Brixmor beats Q2 revenue estimates, raises 2025 FFO guidance

Overview

• Brixmor Q2 net income rises to $85.1 mln, $0.28/share from $0.23 last yr

• Q2 revenue of $339.49 mln beats analyst expectations, per LSEG data

• Co updates 2025 Nareit FFO guidance to $2.22-$2.25/share, raises NOI growth forecast

Outlook

• Brixmor updates 2025 Nareit FFO guidance to $2.22-$2.25 per share

• Company revises 2025 same property NOI growth to 3.90%-4.30%

• Brixmor expects uncollectible revenues to be 75-110 bps of 2025 total revenues

Result Drivers

• RECORD OCCUPANCY - Achieved record small shop occupancy of 91.2%, indicating strong demand

• LEASE SPREADS - Executed leases with rent spreads of 24.2% on comparable space, reflecting effective leasing strategies

• NOI GROWTH - Reported 3.8% increase in same property NOI, driven by base rent contributions

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for Brixmor Property Group Inc is $29.50, about 13.1% above its July 25 closing price of $25.63

• The stock recently traded at 28 times the next 12-month earnings vs. a P/E of 28 three months ago

Press Release: ID:nPn4Wf7M0a