Part I [Business](index=6&type=section&id=Item%201.%20Business) Brixmor is a REIT that owns and operates 363 grocery-anchored open-air retail centers, aiming to maximize stockholder returns through strategic portfolio management and corporate responsibility Portfolio Summary as of December 31, 2024 | Metric | Value | | :--- | :--- | | Number of Shopping Centers | 363 | | GLA (square feet) | 64.0 million | | Percent Billed | 91% | | Percent Leased | 95% | | ABR Per Square Foot (PSF) | $17.66 | | New Rent Spread (2024) | 38.8% | | Blended Rent Spread (2024) | 22.5% | | % of ABR from Grocery-Anchored Centers | 81% | | % of ABR in Top 50 U.S. CBSAs | 71% | - **Driving Internal Growth**: Leveraging contractual rent escalations, below-market rents, occupancy growth, and expense management, with **1,416 leases executed** representing **9.6 million square feet** in 2024[31](index=31&type=chunk) - **Value-Enhancing Reinvestment**: Investing in repositioning and redevelopment projects, stabilizing **28 projects** at a **9% incremental NOI yield** in 2024[32](index=32&type=chunk) - **Prudent Acquisitions and Dispositions**: Actively managing the portfolio, acquiring **$293.8 million** in assets and generating **$210.1 million** in net proceeds from dispositions in 2024[36](index=36&type=chunk) - **Maintaining a Flexible Capital Structure**: Utilizing multiple capital sources and maintaining investment-grade credit ratings[36](index=36&type=chunk) - **Operating in a Socially Responsible Manner**: Integrating a Corporate Responsibility strategy focused on environmental, social, and human capital goals, including a commitment to achieve **net zero carbon emissions by 2045**[36](index=36&type=chunk) - As of December 31, 2024, the company had **454 employees**, with a human capital strategy built on engagement, growth, health, and an inclusive culture[47](index=47&type=chunk)[53](index=53&type=chunk) - Brixmor intends to maintain its REIT status, which generally exempts it from U.S. federal income tax on distributed net taxable income[53](index=53&type=chunk) [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) This section details significant risks to Brixmor's business, financial condition, and operations, categorized by portfolio, organizational structure, and REIT status - **Portfolio and Business Risks**: - **Economic Conditions**: Adverse economic conditions, inflation, and rising interest rates may negatively impact financial results and tenant stability[60](index=60&type=chunk) - **Tenant Distress**: Tenant failures or bankruptcies could lead to reduced rental income and re-leasing difficulties[67](index=67&type=chunk) - **Competition and E-commerce**: Competition and e-commerce growth may necessitate rent concessions or significant capital expenditures to attract and retain tenants[87](index=87&type=chunk) - **Debt and Capital Access**: Significant indebtedness requires substantial cash flow for debt service, and favorable capital access is not guaranteed[87](index=87&type=chunk) - **Cybersecurity and Climate Change**: Risks include cybersecurity attacks and the physical and transitional impacts of climate change[87](index=87&type=chunk) - **Organizational and Structural Risks**: - The Board of Directors can change significant corporate policies, including investment and financing strategies, without stockholder approval[90](index=90&type=chunk) - The company's charter limits director and officer liability and contains provisions that could discourage third-party acquisitions[92](index=92&type=chunk) - **REIT Status and Tax Risks**: - Failure to maintain REIT qualification would result in taxation as a regular corporation, leading to substantial tax liability[95](index=95&type=chunk) - REIT compliance requirements may force the company to forgo attractive investment opportunities or liquidate certain assets[99](index=99&type=chunk) - The charter's **9.8% stock ownership limit**, designed to protect REIT status, may also deter a change in control[101](index=101&type=chunk) [Unresolved Staff Comments](index=20&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[104](index=104&type=chunk) [Cybersecurity](index=20&type=section&id=Item%201C.