Financial Data and Key Metrics Changes - NAREIT FFO was $0.52 per share in Q3 2024, driven by same-property NOI growth of 4.1% [24] - Same-property NOI growth contribution from base rent accelerated from 380 basis points to 520 basis points [25] - The company expects same-property NOI growth for 2024 to be in the range of 4.75% to 5.25% [31] Business Line Data and Key Metrics Changes - The company executed 1.1 million square feet of new and renewal leases at a blended cash spread of 22% [18] - Record overall anchor and small shop occupancy rates reached 95.6% and 91.1% respectively [18] - The signed but not commenced pool totaled $59 million, with an average rent per square foot of $22.12, which is 27% higher than current in-place rent [29] Market Data and Key Metrics Changes - The company completed $64 million of acquisitions during the quarter, with $81 million completed year-to-date [11] - The market for open-air retail is described as healthy, with increased institutional interest [37] - The company has $250 million of value-add acquisitions under control [13] Company Strategy and Development Direction - The company is focused on capital recycling and leveraging its platform for continued growth [46] - A regional realignment was implemented to enhance operational efficiencies [9] - The company aims to drive value through accretive reinvestment, with a pipeline of over $500 million at a 9% expected yield [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business plan, citing strong demand from retailers and a favorable leasing environment [23] - The company anticipates continued growth in 2025 and beyond, driven by a robust forward leasing pipeline and attractive rent basis [15] - Management noted that the credit quality of the tenant portfolio continues to improve [74] Other Important Information - A one-time severance cost of about $2.5 million was recognized due to the regional realignment [10] - The company has a total liquidity of $1.7 billion and a debt to EBITDA ratio of 5.7 times [30] Q&A Session Summary Question: Comment on the investments market and rationale for raising equity - Management sees an improving outlook for external growth and has $250 million of accretive assets under control [35][38] Question: Contribution of signed but not commenced pipeline to 2025 - Management indicated that they are not seeing tenants push out lease commencements and are encouraged by demand [41][42] Question: Future acquisition activity and balance with dispositions - Management expects a ramp-up in acquisition activity funded through a mix of dispositions and ATM issuance [46] Question: Impact of rising rates on the transaction market - Management noted that the market is currently healthy, with a slight slowdown due to the election but expects continued activity [50] Question: Split between anchor and shop in the signed but not commenced pipeline - Approximately $27 million of the $59 million is from anchors, with encouraging rent levels [57] Question: Total redevelopment pipeline and pre-leased percentage - The redevelopment pipeline is at $500 million, with about 80% pre-leased before projects are brought on [60][62] Question: Expectations for same-store growth next year - Management expects to exceed the 4% growth rate, driven by rent commencements and reinvestments [66][88] Question: Uncollectible income and Big Lots impact - Management is pleased with the activity on Big Lots spaces, with seven out of ten boxes already resolved with new tenants [124][125]

Core Insights - Brixmor Property (BRX) reported a revenue of $320.68 million for the quarter ended September 2024, reflecting a year-over-year increase of 4.4% [1] - The earnings per share (EPS) for the quarter was $0.52, significantly higher than the $0.21 reported in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate by 0.12%, while the EPS also missed the consensus estimate by 1.89% [1] Revenue Breakdown - Rental income was reported at $319.99 million, slightly below the estimated $320.40 million, marking a 4.2% increase compared to the previous year [3] - Other revenues reached $0.69 million, exceeding the average estimate of $0.15 million, representing a substantial year-over-year increase of 253.6% [3] Stock Performance - Brixmor's shares have returned 0.3% over the past month, underperforming compared to the Zacks S&P 500 composite's 2% increase [4] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [4]

Brixmor Property (BRX) came out with quarterly funds from operations (FFO) of $0.52 per share, missing the Zacks Consensus Estimate of $0.53 per share. This compares to FFO of $0.50 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of -1.89%. A quarter ago, it was expected that this owner and operator of shopping centers would post FFO of $0.52 per share when it actually produced FFO of $0.54, delivering a surprise of 3.85%. Over the l ...

