10-Q · April 27, 2026
Brixmor reported Q1 2026 total revenues of $354,819 (in thousands), up $17,307 from Q1 2025, driven by higher base rent and positive rent spreads. Operating performance benefited from disposition gains of $52,097 and…
Earnings analysis · 10-Q
BRX earnings analysis
Filed July 27, 2026 · Our reading of the company's report
The latest report
Brixmor delivered healthy Q2 rental-income growth, a 5.8% same-property NOI increase, improved occupancy and strong six-month operating cash flow of $344.9 million. However, GAAP EPS declined to $0.24 from $0.28 a year…
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Brixmor delivered healthy Q2 rental-income growth, a 5.8% same-property NOI increase, improved occupancy and strong six-month operating cash flow of $344.9 million. However, GAAP EPS declined to $0.24 from $0.28 a year earlier as interest expense increased $6.5 million, a $6.0 million impairment was recorded, and sale gains were lower. Liquidity of $1.55 billion supports its acquisition, disposition and redevelopment program, but debt servicing, redevelopment execution and moderating leasing spreads temper the otherwise constructive operating trends.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.24
What stood out
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Rental revenue growth remains solid
Q2 revenue rose $14.7 million year over year to $354.2 million from $339.5 million, driven by a $14.5 million increase in rental income. Full-period assets contributed $12.8 million of the rental-income growth and net transaction activity added $1.7 million.
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Same-property NOI and occupancy improved
Same-property NOI increased $13.5 million, or 5.8%, to $245.4 million. Same-property billed occupancy improved 50 basis points year over year to 90.3%, while leased occupancy reached 94.7%.
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Positive leasing spreads support base rent
Leasing economics remain favorable: Q2 new, renewal and option leases generated a 13.6% rent spread, and new and renewal leases generated a 19.1% spread. Billed and leased portfolio occupancy were 90.4% and 94.8%, respectively, at June 30, 2026.
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Operating cash flow strengthened
Six-month operating cash flow increased $33.3 million year over year to $344.9 million. After $123.5 million of improvements and investments in real estate, derived free cash flow was $221.4 million, equal to 35.8% of operating cash flow spent on property investment.
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Substantial liquidity supports investment
Liquidity was $1.55 billion at June 30, including $1.25 billion available on the revolving facility, $186.1 million of cash, cash equivalents and restricted cash, and $114.8 million of anticipated forward-equity proceeds.
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Portfolio recycling accelerated
Capital recycling was active: the company acquired four shopping centers for $164.2 million and disposed of six centers for $120.5 million of net proceeds in the first six months. Dispositions produced a $59.8 million aggregate gain.
What to watch
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GAAP earnings declined despite revenue growth
GAAP diluted EPS was $0.24, down from $0.28 in Q2 2025, as net income attributable to Brixmor declined $11.6 million to $73.5 million. The decline occurred despite higher revenue, reflecting a $6.5 million increase in interest expense, a $6.0 million impairment, and a $5.9 million lower gain on sales.
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Higher financing costs and near-term maturities
Interest expense rose $6.5 million year over year to $60.9 million in Q2, primarily from higher average debt obligations and a higher weighted-average interest rate. Contractual debt maturities total $407.5 million in the 12 months ending June 30, 2027, alongside $234.9 million of scheduled interest payments.
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Recycling and redevelopment execution exposure
The company recognized a $6.0 million impairment on one operating property due to changes in its anticipated hold period associated with the capital-recycling program. It also has $347.8 million of anticipated cost across 44 in-process redevelopment projects, of which $124.5 million had been incurred.
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Leasing-spread moderation and tariff pressure
Leasing spreads remained positive but decelerated: Q2 comparable rent spread was 13.6%, versus 19.4% in Q2 2025; new-lease spread declined to 31.3% from 43.8%. Management also cites tariffs as a potential source of higher construction costs and tenant supply-chain pressure.
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No formal risk-factor update; cost inflation persists
The filing states that there were no material changes to risk factors from the 2025 Form 10-K. Nonetheless, non-reimbursable costs on vacant units remain exposed to inflation, while Q2 operating costs increased $4.4 million year over year, driven by repairs, utilities and insurance.
Management's outlook
The 10-Q provides no explicit numerical revenue or EPS outlook. Management anticipates cash flows and other capital sources will be adequate for anticipated uses over the next 12 months and beyond; it has 44 in-process redevelopment projects with $347.8 million of aggregate anticipated cost.
Earlier filings 4
10-Q · October 27, 2025
Brixmor reported Q3 total revenues of $340,843 (in thousands) versus $320,682 in Q3 2024, an increase of $20,161 (in thousands). The company beat consensus EPS (reported actual EPS $0.56 vs. estimate $0.36) and…
10-Q · October 28, 2024
Brixmor reported total revenues of $320,682,000 for the three months ended September 30, 2024, up $13,368,000 versus $307,314,000 in Q3 2023. Operating expenses rose to $210,286,000, producing operating income of…
10-Q · April 29, 2024
Brixmor reported total revenues of $320,241,000 for the three months ended March 31, 2024, up $8,797,000 versus $311,444,000 in Q1 2023, driven by higher base rent and positive rent spreads. Operating expenses were…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.