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]

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) reported solid financial and operational results for Q2 2025, with an increase in full-year earnings guidance, reflecting strong demand in its grocery-anchored portfolio [1][3][21]. Financial Results - For Q2 2025, net income attributable to stockholders was $12.8 million, or $0.10 per diluted share, compared to $15.3 million, or $0.12 per diluted share in Q2 2024 [4]. - For the six months ended June 30, 2025, net income attributable to stockholders totaled $39.1 million, or $0.31 per diluted share, up from $32.9 million, or $0.27 per diluted share in the same period of 2024 [4]. - Nareit FFO for Q2 2025 increased by 9.8% to $86.0 million, or $0.62 per diluted share, compared to $78.4 million, or $0.57 per diluted share in Q2 2024 [5][6]. - Core FFO for Q2 2025 rose by 10.3% to $88.2 million, or $0.64 per diluted share, compared to $80.0 million, or $0.59 per diluted share in Q2 2024 [7]. Operational Highlights - Same-center NOI grew by 4.2% to $114.5 million in Q2 2025, compared to $109.8 million in Q2 2024 [8]. - The company reported a strong leased portfolio occupancy of 97.4% as of June 30, 2025, slightly down from 97.5% a year earlier [10]. - The company executed 276 leases totaling approximately 1.4 million square feet in Q2 2025, compared to 277 leases totaling approximately 1.7 million square feet in Q2 2024 [12]. Portfolio Overview - As of June 30, 2025, PECO's wholly-owned portfolio consisted of 303 properties totaling approximately 34.0 million square feet, an increase from 286 properties totaling approximately 32.6 million square feet a year earlier [9]. - The company completed $287 million in acquisitions to date in 2025, with a full-year acquisition guidance range of $350 million to $450 million [3][5]. Balance Sheet Highlights - As of June 30, 2025, PECO had approximately $972 million in total liquidity, including $9.2 million in cash and cash equivalents [18]. - The company's outstanding debt had a weighted-average interest rate of 4.4% and 95.0% of total debt was fixed-rate [19]. 2025 Guidance - PECO increased its 2025 earnings guidance, projecting net income per share of $0.61 to $0.64, Nareit FFO per share of $2.50 to $2.54, and Core FFO per share of $2.55 to $2.60 [21][22].