Brixmor Property Group (BRX) Q1 2026 earnings summary

Executive summary

• Same-property NOI grew 6.4% year over year; Nareit FFO was $0.58 per diluted share, up from $0.56.

• Total leased occupancy reached 95.1%, up 100 bps year over year; small-shop occupancy was 92.1%.

• Executed 1.3 million sq. ft. of new and renewal leases, with new lease spreads of 42% and renewal spreads of 21%.

• Portfolio comprised 344 centers and 62 million sq. ft.; 80% of annual rent was grocery-anchored.

Financial highlights

• Total revenues were $354.8 million, up $17.3 million year over year; net income attributable to common shareholders rose to $127.8 million from $69.7 million.

• Same-property NOI increased $14.9 million to $245.5 million; base rent contributed 410 bps to growth.

• In-place annual rent reached a record $19.05 per sq. ft., up 6% year over year; new-lease rent was $23.67 per sq. ft., up 4%.

• $78 million of reinvestment projects stabilized at a 9% NOI yield; signed-not-commenced annual rent reached $67 million, up 10% year over year.

• Dividend declared at $0.3075 per share, or $1.23 annualized.

Outlook and guidance

• 2026 same-property NOI growth guidance raised to 4.75%–5.50%; Nareit FFO guidance raised to $2.34–$2.37 per diluted share.

• 2026 reinvestment delivery goal is $150 million–$200 million, with an expected average 9% incremental NOI yield.

• Revenues deemed uncollectible expected at 75–100 bps of total revenues in 2026; modest Q2 occupancy headwinds anticipated from box recaptures.

• 58% of the $67 million signed-not-commenced annual rent pipeline was expected to commence by year-end 2026.