BRIXMOR PROPERTY GROUP REPORTS FIRST QUARTER 2025 RESULTS
Brixmor Property Group reported strong Q1 2025 financial results, with net income of $0.23 per diluted share. Key highlights include:
- Executed 1.3M sq ft of new/renewal leases with 20.5% rent spreads
- Achieved 94.1% total leased occupancy
- Reported 2.8% increase in same property NOI
- Delivered Nareit FFO of $171.1M ($0.56 per share)
- Completed $27.5M of reinvestment projects at 11% NOI yield
The company issued $400M in Senior Notes and amended its $1.75B credit facilities. Their value-add strategy continues to deliver results with record in-place ABR per square foot. The Board declared a quarterly dividend of $0.2875 per share. For 2025, Brixmor affirmed its FFO guidance of $2.19-$2.24 per share and expects same property NOI growth of 3.50-4.50%.
CEO James Taylor highlighted the company's strong forward leasing and reinvestment pipelines, positioning them well for continued outperformance despite market challenges.
Brixmor Property Group ha riportato solidi risultati finanziari nel primo trimestre del 2025, con un utile netto di 0,23 dollari per azione diluita. I punti salienti includono:
- Stipulati nuovi contratti di locazione e rinnovi per 1,3 milioni di piedi quadrati con un aumento degli affitti del 20,5%
- Raggiunta una percentuale di occupazione totale locata del 94,1%
- Incremento del 2,8% del NOI delle proprietà comparabili
- FFO Nareit pari a 171,1 milioni di dollari (0,56 dollari per azione)
- Completati progetti di reinvestimento per 27,5 milioni di dollari con un rendimento NOI dell'11%
L'azienda ha emesso Senior Notes per 400 milioni di dollari e ha modificato le sue linee di credito da 1,75 miliardi di dollari. La strategia di valore aggiunto continua a portare risultati con un record di ABR per piede quadrato. Il Consiglio ha dichiarato un dividendo trimestrale di 0,2875 dollari per azione. Per il 2025, Brixmor ha confermato le previsioni di FFO tra 2,19 e 2,24 dollari per azione e prevede una crescita del NOI delle proprietà comparabili tra il 3,50% e il 4,50%.
Il CEO James Taylor ha sottolineato le solide pipeline di locazioni future e reinvestimenti, che posizionano l’azienda per una performance superiore nonostante le sfide di mercato.
Brixmor Property Group reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 0,23 dólares por acción diluida. Los aspectos destacados incluyen:
- Ejecutó 1,3 millones de pies cuadrados en nuevos contratos y renovaciones con un aumento del alquiler del 20,5%
- Alcanzó un 94,1% de ocupación total arrendada
- Registró un aumento del 2,8% en el NOI de propiedades comparables
- Entregó un FFO Nareit de 171,1 millones de dólares (0,56 dólares por acción)
- Completó proyectos de reinversión por 27,5 millones de dólares con un rendimiento NOI del 11%
La compañía emitió bonos senior por 400 millones de dólares y modificó sus líneas de crédito por 1,75 mil millones de dólares. Su estrategia de valor agregado sigue dando resultados con un récord de ABR por pie cuadrado. La Junta declaró un dividendo trimestral de 0,2875 dólares por acción. Para 2025, Brixmor reafirmó su guía de FFO entre 2,19 y 2,24 dólares por acción y espera un crecimiento del NOI de propiedades comparables entre 3,50% y 4,50%.
El CEO James Taylor destacó las sólidas carteras de arrendamientos futuros y reinversiones, posicionándolos bien para continuar superando expectativas a pesar de los desafíos del mercado.
Brixmor Property Group는 2025년 1분기 강력한 재무 실적을 보고했으며, 희석 주당 순이익은 0.23달러였습니다. 주요 내용은 다음과 같습니다:
- 신규 및 갱신 임대 계약 130만 평방피트를 체결하며 임대료가 20.5% 상승
- 총 임대 점유율 94.1% 달성
- 동일 자산 순영업소득(NOI) 2.8% 증가 보고
- Nareit FFO 1억 7,110만 달러(주당 0.56달러) 제공
- 순영업소득 수익률 11%의 재투자 프로젝트 2,750만 달러 완료
회사는 4억 달러 규모의 선순위 채권을 발행하고 17억 5천만 달러 신용 시설을 개정했습니다. 가치 추가 전략은 평당 ABR 기록을 경신하며 성과를 이어가고 있습니다. 이사회는 분기별 배당금으로 주당 0.2875달러를 선언했습니다. 2025년에는 FFO 가이던스를 주당 2.19~2.24달러로 유지하고 동일 자산 NOI 성장률을 3.50~4.50%로 예상합니다.
