified date, under signed or commenced leases, multiplied by 12[8](index=8&type=chunk) - Non-GAAP performance measures such as EBITDA, EBITDAre, Adjusted EBITDA, Cash Adjusted EBITDA, Nareit FFO, NOI, and Same Property NOI are presented as supplemental financial results to GAAP measures, useful for investors in measuring operating performance by excluding items not indicative of real estate operations[9](index=9&type=chunk) **Results Overview & Guidance** This section provides a high-level summary of financial results, operating ratios, and future guidance [Summary of Financial Results, Operating Ratios, and 2025 Guidance](index=6&type=section&id=RESULTS%20OVERVIEW%20%26%20GUIDANCE_Summary) This section summarizes financial results, operating ratios, portfolio statistics, and updated 2025 guidance for Nareit FFO and Same Property NOI performance Summary Financial Results (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total revenues | 339.5 million | 315.7 million | +7.5% | | Net income attributable to Brixmor Property Group Inc. | 85.1 million | 70.1 million | +21.4% | | Net income per diluted share | $0.28 | $0.23 | +21.7% | | Nareit FFO | 171.5 million | 163.8 million | +4.7% | | Nareit FFO per diluted share | $0.56 | $0.54 | +3.7% | | Dividends declared per share | $0.2875 | $0.2725 | +5.5% | Summary Operating and Financial Ratios (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | NOI margin | 74.3% | 76.0% | -1.7 pp | | Same property NOI performance | 3.8% | 5.5% | -1.7 pp | | Fixed charge coverage, current quarter annualized | 4.2x | 4.1x | +0.1x | | Net Principal Debt to Adjusted EBITDA, current quarter annualized | 5.5x | 5.6x | -0.1x | Summary Portfolio Statistics (As of June 30, 2025 vs. 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | Number of properties | 360 | 360 | 0 | | Percent billed | 89.7% | 91.4% | -1.7 pp | | Percent leased | 94.2% | 95.4% | -1.2 pp | | ABR PSF (USD) | $18.07 | $17.26 | +4.7% | | New lease rent spread | 43.8% | 50.2% | -6.4 pp | | New & renewal lease rent spread | 24.2% | 27.7% | -3.5 pp | - The company updated its 2025 guidance for Nareit FFO per diluted share to **$2.22 - $2.25** (from $2.19 - $2.24) and Same Property NOI performance to **3.90% - 4.30%** (from 3.50% - 4.50%)[10](index=10&type=chunk) **Financial Summary** This section presents a comprehensive overview of the company's financial performance and position [Consolidated Balance Sheets](index=8&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) This section presents the company's consolidated financial position, detailing assets, liabilities, and equity as of June 30, 2025, compared to December 31, 2024 Consolidated Balance Sheet Highlights (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Total assets | 8.61 billion | 8.91 billion | -3.4% | | Real estate, net | 7.94 billion | 8.00 billion | -0.8% | | Cash and cash equivalents | 105.0 million | 377.6 million | -72.2% | | Debt obligations, net | 5.10 billion | 5.34 billion | -4.5% | | Total liabilities | 5.65 billion | 5.92 billion | -4.5% | | Total equity | 2.95 billion | 2.98 billion | -1.0% | [Consolidated Statements of Operations](index=9&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section details the company's revenues, operating expenses, net income, and earnings per share for the three and six months ended June 30, 2025 and 2024 Consolidated Statements of Operations Highlights (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total revenues | 339.5 million | 315.7 million | +7.5% | | Total operating expenses | 215.8 million | 200.3 million | +7.8% | | Net income attributable to Brixmor Property Group Inc. | 85.1 million | 70.1 million | +21.4% | | Diluted EPS | $0.28 | $0.23 | +21.7% | Consolidated Statements of Operations Highlights (Six Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total revenues | 677.0 million | 635.9 million | +6.5% | | Total operating expenses | 433.7 million | 398.5 million | +8.8% | | Net income attributable to Brixmor Property Group Inc. | 154.9 million | 159.0 million | -2.6% | | Diluted EPS | $0.50 | $0.52 | -3.8% | [EBITDA & Reconciliation of Debt Obligations, Net to Net Principal Debt](index=10&type=section&id=EBITDA%20%26%20RECONCILIATION%20OF%20DEBT%20OBLIGATIONS%2C%20NET%20TO%20NET%20PRINCIPAL%20DEBT) This section reconciles net income to