Brixmor Property Group Inc. reported a total revenue of $1.285 billion for the fiscal year ending December 31, 2024, marking an increase of $40 million compared to $1.245 billion in 2023. The company's rental income rose by $39.6 million, primarily driven by a $47.6 million increase from assets owned for the full period, which was partially offset by an $8 million decrease due to net transaction activity. The increase in rental income was attributed to contractual rent escalations, positive rent spreads on new and renewal leases, and an increase in weighted average billed occupancy.
In terms of operational performance, Brixmor's total leased occupancy improved to 95.2% as of December 31, 2024, up from 94.7% the previous year. The company executed 497 new leases totaling approximately 2.7 million square feet and 1,416 total leases, including renewals and options, representing about 9.6 million square feet. The average annual base rent per square foot (ABR PSF) was reported at $17.66, with a significant portion of the ABR derived from grocery-anchored shopping centers, which accounted for 81% of the total.
Strategically, Brixmor made notable acquisitions and dispositions during the year. The company acquired seven shopping centers and two land parcels for a total of $293.8 million, while generating net proceeds of $210.1 million from the sale of six shopping centers and other properties. The acquisitions were funded through a combination of cash, proceeds from property sales, and capital raised through an at-the-market equity offering program. Brixmor's capital structure remains flexible, with $1.63 billion in available liquidity as of year-end, including $1.25 billion under its revolving credit facility.
Looking ahead, Brixmor's management expressed optimism about future growth, citing opportunities for further occupancy gains, particularly in smaller spaces under 10,000 square feet. The company has identified a pipeline of future reinvestment projects with expected yields consistent with recent initiatives. However, management acknowledged potential risks, including economic conditions, competition from e-commerce, and the financial stability of tenants, which could impact future performance.
As of December 31, 2024, Brixmor employed 454 individuals and maintained a diversified portfolio of 363 shopping centers across the United States, totaling approximately 64 million square feet of gross leasable area. The company continues to focus on enhancing its operational efficiency and tenant relationships to drive sustainable growth and maximize returns for its shareholders.
About Brixmor Property Group Inc.
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