BRX

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Brixmor Property Group (BRX) has drawn fresh attention after reporting second quarter 2026 earnings and affirming its quarterly dividend, giving investors new information on both cash generation and income potential from the stock. See our latest analysis for Brixmor Property Group. Brixmor Property Group's recent earnings, dividend affirmation and previously announced but unused buyback program come against a backdrop of a 21.96% year to date share price return and a 24.45% total shareholder return over the past year. This suggests momentum has been building rather than fading. If recent income news around Brixmor Property Group has you reassessing your watchlist, it could be a good time to scan other real estate and infrastructure beneficiaries using the 34 power grid technology and infrastructure stocks Brixmor Property Group appears to be a solid income REIT based on recent numbers and guidance. However, the stock has already delivered strong multi year returns. The key question for investors is whether that quality is now fully reflected in the current price. Brixmor Property Group's latest fair value narrative puts the stock at $34.28 per share compared with a last close of $31.66, framing the current debate around a modest valuation gap and how durable its cash flows may be. Read the complete narrative. Want to see what supports that higher fair value for Brixmor Property Group. The narrative leans on steady revenue growth, tighter margins and a richer future earnings multiple. Curious how those moving pieces combine into that $34.28 figure and what kind of cash flow profile it assumes. The full narrative sets out the playbook in detail. Result: Fair Value of $34.28 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Brixmor Property Group narrative can break if tenant disruption or higher redevelopment costs hit occupancy, put pressure on margins and weaken support for the current valuation case. Find out about the key risks to this Brixmor Property Group narrative. Balancing risks and rewards around Brixmor Property Group can feel finely poised, so it helps to move quickly and weigh the evidence yourself using the 3 key rewards and 4 important warning signs. If you like the cash flow story at Brixmor Property Group, do not stop here. The right watchlist often starts with a few clear, well researched ideas. Target income-focused opportunities by checking out companies that currently stand out as potential 9 dividend fortresses. Spot potential value candidates early by scanning a curated set of screener containing 21 high quality undiscovered gems. Prioritise resilience in uncertain markets by reviewing 85 resilient stocks with low risk scores that could help steady your portfolio. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BRX. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Brixmor Property Group Inc.? Here are five stocks we like better. Brixmor reported solid second-quarter performance, including 5.8% same-property NOI growth, $0.58 in Nareit FFO per share, record small-shop occupancy of 92.6%, and a record $71 million signed-but-not-yet-commenced rent pipeline. The company raised its 2026 guidance, now expecting same-property NOI growth of 5%–5.75% and FFO of $2.35–$2.37 per share, supported by strong leasing spreads, tenant demand and improved collections. Brixmor is expanding through reinvestment and selective acquisitions, with nearly $350 million of active projects, a $700 million-plus future pipeline and four grocery-anchored properties acquired for $164 million; leverage ended the quarter at 5.3 times with $1.5 billion of liquidity. Brixmor Property Group (NYSE:BRX) reported second-quarter results marked by 5.8% same-property net operating income growth, record small-shop occupancy and a record pipeline of signed leases that have not yet commenced. The shopping center REIT raised its 2026 outlook for same-property NOI and funds from operations, citing tenant demand, lease commencements and portfolio reinvestment activity. Chief Executive Officer and President Brian Finnegan opened the call by recognizing the death of Jim Taylor, describing his impact on Brixmor and its culture as significant. Finnegan said Taylor's values of “humility, integrity, and purpose” remain embedded in the company. → Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit For the quarter, Brixmor generated Nareit FFO of $0.58 per share. The company said results benefited from underlying property performance but were partly offset by lower non-cash rental income from straight-line rent reversals associated with the bankruptcies of Wren Kitchens and Painted Tree Boutiques. Finnegan said the company executed 1.4 million square feet of new and renewal leases during the quarter at a blended cash leasing spread of 19%. New leases carried cash spreads of 31%, while renewals produced 16% spreads. He said new-lease spreads have remained above 30% for three years and renewals have continued in the mid-teens. → This Tiny AI Supplier Could Be More Important Than the Chipmakers The company also reported record embedded rent growth of 2.8% across new and renewal leases. Brixmor added retailers including Sierra, HomeSense, Barnes & Noble, Ross Dress for Less and Trader Joe’s, while demand from restaurant, service, health and wellness tenants helped small-shop occupancy reach a record level. Total leased occupancy ended the quarter at 94.8%, down 30 basis points sequentially. Finnegan said the decline was expected and reflected proactive