Brixmor Property Group (BRX) Q4 2025 earnings summary

Executive summary

• Leadership transition completed with Brian T. Finnegan appointed CEO effective January 1, 2026, and expanded executive roles, maintaining strategic continuity and operational excellence.

• Operates 348 open-air shopping centers, with 81% of ABR from grocery-anchored centers and over 900M visits in 2025.

• Portfolio transformation since 2015 led to a 47% increase in in-place ABR PSF and record occupancy and leasing metrics.

• Record leasing activity, robust tenant demand, and high occupancy gains highlight operational strength, with $70 million in new lease ABR and 6.0 million sq. ft. of new and renewal leases executed in 2025.

• Focused on value-add reinvestment, prudent capital recycling, and maintaining a strong, flexible balance sheet.

Financial highlights

• Same property NOI grew 4.2% for the year, with Q4 up 6% year-over-year, and NOI margin for Q4 at 73.9%.

• NAREIT FFO reached $2.25 per share for the year, up 5.6% year-over-year, and $0.58 per share in Q4; full-year net income was $386.2 million ($1.25 per diluted share).

• Record $70 million of new rent executed, with small shop occupancy at a new high of 92.2% and overall occupancy up to 95.1%.

• In-place ABR PSF at $18.77 and new lease ABR PSF at $23.32, both record highs; average grocer sales PSF increased from $555 in 2015 to $740 in 2025.

• CapEx spending down 14% year-over-year, with maintenance CapEx at its lowest since 2016 (excluding the pandemic year), and total capex as a percentage of NOI at the lowest level since 2017.

Outlook and guidance

• 2026 guidance: Same property NOI growth of 4.5%-5.5%, with FFO per share expected at $2.33–$2.37, and 69% of signed-not-commenced ABR expected to commence by year-end 2026.

• Revenues deemed uncollectible expected at 75-100 bps of total revenues, reflecting improved tenant quality.

• FFO per share and annual dividend both projected to grow through 2026.