BRIXMOR PROPERTY GROUP REPORTS THIRD QUARTER 2025 RESULTS

Rhea-AI Summary

Brixmor Property Group (NYSE: BRX) reported results for Q3 2025 and nine months ended September 30, 2025, highlighting operating execution and portfolio activity. Key outcomes include Nareit FFO of $172.3 million ($0.56 per diluted share), same property NOI growth of 4.0% for the quarter, and stabilization of $46.4 million of reinvestments at an average incremental NOI yield of 11%. The company completed $223.0 million of acquisitions and issued $400.0 million of 4.850% Senior Notes due 2033. Subsequent events: a 7.0% dividend increase to $0.3075 quarterly and updated 2025 Nareit FFO guidance to $2.23–$2.25.

Positive

• Nareit FFO of $172.3 million in Q3 2025
• Same property NOI +4.0% for Q3 2025
• Stabilized reinvestments $46.4M at 11% incremental NOI
• Acquisitions totaling $223.0M including LaCenterra at Cinco Ranch
• Issued $400.0M 4.850% Senior Notes due 2033
• Updated 2025 Nareit FFO guidance to $2.23–$2.25

Negative

• Net income per diluted share down to $0.31 from $0.32
• Net principal debt to adjusted EBITDA ~5.6x (current quarter annualized)
• Dispositions only $81.2M in Q3 2025 proceeds
• 2025 expected revenues deemed uncollectible 75–110 bps

Insights

Real Estate/REIT Analyst

Brixmor posts healthy operating growth, raises dividend, and tightens FFO range — fundamentals appear constructive for holders.

Brixmor Property Group delivered rising operating metrics: $172.3 million Nareit FFO in Q3 and same property NOI growth of 4.0%, with strong leasing activity (1.5 million sq ft executed and rent spreads of 17.8%, 30.5% on new leases). The company also stabilized reinvestments at an average incremental NOI yield of 11%, completed acquisitions of $223.0 million, and holds $1.6 billion of liquidity; these facts together show active portfolio management translating into near-term cash‑flow expansion.

Key dependencies and risks include the pipeline conversion and rent commencement timing: signed but not commenced leases total 2.7 million sq ft and $60.5 million of annualized base rent, so realized upside depends on actual commencements and collections. Leverage metrics (net principal debt to adjusted EBITDA ~5.6x–5.7x) and the new $400.0 million 4.850% notes due 2033 are explicit balance‑sheet considerations that could constrain flexibility if operating trends soften.

Concrete items to watch over the next 3–12 months include the dividend payment on January 15, 2026, the company’s reiterated 2025 Nareit FFO guidance of $2.23 - $2.25 per diluted share and same property NOI guidance of 3.90% - 4.30%, the pace of lease commencements from the 2.7 million sq ft signed pipeline, and stabilization of the $375.3 million reinvestment pipeline; these milestones will materially affect near‑term cash flow realization and the credibility of the slightly tightened FFO range.

- Increased Dividend by 7% -

- Achieved Record New Lease ABR Per Square Foot and Small Shop Occupancy -

NEW YORK, Oct. 27, 2025 /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, 2025.  For the three months ended September 30, 2025 and 2024, net income attributable to Brixmor Property Group Inc. was $0.31 per diluted share and $0.32 per diluted share, respectively, and for the nine months ended September 30, 2025 and 2024, net income attributable to Brixmor Property Group Inc. was $0.81 per diluted share and $0.84 per diluted share, respectively.

Key highlights for the three months ended September 30, 2025 include:

• Executed 1.5 million square feet of new and renewal leases, with rent spreads on comparable space of 17.8%, including 0.6 million square feet of new leases, with rent spreads on comparable space of 30.5%
• Realized total leased occupancy of 94.1%, anchor leased occupancy of 95.4%, and record small shop leased occupancy of 91.4%
  • Commenced $22.0 million of annualized base rent
  • Leased to billed occupancy spread totaled 390 basis points
  • Total signed but not yet commenced new lease population represented 2.7 million square feet and $60.5 million of annualized base rent
• Reported an increase in same property NOI of 4.0%, including a contribution from base rent of 270 basis points
• Reported Nareit FFO of $172.3 million, or $0.56 per diluted share
• Stabilized $46.4 million of reinvestment projects at an average incremental NOI yield of 11%, with the in process reinvestment pipeline totaling $375.3 million at an expected average incremental NOI yield of 9%
• Completed $223.0 million of acquisitions and $81.2 million of dispositions
• Issued $400.0 million of 4.850% Senior Notes due 2033

Subsequent events:

