The following is a summary of the Brixmor Property Group Inc. (BRX) Q1 2024 Earnings Call Transcript:
Financial Performance:
Brixmor reported a Q1 same-property NOI growth of 5.9%.
The base rent growth contributed 380 basis points to the same-property NOI growth.
Brixmor ended the quarter with a 450 basis point spread between lease and build occupancy.
NAREIT FFO range for 2024 has been revised to $2.8 to $2.11 per share.
A record pool, totaled at $68 million, was created for not yet commenced leases.
Dispositions led to a capital gain of $69 million in Q1.
Business Progress:
Brixmor signed 294 new and renewal leases covering 1.3 million square feet of area.
Anchor and small shop occupancies retained high records.
A capital pipeline of over $400 million projects with an incremental 9% return is in progress.
The company purchased a grocery-anchored asset in Long Island expanding its portfolio in New York.
Brixmor set a new record with an annualized base rent per square foot on the signed but not yet commenced pool at approximately 23% above the portfolio average.
The company aims for a proactive strategy for taking back space from tenants to increase rent where feasible.
Redevelopment pipeline plans and focuses on delivering about half of the yield in the 9%+ range this year.
Broad-based demand across the portfolio with strong demand and occupancy growth observed in all regions anticipated.
Brixmor's leasing strength will be leveraged with expansion from QSR restaurants.
Company's operational strategy now includes income drive through percentage rent and strategic uses of parking lots like EV charging stations.
An increased focus on the 'Medtail' sector part of the merchandising puzzle and other strategic developments.
Brixmor maintains a nimble response to market fluctuations, as seen in the shifting of some redevelopments from major to minor due to market conditions.
More details: Brixmor Property Group Inc IR
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