BRIXMOR PROPERTY GROUP ANNOUNCES THIRD QUARTER RESULTS WITH STRONG LEASING DEMAND DRIVING OCCUPANCY TO RECORD HIGHS; INCREASES DIVIDEND OVER 7% AND RAISES OUTLOOK

Leased occupancy reached 95.6%, while signed new leases not yet commenced represented $68.9 million of annualized base rent.

Rhea-AI Summary

Brixmor Property Group (NYSE: BRX) raised its quarterly dividend by 7.3% and increased its full-year outlook following third-quarter results.

Quarterly net income fell to $87.8 million, or $0.28 per diluted share, from $94.2 million, or $0.31. Funds from operations (FFO), a supplemental real estate earnings measure, rose to $0.60 per diluted share from $0.56. Same property net operating income (NOI) grew 6.6%, and leased occupancy reached 95.6%.

The $0.3300 dividend is payable January 15, 2027. Brixmor expects 2026 FFO of $2.36–$2.38 per diluted share, up from $2.35–$2.37, and same property NOI growth of 5.50%–5.75%, versus 5.00%–5.75% previously. Its pending Slate Grocery REIT transaction with Everview Partners is valued at approximately $2.34 billion; Brixmor would acquire 23 properties and invest in a joint venture acquiring another 92. Closing is expected in the first quarter of 2027.

23 points · 2 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Brixmor raised 2026 FFO expectations to $2.36–$2.38 per diluted share from $2.35–$2.37.
• Major point. Forward-looking: it has not happened yet and may not happen.Brixmor raised 2026 same property NOI growth expectations to 5.50%–5.75% from 5.00%–5.75%.
• Moderate pointQuarterly Nareit FFO rose to $184.6 million, or $0.60 per diluted share, from $172.3 million, or $0.56.
• Moderate pointNine-month net income rose to $289.0 million, or $0.94 per diluted share, from $249.1 million, or $0.81.
• Moderate pointNine-month Nareit FFO rose to $542.7 million, or $1.76 per diluted share, from $514.9 million, or $1.67.
• Moderate pointSame property NOI increased 6.6% quarterly and 6.2% over nine months versus comparable 2025 periods.
• Moderate pointQuarterly leasing totaled 1.6 million square feet, with comparable-space rent spreads of 25.3%.
• Moderate pointLeased occupancy increased to 95.6%, with anchor occupancy at 97.0% and small shops at 92.8%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Signed new leases not yet commenced represented 3.1 million square feet and $68.9 million annualized base rent.
• Moderate pointQuarterly dividend increased 7.3% to $0.3300 per common share, equivalent to $1.32 annually.
• Moderate point. Forward-looking: it has not happened yet and may not happen.In-process reinvestment totaled 46 projects and $331.8 million estimated net cost, with 10% expected NOI yield. 3.8% of market cap
• Moderate pointNine-month acquisitions added five shopping centers for $213.8 million, including Village West for $49.5 million in the quarter. 2.5% of market cap
• Moderate pointNine-month dispositions generated approximately $165.8 million gross proceeds, including approximately $42.8 million in the quarter. 1.9% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Definitive Slate agreements would add 23 properties for approximately $636 million directly to Brixmor. 7.4% of market cap
• Moderate pointSlate financing commitment provides access to up to $988.0 million of senior unsecured term loans. 11% of market cap

8 minor points

• Minor pointQuarterly base rent contributed 480 basis points to same property NOI growth.
• Minor pointComparable-space new lease rent spreads reached 42.6%; renewal lease spreads reached 19.4%.
• Minor pointQuarterly lease commencements added $17.7 million of annualized base rent.
• Minor pointFour reinvestment projects stabilized at approximately $54.6 million net cost and 10% incremental NOI yield.
• Minor point. Forward-looking: it has not happened yet and may not happen.Six new reinvestment projects added approximately $36.7 million estimated net cost, with 11% expected incremental NOI yield.
• Minor pointSubsequent acquisition added an outparcel at an existing shopping center for $4.8 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Slate joint venture would give Brixmor 20% common equity and approximately $174 million preferred equity investment.
• Minor pointLiquidity totaled $1.5 billion at September 30, excluding the Slate financing commitment.

