Brixmor delivers solid Q1 with FFO growth, exceptional leasing spreads, and maintained guidance despite challenging retail environment. Brixmor's Q1 2025 results demonstrate resilience in their shopping center portfolio with Nareit FFO of $0.56 per share, up 3.7% year-over-year, while maintaining solid occupancy of 94.1%. The headline story is the exceptional leasing spreads of 20.5% on all new and renewal leases, with new leases commanding a remarkable 47.5% premium on comparable space – a clear indicator of strong retailer demand for quality shopping center locations. The company's same-property NOI growth of 2.8% was primarily driven by base rent contributions of 410 basis points, reflecting successful prior-period leasing activity. The substantial 410 basis point spread between leased and billed occupancy represents approximately $60.4 million in annualized base rent not yet commenced – effectively creating a built-in growth pipeline for upcoming quarters.