Retail REITs

NETSTREIT has secured $550 million in additional term loan commitments and amended its existing credit facilities, extending its debt maturity profile and repaying a $200 million term loan due in February 2028. The financing comprises a $100 million increase to its existing 5.5-year senior unsecured term loan, a $50 million increase to its existing 7-year term loan, and a new $400 million senior unsecured 7-year delayed draw term loan. The $100 million and $50 million incremental term loans were funded at closing, while the $400 million facility was undrawn and can be drawn through September 28, 2027. The company said the transactions leave it with no material debt maturities until early 2029 and largely address its debt capital needs through 2027.

Phillips Edison & Company is expanding its joint venture with Northwestern Mutual to include 13 grocery-anchored shopping centers valued at approximately $377.5 million, while raising its full-year 2026 gross acquisitions guidance to $600 million to $700 million from a previous $500 million to $600 million. The amended Grocery Retail Partners I LLC joint venture extends the venture's term by 10 years to 2036, with Northwestern Mutual holding approximately 86% of the expanded venture and PECO retaining about 14%. Separately, the company increased its disposition expectations to $200 million to $250 million from $100 million to $200 million. Phillips Edison also reaffirmed its full-year 2026 earnings guidance, including Nareit FFO per diluted share of $2.67 to $2.72 and Core FFO per diluted share of $2.73 to $2.79, against a consensus of $2.77, with same-center NOI growth guidance unchanged at 3.4% to 4.0%.

Asset World Corp Public Company Limited, or AWC, has announced a strategic partnership with Unibail-Rodamco-Westfield, or URW, a global leader in developing and managing retail destinations under the Westfield brand. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the partnership combines AWC's project development expertise with URW's international knowledge and network, covering three key projects: Asiatique The Riverfront Destination, Wang Nakhon Kasem Yaowarat, and Aquatique Pattaya. Michael Harit, Head of AWC's Commercial Business Group, said the company plans to invest more than 40 billion baht over the next five years in the Asiatique The Riverfront Destination and Wang Nakhon Kasem Yaowarat projects, covering a combined area of more than 260,000 square meters. Asiatique The Riverfront Destination is the flagship project under this partnership, located along the Chao Phraya River on a 224,000-square-meter site with an investment value of more than 22 billion baht, part of the total 40 billion baht investment plan. Wang Nakhon Kasem Yaowarat covers 32,000 square meters, while Aquatique Pattaya covers 110,000 square meters. Ricardo Lizcano, Managing Director of Global Partnerships at URW, said URW is ready to support AWC's vision of creating a new form of lifestyle destination in Thailand, and that this partnership is a strategic advisory collaboration to elevate AWC's lifestyle projects to an international level.

Asset World Corp Public Company Limited, or AWC, has announced a strategic partnership with Westfield Unibail-Rodamco-Westfield, or URW, a global leader in developing and managing retail destinations under the Westfield brand, which draws a combined total of more than 950 million visits per year. The partnership covers Asiatique The Riverfront Destination, Wang Nakhon Kasem in Yaowarat, and Aquatique Pattaya. URW will work with AWC to develop Asiatique The Riverfront Destination, a landmark on the Chao Phraya River on a site of 224,000 square metres, with an investment value of more than 22 billion baht. After beginning cooperation on this project, AWC plans to apply the knowledge and experience gained from URW to further develop Wang Nakhon Kasem in Yaowarat on a site of 32,000 square metres and Aquatique Pattaya on a site of 110,000 square metres. Under this vision, AWC plans to invest more than 40 billion baht over the next five years for Asiatique The Riverfront Destination and Wang Nakhon Kasem in Yaowarat, covering a combined area of more than 260,000 square metres. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the partnership is in line with the company's Building Better Future mission and aims to develop the projects into Asia's Flagship Lifestyle Destination. Ricardo Lizcano, Managing Director of Global Partnerships at URW, said the company will bring its world-class expertise to support the development of all three projects into leading global flagship destinations.

