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BPG(BRX) - 2021 Q2 - Quarterly Report
2021-08-01 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group) Commission File Number: 333-256637-01 (Brixmor Operating Partnership LP) Brixmor Property Group In ...
BPG(BRX) - 2021 Q1 - Earnings Call Transcript
2021-05-04 18:44
Brixmor Property Group Inc. (NYSE:BRX) Q1 2021 Earnings Conference Call May 4, 2021 10:00 AM ET Company Participants Stacy Slater - SVP, IR and Capital Markets Jim Taylor - CEO and President Angela Aman - EVP and CFO Brian Finnegan - EVP and CRO Mark Horgan - EVP and CIO Conference Call Participants Todd Thomas - KeyBanc Capital Markets Alexander Goldfarb - Piper Sandler Craig Schmidt - Bank of America Katy McConnell - Citigroup Paulina Rojas Schmidt - Green Street Ki Bin Kim - Truist Securities Derek Johns ...
BPG(BRX) - 2021 Q1 - Quarterly Report
2021-05-02 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group) Commission File Number: 333-201464-01 (Brixmor Operating Partnership LP) Brixmor Property Group I ...
BPG(BRX) - 2020 Q4 - Earnings Call Transcript
2021-02-12 22:50
Brixmor Property Group Inc. (NYSE:BRX) Q4 2020 Earnings Conference Call February 12, 2021 10:00 AM ET Company Participants Stacy Slater - Head of IR Jim Taylor - CEO and President Angela Aman - EVP and CFO Brian Finnegan - EVP and Chief Revenue Officer Mark Horgan - EVP and CIO Conference Call Participants Samir Khanal - Evercore Todd Thomas - KeyBanc Capital Markets Katy McConnell - Citigroup Derek Johnston - Deutsche Bank Juan Sanabria - BMO Capital Markets Caitlin Burrows - Goldman Sachs Haendel St. Just ...
BPG(BRX) - 2020 Q4 - Annual Report
2021-02-10 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group Inc.) Commission File Number: 333-201464-01 (Brixmor Operating Partnership LP) Brixmor Property Group I ...
Brixmor Property Group (BRX) Investor Presentation - Slideshow
2020-11-17 19:22
Portfolio Overview - Brixmor owns 395 shopping centers in the US[1], with a total GLA of 69 million square feet[2] - The average shopping center size is 176,000 square feet[2] - The portfolio is 75% community/neighborhood centers, 13% power centers, and 11% grocery-anchored regional centers[3] - Approximately 70% of the centers are grocery-anchored[1,10] Leasing and Collections - In 3Q20, Brixmor executed new leases for approximately 700,000 square feet at an ABR of $16.22 per square foot, with new lease rent spreads of 14%[6] - Brixmor addressed 92.9% of billed base rent for the three months ended September 30, 2020[12] - Brixmor collected 88.2% of billed base rent[12] - Rent deferral and abatement agreements represented 4.7% of billed base rent[12] Financial Position - Brixmor has $1.9 billion in available liquidity, including approximately $611 million in cash and $1.2 billion in revolver capacity[50] - The weighted average stated interest rate on debt is 3.7%, with a weighted average maturity of 5.5 years[51] - The company has no debt maturities until 2022[44] Corporate Responsibility - Over 41% electricity reduction from 2014 baseline for common area, like-for-like usage[66] - Over 47% greenhouse gas emissions reduction from 2014 baseline for common area, like-for-like utility use[66] - 53% of Brixmor's employees are female[64]
BPG(BRX) - 2020 Q3 - Earnings Call Transcript
2020-11-06 00:41
Financial Data and Key Metrics Changes - Third quarter cash collections improved to 88.2% compared to 84.5% for the six months ended September 30 [9] - NAREIT FFO for the third quarter was $0.36 per share, with same-property NOI growth at negative 9.3% [27] - Total liquidity improved by over $400 million to $1.9 billion, including over $600 million in cash [31] Business Line Data and Key Metrics Changes - New leasing production accelerated with nearly 700,000 square feet of new leases signed at an average cash spread of 14% [12] - The total leasing pipeline stands at over 2.1 million square feet and $36 million in annual base rent (ABR) [13] - Bad debt reserves decreased, reflecting a proactive management approach [11] Market Data and Key Metrics Changes - Over 97% of tenants are open and operating, with traffic levels trending around 92% of prior year levels [8] - The remaining 7% of ABR not addressed is concentrated in entertainment, small-format fitness, and full-service sit-down restaurants [10] - Rent collections for tenants on cash basis improved from 36% in Q2 to 57% in Q3, and over 58% in October [26] Company Strategy and Development Direction - The company aims to drive value and growth through disciplined spending and proactive tenant management [7] - Focus on community-centered properties and enhancing tenant mix with specialty grocery and quick-service restaurants [12][18] - The company plans to reinvest in its portfolio with a forward reinvestment pipeline of $373 million at an incremental return of 10% [15] Management's Comments on Operating Environment and Future Outlook - Management expects elevated levels of tenant failures due to the pandemic but believes the company can create value through its