tenant move-outs at redevelopment properties as well as recaptures of Wren Kitchens and Painted Tree boxes. He said Brixmor had already leased six of the eight recaptured boxes at spreads exceeding 40%, with the related income expected to begin coming online in 2027. → 2 Stocks Built to Thrive If Inflation Refuses to Fade Small-shop occupancy reached 92.6%, and management said it expects occupancy to return to a growth trajectory in the second half of 2026. The company’s signed-but-not-yet-commenced, or SNOC, pipeline rose to a record $71 million of annualized base rent. Chief Financial Officer Steve Gallagher said approximately $29 million of rent is expected to commence during the second half of 2026, while nearly $37 million is expected to begin in 2027, before additional leasing activity during the remainder of this year. Brixmor increased its full-year expectations for same-property NOI growth to between 5% and 5.75% and raised FFO guidance to a range of $2.35 to $2.37 per share. Gallagher said the increased outlook primarily reflected improved expectations for revenues deemed uncollectible, now projected at 60 to 85 basis points of total revenue. Same-property NOI growth in the second quarter was driven by a 440-basis-point contribution from base rent, according to Gallagher. He also cited favorable collections, expense recoveries and tenant performance. Management said expected second-half NOI comparisons include a headwind from unusually strong ancillary and other income in the fourth quarter of 2025. Responding to analyst questions about the difference between NOI growth and FFO growth, Gallagher said a roughly $3 million straight-line rent charge related to boxes recaptured during the quarter created the principal disconnect. He said the company expects non-cash rental income to return to its normal run rate for the remainder of the year. Brixmor ended the quarter with nearly $350 million of active reinvestment projects expected to produce a 10% incremental yield, alongside a future reinvestment pipeline exceeding $700 million. The company added eight projects to the active pipeline during the quarter, including redevelopments at Morris Hills in northern New Jersey, South Towne Centre in Dayton, Ohio, and Market Plaza in suburban Dallas. The company also added four outparcel developments during the quarter, bringing first-half additions to a record 10 projects with an average expected incremental return of 16%. Finnegan said Brixmor expects several years of annual reinvestment activity ranging from $150 million to $200 million, although activity in 2026 will likely be toward the lower end of that range. During the quarter, Brixmor acquired four predominantly grocery-anchored properties for $164 million: Mayfair Shopping Center on Long Island; Jones Crossing in College Station, Texas; Vintage Marketplace in Houston; and Stanford Station in Panama City, Florida. Executive Vice President and Chief Investment Officer Mark Horgan said the acquisitions had a blended cap rate in the low-6% range. Horgan said the properties were acquired in markets where Brixmor already operates and can pursue rent mark-to-market opportunities, redevelopment and densification. Jones Crossing includes outparcel development potential near an H-E-B grocery store, while Mayfair and Jones Crossing were added to the company’s future redevelopment pipeline. Mayfair also marked Brixmor’s first use of operating partnership units as partial acquisition consideration. Horgan said the transaction was structured as a convertible preferred security, with a conversion rate above the level at which the company would have issued common equity when the deal was negotiated. He said Brixmor is in active discussions with other potential sellers regarding similar structures, though such transactions can take time to complete. S&P revised Brixmor’s outlook to positive during the quarter, which Gallagher said reflected balance-sheet and portfolio improvements tied to the company’s value-add strategy. Brixmor repaid a $600 million June maturity and issued $400 million of 5.375% senior notes. After settling a forward hedge at 3.99%, the company said the notes carried an effective yield of about 5.22%. The company ended the quarter with leverage of 5.3 times on a quarter-annualized basis and $1.5 billion of liquidity, including $115 million of unsettled forward at-the-market equity issuance. Management said Brixmor has no material debt maturities until March 2027. Finnegan said reinvestment remains the company’s first capital-allocation priority, with acquisitions pursued selectively through relationship-driven sourcing. He added that future acquisitions are expected to be funded primarily through normal-course capital recycling, including sales of assets where management believes NOI growth has been maximized. Brixmor Property Group is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of open-air shopping centers across the United States. The company acquires and leases retail properties that feature everyday, necessity-based tenants such as grocery stores, discount retailers, and service providers. Brixmor's core strategy centers on generating stable, long-term income streams through tenant relationships and targeted property enhancements. The company's main business activities include proactive leasing, property upkeep and capital improvement projects designed to maximize occupancy and tenant satisfaction. