Watch on earnings:Same-store NOI growth percentage and occupancy rates across shopping center versus mixed-use segmentsLeasing spreads on renewals and new leases, particularly for shop space where BFS has greater pricing flexibility than with anchor tenantsFunds From Operations (FFO) and Core FFO per share, adjusting for one-time items and development costsDevelopment pipeline updates and stabilization timelines for mixed-use projects in urban DC locationsDebt metrics including debt-to-EBITDA, interest coverage ratio, and refinancing activity given the 3.23x leverage
Key metrics:10-Year Treasury yield (GS10) as primary driver of cap rates and REIT valuation multiples · Retail sales excluding autos (RSXFS) as indicator of consumer spending supporting shop tenant sales and lease renewals · Washington DC metro employment data and federal government hiring trends given regional concentration · Shopping center occupancy rates and asking rents in the Washington DC market from CoStar or REIS data
⚠ Elevated leverage at 3.23x debt-to-equity creates refinancing risk and limits financial flexibility, particularly problematic if cap rates expand and asset values decline
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
15
13↓9.0%
8↓36.7%
10↑22.5%
9↓15.1%
Total Current Assets
73
70↓5.0%
64↓7.4%
61↓5.0%
70↑13.5%
Total Assets
1,747
1,833↑5.0%
1,994↑8.8%
2,126↑6.6%
2,163↑1.7%
Total Current Liabilities
150
227↑51.2%
355↑56.0%
256↓27.8%
1,086↑324.2%
Total Liabilities
1,216
1,312↑7.8%
1,490↑13.6%
1,625↑9.1%
1,685↑3.7%
Total Equity
405
400↓1.1%
348↓13.0%
336↓3.6%
308↓8.3%
Total Debt
1,144
1,223↑6.9%
1,387↑13.4%
1,533↑10.5%
1,610↑5.1%
Net Debt
1,129
1,210↑7.1%
1,379↑14.0%
1,522↑10.4%
1,602↑5.2%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
118
121↑2.3%
118↓2.8%
121↑3.0%
100↓17.7%
Capital Expenditure
0
19
0
0
0
Free Cash Flow
118
140↑18.4%
118↓16.0%
121↑3.0%
100↓17.7%
Stock-Based Comp
2
2↓2.6%
1↓6.6%
2↑21.3%
2↑15.1%
Net Change in Cash
-12
-1↑89.3%
-5↓270.5%
2↑138.8%
-2↓182.3%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down