various EBITDA measures and details the reconciliation of debt obligations to Net Principal Debt and related ratios EBITDA Reconciliation (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Net income | 85.1 million | 70.1 million | +21.4% | | EBITDA | 243.6 million | 216.5 million | +12.5% | | EBITDAre | 227.8 million | 219.9 million | +3.6% | | Adjusted EBITDA | 228.1 million | 219.7 million | +3.9% | | Cash Adjusted EBITDA | 214.3 million | 209.9 million | +2.1% | Net Principal Debt and Ratios (As of June 30, 2025) | Metric | 6/30/25 (USD) | | :--------------------------------------- | :------------ | | Debt obligations, net | 5.10 billion | | Net Principal Debt | 5.01 billion | | Net Principal Debt to Adjusted EBITDA, current quarter annualized | 5.5x | | Net Principal Debt to Adjusted EBITDA, trailing twelve months | 5.6x | [Funds From Operations (FFO)](index=11&type=section&id=FUNDS%20FROM%20OPERATIONS%20%28FFO%29) This section reconciles net income to Nareit FFO, including FFO per diluted share and dividend information Nareit FFO (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Net income attributable to Brixmor Property Group Inc. | 85.1 million | 70.1 million | +21.4% | | Depreciation and amortization related to real estate | 102.1 million | 90.2 million | +13.2% | | Nareit FFO | 171.5 million | 163.8 million | +4.7% | | Nareit FFO per diluted share | $0.56 | $0.54 | +3.7% | Dividends (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | Dividends declared per share | $0.2875 | $0.2725 | +5.5% | | Dividend payout ratio (as % of Nareit FFO) | 51.3% | 50.1% | +1.2 pp | [Supplemental Balance Sheet Detail](index=12&type=section&id=SUPPLEMENTAL%20BALANCE%20SHEET%20DETAIL) This section provides supplemental balance sheet details for deferred charges, prepaid expenses, other assets, and various liabilities as of June 30, 2025, and December 31, 2024 Deferred Charges and Prepaid Expenses, net (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Deferred charges, net | 144.6 million | 143.6 million | +0.7% | | Prepaid expenses, net | 27.1 million | 23.5 million | +15.6% | | Total | 171.8 million | 167.1 million | +2.8% | Other Assets (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Right-of-use asset | 45.2 million | 38.8 million | +16.5% | | Furniture, fixtures and leasehold improvements, net | 15.4 million | 13.8 million | +11.7% | | Interest rate swaps | $0.00 | 2.0 million | -100.0% | | Other | 17.9 million | 3.2 million | +451.9% | | Total | 78.5 million | 57.8 million | +35.8% | Accounts Payable, Accrued Expenses and Other Liabilities (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Accounts payable and other accrued expenses | 249.1 million | 280.8 million | -11.3% | | Below market leases, net | 111.8 million | 120.3 million | -7.0% | | Dividends payable | 91.2 million | 91.8 million | -0.7% | | Lease liability | 48.1 million | 41.5 million | +16.1% | | Interest rate swaps | 4.6 million | 0.6 million | +664.9% | | Real estate liabilities held for sale | 33 thousand | $0.00 | N/A | | Other | 51.5 million | 50.3 million | +2.3% | | Total | 556.3 million | 585.2 million | -4.9% | [NOI & Supplemental Statement of Operations Detail](index=13&type=section&id=NOI%20%26%20SUPPLEMENTAL%20STATEMENT%20OF%20OPERATIONS%20DETAIL) This section details Net Operating Income (NOI) and operating ratios, reconciling net income to NOI and providing supplemental rental income and interest expense details Net Operating Income Detail (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Base rent | 238.0 million | 229.3 million | +3.8% | | Expense reimbursements | 76.0 million | 68.5 million | +10.9% | | Revenues deemed uncollectible | (2.0 million) | (1.1 million) | +77.1% | | Net operating income | 240.9 million | 231.7 million | +4.0% | Operating Ratios (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | NOI margin | 74.3% | 76.0% | -1.7 pp | | Expense recovery ratio | 91.3% | 93.5% | -2.2 pp | Total Rental Income (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total rental income | 339.4 million | 315.6 million | +7.5% | Total Interest Expense (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total interest expense | 54.4 million | 53.7 million | +1.4% | [Same Property NOI Analysis](index=14&type=section&id=SAME%20PROPERTY%20NOI%20ANALYSIS) This section