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Brixmor Property (BRX)
NYSE:BRX
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Earnings Data
Report Date
Feb 10, 2025After Close Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.23Last Year’s EPS
$0.24Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 28, 2024
|% Change Since: -1.19%
|Next Earnings Date:Feb 10, 2025
Earnings Call Sentiment|Positive
The earnings call highlighted strong financial performance, record occupancy, and strategic growth initiatives, with a positive outlook for future growth. However, it also noted the impact of revenue deemed uncollectible and one-time severance costs. Overall, the positive aspects significantly outweigh the negatives.Company Guidance
During the Brixmor Property Group's Q3 2024 earnings call, the company provided guidance that highlighted strong financial performance and optimistic expectations for future growth. The company reported a NAREIT FFO of $0.52 per share for the quarter, with a same-property NOI growth of 4.1%. The base rent growth contribution to same-property NOI accelerated from 380 basis points last quarter to 520 basis points this quarter. Brixmor raised its guidance for 2024 NAREIT FFO to a range of $2.13 to $2.15 per share and increased their dividend to an annual rate of $1.15, reflecting a 5.5% increase. The call also noted the company's strong leasing activity, with 1.1 million square feet of new and renewal leases executed at a blended cash spread of 22%, and record small shop base rent of $31 per square foot. Additionally, the company highlighted its $59 million signed but not commenced rent pipeline and accretive reinvestment projects, including a $500 million in-process pipeline with a 9% expected yield. Looking ahead, Brixmor anticipates same-property NOI growth to exceed 4% in 2025, driven by cumulative rent commencements, embedded rent growth, and continued strong renewal spreads.Record Occupancy and Leasing Spreads
Achieved record overall anchor and small shop occupancy at 95.6%, 97.7%, and 91.1%, respectively, with a blended cash spread of 22% on new and renewal leases.
Strong Financial Performance
NAREIT FFO was $0.52 per share in Q3, driven by same-property NOI growth of 4.1%. The company increased its same-property NOI growth guidance to a range of 4.75% to 5.25% for 2024.
Strategic Realignment and Cost Savings
Implemented a regional realignment expected to more than offset a $2.5 million severance cost in annual savings.
Growth in External and Reinvestment Pipeline
Completed $64 million of acquisitions in Q3 with $81 million year-to-date and an additional $250 million of value-add acquisitions under control. Delivered $33 million at a 10% yield in the quarter with an in-process pipeline over $500 million at a 9% expected yield.
Dividend Increase
Increased the dividend to an annual rate of $1.15, an increase of 5.5%, while maintaining a conservative payout ratio.
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BRX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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BRX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 28, 2024 | $27.73 | $27.52 | -0.76% |
| Jul 29, 2024 | $24.48 | $26.12 | +6.70% |
| Apr 29, 2024 | $21.67 | $21.62 | -0.23% |
| Feb 12, 2024 | $21.80 | $21.91 | +0.50% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Brixmor Property (BRX) report earnings?
Brixmor Property (BRX) is schdueled to report earning on Feb 10, 2025, After Close Not Confirmed.
What is Brixmor Property (BRX) earnings time?
Brixmor Property (BRX) earnings time is at Feb 10, 2025, After Close Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BRX EPS forecast?
BRX EPS forecast for the fiscal quarter 2024 (Q4) is $0.23.
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