Brixmor Property Group Inc. (NYSE:BRX) released its operating results for the three and nine months ended September 30, 2026 on October 26, 2026, reporting Nareit FFO of $184.6 million for the quarter and announcing a definitive agreement to acquire Slate Grocery REIT in a transaction valued at approximately $2.34 billion.

Key Highlights

  • Record leased occupancy: Total leased occupancy reached a record 95.6%, with small shop leased occupancy also hitting a record 92.8% and anchor leased occupancy at 97.0% for Q3 2026.
  • Nareit FFO: The company reported Nareit FFO of $184.6 million, or $0.60 per diluted share, for the three months ended September 30, 2026, up from $172.3 million, or $0.56 per diluted share, in the same period of 2025.
  • Same property NOI growth: Same property NOI increased 6.6% for the three months ended September 30, 2026 versus the comparable 2025 period, including a contribution from base rent of 480 basis points.
  • Slate Transaction announced: On September 28, 2026, the company entered into definitive agreements to acquire Slate Grocery REIT in a transaction valued at approximately $2.34 billion, expected to close in the first quarter of 2027, subject to customary closing conditions including approval by Slate Grocery REIT unitholders.
  • Dividend increase: The Board of Directors declared a quarterly cash dividend of $0.3300 per common share, a 7.3% increase, payable January 15, 2027 to stockholders of record on January 5, 2027.
  • Updated 2026 guidance: The company updated its Nareit FFO per diluted share expectations for 2026 to $2.36 - $2.38 from $2.35 - $2.37 and same property NOI growth expectations to 5.50% - 5.75% from 5.00% - 5.75%.
  • Rent spreads: The company executed 1.6 million square feet of new and renewal leases with comparable space rent spreads of 25.3%, including new lease rent spreads of 42.6%.

Brixmor Reports Third Quarter 2026 Results and Slate Grocery REIT Acquisition Details

According to the filing, Brixmor Property Group reported net income attributable to the company of $87.8 million, or $0.28 per diluted share, for the three months ended September 30, 2026, compared to $94.2 million, or $0.31 per diluted share, for the same period in 2025. For the nine months ended September 30, 2026, net income attributable to the company was $289.0 million, or $0.94 per diluted share, versus $249.1 million, or $0.81 per diluted share, for the nine months ended September 30, 2025. Nareit FFO for the nine months ended September 30, 2026 totaled $542.7 million, or $1.76 per diluted share, compared to $514.9 million, or $1.67 per diluted share, in the prior-year period.

On the portfolio side, the filing disclosed that during Q3 2026 the company acquired Village West Shopping Center, a 195,862 square foot grocery-anchored community center in the Inland Empire, California trade area, for $49.5 million, and generated approximately $42.8 million in gross proceeds from the disposition of two shopping centers. The in-process reinvestment pipeline totaled $331.8 million across 46 projects at an expected average incremental NOI yield of 10%, according to the filing. The signed but not yet commenced new lease population represented 3.1 million square feet and $68.9 million of annualized base rent.

Regarding the Slate Transaction, the filing stated that Brixmor will acquire a 23-property grocery-anchored portfolio for approximately $636 million and will hold a 20% common equity interest and an approximately $174 million preferred equity investment in a joint venture with Everview Partners that will acquire an additional 92 properties for approximately $1.71 billion. The company also disclosed that at September 30, 2026, it had $1.5 billion in liquidity, not including a commitment letter for up to $988.0 million of senior unsecured term loan financing available in connection with the Slate Transaction. Net principal debt to adjusted EBITDA on a current quarter annualized basis was reported at 5.2x.

What Was Disclosed

Brixmor Property Group disclosed its Q3 and nine-month 2026 operating results, including Nareit FFO, occupancy records, leasing activity, reinvestment pipeline data, the Slate Grocery REIT acquisition agreement, a dividend increase, and updated full-year 2026 guidance.