Loading...
•
Sep 30, 2023
Brixmor Q3 2023 Earnings Report
Reported operating results for the third quarter of 2023.
Key Takeaways
Brixmor Property Group reported strong third-quarter results, demonstrating continued momentum and growth in cash flows. Key highlights include executing 1.7 million square feet of new and renewal leases, achieving a leased occupancy of 93.9%, and reporting a 4.8% increase in same-property NOI.
Executed 1.7 million square feet of new and renewal leases, with rent spreads on comparable space of 22.3%.
Achieved a total leased occupancy of 93.9%, with record small shop leased occupancy of 89.8%.
Reported a 4.8% increase in same property NOI, including a contribution from base rent of 400 basis points.
NAREIT FFO was $152.2 million, or $0.50 per diluted share.
Forward Guidance
The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2023 to $2.02 - $2.04 from $1.99 - $2.04 and same property NOI growth expectations for 2023 to 3.5% - 4.0% from 2.5% - 3.5%.
Positive Outlook
- Updated NAREIT FFO per diluted share expectations for 2023 to $2.02 - $2.04
- Updated same property NOI growth expectations for 2023 to 3.5% - 4.0%
- The dividend is payable on January 16, 2024 to stockholders of record on January 3, 2024.
- Increased quarterly dividend by 4.8% to $0.2725 per common share
- Represents an annualized yield of approximately 5.5% as of October 27, 2023
Challenges Ahead
- 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, including transaction expenses, net, litigation and other non-routine legal expenses, and gain or loss on future extinguishment of debt or any one-time items
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...