Published on 13 Feb 2024 on GuruFocus.com via Yahoo Finance
Brixmor Property Group Inc (BRX) Reports Mixed Results for Q4 and Full Year 2023
Net Income: Q4 net income was $0.24 per diluted share, down from $0.35 in Q4 2022. Full-year net income also decreased to $1.01 per diluted share from $1.17.Leased Occupancy: Total leased occupancy reached a record 94.7%, with small shop occupancy at a record 90.3%.Rent Spreads: Executed new and renewal leases with rent spreads on comparable space of 19.6% for Q4 and 19.3% for the full year.Same Property NOI: Increased by 3.1% for Q4 and 4.0% for the full year, indicating healthy operational performance.Nareit FFO: Q4 Nareit FFO was $154.7 million, or $0.51 per diluted share, compared to $147.0 million, or $0.49 per diluted share in Q4 2022.Dividend: Declared a quarterly cash dividend of $0.2725 per common share for the first quarter of 2024.Guidance: Provided 2024 Nareit FFO per diluted share expectations of $2.06 - $2.10 and same property NOI growth expectations of 2.50% - 3.50%.
Warning! GuruFocus has detected 10 Warning Signs with BRX.