platform [19] - The reinstatement of the dividend at $0.215 per share reflects confidence in the company's forward plan [20] - Management is optimistic about the recovery of cash collections and tenant performance as the economy stabilizes [56] Other Important Information - The company has completed 120 reinvestment projects over four years, representing over $450 million of investment at an average incremental return of 10% [18] - The company is generating ample free cash flow and has no debt maturities until 2022 [31] Q&A Session Summary Question: What is the expected impact of remaining bankruptcy exposure? - Management estimates that about half of the ABR exposure from tenants in bankruptcy may be lost over time [35] Question: How is the portfolio performing in terms of below-market rents? - The company continues to demonstrate strong spreads on new leases, with expectations for mid-to-upper teen spreads in the coming quarters [37] Question: What is the outlook for tenant demand and leasing activity? - Management is encouraged by robust demand in categories such as specialty grocery and fast-casual restaurants, with leasing activity expected to grow [46][50] Question: How will the company deploy its capital in the near future? - The company plans to evaluate options for early debt repayment and fund redevelopment projects as confidence in the business improves [52] Question: How does the current dividend relate to taxable income? - The reinstated dividend is set conservatively to ensure it aligns with taxable income while allowing for capital retention for reinvestment [58][80]
BPG(BRX) - 2020 Q3 - Quarterly Report
2020-11-04 21:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group) Commission File Number: 333-201464-01 (Brixmor Operating Partnership LP) Brixmor Property Gro ...
BPG(BRX) - 2020 Q2 - Earnings Call Transcript
2020-08-04 18:00
Financial Data and Key Metrics Changes - The company reported NAREIT FFO of $0.32 per share, with same-property NOI growth at negative 9% [37] - Cash rent collections totaled $155 million, representing 73.2% of billed base rent as of June 30, with $56 million accrued but uncollected [32][34] - The company recognized $27.8 million of revenue deemed uncollectible, which included $22 million related to current period base rent [34][37] Business Line Data and Key Metrics Changes - The company signed over 400,000 square feet of new leases this quarter at an average cash-on-cash spread of 19% [14] - The forward leasing pipeline reached its highest level in several years at 1.3 million square feet, with $23 million of new ABR at an average rent of over $18 per foot [15][24] Market Data and Key Metrics Changes - Approximately 94% of tenants are currently open, with a corresponding recovery in traffic levels compared to last year [8] - The company has seen a concentration of closed tenants in bars, restaurants, and entertainment, particularly in jurisdictions with re-closure orders [9] Company Strategy and Development Direction - The company aims to capitalize on below-market rents rolling over the next three to five years, with an average rent on anchor space rolling over the next three years at $9 [17][18] - The strategy includes focusing on essential hybrid and non-essential tenants to enhance cash flow resilience [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's balanced business plan and its ability to outperform despite the crisis [16] - The company anticipates an increase in tenant failures, which will create opportunities for better and more relevant concepts [25] Other Important Information - The company suspended its third-quarter dividend to ensure adequate growth capital and to position itself for future reinvestment opportunities [27][41] - Total liquidity improved by $200 million during the quarter to $1.4 billion, with no debt maturities until 2022 [39] Q&A Session Summary Question: What categories or specific retailers are driving new demand? - Management highlighted strong demand from grocery retailers and mentioned leases signed with Dollar Tree, Five Below, Chipotle, Chase Bank, and BofA [46] Question: How do you view the potential for dislocation in transaction markets? - Management indicated they expect significant dislocation in the property market but will be patient in identifying opportunities [49] Question: What is the outlook for rent commencement dates? - Approximately 40% to 50% of the $39 million in leases expected to commence will do so in 2020, with the remainder in 2021 [66] Question: How do you expect occupancy to trend by year-end? - Management expects occupancy to be lower by year-end due to anticipated tenant failures [70] Question: What is the outlook for small shop occupancy? - Management noted that while small shop occupancy has remained stable, they expect it to decline as tenant failures materialize [86]
BPG(BRX) - 2020 Q2 - Quarterly Report
2020-08-03 20:12
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group) Commission File Number: 333-201464-01 (Brixmor Operating Partnership LP) Brixmor Property Group In ...