Brixmor Q3 2022 Earnings Report
Key Takeaways
Brixmor Property Group reported strong Q3 2022 results, driven by continued strength in leasing. The company achieved record total and small shop leased occupancy, with total leased occupancy reaching 93.3% and small shop leased occupancy reaching 88.8%.
Executed 1.7 million square feet of new and renewal leases, with rent spreads on comparable space of 14.2%, including 0.7 million square feet of new leases, with rent spreads on comparable space of 32.2%
Sequentially increased total leased occupancy to a record 93.3%, anchor leased occupancy to 95.4%, and small shop leased occupancy to a record 88.8%
Reported an increase in same property NOI of 3.6%
Stabilized $45.9 million of reinvestment projects at an average incremental NOI yield of 8%, with the in process reinvestment pipeline totaling $400.3 million at an expected average incremental NOI yield of 9%
Brixmor
Brixmor
Forward Guidance
The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2022 to $1.94 - $1.97 from $1.93 - $1.97 and affirmed its previously provided same property NOI growth expectations of 5.5% - 6.0%.