Brixmor Property (BRX1) Q3 2026 Earnings Report
MX:BRX1 Q3 2026 EPS Results
- Actual EPS
- MXN 5.26
- Consensus EPS
- MXN 4.25
- Beat/Miss
- Beat by +MXN 1.01
- One Year Ago EPS
- MXN 5.83
MX:BRX1 Q3 2026 Revenue Results
- Actual Revenue
- MXN 6.76B
- Expected Revenue
- MXN 6.71B
- Beat/Miss
- Beat by +MXN 43.58M
- YoY Revenue Growth
- +5.50%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/26/2026
- Time
- After Close
- Conference Call
- Monday, October 26, 2026
MX:BRX1 Upcoming Earnings
Brixmor Property's next earnings date is estimated for February 8, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:BRX1 Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with record or near-record occupancy, robust leasing spreads, higher retention, healthy tenant performance, an expanded reinvestment pipeline, raised guidance, a higher dividend, strong liquidity, and significant embedded growth opportunities. The main negatives were macroeconomic volatility, anticipated fourth-quarter growth moderation caused by prior-year ancillary-income timing, transaction funding and closing uncertainties, and upcoming hedge maturities. Management characterized these issues as manageable and did not link them to weakening portfolio fundamentals.
Company Guidance
Brixmor increased its expectations for same property NOI growth of 5.5 to 5.75% and FFO per share of $2.36 to $2.38, while expecting fourth quarter growth to moderate as it laps elevated ancillary and other income; approximately 55 million of rent is expected to commence in 2026, with another $48 million from the signed but not yet commenced pipeline expected to commence in 2027, before the benefit of additional leasing activity. The active reinvestment pipeline totaled approximately $322 million at an expected return of 10%, and leverage is expected to temporarily improve further through year end before ultimately remaining sort of where we are; a delayed draw term loan for $400 million is expected to close in the fourth quarter and draw in conjunction with closing, while $400 million of forward starting swaps will support borrowing costs. The company will provide details on its 2027 outlook with year end earnings as usual and guidance on 2027 in February.
- Strong Third-Quarter Financial PerformanceNAREIT FFO per share increased 7% year over year to $0.60, while same-property NOI grew 6.6%. Same-property NOI growth was supported by a 480 basis point contribution from base rent, healthy occupancy growth, strong expense recoveries, and contributions from ancillary and other income.
- Raised Full-Year Outlook and DividendThe company raised its full-year outlook for same-property NOI growth to 5.5% to 5.75% and FFO per share to $2.36 to $2.38, supported by same-property NOI growth of 6.2% year to date. The board increased the quarterly dividend by more than 7%.
- Exceptional Leasing EconomicsBrixmor executed 1.6 million square feet of new and renewal leases during the quarter at a 25% blended comparable rent spread. New lease spreads were 43%, including anchor spreads above 70%, while renewal spreads exceeded 19%.
- Occupancy Reached Record LevelsTotal leased occupancy reached 95.6%, up 80 basis points sequentially and 150 basis points year over year. Small-shop occupancy reached a new record of 92.8%, and anchor occupancy increased to 97%. Management stated that anchor occupancy remained 70 basis points below its prior peak, indicating additional upside in the existing portfolio.
- Higher Tenant Retention and Leasing VisibilityThe tenant retention rate increased to 88%, up 300 basis points year over year. The company ended the quarter with $69 million in signed but not yet commenced rent after commencing $42 million of rent year to date, including $17 million during the quarter.
- Strong Retailer Demand and Tenant QualityRetailer demand for space in high-quality grocery-anchored centers remained robust, traffic to centers continued to grow, and new supply remained limited. Brixmor added or expanded relationships with Ross, TJX, Trader Joe's, HEB, Sprouts, Aldi, Publix, and other national and regional retailers.
- Faster Leasing Execution and Technology AdoptionBrixmor completed its eight largest anchor leases during the quarter in less than 60 days, including one with a leading off-price retailer in under 30 days. Investments in technology and AI are helping streamline leasing, reduce downtime, and accelerate rent commencement. Time in legal was reduced by approximately 25% over the last two years.
- Significant Embedded Rent GrowthApproximately $55 million of rent is expected to commence in 2026, with another $48 million from the signed but not yet commenced pipeline expected to commence in 2027, before additional leasing activity. Anchor leases expiring in 2027 without options average approximately $11 per square foot, compared with new and renewal leases in the mid to upper teens.
- Attractive Reinvestment PipelineBrixmor stabilized four reinvestment projects representing $55 million of investment at a 10% average incremental return and added six projects totaling $37 million at an 11% return. The active pipeline totaled approximately $322 million at an expected 10% return, while management cited approximately $1 billion across the active and future pipelines.