Negative

• Moderate pointQuarterly net income fell to $87.8 million, or $0.28 per diluted share, from $94.2 million, or $0.31.
• Moderate pointNet principal debt to adjusted EBITDA was 5.2x current-quarter annualized and 5.3x trailing twelve months.
• Minor point. Forward-looking: it has not happened yet and may not happen.Slate closing remains subject to Slate Grocery REIT unitholder approval; Brixmor expects first-quarter 2027 completion.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brixmor expects uncollectible revenues of 60–85 basis points of total expected 2026 revenues.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 guidance includes $7 million of real estate impairment, or $0.02 per diluted share.

News Explained

Brixmor’s September 30 liquidity excludes up to nine hundred eighty-eight million dollars of financing available for the still-conditional Slate acquisition.

The Slate transaction remains pending: Brixmor is to buy a 23-property portfolio for approximately $636 million and invest approximately $174 million in preferred equity plus a 20% common-equity stake in a joint venture acquiring 92 properties for approximately $1.71 billion, closing is expected in the first quarter of 2027, subject to customary conditions including Slate unitholder approval.

At September 30, 2026, Brixmor reported $1.5 billion of liquidity, excluding a commitment letter for up to $988.0 million of senior unsecured term-loan financing available for the Slate transaction.

Leases signed but not yet commenced represented 3.1 million square feet and $68.9 million of annualized base rent, while leases commenced during the quarter represented $17.7 million of annualized base rent.

Key Figures

Nareit FFO per diluted share: $0.60 vs. $0.56 Same-property NOI growth: 6.6% Total leased occupancy: 95.6% +3 more

Nareit FFO per diluted share

$0.60 vs. $0.56

Three months ended September 30, 2026 vs. 2025

Same-property NOI growth

6.6%

Three months ended September 30, 2026 vs. 2025

Total leased occupancy

95.6%

Record level reported for the third quarter of 2026

Quarterly dividend

$0.3300 per common share; increased 7.3%

Declared dividend

2026 Nareit FFO outlook

$2.36–$2.38 per diluted share, from $2.35–$2.37

Updated full-year expectation

2026 same-property NOI growth outlook

5.50%–5.75%, from 5.00%–5.75%

Updated full-year expectation

Key Terms

nareit ffo, preferred equity, non-gaap, gaap

4 terms

nareit ffo financial

"Nareit FFO per diluted share"

NAREIT FFO is a standardized measure of operating performance for real estate companies that starts with net income, removes gains or losses from property sales, and adds back depreciation and amortization tied to real estate. Investors use it like a clearer view of recurring cash-earning ability—similar to checking a store’s everyday sales rather than one‑time clearance events—so it helps compare profitability and dividend capacity across property firms.

preferred equity financial

"an approximately $174 million preferred equity investment"

Preferred equity is a type of investment that sits between common stock and debt in a company's financial structure. It typically offers investors priority in receiving dividends and getting their money back if the company runs into trouble, making it somewhat safer than regular shares. Investors value preferred equity because it provides a steady income stream while still allowing some participation in the company's success.

non-gaap financial

"The Company presents the non-GAAP performance measures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

gaap financial

"calculated in accordance with GAAP"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Oct. 26, 2026 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and nine months ended September 30, 2026. For the three months ended September 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.28 per diluted share and $0.31 per diluted share, respectively, and for the nine months ended September 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.94 per diluted share and $0.81 per diluted share, respectively.