analyzes the performance of properties owned for the entirety of both periods, excluding those under development or recently stabilized, to assess organic growth Same Property NOI Performance (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Number of properties | 346 | 346 | 0 | | Percent billed | 89.8% | 91.5% | -1.7 pp | | Percent leased | 94.4% | 95.6% | -1.2 pp | | Revenues | 310.4 million | 293.4 million | +5.8% | | Operating expenses | (79.4 million) | (70.9 million) | +12.0% | | Same property NOI | 231.0 million | 222.5 million | +3.8% | | NOI margin | 74.4% | 75.8% | -1.4 pp | Contribution to Same Property NOI Performance (Three Months Ended June 30, 2025) | Metric | Change (USD) | Percent Contribution | | :--------------------------------------- | :----------- | :------------------- | | Base rent | 8.1 million | 3.6% | | Revenues deemed uncollectible | (0.8 million) | (0.4)% | | Net expense reimbursements | (2.5 million) | (1.1)% | | Ancillary and other rental income / Other revenues | 3.4 million | 1.5% | | Percentage rents | 0.4 million | 0.2% | | **Total** | | **3.8%** | [Capital Expenditures](index=15&type=section&id=CAPITAL%20EXPENDITURES) This section details capital expenditures, categorized by leasing-related, maintenance, and value-enhancing projects, for the three and six months ended June 30, 2025 and 2024 Capital Expenditures (Three Months Ended June 30, 2025 vs. 2024) | Category | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Leasing related | 22.6 million | 26.8 million | -15.6% | | Maintenance capital expenditures | 6.3 million | 10.9 million | -42.1% | | Total leasing related and maintenance | 29.0 million | 37.8 million | -23.2% | | Anchor space repositionings | 12.1 million | 14.8 million | -18.0% | | Outparcel developments | 1.2 million | 2.8 million | -58.7% | | Redevelopments | 32.3 million | 29.7 million | +8.7% | | Other value-enhancing | 2.7 million | 5.7 million | -52.5% | | Total value-enhancing | 48.3 million | 53.0 million | -8.9% | [Capitalization, Liquidity & Debt Ratios](index=16&type=section&id=CAPITALIZATION%2C%20LIQUIDITY%20%26%20DEBT%20RATIOS) This section provides an overview of the company's equity capitalization, debt structure, liquidity, and key debt ratios as of June 30, 2025, compared to December 31, 2024 Equity Capitalization (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 | 12/31/24 | Change | | :--------------------------------------- | :------ | :------- | :----- | | Common shares outstanding | 306,100 | 305,492 | +0.2% | | Common share price (USD) | $26.04 | $27.84 | -6.5% | | Total equity capitalization (USD) | 7.97 billion | 8.50 billion | -6.3% | Debt and Liquidity (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Total principal debt | 5.12 billion | 5.35 billion | -4.3% | | Net debt | 4.99 billion | 4.96 billion | +0.6% | | Cash, cash equivalents and restricted cash | 105.9 million | 378.7 million | -72.0% | | Available under Revolving Credit Facility | 1.25 billion | 1.25 billion | 0% | | Total liquidity | 1.35 billion | 1.63 billion | -16.8% | Key Ratios (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 | 12/31/24 | Change | | :--------------------------------------- | :------ | :------- | :----- | | Principal debt to total market capitalization | 39.5% | 39.7% | -0.2 pp | | Net Principal Debt to Adjusted EBITDA, current quarter annualized | 5.5x | 5.7x | -0.2x | | Interest coverage, current quarter annualized | 4.2x | 4.0x | +0.2x | | Fixed charge coverage, current quarter annualized | 4.2x | 4.0x | +0.2x | - As of June 30, 2025, **100.0%** of total debt is fixed, with a weighted average maturity of **4.8 years**. The company maintains stable credit ratings from Fitch (**BBB Stable**), Moody's (**Baa2 Stable**), and S&P Global Ratings (**BBB Stable**)[37](index=37&type=chunk)[38](index=38&type=chunk) [Debt Obligations](index=17&type=section&id=DEBT%20OBLIGATIONS) This section provides a detailed maturity schedule and summary of outstanding debt obligations, including interest rates and maturity dates for fixed-rate unsecured notes and term loan facilities Maturity Schedule - Debt Obligations (As of June 30, 2025) | Year | Maturities (USD) | Weighted Average Stated Interest Rate | | :--- | :--------------- | :------------------------------------ | | 2026 | 607.5 million | 4.17% | | 