Brixmor Q3 FFO Rises to $0.60/Share as Occupancy Hits 95.6%
BRX is trading near its 52-week low of $24.655 (14% above the low).
Summary
Brixmor's Q3 2026 10-Q shows Nareit FFO of $0.60 per diluted share on same property NOI of $249.8 million and 95.6% leased occupancy, while GAAP net income fell to $87.8 million on smaller disposition gains. It also details the $636 million Slate portfolio purchase, a $988.0 million financing commitment, and 3.9 million unsettled ATM forward shares at $29.85.
Key Events · Earnings and Guidance · BRX
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Q3 FFO Grows, Occupancy at 95.6%
Nareit FFO was $184.6 million, or $0.60 per diluted share, versus $172.3 million and $0.56 a year earlier. Leased occupancy reached 95.6% and billed occupancy 91.4%, up from 94.1% and 90.2%.
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Same Property NOI Up $15.4 Million
Same property NOI rose to $249.8 million from $234.4 million, and new and renewal leases signed in the quarter carried a 25.3% rent spread on 267 leases.
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GAAP Net Income Falls on Smaller Gains
Net income attributable to Brixmor was $87.8 million, or $0.28 diluted, versus $94.2 million and $0.31, as gain on sale of real estate dropped to $8.9 million from $40.0 million and interest expense rose $2.5 million to $59.2 million.
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Slate Deal Financing Lined Up
The $636 million Brixmor Portfolio purchase (23 centers) sits inside a $2.34 billion Slate transaction with the Everview JV; a $988.0 million senior unsecured term loan commitment is in place, with closing expected in the first quarter of 2027 subject to Slate unitholder approval.
Analysis · BRX · Real Estate & Construction
The operating engine is still running: same property NOI grew $15.4 million year over year and Nareit FFO per diluted share rose to $0.60 from $0.56, with leased occupancy at 95.6% versus 94.1%. The offset is a GAAP net income decline to $87.8 million from $94.2 million, driven by last year's quarter booking $40.0 million of disposition gains versus $8.9 million this year, plus a $2.5 million increase in interest expense. For the pending Slate deal, the balance sheet is the piece that matters: $5.32 billion of net debt against $183.5 million of cash and restricted cash, $1.25 billion undrawn on the revolver, and a $988.0 million term loan commitment lined up for the roughly $636 million Brixmor Portfolio purchase expected to close in the first quarter of 2027. Separately, 3.9 million shares are still to be issued under ATM forward contracts at a $29.85 weighted-average price for about $116.0 million of anticipated proceeds—dilution still to come, not dilution already booked.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BRX was trading at $28.12 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $8.6B. The 52-week trading range was $24.66 to $32.86. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.