Brixmor Property Group Reports Strong Q4 and Full Year 2024 Results

Brixmor Property Group Inc. (NYSE: BRX) reported robust financial results for the fourth quarter and full year 2024, reflecting the company's strategic acquisitions, value-added business plan, and strong tenant demand. The company's earnings per share (EPS) and funds from operations (FFO) surpassed analyst expectations, while its same property net operating income (NOI) growth remained strong.

Key highlights from the fourth quarter include:

* EPS of $0.53, beating analyst estimates of $0.51
* FFO of $161.4 million, or $0.53 per diluted share, compared to analyst estimates of $154.7 million, or $0.51 per share
* Same property NOI growth of 4.7%, driven by a 600 basis point contribution from base rent
* Total leased occupancy of 95.2%, with anchor leased occupancy at 97.2% and small shop leased occupancy at 91.1%
* Leased to billed occupancy spread of 380 basis points
* Total signed but not commenced new lease population representing 2.9 million square feet and $60.7 million of annualized base rent
* Completed $211.8 million in acquisitions and $69.3 million in dispositions
* Stabilized $123.3 million of reinvestment projects at an average incremental NOI yield of 9%, with the in process reinvestment pipeline totaling $389.6 million at an expected average incremental NOI yield of 10%

For the full year 2024, Brixmor reported:

* EPS of $2.13, compared to $2.04 in 2023
* FFO of $647.9 million, or $2.13 per diluted share, compared to $615.6 million, or $2.04 per share, in 2023
* Same property NOI growth of 5.0%, including a contribution from base rent of 470 basis points
* Completed $293.0 million in acquisitions and $212.4 million in dispositions
* Issued $800.0 million aggregate principal amount of Senior Notes
* Promoted key executives and published the Company's annual Corporate Responsibility Report

Brixmor's strong performance in the fourth quarter and full year 2024 is a testament to the company's strategic acquisitions, value-added business plan, and robust tenant demand. The company's guidance for 2025 includes Nareit FFO per diluted share expectations of $2.19-$2.24 and same property NOI growth expectations of 3.50% - 4.50%. With a strong balance sheet, ample liquidity, and a net principal debt to adjusted EBITDA ratio of 5.7x, Brixmor is well-positioned to continue its momentum and deliver value to shareholders.