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Dec 31, 2024
Brixmor Q4 2024 Earnings Report
Key Takeaways
Brixmor Property Group reported solid Q4 2024 results with strong leasing activity, increased occupancy rates, and higher net income. The company stabilized $123.3 million of reinvestment projects and achieved a 4.7% increase in same-property NOI. Nareit FFO per diluted share improved to $0.53, and net income rose to $83.4 million. Brixmor also executed $211.8 million in acquisitions and received a credit rating upgrade.
Revenue by Segment
Forward Guidance
Brixmor expects continued NOI growth and stable financial performance in 2025, with guidance for Nareit FFO per share in the range of $2.19 - $2.24 and same property NOI growth between 3.50% - 4.50%.
Positive Outlook
- Projected Nareit FFO growth to $2.19 - $2.24 per share.
- Same-property NOI growth expected at 3.50% - 4.50%.
- Tenant demand remains strong, supporting lease growth.
- Reinvestment projects expected to yield 10% incremental NOI.
- Credit rating upgraded to 'Baa2' with a stable outlook.
Challenges Ahead
- Interest expense may slightly increase in 2025.
- Potential risk of uncollectible revenues at 75 - 110 basis points.
- General administrative expenses expected to rise modestly.
- Dividend and interest adjustments to impact FFO slightly.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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