Key highlights for the three months ended September 30, 2026 include:

• Executed 1.6 million square feet of new and renewal leases, with rent spreads on comparable space of 25.3%, including new lease rent spreads on comparable space of 42.6% and renewal lease rent spreads on comparable space of 19.4% 
• Increased total leased occupancy to a record 95.6%, anchor leased occupancy to 97.0%, and small shop leased occupancy to a record 92.8%
  • Commenced $17.7 million of annualized base rent
  • Leased to billed occupancy spread totaled 420 basis points
  • Signed but not yet commenced new lease population represented 3.1 million square feet and $68.9 million of annualized base rent
• Reported an increase in same property NOI of 6.6%, including a contribution from base rent of 480 basis points
• Reported Nareit FFO of $184.6 million, or $0.60 per diluted share
• Added $36.7 million of new reinvestment projects to the in process pipeline at an expected average incremental NOI yield of 11%, including a Publix redevelopment in Port St. Lucie, Florida
• Stabilized $54.6 million of reinvestment projects at an average incremental NOI yield of 10%, with the in process reinvestment pipeline totaling $331.8 million at an expected average incremental NOI yield of 10%
• Completed $49.5 million of acquisitions and $42.8 million of dispositions
• On September 28, 2026, the Company announced that it entered into definitive agreements, together with Everview Partners, to acquire Slate Grocery REIT in a transaction valued at approximately $2.34 billion (the "Slate Transaction"). Under the Slate Transaction, Brixmor will acquire a 23-property grocery-anchored portfolio for approximately $636 million and will hold a 20% common equity interest and an approximately $174 million preferred equity investment in a joint venture with Everview Partners (the "Everview JV") that will acquire an additional 92 properties for approximately $1.71 billion. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions including approval by Slate Grocery REIT unitholders

Subsequent events:

• Increased the quarterly dividend by 7.3% to $0.3300 per common share (equivalent to $1.32 per annum), which represents an annualized yield of approximately 4.7% as of October 23, 2026
• Completed a $4.8 million acquisition
• Updated previously provided Nareit FFO per diluted share expectations for 2026 to $2.36 - $2.38 from $2.35 - $2.37 and same property NOI growth expectations for 2026 to 5.50% - 5.75% from 5.00% - 5.75%

"Our third quarter results were highlighted by continued leasing momentum, strong same property NOI growth, and record occupancy," commented Brian T. Finnegan, Chief Executive Officer and President. "These results reinforce the strength of our operating platform, while the growth embedded in our signed but not yet commenced pipeline and reinvestment program provide exceptional visibility into future earnings and cash flow growth. We are excited to build on this momentum through the Slate Transaction by expanding our opportunity set and creating additional avenues to drive long-term shareholder value."

FINANCIAL HIGHLIGHTS

• The following table summarizes the Company's net income attributable to Brixmor Property Group Inc. and Nareit FFO:

(Unaudited, dollars in millions, except per share amounts)		Three Months Ended				Nine Months Ended
		9/30/2026		9/30/2025		9/30/2026		9/30/2025
Net income attributable to Brixmor Property Group Inc.		$87.8		$94.2		$289.0		$249.1
Net income attributable to Brixmor Property Group Inc. per diluted share		$0.28		$0.31		$0.94		$0.81
Nareit FFO		$184.6		$172.3		$542.7		$514.9
Nareit FFO per diluted share		$0.60		$0.56		$1.76		$1.67
Items that impact FFO comparability		$(0.1)		$0.0		$(0.2)		$(0.3)
Items that impact FFO comparability, net per share		$(0.00)		$0.00		$(0.00)		$(0.00)

Same Property NOI Performance

• For the three months ended September 30, 2026, the Company reported an increase in same property NOI of 6.6% versus the comparable 2025 period.
• For the nine months ended September 30, 2026, the Company reported an increase in same property NOI of 6.2% versus the comparable 2025 period.

Dividend

• The Company's Board of Directors declared a quarterly cash dividend of $0.3300 per common share (equivalent to $1.32 per annum), which represents a 7.3% increase.
• The dividend is payable on January 15, 2027 to stockholders of record on January 5, 2027.