[Glossary of Terms](index=3&type=section&id=Glossary%20of%20Terms) This section defines key financial and operational terms, including non-GAAP measures essential for evaluating a Real Estate Investment Trust (REIT) - This section defines key financial and operational terms used throughout the report, particularly non-GAAP measures critical for evaluating a Real Estate Investment Trust (REIT)[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) - Key non-GAAP performance measures are defined, including: - **Nareit Funds From Operations (FFO):** Net income excluding depreciation, amortization, and gains/losses from property sales, providing a measure of operating performance for REITs[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) - **Net Operating Income (NOI):** Property revenues less direct property operating expenses, used to measure the operating performance of the property portfolio[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) - **Same Property NOI:** A subset of NOI that only includes properties owned for the entirety of both periods being compared, offering a more consistent metric for performance comparison[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) - **EBITDAre:** Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate, a Nareit-defined measure of operational performance[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) [Results Overview & Guidance](index=6&type=section&id=Results%20Overview%20%26%20Guidance) The company reported strong Q3 2024 financial results with increased revenues and net income, alongside an upward revision of its full-year 2024 guidance for Nareit FFO and Same Property NOI performance Q3 2024 Financial Highlights (vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $320.7 Million | $307.3 Million | +4.4% | | Net Income | $96.8 Million | $63.7 Million | +52.0% | | Net Income per Diluted Share | $0.32 | $0.21 | +52.4% | | Nareit FFO | $159.2 Million | $152.2 Million | +4.6% | | Nareit FFO per Diluted Share | $0.52 | $0.50 | +4.0% | | Same Property NOI Performance | 4.1% | 4.8% | -0.7 p.p. | Key Portfolio Statistics (as of 9/30/24) | Metric | 9/30/24 | 9/30/23 | | :--- | :--- | :--- | | Number of Properties | 360 | 364 | | Percent Leased | 95.6% | 93.9% | | Percent Billed | 91.9% | 90.0% | | ABR PSF | $17.44 | $16.77 | Updated 2024 Full Year Guidance | Metric | Current Guidance | Previous Guidance (at 7/29/24) | | :--- | :--- | :--- | | Nareit FFO per Diluted Share | $2.13 - $2.15 | $2.11 - $2.14 | | Same Property NOI Performance | 4.75% - 5.25% | 4.25% - 5.00% | [Financial Summary](index=6&type=section&id=Financial%20Summary) The company's financial position as of Q3 2024 shows increased assets and liabilities, strong revenue growth, improved leverage, and higher FFO, reflecting robust operational performance [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2024, the company's total assets stood at $8.75 billion, a slight increase from $8.33 billion at year-end 2023, with total liabilities rising to $5.87 billion primarily due to debt obligations Consolidated Balance Sheet Summary (in thousands) | Account | As of 9/30/24 (in thousands) | As of 12/31/23 (in thousands) | | :--- | :--- | :--- | | Real estate, net | $7,792,610 | $7,796,907 | | Cash and cash equivalents | $451,326 | $866 | | **Total Assets** | **$8,749,817** | **$8,332,716** | | Debt obligations, net | $5,338,681 | $4,933,525 | | **Total Liabilities** | **$5,869,241** | **$5,482,415** | | **Total Equity** | **$2,880,576** | **$2,850,301** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For the third quarter of 2024, total revenues grew 4.4% year-over-year to $320.7 million, driven by higher rental income, while net income significantly increased by 52.0% to $96.8 million Statement of Operations Summary (in thousands, except per share) | Metric | Three Months Ended 9/30/24 (in thousands) | Three Months Ended 9/30/23 (in thousands) | Nine Months Ended 9/30/24 (in thousands) | Nine Months Ended 9/30/23 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $320,682 | $307,314 | $956,612 | $928,551 | | Net Income | $96,840 | $63,736 | $255,870 | $232,390 | | Net Income per Diluted Share | $0.32 | $0.21 | $0.84 | $0.77 | [EBITDA & Debt Reconciliation](index=10&type=section&id=EBITDA%20%26%20Reconciliation%20of%20Debt%20Obligations%2C%20Net%20to%20Net%20Principal%20Debt) Adjusted EBITDA for Q3 2024 increased to $216.3 million, improving the company's leverage ratio to 5.7x from 6.1x year-over-year, indicating a stronger credit profile EBITDA Reconciliation (in thousands) | Metric | Three Months Ended 9/30/24 (in thousands) | Three Months Ended 9/30/23 (in thousands) | | :--- | :--- | :--- | | Net Income | $96,840 | $63,736 | | EBITDA | $247,695 | $207,951 | | EBITDAre | $216,540 | $201,239 | | Adjusted EBITDA | $216,340 | $201,336 | | Cash Adjusted EBITDA | $206,498 | $194,062 | Leverage Ratios | Metric | As of 9/30/24 | | :--- | :--- | | Net Principal Debt | $4,898,318,000 | | Net Principal Debt to Adjusted EBITDA (TTM) | 5.7x | [Funds From Operations (FFO)](index=11&type=section&id=Funds%20From%20Operations%20(FFO)) Nareit FFO for Q3 2024 increased to $159.2 million, or $0.52 per diluted share, with the dividend payout ratio remaining stable at 51.7% Nareit FFO Summary (in thousands, except per share) | Metric | Three Months Ended 9/30/24 (in thousands) | Three Months Ended 9/30/23 (in thousands) | | :--- | :--- | :--- | | Nareit FFO | $159,180 | $152,184 | | Nareit FFO per Diluted Share | $0.52 | $0.50 | | Dividends Declared per Share | $0.2725 | $0.2600 | | Dividend Payout Ratio (% of Nareit FFO) | 51.7% | 51.4% | [Supplemental Balance Sheet Detail](index=12&type=section&id=Supplemental%20Balance%20Sheet%20Detail) This section provides a granular breakdown of certain balance sheet items, including accounts payable, dividends payable, and below market leases, as of September 30, 2024 Accounts Payable, Accrued Expenses and Other Liabilities (in thousands) | Component | As of 9/30/24 (in thousands) | As of 12/31/23 (in thousands) | | :--- | :--- | :--- | | Accounts payable and other accrued expenses | $273,645 | $289,215 | | Below market leases, net | $80,652 | $82,583 | | Dividends payable | $86,016 | $85,692 | | **Total** | **$530,560** | **$548,890** | [NOI & Supplemental Operations Detail](index=13&type=section&id=NOI%20%26%20Supplemental%20Statement%20of%20Operations%20Detail) Net Operating Income (NOI) for Q3 2024 increased by 3.8% to $230.3 million, maintaining a strong NOI margin of 74.4% and an improved expense recovery ratio of 92.7% NOI and Operating Ratios | Metric | Three Months Ended 9/30/24 (in Millions) | Three Months Ended 9/30/23 (in Millions) | | :--- | :--- | :--- | | Net Operating Income (NOI) | $230.3 | $221.9 | | NOI Margin | 74.4% | 74.2% | | Expense Recovery Ratio | 92.7% | 89.3% | [Same Property NOI Analysis](index=14&type=section&id=Same%20Property%20NOI%20Analysis) Same Property NOI grew by 4.1% in Q3 2024, primarily driven by a 5.2% increase in base rent, with billed occupancy rising by 170 basis points to 91.9% Same Property NOI Performance (352 properties) | Metric | Three Months Ended 9/30/24 (in Millions) | Three Months Ended 9/30/23 (in Millions) | Change | | :--- | :--- | :--- | :--- | | Same Property NOI | $225.9 | $217.1 | +4.1% | | Percent Billed | 91.9% | 90.2% | +1.7 p.p. | | Percent Leased | 95.6% | 94.1% | +1.5 p.p. | - The **4.1% Same Property NOI growth** in Q3 was primarily driven by a **5.2% contribution from base rent growth**, partially offset by a **-2.0% impact** from revenues deemed uncollectible[19](index=19&type=chunk) [Capital Expenditures](index=15&type=section&id=Capital%20Expenditures) Total capital expenditures in Q3 2024 amounted to $93.1 million, with a significant portion allocated to value-enhancing projects like redevelopments and anchor space repositioning Capital Expenditures Breakdown (in thousands) | Category | Three Months Ended 9/30/24 (in thousands) | Three Months Ended 9/30/23 (in thousands) | | :--- | :--- | :--- | | Leasing related and maintenance | $41,588 | $45,045 | | Value-enhancing | $51,468 | $51,865 | | **Total Capital