Loading...
•
Sep 30, 2024
Brixmor Q3 2024 Earnings Report
Delivered record occupancy and ABR PSF.
Key Takeaways
Brixmor Property Group reported strong operating results for Q3 2024, achieving record occupancy levels and ABR PSF. The company sequentially increased total leased occupancy to 95.6%, anchor leased occupancy to 97.7%, and small shop leased occupancy to 91.1%. Same property NOI increased by 4.1%, driven by a 520 basis point contribution from base rent. The company updated its 2024 Nareit FFO per diluted share expectations to $2.13 - $2.15 and same property NOI growth expectations to 4.75% - 5.25%.
Executed 1.1 million square feet of new and renewal leases, with rent spreads on comparable space of 21.8%.
Sequentially increased total leased occupancy to a record 95.6%, anchor leased occupancy to a record 97.7%, and small shop leased occupancy to a record 91.1%.
Reported an increase in same property NOI of 4.1%, including a contribution from base rent of 520 basis points.
Stabilized $33.3 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 2024 to $2.13 - $2.15 from $2.11 - $2.14 and same property NOI growth expectations for 2024 to 4.75% - 5.25% from 4.25% - 5.00%.