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Brixmor Property Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Same Property NOI Growth: 5.8% increase. FFO per Share: $0.58. Total Leased Occupancy: 94.8%, down 30 basis points sequentially. New and Renewal Leases: 1.4 million square feet executed at a blended cash spread of 19%. New Lease Spreads: 31%. Renewal Spreads: 16%. Embedded Rent Growth: 2.8% across new and renewal leases. Signed but Not Yet Commenced Pipeline: $71 million of annualized base rent. Active Reinvestments: Nearly $350 million at an expected 10% incremental yield. Future Reinvestment Pipeline: Exceeds $700 million. Strategic Acquisitions: Four acquisitions totaling $164 million. FFO Guidance: $2.35 to $2.37 per share. Same Property NOI Growth Guidance: 5% to 5.75%. Leverage: 5.3 times on a quarter annualized basis. Liquidity: $1.5 billion, including $115 million of unsettled forward ATM issuance. Warning! GuruFocus has detected 9 Warning Signs with BRX. Is BRX fairly valued? Test your thesis with our free DCF calculator. Release Date: July 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Brixmor Property Group Inc (NYSE:BRX) reported a strong quarter with 5.8% same property NOI growth and $0.58 per share of FFO. The company achieved record small shop occupancy and a record signed but not yet commenced pipeline, indicating strong future growth potential. Leasing activity was robust, with 1.4 million square feet of new and renewal leases executed at a blended cash spread of 19%. Brixmor Property Group Inc (NYSE:BRX) increased its 2026 expectations for both same property NOI growth and FFO, reflecting confidence in its operating platform. The company completed strategic acquisitions totaling $164 million, including high-quality, grocery-anchored assets, enhancing its portfolio and growth prospects. Total leased occupancy decreased by 30 basis points sequentially due to proactive move-outs and recaptures, although this was anticipated. The company experienced a $3 million charge in straight-line reversals due to tenant bankruptcies, impacting FFO growth. Despite strong same property NOI growth, the updated FFO guidance did not reflect a corresponding increase, partly due to non-cash rental income adjustments. The acquisition environment remains competitive, with significant private capital interest in open-air retail, potentially impacting future acquisition opportunities. The company faces challenges in maintaining occupancy levels due to proactive recaptures and redevelopment activities, which could affect near-term earnings. Q: Occupancy was down sequentially in the second quarter. Was the decline in line with expectations, and what is the outlook for occupancy recovery? A: Brian Finnegan, CEO, confirmed the decline was expected due to proactive move-outs at redevelopment assets. The company anticipates occupancy growth in the back half of the year, with strong leasing activity already underway for recaptured spaces. Q: Why isn't the strong same property NOI growth translating into better FFO growth in the updated guidance? A: Steven Gallagher, CFO, explained that the disconnect is due to a $3 million charge related to straight-line reversals from tenant bankruptcies. The underlying portfolio performance remains strong, and the company is focused on ensuring top-line growth translates to FFO growth. Q: Can you provide details on the acquisitions made during the quarter and the current acquisition environment? A: Mark Horgan, CIO, stated that acquisitions were made at a blended cap rate of low 6%, with significant redevelopment opportunities. The acquisition pipeline remains strong, driven by long-term relationship building, and the company is not directly competing with capital focused on core-like assets. Q: How should we think about the reinvestment pipeline and potential returns as rents climb and supply remains limited? A: Brian Finnegan, CEO, indicated a consistent movement from the future pipeline to the active pipeline, with expected high-single to low-double-digit returns. The company plans to maintain a steady cadence of reinvestment projects, supported by external opportunities to refuel the pipeline. Q: What is the outlook for rent spreads given the low rent basis and recent trends? A: Brian Finnegan, CEO, highlighted that despite rising ABR, new leases are being signed at significantly higher rates, with new lease growth over 30% and renewal growth in the mid-teens. The company continues to see strong rent growth potential across the portfolio. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Delivered 5.8% same-property NOI growth driven by strong base rent contributions and favorable tenant collections across the portfolio. Achieved record small shop occupancy of 92.6%, reflecting the improved quality of the portfolio and follow-on demand from reinvestment activities. Maintained high leasing productivity with new lease spreads exceeding 30% for three consecutive years, supported by limited new supply and high retailer demand. Expanded the 'signed but not yet commenced' (SBNYC) pipeline to a record $71 million, providing a clear bridge to future NOI and earnings growth. Utilized OP units as acquisition currency for the first time at Mayfair Shopping Center, providing a new tool for relationship-driven external growth with private owners. Proactively recaptured anchor boxes at redevelopment assets, already releasing 6 of 8 spaces at spreads exceeding 40% to upgrade merchandising mix. Increased 2026 same-property NOI guidance to 5.0%–5.75% based on strong first-half execution and improved expectations for uncollectible revenue. Anticipates a significant