2027 | 400.0 million | 3.90% | | 2028 | 357.7 million | 2.35% | | 2029 | 753.2 million | 4.14% | | 2030 | 1.30 billion | 4.31% | | 2031 | 500.0 million | 2.50% | | 2032 | 400.0 million | 5.20% | | 2034 | 400.0 million | 5.50% | | 2035+ | 400.0 million | 5.75% | | **Total Debt Obligations** | **5.12 billion** | **4.20%** | - The company's total debt obligations of **$5.12 billion** are **100% fixed rate**, with a weighted average stated interest rate of **4.20%**. This includes a **$500.0 million** Term Loan Facility and **$4.62 billion** in Unsecured Notes[41](index=41&type=chunk) [Covenant Disclosure](index=18&type=section&id=COVENANT%20DISCLOSURE) This section details compliance with covenants for unsecured OP notes and the unsecured credit facility, including leverage, unencumbered asset, and coverage ratios Unsecured OP Notes Covenant Disclosure (As of June 30, 2025) | Covenant | Requirement | 6/30/25 | | :--------------------------------------- | :---------- | :------ | | Aggregate debt test | < 65% | 43.3% | | Secured debt test | < 40% | N/A (no secured debt) | | Unencumbered asset ratio | > 150% | 231.0% | | Debt service test (trailing twelve months) | > 1.5x | 4.1x | Unsecured Credit Facility Covenant Disclosure (As of June 30, 2025) | Covenant | Requirement | 6/30/25 | | :--------------------------------------- | :---------- | :------ | | Leverage ratio | < 60% | 32.5% | | Secured leverage ratio | < 40% | N/A (no secured indebtedness) | | Unsecured leverage ratio | < 60% | 32.5% | | Fixed charge coverage ratio | > 1.5x | 4.4x | **Investment Summary** This section details the company's property acquisitions, dispositions, and various development projects [Acquisitions](index=20&type=section&id=ACQUISITIONS) This section reports on property acquisitions, noting a single land acquisition during the six months ended June 30, 2025, with no shopping center acquisitions - During the six months ended June 30, 2025, the company acquired Land at Suffolk Plaza (New York-Newark-Jersey City, NY-NJ) on January 27, 2025, for **$3.1 million**, in connection with a future redevelopment project[54](index=54&type=chunk)[55](index=55&type=chunk) - There were no acquisitions of shopping centers completed during the three months ended June 30, 2025[54](index=54&type=chunk) [Dispositions](index=21&type=section&id=DISPOSITIONS) This section details property dispositions, including partial sales, for the three and six months ended June 30, 2025, providing sale prices, GLA, and major tenants Dispositions (Three Months Ended June 30, 2025) | Property Name | Sale Date | Sale Price (USD) | GLA | Major Tenants | | :--------------------------------------- | :-------- | :--------------- | :------ | :--------------------------------------- | | Springfield Place - ShopRite (partial sale) | 4/7/25 | 8.35 million | 32,209 | ShopRite (Village Supermarket) | | Williamson Square - Grace Church Nashville (partial sale) | 4/10/25 | 10.0 million | 26,602 | Grace Church Nashville | | Roxboro Square | 5/6/25 | 4.0 million | 29,900 | - | | **Total** | | **22.35 million** | **88,711** | | - Total dispositions for the six months ended June 30, 2025, amounted to **$45.1 million**, encompassing **404,945 GLA**[57](index=57&type=chunk) [Anchor Space Repositioning Summary](index=22&type=section&id=ANCHOR%20SPACE%20REPOSITIONING%20SUMMARY) This section summarizes in-process and stabilized anchor space repositioning projects, detailing descriptions, estimated costs, and expected NOI yields - There are **13 in-process** anchor space repositioning projects with total net estimated gross costs of **$63.4 million** and expected NOI yields ranging from **7% to 14%**. One new project, Old Bridge Gateway, was added in Q2 2025 to remerchandise former space with a **22K SF Ross Dress for Less**[60](index=60&type=chunk) - Two anchor space repositioning projects stabilized during Q2 2025: Rivercrest Shopping Center (Chicago) remerchandised former Best Buy with Tony's Fresh Market, and Bedford Grove (Manchester) remerchandised former Bed Bath & Beyond with Planet Fitness. In total, **6 projects stabilized** with net project costs of **$27.05 million** and a **14% NOI yield**[60](index=60&type=chunk) [Outparcel Development Summary](index=23&type=section&id=OUTPARCEL%20DEVELOPMENT%20SUMMARY) This section details in-process and