BRIXMOR PROPERTY GROUP REPORTS FIRST QUARTER 2025 RESULTS

Core Insights - Brixmor Property Group Inc. reported a decrease in net income for Q1 2025, with net income attributable to the company at $69.7 million or $0.23 per diluted share, compared to $88.9 million or $0.29 per diluted share in Q1 2024 [2][27] - The company achieved a Nareit FFO of $171.1 million or $0.56 per diluted share, an increase from $163.4 million or $0.54 per diluted share in the same period last year [3][27] - Same property NOI increased by 2.8% year-over-year, indicating stable operational performance [4][28] Financial Highlights - Total revenues for Q1 2025 were $337.5 million, up from $320.2 million in Q1 2024, driven by an increase in rental income [24] - Operating expenses rose to $217.9 million from $198.3 million, primarily due to higher depreciation and real estate taxes [24] - The company declared a quarterly cash dividend of $0.2875 per common share, equivalent to $1.15 per annum, payable on July 15, 2025 [5] Portfolio and Investment Activity - Brixmor executed 1.3 million square feet of new and renewal leases with an average rent spread of 20.5%, including 0.5 million square feet of new leases with a rent spread of 47.5% [9] - The company stabilized six value-enhancing reinvestment projects with a total cost of approximately $27.5 million, achieving an average incremental NOI yield of 11% [10] - Brixmor's in-process reinvestment pipeline consists of 37 projects with an estimated cost of $390.9 million and an expected average incremental NOI yield of 10% [10] Capital Structure - As of March 31, 2025, Brixmor had $1.4 billion in liquidity and issued $400 million of 5.200% Senior Notes due 2032 [10][17] - The company amended its unsecured revolving credit facilities, extending maturities and lowering pricing, with a revolving loan commitment of $1.25 billion maturing on April 30, 2029 [17] - The net principal debt to adjusted EBITDA ratio was 5.5x for the current quarter annualized [19][26] Guidance - Brixmor expects net income attributable to the company for 2025 to be in the range of $270 million to $285 million, translating to $0.88 to $0.93 per diluted share [11] - The company affirmed its Nareit FFO per diluted share expectations for 2025 at $2.19 to $2.24 and same property NOI growth expectations of 3.50% to 4.50% [17]