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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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