Brixmor Property Group Inc. is a New York, New York-headquartered, internally managed REIT that owns and operates a portfolio of open-air shopping centers (primarily grocery-anchored community and neighborhood centers) across the United States, with the Company's 374 properties comprising approximately 70 million square feet of gross leasable area as of June 30, 2026. For the second quarter ended June 30, 2026, the Company generated net income attributable to common stockholders of $73.5 million ($0.24 per diluted share), Nareit FFO of $178.6 million ($0.58 per diluted share), and same property NOI growth of 5.8 percent (6.1 percent for H1 2026). The portfolio achieved record small shop leased occupancy of 92.6 percent, total leased occupancy of 94.8 percent, and anchor leased occupancy of 95.9 percent. The Company executed 1.4 million square feet of new and renewal leases with rent spreads of 19.1 percent (31.3 percent new, 15.5 percent renewal), and the signed but not yet commenced lease pipeline reached a record 3.1 million square feet representing $71.2 million of annualized base rent. Same property NOI growth of 5.8 percent included a 440 basis point contribution from base rent. The Company updated 2026 guidance to Nareit FFO of $2.35-2.37 per diluted share (from $2.34-2.37) and same property NOI growth of 5.00-5.75 percent (from 4.75-5.50 percent). The quarterly dividend of $0.3075 per share ($1.23 annualized) was maintained.
The investment thesis rests on three variables. The small shop occupancy and rent growth trajectory is the load-bearing leasing variable, with the record small shop leased occupancy of 92.6 percent (up from 91-92 percent historical range) and new lease spreads of 31.3 percent demonstrating the pricing power in the non-anchor space, and the strategic intent is to continue driving small shop occupancy toward the anchor level while capturing the embedded rent growth. The reinvestment pipeline and incremental NOI yield is the load-bearing capital deployment variable, with the $347.8 million in-process pipeline at a 10 percent expected incremental NOI yield (and stabilized projects at 11 percent) representing a visible earnings growth engine, and the strategic intent is to continue deploying capital into anchor repositioning, outparcel development, and redevelopment projects. The acquisition and disposition discipline is the load-bearing portfolio management variable, with the $164.3 million of Q2 acquisitions (including the first use of redeemable OP units as currency at Mayfair Shopping Center) and $15.1 million of dispositions reflecting a rotation toward higher-growth markets, and the strategic intent is to continue upgrading the portfolio quality through selective transactions.