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Brixmor Property Group (BRX) investor relations material

Brixmor Property Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary28 Oct, 2025

Executive summary

  • Operates 354 open-air shopping centers totaling 63 million sq. ft., with 82% of ABR from grocery-anchored centers and a focus on value-oriented, non-discretionary retail.

  • Achieved record leasing results with 1.5 million sq. ft. of new and renewal leases at an 18% blended cash spread in Q3 2025.

  • Small shop occupancy reached a record 91.4%, with further upside expected from the reinvestment pipeline.

  • Portfolio transformation since 2015 led to a 45% increase in in-place ABR PSF and improved occupancy rates.

  • Focuses on maximizing shareholder returns through internal growth, reinvestment, acquisitions, and prudent capital management.

Financial highlights

  • Q3 2025 revenues were $340.8 million, up from $320.7 million in Q3 2024; Nareit FFO was $172.3 million ($0.56 per share), up from $159.2 million ($0.52 per share) year-over-year.

  • Same property NOI for Q3 2025 was $229.1 million, up from $220.3 million in Q3 2024, with 4% year-over-year growth.

  • In-place ABR PSF reached $18.48, with new lease ABR PSF at $25.85 and small shop in-place ABR PSF at $29.16, all record highs as of Q3 2025.

  • Commenced a record $22 million of new ABR in the quarter; signed but not yet commenced rent pipeline totals $60 million.

  • Dividend increased by 7% to $0.3075 per share for Q4 2025, with an annualized yield of 4.4%.

Outlook and guidance

  • Updated 2025 Nareit FFO per diluted share guidance to $2.23–$2.25; affirmed same property NOI growth expectations of 3.9%–4.3%.

  • 79% of signed but not commenced ABR expected to commence by year-end 2026.

  • Lease settlement income expected to be a headwind for 2026 FFO, but strong tailwinds from 2025 rent commencements and reduced at-risk tenancy.

  • Management anticipates adequate capital for all anticipated uses over the next 12 months, including debt payments, capital improvements, and dividends.

  • Base rent growth expected to accelerate into 2026 as billed occupancy rebounds.

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Frequently asked questions

Brixmor is a real estate investment trust that owns and operates a high-quality, national portfolio of open-air shopping centers. Our portfolio spans five retail sectors: grocery anchored, service-oriented, value retail, power centers, and lifestyle. Each sector comprises nearly one quarter of our portfolio. This diverse mix provides a reliable platform for delivering consistent shareholder returns through both economic cycles and geographic concentrations.

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