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Brixmor
🇺🇸 NYSE:BRX
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Mar 31, 2022

Brixmor Q1 2022 Earnings Report

Brixmor's operating results were announced for the three months ended March 31, 2022.

Key Takeaways

Brixmor Property Group reported strong first quarter results, driven by its value-added platform. The company saw growth across operational metrics, including traffic trends, leasing volumes and spreads, ABR, and small shop occupancy. Brixmor also updated its NAREIT FFO per diluted share and same property NOI growth expectations for 2022.

Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 18.1%, including 0.8 million square feet of new leases, with rent spreads on comparable space of 35.9%.

Realized total leased occupancy of 92.1%, anchor leased occupancy of 94.4%, and small shop leased occupancy of 87.0%.

Reported an increase in same property NOI of 8.4%.

Completed $159.5 million of acquisitions and $60.9 million of dispositions.

Total Revenue
$299M
Previous year: $280M
+6.8%
EPS
$0.49
Previous year: $0.44
+11.4%
Percent Leased
92.1%
Percent Billed
88.5%
Previous year: 94.2%
-6.1%
Gross Profit
$222M
Previous year: $205M
+8.1%
Cash and Equivalents
$31.6M
Previous year: $371M
-91.5%
Total Assets
$8.25B
Previous year: $8.3B
-0.6%

Brixmor

Brixmor

Forward Guidance

The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2022 to $1.88 - $1.95 from $1.86 - $1.95 and its same property NOI growth expectations for 2022 to 3.0% - 4.5% from 2.0% - 4.0%.

Positive Outlook

  • Contribution from base rent of 400 - 500 bps
  • Contribution from all other line items of 50 bps
  • Expectations for 2022 same property NOI growth include a positive contribution from base rent.
  • Expectations for 2022 same property NOI growth include a positive contribution from other line items.
  • The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2022 to $1.88 - $1.95 from $1.86 - $1.95

Challenges Ahead

  • Detraction from revenues deemed uncollectible of (150) bps - (100) bps, based on net reserves of 100 – 60 bps of total revenues
  • Expectations for 2022 same property NOI growth include a detraction from revenues deemed uncollectible.
  • Do not contemplate any additional tenants moving to or from a cash basis of accounting, either of which may result in significant volatility in straight-line rental income
  • Do not include any additional items that impact FFO comparability, including litigation and other non-routine legal expenses, loss on extinguishment of debt, and transaction expenses, or any one-time items
  • The Company has updated its same property NOI growth expectations for 2022 to 3.0% - 4.5% from 2.0% - 4.0%

Company Overview

Full financial data and analysis

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