AWC has announced a strategic partnership with URW, a global leader in developing and managing retail destinations under the Westfield brand, to elevate AWC's lifestyle projects in Thailand into international tourism, retail and lifestyle destinations. The partnership covers three key projects: Asiatique The Riverfront Destination, Wang Nakhon Kasem Yaowarat, and Aquatique Pattaya. Wallapa Traisorat, Chief Executive Officer and President of Asset World Corp Public Company Limited, or AWC, said AWC will apply URW's knowledge and experience in retail development, customer experience, destination marketing, attracting partner brands and staging large-scale events to advance its projects in Thailand. Under this partnership, URW will jointly develop Asiatique The Riverfront Destination, a landmark on the Chao Phraya River on 224,000 square metres of land with an investment value of over 22 billion baht, part of AWC's investment plan of more than 40 billion baht over the next five years for the Asiatique project and Wang Nakhon Kasem Yaowarat, which together cover more than 260,000 square metres. AWC then plans to apply the knowledge gained from URW to the Wang Nakhon Kasem Yaowarat project on 32,000 square metres and Aquatique Pattaya on 110,000 square metres. Michael Harit, head of AWC's commercial business group, said the company will start with Asiatique before developing it into an internationally recognised destination and a model for blending lifestyle with Thai cultural identity. Ricardo Lizcano, Managing Director of Global Partnerships at Unibail-Rodamco-Westfield, or URW, said the company is pleased to support AWC's vision of creating a world-leading flagship destination.

Slate Grocery REIT has entered into a definitive arrangement agreement to be acquired by a joint venture between Brixmor Property Group Inc. and affiliates of Everview Partners, L.P. in an all-cash transaction valued at approximately US$2.3 billion. Under the deal, the Purchaser will acquire all issued and outstanding trust units of the REIT for US$13.00 in cash per Unit, a premium of approximately 13% to the closing price on May 21, 2026, the last trading day before the REIT publicly announced its strategic review process, and approximately 20% to the closing price on September 23, 2026, the last trading day before the REIT announced the suspension of distributions. The transaction, which concludes the strategic review process announced on May 22, 2026, was unanimously recommended by the Special Committee and approved by the Board of Trustees, with interested trustees abstaining, and is expected to close in the first quarter of 2027 subject to Unitholder approval, Ontario Superior Court approval and termination of the Management Agreement. The Arrangement Agreement includes a termination fee of approximately US$31 million payable by the REIT in certain circumstances and a reverse termination fee of approximately US$63 million payable by the Purchaser, and the Purchaser has provided evidence of fully committed financing. Effective at closing, the Purchaser will also acquire NA Essential's interest in the joint ventures between the REIT and NA Essential for approximately US$187.5 million, and the Manager will receive a fixed US$50 million termination payment. If the transaction closes after January 20, 2027, Unitholders will receive additional cash consideration of US$0.002482 per Unit per day, increasing the aggregate consideration by approximately US$150,000 per day, and no distributions will be declared or paid for October 2026 through closing.

Brixmor Property and Everview Partners have agreed to acquire Slate Grocery REIT for $2.34 billion in an all-cash transaction at $13.00 per unit. The price represents a premium of roughly 13% to the May 21 closing price of the units, the last trading day before the public announcement of the strategic review process, and a premium of roughly 20% to the closing price as of September 23, the last trading day before the REIT announced the suspension of distributions. Under the deal, Brixmor will acquire a portfolio of 23 grocery-anchored shopping centers for $636 million, while a joint venture between Brixmor and affiliates of Everview Partners will acquire the remaining 92 assets for $1.71 billion. The 23 centers aggregate to about 3 million square feet and sit within Brixmor's existing operating footprint, predominantly across Florida, Georgia, and the Carolinas, while the 92 shopping centers, in which Brixmor will hold a 20% common equity interest and Everview 80%, will aggregate to about 12 million square feet. A subsidiary of the Abu Dhabi Investment Authority will act as a strategic investor alongside Everview, and the REIT will make a preferred equity investment of about $174 million in the joint venture, generating a 9% dividend. The transaction, expected to close in the first quarter of 2027, is immediately accretive to Brixmor's Nareit FFO per share, and Everview CEO Billy Rahm said it reflects the firm's conviction in grocery-anchored, open-air retail, which it expects will continue to benefit from limited new supply and durable tenant demand.

