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.

Total Revenue

$328M

Previous year: $316M

+3.8%

EPS

$0.53

Previous year: $0.51

+3.9%

Total Leased Occupancy

95.2%

Leased Area in Sq. Ft.

1.5M

Percent Billed Occupancy

91.5%

Previous year: 90.6%

+1.0%

Gross Profit

$243M

Previous year: $144M

+68.1%

Cash and Equivalents

$379M

Previous year: $18.9M

+1903.2%

Free Cash Flow

$57.2M

Previous year: $44.6M

+28.5%

Total Assets

$8.91B

Previous year: $8.33B

+6.9%

Brixmor Revenue

Brixmor EPS

Brixmor 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.
Non-cash GAAP rental adjustments may introduce minor volatility.