stabilized outparcel development projects, including descriptions, estimated costs, and expected NOI yields - There are **9 in-process** outparcel development projects with total net estimated costs of **$5.7 million** and a weighted average expected NOI yield of **26%**. New projects added in Q2 2025 include the demolition and construction of a Fifth Third Bank at Coconut Creek Plaza and a Mavis Tire at Beltway South[63](index=63&type=chunk) - One outparcel development project stabilized during Q2 2025: Redford Plaza (Detroit) with the construction of a **4K SF Clean Express Auto Wash**, incurring net project costs of **$0.35 million** and achieving a **26% NOI yield**. In total, **3 projects stabilized** with net project costs of **$6.95 million** and a weighted average **10% NOI yield**[63](index=63&type=chunk) [Redevelopment Summary](index=24&type=section&id=REDEVELOPMENT%20SUMMARY) This section outlines in-process and stabilized redevelopment projects, detailing descriptions, acreage, estimated costs, and expected NOI yields - There are **15 in-process** redevelopment projects with total net estimated costs of **$305.2 million** and a weighted average expected NOI yield of **10%**. These projects include significant reconfigurations and new constructions, such as a **25K SF Nordstrom Rack** at The Davis Collection and a **111K SF Target** at Wynnewood Village[67](index=67&type=chunk) - One redevelopment project stabilized during Q2 2025: WaterTower Plaza (Worcester, MA), involving the redevelopment of former Shaw's space for a **46K SF grocer**, an **11K SF Five Below**, and a **9K SF Ulta**, with net project costs of **$11.2 million** and a **10% NOI yield**[69](index=69&type=chunk) [Future Redevelopment Opportunities](index=26&type=section&id=FUTURE%20REDEVELOPMENT%20OPPORTUNITIES) This section lists potential major and minor redevelopment opportunities, outlining future plans for site densification, remerchandising, and new components - Major redevelopment opportunities include projects like Village at Mira Mesa (potential residential rental component), Venetian Isle Shopping Ctr (new anchor prototype, potential outparcel development), and Kings Park Plaza (remerchandise with multiple retailers, potential multi-family component)[73](index=73&type=chunk) - Minor redevelopment opportunities include repositioning former anchor spaces for multiple retailers, site densification with outparcel pad development, and general shopping center repositioning across various CBSAs[73](index=73&type=chunk) - Suffolk Plaza (New York-Newark-Jersey City, NY-NJ) was added to the pipeline during Q2 2025, with plans for site densification including multi-tenant outparcel development[74](index=74&type=chunk) **Portfolio Summary** This section provides a detailed overview of the company's property portfolio, leasing activities, and geographic distribution [Portfolio Overview](index=29&type=section&id=PORTFOLIO%20OVERVIEW) This section presents key portfolio statistics, including number of properties, GLA, occupancy rates, and ABR per square foot across various unit sizes Portfolio Statistics (As of June 30, 2025 vs. June 30, 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | Number of properties | 360 | 360 | 0 | | GLA (SF) | 63.62 million | 63.75 million | -0.2% | | Percent billed | 89.7% | 91.4% | -1.7 pp | | Percent leased | 94.2% | 95.4% | -1.2 pp | | ABR (USD) | 1.02 billion | 987.7 million | +3.0% | | ABR PSF (USD) | $18.07 | $17.26 | +4.7% | Portfolio by Unit Size (As of June 30, 2025) | Unit Size | Percent of GLA | Percent Billed | Percent Leased | Percent of ABR | ABR PSF (USD) | | :--------------------------------------- | :------------- | :------------- | :------------- | :------------- | :------------ | | ≥ 10,000 SF (Anchor) | 67.8% | 91.1% | 95.6% | 49.2% | $13.08 | | < 10,000 SF (Small Shop) | 32.2% | 86.8% | 91.2% | 50.8% | $28.67 | [Portfolio Composition](index=30&type=section&id=PORTFOLIO%20COMPOSITION) This section breaks down the portfolio's Annualized Base Rent (ABR) by merchandise mix, highlighting the largest categories Merchandise Mix by ABR (As of June 30, 2025) | Category | ABR (USD) | Percent of ABR | | :--------------------------------------- | :---------- | :------------- | | Restaurants | 178.0 million | 18% | | Grocery | 142.3 million | 14% | | Personal