Brixmor Property Group and Everview Partners have entered into definitive agreements to acquire Slate Grocery REIT in a transaction valued at $2.34 billion. Under the deal, Brixmor will effectively acquire a portfolio of 23 grocery-anchored shopping centers aggregating approximately three million square feet for $636 million, while a newly formed institutional joint venture between Brixmor and affiliates of Everview Partners will acquire the remaining 92 assets for $1.71 billion. A wholly owned subsidiary of the Abu Dhabi Investment Authority will act as a strategic investor alongside Everview. The 23-asset portfolio Brixmor is acquiring is approximately 96% leased and located entirely within Brixmor's existing operating footprint, predominantly across Florida, Georgia, and the Carolinas. Brixmor will hold a 20% common equity interest and Everview an 80% common equity interest in the 92-center joint venture portfolio, and Brixmor will serve as asset manager, property manager, and leasing representative while making a preferred equity investment of approximately $174 million generating a 9% dividend. The transaction, not subject to any financing conditions, has been approved by both boards and is expected to close in the first quarter of 2027, subject to Slate unitholder approval and other customary closing conditions.

Simon Property Group raised its full-year real estate FFO guidance to a range of $13.20 to $13.30 per share, lifting the midpoint by $0.08, after reporting second-quarter results for the three months through June 30. Real estate funds from operations came in at $3.29 per diluted share, up from $3.05 a year earlier, while net operating income at its domestic properties grew 8.5%. Reported retailer sales reached $838 per square foot over the year through June 30, up from $736 a year earlier, and base minimum rent per square foot climbed to $62.42 from $58.70. Net income for common stockholders was $483.1 million, or $1.49 per diluted share, versus $1.70 a year earlier, a comparison flattered by a non-cash gain of $0.21 per share in the prior-year quarter, while plain FFO slipped to $3.12 from $3.15. The board declared a third-quarter dividend of $2.25 per share, $0.10 more than a year ago, payable September 30 to holders of record September 9, and the company bought back $211.4 million of stock at an average of $205.10 per share, ending June with about $9.3 billion of liquidity.

Wereldhave N.V., through its 70%-owned Wereldhave Belgium, has agreed to sell the retail park De Mael in Bruges, Belgium, to a consortium of private investors. Gross proceeds from the transaction amount to € 49.2 million, excluding transfer tax, reflecting a premium to the asset's latest book value. The divestment of this non-core asset is in line with Wereldhave's strategy to reduce leverage while focusing its portfolio on Full Service Centers, and the proceeds will reduce the net loan-to-value ratio by approximately 110bps compared with 30 June 2026. CEO Matthijs Storm said the company has sold De Mael at a 5.6% net initial yield, while its recent acquisitions in Belgium and Luxembourg were made at net initial yields of 8%+, calling the capital rotation accretive. Transfer of the asset is scheduled for Q2 2027, and Wereldhave was advised on the transaction by Avenue Real Estate. De Mael comprises approximately 20,000 m² GLA and was acquired by Wereldhave in 2018.

