Brixmor Property Grp | 8-K: FY2026 Q2 Revenue: USD 354.2 M

Revenue: As of FY2026 Q2, the actual value is USD 354.2 M.

EPS: As of FY2026 Q2, the actual value is USD 0.24, missing the estimate of USD 0.245.

EBIT: As of FY2026 Q2, the actual value is USD 178.59 M.

Financial Performance

Net Income Attributable to Brixmor Property Group Inc.

Net income for the three months ended June 30, 2026, was $73.5 million, compared to $85.1 million for the same period in 2025. For the six months ended June 30, 2026, net income was $201.3 million, compared to $154.9 million for the same period in 2025. Net income per diluted share for the three months ended June 30, 2026, was $0.24, down from $0.28 in the previous year.

Nareit FFO

Nareit FFO was $178.6 million for the three months ended June 30, 2026, an increase from $171.5 million in the prior year period. For the six months ended June 30, 2026, Nareit FFO was $358.1 million, up from $342.6 million in the prior year period. Nareit FFO per diluted share for the three months ended June 30, 2026, was $0.58, up from $0.56.

Same Property NOI Performance

For the three months ended June 30, 2026, Brixmor Property Group Inc. reported an increase in same property NOI of 5.8% compared to the 2025 period, with a 440 basis point contribution from base rent. For the six months ended June 30, 2026, the Company reported an increase in same property NOI of 6.1% compared to the 2025 period.

Total Revenues

Total revenues were $354,199 thousand for the three months ended June 30, 2026, compared to $339,492 thousand for the same period in 2025. For the six months ended June 30, 2026, total revenues were $709,018 thousand, compared to $677,004 thousand for the same period in 2025. Rental income for the three months ended June 30, 2026, was $353,892 thousand, up from $339,397 thousand.

Operating Expenses

• Operating costs: $44,227 thousand for the three months ended June 30, 2026, compared to $39,877 thousand in 2025; $86,141 thousand for the six months ended June 30, 2026, compared to $79,088 thousand in 2025.
• Real estate taxes: $44,279 thousand for the three months ended June 30, 2026, compared to $43,559 thousand in 2025; $89,682 thousand for the six months ended June 30, 2026, compared to $88,452 thousand in 2025.
• Depreciation and amortization: $110,258 thousand for the three months ended June 30, 2026, compared to $103,277 thousand in 2025; $215,460 thousand for the six months ended June 30, 2026, compared to $208,874 thousand in 2025.
• Impairment of real estate assets: $5,974 thousand for the three and six months ended June 30, 2026, with no impairment reported in 2025 for both periods.
• General and administrative: $27,858 thousand for the three months ended June 30, 2026, compared to $29,093 thousand in 2025; $56,050 thousand for the six months ended June 30, 2026, compared to $57,266 thousand in 2025.
• Total operating expenses: $232,596 thousand for the three months ended June 30, 2026, compared to $215,806 thousand in 2025; $453,307 thousand for the six months ended June 30, 2026, compared to $433,680 thousand in 2025.

Other Income (Expense)

• Dividends and interest: $3,912 thousand for the three months ended June 30, 2026, compared to $1,190 thousand in 2025; $7,117 thousand for the six months ended June 30, 2026, compared to $2,896 thousand in 2025.
• Interest expense: -$60,898 thousand for the three months ended June 30, 2026, compared to -$54,409 thousand in 2025; -$120,290 thousand for the six months ended June 30, 2026, compared to -$108,493 thousand in 2025.
• Gain on sale of real estate assets: $9,820 thousand for the three months ended June 30, 2026, compared to $15,755 thousand in 2025; $61,917 thousand for the six months ended June 30, 2026, compared to $18,825 thousand in 2025.
• Loss on extinguishment of debt, net: $0 for the three and six months ended June 30, 2026, compared to -$296 thousand in 2025 for both periods.
• Other: -$775 thousand for the three months ended June 30, 2026, compared to -$780 thousand in 2025; -$3,036 thousand for the six months ended June 30, 2026, compared to -$1,373 thousand in 2025.
• Total other expense: -$47,941 thousand for the three months ended June 30, 2026, compared to -$38,540 thousand in 2025; -$54,292 thousand for the six months ended June 30, 2026, compared to -$88,441 thousand in 2025.