Expenditures** | **$93,056** | **$96,910** | [Capitalization, Liquidity & Debt](index=16&type=section&id=Capitalization%2C%20Liquidity%20%26%20Debt%20Ratios) The company maintains a strong financial position with $13.3 billion in market capitalization, $1.7 billion in liquidity, and investment-grade credit ratings, supported by a 100% fixed-rate debt structure [Capitalization, Liquidity & Debt Ratios](index=16&type=section&id=Capitalization%2C%20Liquidity%20%26%20Debt%20Ratios) As of September 30, 2024, the company had a total market capitalization of $13.3 billion and total liquidity of $1.7 billion, maintaining investment-grade credit ratings with a stable outlook from Fitch and S&P, and a positive outlook from Moody's Capitalization and Liquidity (as of 9/30/24, in thousands) | Metric | Amount (in thousands) | | :--- | :--- | | Total Equity Capitalization | $8,415,475 | | Net Debt | $4,886,234 | | **Total Market Capitalization** | **$13,301,709** | | **Total Liquidity** | **$1,701,044** | - Credit Ratings: - Fitch: **BBB (Stable)**[22](index=22&type=chunk) - Moody's: **Baa3 (Positive)**[22](index=22&type=chunk) - S&P Global: **BBB (Stable)**[22](index=22&type=chunk) - The company's debt is **100% fixed-rate** as of Q3 2024, with a weighted average maturity of **4.5 years**[23](index=23&type=chunk) [Debt Obligations](index=17&type=section&id=Debt%20Obligations) Total debt obligations as of September 30, 2024, amounted to $5.35 billion, entirely fixed-rate with a weighted average stated interest rate of 4.10% and staggered maturities extending to 2035 Debt Maturity Schedule (Principal in thousands) | Maturity Year | Maturities (in thousands) | | :--- | :--- | | 2025 | $632,312 | | 2026 | $607,542 | | 2027 | $900,000 | | 2028 | $357,708 | | 2029+ | $2,853,203 | | **Total Debt** | **$5,350,765** | [Covenant Disclosure](index=18&type=section&id=Covenant%20Disclosure) The company was in full compliance with all unsecured notes and credit facility covenants as of September 30, 2024, with key ratios well within required limits, demonstrating strong financial health Covenant Compliance (as of 9/30/24) | Covenant Test | Requirement | Actual | | :--- | :--- | :--- | | Aggregate Debt Test (Notes) | < 65% | 45.1% | | Unencumbered Asset Ratio (Notes) | > 150% | 221.6% | | Leverage Ratio (Credit Facility) | < 60% | 34.1% | | Fixed Charge Coverage Ratio (Credit Facility) | > 1.5x | 4.2x | [Investment Summary](index=18&type=section&id=Investment%20Summary) The company actively manages its portfolio through strategic acquisitions, dispositions, and value-enhancing redevelopment projects, including anchor space repositioning and outparcel development, to drive future NOI growth [Acquisitions](index=18&type=section&id=Acquisitions) During Q3 2024, the company acquired two properties and a land parcel for $63.9 million, contributing to year-to-date acquisitions totaling $81.2 million and adding over 266,000 square feet of GLA Q3 2024 Acquisitions (dollars in thousands) | Property Name | Purchase Price (in thousands) | GLA / Area | | :--- | :--- | :--- | | The Fresh Market Shoppes | $23,625 | 86,398 sq. ft. | | Land at Kings Market | $2,300 | 1.0 acres | | Acton Plaza | $38,000 | 137,572 sq. ft. | [Dispositions](index=20&type=section&id=Dispositions) The company sold six properties or parcels in Q3 2024 for an aggregate price of $73.8 million, contributing to year-to-date dispositions totaling $143.1 million and over 1.1 million square feet of GLA Q3 2024 Dispositions (dollars in thousands) | Property Name | Sale Price (in thousands) | GLA (in sq. ft.) | | :--- | :--- | :--- | | Arbor Faire - outparcel | $5,000 | 15,000 | | Festival Centre | $21,750 | 325,347 | | Presidential Plaza West | $11,900 | 88,441 | | Commons of Chicago Ridge - The Home Depot | $29,680 | 113,918 | | Springdale - Piccadilly | $4,750 | 11,700 | [Anchor Space Repositioning Summary](index=22&type=section&id=Anchor%20Space%20Repositioning%20Summary) The company is actively managing 18 anchor repositioning projects with an estimated cost of $88.6 million and an expected NOI yield of 7-14%, having stabilized nine