Brixmor Raises Distribution 7.3% to $0.3300 per Share and Lifts 2026 Forecast
Key Facts
Brixmor raised its quarterly cash distribution 7.3% to $0.3300 per share and increased its 2026 forecast after reporting record total leased occupancy of 95.6% on September 30. The company reported third-quarter results on October 26 after the market close and said same-property net operating income rose 6.6% from the same period in 2025. It also raised its full-year growth outlook for the measure, along with its forecast for diluted Nareit FFO per share. The new distribution equals $1.32 per share annually. The company set January 15, 2027, as the payment date for shareholders of record on January 5.
Net income attributable to Brixmor for the nine months ended September 30, 2026, was $0.94 per diluted share, compared with $0.81 in the corresponding period of 2025. Diluted Nareit FFO rose to $1.76 per share from $1.67. In the third quarter, same-property net operating income grew 6.6%, with base rent contributing 480 basis points of that growth. The same measure grew 6.2% in the first nine months compared with the corresponding period last year. Investing.com reported quarterly earnings per share of $0.28, above analysts’ estimate of $0.22, while revenue was $359.6 million versus a consensus estimate of $357.46 million.
In leasing activity, the company signed new and renewal leases for 1.6 million square feet in the third quarter, with rent spreads of 25.3% on comparable spaces. Total leased occupancy reached a record 95.6%, while small-shop occupancy reached a record 92.8%. Anchor occupancy was 97.0%. Signed leases not yet commenced totaled 3.1 million square feet as of September 30, representing $68.9 million in annual base rent. During the quarter, leases commenced that added $17.7 million in annual base rent.
Brixmor raised its 2026 same-property net operating income growth forecast to a range of 5.50%–5.75%, from 5.00%–5.75% previously. It increased its Nareit FFO forecast to $2.36–$2.38 per diluted share, compared with the prior range of $2.35–$2.37. The company had also raised both forecasts after its second-quarter results: its outlook for operating income growth then moved to 5.00%–5.75% from 4.75%–5.50%, and its Nareit FFO forecast to $2.35–$2.37 from $2.34–$2.37. In the second quarter, the company reported leased occupancy of 94.8%, small-shop occupancy of 92.6%, and same-property operating income growth of 5.8%. It also signed new and renewal leases for 1.4 million square feet, with rent spreads of 19.1%.
Liquidity totaled $1.5 billion on September 30, 2026, excluding a commitment letter to fund an unsecured term loan of up to $988.0 million related to the Slate transaction. The transaction includes the joint venture’s purchase of 92 additional assets for $1.71 billion. It is expected to close in the first quarter of 2027, subject to approval by Slate unitholders and satisfaction of customary closing conditions. The company scheduled its third-quarter results call for October 27, 2026, at 10:00 a.m. Eastern time. Its investor relations calendar also lists the fourth-quarter results call for February 4, 2027, at 10:00 a.m. Eastern time.