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Jun 30, 2022
Brixmor Q2 2022 Earnings Report
Brixmor's operating results were announced for Q2 2022, demonstrating strong leasing volumes, compelling lease spreads, and growth in NOI and FFO.
Key Takeaways
Brixmor Property Group reported a strong second quarter in 2022, marked by increased leased occupancy, significant rent spreads on new and renewal leases, and a rise in same property NOI. The company also updated its NAREIT FFO and same property NOI growth expectations for 2022, reflecting confidence in continued growth.
Executed 2.0 million square feet of new and renewal leases, with rent spreads on comparable space of 14.6%.
Sequentially increased total leased occupancy to 92.5%, with small shop leased occupancy reaching a new record of 87.7%.
Reported an increase in same property NOI of 6.7%.
Updated NAREIT FFO per diluted share expectations for 2022 to $1.93 - $1.97 and same property NOI growth expectations for 2022 to 5.5% - 6.0%.
Brixmor
Brixmor
Forward Guidance
Brixmor updated its previously provided NAREIT FFO per diluted share expectations for 2022 to $1.93 - $1.97 from $1.88 - $1.95 and its same property NOI growth expectations for 2022 to 5.5% - 6.0% from 3.0% - 4.5%.
Positive Outlook
- Contribution from base rent of approximately 450 bps
- Contribution from revenues deemed uncollectible of approximately 0 bps to 50 bps
- Contribution from all other line items of approximately 100 bps
- NAREIT FFO per diluted share expectations for 2022 to $1.93 - $1.97
- Same property NOI growth expectations for 2022 to 5.5% - 6.0%
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 litigation and other non-routine legal expenses, loss on extinguishment of debt, and transaction expenses, or any one-time items