Brixmor Property Group (BRX) Q4 2025 earnings summary

Executive summary

• Leadership transition completed with new CEO and expanded executive committee roles, maintaining strategic focus on reinvestment, operational excellence, and technology adoption.

• 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.

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

• Record annual operating results for 2025, including highest-ever small shop occupancy and $70 million in new lease ABR.

Financial highlights

• Same property NOI grew 4.2% for the year and 6.0% in Q4, driven by base rent growth, despite recapturing 1.5 million sq ft of anchor space.

• NAREIT FFO per share reached $2.25 for 2025, up 5.6% year-over-year and at the high end of guidance.

• Net income attributable to shareholders was $386.2 million ($1.25 per diluted share) for 2025, up from $339.3 million ($1.11) in 2024.

• Total leased occupancy reached 95.1% at year-end 2025; small shop leased occupancy hit a record 92.2%.

• In-place ABR PSF at $18.77 and new lease ABR PSF at $23.32, both record highs.

Outlook and guidance

• 2026 guidance calls for 4.5%-5.5% same property NOI growth, driven by over 450 bps of expected base rent contribution.

• NAREIT FFO guidance for 2026 is $2.33-$2.37 per share, representing 4.4% growth at the midpoint, absorbing headwinds from lower lease termination income and higher interest expense.

• 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.