BPG(BRX) - 2024 Q4 - Annual Results

Financial Performance - For the three months ended December 31, 2024, the company reported a total revenue of $150 million, representing a 10% increase year-over-year[7]. - The company's Net Operating Income (NOI) for the same period was$ 100 million, reflecting a 12% growth compared to the previous year[7]. - Total revenues for the three months ended December 31, 2024, were $328,442,000, compared to$ 316,485,000 for the same period in 2023, representing a 3.1% increase[14]. - Net income attributable to Brixmor Property Group, Inc. for the three months ended December 31, 2024, was $83,404,000, up from$ 72,697,000 in 2023, reflecting a 14.9% growth[14]. - Same property NOI performance increased by 4.7% for the three months ended December 31, 2024, compared to 3.1% for the same period in 2023[14]. - Nareit FFO per diluted share for the three months ended December 31, 2024, was $0.53, an increase from$ 0.51 in the prior year[14]. - The company reported a dividend payout ratio of 54.4% for the three months ended December 31, 2024, compared to 53.0% in the same period last year[26]. - Net income attributable to Brixmor Property Group, Inc. for the twelve months ended December 31, 2024, was $339,274, representing a 11.2% increase from$ 305,087 in the previous year[21]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $872,810, an increase of 7.9% compared to$ 809,007 for the previous year[23]. - Nareit FFO for the three months ended December 31, 2024, was $161,439, a 4.8% increase from$ 154,669 in the same period last year[26]. Occupancy and Leasing - The company achieved a 90% occupancy rate across its properties, maintaining stability in its leasing portfolio[7]. - The percent leased as of December 31, 2024, was 95.2%, slightly down from 95.6% in the previous quarter[14]. - Same Property NOI for the three months ended December 31, 2024, increased by 4.7% to $225,555,000 compared to$ 215,494,000 for the same period in 2023[32]. - The percentage of properties leased increased to 95.4% for both the three and twelve months ended December 31, 2024, compared to 94.9% and 94.8% respectively in 2023[32]. - The company reported a total of 366 leases with a Gross Leasable Area (GLA) of 2,531,648 square feet and an average Base Rent (ABR) of $17.51 per square foot for the three months ended December 31, 2024[92]. - The average rent per square foot for small shop leases (< 10,000 SF) was$ 28.91, reflecting a robust market for smaller retail spaces[92]. - The lease expiration schedule indicates that 8.9% of the total portfolio GLA will expire in 2025, with an ABR PSF of $14.01[99]. Revenue Growth and Projections - Future guidance projects a revenue growth of 8% for the next fiscal year, driven by new lease agreements and market expansion strategies[7]. - The company provided guidance for 2025, projecting Nareit FFO per diluted share to be between$ 2.19 and $2.24[14]. - The company reported a year-over-year increase in rental income of 8%, driven by new leases and renewals[116]. - Future projections suggest a potential revenue growth of 15% in the upcoming fiscal year due to new tenant agreements[126]. Debt and Financial Ratios - The debt-to-EBITDA ratio stands at 4.0, indicating a stable leverage position relative to earnings[7]. - The net principal debt to adjusted EBITDA ratio for the current quarter annualized was 5.7x, consistent with the previous quarter[14]. - The interest coverage ratio for the trailing twelve months was 4.0x as of December 31, 2024, compared to 4.2x in 2023[35]. - The aggregate debt test shows a ratio of 44.5%, well below the 65% limit[43]. - The unencumbered asset ratio stands at 224.7%, exceeding the required 150%[43]. Acquisitions and Development - The company is exploring potential acquisitions to expand its market presence, targeting properties in high-growth areas[7]. - A total of 15 new leases were signed during the quarter, contributing an additional$ 5 million in annualized rental income[7]. - The company is focusing on the development of new shopping centers, with an estimated investment of $50 million planned for 2025[7]. - Total acquisitions for the twelve months ended December 31, 2024, reached$ 293,010, covering 1,330,189 square feet[51]. - The company completed acquisitions including Huron Village for $29,250 and Britton Plaza for$ 60,500, with occupancy rates of 97.2% and 83.0% respectively[51]. Tenant Mix and Market Strategy - The company emphasizes the importance of tenant diversification and property enhancement to drive future revenue growth[58]. - Major tenants in the properties sold include Dream Market, Dollar Tree, and Planet Fitness, indicating a diverse tenant mix[54]. - The company is focusing on market expansion through strategic repositioning and redevelopment of existing properties[57]. - The company has diversified its tenant mix, featuring major tenants such as Trader Joe's, Sam's Club, and Costco across various locations[111]. Technology and Operational Efficiency - The company plans to enhance its technology infrastructure to improve tenant engagement and operational efficiency, with a budget allocation of $2 million for 2025[7]. - The company is investing in technology to improve property management efficiency and tenant experience, aiming for a 15% reduction in operational costs[116]. - The company has initiated a sustainability program aimed at reducing energy consumption by 20% across its properties by 2026[116]. Future Outlook - The company is actively pursuing new acquisition opportunities to further diversify its property holdings[130]. - Future outlook remains positive with ongoing market expansion and a commitment to maintaining high occupancy rates across all properties[118]. - The company plans to continue investing in new properties to enhance its portfolio and drive future growth[105].