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Mar 31, 2023
Brixmor Q1 2023 Earnings Report
Delivered strong operating metrics in the first quarter of 2023.
Key Takeaways
Brixmor Property Group reported strong first quarter 2023 results, with net income of $0.37 per diluted share. The company executed 1.4 million square feet of new and renewal leases, increased total leased occupancy to a record 94.0%, and reported an increase in same property NOI of 4.9%.
Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 19.2%, including 0.8 million square feet of new leases, with rent spreads on comparable space of 43.4%
Sequentially increased total leased occupancy to a record 94.0%, anchor leased occupancy to 96.1%, and small shop leased occupancy to a record 89.3%
Reported an increase in same property NOI of 4.9%, including a contribution from base rent of 500 basis points
Reported Nareit FFO of $151.6 million, or $0.50 per diluted share
Forward Guidance
The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2023 to $1.97 - $2.04 from $1.95 - $2.03 and same property NOI growth expectations for 2023 to 2.0% - 3.5% from 1.5% - 3.5%.
Positive Outlook
- Include the expected gain on extinguishment of debt of approximately $4.3 million, or $0.01 per diluted share, in the second quarter of 2023
- Expectations for 2023 Nareit FFO
- Updated previously provided NAREIT FFO per diluted share expectations for 2023 to $1.97 - $2.04 from $1.95 - $2.03
- Updated same property NOI growth expectations for 2023 to 2.0% - 3.5% from 1.5% - 3.5%
- Effective May 1, 2023, the $200.0 million delayed draw term loan has been swapped to a fixed, combined rate of 3.59% (plus a spread of 119 basis points and SOFR adjustment of 10 basis points) through the maturity of the term loan on July 26, 2027.
Challenges Ahead
- 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 transaction expenses, net, litigation and other non-routine legal expenses, and gain or loss on future extinguishment of debt or any one-time items
Historical Earnings Impact
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Avg. Return Before/After Earnings
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