Alexander's Inc. reported second-quarter net income of $155.4 million, more than 25 times its year-earlier profit, but the gain was driven almost entirely by the $148.0 million sale of the Rego Park I property. That single-asset gain, equal to $28.81 per diluted share, accounts for the overwhelming majority of both the quarterly net income and the $160.0 million in six-month net income. Funds from operations, the metric REIT investors track, rose to $15.5 million, or $3.02 per diluted share, from $14.8 million, or $2.88 per share, a year earlier, while revenue climbed to $54.7 million from $51.6 million. The six-month picture was weaker: FFO fell to $28.9 million, or $5.63 per diluted share, from $35.6 million, or $6.93 per share, even as revenue edged up to $108.1 million from $106.5 million. Hedge funds holding the stock rose to 14 from 12 quarter over quarter, while short interest stood at 13.73% of the float.

Regency Centers Corporation and EVgo Inc. are expanding their partnership to add more than 400 EVgo charging stalls at Regency locations across the United States, a build-out expected to expand Regency's EV charging infrastructure footprint by more than 20%. The relationship dates to 2020, when EVgo installed its first charger at a Regency center, and EVgo now operates more than 150 stalls across Regency locations. The new stalls are expected to be located at metropolitan-area retail centers in Colorado, Florida, Illinois, New Jersey, New York, Pennsylvania, Texas, Virginia and other states, with each new EVgo site potentially featuring up to 24 high-power chargers capable of delivering a full charge within 15 minutes depending on the vehicle. Regency's 2025 corporate-responsibility highlights show EV charging stations already installed at 33% of properties, while second-quarter 2026 Same Property net operating income rose 3.8%, leased occupancy reached 96.9% and the company maintained about $1.5 billion of revolver capacity.

Simon Property Group's shares have fallen 3.5% since its last earnings report, underperforming the S&P 500, but the company posted strong second-quarter results and raised its full-year outlook. For the quarter ended June 2026, Simon reported Real Estate FFO of $3.29 per share, beating the Zacks Consensus Estimate of $3.18 and up 7.9% year over year, while total revenues of $1.79 billion surpassed expectations and rose 19.5%. The company raised its 2026 Real Estate FFO per share guidance to $13.20-$13.30 from $13.10-$13.25, citing broad-based leasing demand, higher traffic, and retailer sales growth. Domestic property NOI increased 8.5% to $1.51 billion, and portfolio NOI rose 8.3% to $1.60 billion, with U.S. Malls and Premium Outlets occupancy steady at 96%. Simon also maintained ample liquidity of approximately $9.3 billion, including $1.7 billion in cash and $7.6 billion in credit facility capacity, and completed several financing transactions during the quarter.

Klépierre has issued a €500 million green bond with an 8-year maturity due September 2034 and a coupon of 3.875%. The company said the issuance demonstrates continued investor demand for its long-tenor bonds, which benefit from the highest rating within the European listed real estate space.

Macerich reported second-quarter 2026 funds from operations as adjusted of $0.35 per diluted share, or $100.4 million, a slight increase from $0.34 a year earlier. Go-forward portfolio net operating income rose 3.8% excluding lease termination income, while portfolio sales productivity reached a company high of $919 per square foot. Leased occupancy for the go-forward portfolio was 95.5%, up 60 basis points sequentially, and the signed-not-open pipeline stood at $124 million. Net debt to adjusted EBITDA was 7.30x at quarter-end, a reduction of 0.5 turns from the prior quarter, and inclusive of the unsettled forward equity proceeds, net debt to adjusted EBITDA is now below 7x. The company completed a public offering in May generating $448.2 million in net proceeds, primarily to fund the Annapolis Mall acquisition, and has an additional $372.2 million in estimated net value from unsettled forward equity proceeds intended for future acquisitions. Management highlighted a robust pipeline of on- and off-market acquisition opportunities with stabilized yield targets of 9% to 11%, and expects to deploy the forward equity well before its June 2027 settlement.

