2024-04-30 22:26:09 ET
Brixmor Property Group Inc. (BRX)
Q1 2024 Earnings Call Transcript
April 30, 2024 10:00 AM ET
Company Participants
Stacy Slater - Senior Vice President of Investor Relations
Brian Finnegan - Interim CEO and President
Steven Gallagher - Interim Chief Financial Officer
Mark Horgan - Chief Investment Officer
Conference Call Participants
Samir Khanal - Evercore ISI
Todd Thomas - KeyBanc Capital Markets Inc.
Alexander Goldfarb - Piper Sandler
Juan Sanabria - BMO Capital Markets
Craig Mailman - Citigroup Inc.
Haendel St. Juste - Mizuho Securities
Dori Kesten - Wells Fargo Securities, LLC
Jeff Spector - Bank of America
Greg McGinniss - Scotiabank
Floris Van Dijkum - Compass Point
Tayo Okusanya - Deutsche Bank
Caitlin Burrows - Goldman Sachs
Anthony Powell - Barclays
Mike Mueller - JPMorgan
Paulina Rojas - Green Street Advisors
Linda Tsai - Jefferies
Ki Bin Kim - Truist Securities
Presentation
Operator
Greetings, and welcome to the Brixmor Property Group Incorporated. First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Stacy Slater, Senior Vice President, Investor Relations. Thank you. You may begin.
Stacy Slater
Thank you, operator, and thank you all for joining Brixmor's first quarter conference call. With me on the call today are Brian Finnegan, Interim CEO and President; and Steven Gallagher, Interim Chief Financial Officer. Mark Horgan, Executive Vice President and Chief Investment Officer, will also be available for Q&A.
Before we begin, let me remind everyone that some of our comments today may contain forward-looking statements that are based on certain assumptions and are subject to inherent risks and uncertainties as described in our SEC filings, and actual future results may differ materially. We assume no obligation to update any forward-looking statements.
Also, we will refer today to certain non-GAAP financial measures. Further information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in the earnings release and supplemental disclosure on the Investor Relations portion of our website. Before turning the call to Brian, please note that out of respect for Jim's privacy, we will not be addressing any questions regarding his temporary medical leave and look forward to his return in the near future. We do ask that he join our Brixmor family in wishing Jim good health. As always, please limit your questions to one or two and re-queue for any follow up.
At this time, it's my pleasure to introduce Brian Finnegan.
Brian Finnegan
Thanks, Stacy, and good morning, everyone. I'm pleased to report another quarter of outstanding execution by the Brixmor team as we continue to capitalize not only on the positive trends in open-air retail, but on the work our team has done in transforming this portfolio. That transformation is evident in every observable metric, including same-property NOI growth during the first quarter of 5.9%, and our improved same-property NOI and NAREIT FFO outlook for 2024, as Steve will provide additional detail on shortly. And in conjunction with the tailwinds from the record $68 million of annual base rent and our signed but not commenced pool. And our highly accretive, low-risk reinvestment pipeline, we continue to position this portfolio for long-term sustainable growth.
That growth starts with leasing and we delivered another quarter of excellent results, executing 294 new and renewal leases totaling 1.3 million square feet, including 700,000 square feet of new leases with tenants across a wide range of categories in the open air space. We added another three grocers during the quarter and now derive 80% of our base rent from grocery-anchored centers, while again adding thriving retailers to the portfolio such as Ulta Beauty, Ross Dress for Less, Chipotle, Chick-fil-A and JD Sports. We achieved several noteworthy records this quarter, including for overall anchor and small shop occupancy of 95.1%, 97.3% and 90.5%, respectively, with a sequential small shop gain for the 13th consecutive quarter....
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Brixmor Property Group Inc. (BRX) Q1 2024 Earnings Call Transcript