Brixmor Property Group (BRX) Tops Q3 EPS by 13c

Brixmor Property Group (NYSE: BRX) reported Q3 EPS of $0.27, $0.13 better than the analyst estimate of $0.14.

• Executed 2.2 million square feet of new and renewal leases at comparable rent spreads of 13.4%, including 0.9 million square feet of new leases at comparable rent spreads of 39.7%
• Executed 3.1 million square feet of total leasing volume, including options, at comparable rent spreads of 12.1%
• Grew total leased occupancy 90 basis points year over year to 92.5%, including 110 basis points of growth in small shop leased occupancy to 85.5%
• Maintained widest leased to billed occupancy spread since IPO of 310 basis points
• Generated same property NOI growth of 1.2%, driven by a 270 basis points contribution from base rent
• Grew total in process reinvestment pipeline to $340.4 million, while delivering $53.8 million of projects at an average incremental NOI yield of 9%
• Closed on $530.2 million of dispositions, including six assets totaling $76.7 million closed subsequent to quarter end
• Acquired one adjacency at an existing center for $1.5 million, repurchased $48.6 million of common stock and repaid $507.2 million of secured indebtedness
• Issued $250.0 million of Floating Rate Notes due 2022 and repaid a portion of the Company\'s $600.0 million term loan
• Increased quarterly dividend by 1.8% to $0.28 per common share, which represents an annualized yield of 7.3%
• Updated previously provided NAREIT FFO per diluted share expectations and affirmed same property NOI expectations for 2018

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

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