Tanger Inc. raised its full-year 2026 core FFO guidance to a range of $2.45 to $2.52 per share, up from $2.42 to $2.50, following second-quarter results that beat expectations. Core FFO reached $0.64 per share, up from $0.58 a year earlier, driven by internal growth and accretive acquisitions. Same-center net operating income rose 3.5% to $106.9 million, while average tenant sales grew 5% to $487 per square foot. The company also completed the $60 million acquisition of Levis Commons Town Center in Ohio, which is expected to deliver an 8.5% first-year return, and spent $4.3 million to recapture five Saks Off 5th leases totaling 140,000 square feet, a move that resulted in a $1.3 million lease buyout fee. Portfolio occupancy dipped to 96.6% from 97% in the prior quarter due to the Saks recapture, but management highlighted a pipeline of backfill deals and temporary tenants bridging roughly half of the recaptured space.

Simon Property Group reported second-quarter real estate funds from operations of $1.25 billion, or $3.29 per share, up 7.9% year-over-year, and raised its full-year 2026 real estate FFO guidance to a range of $13.20 to $13.30 per share. Domestic property net operating income increased 8.5% year-over-year, while portfolio NOI grew 8.3% on a constant currency basis. Malls and premium outlet occupancy held at 96%, and retailer sales reached $838 per square foot, up 13.9%. The company signed more than 1,200 leases totaling over 4.8 million square feet, with new deal rents up 17% and tenant allowances down 12% year-over-year. Simon also declared a third-quarter dividend of $2.25 per share, a 4.7% increase, and repurchased approximately 793,000 shares for $211 million at an average price of $205.10 per share.

Simon Property reported second-quarter revenue of $1.79 billion, a 19.5% increase from a year ago and 4.49% above the Zacks Consensus Estimate of $1.71 billion. Earnings per share came in at $3.29, up from $1.70 a year earlier and 3.46% above the consensus estimate of $3.18. U.S. Malls and Premium Outlets occupancy for the total portfolio was 96%, matching analyst expectations. Lease income rose 20.3% year over year to $1.66 billion, while management fees and other revenues grew 7.7% to $40.83 million and other income increased 11.1% to $90.06 million.

Simon Property reported second-quarter funds from operations of $3.29 per share, topping the Zacks Consensus Estimate of $3.18 per share and up from $3.05 a year ago. Revenue reached $1.79 billion, exceeding the consensus estimate by 4.49% and rising from $1.5 billion in the prior-year quarter. The company has now beaten consensus FFO and revenue estimates in each of the last four quarters. Shares have gained about 20.4% year-to-date, outpacing the S&P 500's 13.3% advance.

Simon Property Group reported second-quarter 2026 Real Estate FFO of $3.29 per diluted share, up 7.9% from a year earlier, and raised its full-year 2026 Real Estate FFO per share guidance to a range of $13.20 to $13.30, an increase of $0.08 at the midpoint. Net income attributable to common stockholders was $483.1 million, or $1.49 per diluted share, compared with $556.1 million, or $1.70 per diluted share, in the prior-year period, which included a $0.21 per share non-cash after-tax gain. Domestic property net operating income rose 8.5% and portfolio NOI increased 8.3% year-over-year. The company also declared a quarterly common stock dividend of $2.25 per share, a 4.7% increase, and repurchased $211.4 million of common stock and limited partnership units during the quarter.

Tanger raised its full-year diluted EPS guidance after reporting higher second quarter 2026 revenue, net income, and earnings per share compared to the same period a year earlier. The company's shares have returned 28.48% over the past year, with a year-to-date gain of 18.73%, though recent weekly trading has softened. A popular valuation narrative among investors pegs Tanger's fair value at $41.09, slightly above the last close of $39.31, implying the stock is about 4.3% undervalued. That narrative is supported by population migration into Sunbelt and tourist-heavy regions, which is boosting foot traffic, rent growth, and occupancy at Tanger's outlet centers. Risks to the story include weaker tenant demand or a faster shift toward e-commerce that could pressure rental income.

