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Mar 31, 2024
Brixmor Q1 2024 Earnings Report
Brixmor's Q1 2024 operating performance drove record total, anchor, and small shop leased occupancy.
Key Takeaways
Brixmor Property Group reported strong operating results for Q1 2024, achieving record occupancy and retention rates. The company executed 1.3 million square feet of new and renewal leases with significant rent spreads. As a result, Brixmor increased its Nareit FFO and same property NOI growth expectations for 2024.
Executed 1.3 million square feet of new and renewal leases, with rent spreads on comparable space of 19.5%.
Sequentially increased total leased occupancy to a record 95.1%, anchor leased occupancy to a record 97.3%, and small shop leased occupancy to a record 90.5%.
Reported an increase in same property NOI of 5.9%.
Updated previously provided Nareit FFO per diluted share expectations for 2024 to $2.08 - $2.11 from $2.06 - $2.10 and same property NOI growth expectations for 2024 to 3.50% - 4.25% from 2.50% - 3.50%.
Brixmor
Brixmor
Forward Guidance
The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2024 to $2.08 - $2.11 from $2.06 - $2.10 and same property NOI growth expectations for 2024 to 3.50% - 4.25% from 2.50% - 3.50%.
Positive Outlook
- 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, which include transaction expenses, net, litigation and other non-routine legal expenses, and gain or loss on extinguishment of debt, net, or any other one-time items