portion of the current SBNYC pipeline will commence in 2027 and beyond, ensuring long-term earnings visibility. Plans to maintain a steady reinvestment cadence of $150 million to $200 million annually, targeting high-return internal growth in existing assets. Expects occupancy to return to a growth trajectory in the second half of the year following planned sequential declines due to redevelopment recaptures. Assumes revenue deemed uncollectible will range between 60 to 85 basis points for the full year, reflecting a highly stable and healthy tenant base. Reported a $3 million non-cash charge in straight-line rental income due to reversals associated with the Painted Tree and Rem Kitchens bankruptcies. Successfully addressed near-term maturities by issuing $400 million of senior notes with an effective yield of 5.22%, leaving no material maturities until March 2027. S&P revised the company's outlook to positive, citing balance sheet improvements and the successful execution of the value-add business plan. Acknowledged the passing of former leader Jim Taylor, emphasizing that the company's core values and culture remain deeply embedded during the leadership transition. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the sequential occupancy dip was expected due to proactive recaptures for redevelopment in Northern New Jersey and Orlando. The company expects to return to an occupancy growth trajectory in the second half of the year, with significant income from new anchors starting in 2027. The Mayfair acquisition used a convertible preferred structure, which management noted was accretive on day one and priced above where straight equity would have been issued. OP units are viewed as a critical tool for sourcing deals from private families who have long-held assets, providing another acquisition currency to build relationships and secure off-market transactions. Management argued that despite rising ABR, the portfolio still has significant upside as expiring anchor rents at $11 are being replaced by new leases in the mid-20s. Embedded rent growth reached a record 2.8% this quarter, providing contractual growth at no additional capital cost to the company. Brixmor is seeing more private capital entering the space, but management believes their platform's focus on complex redevelopments differentiates them from core-seeking buyers. The company is under hard contract for a $50 million asset in Southern California and expects transaction activity to remain lumpy and relationship-driven.

NEW YORK, July 27, 2026 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and six months ended June 30, 2026. For the three months ended June 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.24 per diluted share and $0.28 per diluted share, respectively, and for the six months ended June 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.65 per diluted share and $0.50 per diluted share, respectively. Key highlights for the three months ended June 30, 2026 include: Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 19.1%, including new lease rent spreads on comparable space of 31.3% and renewal lease rent spreads on comparable space of 15.5% Realized total leased occupancy of 94.8%, anchor leased occupancy of 95.9%, and record small shop leased occupancy of 92.6% Reported an increase in same property NOI of 5.8%, including a contribution from base rent of 440 basis points Reported Nareit FFO of $178.6 million, or $0.58 per diluted share Stabilized $5.4 million of reinvestment projects at an average incremental NOI yield of 11%, with the in process reinvestment pipeline totaling $347.8 million at an expected average incremental NOI yield of 10% Completed $164.3 million of acquisitions and $15.1 million of dispositions Issued $400.0 million of 5.375% Senior Notes due 2036 Received a positive credit rating outlook from S&P Global Ratings Published the Company's annual Corporate Responsibility Report on June 18, 2026 (view the 2025 report at https://www.brixmor.com/corporate-responsibility) Subsequent events: Updated previously provided Nareit FFO per diluted share expectations for 2026 to $2.35 - $2.37 from $2.34 - $2.37 and same property NOI growth expectations for 2026 to 5.00% - 5.75% from 4.75% - 5.50% "Our team continued to execute at a high level during the second quarter, delivering strong leasing spreads, record small shop occupancy, and a record signed but not yet commenced rent pipeline," commented Brian T. Finnegan, Chief Executive Officer and President. "The embedded growth within our portfolio, combined with the momentum from our reinvestment program and recent acquisitions, provides outstanding visibility into future earnings growth and underpins our increased outlook for 2026." FINANCIAL HIGHLIGHTS The following table summarizes the Company's net income attributable to Brixmor Property Group Inc. and Nareit FFO: Same Property NOI Performance For the three months ended June 30, 2026, the Company reported an increase in same property NOI of 5.8% versus the comparable 2025 period. For the six months ended June 30, 2026, the Company reported an increase in same property NOI of 6.1% versus the comparable 2025 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). The dividend is payable on October 15, 2026 to stockholders of record on October 2, 2026. PORTFOLIO AND INVESTMENT ACTIVITY Value Enhancing Reinvestment Opportunities During the three months ended June 30, 2026, the Company stabilized three value enhancing reinvestment projects with a total aggregate net cost of approximately $5.4 million at an average incremental NOI yield of 11% and added eight new reinvestment projects to its in process pipeline with a total aggregate net estimated cost of approximately $47.8 million at an expected average incremental NOI yield of 11%. The following table summarizes the Company's in process reinvestment pipeline as of June 30, 2026: Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor. Acquisitions As previously announced, during the three and six months ended June 30, 2026, the Company acquired four shopping centers for a combined purchase price of $164.3 million, including: Dispositions During the three months ended June 30, 2026, the Company generated approximately $15.1 million of gross proceeds from the disposition of two shopping centers. During the six months ended June 30, 2026, the Company generated approximately $123.0 million of gross proceeds from the disposition of six shopping centers. CAPITAL STRUCTURE On May 5, 2026, the Company's Operating Partnership issued $400.0 million aggregate principal amount of 5.375% Senior Notes due 2036. Proceeds were utilized to repay a portion of the $600.0 million 4.125% Senior Notes due 2026, which were fully repaid during the quarter. At June 30, 2026, the Company had $1.5 billion in liquidity. At June 30, 2026, the Company's net principal debt to adjusted EBITDA, current quarter annualized was 5.3x and net principal debt to adjusted EBITDA, trailing twelve months was 5.4x. GUIDANCE The Company has updated its previously provided Nareit FFO per diluted share expectations for 2026 to $2.35 - $2.37 from $2.34 - $2.37 and its same property NOI growth expectations for 2026 to 5.00% - 5.75% from 4.75% - 5.50%. 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: CONNECT WITH BRIXMOR For additional information, please visit https://www.brixmor.com; Follow Brixmor on: CONFERENCE CALL AND SUPPLEMENTAL INFORMATIONThe Company will host a teleconference on Tuesday, July 28, 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 August 11, 2026 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13760501) or via the web through July 28, 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 [email protected] or 800.468.7526. NON-GAAP PERFORMANCE MEASURESThe 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 NOISame 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 monthsNet 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 GROUPBrixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 346 retail centers comprise approximately 63 million square feet of prime retail space in established trade areas. 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 LANGUAGEThis 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, 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 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 (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; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; and (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. 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/brixmor-property-group-second-quarter-results-demonstrate-continued-operational-strength-with-record-small-shop-occupancy-and-record-signed-but-not-yet-commenced-rent-further-increases-2026-outlook-302835350.html

NEW YORK, July 1, 2026 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today investment activity for the three and six months ended June 30, 2026. This activity reflects Brixmor's disciplined strategy of clustering its portfolio in attractive markets where the Company can leverage its platform to deliver long-term value and earnings growth, while harvesting assets where value has been maximized. "We've remained focused on putting capital to work in markets we know best, buying assets where we have conviction in both near-term opportunity and long-term upside," commented Mark T. Horgan, Executive Vice President and Chief Investment Officer. "These acquisitions build on our clustering strategy and provide us additional pathways to create value over time through leasing, reinvestment, and densification. Notably, the Mayfair Shopping Center transaction was a milestone for the Company as we issued OP units to fund an acquisition for the first time in our history, expanding our capital toolkit in a meaningful way." INVESTMENT ACTIVITY Acquisitions During the three and six months ended June 30, 2026, the Company acquired four shopping centers for a combined purchase price of $164.3 including: Dispositions During the three months ended June 30, 2026, the Company generated approximately $15.1 million of gross proceeds on the disposition of two shopping centers. During the six months ended June 30, 2026, the Company generated approximately $123.0 million of gross proceeds on the disposition of six shopping centers. CONNECT WITH BRIXMOR For additional information, please visit https://www.brixmor.com; Follow Brixmor on: ABOUT BRIXMOR PROPERTY GROUP Brixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 344 retail centers comprise approximately 62 million square feet of prime retail space in established trade areas. 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, 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 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 (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; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; and (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. 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/brixmor-property-group-reports-second-quarter-investment-activity-including-164-million-of-acquisitions-302816032.html