projects year-to-date at a 12% NOI yield - In-process anchor repositioning pipeline includes **18 projects** with total net estimated costs of **$88.6 million** and an expected NOI yield range of **7% to 14%**[32](index=32&type=chunk) - A total of **9 anchor repositioning projects** have been stabilized in 2024, costing **$29.5 million** and generating an actual NOI yield of **12%**[32](index=32&type=chunk) [Outparcel Development Summary](index=22&type=section&id=Outparcel%20Development%20Summary) The outparcel development program includes seven active projects, with two stabilized in Q3 and four year-to-date, costing $5.9 million and generating a strong 10% NOI yield - Two outparcel projects were stabilized in Q3 2024: a Chipotle and a multi-tenant building including First Watch and Mission BBQ[34](index=34&type=chunk) - Total stabilized outparcel projects for the nine months ended September 30, 2024, cost **$5.85 million** and achieved a **10% NOI yield**[34](index=34&type=chunk) [Redevelopment Summary](index=23&type=section&id=Redevelopment%20Summary) The company has a substantial redevelopment pipeline of 18 projects with an estimated investment of $403.5 million and a weighted average expected NOI yield of 9%, having stabilized three projects year-to-date at a 9% NOI yield - The in-process redevelopment pipeline consists of **18 projects** with total net estimated costs of **$403.45 million** and a weighted average expected NOI yield of **9%**[37](index=37&type=chunk) - Major in-process redevelopments include Westridge Court / Block 59 in Chicago (**$53.2 million cost**, **9% yield**) and Wynnewood Village - Phase IV in Dallas (**$52.4 million cost**, **9% yield**)[36](index=36&type=chunk) [Future Redevelopment Opportunities](index=25&type=section&id=Future%20Redevelopment%20Opportunities) The company has identified a deep pipeline of future redevelopment opportunities, focusing on repositioning, densification, and remerchandising, with several major projects considering multi-family residential or medical office components - The future pipeline includes **9 major redevelopment opportunities**, many of which involve densification and potential addition of multi-family or medical office components[39](index=39&type=chunk) - Examples of major future projects include Village at Mira Mesa (potential residential), Kings Park Plaza (potential multi-family), and Market Plaza (potential multi-family and/or medical office)[39](index=39&type=chunk) [Portfolio Summary](index=26&type=section&id=Portfolio%20Summary) Brixmor's portfolio demonstrates strong occupancy and diversified composition across essential and national tenants, supported by robust leasing activity and a well-staggered lease expiration schedule, primarily concentrated in major U.S. metropolitan areas [Portfolio Overview](index=28&type=section&id=Portfolio%20Overview) As of September 30, 2024, Brixmor's portfolio consisted of 360 properties totaling 63.4 million square feet (GLA), demonstrating strong occupancy with a 95.6% leased rate and an increased ABR per square foot of $17.44 Portfolio Metrics | Metric | As of 9/30/24 | As of 9/30/23 | | :--- | :--- | :--- | | Number of properties | 360 | 364 | | GLA (in sq. ft.) | 63,445,487 | 64,827,439 | | Percent Billed | 91.9% | 90.0% | | Percent Leased | 95.6% | 93.9% | | ABR PSF | $17.44 | $16.77 | [Portfolio Composition](index=30&type=section&id=Portfolio%20Composition) The portfolio is well-diversified with essential tenants accounting for 33% of ABR and national/regional tenants comprising 89%, ensuring a stable income base evenly split between anchor and small shop tenants - The portfolio's Annualized Base Rent (ABR) is composed of: - **Essential Tenants:** **33%**[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - **National / Regional Tenants:** **89%**[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - **Anchor Tenants (≥10k SF):** **50.2%**[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - **Small Shop Tenants (<10k SF):** **49.8%**[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Top 40 Retailers by