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Brixmor Property Group Inc. (BRX-0.66%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $1,285,054,000, an increase from $1,245,036,000 in the previous year. This increase is attributed to higher rental income and other revenues.
Operating expenses for the year were $826,018,000, up from $817,231,000 in the previous year. The increase was primarily due to higher operating costs and depreciation and amortization expenses.
The company reported a net income of $339,276,000 for the year, compared to $305,087,000 in the previous year. This increase in net income was driven by higher revenues and gains on the sale of real estate assets.
Brixmor's portfolio consisted of 363 shopping centers totaling approximately 64 million square feet of gross leasable area as of December 31, 2024.
The company acquired seven shopping centers and two land parcels during the year for an aggregate purchase price of $293.8 million, including transaction costs.
Brixmor disposed of six shopping centers, six partial shopping centers, and two land parcels for aggregate net proceeds of $208.2 million, resulting in a gain of $76.2 million.
The company reported a total of $11,143,000 in impairment charges for the year, primarily related to changes in the anticipated hold periods of certain properties.
As of December 31, 2024, Brixmor had $5.34 billion in total debt obligations, with a weighted average interest rate of 4.01% on its unsecured notes.
Brixmor's board of directors declared common stock dividends of $1.1050 per share for the year, compared to $1.0525 per share in the previous year.
The company continues to focus on maintaining a flexible capital structure and pursuing value-enhancing reinvestment opportunities in its portfolio.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Brixmor Property Group Inc. annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.