%20Cybersecurity) Brixmor maintains a comprehensive cybersecurity program, overseen by the CIO and Audit Committee, to manage risks through preparation, prevention, detection, and response, with no material incidents reported as of December 31, 2024 - The cybersecurity program is led by the Chief Information Officer, with oversight from the Audit Committee, which receives quarterly updates[106](index=106&type=chunk)[108](index=108&type=chunk) - The company has a formal Cybersecurity Incident Response Plan outlining procedures for analyzing, containing, and recovering from incidents, with a dedicated Incident Response Team[107](index=107&type=chunk) - Preventative measures include regular internal and external security audits, penetration testing, multi-factor authentication, and mandatory annual cybersecurity training for all employees[110](index=110&type=chunk)[111](index=111&type=chunk) - As of December 31, 2024, the company has not experienced any known material cybersecurity incidents[118](index=118&type=chunk) [Properties](index=22&type=section&id=Item%202.%20Properties) Brixmor's portfolio comprises 363 shopping centers totaling 64 million square feet of GLA, with detailed tables on top tenants, geographic diversification, unit size, and lease expirations Top 5 Tenants by ABR (as of Dec 31, 2024) | Retailer | Leased GLA (sq ft) | % of GLA | ABR ($ thousands) | % of ABR | | :--- | :--- | :--- | :--- | :--- | | The TJX Companies, Inc. | 2,604,394 | 4.1% | $33,176 | 3.3% | | The Kroger Co. | 3,037,909 | 4.7% | $23,207 | 2.3% | | Burlington Stores, Inc. | 1,829,056 | 2.9% | $20,987 | 2.1% | | Dollar Tree Stores, Inc. | 1,357,291 | 2.1% | $16,509 | 1.6% | | Publix Super Markets, Inc. | 1,490,442 | 2.3% | $14,898 | 1.5% | Top 5 States by ABR (as of Dec 31, 2024) | State | Number of Properties | GLA (sq ft) | ABR ($ thousands) | % of ABR | | :--- | :--- | :--- | :--- | :--- | | Florida | 48 | 8,473,446 | $141,138 | 14.0% | | Texas | 48 | 7,409,851 | $120,470 | 11.9% | | California | 28 | 5,187,376 | $116,966 | 11.7% | | Pennsylvania | 24 | 4,336,727 | $71,843 | 7.2% | | New York | 27 | 3,435,843 | $71,391 | 7.1% | - Lease expirations are staggered, with **8.9% of leased GLA** scheduled to expire in 2025 and **11.7% in 2026**, assuming no renewal options are exercised[123](index=123&type=chunk) [Legal Proceedings](index=25&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine litigation, none of which is expected to materially impact its financial condition or results - The company is not presently involved in any material litigation arising outside the ordinary course of business[128](index=128&type=chunk)[433](index=433&type=chunk) [Mine Safety Disclosures](index=25&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[129](index=129&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=26&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This section covers Brixmor's common stock trading on the NYSE under "BRX", its REIT dividend requirements, the taxability of 2024 distributions, and the **$400.0 million** share repurchase program with no repurchases in 2024 - BPG's common stock trades on the New York Stock Exchange under the ticker symbol **"BRX"**[132](index=132&type=chunk) - To maintain its REIT qualification, BPG must distribute at least **90% of its REIT taxable income** to stockholders annually[133](index=133&type=chunk) - For the taxable year ended December 31, 2024, **100.0%** of the company's distributions to stockholders constituted taxable ordinary income[136](index=136&type=chunk) - The company has a **$400.0 million** share repurchase program, with full capacity available as of December 31, 2024, as no shares were repurchased during the year[140](index=140&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The MD&A provides an executive overview of Brixmor's 2024 business, financial performance, and strategic initiatives, detailing results of operations, liquidity, capital resources, cash flow, non-GAAP measures, and critical accounting estimates [Results of Operations](index=30&type=section&id=Results%20of%20Operations) In 2024, total revenues increased to **$1.285 billion** from **$1.245 billion** in 2023, driven by higher rental income, while total operating expenses rose slightly, leading to net income attributable to Brixmor Property Group Inc. of **$339.3 million** Comparison of Revenues (in thousands) | Revenue Type | 2024 | 2023 | $ Change | | :--- | :--- | :--- | :--- | | Rental income | $1,283,421 | $1,243,844 | $39,577 | | Other revenues | $1,633 | $1,192 | $441 | | **Total revenues** | **$1,285,054** | **$1,245,036** | **$40,018** | Comparison of Operating Expenses (in thousands) | Expense Type | 2024 | 2023 | $ Change | | :--- | :--- | :--- | :--- | | Operating costs | $152,825 | $146,473 | $6,352 | | Real estate taxes | $164,291 | $173,517 | ($9,226) | | Depreciation and amortization | $381,396 | $362,277 | $19,119 | | Impairment of real estate assets | $11,143 | $17,836 | ($6,693) | | General and administrative | $116,363 | $117,128 | ($765) | | **Total operating expenses** | **$826,018** | **$817,231** | **$8,787** | - The increase in rental income was primarily driven by a **$47.6 million** increase for assets owned for the full period, reflecting higher base rent, straight-line rent, and expense reimbursements[156](index=156&type=chunk) - Interest expense increased by **$25.3 million** in 2024 compared to 2023, mainly due to higher overall debt obligations and a higher weighted average interest rate[169](index=169&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) Brixmor maintains a flexible capital structure with **$1.63 billion** in available liquidity as of December 31, 2024, utilizing operating cash flow, borrowings, dispositions, and equity issuances to meet debt service, capital expenditures, and dividend requirements - As of December 31, 2024, the company had **$1.63 billion** of available liquidity, comprising **$1.25 billion** under its Revolving Facility and **$378.7 million** of cash and cash equivalents[177](index=177&type=chunk) Contractually Obligated Expenditures (as of Dec 31, 2024, in millions) | Obligation | Twelve Months Ended Dec 31, 2025 | Thereafter | | :--- | :--- | :--- | | Debt maturities | $632.3 | $4,718.5 | | Interest payments | $207.2 | $847.7 | | Operating leases | $6.2 | $112.9 | | **Total** | **$845.7** | **$5,679.1** | Cash Flow Summary - Brixmor Property Group Inc. (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $624,687 | $588,794 | | Net cash used in investing activities | ($437,021) | ($163,080) | | Net cash provided by (used in) financing activities | $172,122 | ($428,069) | [Non-GAAP Performance Measures](index=36&type=section&id=Non-GAAP%20Performance%20Measures) This section presents and reconciles Nareit FFO and Same Property NOI, key non-GAAP measures, with Nareit FFO increasing to **$647.9 million** ($2.13 per diluted share) and Same Property NOI to **$896.4 million** in 2024 Nareit FFO Reconciliation (in thousands, except per share) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net income attributable to BPG Inc. | $339,274 | $305,087 | | Depreciation and amortization related to real estate | $375,511 | $358,088 | | Gain on sale of real estate assets | ($78,064) | ($65,439) | | Impairment of real estate assets | $11,143 | $17,836 | | **Nareit FFO** | **$647,864** | **$615,572** | | **Nareit FFO per diluted share** | **$2.13** | **$2.04** | Same Property NOI (in thousands) | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Same property NOI | $896,358 | $853,730 | $42,628 | [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Brixmor's primary market risk is interest rate changes on its long-term debt, managed through interest rate swaps that fully hedge **$500.0 million** in variable-rate debt as of December 31, 2024, preventing impact from interest rate fluctuations - As of December 31, 2024, the company had **$500.0 million** in outstanding variable-rate debt, fully hedged with interest rate swap agreements to effectively fix the interest rate[224](index=224&type=chunk) - A hypothetical **100 basis point** increase in market interest rates would not result in an increase in annual interest expense on the company's variable-rate debt, given the existing interest rate swap agreements[224](index=224&type=chunk) Debt Summary as of December 31, 2024 (in thousands) | Debt Type | Total Principal | Fair Value | | :--- | :--- | :--- | | Fixed rate | $4,850,765 | $4,653,205 | | Variable rate | $500,000 | $500,000 | [Financial Statements and Supplementary Data](index=42&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section formally incorporates the company's consolidated financial statements and supplementary data into the Form 10-K, commencing on page F-1 - This item refers to the Index to Consolidated Financial Statements and the financial statements commencing on page F-1[227](index=227&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=42&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting principles, practices, or financial statement disclosure - None[228](index=228&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting for both Brixmor entities were effective as of December 31, 2024, with no material changes reported in Q4 2024 - Management, including the CEO and CFO, concluded that the disclosure