2024-05-03 12:35:12 ET
Summary
- Brixmor Property Group increased its NAREIT FFO (+2.7% vs. 2023) and NOI (+3.9%) 2024 growth guidance.
- The company's improving occupancy, rising net operating income, and attractive market cap rate make its shares look very attractive.
- Brixmor enjoys a very strong standing with anchor tenants, with anchor releasing spreads a key NOI driver.
- Occupancy with smaller shops is less robust, which is one of the key risks, along with lack of complementary metrics to evaluate the sustainability of NOI growth.
- Net debt accounts for just 42% of enterprise value, with low fixed-rates locked in for the medium term.
Introduction
Brixmor Property Group Inc. ( BRX ) has marginally outperformed the Vanguard Real Estate Index Fund ETF Shares ( VNQ ) so far in 2024:
BRX vs VNQ in 2024 (Seeking Alpha)
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For further details see:
Brixmor Property Group: Occupancy And NOI Rising, The Stock Will Follow