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

• During the three months ended September 30, 2026, the Company stabilized four value enhancing reinvestment projects with a total aggregate net cost of approximately $54.6 million at an average incremental NOI yield of 10% and added six new reinvestment projects to its in process pipeline with a total aggregate net estimated cost of approximately $36.7 million at an expected average incremental NOI yield of 11%.
• The following table summarizes the Company's in process reinvestment pipeline as of September 30, 2026:

(Dollars in millions)		Number of Projects		Net Estimated Costs		Expected NOI Yield
Anchor space repositioning		15		$77.4		7% - 14%
Outparcel development		16		24.7		15 %
Redevelopment		15		229.7		11 %
Total		46		$331.8		10 %

• Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor.

Acquisitions

• During the three months ended September 30, 2026, the Company acquired Village West Shopping Center, a 195,862 square foot grocery-anchored community center located in the growing Inland Empire, California trade area (Riverside-San Bernardino-Ontario, CA), for $49.5 million. Village West Shopping Center is anchored by a market-dominant Stater Bros. grocer and has significant value creation and remerchandising opportunities, including near-term leasing of vacancies, below-market lease expirations, and densification potential. 
• During the nine months ended September 30, 2026, the Company acquired five shopping centers for $213.8 million.
• Subsequent to September 30, 2026, the Company acquired an outparcel at an existing shopping center for $4.8 million. 

Dispositions

• During the three months ended September 30, 2026, the Company generated approximately $42.8 million of gross proceeds from the disposition of two shopping centers.
• During the nine months ended September 30, 2026, the Company generated approximately $165.8 million of gross proceeds from the disposition of eight shopping centers.

CAPITAL STRUCTURE

• At September 30, 2026, the Company had $1.5 billion in liquidity, which does not include a commitment letter for up to $988.0 million of senior unsecured term loan financing available in connection with the Slate Transaction.
• At September 30, 2026, the Company's net principal debt to adjusted EBITDA, current quarter annualized was 5.2x and net principal debt to adjusted EBITDA, trailing twelve months was 5.3x.

GUIDANCE

• The Company has updated its previously provided Nareit FFO per diluted share expectations for 2026 to $2.36 - $2.38 from $2.35 - $2.37 and  its same property NOI growth expectations for 2026 to 5.50% - 5.75% from 5.00% - 5.75%.
  • Revenues deemed uncollectible are expected to total 60 - 85 basis points of total expected revenues in 2026.
  • 2026 expectations do not include any additional items that impact FFO comparability, which include gain or loss on extinguishment of debt, net, and transaction expenses, net, or any other one-time items.
• The following table provides a reconciliation of the range of the Company's 2026 estimated net income attributable to Brixmor Property Group Inc. to Nareit FFO: 

(Unaudited, dollars in millions, except per share amounts)		2026E		2026E Per Diluted Share
Net income attributable to Brixmor Property Group Inc.		$368 - $374		$1.20  - $1.22
Depreciation and amortization related to real estate		423		1.37
Gain on sale of real estate assets		(71)		(0.23)
Impairment of real estate assets		7		0.02
Nareit FFO		$727 - $733		$2.36 - $2.38

CONNECT WITH BRIXMOR

• For additional information, please visit https://www.brixmor.com;
• Follow Brixmor on:
  • LinkedIn at https://www.linkedin.com/company/brixmor
  • Facebook at https://www.facebook.com/Brixmor
  • Instagram at https://www.instagram.com/brixmorpropertygroup; and
  • YouTube at https://www.youtube.com/user/Brixmor.

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, October 27, 2026 at 10:00 AM ET. To participate, please dial 877.704.4453 (domestic) or 201.389.0920 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at  https://www.brixmor.com in the Investors section. A replay of the teleconference will be available through November 10, 2026 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13762372) or via the web through October 27, 2027 at https://www.brixmor.com in the Investors section.

The Company's Supplemental Disclosure will be posted at https://www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at investorrelations@brixmor.com or 800.468.7526.

NON-GAAP PERFORMANCE MEASURES
The Company presents the non-GAAP performance measures set forth below.  These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity.  Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP.  The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of net income to these non-GAAP performance measures is presented in the attached tables.

