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Dec 31, 2021
Brixmor Q4 2021 Earnings Report
Brixmor's Q4 2021 results were released, showcasing record small shop leased occupancy and strong financial performance.
Key Takeaways
Brixmor Property Group reported strong Q4 2021 results, marked by a significant increase in net income per share, driven by robust leasing activity and same-property NOI growth. The company's focus on value-added strategies and strategic acquisitions contributed to its positive performance and optimistic outlook for 2022.
Executed 2.1 million square feet of new and renewal leases, with rent spreads on comparable space of 14.5%, including 1.0 million square feet of new leases, with rent spreads on comparable space of 41.7%.
Sequentially increased total leased occupancy to 92.0%, anchor leased occupancy to 94.4%, and small shop leased occupancy to 86.7%.
Reported an increase in same property NOI of 9.7%.
Completed $191.9 million of acquisitions and $116.2 million of dispositions.
Brixmor
Brixmor
Forward Guidance
The Company expects 2022 Nareit FFO per diluted share of $1.86 - $1.95 and same property NOI growth of 2.0% - 4.0%
Positive Outlook
- Contribution from base rent of 400 - 500 bps
- Expectations for 2022 same property NOI growth include a:
- Detraction from revenues deemed uncollectible of (250) bps - (150) bps, based on net reserves of 160 – 90 bps of total revenues
- Contribution from all other line items of 50 bps
- Includes loss on extinguishment of debt, net, litigation and other non-routine legal expenses, and transaction expenses recognized in 2021.
Challenges Ahead
- Do not contemplate any 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 items that impact FFO comparability, including loss on extinguishment of debt, litigation and other non-routine legal expenses, and transaction expenses, or any one-time items
- The following table provides a bridge from the Company's 2021 Nareit FFO per diluted share to the Company's 2022 estimated Nareit FFO per diluted share:
- Items that impact FFO comparability
- Other