Brixmor Property Group Inc. SEC 10-Q Report

Brixmor Property Group Inc., a leading operator of open-air retail shopping centers in the United States, has released its Form 10-Q report for the third quarter of 2025. The report highlights the company's financial performance and operational activities, providing insights into its revenue growth, leasing activities, and strategic initiatives aimed at enhancing shareholder value.

Financial Highlights

• Total Revenues: $340.8 million for the three months ended September 30, 2025, reflecting an increase from $320.7 million in the same period in 2024, driven by higher rental income.
• Net Income: $94.2 million for the three months ended September 30, 2025, compared to $96.8 million in the same period in 2024, indicating a slight decrease.
• Net Income Per Share: Basic and Diluted EPS were $0.31 for the three months ended September 30, 2025, compared to $0.32 in the same period in 2024, reflecting a minor decline.
• Operating Expenses: Total operating expenses increased to $230.4 million for the three months ended September 30, 2025, from $210.3 million in the same period in 2024, primarily due to higher depreciation and amortization expenses.
• Interest Expense: $56.7 million for the three months ended September 30, 2025, slightly up from $55.4 million in the same period in 2024, reflecting increased borrowing costs.

Business Highlights

• Portfolio Overview: As of September 30, 2025, Brixmor Property Group Inc. operates one of the largest publicly traded open-air retail portfolios in the U.S., consisting of 354 shopping centers totaling approximately 63 million square feet of gross leasable area (GLA). The portfolio is primarily located in established trade areas within the top 50 Core-Based Statistical Areas in the U.S., anchored by non-discretionary and value-oriented retailers.
• Leasing Activity: During the three months ended September 30, 2025, the company executed 323 leases covering 2,638,011 square feet with a new average base rent per square foot (ABR PSF) of $18.83. The rent spread for new leases was 30.5%, indicating a significant increase in rental rates compared to previous leases.
• Occupancy Rates: As of September 30, 2025, the billed and leased occupancy rates were 90.2% and 94.1%, respectively, showing a slight decrease from the previous year’s rates of 91.9% and 95.6%.
• Tenant Relationships: The company maintains strong relationships with major retailers, including The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc., which are its three largest tenants by annualized base rent.
• Operational Strategy: Brixmor focuses on maximizing total returns to stockholders through sustainable growth in cash flow by managing its portfolio proactively, pursuing value-enhancing reinvestment opportunities, and executing prudent acquisition and disposition activities.
• Future Outlook: The company intends to continue qualifying as a REIT and aims to maintain its competitive advantages, such as expansive retailer relationships and a fully-integrated operating platform, to support growth objectives and enhance shareholder value.

SEC Filing: Brixmor Property Group Inc. [ BRX ] - 10-Q - Oct. 27, 2025