Tanger Inc. reported second quarter net income available to shareholders of $0.29 per share, or $33 million, up from $0.26 per share, or $29.9 million a year earlier, beating analysts' estimates. The company also raised its fiscal 2026 outlook for diluted funds from operations per share to a range of $2.45 to $2.52, compared with the prior forecast of $2.42 to $2.50. President and CEO Stephen Yalof attributed the results to strong execution across leasing, operating, and marketing platforms, as well as the introduction of sought-after brands, restaurants, and entertainment concepts that are attracting a wide demographic of shoppers.

Tanger Inc. raised its full-year 2026 core FFO guidance to a range of $2.45 to $2.52 per share, up from the prior $2.42 to $2.50, driven by strong leasing momentum and the acquisition of Levis Commons Town Center. Second-quarter core FFO reached $0.64 per share, compared with $0.58 a year earlier, while same-center net operating income grew 3.5%. The company reported quarter-end occupancy of 96.6%, a slight dip from the first quarter due to the proactive recapture of Saks Off 5th space, with backfill deals already in the pipeline and temporary tenants bridging select spaces. Blended rent spreads were 10.5%, marking the 18th consecutive quarter of positive spreads, and average tenant sales rose 5% year-over-year to $487 per square foot. Tanger also highlighted its $1 billion of total liquidity, which positions it to redeem $350 million of unsecured bonds maturing in early September, and announced a 7% dividend increase to $0.3125 per share.

Macerich expects at least 3% go-forward portfolio centers net operating income growth for the full year 2026 over 2025, while targeting an additional $300 million to $400 million in asset sales, outparcels, and land dispositions by year-end. CFO Daniel Swanstrom reported second-quarter FFO as adjusted of approximately $100 million or $0.35 per share, with go-forward NOI excluding lease termination income up 3.8% year-over-year. The company has approximately $1.2 billion in liquidity and net debt to adjusted EBITDA of 7.3 times, which falls below 7 times when including unsettled forward equity proceeds. Management expressed high confidence in achieving the total signed-not-open opportunity of roughly $140 million, with estimated annual contributions of $30 million in 2026, $40 million to $45 million in 2027, and $45 million to $50 million in 2028. A $76 million loan on the 29th Street property remains in default after its February maturity, and the company is proactively addressing remaining 2026 maturities through potential asset sales, refinancings, loan modifications, or property givebacks.

Alexander's announced its second-quarter financial results, posting GAAP earnings per share of $30.24 on revenue of $54.7 million. The company also reported adjusted funds from operations of $3.02 per share.

Regency Centers Corporation reported second-quarter 2026 NAREIT funds from operations of $1.21 per share, beating the Zacks Consensus Estimate of $1.20 by 0.8% and rising 4.3% from a year ago. Total revenues grew 8.6% to $413.5 million, topping the $405 million consensus, driven by leasing momentum that pushed same-property net operating income up 3.8%. The same-property portfolio was 96.9% leased, up 40 basis points year over year, with a signed-not-occupied pipeline representing about $41 million of annual base rent. Regency raised its full-year 2026 NAREIT FFO guidance to a range of $4.84 to $4.88 per share from the prior $4.83 to $4.87, and lifted same-property NOI growth guidance to 3.7% to 4.1% from 3.25% to 3.75%, citing higher tenant recoveries and better average commenced occupancy.

Brixmor Property Group may be undervalued by about 8% following its second quarter 2026 earnings report and dividend affirmation. The company's latest fair value estimate stands at $34.28 per share, compared with a recent close of $31.66. The stock has returned 21.96% year to date and 24.45% total shareholder return over the past year. The valuation narrative is supported by steady revenue growth and strong demand for grocery-anchored centers, though risks include potential tenant disruption or higher redevelopment costs.

