BRIXMOR PROPERTY GROUP ANNOUNCES THIRD QUARTER RESULTS WITH STRONG LEASING DEMAND DRIVING OCCUPANCY TO RECORD HIGHS; INCREASES DIVIDEND OVER 7% AND RAISES OUTLOOK
NEW YORK, Oct. 26, 2026 /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, 2026. For the three months ended September 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.28 per diluted share and $0.31 per diluted share, respectively, and for the nine months ended September 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.94 per diluted share and $0.81 per diluted share, respectively.
Key highlights for the three months ended September 30, 2026 include:
Subsequent events:
"Our third quarter results were highlighted by continued leasing momentum, strong same property NOI growth, and record occupancy," commented Brian T. Finnegan, Chief Executive Officer and President. "These results reinforce the strength of our operating platform, while the growth embedded in our signed but not yet commenced pipeline and reinvestment program provide exceptional visibility into future earnings and cash flow growth. We are excited to build on this momentum through the Slate Transaction by expanding our opportunity set and creating additional avenues to drive long-term shareholder value."
FINANCIAL HIGHLIGHTS
(Unaudited, dollars in millions, except per share amounts)
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net income attributable to Brixmor Property Group Inc.
$87.8
$94.2
$289.0
$249.1
Net income attributable to Brixmor Property Group Inc. per diluted share
$0.28
$0.31
$0.94
$0.81
Nareit FFO
$184.6
$172.3
$542.7
$514.9
Nareit FFO per diluted share
$0.60
$0.56
$1.76
$1.67
Items that impact FFO comparability
$(0.1)
$0.0
$(0.2)
$(0.3)
Items that impact FFO comparability, net per share
$(0.00)
$0.00
$(0.00)
$(0.00)
Same Property NOI Performance
Dividend
PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
(Dollars in millions)
Number of Projects
Net Estimated Costs
Expected NOI Yield
Anchor space repositioning
15
$77.4
7% - 14%
Outparcel development
16
24.7
15 %
Redevelopment
15
229.7
11 %
Total
46
$331.8
10 %
Acquisitions
Dispositions
CAPITAL STRUCTURE
GUIDANCE
(Unaudited, dollars in millions, except per share amounts)
2026E
2026E Per
Diluted Share
Net income attributable to Brixmor Property Group Inc.
$368 - $374
$1.20 - $1.22
Depreciation and amortization related to real estate
423
1.37
Gain on sale of real estate assets
(71)
(0.23)
Impairment of real estate assets
7
0.02
Nareit FFO
$727 - $733
$2.36 - $2.38
CONNECT WITH BRIXMOR
CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, October 27, 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 November 10, 2026 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13762372) or via the web through October 27, 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 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) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 345 retail centers comprise approximately 62 million square feet of prime retail space in established trade areas (the "Portfolio"). 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, and our Form 10-Q for the quarter ended September 30, 2026, 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, but are not limited to: (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; (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; (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; and (11) risks relating to the pending Slate Transaction, including the ability of us and the Everview JV to successfully and timely close the Slate Transaction, the risk we do not realize the expected benefits of the Slate Transaction or are subjected to unexpected liabilities and expenses, and the risk we are unable to successfully integrate the operations of the properties we are acquiring in the Slate Transaction or manage the Everview JV. Brixmor disclaims any obligation or undertaking to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
CONSOLIDATED BALANCE SHEETS
Unaudited, dollars in thousands, except share information
As of
As of
9/30/2026
12/31/2025