NEW YORK, June 8, 2026 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) today announced that it will release its 2026 second quarter earnings on Monday, July 27, 2026 after the market close. Brixmor will host a teleconference on Tuesday, July 28, 2026 at 10:00 AM ET. Event: Brixmor Property Group's Second Quarter Earnings Results When: 10:00 AM ET, Tuesday, July 28, 2026 Live Webcast: Brixmor 2Q 2026 Earnings Call under the Investors tab at https://www.brixmor.com Dial #: 1.877.704.4453 (International: 1.201.389.0920) A replay of the webcast will be available on the Brixmor website at https://www.brixmor.com. A replay of the call can be accessed until midnight ET on Tuesday, August 11, 2026 by dialing 1.844.512.2921 (International: 1.412.317.6671); Passcode: 13760501. Connect With Brixmor For additional information, please visit https://www.brixmor.com; Follow Brixmor on: ABOUT BRIXMOR PROPERTY GROUPBrixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 344 retail centers comprise approximately 62 million square feet of prime retail space in established trade areas. 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 LANGUAGEThe presentation referenced in this 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, 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, 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 (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; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; and (10) risks related to 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. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our periodic filings. The forward-looking statements speak only as of the date of this presentation, 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/brixmor-property-group-announces-second-quarter-2026-earnings-release-and-teleconference-dates-302794307.html

This article first appeared on GuruFocus. Same-Property NOI Growth: Increased by 6.4% year over year. FFO per Share: Reported at $0.58 for the first quarter. Leasing Activity: Executed 1.3 million square feet of new and renewal leases with a blended cash spread of 27%. Total Lease Occupancy: Ended the quarter at 95.1%, up 100 basis points year over year. Small Shop Occupancy: Reached 92.1%, up 130 basis points year over year. Signed but Not Commenced Pipeline: Valued at $67 million, up 10% year over year. Reinvestment Pipeline: Active pipeline at $302 million with a 10% average incremental return. Asset Dispositions: Disposed of $108 million of assets. Equity Raised: $116 million through forward ATM. Debt-to-EBITDA: Stands at 5.3 times. Available Liquidity: $1.8 billion, including $425 million in cash. Revised FFO Guidance: Increased to $2.34 to $2.37 per share. Revised Same-Property NOI Growth Guidance: Increased to 4.75% to 5.5%. Warning! GuruFocus has detected 10 Warning Signs with BRX. Is BRX fairly valued? Test your thesis with our free DCF calculator. Release Date: April 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Brixmor Property Group Inc (NYSE:BRX) reported a strong start to 2026 with a 6.4% increase in same-property NOI and $0.58 per share in FFO, reflecting positive momentum. Leasing demand remains high, with 1.3 million square feet of new and renewal leases executed at a blended cash spread of 27%, including a record 42% spread on new leases. The company has a robust reinvestment pipeline, with $302 million in active projects and a 10% average incremental return, providing visibility into future cash flow growth. Brixmor Property Group Inc (NYSE:BRX) has a strong balance sheet with $1.8 billion in available liquidity, including $425 million in cash, supporting its capital recycling strategy. The underlying credit quality of the tenant base is the strongest in the company's history, with positive trends in rent collections and low delinquency rates. Brixmor Property Group Inc (NYSE:BRX) anticipates occupancy headwinds in the second quarter due to expected box recaptures, which may impact growth trajectory. The competitive acquisition market, with new capital inflows, is compressing cap rates, potentially affecting the company's ability to acquire assets at favorable prices. Leasing CapEx increased by 30% year over year, which may indicate higher costs associated with recent backfilling and anchor lease spreads. Despite strong fundamentals, geopolitical tensions and capital markets volatility present risks that could impact future performance. The company did not acquire any assets during the first quarter, which may limit immediate growth opportunities despite having $160 million of assets under control. Q: Can you quantify the expected headwind to occupancy in the second quarter and how the signed but not commenced (SNC) pipeline will progress throughout the year? A: Brian Finnegan, CEO, mentioned that the occupancy headwind is expected to be modest and within the improved guidance range. The company anticipates returning to a growth trajectory in the second half of the year. Steven Gallagher, CFO, added that the SNC pipeline is expected to commence ratably, with significant leases coming on in 2027, including a large pipeline with Publix. Q: What are the current opportunities in the acquisition environment, and how is competition affecting pricing? A: Brian Finnegan, CEO, noted that the market is competitive but promising. Mark Horgan, CIO, explained that new capital is compressing cap rates across asset types, with the tightest compression in smaller grocery-anchored deals. Brixmor remains