CEO 제임스 테일러는 강력한 선임대 및 재투자 파이프라인을 강조하며 시장의 도전에도 불구하고 지속적인 초과 성과를 기대한다고 밝혔습니다.
Brixmor Property Group a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un revenu net de 0,23 $ par action diluée. Les points clés comprennent :
- Signature de baux nouveaux et renouvelés totalisant 1,3 million de pieds carrés avec une augmentation des loyers de 20,5 %
- Atteinte d’un taux d’occupation total loué de 94,1 %
- Augmentation de 2,8 % du NOI des propriétés comparables
- FFO Nareit de 171,1 millions de dollars (0,56 $ par action)
- Achèvement de projets de réinvestissement de 27,5 millions de dollars avec un rendement NOI de 11 %
La société a émis 400 millions de dollars d’obligations senior et modifié ses facilités de crédit de 1,75 milliard de dollars. Sa stratégie de création de valeur continue de porter ses fruits avec un ABR par pied carré record. Le conseil d’administration a déclaré un dividende trimestriel de 0,2875 $ par action. Pour 2025, Brixmor a confirmé ses prévisions de FFO entre 2,19 et 2,24 $ par action et prévoit une croissance du NOI des propriétés comparables entre 3,50 % et 4,50 %.
Le PDG James Taylor a souligné les solides pipelines de location anticipée et de réinvestissement, positionnant l’entreprise pour continuer à surperformer malgré les défis du marché.
Brixmor Property Group meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettoeinkommen von 0,23 USD je verwässerter Aktie. Die wichtigsten Highlights sind:
- Abschluss von 1,3 Mio. Quadratfuß neuer und verlängerter Mietverträge mit Mietsteigerungen von 20,5%
- Erreichte eine Gesamtvermietungsquote von 94,1%
- Berichtete eine Steigerung des NOI vergleichbarer Objekte um 2,8%
- Erzielte einen Nareit FFO von 171,1 Mio. USD (0,56 USD je Aktie)
- Abschluss von Reinvestitionsprojekten im Wert von 27,5 Mio. USD mit einer NOI-Rendite von 11%
Das Unternehmen gab Senior Notes im Wert von 400 Mio. USD aus und änderte seine Kreditfazilitäten über 1,75 Mrd. USD. Die Value-Add-Strategie liefert weiterhin Ergebnisse mit einem Rekord-ABR pro Quadratfuß. Der Vorstand erklärte eine vierteljährliche Dividende von 0,2875 USD je Aktie. Für 2025 bestätigte Brixmor seine FFO-Prognose von 2,19 bis 2,24 USD je Aktie und erwartet ein NOI-Wachstum vergleichbarer Objekte von 3,50 bis 4,50%.
CEO James Taylor hob die starken Vorvermietungs- und Reinvestitionspipelines hervor, die das Unternehmen trotz Markt Herausforderungen gut positionieren, um weiterhin überdurchschnittlich zu performen.
- Rent spreads on comparable space increased by 20.5%, with new leases showing 47.5% spreads
- High occupancy rates: 94.1% total leased occupancy, with 95.7% anchor and 90.8% small shop occupancy
- Same property NOI grew by 2.8%
- Nareit FFO increased to $171.1M ($0.56 per share) from $163.4M ($0.54 per share) year-over-year
- Reinvestment projects delivered 11% NOI yield on $27.5M investment
- Strong liquidity position of $1.4B
- Successfully issued $400M of 5.200% Senior Notes due 2032
- Extended credit facility maturities and improved pricing terms on $1.75B facilities
- Net income decreased to $0.23 per share from $0.29 per share year-over-year
- Net principal debt to adjusted EBITDA ratio remains elevated at 5.5x-5.7x
- Dispositions ($22.8M) exceeded acquisitions ($3.1M), indicating net portfolio reduction
Insights
Brixmor delivers solid Q1 with FFO growth, exceptional leasing spreads, and maintained guidance despite challenging retail environment.