Nareit FFO           
Nareit FFO is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines FFO as net income (calculated in accordance with GAAP) excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. Considering the nature of its business as a real estate owner and operator, the Company believes that Nareit FFO is useful to investors in measuring its operating and financial performance because the definition excludes items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the Company's operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.

Same Property NOI
Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies.  Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) lease termination fees, (ii) straight-line rental income, net, (iii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (iv) straight-line ground rent expense, net, (v) income or expense associated with the Company's captive insurance company, (vi) depreciation and amortization, (vii) impairment of real estate assets, (viii) general and administrative expense, and (ix) other income and expense (including interest expense and gain on sale of real estate assets). Considering the nature of its business as a real estate owner and operator, the Company believes that NOI is useful to investors in measuring the operating performance of its portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of the Company's properties, such as lease termination fees, straight-line rental income, net, income or expense associated with the Company's captive insurance company,  accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, depreciation and amortization, impairment of real estate assets, general and administrative expense, and other income and expense (including interest expense and gain on sale of real estate assets). The Company believes that same property NOI is also useful to investors because it further eliminates disparities in NOI by only including NOI of properties owned for the entirety of both periods presented and excluding properties under development and completed new development properties that have been stabilized for less than one year and therefore provides a more consistent metric for comparing the operating performance of the Company's real estate between periods.

Net Principal Debt to Adjusted EBITDA, current quarter annualized & Net Principal Debt to Adjusted EBITDA, trailing twelve months
Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are supplemental non-GAAP measures utilized to evaluate the performance of real estate companies in relation to outstanding debt. Net principal debt is calculated as Debt obligations, net (calculated in accordance with GAAP) excluding net unamortized premium or discount and deferred financing fees less cash, cash equivalents, and restricted cash. Adjusted EBITDA is calculated as the sum of net income (calculated in accordance with GAAP) before non-controlling interests excluding (i) interest expense, (ii) federal and state taxes, (iii) depreciation and amortization, (iv) gains and losses from the sale of certain real estate assets, (v) gains and losses from change in control, (vi) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, (vii) gain (loss) on extinguishment of debt, net, and (viii) other items that the Company believes are not indicative of the Company's operating performance. Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are calculated as net principal debt divided by quarterly annualized adjusted EBITDA or trailing twelve month adjusted EBITDA, respectively. Considering the nature of its business as a real estate owner and operator, the Company believes that net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are useful to investors in measuring its operating performance because they exclude items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the operating performance of the Company's real estate, are widely known and understood measures of performance, independent of a company's capital structure and items which can make periodic and peer analyses of performance more difficult, and can provide investors with a more consistent basis by which to compare the Company with its peers.

ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 345 retail centers comprise approximately 62 million square feet of prime retail space in established trade areas (the "Portfolio"). Brixmor's properties reflect its vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a valued partner to a broad range of retailers, including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.

SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2025, and our Form 10-Q for the quarter ended September 30, 2026, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include, but are not limited to: (1) changes in national, regional, and local economies, due to global events such as international geopolitical conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, ongoing levels of inflation and interest rates, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio; (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; (10) cybersecurity incidents or other disruptions to information technology systems used by us, our tenants, or our vendors, which could compromise data or impair business operations; and (11) risks relating to the pending Slate Transaction, including the ability of us and the Everview JV to successfully and timely close the Slate Transaction, the risk we do not realize the expected benefits of the Slate Transaction or are subjected to unexpected liabilities and expenses, and the risk we are unable to successfully integrate the operations of the properties we are acquiring in the Slate Transaction or manage the Everview JV. Brixmor disclaims any obligation or undertaking to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