services | 81.7 million | 8% | | Off-price apparel | 69.0 million | 7% | | Fitness / sports | 64.4 million | 6% | | Medical | 56.7 million | 6% | | Value apparel, shoes, accessories | 53.3 million | 5% | | General merchandise (department, gift, etc.) | 44.8 million | 4% | | Home décor | 43.3 million | 4% | | Health & beauty | 34.1 million | 3% | | Entertainment | 28.3 million | 3% | | Pet | 28.1 million | 3% | | Financial services | 26.8 million | 3% | | General merchandise (discount / dollar) | 24.1 million | 2% | | Hobby & crafts | 23.6 million | 2% | | Electronics & appliance | 22.8 million | 2% | | Home improvement | 18.0 million | 2% | | Sporting goods | 16.4 million | 2% | | Other | 62.1 million | 6% | | **TOTAL** | **1.02 billion** | **100%** | [Top Forty Retailers Ranked by ABR](index=31&type=section&id=TOP%20FORTY%20RETAILERS%20RANKED%20BY%20ABR) This section lists the top forty retailers by Annualized Base Rent (ABR), including their leased GLA, percentage of GLA, ABR, and ABR per square foot Top 5 Retailers by ABR (As of June 30, 2025) | Rank | Retailer | ABR (USD) | Percent of ABR | | :--- | :--------------------------------------- | :---------- | :------------- | | 1 | The TJX Companies, Inc. | 33.1 million | 3.2% | | 2 | The Kroger Co. | 23.3 million | 2.3% | | 3 | Burlington Stores, Inc. | 21.0 million | 2.1% | | 4 | Dollar Tree Stores, Inc. | 16.7 million | 1.6% | | 5 | Ross Stores, Inc | 16.0 million | 1.6% | - The top 40 retailers collectively account for **37.1%** of the total GLA and **32.3%** of the total ABR[87](index=87&type=chunk) [New & Renewal Lease Summary](index=32&type=section&id=NEW%20%26%20RENEWAL%20LEASE%20SUMMARY) This section provides detailed statistics on new, renewal, and option leases, including GLA, ABR, rent spreads, and lease terms, by anchor and small shop spaces Total - New, Renewal & Option Leases (Three Months Ended June 30, 2025) | Metric | Leases | GLA (SF) | New ABR (USD) | New ABR PSF (USD) | Old ABR PSF (USD) | Rent Spread | | :--------------------------------------- | :----- | :--------- | :------------ | :---------------- | :---------------- | :---------- | | Total | 459 | 2.47 million | 51.1 million | $20.72 | $16.75 | 19.4% | New Leases (Three Months Ended June 30, 2025) | Metric | Leases | GLA (SF) | New ABR (USD) | New ABR PSF (USD) | Old ABR PSF (USD) | Rent Spread | | :--------------------------------------- | :----- | :--------- | :------------ | :---------------- | :---------------- | :---------- | | New Leases | 153 | 0.92 million | 20.5 million | $22.17 | $14.21 | 43.8% | Renewal Leases (Three Months Ended June 30, 2025) | Metric | Leases | GLA (SF) | New ABR (USD) | New ABR PSF (USD) | Old ABR PSF (USD) | Rent Spread | | :--------------------------------------- | :----- | :--------- | :------------ | :---------------- | :---------------- | :---------- | | Renewal Leases | 247 | 0.79 million | 20.2 million | $25.72 | $22.34 | 15.1% | Leases by Anchor and Small Shop (Three Months Ended June 30, 2025) | Category | % of Leases | GLA (SF) | % of GLA | % of ABR | New ABR PSF (USD) | Rent Spread | | :--------------------------------------- | :---------- | :--------- | :--------- | :--------- | :---------------- | :---------- | | Anchor Leases (≥ 10,000 SF) - New & Renewal | 9% | 0.79 million | 46% | 32% | $16.57 | 44.0% | | Small Shop Leases (< 10,000 SF) - New & Renewal | 91% | 0.92 million | 54% | 68% | $30.06 | 17.0% | [New Lease Net Effective Rent & Leases Signed But Not Yet Commenced](index=34&type=section&id=NEW%20LEASE%20NET%20EFFECTIVE%20RENT%20%26%20LEASES%20SIGNED%20BUT%20NOT%20YET%20COMMENCED) This section details new lease net effective rent, including adjustments for tenant improvements and commissions, and lists leases signed but not yet commenced New Lease Net Effective Rent (Twelve Months Ended June 30, 2025) | Metric | Amount (USD) | | :--------------------------------------- | :----------- | | Weighted average base rent over lease term | $24.25 | | Tenant improvements and allowances | ($1.00) | | Third-party leasing commissions | ($0.71) | | Net effective rent before tenant specific landlord work | $22.54 | | Tenant specific landlord work | ($1.99) | | **Net effective rent** | **$20.55** | Leases Signed But Not Yet Commenced (As of June 30, 2025) | Category | Leases | GLA (SF) | ABR (USD) | ABR