Brixmor's Q1 2025 results demonstrate resilience in their shopping center portfolio with Nareit FFO of $0.56 per share, up 3.7% year-over-year, while maintaining solid occupancy of 94.1%. The headline story is the exceptional leasing spreads of 20.5% on all new and renewal leases, with new leases commanding a remarkable 47.5% premium on comparable space – a clear indicator of strong retailer demand for quality shopping center locations.
The company's same-property NOI growth of 2.8% was primarily driven by base rent contributions of 410 basis points, reflecting successful prior-period leasing activity. The substantial 410 basis point spread between leased and billed occupancy represents approximately $60.4 million in annualized base rent not yet commenced – effectively creating a built-in growth pipeline for upcoming quarters.
On the capital front, Brixmor strengthened its balance sheet by issuing $400 million of 5.200% Senior Notes and amending its credit facilities to extend maturities and improve terms. While leverage metrics stand at 5.5-5.7x net debt to EBITDA, the extended maturity profile provides flexibility.
Particularly impressive is their reinvestment strategy, delivering stabilized projects at an 11% incremental NOI yield with a robust pipeline of $390.9 million at expected 10% yields – substantially above market cap rates, indicating significant value creation through property enhancements.
Management's affirmation of full-year 2025 guidance (FFO of $2.19-$2.24 and same-property NOI growth of 3.5%-4.5%) signals confidence in their operational trajectory despite broader retail sector challenges.
Key highlights for the three months ended March 31, 2025 include:
- Executed 1.3 million square feet of new and renewal leases, with rent spreads on comparable space of
20.5% , including 0.5 million square feet of new leases, with rent spreads on comparable space of47.5% - Realized total leased occupancy of
94.1% , anchor leased occupancy of95.7% , and small shop leased occupancy of90.8% - Commenced
$13.9 million - Leased to billed occupancy spread totaled 410 basis points
- Total signed but not yet commenced new lease population represented 2.9 million square feet and
$60.4 million
- Commenced
- Reported an increase in same property NOI of
2.8% , including a contribution from base rent of 410 basis points - Reported Nareit FFO of
$171.1 million $0.56 - Stabilized
$27.5 million 11% , with the in process reinvestment pipeline totaling$390.9 million 10% - Completed
$3.1 million $22.8 million - Issued
$400.0 million 5.200% Senior Notes due 2032
Subsequent events:
- Affirmed previously provided Nareit FFO per diluted share and same property NOI growth expectations for 2025
- Amended and restated
$1.75 billion - Completed
$18.4 million
"Our value-add business plan continued to deliver on all fronts, with record in-place ABR per square foot, robust new and renewal lease rent spreads, accretive reinvestment deliveries, and strong bottom line growth," commented James Taylor, Chief Executive Officer. "Importantly, our strong forward leasing and reinvestment pipelines, coupled with our attractive rent basis, position us to continue to outperform, even through additional market disruption."
FINANCIAL HIGHLIGHTS
Net Income Attributable to Brixmor Property Group Inc.
- For the three months ended March 31, 2025 and 2024, net income attributable to Brixmor Property Group Inc. was
$69.7 million $0.23 $88.9 million $0.29
Nareit FFO
- For the three months ended March 31, 2025 and 2024, Nareit FFO was
$171.1 million $0.56 $163.4 million $0.54
Same Property NOI Performance
- For the three months ended March 31, 2025, the Company reported an increase in same property NOI of
2.8% versus the comparable 2024 period.
Dividend
- The Company's Board of Directors declared a quarterly cash dividend of
$0.28 75$1.15
PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
- During the three months ended March 31, 2025, the Company stabilized six value enhancing reinvestment projects with a total aggregate net cost of approximately
$27.5 million 11% and added eight new reinvestment projects to its in process pipeline. Projects added include one anchor space repositioning project, five outparcel development projects, and two redevelopment projects, with a total aggregate net estimated cost of approximately$30.3 million 12% . - At March 31, 2025, the value enhancing reinvestment in process pipeline was comprised of 37 projects with an aggregate net estimated cost of approximately
$390.9 million 10% . The in process pipeline includes 14 anchor space repositioning projects with an aggregate net estimated cost of approximately$66.7 million 7% -14% ; eight outparcel development projects with an aggregate net estimated cost of approximately$5.8 million 23% ; and 15 redevelopment projects with an aggregate net estimated cost of approximately$318.4 million 9% . - An in-depth review of an anchor space repositioning project which highlights the Company's reinvestment capabilities, Parkway Plaza (
New York -Newark -Jersey City , NY-NJ CBSA), can be found at this link: https://www.brixmor.com/blog/creating-value-in-nassau-county. - Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor.