• Increased the quarterly dividend by 7.0% to $0.3075 per common share (equivalent to $1.23 per annum), which represents an annualized yield of approximately 4.4% as of October 24, 2025
• Completed $21.5 million of dispositions
• Updated previously provided Nareit FFO per diluted share expectations for 2025 to $2.23 - $2.25 from $2.22 - $2.25 and affirmed same property NOI growth expectations for 2025 of 3.90% - 4.30%
• As previously announced, the Company's Board of Directors appointed Brian T. Finnegan, the Company's President and Chief Operating Officer, as interim Chief Executive Officer, effective October 16, 2025. Mr. Finnegan's appointment followed the announcement that James M. Taylor, the Company's Chief Executive Officer, is taking a temporary medical leave of absence

"Our team continued to deliver on our value-added business plan with another strong quarter of operating results, including record commencements, in-place ABR per square foot, and new lease ABR per square foot. This execution reinforces the quality of our well-located centers, the strength of our platform, and the embedded mark-to-market opportunity of our portfolio. Looking forward, we remain encouraged by the size of the signed but not yet commenced pipeline and are focused on executing on our reinvestments as we position the portfolio for long-term sustainable growth," commented Brian T. Finnegan, Interim Chief Executive Officer and the Company's President and Chief Operating Officer.

FINANCIAL HIGHLIGHTS

Net Income Attributable to Brixmor Property Group Inc.

• For the three months ended September 30, 2025 and 2024, net income attributable to Brixmor Property Group Inc. was $94.2 million, or $0.31 per diluted share, and $96.8 million, or $0.32 per diluted share, respectively.
• For the nine months ended September 30, 2025 and 2024, net income attributable to Brixmor Property Group Inc. was $249.1 million, or $0.81 per diluted share, and $255.9 million, or $0.84 per diluted share, respectively.

Nareit FFO

• For the three months ended September 30, 2025 and 2024, Nareit FFO was $172.3 million, or $0.56 per diluted share, and $159.2 million, or $0.52 per diluted share, respectively. Results for the three months ended September 30, 2025 and 2024 include items that impact FFO comparability, including gain (loss) on extinguishment of debt, net and transaction expenses, net, of $0.0 million, or $0.00 per diluted share, and $0.2 million, or $0.00 per diluted share, respectively.
• For the nine months ended September 30, 2025 and 2024, Nareit FFO was $514.9 million, or $1.67 per diluted share, and $486.4 million, or $1.60 per diluted share, respectively. Results for the nine months ended September 30, 2025 and 2024 include items that impact FFO comparability, including gain (loss) on extinguishment of debt, net and transaction expenses, net, of $(0.3) million, or $(0.00) per diluted share, and $0.4 million, or $0.00 per diluted share, respectively.

Same Property NOI Performance

• For the three months ended September 30, 2025, the Company reported an increase in same property NOI of 4.0% versus the comparable 2024 period.
• For the nine months ended September 30, 2025, the Company reported an increase in same property NOI of 3.5% versus the comparable 2024 period.

Dividend

• The Company's Board of Directors declared a quarterly cash dividend of $0.3075 per common share (equivalent to $1.23 per annum), which represents a 7.0% increase.
• The dividend is payable on January 15, 2026 to stockholders of record on January 5, 2026.

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

• During the three months ended September 30, 2025, the Company stabilized eight value enhancing reinvestment projects with a total aggregate net cost of approximately $46.4 million at an average incremental NOI yield of 11% and added five new reinvestment projects to its in process pipeline. Projects added include one anchor space repositioning project, two outparcel development projects, and two redevelopment projects, with a total aggregate net estimated cost of approximately $44.8 million at an expected average incremental NOI yield of 9%.
• At September 30, 2025, the value enhancing reinvestment in process pipeline was comprised of 35 projects with an aggregate net estimated cost of approximately $375.3 million at an expected average incremental NOI yield of 9%. The in process pipeline includes 12 anchor space repositioning projects with an aggregate net estimated cost of approximately $58.8 million at an expected incremental NOI yield of 7% - 14%; nine outparcel development projects with an aggregate net estimated cost of approximately $9.9 million at an expected average incremental NOI yield of 18%; and 14 redevelopment projects with an aggregate net estimated cost of approximately $306.6 million at an expected average incremental NOI yield of 10%.
• Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor. 

Acquisitions 

• As previously announced, during the three months ended September 30, 2025, the Company acquired LaCenterra at Cinco Ranch, a 409,264 square foot grocery-anchored lifestyle center strategically located in an affluent master planned community in the western Houston, Texas suburbs (Houston-Pasadena-The Woodlands, TX CBSA), for $223.0 million. To learn more about LaCenterra at Cinco Ranch visit: https://www.brixmor.com/blog/lacenterra-acquisition-mark-horgan-visits.
• During the nine months ended September 30, 2025, the Company acquired LaCenterra at Cinco Ranch and one land parcel at an existing property for $226.1 million.