Dividends

The Board of Directors declared a quarterly cash dividend of $0.3075 per common share, equivalent to $1.23 per annum. Dividends declared were $94,363 thousand for the three months ended June 30, 2026, compared to $88,004 thousand in 2025. The dividend payout ratio (as % of Nareit FFO) was 52.8% for the three months ended June 30, 2026, compared to 51.3% in 2025.

Net Operating Income (NOI) and Margin

Net Operating Income (NOI) was $253,569 thousand for the three months ended June 30, 2026, an increase from $240,890 thousand. The NOI margin was 74.2%, slightly down from 74.3%.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

EBITDA was $245,562 thousand for the three months ended June 30, 2026, up from $243,585 thousand. EBITDAre was $241,716 thousand, compared to $227,830 thousand. Adjusted EBITDA was $241,717 thousand, an increase from $228,127 thousand. Cash Adjusted EBITDA was $232,335 thousand, up from $214,313 thousand.

Debt and Liquidity (As of June 30, 2026)

Debt obligations, net, were $5,322,423 thousand. Net Principal Debt was $5,162,834 thousand. Net Principal Debt to Adjusted EBITDA was 5.3x on a current quarter annualized basis and 5.4x on a trailing twelve months basis. Cash and cash equivalents were $170,889 thousand. Total liquidity, including cash and available revolving credit, was $1,549,513 thousand. The percentage of total debt that is fixed was 100.0%, with a weighted average maturity of 4.9 years.

Capital Expenditures (Three Months Ended June 30, 2026)

Leasing related capital expenditures totaled $23,452 thousand. Maintenance capital expenditures were $8,405 thousand, resulting in total leasing related and maintenance capital expenditures of $31,857 thousand. Value-enhancing capital expenditures totaled $24,749 thousand.

Acquisitions and Dispositions

Brixmor Property Group Inc. completed $164.3 million in acquisitions of four shopping centers, including Mayfair Shopping Center ($70.0 million), Jones Crossing ($46.5 million), Vintage Marketplace ($32.7 million), and Stanford Station ($15.1 million). The aggregate purchase price of acquisitions was $164,325 thousand. The Company generated $15.1 million in gross proceeds from the disposition of two shopping centers during the three months ended June 30, 2026, and $123.0 million from six shopping centers for the six months ended June 30, 2026. The aggregate sale price of dispositions was $15,120 thousand for the three months ended June 30, 2026.

Operational Metrics

Brixmor Property Group Inc. executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 19.1%, where new leases were at 31.3% and renewals at 15.5%. Total leased occupancy reached 94.8%, anchor leased occupancy was 95.9%, and record small shop leased occupancy was 92.6%. $12.7 million of annualized base rent was commenced, and the leased to billed occupancy spread totaled 440 basis points. Signed but not yet commenced leases represented 3.1 million square feet and a record $71.2 million of annualized base rent. The Company stabilized $5.4 million of reinvestment projects at an 11% average incremental NOI yield, with the in-process pipeline totaling $347.8 million at an expected 10% average incremental NOI yield.

Outlook / Guidance

Brixmor Property Group Inc. updated its 2026 Nareit FFO per diluted share expectations to $2.35 - $2.37, an increase from the previous guidance of $2.34 - $2.37. The Company also raised its same property NOI growth expectations for 2026 to 5.00% - 5.75% from 4.75% - 5.50%. Revenues deemed uncollectible are projected to be 60 - 85 basis points of total expected revenues in 2026, excluding certain items that impact FFO comparability.