On October 30, 2023, Brixmor Property Group Inc (BRX, Financial) released its operating results for the third quarter of 2023. The company reported a net income of $0.21 per diluted share for Q3 2023, a decrease from $0.26 per diluted share in the same period last year.
Financial Performance
For the three months ended September 30, 2023, Brixmor Property Group Inc (BRX, Financial) reported a net income of $63.7 million, or $0.21 per diluted share. This is a decrease from the $79.7 million, or $0.26 per diluted share, reported for the same period in 2022. The company's Nareit FFO for Q3 2023 was $152.2 million, or $0.50 per diluted share, a slight increase from $147.7 million, or $0.49 per diluted share, in Q3 2022.
Leasing and Occupancy
The company executed 1.7 million square feet of new and renewal leases, with rent spreads on comparable space of 22.3%. This includes 0.8 million square feet of new leases, with rent spreads on comparable space of 52.7%. The total leased occupancy was reported at 93.9%, with anchor leased occupancy at 95.7% and a record small shop leased occupancy of 89.8%.
Same Property NOI and Dividend Increase
Brixmor reported an increase in same property NOI of 4.8% for Q3 2023. The company's Board of Directors declared a quarterly cash dividend of $0.2725 per common share for the fourth quarter of 2023, representing a 4.8% increase.
Updated Guidance
The company updated its NAREIT FFO per diluted share expectations for 2023 to $2.02 - $2.04 from $1.99 - $2.04. The same property NOI growth expectations for 2023 were also updated to 3.5% - 4.0% from 2.5% - 3.5%.
CEO Commentary
“We are very pleased to report another quarter of outperformance across all fronts,” commented James Taylor, CEO. “It’s a quarter that once again demonstrates the cumulative effects and momentum of our transformative, value-added business plan, the compelling returns and growth in cash flows that our plan continues to produce, the durability of demand from vibrant retailers to be in our centers, and, most importantly, the strength of our team.”
For more detailed information, please visit the Brixmor Property Group Inc (BRX, Financial) website.
Explore the complete 8-K earnings release (here) from Brixmor Property Group Inc for further details.