Dispositions

• During the three months ended September 30, 2025, the Company generated approximately $81.2 million of gross proceeds on the disposition of seven shopping centers.
• During the nine months ended September 30, 2025, the Company generated approximately $126.3 million of gross proceeds on the disposition of ten shopping centers, as well as four partial properties.
• Subsequent to September 30, 2025, the Company generated approximately $21.5 million of gross proceeds on the disposition of one shopping center.

CAPITAL STRUCTURE

• On September 9, 2025, the Company's operating partnership, Brixmor Operating Partnership LP, issued $400.0 million aggregate principal amount of 4.850% Senior Notes due 2033. Proceeds were utilized for general corporate purposes, including the repayment of outstanding indebtedness.
• At September 30, 2025, the Company had $1.6 billion in liquidity.
• At September 30, 2025, the Company's net principal debt to adjusted EBITDA, current quarter annualized was 5.6x and net principal debt to adjusted EBITDA, trailing twelve months was 5.7x.

GUIDANCE

• The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2025 to $2.23 - $2.25 from $2.22 - $2.25 and affirmed its same property NOI growth expectations for 2025 of 3.90% - 4.30%.
  • 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 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 2025 estimated net income attributable to Brixmor Property Group Inc. to Nareit FFO:

(Unaudited, dollars in millions, except per share amounts)		2025E		2025E Per Diluted Share
Net income attributable to Brixmor Property Group Inc.		$319 - $326		$1.04  - $1.06
Depreciation and amortization related to real estate		410		1.33
Gain on sale of real estate assets		(59)		(0.19)
Impairment of real estate assets		16		0.05
Nareit FFO		$686 - $693		$2.23 - $2.25

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 28, 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 November 11, 2025 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13755355) or via the web through October 28, 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 354 retail centers comprise approximately 63 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
					9/30/2025		12/31/2024
	Assets
		Real estate
			Land		$         1,835,928		$         1,834,814
			Buildings and tenant improvements		9,206,437		8,895,571
			Construction in progress		93,001		152,260
			Lease intangibles		524,966		526,412
					11,660,332		11,409,057
			Accumulated depreciation and amortization		(3,560,508)		(3,410,179)
		Real estate, net			8,099,824		7,998,878
		Cash and cash equivalents			331,544		377,616
		Restricted cash			44,962		1,076
		Marketable securities			21,691		20,301
		Receivables, net, including straight-line rent receivables of $234,299 and $208,785, respectively			306,179		281,947
		Deferred charges and prepaid expenses, net			174,151		167,080
		Real estate assets held for sale			7,408		4,189
		Other assets			63,494		57,827
	Total assets				$         9,049,253		$         8,908,914
	Liabilities
		Debt obligations, net			$         5,493,420		$         5,339,751
		Accounts payable, accrued expenses and other liabilities			592,836		585,241
	Total liabilities				6,086,256		5,924,992
	Equity
		Common stock, $0.01 par value; authorized 3,000,000,000 shares;			3,061		3,055
			315,227,002 and 314,619,008 shares issued and 306,100,010 and 305,492,016
			shares outstanding
		Additional paid-in capital			3,432,972		3,431,043
		Accumulated other comprehensive income			1,895		8,218
		Distributions in excess of net income			(475,197)		(458,638)
	Total stockholders' equity				2,962,731		2,983,678
		Non-controlling interests			266		244
	Total equity				2,962,997		2,983,922
	Total liabilities and equity				$         9,049,253		$         8,908,914

 

CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share amounts
			Three Months Ended				Nine Months Ended
			9/30/2025		9/30/2024		9/30/2025		9/30/2024
	Revenues
		Rental income	$            340,618		$            319,989		$         1,017,256		$            955,065
		Other revenues	225		693		591		1,547
	Total revenues		340,843		320,682		1,017,847		956,612
	Operating expenses
		Operating costs	38,891		36,442		117,979		110,518
		Real estate taxes	45,455		42,902		133,907		120,659
		Depreciation and amortization	103,234		94,829		312,108		278,065
		Impairment of real estate assets	16,075		5,863		16,075		11,143
		General and administrative	26,772		30,250		84,038		88,430
	Total operating expenses		230,427		210,286		664,107		608,815
	Other income (expense)
		Dividends and interest	1,191		5,289		4,087		15,798
		Interest expense	(56,680)		(55,410)		(165,173)		(160,553)
		Gain on sale of real estate assets	40,018		37,018		58,843		53,974
		Gain (Loss) on extinguishment of debt, net	-		273		(296)		554
		Other	(703)		(726)		(2,076)		(1,700)
	Total other expense		(16,174)		(13,556)		(104,615)		(91,927)
	Net income		94,242		96,840		249,125		255,870
	Net income attributable to non-controlling interests		(7)		-		(22)		-
	Net income attributable to Brixmor Property Group Inc.		$              94,235		$              96,840		$            249,103		$            255,870
	Net income attributable to Brixmor Property Group Inc. per common share:
		Basic	$                  0.31		$                  0.32		$                  0.81		$                  0.84
		Diluted	$                  0.31		$                  0.32		$                  0.81		$                  0.84
	Weighted average shares:
		Basic	307,193		302,676		307,132		302,518
		Diluted	308,084		303,608		307,974		303,377