disciplined, focusing on assets where they can drive long-term IRR growth in the 9% to 10% range. Q: How are consumers and retailers coping with inflation and energy price spikes, and what impact does this have on leasing? A: Brian Finnegan, CEO, stated that consumers are adapting by seeking value, benefiting grocers and off-price retailers. Retailers are better positioned with more data to adapt to consumer trends. Despite economic challenges, leasing activity remains strong, with two-thirds of leasing occurring after recent geopolitical conflicts began. Q: Can you discuss the decision to issue equity in the quarter and your interest in issuing additional equity at current prices? A: Brian Finnegan, CEO, explained that the equity issuance was opportunistic, taken during a favorable window to support the growing acquisition pipeline. Steven Gallagher, CFO, emphasized that the company remains disciplined with equity issuance, focusing on long-term funding and maintaining a comfortable leverage level. Q: What is driving the increase in leasing CapEx, and should we expect it to remain elevated? A: Brian Finnegan, CEO, attributed the increase to the nature of the leasing pool this quarter. Overall CapEx was down compared to the previous quarter, and the company expects CapEx as a percentage of NOI to align with decade lows. The focus remains on efficient leasing capital spend, with payback trends at decade lows. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Brixmor grew same-property NOI 6.4% YoY and reported Nareit FFO of $0.58 per share, and management raised 2026 guidance to same-property NOI 4.75–5.5% and FFO $2.34–2.37, citing strong grocery-anchored demand and traffic of over 220 million visits (+3.5% YoY). The company executed 1.3 million square feet of new and renewal leases at a blended cash spread of 27% (new 42%, renewals 21%), with total occupancy at 95.1% and small-shop occupancy at 92.1%; Brixmor expects modest Q2 occupancy headwinds from a few box recaptures but plans to backfill at higher rents. Brixmor stabilized $78 million of projects at a 9% average incremental return and has an active reinvestment pipeline of $302 million (10% average incremental return) plus $700 million of future opportunities, while ending the quarter with about $1.8 billion of available liquidity and a $200 million interest-rate hedge. Interested in Brixmor Property Group Inc.? Here are five stocks we like better. Brixmor Property Group (NYSE:BRX) reported first-quarter 2026 results that management said reflected strengthening demand for open-air, grocery-anchored retail and improving momentum across its portfolio. On the call, CEO and President Brian Finnegan said the company grew same-property net operating income (NOI) 6.4% year over year and delivered Nareit funds from operations (FFO) of $0.58 per share. Finnegan framed the quarter against what he described as a “period of heightened uncertainty,” citing geopolitical tensions and capital markets volatility. Even so, he said the operating backdrop for Brixmor’s property type remains “exceptionally strong,” supported by low new supply and retailer demand for well-located physical stores. → Pipelines and Automation: 2 Energy Plays Built for Any Oil Price Finnegan said consumer traffic at Brixmor centers exceeded 220 million visits during the quarter, up more than 3.5% year over year. He also pointed to continued leasing strength, with the company executing 1.3 million square feet of new and renewal leases at a blended cash spread of 27%. New lease cash spreads: 42% Renewal cash spreads: 21% (which Finnegan called record renewal growth) Total lease occupancy: 95.1% (flat sequentially, up 100 basis points year over year) Small shop occupancy: 92.1% (up 130 basis points year over year) Finnegan said the tenant roster added first-in-portfolio locations with brands including Pottery Barn, Williams-Sonoma, L.L.Bean, Rowan, and Teso Life, alongside continued growth with off-price, health and wellness, and quick-service restaurant tenants. → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank Management acknowledged near-term noise in occupancy. Finnegan said the company expects “overall occupancy headwinds in the second quarter due to a handful of anticipated box recaptures,” but expects to return to an occupancy growth trajectory in the second half of the year. In response to questions, he characterized the impact as “modest” and said the company expects to backfill the space with “better tenants” at “much higher rents,” noting that Brixmor is “well below peak occupancy.” Chief Financial Officer Steve Gallagher said Brixmor’s signed-but-not-commenced (SNO) pipeline ended the quarter at $67 million, up 10% year over year. Gallagher added that the pipeline was at a record $24 per square foot and stood $25 above in-place average base rent (ABR) per square foot. He also said the quarter ended with a 370 basis point spread between leased and built occupancy. → Meta Platforms Earnings Preview: What to Watch in Q1 2026 Report Gallagher said the company anticipates approximately $38 million of the signed-but-not-commenced ABR to commence “ratably throughout 2026.” However, he also cautioned that the leased-versus-built spread could remain wide as the team continues to backfill and commence rents, noting that some impactful leases in the SNO pipeline are expected to begin in 2027, including what he described as one of the company’s largest pipelines with Publix. Finnegan emphasized reinvestment as a core driver of value creation, saying the company