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**Key Takeaways**
- **Record Leasing Momentum**: 1.5M sq. ft. of new leases at 18% spread, with small shop occupancy at 91.4%.
- **Strong Reinvestment Returns**: $46M reinvested in 8 projects, yielding 11% incremental returns.
- **FFO Guidance Raised**: $2.23-$2.25 per share, driven by lease settlement income.
- **Capital Recycling Strategy**: $148M in asset sales year-to-date, reinvesting into high-IRR projects.
- **Sustainability Focus**: 82% of ABR from grocery-anchored centers, driving 35% traffic growth.

**【CEO Summary Section】**
- **Record Leasing Performance**: Executed 1.5 million sq. ft. of new and renewal leases with a blended cash spread of 18%, including new leases at $25.85/sq. ft., the highest on record. Small shop occupancy reached 91.4%, with room for further growth.
- **New Tenant Openings**: Notable openings include Sprouts Farmers Market, Trader Joe's, and projects at Davis Collection and Block 59. Reinvestment projects stabilized 8 properties with a total cost of $46 million, yielding an average incremental return of 11%.
- **Reinvestment Momentum**: Added a second phase to Barn Plaza in Philadelphia, featuring Pottery Barn, Williams Sonoma, Sephora, and Lovesac. Grocery-anchored centers now account for 82% of ABR, driving 35% year-over-year traffic growth.
- **Transactions**: Acquired LaCenterra at Cinco Ranch for $223 million, with 7 new leases signed or in process. Year-to-date dispositions total $148 million, with $190 million of value-added acquisitions under control.

**【CFO Financial Commentary】**
- **FFO Performance**: NAREIT FFO of $0.56 per share, driven by 4% same-property NOI growth. Base rent growth decreased by 270 basis points due to lower occupancy, but 2026 growth expected to accelerate as occupancy rebounds.
- **Revenue Growth**: $22 million of new ABR commenced in Q3, with a signed-but-not-commenced pipeline of $60 million. Lease settlement income is expected to be a headwind in 2026.
- **Balance Sheet**: $1.6 billion of available liquidity, including $400 million from a 4.85% bond issuance. Extended buyback program for 3 years. Annual dividend increased 7% to $1.23 per share.
- **Guidance Update**: FFO guidance raised to $2.23-$2.25 per share, reflecting higher-than-expected lease settlement income. Same-property NOI growth maintained at 3.9%-4.3%.

**【Q&A Highlights】**
- **NOI Growth Acceleration**: Q4 same-property NOI growth driven by $22 million of new ABR commencing in Q3 and $19 million commencing in Q4. Reduced exposure to at-risk tenancy supports sustainability.
- **Leasing Pipeline**: 390 basis points spread between leased and build occupancy, with a pipeline of $60 million in net new rents. Strong demand from off-price, health, and wellness retailers.
- **Capital Recycling**: Sold $148 million of low-growth assets year-to-date, reinvesting into high-IRR projects like LaCenterra. Acquisitions cap rate of ~7%, similar to dispositions.
- **Tenant Health**: Bad debt expense trending to the lower end of the 0.3%-0.4% range, supported by reduced exposure to at-risk tenants and strong credit quality of new tenants.


Brixmor Property Group Inc. (BRX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

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Loss on Disposal of Assets

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Net Income

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BRX

BRX fundamentals

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