Brixmor Raises 2026 FFO Guidance with Q1 27% Rent Spreads on 1.3M Sq Ft
Net income rose to $0.41 per diluted share in Q1 from $0.23 a year earlier on 1.3 million square feet of new and renewal leases with 27.0% rent spreads and 95.1% leased occupancy. Brixmor raised its 2026 Nareit FFO guidance to $2.34–$2.37 per share while reporting 6.4% same-property NOI growth.
1. Financial Performance
Brixmor reported Q1 net income attributable to the company of $127.8 million, or $0.41 per diluted share, up from $69.7 million, or $0.23 per share, a year ago. Nareit FFO climbed to $179.6 million, or $0.58 per diluted share, compared with $171.1 million, or $0.56 per share, in the prior year period.
2. Leasing and Occupancy Highlights
The company executed 1.3 million square feet of new and renewal leases, achieving 27.0% rent spreads on comparable space and record renewal spreads of 21.3%, while leased occupancy reached 95.1%. Signed but not commenced leases encompass 2.8 million square feet and $66.7 million of annualized base rent, as the $302.4 million in-process reinvestment pipeline targets a 10% average incremental NOI yield.
3. Guidance and Capital Structure
Brixmor updated 2026 Nareit FFO guidance to $2.34–$2.37 per diluted share and same-property NOI growth to 4.75%–5.50%. The company completed $119.2 million of property dispositions, executed forward sales under its ATM program to raise approximately $116.0 million, and ended the quarter with $1.8 billion in liquidity and net debt to EBITDA of about 5.3x; a $0.3075 per share quarterly dividend was also declared.