Highlights

  • Third quarter 2026 total revenues were $359,598 thousand and net income was $88,142 thousand, or $0.28 per diluted share.
  • As of September 30, 2026, billed occupancy was 91.4% and leased occupancy was 95.6% across 345 shopping centers.
  • The Everview joint venture agreed on September 27, 2026 to acquire Slate Grocery REIT, with a $636 million Brixmor Portfolio.
  • Management expects 2026 FFO of $2.36 to $2.38 per diluted share and 5.5% to 5.8% same property NOI growth.

Brixmor Property Group Inc. (NYSE: BRX) shares were trading at USD 28.59 on October 27, 2026, up 1.67%, with a relative volume at time of 2.45. The shopping center owner and operator entered into agreements for the Slate Grocery REIT acquisition through a joint venture on September 27, 2026, declared a fourth quarter dividend of $0.3300 per common share on October 21, 2026, and filed its quarterly report for the period ended September 30, 2026 on October 26, 2026.

Brixmor Property Group Inc. is incorporated in Maryland, and its operating partnership, Brixmor Operating Partnership LP, is a Delaware limited partnership. Its principal executive offices are at 100 Park Avenue in New York, New York. It is an internally managed real estate investment trust that owns and operates open-air retail properties, primarily grocery-anchored community and neighborhood shopping centers. As of September 30, 2026, its portfolio comprised 345 shopping centers totaling approximately 62 million square feet of gross leasable area. Its fiscal year ends December 31.

Third Quarter 2026 Results

The Form 10-Q for the quarter ended September 30, 2026 reports unaudited results. Total revenues were $359,598 thousand, compared with $340,843 thousand for the third quarter of 2025. Total operating expenses were $221,618 thousand, compared with $230,427 thousand, including impairment of real estate assets of $683 thousand, compared with $16,075 thousand.

Interest expense was $59,176 thousand, compared with $56,680 thousand. Gain on sale of real estate assets was $8,863 thousand, compared with $40,018 thousand. Net income was $88,142 thousand, compared with $94,242 thousand. Net income attributable to Brixmor Property Group Inc. was $87,754 thousand, or $0.28 per diluted share, compared with $94,235 thousand, or $0.31.

For the nine months ended September 30, 2026, total revenues were $1,068,616 thousand and net income attributable to the company was $289,015 thousand, or $0.94 per diluted share, compared with $249,103 thousand, or $0.81.

Leasing, Acquisitions and Dispositions

The company executed 333 new, renewal and option leases covering 2,898,764 square feet in the third quarter, with a rent spread of 17.4% on comparable leases. New leases carried a rent spread of 42.6% and renewal leases 19.4%. During the nine months, it acquired five shopping centers for an aggregate purchase price of $213.7 million and disposed of eight shopping centers for aggregate net proceeds of $161.3 million.

On September 27, 2026, a new joint venture between the Operating Partnership and funds affiliated with Everview Partners, L.P. agreed to acquire Slate Grocery REIT. Upon the expected closing, the company will effectively acquire 23 grocery-anchored shopping centers for $636 million, and the joint venture will acquire the remaining 92 assets for $1.71 billion. Everview will hold an 80% common interest in that portfolio and the Operating Partnership 20%. The Operating Partnership expects to make a preferred equity investment of approximately $174 million with a 9% preferential annual dividend. Closing is subject to approval by Slate unitholders and is expected in the first quarter of 2027.

Balance Sheet, Liquidity and Outlook

Total debt obligations, net were $5,322,955 thousand as of September 30, 2026. The company said it had $1.54 billion of available liquidity, including $1.25 billion under its revolving facility and $183.5 million of cash, cash equivalents and restricted cash. It also obtained a commitment letter for up to $988.0 million of senior unsecured term loan financing for the Slate Transaction. It said it anticipates that its cash flow sources will provide adequate capital for the next 12 months and beyond.

On the October 27, 2026 call, management said it expects 2026 FFO of $2.36 to $2.38 per diluted share and same property NOI growth of 5.5% to 5.8%. It also said it expects a $400 million delayed draw term loan to close in the fourth quarter and that fourth quarter growth is expected to moderate.