Brixmor reports record occupancy and stable financials

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Brixmor reports record occupancy and stable financials
Credit: © Reuters.

NEW YORK - Brixmor Property Group Inc. (NYSE: NYSE: BRX ), a real estate investment trust (REIT), announced its operating results for the quarter and full year ending December 31, 2023. The company saw a record total leased occupancy of 94.7% and a small shop leased occupancy of 90.3%.

For the quarter ending December 31, 2023, Brixmor executed 1.7 million square feet of new and renewal leases, with a 19.6% rent spread on comparable space. The company also reported an increase in same property Net Operating Income (NOI) of 3.1% compared to the same period in 2022. Net income for the quarter was $0.24 per diluted share, down from $0.35 per diluted share in the corresponding quarter of the previous year.

For the full year, Brixmor's net income was $1.01 per diluted share, a decrease from $1.17 per diluted share in 2022. The company executed 6.3 million square feet of leases with a 19.3% rent spread on comparable space, including 3.0 million square feet of new leases. The full-year same property NOI increased by 4.0%.

The company's Nareit Funds From Operations (FFO) for the quarter was $154.7 million, or $0.51 per diluted share, and $615.6 million, or $2.04 per diluted share for the full year. These figures represent increases from the previous year's FFO of $147.0 million and $588.9 million, respectively.

Brixmor also reported on its capital structure, noting that its Operating Partnership repurchased $199.6 million of its 3.650% Senior Notes due 2024 using proceeds from a $200.0 million delayed draw term loan.

Looking forward, Brixmor provided 2024 Nareit FFO per diluted share expectations of $2.06 - $2.10 and same property NOI growth expectations of 2.50% - 3.50%.

The company's Board of Directors declared a quarterly cash dividend of $0.2725 per common share for the first quarter of 2024, payable on April 15, 2024, to stockholders of record on April 2, 2024.

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