Brixmor Operating Partnership Net Income Jumps 83% to $127.8M in Q1 2026

Brixmor Operating Partnership LP, the operating entity for a real estate investment trust focused on open-air shopping centers, reported net income of $127.8 million for the three months ending March 31, 2026, an 83% increase from $69.7 million in the first quarter of 2025. Read more earnings reports.

The Delaware-based partnership reported operating expenses of $220.7 million for the quarter, up modestly from $217.9 million in the prior-year period. Labor and related expenses declined to $21.7 million from $22.4 million, while general and administrative expenses rose to $6.5 million from $5.8 million.

Basic earnings per share climbed to $0.42 from $0.23 year-over-year, based on a weighted average share count of 307.0 million shares. Diluted earnings per share came in at $0.41, compared with $0.23 in the first quarter of 2025.

Cash Flow and Balance Sheet

Cash from operations reached $141.2 million in the first quarter of 2026, up from $130.1 million in the same period of 2025. Cash from investing activities swung to an inflow of $35.4 million from an outflow of $63.5 million a year earlier. Cash used in financing activities totaled $113.5 million, down from $337.9 million in the first quarter of 2025.

The partnership recorded depreciation and amortization of $105.2 million, compared with $105.6 million in the prior-year quarter.

As of March 31, 2026, Brixmor Operating Partnership held $323.9 million in cash and cash equivalents, down from $334.4 million at year-end 2025 but up sharply from $106.5 million at the end of the first quarter of 2025. Combined cash and restricted cash stood at $424.6 million at quarter-end.

Total assets were $9.10 billion at March 31, 2026, down slightly from $9.13 billion at December 31, 2025. Total liabilities decreased to $6.07 billion from $6.12 billion over the same period. Long-term debt stood at $5.50 billion at quarter-end, essentially flat from $5.49 billion three months earlier.

Stockholders' equity rose to $3.04 billion from $3.01 billion at the end of 2025. Common shares outstanding totaled 306.8 million at March 31, 2026, up from 306.1 million at year-end.

Key Financials