PSF (USD) | | :--------------------------------------- | :----- | :--------- | :---------- | :------------ | | ≥ 10,000 SF | 81 | 2.17 million | 32.1 million | $14.79 | | < 10,000 SF | 319 | 1.02 million | 35.0 million | $34.44 | | **TOTAL** | **400** | **3.19 million** | **67.1 million** | **$21.05** | - Projected lease commencements for leases signed but not yet commenced include **$40.9 million** in ABR for the remaining 2025, **$21.5 million** for 2026, and **$4.8 million** for 2027 and beyond[97](index=97&type=chunk) [Lease Expiration Schedule](index=35&type=section&id=LEASE%20EXPIRATION%20SCHEDULE) This section provides a lease expiration schedule for the total portfolio, and for anchor and small shop spaces, under both renewal and non-renewal scenarios Lease Expiration Schedule (Total Portfolio, Assuming No Renewal Options, As of June 30, 2025) | Year | Number of Leases | Leased GLA (SF) | % of Leased GLA | % of In Place ABR | ABR PSF at Expiration (USD) | | :--- | :--------------- | :-------------- | :-------------- | :---------------- | :-------------------------- | | M-M | 188 | 0.72 million | 1.2% | 1.1% | $15.38 | | 2025 | 299 | 1.51 million | 2.5% | 2.0% | $13.31 | | 2026 | 1,006 | 6.85 million | 11.4% | 10.0% | $14.99 | | 2027 | 1,100 | 8.25 million | 13.8% | 13.0% | $16.34 | | 2028 | 1,081 | 6.89 million | 11.5% | 12.0% | $18.33 | | 2029 | 966 | 8.28 million | 13.8% | 12.9% | $16.43 | | 2030 | 874 | 7.64 million | 12.8% | 11.9% | $16.90 | | 2031 | 411 | 3.41 million | 5.7% | 5.7% | $19.00 | | 2032 | 382 | 2.73 million | 4.6% | 4.9% | $20.62 | | 2033 | 408 | 3.02 million | 5.0% | 5.8% | $21.67 | | 2034 | 431 | 3.57 million | 6.0% | 6.5% | $20.93 | | 2035+ | 716 | 7.04 million | 11.7% | 14.2% | $24.71 | - The lease retention rate at natural expiration for the twelve months ended June 30, 2025, was **79.8% by count** and **84.4% by GLA**[102](index=102&type=chunk) [Major CBSA Detail](index=36&type=section&id=MAJOR%20CBSA%20DETAIL) This section breaks down properties by Core-Based Statistical Area (CBSA), detailing GLA, occupancy rates, and ABR per square foot for key US and Brixmor CBSAs Properties by Largest US CBSAs (As of June 30, 2025) | Category | Number of Properties | GLA (SF) | Percent Billed | Percent Leased | ABR (USD) | ABR PSF (USD) | Percent of GLA | Percent of ABR | | :--------------------------------------- | :------------------- | :--------- | :------------- | :------------- | :---------- | :------------ | :------------- | :------------- | | Top 50 Largest US CBSAs by Population | 249 | 43.34 million | 89.8% | 94.4% | 724.2 million | $18.75 | 68.1% | 71.1% | | CBSAs Ranked 51 - 100 by Population | 37 | 7.40 million | 87.5% | 93.1% | 102.4 million | $16.62 | 11.6% | 10.1% | | Other CBSAs | 74 | 12.88 million | 90.7% | 94.0% | 191.2 million | $16.58 | 20.3% | 18.8% | | **TOTAL** | **360** | **63.62 million** | **89.7%** | **94.2%** | **1.02 billion** | **$18.07** | **100.0%** | **100.0%** | Brixmor's Top 5 Largest CBSAs by ABR (As of June 30, 2025) | Rank | CBSA | Number of Properties | GLA (SF) | Percent Billed | Percent Leased | ABR (USD) | ABR PSF (USD) | Percent of GLA | Percent of ABR | | :--- | :--------------------------------------- | :------------------- | :--------- | :------------- | :------------- | :---------- | :------------ | :------------- | :------------- | | 1 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 21 | 3.97 million | 92.6% | 96.9% | 76.2 million | $22.89 | 6.3% | 7.6% | | 2 | New York-Newark-Jersey City, NY-NJ | 27 | 3.22 million | 87.1% | 94.2% | 73.9 million | $24.79 | 5.0% | 7.3% | | 3 | Houston-Pasadena-The Woodlands, TX | 30 | 4.01 million | 87.1% | 93.6% | 59.2 million | $16.27 | 6.2% | 5.8% | | 4 | Chicago-Naperville-Elgin, IL-IN | 15 | 3.83 million | 83.7% | 90.2% | 55.2 million | $16.44 | 6.0% | 5.4% | | 5 | Dallas-Fort Worth-Arlington, TX | 13 | 2.72 million | 86.4% | 96.0% | 54.5 million | $22.07 | 4.3% | 5.4% | [Properties by State](index=39&type=section&id=PROPERTIES%20BY%20STATE) This section lists the company's properties by state, detailing the number of properties, GLA, occupancy rates, and ABR per square foot for each Top 5 States by ABR (As of June 30, 2025) | Rank | State | Number of Properties | GLA (SF) | Percent Billed | Percent Leased | ABR (USD) | ABR PSF (USD) | Percent of GLA | Percent