CONSOLIDATED BALANCE SHEETS
Unaudited, dollars in thousands, except share information
					As of		As of
					9/30/2026		12/31/2025
	Assets
		Real estate
			Land		$            1,867,480		$            1,849,779
			Buildings and tenant improvements		9,483,171		9,296,849
			Construction in progress		71,276		92,129
			Lease intangibles		566,163		548,740
					11,988,090		11,787,497
			Accumulated depreciation and amortization		(3,782,174)		(3,588,646)
		Real estate, net			8,205,916		8,198,851
		Cash and cash equivalents			164,428		334,422
		Restricted cash			19,050		27,108
		Marketable securities			21,846		21,283
		Receivables, net, including straight-line rent receivables of $256,014 and $237,837, respectively			318,952		315,128
		Deferred charges and prepaid expenses, net			178,016		169,326
		Real estate assets held for sale			-		4,551
		Other assets			114,633		62,468
	Total assets				$            9,022,841		$            9,133,137
	Liabilities
		Debt obligations, net			$            5,322,955		$            5,494,753
		Accounts payable, accrued expenses and other liabilities			649,178		628,328
	Total liabilities				5,972,133		6,123,081
	Redeemable non-controlling interests				30,821		-
	Equity
		Common stock, $0.01 par value; authorized 3,000,000,000 shares;
			315,999,308 and 315,231,761 shares issued and 306,872,316 and 306,104,769
			shares outstanding		3,068		3,061
		Additional paid-in capital			3,431,754		3,437,853
		Accumulated other comprehensive income			13,012		1,722
		Distributions in excess of net income			(428,189)		(432,822)
	Total stockholders' equity				3,019,645		3,009,814
		Non-controlling interests			242		242
	Total equity				3,019,887		3,010,056
	Total liabilities and equity				$            9,022,841		$            9,133,137

 

CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share amounts
			Three Months Ended				Nine Months Ended
			9/30/2026		9/30/2025		9/30/2026		9/30/2025
	Revenues
		Rental income	$               358,546		$               340,618		$            1,066,775		$            1,017,256
		Other revenues	1,052		225		1,841		591
	Total revenues		359,598		340,843		1,068,616		1,017,847
	Operating expenses
		Operating costs	40,921		38,891		127,062		117,979
		Real estate taxes	46,290		45,455		135,972		133,907
		Depreciation and amortization	106,427		103,234		321,887		312,108
		Impairment of real estate assets	683		16,075		6,657		16,075
		General and administrative	27,297		26,772		83,347		84,038
	Total operating expenses		221,618		230,427		674,925		664,107
	Other income (expense)
		Dividends and interest	1,364		1,191		8,481		4,087
		Interest expense	(59,176)		(56,680)		(179,466)		(165,173)
		Gain on sale of real estate assets	8,863		40,018		70,780		58,843
		Loss on extinguishment of debt, net	-		-		-		(296)
		Other	(889)		(703)		(3,925)		(2,076)
	Total other expense		(49,838)		(16,174)		(104,130)		(104,615)
	Net income		88,142		94,242		289,561		249,125
	Net income attributable to non-controlling interests		(388)		(7)		(546)		(22)
	Net income attributable to Brixmor Property Group Inc.		$                  87,754		$                  94,235		$               289,015		$               249,103
	Net income attributable to Brixmor Property Group Inc. per common share:
		Basic	$                      0.29		$                      0.31		$                      0.94		$                      0.81
		Diluted	$                      0.28		$                      0.31		$                      0.94		$                      0.81
	Weighted average shares:
		Basic	307,305		307,193		307,248		307,132
		Diluted	308,135		308,084		307,997		307,974

 

