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Jun 30, 2023
Brixmor Q2 2023 Earnings Report
Brixmor's operating results were announced for Q2 2023, highlighting leasing achievements, occupancy growth, and same property NOI increase.
Key Takeaways
Brixmor Property Group reported positive Q2 2023 results, featuring strong leasing activity with significant rent spreads, record occupancy rates, and growth in same property NOI. The company also made strategic investments, dispositions, and capital structure moves, and updated its 2023 NAREIT FFO and same property NOI growth expectations.
Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 15.4%.
Increased total leased occupancy to a record 94.1%, anchor leased occupancy to 96.2%, and small shop leased occupancy to a record 89.4%.
Reported an increase in same property NOI of 2.7%, including a contribution from base rent of 520 basis points.
Updated NAREIT FFO per diluted share expectations for 2023 to $1.99 - $2.04 from $1.97 - $2.04 and same property NOI growth expectations for 2023 to 2.5% - 3.5% from 2.0% - 3.5%.
Brixmor
Brixmor
Forward Guidance
The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2023 to $1.99 - $2.04 from $1.97 - $2.04 and same property NOI growth expectations for 2023 to 2.5% - 3.5% from 2.0% - 3.5%.
Positive Outlook
- Expectations for 2023 Nareit FFO do not contemplate any additional tenants moving to or from a cash basis of accounting
- Expectations for 2023 Nareit FFO do not include any additional items that impact FFO comparability
- Including transaction expenses, net
- Litigation and other non-routine legal expenses
- Gain or loss on future extinguishment of debt or any one-time items