Brixmor Property Group (BRX) Company Report

Brixmor Property Group reported Q4 2025 NAREIT FFO of $0.58 per share and FY 2025 NAREIT FFO of $2.25 per share, representing a 5.6% increase from the previous year.
The company achieved 4.2% Same Property NOI growth for FY 2025 and 6% in Q4 2025, driven by strong base rent growth and asset management initiatives.
Operational highlights include a record leasing year with $70 million of new rent executed, small shop occupancy reaching a new high of 92.2%, and overall occupancy increasing to 95.1%. New lease rent growth was 39%, and renewal rent growth was 15%.
For 2026, Brixmor is guiding to NAREIT FFO of $2.33-$2.37 per share, representing 4.4% growth at the midpoint, and 4.5%-5.5% Same Property NOI growth. The outlook for revenues deemed uncollectable (bad debt) has improved to 75-100 basis points.
The company ended the period with $1.6 billion of available liquidity and a debt to EBITDA ratio of 5.4 times. They also stabilized $183 million of projects in 2025 at a 10% incremental yield and completed $170 million in dispositions.

Feb 10, 2026, 3:00 PM

Transcript

Brixmor Property Group Reports Strong Q4 and Full-Year 2025 Results, Issues 2026 Guidance, and Appoints New CEO

BRX

Earnings

CEO Change

Guidance Update

Brian Finnegan has been appointed as the permanent CEO of Brixmor Property Group.
For fiscal year 2025, the company reported FFO of $2.25 per share, marking a 5.6% increase year-over-year, and achieved Same Property NOI growth of 4.2%.
Brixmor provided 2026 NAREIT FFO guidance of $2.33-$2.37 per share, representing 4.4% growth at the midpoint, and anticipates 4.5%-5.5% Same Property NOI growth.
The company had a record leasing year with $70 million of new rent executed, increasing overall occupancy by 100 basis points to 95.1% and small shop occupancy to 92.2%. New lease rent growth was 39% and renewal rent growth was 15% for the year.
In 2025, Brixmor acquired approximately $420 million of assets and completed $170 million in dispositions during Q4 2025, while maintaining $1.6 billion in available liquidity.

Feb 10, 2026, 3:00 PM

Transcript

Brixmor Property Group Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook

BRX

Earnings

CEO Change

Guidance Update

Brian Finnegan has been appointed as the permanent CEO of Brixmor, with other key management promotions including Stacy Slater to Executive Vice President, Capital Markets, Corporate Strategy and Investor Relations, and Matt Ryan to South Region President and National Property Operations.
For the full year 2025, Brixmor reported FFO of $2.25 per share, marking a 5.6% increase year-over-year, and achieved 4.2% Same Property Net Operating Income (NOI) growth. The company also executed a record $70 million in new rent and increased overall occupancy by 100 basis points to 95.1%.
The company provided a positive outlook for 2026, guiding to NAREIT FFO of $2.33-$2.37 per share, representing 4.4% growth at the midpoint, and expects 4.5%-5.5% Same Property NOI growth.
Brixmor was active in capital allocation during 2025, acquiring approximately $420 million of assets and completing $170 million of dispositions in the fourth quarter. The company ended the period with $1.6 billion of available liquidity and a Debt to EBITDA ratio of 5.4 times.

Feb 10, 2026, 3:00 PM

Transcript

Brixmor Property Group Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance

BRX

Earnings

Guidance Update

Dividends

Brixmor Property Group reported Nareit FFO of $0.58 per diluted share for the three months ended December 31, 2025, and $2.25 per diluted share for the twelve months ended December 31, 2025.
The company saw an increase in same property NOI of 6.0% for the three months ended December 31, 2025, and 4.2% for the twelve months ended December 31, 2025.
Brixmor achieved record annual operating results, including a record 92.2% small shop leased occupancy and executing a record $70 million of new lease ABR in 2025.
The company provided 2026 Nareit FFO per diluted share expectations of $2.33 - $2.37 and same property NOI growth expectations of 4.50% - 5.50%.
A quarterly cash dividend of $0.3075 per common share was declared, and the company renewed its $400.0 million share repurchase program.

Feb 9, 2026, 9:05 PM

8-K

Brixmor Property Group Reports Record Annual 2025 Results and Provides 2026 Guidance

BRX

Earnings

Guidance Update

Share Buyback

Brixmor Property Group reported record annual operating results for the full year ended December 31, 2025, with net income attributable to Brixmor Property Group Inc. of $1.25 per diluted share and Nareit FFO of $2.25 per diluted share.
For the three months ended December 31, 2025, the company achieved net income of $0.44 per diluted share and Nareit FFO of $0.58 per diluted share, with same property NOI increasing by 6.0%.
The company provided 2026 Nareit FFO per diluted share expectations of $2.33 - $2.37 and same property NOI growth expectations of 4.50% - 5.50%.
During 2025, Brixmor executed a record $70 million of new lease ABR, increased total leased occupancy to 95.1%, and completed $416.8 million of acquisitions and $296.5 million of dispositions.
The company renewed its $400.0 million share repurchase program and $400.0 million at-the-market (ATM) equity offering program.