- Expansion of Redevelopment and Outparcel OpportunitiesThe company added projects including a 50,000-square-foot Publix prototype at Eastport Plaza in Port St. Lucie, Florida, and a 97,000-square-foot IKEA at Westridge Court and Block 59 in suburban Chicago. Brixmor added three outparcel projects during the quarter, bringing the year-to-date total to 13, and has completed approximately 110 outparcels across the portfolio.
- Successful Capital Recycling and Acquisition ActivityBrixmor acquired Village West Shopping Center in Southern California for $50 million. It also completed $43 million of dispositions, bringing year-to-date proceeds to approximately $166 million, consistent with its strategy of monetizing assets where value creation plans are substantially complete and redeploying proceeds into opportunities with more attractive long-term growth and returns.
- Strong Liquidity and Financing FlexibilityThe company ended the quarter with $1.5 billion of liquidity, including $183 million of cash, $1.25 billion of revolver availability, and approximately $115 million of anticipated proceeds from unsettled forward equity contracts. Net debt to adjusted EBITDA was 5.2 times on a current-quarter annualized basis.
- Additional Slate Funding ArrangementsBrixmor was working on a $400 million delayed-draw term loan expected to close in the fourth quarter and be drawn in conjunction with the Slate closing. The company also has $400 million of forward-starting swaps on its existing $500 million term loan, providing additional certainty around borrowing costs.
- Strong Transaction Market DemandManagement reported strong demand from capital seeking exposure to open-air retail, including pension funds, sovereign wealth capital, high-net-worth investors, and other institutional capital. The company was tracking billions of dollars of capital seeking exposure to the sector and had approximately $130 million of assets under contract or in negotiations.
- Positive Tenant Health and Collections TrendsManagement described tenant health as the strongest it has ever been, citing high retention, solid collections, low bad debt, record-low small-shop move-outs for the consecutive year, and a watch list that was lower than previously. Brixmor also reduced its exposure to office supply and continued monitoring categories such as drug stores.
- Improving Contractual Rent GrowthAverage in-place contractual rent growth increased from 90 basis points in 2016 to 1.7% currently, while recent new and renewal leases averaged 2.6% growth. Fixed CAM represented 41% of annualized base rent and was growing at 4.2%. The company is also reducing lease options and introducing fair-market-value concepts for certain regional tenants.
- Slate Transaction Viewed as a Strategic Growth OpportunityManagement said the Slate transaction is a natural extension of Brixmor's strategy, with opportunities from below-market rents, occupancy upside, redevelopment, and applying Brixmor's operating platform. Slate's team had delivered renewal growth in the mid teens and new lease growth in the 40% range over the last year, and the transaction was expected to move toward closing in the first quarter.
- Growth Markets and Retailer Relationships Support SlateManagement highlighted growth in Atlanta, the Carolinas, Orlando, and Jacksonville, along with retailer interest in the Slate portfolio and reinvestment plans. Brixmor reported 900 million visits over the last year, approximately 8,000 leases, and relationships placing it among the top landlords to every major retailer in the country.
- Joint Venture Structure Adds OptionalityManagement said the Slate structure, including a joint venture partner, preferred equity investment, and fee income, provides an additional growth avenue. The company stated that it would consider similar structures on a one-off, opportunity-dependent basis when the business-plan alignment justified the additional complexity.
MX:BRX1 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 08, 2027 | 2026 (Q4) | 4.59- | 8.27 | ― | ― |
| Oct 26, 2026 | 2026 (Q3) | 4.255.26 | 5.83 | -9.68% (-0.56) | |
| Jul 27, 2026 | 2026 (Q2) | 4.604.51 | 5.26 | -14.29% (-0.75) | |
| Apr 27, 2026 | 2026 (Q1) | 4.667.70 | 4.32 | 78.26% (+3.38) | |
| Feb 09, 2026 | 2025 (Q4) | 4.498.27 | 5.07 | 62.96% (+3.19) | |
| Oct 27, 2025 | 2025 (Q3) | 4.285.83 | 6.01 | -3.13% (-0.19) | |
| Jul 28, 2025 | 2025 (Q2) | 4.005.26 | 4.32 | 21.74% (+0.94) | |
| Apr 28, 2025 | 2025 (Q1) | 4.194.32 | 5.45 | -20.69% (-1.13) | |
| Feb 10, 2025 | 2024 (Q4) | 4.235.07 | 4.51 | 12.50% (+0.56) | |
| Oct 28, 2024 | 2024 (Q3) | 4.126.01 | 3.95 | 52.38% (+2.07) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
