Brixmor Lifts 2026 FFO Outlook After Record Occupancy

The Tip Desk · October 27, 2026 · 3 min read

Nareit FFO was $184.6 million, or $0.60 a share, as leased occupancy reached a record 95.6% and the company raised full-year FFO guidance to $2.36–$2.38 a share.

Brixmor Property Group (BRX), the owner of open-air shopping centers, reported Nareit FFO of $184.6 million, or $0.60 a diluted share, for the three months ended September 30, 2026, up from $178.6 million, or $0.58 a share, in the prior quarter.

Net income attributable to Brixmor was $0.28 a diluted share, down from $0.31 a year earlier. The company said leasing demand lifted occupancy to record levels and that same-property net operating income rose 6.6% versus the year-ago quarter, including a 480-basis-point contribution from base rent.

That same-property NOI growth rate was up from 5.8% in the second quarter. Same-property NOI was $249.8 million. Base rent on the same-property set was $245.4 million. Expense reimbursements were $80.4 million. Operating costs were $39.4 million and real estate taxes $45.0 million. NOI margin was 74.8%. The expense recovery ratio was 95.3%.

Leasing volume increased to 1.6 million square feet of new and renewal leases from 1.4 million in the second quarter. Rent spreads on comparable space were 25.3%, versus 19.1% in the second quarter. New-lease spreads on comparable space were 42.6% and renewal spreads 19.4%.

Total leased occupancy reached a record 95.6%, anchor leased occupancy 97.0%, and small-shop leased occupancy a record 92.8%. The company commenced $17.7 million of annualized base rent. The leased-to-billed occupancy spread was 420 basis points. Signed but not yet commenced new leases represented 3.1 million square feet and $68.9 million of annualized base rent.

The company added $36.7 million of reinvestment projects to the in-process pipeline at an expected average incremental NOI yield of 11% and stabilized $54.6 million at a 10% yield. The in-process pipeline totaled $331.8 million at an expected 10% yield. Acquisitions were $49.5 million, including Village West Shopping Center in the Inland Empire, California, and dispositions were $42.8 million.

On September 28, 2026, Brixmor said it entered definitive agreements with Everview Partners to acquire Slate Grocery REIT in a transaction valued at approximately $2.34 billion. Under the deal, Brixmor will acquire a 23-property grocery-anchored portfolio for approximately $636 million and hold a 20% common equity interest and an approximately $174 million preferred equity investment in a joint venture that will acquire an additional 92 properties for approximately $1.71 billion. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions including approval by Slate Grocery REIT unitholders.

Chief Executive Officer and President Brian T. Finnegan said third-quarter results were highlighted by continued leasing momentum, strong same-property NOI growth, and record occupancy, and that the company is excited to build on that momentum through the Slate Transaction.

The board declared a quarterly cash dividend of $0.3300 a share, equivalent to $1.32 a year, a 7.3% increase from the $0.3075 declared in the third quarter. Dividends declared were $94.4 million, a 51.1% payout ratio of Nareit FFO. The dividend is payable January 15, 2027 to stockholders of record January 5, 2027.

The company updated 2026 Nareit FFO per diluted share expectations to $2.36–$2.38 from $2.35–$2.37 and same-property NOI growth expectations to 5.50%–5.75% from 5.00%–5.75%. Revenues deemed uncollectible are expected to total 60–85 basis points of total expected revenues in 2026. 2026 expectations do not include additional items that impact FFO comparability.

Liquidity was $1.5 billion at September 30, 2026, excluding a $988.0 million senior unsecured term-loan commitment available in connection with the Slate Transaction. Net principal debt to adjusted EBITDA was 5.2x on a current-quarter annualized basis and 5.3x on a trailing twelve-month basis.