Brixmor Property (BRX) PT Raised to $29 at Evercore ISI

Evercore ISI analyst Steve Sakwa raised the price target on Brixmor Property (NYSE: BRX) to $29.00 (from $28.00) while maintaining a In Line rating.

The analyst comments "BRX reported Q3 FFO of $0.52 which was in line with consensus and our estimate. When compared to our model, NOI came in higher than forecasted (+1¢) but was offset by slightly higher G&A expense (-1¢) due to one-time severance costs associated with the realignment of their regional operating structure. Overall, revenues were up 4.2% in the quarter while expenses were up 4.8% which led to SS NOI growth of 4.1% in the quarter. Looking at the line items that contributed to NOI growth, the biggest contribution was from base rent (+520bp) followed by net expense reimbursements (+80bp) and ancillary income (+20bp) which were partly offset by a negative contribution from revenues deemed uncollectible (-200bp) and percentage rents (-10bp). BRX increased their ’24 FFO guidance range to $2.13 to $2.15 (up from $2.11 to $2.14) with the new midpoint moving up by 1.5¢ or 0.7% to $2.14 which compared to our prior est and consensus of $2.13. The company raised its ’24 SS NOI growth rate by 38bp to 5% from 4.525% as the company continues to push occupancy to record levels for both anchors & small shop space."

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