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Jun 30
Brixmor Q2 2025 Earnings Report
Brixmor reported solid leasing and occupancy performance in Q2 2025.
Key Takeaways
Brixmor Property Group delivered strong results in Q2 2025, with record small shop occupancy, robust leasing spreads, and solid growth in Nareit FFO. The company also stabilized multiple reinvestment projects and improved its guidance for the year.
Recorded Nareit FFO of $171,475,000 or $0.56 per share.
Net income rose to $85,139,000 from $70,125,000 a year ago.
Achieved record 91.2% small shop leased occupancy.
Completed $22,400,000 in property dispositions and $18,200,000 in reinvestments.
Brixmor
Brixmor
Forward Guidance
The company raised its full-year 2025 guidance for Nareit FFO and same property NOI growth, indicating confidence in its leasing pipeline and reinvestment strategy.
Positive Outlook
- Raised Nareit FFO guidance to $2.22–$2.25 per diluted share.
- Increased same property NOI growth forecast to 3.90%–4.30%.
- Strong leasing pipeline with $67,100,000 of annualized base rent signed but not yet commenced.
- Stabilized $18,200,000 of reinvestments at 14% yield.
- Acquired high-profile lifestyle center LaCenterra At Cinco Ranch for $223,000,000.
Challenges Ahead
- Revenue deemed uncollectible expected to total 75–110 bps of total expected revenues in 2025.
- NOI margin decreased to 74.4% from 75.8% in prior year.
- Expense recovery ratio fell to 91.4% from 93.8%.
- Real estate tax and operating expenses increased from prior year.
- Occupancy slightly down YoY: 94.4% leased vs. 95.6% in Q2 2024.