Brixmor Property Group Reports Third Quarter 2025 Results
Brixmor Property Group Inc. reported its financial results for the third quarter of 2025, showcasing a mix of steady performance and strategic initiatives. The company, known for its national portfolio of open-air shopping centers, highlighted several key financial metrics and operational achievements in its latest SEC 8-K filing.
Financial Highlights
For the three months ended September 30, 2025, Brixmor reported a net income attributable to the company of $0.31 per diluted share, slightly down from $0.32 per diluted share in the same period of 2024. For the nine months ended September 30, 2025, net income was $0.81 per diluted share, compared to $0.84 per diluted share in the prior year.
Key financial metrics include:
- Net income for Q3 2025 was $94.2 million, compared to $96.8 million in Q3 2024.
- Nareit FFO for Q3 2025 was $172.3 million, or $0.56 per diluted share, up from $159.2 million, or $0.52 per diluted share, in Q3 2024.
- Same property NOI increased by 4.0% for Q3 2025 compared to the same period in 2024.
- The company declared a quarterly cash dividend of $0.3075 per common share, representing a 7.0% increase.
Business and Operational Highlights
Brixmor executed 1.5 million square feet of new and renewal leases during the quarter, with rent spreads on comparable space of 17.8%. The company achieved a record small shop leased occupancy of 91.4% and realized total leased occupancy of 94.1%.
Other operational highlights include:
- Commenced $22.0 million of annualized base rent.
- Stabilized $46.4 million of reinvestment projects at an average incremental NOI yield of 11%.
- Completed $223.0 million of acquisitions and $81.2 million of dispositions.
Strategic Initiatives and Corporate Developments
Significant corporate developments include the issuance of $400.0 million of 4.850% Senior Notes due 2033. The company also updated its Nareit FFO per diluted share expectations for 2025 to $2.23 - $2.25 from $2.22 - $2.25 and affirmed its same property NOI growth expectations for 2025 of 3.90% - 4.30%.
Additionally, Brixmor's Board of Directors appointed Brian T. Finnegan as interim Chief Executive Officer, effective October 16, 2025, following the announcement that James M. Taylor, the company's CEO, is taking a temporary medical leave of absence.
Management's Perspective
Brian T. Finnegan, Interim Chief Executive Officer, commented, "Our team continued to deliver on our value-added business plan with another strong quarter of operating results, including record commencements, in-place ABR per square foot, and new lease ABR per square foot. This execution reinforces the quality of our well-located centers, the strength of our platform, and the embedded mark-to-market opportunity of our portfolio."
Future Outlook
Brixmor has updated its Nareit FFO per diluted share expectations for 2025 to $2.23 - $2.25 and affirmed its same property NOI growth expectations for 2025 of 3.90% - 4.30%. The company remains focused on executing its reinvestments and positioning its portfolio for long-term sustainable growth.
Original SEC Filing: Brixmor Property Group Inc. [ BRX ] - 8-K - Oct. 27, 2025