of ABR | | :--- | :---------- | :------------------- | :--------- | :------------- | :------------- | :---------- | :------------ | :------------- | :------------- | | 1 | Florida | 48 | 8.45 million | 92.4% | 95.2% | 141.5 million | $18.07 | 13.3% | 13.9% | | 2 | Texas | 48 | 7.41 million | 87.2% | 94.3% | 122.9 million | $18.43 | 11.6% | 12.1% | | 3 | California | 28 | 5.20 million | 90.4% | 95.8% | 118.5 million | $25.01 | 8.2% | 11.6% | | 4 | New York | 27 | 3.44 million | 87.4% | 93.3% | 73.8 million | $23.58 | 5.3% | 7.4% | | 5 | Pennsylvania | 23 | 4.29 million | 91.4% | 96.5% | 73.1 million | $21.68 | 6.6% | 7.3% | [Property List](index=40&type=section&id=PROPERTY%20LIST) This section provides a comprehensive list of all properties, detailing city, state, CBSA, GLA, occupancy rates, ABR, ABR per square foot, and major tenants - The company's portfolio comprises **360 properties** across various states and Core-Based Statistical Areas (CBSAs). Each property entry details specific characteristics such as GLA, percent leased, ABR, ABR PSF, and lists major tenants[118](index=118&type=chunk)[142](index=142&type=chunk) - Several properties are currently undergoing redevelopment, including The Davis Collection (CA), Puente Hills Town Center (CA), Burlington Square I, II & III (MA), WaterTower Plaza (MA), Westridge Court / Block 59 (IL), Tinley Park Plaza (IL), Wynnewood Village (TX), Jones Plaza (TX), and Preston Park Village (TX)[118](index=118&type=chunk)[120](index=120&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk)[139](index=139&type=chunk)[143](index=143&type=chunk) - An example property, Springdale in Mobile, AL, has a GLA of **398,701**, is **73.1% leased**, with an ABR of **$3.36 million** and ABR PSF of **$11.88**. Major tenants include Sam's Club*, Burlington Stores, Marshalls, and Ulta[118](index=118&type=chunk) ```
BPG(BRX) - 2025 Q2 - Quarterly Report
2025-07-28 20:10
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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 Gro ...
BRIXMOR PROPERTY GROUP REPORTS SECOND QUARTER 2025 RESULTS
Prnewswire· 2025-07-28 20:05
Core Insights - Brixmor Property Group Inc. reported record small shop occupancy and the highest new lease average base rent (ABR) in its history, indicating strong leasing performance and tenant demand [1][2] - The company updated its 2025 Nareit Funds From Operations (FFO) per diluted share expectations to a range of $2.22 - $2.25, up from $2.19 - $2.24, and same property net operating income (NOI) growth expectations to 3.90% - 4.30% from 3.50% - 4.50% [6][14] Financial Highlights - For the three months ended June 30, 2025, net income attributable to Brixmor was $85.1 million, or $0.28 per diluted share, compared to $70.1 million, or $0.23 per diluted share for the same period in 2024 [6][27] - Nareit FFO for the same period was $171.5 million, or $0.56 per diluted share, compared to $163.8 million, or $0.54 per diluted share in 2024 [6][27] - The company declared a quarterly cash dividend of $0.2875 per common share, equivalent to $1.15 per annum, payable on October 15, 2025 [3] Portfolio and Investment Activity - Brixmor executed 1.7 million square feet of new and renewal leases with rent spreads on comparable space of 24.2%, including 0.9 million square feet of new leases with rent spreads of 43.8% [6][7] - The company achieved a total leased occupancy of 94.2%, with anchor leased occupancy at 95.6% and record small shop leased occupancy at 91.2% [6][7] - Brixmor commenced $14.5 million of annualized base rent and reported a total signed but not yet commenced new lease population of 3.2 million square feet, representing $67.1 million of annualized base rent [6][7] Acquisitions and Dispositions - The company completed $223.0 million in acquisitions, including the recent acquisition of LaCenterra At Cinco Ranch for $223.0 million, a grocery-anchored lifestyle center in Houston [6][7] - Brixmor also completed $22.4 million in dispositions during the reporting period [6][14] Capital Structure and Guidance - As of June 30, 2025, Brixmor had $1.4 billion in liquidity and a net principal debt to adjusted EBITDA ratio of 5.5x for the current quarter annualized [14][17] - The company expects revenues deemed uncollectible to total 75 - 110 basis points of total expected revenues in 2025 [14]