Brixmor Property Group (BRX) Q3 2026 earnings summary

Executive summary

• Record total leased occupancy of 95.6% and small-shop occupancy of 92.8% accompanied 6.6% Q3 same-property NOI growth and $0.60 Nareit FFO per diluted share.

• FY 2026 Nareit FFO and same-property NOI guidance increased; the quarterly dividend rose 7.3% to $0.33 per share.

• A ~$2.34B Slate Grocery REIT transaction, including a direct acquisition and Everview JV investment, is expected to close in Q1 2027, subject to conditions.

Financial highlights

• Q3 same-property NOI increased 6.6% to $249.8M, with base rent contributing 480 bps; 9M NOI rose 6.2% to $734.0M.

• Q3 Nareit FFO was $184.6M, or $0.60 per diluted share, versus $172.3M and $0.56; 9M FFO was $542.7M versus $514.9M.

• Q3 revenue increased to $359.6M from $340.8M, while net income attributable to common stockholders declined to $87.8M from $94.2M; diluted EPS was $0.28 versus $0.31.

• In-place annual rent per square foot reached $19.47, up 5% YoY; billed occupancy was 91.4%, compared with 90.2% a year earlier.

Outlook and guidance

• FY 2026 same-property NOI growth guidance rose to 5.50%–5.75% from 5.00%–5.75%; Nareit FFO guidance increased to $2.36–$2.38 per diluted share from $2.35–$2.37.

• Q4 growth is expected to moderate due to timing of a prior-year redevelopment incentive, rather than weaker fundamentals.

• Approximately $55M of rent is expected to commence in 2026 and another $48M from signed-but-not-commenced leases in 2027, before new leasing.

• Slate is expected to close in Q1 2027, subject to customary conditions and unitholder approval; transaction-related 2027 FFO impact depends on closing, purchase accounting and funding terms.