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%
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%.