controls and procedures for both Brixmor Property Group Inc. and the Operating Partnership were effective as of December 31, 2024[230](index=230&type=chunk)[236](index=236&type=chunk) - Management concluded that the internal control over financial reporting for both entities was effective as of December 31, 2024, based on the COSO framework[233](index=233&type=chunk)[239](index=239&type=chunk) - There were no material changes in internal control over financial reporting during the fourth quarter of 2024[235](index=235&type=chunk)[241](index=241&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, and Principal Accountant Fees](index=45&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%20and%2014) Information for Items 10 through 14, covering directors, executive officers, corporate governance, compensation, security ownership, and accountant fees, is incorporated by reference from the 2025 Annual Meeting proxy statement - Information for Items 10, 11, 12, 13, and 14 will be included in the definitive proxy statement for the 2025 Annual Meeting of Stockholders, to be filed with the SEC no later than 120 days after December 31, 2024[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=46&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists all documents filed as part of the Form 10-K, including an index to consolidated financial statements, schedules, and a comprehensive list of exhibits - This item provides an index to the consolidated financial statements for both Brixmor Property Group Inc. and Brixmor Operating Partnership LP, along with financial statement schedules[253](index=253&type=chunk) - A detailed list of exhibits filed with the report is provided, including corporate governance documents, debt agreements, employment contracts, and required certifications[255](index=255&type=chunk) [Form 10-K Summary](index=51&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - None[261](index=261&type=chunk) Financial Statements and Notes [Consolidated Financial Statements](index=63&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements present the financial position, operations, and cash flows for Brixmor Property Group Inc. and Brixmor Operating Partnership LP, with 2024 reporting **$8.91 billion** in total assets, **$5.92 billion** in total liabilities, and **$339.3 million** in net income Brixmor Property Group Inc. - Key Balance Sheet Data (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Real estate, net | $7,998,878 | $7,796,907 | | Total assets | $8,908,914 | $8,332,716 | | Debt obligations, net | $5,339,751 | $4,933,525 | | Total liabilities | $5,924,992 | $5,482,415 | | Total stockholders' equity | $2,983,678 | $2,850,301 | Brixmor Property Group Inc. - Key Income Statement Data (in thousands) | Account | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Total revenues | $1,285,054 | $1,245,036 | $1,218,074 | | Total operating expenses | $826,018 | $817,231 | $779,471 | | Net income attributable to BPG Inc. | $339,274 | $305,087 | $354,193 | [Notes to Consolidated Financial Statements](index=73&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures supplementing financial statements, covering business nature, accounting policies, real estate transactions, debt, derivatives, equity, compensation, and subsequent events, including **$293.8 million** in 2024 acquisitions and **$632.3 million** 2025 Notes repayment in February 2025 - In 2024, the company acquired seven shopping centers and two land parcels for an aggregate purchase price of **$293.8 million**[375](index=375&type=chunk) - In 2024, the company disposed of six shopping centers, six partial shopping centers, and two land parcels for aggregate net proceeds of **$208.2 million**[376](index=376&type=chunk) - During 2024, the company issued **$400.0 million** of 5.500% Senior Notes due 2034 and **$400.0 million** of 5.750% Senior Notes due 2035[398](index=398&type=chunk)[399](index=399&type=chunk) - In February 2025, the company repaid the entire outstanding **$632.3 million** principal amount of its 2025 Notes[445](index=445&type=chunk)

- Continues to Leverage Strong Tenant Demand - NEW YORK, Feb. 10, 2025 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and twelve months ended December 31, 2024.  For the three months ended December 31, 2024 and 2023, net income attributable to Brixmor Property Group, Inc. was $0.27 per diluted share and $0.24 per diluted share, respectively, and for the twelve months ended December 31, 2024 and 2023, net income attribu ...

