Brixmor Property Group (BRX) Q2 2026 earnings summary

Executive summary

• Achieved record small shop occupancy of 92.6% and a record signed but not yet commenced (SNOC/SNC) rent pipeline of $71.2 million annualized base rent, reflecting strong operating execution and embedded growth.

• Executed 1.4 million sq. ft. of new and renewal leases at a blended cash spread of 19%, with new lease spreads above 30% for three years running.

• Strategic acquisitions of $164 million in high-quality, grocery-anchored assets were completed, with a focus on value creation through remerchandising and reinvestment.

• Portfolio comprised 346 shopping centers totaling 63 million sq. ft. as of June 30, 2026, primarily grocery-anchored and located in top U.S. markets.

• Portfolio transformation since 2015 included $3.2B of dispositions and $1.9B of acquisitions, increasing annual base rent by $126M and annual rent per foot by 51%.

Financial highlights

• Same-property NOI increased 5.8% year-over-year for Q2 2026, driven by a 440 basis point contribution from base rent and strong performance across all NOI components.

• Nareit FFO for Q2 2026 was $178.6 million ($0.58 per diluted share), up from $171.5 million ($0.56) in Q2 2025.

• Total revenues for Q2 2026 were $354.2 million, up $14.7 million year-over-year.

• Net income for Q2 2026 was $73.5 million, down from $85.1 million in Q2 2025; six-month net income was $201.3 million, up from $154.9 million.

• Declared a quarterly dividend of $0.3075 per share for Q2 and Q3 2026.

Outlook and guidance

• Raised 2026 same-property NOI growth guidance to 5.00%–5.75% and Nareit FFO per share guidance to $2.35–$2.37, reflecting strong execution and visibility from leasing and reinvestment pipelines.

• Long-term same-property NOI growth target is 4%+; FFO per share and dividends targeted to grow at 5% and 6% CAGR, respectively.

• Management expects adequate capital for all anticipated uses over the next 12 months, supported by strong liquidity and access to multiple capital sources.

• Revenues deemed uncollectible expected to be 60–85 basis points of total expected revenues in 2026.