Brixmor Property Group ( (BRX) ) has released its Q4 earnings. Here is a breakdown of the information Brixmor Property Group presented to its investors.
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Brixmor Property Group, a real estate investment trust specializing in open-air shopping centers across the U.S., reported its financial results for the fourth quarter and full year of 2024, showcasing substantial growth in net income and leasing activities.
In the latest earnings report, Brixmor Property Group highlighted a net income increase to $0.27 per diluted share for the fourth quarter and $1.11 per diluted share for the full year of 2024, demonstrating a year-over-year rise from $0.24 and $1.01, respectively. The company executed 1.5 million square feet of new and renewal leases in the fourth quarter, achieving a notable rent spread on new leases of 34.4%. Additionally, Brixmor maintained a robust leased occupancy rate of 95.2%.
The company’s financial performance was bolstered by a 4.7% increase in same property Net Operating Income (NOI) for the fourth quarter and a 5.0% increase over the year. Brixmor also reported a Nareit Funds from Operations (FFO) of $161.4 million for the quarter and $647.9 million for the year, alongside strategic acquisitions and reinvestment projects that promise further growth. Notably, the company completed $211.8 million in acquisitions and received a credit rating upgrade from Moody’s to ‘Baa2’.
Furthermore, Brixmor’s investment activities included the stabilization of reinvestment projects and strategic acquisitions, positioning the company to capitalize on tenant demand. With over $800 million in senior notes issued and significant liquidity, Brixmor is well-prepared to pursue future opportunities.
Looking ahead, Brixmor Property Group expects continued growth in 2025, projecting Nareit FFO per diluted share between $2.19 to $2.24 and same property NOI growth between 3.50% to 4.50%. The company aims to leverage its strong positioning in the market to enhance its portfolio and tenant relationships, driving value addition and growth.
