Brixmor Property Group: 2Q ahead of JPM and small guidance increase; good small shop occupancy trend

Research evidence excerpt

Brixmor Property Group: 2Q ahead of JPM and small guidance increase; good small shop occupancy trend

J P M O R G A N North America Equity Research

27 July 2026

Brixmor Property Group Overweight

BRX, BRX US

2Q ahead of JPM and small guidance increase; good Price (27 Jul 26):$32.35

small shop occupancy trend

REITs

After Monday’s close, Brixmor reported 2Q FFO/share that was inline with the Michael W. Mueller, CFA AC

Street and ahead of our forecast. Management raised the FY SS NOI growth (1-212) 622-6689

outlook by 25 bps and raised the lower end of the FFO/share outlook by $0.01. michael.w.mueller@jpmorgan.com

Operationally, our initial read is that it was a good quarter. Occupancy declined Anthony Paolone, CFA

sequentially as was discussed on the 1Q call, but small shop occupancy increased (1-212) 622-6682

50 bps sequentially. There was some previously announced acquisition activity anthony.paolone@jpmorgan.com

that closed during the quarter, but the company’s focus continues to be on the ~$350 Nahom Tesfazghi

million reinvestment pipeline. There, it stabilized three small projects in the (1-212) 622 4884

nahom.tesfazghi@jpmchase.com

quarter and started eight additional ones. We continue to view this pipeline as the

Daniella De Armas Rosales

company’s primary external growth driver. (1-212) 622-0050

daniella.dearmasrosales@jpmchase.com

2Q FFO slightly ahead of JPM; tightens the FFO & SS NOI outlooks. Brixmor J.P. Morgan Securities LLC

(BRX) reported 2Q FFO/share of $0.58, in line with Bloomberg consensus ($0.58)

and slightly ahead of our $0.57 forecast. Relative to our model, NOI was close to

~$0.01 lower than our estimate, which looks to have been largely driven by lower

S/L rental income being booked in the quarter. The combination of lower G&A,