FUNDS FROM OPERATIONS (FFO)
Unaudited, dollars in thousands, except per share amounts
			Three Months Ended				Nine Months Ended
			9/30/2026		9/30/2025		9/30/2026		9/30/2025
	Net income attributable to Brixmor Property Group Inc.		$              87,754		$              94,235		$            289,015		$            249,103
		Depreciation and amortization related to real estate	105,042		101,995		317,851		308,534
		Gain on sale of real estate assets	(8,863)		(40,018)		(70,780)		(58,843)
		Impairment of real estate assets	683		16,075		6,657		16,075
	Nareit FFO		$            184,616		$            172,287		$            542,743		$            514,869
	Nareit FFO per diluted share		$                   0.60		$                   0.56		$                   1.76		$                   1.67
	Weighted average diluted shares outstanding		308,135		308,084		307,997		307,974
	Items that impact FFO comparability
		Transaction expenses, net	$                  (115)		$                         -		$                  (165)		$                    (22)
		Loss on extinguishment of debt, net	-		-		-		(296)
	Total items that impact FFO comparability		$                  (115)		$                         -		$                  (165)		$                  (318)
	Items that impact FFO comparability, net per share		$                 (0.00)		$                         -		$                 (0.00)		$                 (0.00)
	Additional Disclosures
		Straight-line rental income, net	$                7,680		$                9,858		$              21,473		$              27,120
		Accretion of below-market leases, net of amortization of above-market leases and tenant inducements	3,363		5,124		11,161		11,813
		Straight-line ground rent expense, net (1)	(335)		(158)		(656)		(433)
	Dividends declared per share		$              0.3075		$              0.2875		$              0.9225		$              0.8625
	Dividends declared		$              94,363		$              88,004		$            283,078		$            263,999
	Dividend payout ratio (as % of Nareit FFO)		51.1 %		51.1 %		52.2 %		51.3 %
(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.

 

SAME PROPERTY NOI ANALYSIS
Unaudited, dollars in thousands
				Three Months Ended						Nine Months Ended
				9/30/2026		9/30/2025		Change		9/30/2026		9/30/2025		Change
	Same Property NOI Analysis
	Number of properties			338		338		- %		335		335		- %
	Percent billed			91.3 %		90.5 %		0.8 %		91.3 %		90.5 %		0.8 %
	Percent leased			95.6 %		94.4 %		1.2 %		95.5 %		94.4 %		1.1 %
	Revenues
		Base rent		$      245,397		$      234,122				$      716,532		$      685,753
		Expense reimbursements		80,372		74,704				235,263		221,544
		Revenues deemed uncollectible		(3,710)		(3,015)				(6,669)		(7,514)
		Ancillary and other rental income / Other revenues		10,284		8,061				28,644		22,333
		Percentage rents		1,873		1,204				9,471		7,880
				334,216		315,076		6.1 %		983,241		929,996		5.7 %
	Operating expenses
		Operating costs		(39,375)		(36,891)				(119,198)		(111,198)
		Real estate taxes		(45,004)		(43,711)				(130,068)		(127,948)
				(84,379)		(80,602)		4.7 %		(249,266)		(239,146)		4.2 %
	Same property NOI			$      249,837		$      234,474		6.6 %		$      733,975		$      690,850		6.2 %
	NOI margin			74.8 %		74.4 %				74.6 %		74.3 %
	Expense recovery ratio			95.3 %		92.7 %				94.4 %		92.6 %
	Percent Contribution to Same Property NOI Performance:
				Change		Percent Contribution				Change		Percent Contribution
		Base Rent		$        11,275		4.8 %				$        30,779		4.5 %
		Revenues deemed uncollectible		(695)		(0.3) %				845		0.1 %
		Net expense reimbursements		1,891		0.8 %				3,599		0.5 %
		Ancillary and other rental income / Other revenues		2,223		1.0 %				6,311		0.9 %
		Percentage rents		669		0.3 %				1,591		0.2 %
						6.6 %						6.2 %
	Reconciliation of Net income attributable to Brixmor Property Group Inc. to Same Property NOI
	Net income attributable to Brixmor Property Group Inc.			$        87,754		$        94,235				$      289,015		$      249,103
	Adjustments:
		Non-same property NOI		(7,813)		(6,599)				(31,228)		(30,548)
		Lease termination fees		(4,029)		(600)				(8,401)		(6,063)
		Straight-line rental income, net		(7,680)		(9,858)				(21,473)		(27,120)
		Accretion of below-market leases, net of amortization of above-market leases and tenant inducements		(3,363)		(5,124)				(11,161)		(11,813)
		Straight-line ground rent expense, net		335		158				656		433
		Depreciation and amortization		106,427		103,234				321,887		312,108
		Impairment of real estate assets		683		16,075				6,657		16,075
		General and administrative		27,297		26,772				83,347		84,038
		Total other expense		49,838		16,174				104,130		104,615
		Net income attributable to non-controlling interests		388		7				546		22
	Same Property NOI			$      249,837		$      234,474				$      733,975		$      690,850