Acquisitions
- During the three months ended March 31, 2025, the Company acquired one land parcel at an existing property for
$3.1 million
Dispositions
- During the three months ended March 31, 2025, the Company generated approximately
$22.8 million - Subsequent to March 31, 2025, the Company generated approximately
$18.4 million
CAPITAL STRUCTURE
- On March 4, 2025, the Company's operating partnership, Brixmor Operating Partnership LP (the "Operating Partnership"), issued
$400.0 million 5.200% Senior Notes due 2032. Proceeds were utilized for general corporate purposes, including the repayment of outstanding indebtedness under its unsecured revolving credit facility. - At March 31, 2025, the Company had
$1.4 billion - At March 31, 2025, the Company's net principal debt to adjusted EBITDA, current quarter annualized was 5.5x and net principal debt to adjusted EBITDA, trailing twelve months was 5.7x.
- On April 24, 2025, the Company's Operating Partnership amended and restated its unsecured revolving credit facility and term loan (the "Facilities"), extending the maturities and lowering the pricing of the Facilities. The amendments provide for (i) revolving loan commitments of
$1.25 billion $500 Million - The interest rate applicable to the Revolving Facility was lowered (for the margins based on the Operating Partnership's current credit ratings), to SOFR plus 85 basis points from an adjusted SOFR plus 85 basis points and the interest rate applicable to the Term Loan Facility was lowered (for the margins based on the Operating Partnership's current credit ratings), to SOFR plus 95 basis points from an adjusted SOFR plus 95 basis points. The Facilities also provide the Company with the ability to obtain more favorable pricing in certain circumstances when the Company's leverage ratio meets defined targets.
GUIDANCE
- The Company affirmed its previously provided Nareit FFO per diluted share expectations for 2025 of
$2.19 $2.24 3.50% -4.50% .- Revenues deemed uncollectible is expected to total 75 - 110 bps of total expected revenues in 2025.
- 2025 expectations do not include any additional items that impact FFO comparability, which include transaction expenses, net and gain or loss on extinguishment of debt, net, or any other one-time items.
- The following table provides a reconciliation of the range of the Company's 2025 estimated net income attributable to Brixmor Property Group Inc. to Nareit FFO:
(Unaudited, dollars in millions, except per share amounts) | 2025E | 2025E Per | ||
Net income attributable to Brixmor Property Group Inc. | ||||
Depreciation and amortization related to real estate | 406 | 1.32 | ||
Gain on sale of real estate assets | (3) | (0.01) | ||
Nareit FFO |
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, April 29, 2025 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 May 13, 2025 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13751948) or via the web through April 29, 2026 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) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 361 retail centers comprise approximately 64 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor's 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 proud real estate partner to over 5,000 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, 2024, 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 (1) changes in national, regional, and local economies, due to global events such as international military 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, rising interest rates, inflation, 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 (defined hereafter); (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; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.
