Brixmor Q2 2024 Earnings Report
Key Takeaways
Brixmor Property Group Inc. announced its operating results for the three months ended June 30, 2024, featuring a net income of $0.23 per diluted share, record rent spreads, and increased total leased occupancy. The company also updated its Nareit FFO per diluted share expectations for 2024 to $2.11 - 2.14 and same property NOI growth expectations for 2024 to 4.25% - 5.00%.
Executed 1.4 million square feet of new and renewal leases, with record rent spreads on comparable space of 27.7%, including 0.6 million square feet of new leases, with rent spreads on comparable space of 50.2%.
Sequentially increased total leased occupancy to a record 95.4%, anchor leased occupancy to a record 97.5%, and small shop leased occupancy to a record 90.8%.
Reported an increase in same property NOI of 5.5%, including a contribution from base rent of 380 basis points.
Reported Nareit FFO of $163.8 million, or $0.54 per diluted share.
Brixmor
Brixmor
Forward Guidance
The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2024 to $2.11 - 2.14 from $2.08 - $2.11 and same property NOI growth expectations for 2024 to 4.25% - 5.00% from 3.50% - 4.25%.
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