Klépierre has revised its full-year 2026 targets upward, now expecting EBITDA of at least 1,150 million euros and current net cash flow per share at the high end of a 2.77 to 2.80 euro range. The upgrade follows a first half in which net rental income rose 4.4 percent year-on-year, EBITDA grew 4.8 percent, and current net cash flow increased 3.0 percent. The company’s EPRA NTA per share climbed 5.3 percent over six months to 37.80 euros, delivering a total accounting return of 10.6 percent since the start of the year. Occupancy reached 97.1 percent, tenant sales on a like-for-like basis advanced 3.9 percent, and the positive reversion rate on renewals and relettings stood at 5.0 percent. Klépierre also raised 300 million euros of new financing at a 3.42 percent yield with an average maturity of 8.2 years, while its net debt-to-EBITDA ratio remained at a historically low 6.6 times.

Curbline Properties raised its full-year acquisition target to $1 billion from $850 million and increased its operating funds from operations guidance to a range of $1.24 to $1.26 per diluted share, representing 17% growth. The company reported second-quarter operating FFO of $33.3 million, or $0.31 per diluted share, up from $26.9 million a year earlier, while net income was $6.9 million, or $0.06 per share. Acquisition volume reached $374.1 million in the quarter, bringing year-to-date investments to $563.7 million, and the company ended the period with $850.9 million in liquidity, including $154.7 million in cash and $696.2 million from unsettled forward equity sales. Same-property net operating income declined 0.5%, weighed down by a 260-basis-point headwind from lower recovery revenue and a $370,000 storm-damage expense, but the leased rate rose 20 basis points sequentially to 96.5% and occupancy hit 94.3%, its highest since the company's formation. Management highlighted a signed-not-opened pipeline of $7.6 million in annualized base rent, with 90% expected to commence by March 31, 2027, and noted that trailing 12-month capital expenditures remained low at 8% of net operating income.

Brixmor Property Group raised its 2026 guidance after reporting 5.8% same-property NOI growth and record small-shop occupancy of 92.6% in the second quarter. The shopping center REIT now expects same-property NOI growth of 5% to 5.75% and FFO of $2.35 to $2.37 per share, supported by a record $71 million signed-but-not-yet-commenced rent pipeline and a blended cash leasing spread of 19%. The company also acquired four grocery-anchored properties for $164 million and ended the quarter with nearly $350 million of active reinvestment projects and a future pipeline exceeding $700 million. Leverage stood at 5.3 times with $1.5 billion of liquidity.

Curbline Properties raised its 2026 acquisition target to $1 billion from $850 million after acquiring $374 million of properties in the second quarter and $564 million year to date. Operating performance exceeded budget, with occupancy reaching a post-spinoff high of 94.3% and lease rates rising to 96.5%. The company maintained its 3% midpoint outlook for 2026 same-property NOI growth and increased 2026 operating funds from operations guidance to $1.24 to $1.26 per share. Curbline also reported strong liquidity of more than $800 million and low leverage of approximately 20%.

Brixmor Property Group announced second-quarter results featuring record small shop leased occupancy of 92.6% and a record $71.2 million of signed but not yet commenced annualized base rent. The company reported Nareit FFO of $178.6 million, or $0.58 per diluted share, and same property NOI growth of 5.8%. Brixmor updated its 2026 Nareit FFO per diluted share guidance to $2.35 to $2.37 and same property NOI growth expectations to 5.00% to 5.75%. The quarter included $164.3 million in acquisitions, a $400 million senior notes issuance, and a positive credit rating outlook from S&P Global Ratings.

Phillips Edison & Company reported quarterly funds from operations of $0.69 per share, beating the Zacks Consensus Estimate of $0.68 per share and marking a 1.47% FFO surprise. The result compares to FFO of $0.64 per share a year ago and follows a previous quarter in which the company also posted $0.69 per share against a $0.67 estimate. Revenue for the quarter ended June 2026 came in at $189.62 million, missing the consensus estimate by 0.45% but up from $177.75 million a year earlier. The company has surpassed consensus FFO estimates in three of the last four quarters and topped revenue estimates three times over the same period. Shares have gained about 21.9% year to date, outperforming the S&P 500's 9.6% advance.