CONSOLIDATED BALANCE SHEETS | |||||||
Unaudited, dollars in thousands, except share information | |||||||
As of | As of | ||||||
3/31/2025 | 12/31/2024 | ||||||
Assets | |||||||
Real estate | |||||||
Land | $ 1,833,408 | $ 1,834,814 | |||||
Buildings and tenant improvements | 8,951,610 | 8,895,571 | |||||
Construction in progress | 110,072 | 152,260 | |||||
Lease intangibles | 515,063 | 526,412 | |||||
11,410,153 | 11,409,057 | ||||||
Accumulated depreciation and amortization | (3,445,994) | (3,410,179) | |||||
Real estate, net | 7,964,159 | 7,998,878 | |||||
Cash and cash equivalents | 106,534 | 377,616 | |||||
Restricted cash | 894 | 1,076 | |||||
Marketable securities | 19,913 | 20,301 | |||||
Receivables, net, including straight-line rent receivables of | 274,082 | 281,947 | |||||
Deferred charges and prepaid expenses, net | 165,172 | 167,080 | |||||
Real estate assets held for sale | 4,976 | 4,189 | |||||
Other assets | 59,029 | 57,827 | |||||
Total assets | $ 8,594,759 | $ 8,908,914 | |||||
Liabilities | |||||||
Debt obligations, net | $ 5,104,112 | $ 5,339,751 | |||||
Accounts payable, accrued expenses and other liabilities | 536,618 | 585,241 | |||||
Total liabilities | 5,640,730 | 5,924,992 | |||||
Equity | |||||||
Common stock, | |||||||
315,187,135 and 314,619,008 shares issued and 306,060,143 and 305,492,016 | |||||||
shares outstanding | 3,061 | 3,055 | |||||
Additional paid-in capital | 3,424,042 | 3,431,043 | |||||
Accumulated other comprehensive income | 4,075 | 8,218 | |||||
Distributions in excess of net income | (477,401) | (458,638) | |||||
Total stockholders' equity | 2,953,777 | 2,983,678 | |||||
Non-controlling interests | 252 | 244 | |||||
Total equity | 2,954,029 | 2,983,922 | |||||
Total liabilities and equity | $ 8,594,759 | $ 8,908,914 | |||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
Unaudited, dollars in thousands, except per share amounts | |||||
Three Months Ended | |||||
3/31/2025 | 3/31/2024 | ||||
Revenues | |||||
Rental income | $ 337,241 | $ 319,489 | |||
Other revenues | 271 | 752 | |||
Total revenues | 337,512 | 320,241 | |||
Operating expenses | |||||
Operating costs | 39,211 | 37,157 | |||
Real estate taxes | 44,893 | 41,408 | |||
Depreciation and amortization | 105,597 | 91,218 | |||
General and administrative | 28,173 | 28,491 | |||
Total operating expenses | 217,874 | 198,274 | |||
Other income (expense) | |||||
Dividends and interest | 1,706 | 3,877 | |||
Interest expense | (54,084) | (51,488) | |||
Gain on sale of real estate assets | 3,070 | 15,142 | |||
Other | (593) | (593) | |||
Total other expense | (49,901) | (33,062) | |||
Net income | 69,737 | 88,905 | |||
Net income attributable to non-controlling interests | (8) | - | |||
Net income attributable to Brixmor Property Group, Inc. | $ 69,729 | $ 88,905 | |||
Net income attributable to Brixmor Property Group, Inc. per common share: | |||||
Basic | $ 0.23 | $ 0.29 | |||
Diluted | $ 0.23 | $ 0.29 | |||
Weighted average shares: | |||||
Basic | 306,766 | 302,021 | |||
Diluted | 307,252 | 302,712 | |||
EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT | |||||
Unaudited, dollars in thousands | |||||
Three Months Ended | |||||
3/31/2025 | 3/31/2024 | ||||
Net income | $ 69,737 | $ 88,905 | |||
Interest expense | 54,084 | 51,488 | |||
Federal and state taxes | 707 | 711 | |||
Depreciation and amortization | 105,597 | 91,218 | |||
EBITDA | 230,125 | 232,322 | |||
Gain on sale of real estate assets | (3,070) | (15,142) | |||
EBITDAre | $ 227,055 | $ 217,180 | |||
EBITDAre | $ 227,055 | $ 217,180 | |||
Transaction expenses, net | 21 | 45 | |||
Adjusted EBITDA | $ 227,076 | $ 217,225 | |||
Adjusted EBITDA | $ 227,076 | $ 217,225 | |||
Straight-line rental income, net | (7,481) | (7,555) | |||
Accretion of below-market leases, net of amortization of above-market leases and tenant inducements | (2,515) | (1,724) | |||
Straight-line ground rent expense, net (1) | 134 | (5) | |||
Total adjustments | (9,862) | (9,284) | |||
Cash Adjusted EBITDA | $ 217,214 | $ 207,941 | |||
(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 | |||||
