Brixmor Property Group Inc.BRX

Brixmor Property Group Inc. Earnings Per Share Disclosure

10-KFiled Feb 9, 20262 min read
Earnings per Unit
Basic earnings per unit is calculated by dividing net income attributable to the Operating Partnership’s common unitholders, including any participating securities, by the weighted average number of partnership common units outstanding for the period. Certain restricted units issued pursuant to the Company’s share-based compensation program are considered participating securities, as such unitholders have rights to receive non-forfeitable dividends. Fully diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Operating Partnership’s common units.

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the years ended December 31, 2025, 2024, and 2023 (dollars in thousands, except per unit data):
Year Ended December 31,
202520242023
Computation of Basic Earnings Per Unit:
Net income$386,255 $339,276 $305,087 
Net income attributable to non-controlling interests(27)(2)— 
Non-forfeitable dividends on unvested restricted units (675)(555)(828)
Net income attributable to the Operating Partnership’s common units for basic earnings per unit$385,553 $338,719 $304,259 
Weighted average common units outstanding – basic307,181 303,130 300,977 
Basic earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$1.26 $1.12 $1.01 
Computation of Diluted Earnings Per Unit:
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit $385,553 $338,719 $304,259 
Weighted average common units outstanding – basic 307,181 303,130 300,977 
Effect of dilutive securities:
Equity awards 685 908 1,399 
Weighted average common units outstanding – diluted 307,866 304,038 302,376 
Diluted earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$1.25 $1.11 $1.01 

Historical Timeline

Fiscal YearFiled
2025Feb 9, 2026Showing above
2024Feb 10, 2025
2023Feb 12, 2024
2022Feb 13, 2023
2021Feb 7, 2022
2020Feb 11, 2021
2019Feb 10, 2020
2018Feb 11, 2019
2017Feb 12, 2018
2016Feb 13, 2017
2015Feb 29, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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