ABR](index=30&type=section&id=Top%20Forty%20Retailers%20Ranked%20by%20ABR) The company's tenant base is highly diversified, with the top 40 retailers accounting for only 33.1% of total ABR, and the top five tenants collectively representing 10.8% of total ABR Top 5 Retailers by ABR | Rank | Retailer | % of ABR | | :--- | :--- | :--- | | 1 | The TJX Companies, Inc. | 3.3% | | 2 | The Kroger Co. | 2.3% | | 3 | Burlington Stores, Inc. | 2.0% | | 4 | Dollar Tree Stores, Inc. | 1.7% | | 5 | Publix Super Markets, Inc. | 1.5% | [New & Renewal Lease Summary](index=32&type=section&id=New%20%26%20Renewal%20Lease%20Summary) Leasing activity remained robust in Q3 2024, with 316 new, renewal, and option leases signed for 2.1 million square feet, achieving a strong total blended rent spread of 15.9% Q3 2024 Leasing Spreads (Comparable Leases) | Lease Type | Rent Spread | | :--- | :--- | | New Leases | 31.8% | | Renewal Leases | 18.1% | | Option Leases | 6.9% | | **Total (New, Renewal & Option)** | **15.9%** | [New Lease Economics & SNO Pipeline](index=35&type=section&id=New%20Lease%20Net%20Effective%20Rent%20%26%20Leases%20Signed%20But%20Not%20Yet%20Commenced) New leases signed in Q3 2024 achieved a net effective rent of $21.32 per square foot, and a substantial pipeline of 362 signed but not yet commenced (SNO) leases is expected to contribute an additional $59.4 million in annualized base rent - The pipeline of leases signed but not yet commenced (SNO) includes **362 leases** totaling **2,684,554 GLA**, which will generate **$59.4 million in ABR**[48](index=48&type=chunk) - The majority of the SNO pipeline's ABR (**$36.5 million**) is expected to commence in 2025, with **$17.9 million** commencing in the remainder of 2024[48](index=48&type=chunk) [Lease Expiration Schedule](index=36&type=section&id=Lease%20Expiration%20Schedule) The company maintains a well-staggered lease expiration schedule, with 10.6% of leased GLA (9.3% of ABR) set to expire in 2025, and a high lease retention rate of 85.8% by GLA for the trailing twelve months Upcoming Lease Expirations (Assumes No Renewals) | Year | % of Leased GLA | % of In-Place ABR | | :--- | :--- | :--- | | 2025 | 10.6% | 9.3% | | 2026 | 11.5% | 11.4% | | 2027 | 14.0% | 13.4% | - The lease retention rate at natural expiration for the twelve months ended September 30, 2024 was **85.8% by GLA**[50](index=50&type=chunk) [Major CBSA Detail](index=36&type=section&id=Major%20CBSA%20Detail) The portfolio is concentrated in the top 50 largest U.S. Core-Based Statistical Areas (CBSAs), accounting for 71.3% of ABR, with the top 10 CBSAs representing 48.0% of total ABR, indicating a focus on major metropolitan markets Top 5 CBSAs by ABR | Rank | CBSA | % of ABR | | :--- | :--- | :--- | | 1 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 7.5% | | 2 | New York-Newark-Jersey City, NY-NJ | 7.1% | | 3 | Houston-Pasadena-The Woodlands, TX | 5.7% | | 4 | Chicago-Naperville-Elgin, IL-IN | 5.5% | | 5 | Dallas-Fort Worth-Arlington, TX | 5.3% | [Properties by State](index=40&type=section&id=Properties%20by%20State) Geographically, the portfolio has significant exposure to high-growth Sun Belt states, with Florida and Texas being the largest contributors to ABR, and the top five states collectively accounting for 55.6% of total ABR Top 5 States by ABR | Rank | State | % of ABR | | :--- | :--- | :--- | | 1 | Florida | 13.8% | | 2 | Texas | 12.0% | | 3 | California | 11.6% | | 4 | New York | 7.1% | | 5 | Pennsylvania | 7.1% | [Property List](index=41&type=section&id=Property%20List) This section provides a comprehensive, detailed list of all 360 properties in the portfolio as of September 30, 2024, including city, state, CBSA, GLA, leased percentage, ABR, and major tenants - The report concludes with a detailed property-by-property list of the entire **360-property portfolio**, offering granular data on each asset[55](index=55&type=chunk)[60](index=60&type=chunk)[65](index=65&type=chunk)

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 September 30, 2024 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 Propert ...