3/31/2025 | |||||
Debt obligations, net | $ 5,104,112 | ||||
Less: Net unamortized premium | (12,907) | ||||
Add: Deferred financing fees | 27,248 | ||||
Less: Cash, cash equivalents and restricted cash | (107,428) | ||||
Net Principal Debt | $ 5,011,025 | ||||
Adjusted EBITDA, current quarter annualized | $ 908,304 | ||||
Net Principal Debt to Adjusted EBITDA, current quarter annualized | 5.5x | ||||
Adjusted EBITDA, trailing twelve months | $ 882,661 | ||||
Net Principal Debt to Adjusted EBITDA, trailing twelve months | 5.7x | ||||
FUNDS FROM OPERATIONS (FFO) | |||||
Unaudited, dollars in thousands, except per share amounts | |||||
Three Months Ended | |||||
3/31/2025 | 3/31/2024 | ||||
Net income attributable to Brixmor Property Group Inc. | $ 69,729 | $ 88,905 | |||
Depreciation and amortization related to real estate | 104,448 | 89,673 | |||
Gain on sale of real estate assets | (3,070) | (15,142) | |||
Nareit FFO | $ 171,107 | $ 163,436 | |||
Nareit FFO per diluted share | $ 0.56 | $ 0.54 | |||
Weighted average diluted shares outstanding | 307,252 | 302,712 | |||
Items that impact FFO comparability | |||||
Transaction expenses, net | $ (21) | $ (45) | |||
Total items that impact FFO comparability | $ (21) | $ (45) | |||
Items that impact FFO comparability, net per share | $ (0.00) | $ (0.00) | |||
Additional Disclosures | |||||
Straight-line rental income, net | $ 7,481 | $ 7,555 | |||
Accretion of below-market leases, net of amortization of above-market leases and tenant inducements | 2,515 | 1,724 | |||
Straight-line ground rent expense, net (1) | (134) | 5 | |||
Dividends declared per share | $ 0.2875 | $ 0.2725 | |||
Dividends declared | $ 87,991 | $ 82,104 | |||
Dividend payout ratio (as % of Nareit FFO) | 51.4 % | 50.2 % | |||
(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 | ||||||||
3/31/2025 | 3/31/2024 | Change | ||||||
Same Property NOI Analysis | ||||||||
Number of properties | 348 | 348 | - % | |||||
Percent billed | 90.1 % | 90.7 % | (0.6) % | |||||
Percent leased | 94.3 % | 95.3 % | (1.0) % | |||||
Revenues | ||||||||
Base rent | $ 228,448 | $ 219,174 | ||||||
Expense reimbursements | 75,453 | 69,668 | ||||||
Revenues deemed uncollectible | (2,426) | 269 | ||||||
Ancillary and other rental income / Other revenues | 5,697 | 6,184 | ||||||
Percentage rents | 3,824 | 4,203 | ||||||
310,996 | 299,498 | 3.8 % | ||||||
Operating expenses | ||||||||
Operating costs | (37,456) | (35,481) | ||||||
Real estate taxes | (42,955) | (39,720) | ||||||
(80,411) | (75,201) | 6.9 % | ||||||
Same property NOI | $ 230,585 | $ 224,297 | 2.8 % | |||||
NOI margin | 74.1 % | 74.9 % | ||||||
Expense recovery ratio | 93.8 % | 92.6 % | ||||||
Percent Contribution to Same Property NOI Performance: | ||||||||
Change | Percent Contribution | |||||||
Base Rent | $ 9,274 | 4.1 % | ||||||
Revenues deemed uncollectible | (2,695) | (1.2) % | ||||||
Net expense reimbursements | 575 | 0.3 % | ||||||
Ancillary and other rental income / Other revenues | (487) | (0.2) % | ||||||
Percentage rents | (379) | (0.2) % | ||||||
2.8 % | ||||||||
Reconciliation of Net Income attributable to Brixmor Property Group, Inc. to Same Property NOI | ||||||||
Net income attributable to Brixmor Property Group, Inc. | $ 69,729 | $ 88,905 | ||||||
Adjustments: | ||||||||
Non-same property NOI | (8,850) | (7,705) | ||||||
Lease termination fees | (4,111) | (390) | ||||||
Straight-line rental income, net | (7,481) | (7,555) | ||||||
Accretion of below-market leases, net of amortization of above-market leases and tenant inducements | (2,515) | (1,724) | ||||||
Straight-line ground rent expense, net | 134 | (5) | ||||||
Depreciation and amortization | 105,597 | 91,218 | ||||||
General and administrative | 28,173 | 28,491 | ||||||
Total other expense | 49,901 | 33,062 | ||||||
Net income attributable to non-controlling interests | 8 | - | ||||||
Same Property NOI | $ 230,585 | $ 224,297 | ||||||
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SOURCE Brixmor Property Group Inc.
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