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Dec 31, 2025
Brixmor Q4 2025 Earnings Report
Brixmor Property Group reported strong fourth quarter and full year 2025 results, driven by record annual operating performance and significant leasing activity.
Key Takeaways
Brixmor Property Group delivered record annual operating results in 2025, with a notable increase in net income and FFO per diluted share. The company saw strong leasing activity, leading to increased occupancy across all categories, and successfully executed on its acquisition and disposition strategies.
Net income attributable to Brixmor Property Group Inc. for Q4 2025 increased to $137.1 million, or $0.44 per diluted share, compared to $83.4 million, or $0.27 per diluted share, in Q4 2024.
Nareit FFO for Q4 2025 was $178.4 million, or $0.58 per diluted share, up from $161.4 million, or $0.53 per diluted share, in Q4 2024.
Same property NOI increased by 6.0% in Q4 2025 compared to the same period in 2024, with a 360 basis point contribution from base rent.
Total leased occupancy sequentially increased to 95.1%, with small shop leased occupancy reaching a record 92.2%.
Revenue by Segment
Forward Guidance
Brixmor Property Group provided a positive outlook for 2026, expecting continued growth in Nareit FFO per diluted share and same property NOI, while renewing its share repurchase and ATM equity offering programs to maintain financial flexibility.
Positive Outlook
- Provided 2026 Nareit FFO per diluted share expectations of $2.33 - $2.37.
- Anticipated same property NOI growth expectations of 4.50% - 5.50% for 2026.
- Renewed the Company's $400.0 million share repurchase program, indicating confidence in future performance.
- Renewed the Company's $400.0 million ATM equity offering program, providing maximum flexibility for capital markets.
- Expects to accelerate its business plan to deliver growth in 2026 and beyond, building on strong 2025 execution.
Challenges Ahead
- Revenues deemed uncollectible are expected to total 75 - 100 bps of total expected revenues in 2026.
- 2026 expectations do not include any items that impact FFO comparability, such as gain or loss on extinguishment of debt, net and transaction expenses, net, or any other one-time items.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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