BRXMEDIUM SIGNALOPERATIONAL10-K

BRX shows mixed operational performance with improved leasing activity but a smaller portfolio footprint and declining rent spreads.

The company reduced its portfolio from 363 to 348 shopping centers while increasing new lease activity from 497 to 512 deals, suggesting strategic portfolio optimization and stronger leasing demand. However, rent spreads declined modestly (22.5% to 21.7% blended spreads excluding options), indicating some pricing pressure despite the robust leasing environment.

Comparing 2026-02-09 vs 2025-02-10View on EDGAR →
FINANCIAL ANALYSIS

BRX demonstrated solid financial performance with net income growing 13.8% to $386.2M, while cash declined 11.4% to $334.4M. The most notable change was a dramatic 266% increase in dividends paid to $173.1M, suggesting either a special dividend or significant increase in regular distributions. The combination of higher earnings, lower cash, and substantially higher dividend payments indicates strong cash generation being returned to shareholders rather than retained for growth investments.

FINANCIAL STATEMENT CHANGES
Dividends Paid
Cash Flow
+266%
$47.3M→$173.1M

Dividend payments increased 266% — management confidence in sustained cash generation.

Net Income
P&L
+13.8%
$339.3M→$386.2M

Net income grew 13.8% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
-11.4%
$377.6M→$334.4M

Cash decreased 11.4% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-09
PRIOR — 2025-02-10
ADDED
Management s Discussion and Analysis of Financial Condition and Results of Operations 24 7A.
As of December 31, 2025, our portfolio was comprised of 348 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA.
During 2025, we executed 512 new leases representing approximately 3.0 million square feet and 1,453 total leases, including new leases, renewals, and options, representing approximately 9.5 million square feet.
During 2025, we achieved rent spreads on new leases of 38.7% and blended rent spreads on new and renewal leases of 21.7% excluding options or 16.4% including options.
Looking forward, the weighted average expiring ABR PSF of anchor lease expirations through 2028, assuming no remaining renewal options are exercised, is $11.37 compared to a weighted average ABR PSF of $17.84 for new anchor leases signed during 2025.
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REMOVED
Management s Discussion and Analysis of Financial Condition and Results of Operations 23 7A.
As of December 31, 2024, our portfolio included 363 shopping centers (the "Portfolio") totaling approximately 64 million square feet of GLA.
During 2024, we executed 497 new leases representing approximately 2.7 million square feet and 1,416 total leases, including new leases, renewals, and options, representing approximately 9.6 million square feet.
During 2024, we achieved rent spreads on new leases of 38.8% and blended rent spreads on new and renewal leases of 22.5% excluding options or 16.5% including options.
Looking forward, the weighted average expiring ABR PSF of anchor lease expirations through 2027, assuming no remaining renewal options are exercised, is $10.92 compared to a weighted average ABR PSF of $15.29 for new anchor leases signed during 2024.
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