NEW YORK, Jan. 15, 2025 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today the tax reporting information for the 2024 distributions on its common stock. The tax reporting information as it will be reported on the Form 1099-DIV, on a per share basis, is as follows:COMMON SHARES (NYSE: BRX); CUSIP # 11120U105 Record Date Payable Date Total Distribution Per Share Total Ordinary Dividends Total Capital Gain Distributions Unrecaptured Sec.1250 Gain (1) Re ...

Core Insights - Brixmor Property Group Inc. announced its investment activity for the three and twelve months ended December 31, 2024, highlighting a disciplined strategy focused on clustering its portfolio in attractive markets for long-term value and earnings growth [1][2] Investment Activity - During Q4 2024, the company acquired four shopping centers and one land parcel for a total of $211.8 million [4] - For the full year 2024, Brixmor acquired seven shopping centers and two land parcels for a total of $293.0 million [4] - Notable acquisitions in Q4 2024 include: - The Plaza at Buckland Hills for $67.5 million, a 308,000 square foot grocery-anchored center in Manchester, Connecticut [4] - Britton Plaza for $60.5 million, a 466,000 square foot center in South Tampa, Florida, with significant redevelopment potential [4] - North Ridge Shopping Center for $54.6 million, a 171,000 square foot center in Raleigh, North Carolina, offering substantial value creation opportunities [4] - Huron Village for $29.3 million, a 118,000 square foot center in Ann Arbor, Michigan, with near-term remerchandising opportunities [4] Dispositions - In Q4 2024, Brixmor generated approximately $69.3 million from the disposition of one shopping center and two partial properties [4] - For the full year 2024, the company generated approximately $212.4 million from the sale of six shopping centers and eight partial properties [4] Capital Structure - In Q4 2024, Brixmor raised approximately $96.6 million from the sale of about 3.4 million shares of common stock at an average price of $28.77 per share [4] - For the full year 2024, the company raised approximately $116.6 million from the sale of about 4.1 million shares at an average price of $28.62 per share [4] Company Overview - Brixmor is a real estate investment trust (REIT) that operates a national portfolio of open-air shopping centers, comprising approximately 63 million square feet of retail space [6] - The company partners with over 5,000 retailers, including major brands like The TJX Companies and Publix Super Markets [6]

NEW YORK, Dec. 20, 2024 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today that Moody's Investor Services ("Moody's") raised its issuer credit ratings on Brixmor Property Group Inc. and the Company's operating partnership, Brixmor Operating Partnership LP, to 'Baa2' from 'Baa3', with a stable outlook. Moody's indicated in their announcement that this upgrade reflects the Company's consistently strong operating results, strong asset quality, and improved leve ...

Real estate activity has been very low for the last two years as macroeconomic uncertainty encouraged would-be participants to take a wait and see approach. During this time, demand was not shut off, it was just delayed, creating a large backlog. A slew of factors has been creating uncertainty: Fed activity Presidential election Recession or soft landing Many companies, perhaps wisely, have waited for more clarity in the face of such uncertainty before pulling the trigger on new activity. These factors ar ...

Core Viewpoint - The article emphasizes the importance of identifying great entry levels for value stocks, focusing on quality US large caps while occasionally considering mid caps [1] Group 1: Investment Philosophy - The company advocates for a balanced approach between dividends and capital appreciation, viewing it as an art form [1] - It applies principles from renowned investors like Warren Buffett, highlighting that investing is simple but not easy [1] - The company stresses the significance of emotional control in stock investing, suggesting that patience is a critical advantage in the market [1] Group 2: Investment Strategy - The company encourages buying stocks during market downturns, indicating a contrarian investment strategy [1] - It emphasizes the importance of long-term ownership, advising against short-term trading unless one is willing to hold for a decade [1] - The company aims to provide accurate recommendations for buying quality stocks at the right time, maintaining a long and successful track record [1]

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 ...