Brixmor Q3 2021 Earnings Report
Key Takeaways
Brixmor Property Group reported strong Q3 2021 results, with key highlights including significant leasing activity, increased occupancy rates, and a substantial rise in same property NOI. The company also updated its full-year NAREIT FFO and same property NOI growth expectations upward.
Executed 1.7 million square feet of new and renewal leases, with rent spreads on comparable space of 12.3%.
Increased total leased occupancy to 91.5%, anchor leased occupancy to 94.2%, and small shop leased occupancy to 85.7%.
Reported an increase in same property NOI of 14.5%.
Stabilized $52.5 million of reinvestment projects at an average incremental NOI yield of 10%.
Brixmor
Brixmor
Forward Guidance
The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2021 to $1.72 - $1.75 from $1.70 - $1.76 and same property NOI growth expectations for 2021 to 7.5% - 8.5% from 4.5% - 6.0%.