Brixmor Property Group (BRX) Q3 2024 earnings summary

Executive summary

• Achieved record total leased occupancy of 95.6%, anchor occupancy of 97.7%, and small shop occupancy of 91.1% for Q3 2024, reflecting strong leasing momentum and portfolio transformation.

• Net income rose to $96.8 million ($0.32 per diluted share) for Q3 2024, up from $63.7 million ($0.21 per diluted share) year-over-year.

• Nareit FFO for Q3 2024 was $159.2 million ($0.52 per share), up from $152.2 million ($0.50 per share) in Q3 2023.

• Maintains a strong, flexible balance sheet and disciplined capital recycling strategy, supporting sustainable growth.

• Recognized for ESG leadership, with high ratings from GRESB, ISS, and MSCI, and progress on environmental and community initiatives.

Financial highlights

• Same property NOI increased 4.1% year-over-year for Q3 2024 and 5.2% for the nine months ended September 30, 2024.

• In-place ABR PSF reached $17.44, up 37% from $12.76 in 2015; small shop ABR PSF up 38% to $27.63.

• Rent spreads on comparable new and renewal leases were 21.8% for Q3 2024, with new leases at 31.8%.

• Total revenues for Q3 2024 were $320.7 million, up from $307.3 million in Q3 2023; nine-month revenues were $956.6 million, up from $928.6 million year-over-year.

• Year-to-date, $143 million in dispositions and $81 million in acquisitions completed.

Outlook and guidance

• Updated 2024 Nareit FFO per diluted share guidance to $2.13–$2.15, up from $2.11–$2.14.

• Raised 2024 same property NOI growth expectations to 4.75%–5.25%, with base rent contributing 450-500 basis points.

• Dividend increased to $0.2875 per share for Q4 2024, up 5.5%, annualized yield of 4.2%.

• Management expects adequate capital for the next 12 months and beyond, with $1.7 billion in available liquidity as of September 30, 2024.

• Expect same property NOI growth to exceed 4% in 2025, driven by rent commencements, embedded rent growth, and renewal spreads.