Brixmor Property Group (BRX) Q1 2026 earnings summary

Executive summary

• Owns and operates 344 open-air retail shopping centers totaling 62 million sq. ft. as of March 31, 2026, primarily grocery-anchored and located in top U.S. markets.

• Same-property NOI grew 6.4% year-over-year, driven by strong base rent growth and leasing momentum, with record renewal growth of 21%.

• Nareit FFO per diluted share was $0.58, up from $0.56 year-over-year, reflecting robust operational performance.

• Net income attributable to common shareholders was $127.8 million ($0.41 per diluted share), up from $69.7 million ($0.23) in Q1 2025.

• Portfolio occupancy ended at 95.1%, with small shop occupancy at 92.1% and anchor occupancy at 96.5%.

Financial highlights

• Total revenues for Q1 2026 were $354.8 million, up $17.3 million year-over-year.

• Same property NOI increased by $14.9 million year-over-year to $245.5 million, with NOI margin at 74.7%.

• Nareit FFO for Q1 2026 was $179.6 million, up from $171.1 million year-over-year.

• Dividend declared at $0.3075 per share for Q1 and Q2 2026, annualized to $1.23.

• Signed-but-not-commenced pipeline reached $67 million, up 10% year-over-year.

Outlook and guidance

• 2026 Nareit FFO per diluted share guidance raised to $2.34–$2.37.

• 2026 same property NOI growth guidance increased to 4.75%–5.50%.

• Management expects adequate capital for all anticipated uses over the next 12 months, including debt payments, capital improvements, and dividends.

• Revenues deemed uncollectible expected at 75–100 basis points of total revenues.

• Expect base rent contribution to accelerate through the year; modest occupancy headwinds in Q2 anticipated.