BRX · Brixmor Property Group Q2 FY2026 earnings call record财报电话会记录

“We delivered 5.8% same-property NOI growth, $0.58 per share of FFO, record small shop occupancy, and a record signed but not yet commenced pipeline.”

“We executed 1.4 million square feet of new and renewal leases at a blended cash spread of 19%, including new lease spreads of 31% and renewal spreads of 16%.”

“Our signed but not yet commenced pipeline reached a record $71 million of annualized base rent.”

“On the transaction front, we completed four strategic acquisitions during the quarter for $164 million.”

“Given the strength of first half execution and the visibility we have from our leasing and reinvestment pipelines, we increased our 2026 expectations for both same property NOI growth and FFO, which Steve will discuss in more detail.”

“Turning to guidance, our increased expectation for same property NOI growth of 5%-5.75% and FFO guidance of $2.35-$2.37 per share reflects the continued strength of operations.”

“Leasing activity remains strong, rent spreads remain healthy, and our SNOC pipeline provides visibility into future earnings growth while delivering same property NOI over 5% this year.”

“During the quarter, we repaid our June $600 million maturity and issued $400 million of 5.375% senior notes and settled a forward hedge at 3.99%, resulting in an effective yield on the new notes of approximately 5.22%.”

“As you think about the trajectory looking into next year, just the future pipeline and the active pipeline of what we're showing you gives us several years of $150 million-$200 million of reinvestment.”

“Is this pace of acquisitions that you've achieved in the first half of the year, $164 million, does that feel like a reasonable pace as you're going forward, or is there an opportunity to increase how much money you're putting to work from an external growth perspective?”

“Your guidance for uncollectible income of 60-85 basis points of revenue assumes some deterioration from the 50 basis points you have recognized year-to-date.”

“It's something that we continue to look for, just thinking about what are the upcoming sources and uses and Mark and I tying out on what does that disposition pipeline look like versus the acquisition pipeline and what are those opportunities.”