 

FUNDS FROM OPERATIONS (FFO)
Unaudited, dollars in thousands, except per share amounts
				Three Months Ended				Nine Months Ended
				9/30/2025		9/30/2024		9/30/2025		9/30/2024
	Net income attributable to Brixmor Property Group Inc.			$              94,235		$              96,840		$            249,103		$            255,870
		Depreciation and amortization related to real estate		101,995		93,495		308,534		273,386
		Gain on sale of real estate assets		(40,018)		(37,018)		(58,843)		(53,974)
		Impairment of real estate assets		16,075		5,863		16,075		11,143
	Nareit FFO			$            172,287		$            159,180		$            514,869		$            486,425
	Nareit FFO per diluted share			$                  0.56		$                  0.52		$                  1.67		$                  1.60
	Weighted average diluted shares outstanding			308,084		303,608		307,974		303,377
	Items that impact FFO comparability
		Gain (Loss) on extinguishment of debt, net		$                        -		$                   273		$                 (296)		$                   554
		Transaction expenses, net		-		(73)		(22)		(131)
	Total items that impact FFO comparability			$                        -		$                   200		$                 (318)		$                   423
	Items that impact FFO comparability, net per share			$                        -		$                  0.00		$                (0.00)		$                  0.00
	Additional Disclosures
		Straight-line rental income, net		$                9,858		$                8,133		$              27,120		$              23,669
		Accretion of below-market leases, net of amortization of above-market leases and tenant inducements		5,124		1,701		11,813		5,235
		Straight-line ground rent expense, net (1)		(158)		8		(433)		19
	Dividends declared per share			$              0.2875		$              0.2725		$              0.8625		$              0.8175
	Dividends declared			$              88,004		$              82,312		$            263,999		$            246,533
	Dividend payout ratio (as % of Nareit FFO)			51.1 %		51.7 %		51.3 %		50.7 %
(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
			9/30/2025		9/30/2024		Change		9/30/2025		9/30/2024		Change
	Same Property NOI Analysis
	Number of properties		341		341		- %		339		339		- %
	Percent billed		90.4 %		91.9 %		(1.5) %		90.3 %		91.9 %		(1.6) %
	Percent leased		94.4 %		95.8 %		(1.4) %		94.4 %		95.7 %		(1.3) %
	Revenues
		Base rent	$            228,765		$            222,820				$            680,044		$            657,007
		Expense reimbursements	72,329		70,718				218,723		205,288
		Revenues deemed uncollectible	(2,891)		(4,611)				(7,406)		(5,691)
		Ancillary and other rental income / Other revenues	7,995		5,950				22,525		17,608
		Percentage rents	1,124		1,243				7,602		7,727
			307,322		296,120		3.8 %		921,488		881,939		4.5 %
	Operating expenses
		Operating costs	(35,638)		(34,745)				(110,238)		(105,042)
		Real estate taxes	(42,556)		(41,057)				(126,331)		(115,399)
			(78,194)		(75,802)		3.2 %		(236,569)		(220,441)		7.3 %
	Same property NOI		$            229,128		$            220,318		4.0 %		$            684,919		$            661,498		3.5 %
	NOI margin		74.6 %		74.4 %				74.3 %		75.0 %
	Expense recovery ratio		92.5 %		93.3 %				92.5 %		93.1 %
	Percent Contribution to Same Property NOI Performance:
			Change		Percent Contribution				Change		Percent Contribution
		Base Rent	$                5,945		2.7 %				$              23,037		3.5 %
		Revenues deemed uncollectible	1,720		0.8 %				(1,715)		(0.3) %
		Net expense reimbursements	(781)		(0.4) %				(2,693)		(0.4) %
		Ancillary and other rental income / Other revenues	2,045		0.9 %				4,917		0.7 %
		Percentage rents	(119)		(0.0) %				(125)		(0.0) %
					4.0 %						3.5 %
	Reconciliation of Net income attributable to Brixmor Property Group Inc. to Same Property NOI
	Net income attributable to Brixmor Property Group Inc.		$              94,235		$              96,840				$            249,103		$            255,870
	Adjustments:
		Non-same property NOI	(11,945)		(9,977)				(36,479)		(32,464)
		Lease termination fees	(600)		(1,201)				(6,063)		(2,550)
		Straight-line rental income, net	(9,858)		(8,133)				(27,120)		(23,669)
		Accretion of below-market leases, net of amortization of above-market leases and tenant inducements	(5,124)		(1,701)				(11,813)		(5,235)
		Straight-line ground rent expense, net	158		(8)				433		(19)
		Depreciation and amortization	103,234		94,829				312,108		278,065
		Impairment of real estate assets	16,075		5,863				16,075		11,143
		General and administrative	26,772		30,250				84,038		88,430
		Total other expense	16,174		13,556				104,615		91,927
		Net income attributable to non-controlling interests	7		-				22		-
	Same Property NOI		$            229,128		$            220,318				$            684,919		$            661,498