 

EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT
Unaudited, dollars in thousands
			Three Months Ended				Nine Months Ended
			9/30/2026		9/30/2025		9/30/2026		9/30/2025
	Net income		$              88,142		$              94,242		$            289,561		$            249,125
		Interest expense	59,176		56,680		179,466		165,173
		Federal and state taxes	714		653		2,397		2,113
		Depreciation and amortization	106,427		103,234		321,887		312,108
	EBITDA		254,459		254,809		793,311		728,519
		Gain on sale of real estate assets	(8,863)		(40,018)		(70,780)		(58,843)
		Impairment of real estate assets	683		16,075		6,657		16,075
	EBITDAre		$            246,279		$            230,866		$            729,188		$            685,751
	EBITDAre		$            246,279		$            230,866		$            729,188		$            685,751
		Transaction expenses, net	115		-		165		22
		Loss on extinguishment of debt, net	-		-		-		296
		Total adjustments	115		-		165		318
	Adjusted EBITDA		$            246,394		$            230,866		$            729,353		$            686,069
	Adjusted EBITDA		$            246,394		$            230,866		$            729,353		$            686,069
		Straight-line rental income, net	(7,680)		(9,858)		(21,473)		(27,120)
		Accretion of below-market leases, net of amortization of above-market leases and tenant inducements	(3,363)		(5,124)		(11,161)		(11,813)
		Straight-line ground rent expense, net (1)	335		158		656		433
		Total adjustments	(10,708)		(14,824)		(31,978)		(38,500)
	Cash Adjusted EBITDA		$            235,686		$            216,042		$            697,375		$            647,569
(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.
		Reconciliation of Debt Obligations, Net to Net Principal Debt
			As of
			9/30/2026
		Debt obligations, net	$        5,322,955
		Less: Net unamortized premium	(6,725)
		Add: Deferred financing fees	32,029
		Less: Cash, cash equivalents and restricted cash	(183,478)
		Net Principal Debt	$        5,164,781
		Adjusted EBITDA, current quarter annualized	$            985,576
		Net Principal Debt to Adjusted EBITDA, current quarter annualized	5.2x
		Adjusted EBITDA, trailing twelve months	$            969,399
		Net Principal Debt to Adjusted EBITDA, trailing twelve months	5.3x

 

 

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SOURCE Brixmor Property Group Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Brixmor pay its increased dividend, and how much is it?

Brixmor will pay $0.3300 per common share on January 15, 2027, to stockholders of record on January 5, 2027. The quarterly dividend increased 7.3% and is equivalent to $1.32 annually, representing an annualized yield of approximately 4.7% as of October 23, 2026.

What is Brixmor's updated 2026 earnings outlook?

Brixmor expects Nareit FFO of $2.36–$2.38 per diluted share and same property NOI growth of 5.50%–5.75% in 2026. The previous ranges were $2.35–$2.37 and 5.00%–5.75%, respectively. Estimated net income attributable to Brixmor is $368–$374 million, or $1.20–$1.22 per diluted share.

How is Brixmor's Slate Grocery REIT acquisition structured?

Brixmor would acquire 23 properties for approximately $636 million and invest alongside Everview Partners in a joint venture acquiring 92 properties for approximately $1.71 billion. Brixmor would hold a 20% common equity interest and an approximately $174 million preferred equity investment in that venture. Closing requires Slate unitholder approval and is expected in the first quarter of 2027.

What types of projects are in Brixmor's reinvestment pipeline?

Brixmor's pipeline comprises anchor space repositioning, outparcel development and redevelopment. Anchor repositioning includes 15 projects with $77.4 million estimated net costs and 7%–14% expected NOI yields. Outparcel development includes 16 projects costing $24.7 million with a 15% expected yield; redevelopment includes 15 projects costing $229.7 million with an 11% expected yield.