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Brixmor Property Group
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Latest analysis
Updated Oct 27, 2026
Brixmor Q3 2026: Record occupancy, 7% FFO growth, Slate acquisition on track for closing.
Brixmor delivered exceptional third-quarter results with total leased occupancy reaching a record 95.6% (up 150 bps year-over-year), driven by 1.6 million square feet of new and renewal leases at a 25% blended spread, including anchor spreads exceeding 70%. Same-property NOI grew 6.6% on the strength of base rent contribution and occupancy gains, supporting a raise to full-year guidance for both same-property NOI growth (5.5–5.75%) and NAREIT FFO per share ($2.36–$2.38, up 7% year-over-year). The company is executing aggressively on its reinvestment pipeline (approximately $322 million at a 10% expected return), completed its eighth largest anchor lease in under 60 days, and raised its dividend by more than 7% reflecting strong visibility into 2027 earnings and cash flow growth. The Slate acquisition announced last month remains on track for first-quarter 2027 closing, with management confident in funding accretively through capital recycling (approximately $130 million of assets under contract or in negotiations, with roughly $166 million of dispositions year-to-date).
Tone: bullishRevenue
$1.4B
BRX 10-K · FY 2025
Employees
464
Revenue FY2024
$1.3B
Founded
2011
Profile
BRX 10-K Item 1 · Feb 9, 2026Brixmor Property Group is an internally-managed REIT that owns and operates one of the largest publicly traded open-air retail portfolios in the United States, comprised primarily of grocery-anchored community and neighborhood shopping centers. As of December 31, 2025, the portfolio consisted of 348 shopping centers totaling approximately 63 million square feet of GLA. The company's strategy centers on internal growth through rent escalations and mark-to-market leasing, value-enhancing reinvestment, and disciplined acquisition and disposition activity.
Read filing description ↓ Collapse description ↑
Brixmor Property Group Inc. and subsidiaries is an internally-managed corporation that has elected to be taxed as a real estate investment trust. Brixmor Operating Partnership LP and subsidiaries is the entity through which BPG conducts substantially all of its operations and owns substantially all of its assets. We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area in the United States, comprised primarily of grocery-anchored community and neighborhood shopping centers. As of December 31, 2025, our portfolio was comprised of 348 shopping centers totaling approximately 63 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Our primary objective is to maximize total returns to our stockholders through consistent, sustainable growth in cash flow. Our key strategies include proactively managing our Portfolio to drive internal growth, pursuing value-enhancing reinvestment opportunities, and prudently executing on acquisition and disposition activity, while also maintaining a flexible capital structure positioned for growth. We believe that rents across our Portfolio are below market, which provides us with a key competitive advantage in attracting and retaining tenants. Our high-quality, nationally diversified Portfolio continues to benefit from robust, broad-based leasing demand for physical locations.
Primary products
- grocery-anchored community shopping centers
- neighborhood shopping centers
- open-air retail portfolio
- anchor space repositioning
- outparcel development
- redevelopment projects
Business segments
End markets
Geographies
Named customers
In the opinion of our management, no material part of our business is dependent upon a single tenant, the loss of which would have a material adverse effect on us, and no single tenant or shopping center accounted for 5% or more of our consolidated revenues during 2025.
“We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area ('GLA') in the United States ('U.S.'), comprised primarily of grocery-anchored community and neighborhood shopping centers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased by $86.5 million in 2025 versus 2024, driven by an $86.0 million increase in rental income from both same-store growth and net transaction activity.
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