 

EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT
Unaudited, dollars in thousands
			Three Months Ended				Nine Months Ended
			9/30/2025		9/30/2024		9/30/2025		9/30/2024
	Net income		$                 94,242		$                 96,840		$               249,125		$               255,870
		Interest expense	56,680		55,410		165,173		160,553
		Federal and state taxes	653		616		2,113		1,982
		Depreciation and amortization	103,234		94,829		312,108		278,065
	EBITDA		254,809		247,695		728,519		696,470
		Gain on sale of real estate assets	(40,018)		(37,018)		(58,843)		(53,974)
		Impairment of real estate assets	16,075		5,863		16,075		11,143
	EBITDAre		$               230,866		$               216,540		$               685,751		$               653,639
	EBITDAre		$               230,866		$               216,540		$               685,751		$               653,639
		(Gain) Loss on extinguishment of debt, net	-		(273)		296		(554)
		Transaction expenses, net	-		73		22		131
		Total adjustments	-		(200)		318		(423)
	Adjusted EBITDA		$               230,866		$               216,340		$               686,069		$               653,216
	Adjusted EBITDA		$               230,866		$               216,340		$               686,069		$               653,216
		Straight-line rental income, net	(9,858)		(8,133)		(27,120)		(23,669)
		Accretion of below-market leases, net of amortization of above-market leases and tenant inducements	(5,124)		(1,701)		(11,813)		(5,235)
		Straight-line ground rent expense, net (1)	158		(8)		433		(19)
		Total adjustments	(14,824)		(9,842)		(38,500)		(28,923)
	Cash Adjusted EBITDA		$               216,042		$               206,498		$               647,569		$               624,293
(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
			9/30/2025
	Debt obligations, net		$            5,493,420
	Less: Net unamortized premium		(10,941)
	Add: Deferred financing fees		35,974
	Less: Cash, cash equivalents and restricted cash		(376,506)
	Net Principal Debt		$            5,141,947
	Adjusted EBITDA, current quarter annualized		$               923,464
	Net Principal Debt to Adjusted EBITDA, current quarter annualized		5.6x
	Adjusted EBITDA, trailing twelve months		$               905,663
	Net Principal Debt to Adjusted EBITDA, trailing twelve months		5.7x

 

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SOURCE Brixmor Property Group Inc.

FAQ

What did BRX report for Nareit FFO in Q3 2025?

Brixmor reported Nareit FFO of $172.3 million, or $0.56 per diluted share for Q3 2025.

How much did BRX increase its dividend and when is it payable?

The Board raised the quarterly dividend by 7.0% to $0.3075 per share, payable January 15, 2026 to holders of record January 5, 2026.

What guidance did BRX provide for 2025 Nareit FFO per diluted share (BRX)?

Brixmor updated 2025 Nareit FFO guidance to $2.23–$2.25 per diluted share.

What was Brixmor’s same property NOI growth for Q3 2025?

Same property NOI increased by 4.0% for the quarter ended September 30, 2025 versus the prior year period.

What material acquisitions or dispositions did BRX complete in Q3 2025?

Brixmor completed a $223.0 million acquisition (LaCenterra at Cinco Ranch) and generated $81.2 million in gross disposition proceeds in Q3 2025.

How did BRX change its capital structure in Q3 2025?

The company issued $400.0 million of 4.850% Senior Notes due 2033 and reported approximately $1.6 billion in liquidity at September 30, 2025.