stabilized $78 million of projects at a 9% average incremental return in the first quarter. He highlighted two projects he called transformational: the opening of Brixmor’s first large-format Target at Wynnewood Village in South Dallas, Texas, and Phase I of Block 59 in suburban Chicago. He said both were well received in their markets, with additional phases planned. The company also commenced Phase III of its Roosevelt Mall redevelopment in Philadelphia, which Finnegan said will densify the site with operators such as Ulta, Shake Shack, and Victoria’s Secret. Finnegan also highlighted outparcel development as an area of focus, saying Brixmor added a record six new outparcel projects at a 16% incremental return during the quarter. He said communities have become increasingly supportive of converting underutilized parking fields into retail and restaurant uses. At quarter end, Finnegan said Brixmor’s active reinvestment pipeline totaled $302 million with a 10% average incremental return, alongside another $700 million of future pipeline opportunities, including at assets acquired over the last two years. On the transaction front, Finnegan said Brixmor disposed of $108 million of assets “where value had been maximized,” while making no acquisitions during the quarter. He said the company had more than $160 million of assets “under control” in high-growth markets and continues to underwrite additional opportunities. Both Finnegan and Executive Vice President and Chief Investment Officer Mark Horgan described a competitive acquisition environment. Horgan said new capital has been coming into open-air retail and compressing cap rates “across all asset types,” with the “tightest compression” on smaller grocery-anchored and smaller unanchored deals. He said some high-profile deals have been pushed into “the high-4s in certain cases” due to “low-priced capital.” Horgan said Brixmor aims to remain disciplined and focuses on deals where it can generate long-term unlevered internal rates of return in the 9% to 10% range through rent mark-to-market and redevelopment. Finnegan added that the company is “ahead of our underwriting” on the roughly $400 million acquired last year, which he said supports confidence as the company evaluates new opportunities. Gallagher said the company increased its 2026 same-property NOI growth guidance to 4.75% to 5.5% and raised FFO guidance to $2.34 to $2.37 per share. He attributed the guidance increase to “strength and visibility” in the same-property NOI trajectory. He said the company expects base rent contribution to growth to accelerate as the year progresses, supported by rent commencements, and continues to expect revenues deemed uncollectible of 75 to 100 basis points of total revenues. On the balance sheet, Gallagher said Brixmor raised $115 million of equity through its at-the-market program on a forward basis (Finnegan separately referenced $116 million raised through the forward ATM). Gallagher said the company also entered into a $200 million interest rate hedge at 3.99% ahead of a bond maturity in June, citing recent Treasury volatility. Gallagher said Brixmor ended the quarter with $1.8 billion of available liquidity, including $425 million in cash, $115 million of unsettled forward ATM proceeds, and $1.25 billion of revolving credit capacity. He added that debt to EBITDA was 5.3x, which he said reflects natural deleveraging driven by underlying cash flow growth while funding redevelopment and acquisition pipelines. In Q&A, Finnegan said Brixmor has the “strongest” tenant credit quality in the company’s history and said management has not seen delinquencies rising in small shop tenancy. Addressing bad debt, Gallagher said uncollectible revenues were 54 basis points of total revenues in the quarter and noted seasonality in the timing of reporting based on collections for certain tenants. Finnegan said move-outs were at historic lows last year and are down about 10% year to date on a gross leasable area basis, while bankruptcies were “cut in half” compared with the prior year’s level. Finnegan also discussed category exposure, noting that drugstores and office supply stores are expected to continue closing locations but represent low exposure for Brixmor. He said restaurant exposure is largely national and regional, with top restaurant tenants including Starbucks, Chipotle, and Darden. Asked about consumer resilience amid inflation and energy headlines, Finnegan said consumers are “adapting versus collapsing,” with value-seeking behavior benefiting grocers and off-price retailers, and increased spending on health and wellness supporting fitness and restaurant tenants. He added that two-thirds of Brixmor’s leasing activity during the quarter occurred after the start of the conflict referenced in his remarks, suggesting retailers have remained nimble. Brixmor Property Group is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of open-air shopping centers across the United States. The company acquires and leases retail properties that feature everyday, necessity-based tenants such as grocery stores, discount retailers, and service providers. Brixmor's core strategy centers on generating stable, long-term income streams through tenant relationships and targeted property enhancements. The company's main business activities include proactive leasing, property upkeep and capital improvement projects designed to maximize occupancy and tenant satisfaction. The article "Brixmor Property Group Q1 Earnings Call Highlights" was originally published by MarketBeat.