Assets
Real estate
Land
$ 1,867,480
$ 1,849,779
Buildings and tenant improvements
9,483,171
9,296,849
Construction in progress
71,276
92,129
Lease intangibles
566,163
548,740
11,988,090
11,787,497
Accumulated depreciation and amortization
(3,782,174)
(3,588,646)
Real estate, net
8,205,916
8,198,851
Cash and cash equivalents
164,428
334,422
Restricted cash
19,050
27,108
Marketable securities
21,846
21,283
Receivables, net, including straight-line rent receivables of $256,014 and $237,837, respectively
318,952
315,128
Deferred charges and prepaid expenses, net
178,016
169,326
Real estate assets held for sale
-
4,551
Other assets
114,633
62,468
Total assets
$ 9,022,841
$ 9,133,137
Liabilities
Debt obligations, net
$ 5,322,955
$ 5,494,753
Accounts payable, accrued expenses and other liabilities
649,178
628,328
Total liabilities
5,972,133
6,123,081
Redeemable non-controlling interests
30,821
-
Equity
Common stock, $0.01 par value; authorized 3,000,000,000 shares;
315,999,308 and 315,231,761 shares issued and 306,872,316 and 306,104,769
shares outstanding
3,068
3,061
Additional paid-in capital
3,431,754
3,437,853
Accumulated other comprehensive income
13,012
1,722
Distributions in excess of net income
(428,189)
(432,822)
Total stockholders' equity
3,019,645
3,009,814
Non-controlling interests
242
242
Total equity
3,019,887
3,010,056
Total liabilities and equity
$ 9,022,841
$ 9,133,137
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share amounts
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Revenues
Rental income
$ 358,546
$ 340,618
$ 1,066,775
$ 1,017,256
Other revenues
1,052
225
1,841
591
Total revenues
359,598
340,843
1,068,616
1,017,847
Operating expenses
Operating costs
40,921
38,891
127,062
117,979
Real estate taxes
46,290
45,455
135,972
133,907
Depreciation and amortization
106,427
103,234
321,887
312,108
Impairment of real estate assets
683
16,075
6,657
16,075
General and administrative
27,297
26,772
83,347
84,038
Total operating expenses
221,618
230,427
674,925
664,107
Other income (expense)
Dividends and interest
1,364
1,191
8,481
4,087
Interest expense
(59,176)
(56,680)
(179,466)
(165,173)
Gain on sale of real estate assets
8,863
40,018
70,780
58,843
Loss on extinguishment of debt, net
-
-
-
(296)
Other
(889)
(703)
(3,925)
(2,076)
Total other expense
(49,838)
(16,174)
(104,130)
(104,615)
Net income
88,142
94,242
289,561
249,125
Net income attributable to non-controlling interests
(388)
(7)
(546)
(22)
Net income attributable to Brixmor Property Group Inc.
$ 87,754
$ 94,235
$ 289,015
$ 249,103
Net income attributable to Brixmor Property Group Inc. per common share:
Basic
$ 0.29
$ 0.31
$ 0.94
$ 0.81
Diluted
$ 0.28
$ 0.31
$ 0.94
$ 0.81
Weighted average shares:
Basic
307,305
307,193
307,248
307,132
Diluted
308,135
308,084
307,997
307,974
FUNDS FROM OPERATIONS (FFO)
Unaudited, dollars in thousands, except per share amounts
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net income attributable to Brixmor Property Group Inc.
$ 87,754
$ 94,235
$ 289,015
$ 249,103
Depreciation and amortization related to real estate
105,042
101,995
317,851
308,534
Gain on sale of real estate assets
(8,863)
(40,018)
(70,780)
(58,843)
Impairment of real estate assets
683
16,075
6,657
16,075
Nareit FFO
$ 184,616
$ 172,287
$ 542,743
$ 514,869
Nareit FFO per diluted share
$ 0.60
$ 0.56
$ 1.76
$ 1.67
Weighted average diluted shares outstanding
308,135
308,084
307,997
307,974
Items that impact FFO comparability
Transaction expenses, net
$ (115)
$ -
$ (165)
$ (22)
Loss on extinguishment of debt, net
-
-
-
(296)
Total items that impact FFO comparability
$ (115)
$ -
$ (165)
$ (318)
Items that impact FFO comparability, net per share
$ (0.00)
$ -
$ (0.00)
$ (0.00)
Additional Disclosures
Straight-line rental income, net
$ 7,680
$ 9,858
$ 21,473
$ 27,120
Accretion of below-market leases, net of amortization of above-market leases and tenant
inducements
3,363
5,124
11,161
11,813
Straight-line ground rent expense, net (1)
(335)
(158)
(656)
(433)
Dividends declared per share
$ 0.3075
$ 0.2875
$ 0.9225
$ 0.8625
Dividends declared
$ 94,363
$ 88,004