- Delivered Record Occupancy and ABR PSF - NEW YORK, Oct. 28, 2024 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and nine months ended September 30, 2024. For the three months ended September 30, 2024 and 2023, net income was $0.32 per diluted share and $0.21 per diluted share, respectively, and for the nine months ended September 30, 2024 and 2023, net income was $0.84 per diluted share and $0.77 per diluted share, r ...

Core Viewpoint - The Federal Reserve has initiated a rate-cut cycle, reducing the federal funds rate by 50 basis points to a range of 4.75%-5%, which is expected to benefit the REIT sector due to lower borrowing costs and improved valuations [2][4]. REIT Industry Overview - The REIT industry is capital-intensive and benefits from lower interest rates, which enhance valuations and make dividend yields more attractive compared to fixed-income investments [4]. - Recent data indicates that 79.2% of REIT debt is unsecured, and 90.8% is fixed-rate, with a low debt-to-market assets ratio of 34.1% and an average debt maturity of 6.5 years, positioning REITs well for future growth [5]. Economic Outlook - The Fed's projections indicate a GDP growth of 2.0% for 2024, with an unemployment rate expected to rise to 4.4% [3]. - A resilient economy is anticipated to boost leasing activity, leading to increased demand for real estate and higher occupancy rates, which will strengthen REIT earnings and cash flows [6][10]. Short to Medium-Term Expectations - The current macroeconomic environment suggests that falling rates combined with a soft landing for the economy will lower financing costs while maintaining solid cash flows from properties [7][9]. - The outlook for REITs is promising, with expectations of reduced refinancing costs and higher earnings growth as rates decrease [9][10]. Featured REITs - **Essex Property Trust (ESS)**: Positioned to benefit from strong demand in the West Coast residential market, with a projected 3.5% year-over-year increase in 2024 FFO per share to $15.55 [12][15]. - **Brixmor Property Group (BRX)**: Focused on open-air shopping centers, with a 4.41% year-over-year increase in 2024 FFO per share to $2.13 [16]. - **Lamar Advertising Company (LAMR)**: A leader in outdoor advertising, with a projected 2024 FFO per share of $8.09, reflecting growth from digital platform expansion [17][18]. - **Cousins Properties (CUZ)**: Benefiting from demand in the Sun Belt markets, with a revised 2024 FFO per share estimate of $2.67 [19].

Steven Cress is VP of Quantitative Strategy and Market Data at Seeking Alpha. Steve is also the creator of the platform's quantitative stock rating system and many of the analytical tools on Seeking Alpha. His contributions form the cornerstone of the Seeking Alpha Quant Rating system, designed to interpret data for investors and offer insights on investment directions, thereby saving valuable time for users. He is also the Founder and CoManager of Alpha Picks, a systematic stock recommendation tool designe ...

Funtap Brixmor Property Group Inc. (NYSE:BRX), incorporated in 2003 and headquartered in New York, NY, owns and operates open-air retail properties, mainly consisting of community and neighborhood shopping centers, all over the country. This is a company that has increased its dividend at an attractive pace and is likely to continue doing so given the current secular tailwind. With manageable debt maturities and a strong liquidity level, the risks of holding this REIT are mostly confined to general ones lik ...

NEW YORK, Sept. 4, 2024 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) today announced that it will release its 2024 third quarter earnings on Monday, October 28, 2024 after the market close. Brixmor will host a teleconference on Tuesday, October 29, 2024 at 10:00 AM ET. Event: Brixmor Property Group's Third Quarter Earnings Results When: 10:00 AM ET, Tuesday, October 29, 2024 Live Webcast: Brixmor 3Q 2024 Earnings Call under the Investors tab at https://www.brixmor.com Dial #: 1.877.704.4453 (Inte ...