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Sep 30, 2025
Brixmor Q3 2025 Earnings Report
Brixmor reported solid Q3 2025 results with steady net income and growth in same property NOI and FFO, alongside record leasing metrics.
Key Takeaways
Brixmor delivered a steady Q3 2025, maintaining profitability while growing Nareit FFO and achieving record small shop leased occupancy. The company continued to execute on reinvestment and leasing strategies and raised its dividend by 7%.
Reported net income of $94.2 million or $0.31 per diluted share.
Nareit FFO rose to $172.3 million or $0.56 per diluted share.
Same property NOI increased 4.0% YoY.
Achieved record small shop leased occupancy of 91.4%.
Forward Guidance
Brixmor reaffirmed full-year 2025 same property NOI guidance and slightly raised Nareit FFO per share expectations, driven by leasing momentum and execution on reinvestment pipeline.
Positive Outlook
- Raised Nareit FFO guidance to $2.23–$2.25 per diluted share.
- Affirmed same property NOI growth forecast of 3.90%–4.30%.
- Executed 1.5 million sq. ft. of leases with 17.8% rent spreads.
- Commenced $22M of annualized base rent.
- Stabilized $46.4M of reinvestments at 11% NOI yield.
Challenges Ahead
- Occupancy slightly down YoY (leased % fell ~1.5 pts).
- Expense recovery ratio declined slightly to 92.5%.
- Minimal YoY increase in total revenue (only 6.3%).
- Real estate tax expenses rose YoY.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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