$ 283,078
$ 263,999
Dividend payout ratio (as % of Nareit FFO)
51.1 %
51.1 %
52.2 %
51.3 %
(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
9/30/2026
9/30/2025
Change
9/30/2026
9/30/2025
Change
Same Property NOI Analysis
Number of properties
338
338
- %
335
335
- %
Percent billed
91.3 %
90.5 %
0.8 %
91.3 %
90.5 %
0.8 %
Percent leased
95.6 %
94.4 %
1.2 %
95.5 %
94.4 %
1.1 %
Revenues
Base rent
$ 245,397
$ 234,122
$ 716,532
$ 685,753
Expense reimbursements
80,372
74,704
235,263
221,544
Revenues deemed uncollectible
(3,710)
(3,015)
(6,669)
(7,514)
Ancillary and other rental income / Other revenues
10,284
8,061
28,644
22,333
Percentage rents
1,873
1,204
9,471
7,880
334,216
315,076
6.1 %
983,241
929,996
5.7 %
Operating expenses
Operating costs
(39,375)
(36,891)
(119,198)
(111,198)
Real estate taxes
(45,004)
(43,711)
(130,068)
(127,948)
(84,379)
(80,602)
4.7 %
(249,266)
(239,146)
4.2 %
Same property NOI
$ 249,837
$ 234,474
6.6 %
$ 733,975
$ 690,850
6.2 %
NOI margin
74.8 %
74.4 %
74.6 %
74.3 %
Expense recovery ratio
95.3 %
92.7 %
94.4 %
92.6 %
Percent Contribution to Same Property NOI Performance:
Change
Percent
Contribution
Change
Percent
Contribution
Base Rent
$ 11,275
4.8 %
$ 30,779
4.5 %
Revenues deemed uncollectible
(695)
(0.3) %
845
0.1 %
Net expense reimbursements
1,891
0.8 %
3,599
0.5 %
Ancillary and other rental income / Other revenues
2,223
1.0 %
6,311
0.9 %
Percentage rents
669
0.3 %
1,591
0.2 %
6.6 %
6.2 %
Reconciliation of Net income attributable to Brixmor Property Group Inc. to Same Property NOI
Net income attributable to Brixmor Property Group Inc.
$ 87,754
$ 94,235
$ 289,015
$ 249,103
Adjustments:
Non-same property NOI
(7,813)
(6,599)
(31,228)
(30,548)
Lease termination fees
(4,029)
(600)
(8,401)
(6,063)
Straight-line rental income, net
(7,680)
(9,858)
(21,473)
(27,120)
Accretion of below-market leases, net of amortization of above-market leases
and tenant inducements
(3,363)
(5,124)
(11,161)
(11,813)
Straight-line ground rent expense, net
335
158
656
433
Depreciation and amortization
106,427
103,234
321,887
312,108
Impairment of real estate assets
683
16,075
6,657
16,075
General and administrative
27,297
26,772
83,347
84,038
Total other expense
49,838
16,174
104,130
104,615
Net income attributable to non-controlling interests
388
7
546
22
Same Property NOI
$ 249,837
$ 234,474
$ 733,975
$ 690,850
EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT
Unaudited, dollars in thousands
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net income
$ 88,142
$ 94,242
$ 289,561
$ 249,125
Interest expense
59,176
56,680
179,466
165,173
Federal and state taxes
714
653
2,397
2,113
Depreciation and amortization
106,427
103,234
321,887
312,108
EBITDA
254,459
254,809
793,311
728,519
Gain on sale of real estate assets
(8,863)
(40,018)
(70,780)
(58,843)
Impairment of real estate assets
683
16,075
6,657
16,075
EBITDAre
$ 246,279
$ 230,866
$ 729,188
$ 685,751
EBITDAre
$ 246,279
$ 230,866
$ 729,188
$ 685,751
Transaction expenses, net
115
-
165
22
Loss on extinguishment of debt, net
-
-
-
296
Total adjustments
115
-
165
318
Adjusted EBITDA
$ 246,394
$ 230,866
$ 729,353
$ 686,069
Adjusted EBITDA
$ 246,394
$ 230,866
$ 729,353
$ 686,069
Straight-line rental income, net
(7,680)
(9,858)
(21,473)
(27,120)
Accretion of below-market leases, net of amortization of above-market leases and tenant
inducements
(3,363)
(5,124)
(11,161)
(11,813)
Straight-line ground rent expense, net (1)
335
158
656
433
Total adjustments
(10,708)
(14,824)
(31,978)
(38,500)
Cash Adjusted EBITDA
$ 235,686
$ 216,042
$ 697,375
$ 647,569
(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
9/30/2026
Debt obligations, net
$ 5,322,955
Less: Net unamortized premium
(6,725)
Add: Deferred financing fees
32,029
Less: Cash, cash equivalents and restricted cash
(183,478)
Net Principal Debt
$ 5,164,781
Adjusted EBITDA, current quarter annualized
$ 985,576
Net Principal Debt to Adjusted EBITDA, current quarter annualized
5.2x
Adjusted EBITDA, trailing twelve months
$ 969,399
Net Principal Debt to Adjusted EBITDA, trailing twelve months
5.3x
SOURCE Brixmor Property Group Inc.