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Brixmor 2019 FFO guidance midpoint exceeds consensus

Published 02/11/2019, 04:21 PM
Updated 02/11/2019, 04:21 PM
© Reuters. Brixmor 2019 FFO guidance midpoint exceeds consensus
  • Brixmor Property Group (NYSE:BRX) 2019 FFO guidance of $1.86-$1.94 per share compares with average analyst estimate of $1.87; sees same-property NOI growth of 2.75%-3.25%.
  • Brixmor rises 0.4% in after-hours trading.
  • Q4 NAREIT FFO of 40 cents per share includes 2 cents for an SEC settlement and a 6-cent loss on debt extinguishment. Excluding items, Q4 FFO would be 48 cents per share, beating consensus by 6 cents; compares with 53 cents in the year-ago quarter.
  • Q4 same-property NOI growth of negative 0.2%, driven by 190 basis point contribution from base rent offset by a 220 bps detraction from net recoveries and provision for doubtful accounts.
  • Sears/Kmart bankruptcy reduced Q4 same-property NOI growth by 90 basis points.
    • Realized total leased occupancy of 91.9%, reflecting the impact of 70 bps of space rejected in the Sears/Kmart bankruptcy, net of executed backfills.
    • Conference call on Feb. 12 at 10:00 AM ET.
    • Now read: Kimco Realty (NYSE:KIM): I No Longer Recommend This 6.3%-Yielding REIT Based On Valuation


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