Brixmor Property Group ( (BRX) ) has realeased its Q3 earnings. Here is a breakdown of the information Brixmor Property Group presented to its investors.
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Brixmor Property Group is a real estate investment trust (REIT) that owns and operates a national portfolio of open-air shopping centers, encompassing 360 retail centers across approximately 63 million square feet of retail space in established trade areas.
In its third-quarter earnings report for 2024, Brixmor Property Group highlighted an increase in net income and record-high occupancy rates across its shopping centers. The company reported a notable rise in net income per diluted share, reaching $0.32 compared to $0.21 in the same period last year.
Key financial performance metrics included a 95.6% total leased occupancy rate and a 21.8% rent spread on comparable spaces. The company also achieved a 4.1% increase in same-property net operating income (NOI) and executed leases amounting to 1.1 million square feet. Additionally, Brixmor completed acquisitions worth $63.9 million and dispositions totaling $73.8 million.
Brixmor raised its quarterly dividend by 5.5% and updated its Nareit FFO per diluted share expectations for 2024. The company remains optimistic about its growth prospects, underscoring a strategic focus on reinvestment projects and maintaining its momentum into 2025 and beyond.
