Brixmor Lifts Dividend Over 7% and Raises Outlook as Occupancy Hits Record
BRX is trading near its 52-week low of $24.655 (14% above the low).
Summary
Brixmor reported third-quarter results with leasing demand pushing occupancy to record highs, and it raised its dividend by more than 7% while lifting full-year guidance. Third-quarter EPS came in at 28c and Nareit FFO was USD 184.6 million. That builds on Q2, when FFO of $0.58 per share beat estimates and management already guided full-year FFO to $2.35–$2.37 with same-property NOI up 5.8%. Management now sees full-year FFO of $2.36 to $2.38 per share, EPS of $1.20 to $1.22 and net income of $368 million to $374 million. The dividend increase and raised outlook are the actionable pieces — management is putting cash behind the occupancy story rather than just talking about it. This comes a month after the $2.34 billion Slate Grocery REIT deal with Everview Partners, where Brixmor takes 23 centers, so the stronger operating base supports the acquisition case.
At the time of this announcement, 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 news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.