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Dec 31, 2023
Brixmor Q4 2023 Earnings Report
Brixmor Property Group's operating results were announced for Q4 and Full Year 2023, achieving record total and small shop leased occupancy.
Key Takeaways
Brixmor Property Group reported Q4 2023 results, featuring a net income of $0.24 per diluted share and Nareit FFO of $0.51 per diluted share. The company achieved record total and small shop leased occupancy, executed 1.7 million square feet of new and renewal leases with significant rent spreads, and increased same property NOI by 3.1%.
Executed 1.7 million square feet of new and renewal leases, with rent spreads on comparable space of 19.6%.
Total leased occupancy increased to a record 94.7%, with anchor leased occupancy at 96.8% and small shop leased occupancy at a record 90.3%.
Same property NOI increased by 3.1%.
Nareit FFO was reported at $154.7 million, or $0.51 per diluted share.
Forward Guidance
The Company expects 2024 NAREIT FFO per diluted share of $2.06 - $2.10 and same property NOI growth of 2.50% - 3.50%.
Positive Outlook
- Contribution from base rent of 350 - 400 basis points
Challenges Ahead
- Detraction from revenues deemed uncollectible of (100) - (50) basis points (this equates to 110 - 75 basis points of total expected revenues in 2024)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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