Brixmor Property Group (BRX) Reports In-Line Q4 EPS

Brixmor Property Group (NYSE: BRX) reported Q4 EPS of $0.21, in-line with the analyst estimate of $0.21. Revenue for the quarter came in at $293.15 million versus the consensus estimate of $294.17 million.

Key highlights for the three months ended December 31, 2019 include:

• Executed 2.7 million square feet of total leasing volume, including options, with rent spreads on comparable space of 10.9%
• Executed 1.7 million square feet of new and renewal leases, with rent spreads on comparable space of 12.9%, including 0.9 million square feet of new leases, with rent spreads on comparable space of 33.3%
• Grew total leased occupancy to 92.4% and anchor leased occupancy to 95.2%
  • Realized small shop leased occupancy of 86.2%, a 60 basis point increase sequentially
  • Leased to billed occupancy spread of 310 basis points, representing $45.0 million of annualized base rent not yet commenced
• Generated same property NOI growth of 5.1%, driven by a 390 basis point contribution from base rent
• Stabilized $47.0 million of reinvestment projects at an average incremental NOI yield of 10%, with the in process reinvestment pipeline now totaling $413.0 million at an expected average incremental NOI yield of 10%,
• Completed $51.9 million of dispositions comprised of 0.7 million square feet

"Our market leading leasing productivity and reinvestment execution underscore the tremendous growth in the intrinsic value of our well- located shopping center portfolio. During the year, we signed nearly eight million square feet of new and renewal leases at very healthy cash spreads, while also delivering over $160 million of accretive reinvestment projects. Looking forward to 2020, we\'re excited about building on this momentum and continuing to deliver on the unique opportunities our portfolio and platform provide in this environment," commented James Taylor, Chief Executive Officer and President.

For earnings history and earnings-related data on Brixmor Property Group (BRX) click here.

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