Feb 9, 2026, 9:04 PM

Press Release

Brixmor Property Group announces Q4 and FY 2025 investment activity

BRX

M&A

New Projects/Investments

Brixmor Property Group acquired two shopping centers and one land parcel for a combined $190.7 million during the three months ended December 31, 2025, and a total of three shopping centers and two land parcels for $416.8 million for the full year 2025.
Key acquisitions in Q4 2025 included the Chino Spectrum Towne Center for $138.0 million and Broomfield Town Center for $51.2 million, both grocery-anchored assets.
The company generated $170.2 million from the disposition of eight shopping centers and two partial properties in Q4 2025, and $296.5 million from 18 shopping centers and six partial properties for the full year 2025.
This investment activity reflects Brixmor's strategy to cluster its portfolio in attractive markets and leverage its platform for long-term value and earnings growth.

Jan 5, 2026, 9:04 PM

Press Release

Brixmor Property Group announces new share repurchase program and equity distribution agreements

BRX

Share Buyback

Brixmor Property Group Inc. authorized a new share repurchase program for up to $400 million of its common stock, replacing a previous program and set to expire on October 28, 2028.
On October 28, 2025, the company also entered into Equity Distribution Agreements, allowing it to sell up to an aggregate gross sales price of $400 million of common stock through various sales agents.

Oct 29, 2025, 9:26 PM

8-K

Brixmor Property Group Reports Q3 2025 Results, Increases Dividend, and Updates FFO Guidance

BRX

Earnings

Guidance Update

Dividends

Brixmor Property Group reported NAREIT FFO of $0.56 per share and same-property NOI growth of 4% for the third quarter of 2025.
The company executed 1.5 million square feet of new and renewal leases at a blended cash spread of 18%, with new leases signed at a record rate of $25.85 per square foot. Small shop occupancy reached a record 91.4%.
A record high of $22 million of new ABR commenced during the quarter, contributing to a signed but not yet commenced rent pipeline totaling $60 million.
Brixmor increased its annual dividend by 7% to $1.23 and updated its full-year FFO guidance to $2.23 to $2.25.
The company closed on a $223 million acquisition and has approximately $190 million of value-add acquisitions under control, expecting to be net acquirers by year-end, while year-to-date dispositions totaled $148 million.

Oct 28, 2025, 2:00 PM

Transcript

Brixmor Property Group Reports Q3 2025 Results

BRX

Earnings

Guidance Update

Dividends

Brixmor Property Group reported NAREIT FFO of $0.56 per share in the third quarter of 2025, driven by same-property NOI growth of 4%.
The company executed 1.5 million square feet of new and renewal leases at a blended cash spread of 18%, with new leases signed at a record rate of $2,585 per square foot. Small shop occupancy reached a record 91.4%.
Brixmor increased its annual dividend by 7% to $1.23 and updated its FFO guidance to $2.23 to $2.25 for the year, while affirming its same-property NOI range of 3.9% to 4.3%.
The company closed on the $223 million acquisition of LaCenterra at Cinco Ranch, recorded $148 million in disposition volume year to date, and has approximately $190 million of value-add acquisitions under control, expecting to be net acquirers at year-end.

Oct 28, 2025, 2:00 PM

Transcript

Brixmor Property Group Reports Strong Q3 2025 Results, Increases Dividend, and Updates FFO Guidance

BRX

Earnings

Guidance Update

Dividends

Brixmor Property Group reported NAREIT FFO of $0.56 per share and 4% same-property NOI growth for the third quarter of 2025.
The company executed 1.5 million sq ft of new and renewal leases at a blended cash spread of 18%, with new leases signed at a record rate of $2,585 per square foot. The signed but not yet commenced rent pipeline totals $60 million.
Brixmor announced a 7% increase in its annual dividend to a rate of $1.23 per share.
The company updated its FFO guidance to $2.23-$2.25 and affirmed its same-property NOI range of 3.9%-4.3% for the full year.
Brixmor closed on a $223 million acquisition of LaCenterra at Cinco Ranch and has approximately $190 million of value-add acquisitions under control, expecting to be a net acquirer by year-end.

Oct 28, 2025, 2:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Brixmor Property Group.

Q4 2025

Feb 10, 2026

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Q3 2025

Oct 28, 2025

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Q2 2025

Jul 29, 2025

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Brixmor Property Group (BRX)

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Q3 2025

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Executives

James M. Taylor Jr.

Brian T. Finnegan

Mark T. Horgan

Steven F. Siegel

Steven T. Gallagher

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Daniel B. Hurwitz

JP Suarez

Julie Bowerman

Michael Berman

Sandra A.J. Lawrence

Sheryl M. Crosland

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William D. Rahm

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Ki Bin Kim

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Floris Gerbrand van Dijkum

Hong Zhang

Jeffrey Spector

Omotayo Okusanya

Tayo Okusanya

Jamie Feldman

JPMorgan Analyst

Linda Yu Tsai

Paulina Rojas

Wells Fargo Analyst

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