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NEW YORK, Jan. 16, 2024 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today the tax reporting information for the 2023 distributions on its common stock.  The tax reporting information as it will be reported on the Form 1099-DIV, on a per share basis, is as follows: COMMON SHARES (NYSE: BRX); CUSIP # 11120U105 Ex-DividendDate RecordDate PayableDate TotalDistribution Per Share TotalOrdinary Dividends Total CapitalGainDistributions UnrecapturedSec.1250 ...

Brixmor Property Group Inc. (NYSE:BRX) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET Company Participants Stacy Slater - Senior Vice President of Investor Relations James Taylor - Chief Executive Officer Brian Finnegan - Chief Operating Officer Angela Aman - President and Chief Financial Officer Mark Horgan - Chief Investment Officer Conference Call Participants Dori Kesten - Wells Fargo Securities, LLC Todd Thomas - KeyBanc Capital Markets Inc. Greg McGinniss - Scotiabank Jeffrey Spector - ...

Financial Performance - Net income for the three months ended September 30, 2023, was $63.736 million, a decrease from $79.741 million in the same period of 2022, representing a decline of approximately 20%[41] - Comprehensive income for the nine months ended September 30, 2023, was $235.731 million, down from $267.740 million in the same period of 2022, reflecting a decrease of about 12%[41] - Total revenues for the three months ended September 30, 2023, were $307,314, an increase of 0.2% compared to $304,745 for the same period in 2022[48] - Net income for the nine months ended September 30, 2023, was $232,390, a decrease of 5.9% from $247,038 in the same period of 2022[60] - Total revenues for the nine months ended September 30, 2023, were $928,551, up 2.0% from $909,505 in the prior year[48] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2023, was $453.512 million, compared to $441.160 million for the same period in 2022, indicating an increase of approximately 3%[45] - The company reported a net cash used in investing activities of $93.022 million for the nine months ended September 30, 2023, compared to $474.479 million in the same period of 2022, indicating a significant reduction in cash outflow[45] - Improvements to and investments in real estate assets amounted to $254.426 million for the nine months ended September 30, 2023, compared to $233.127 million in the same period of 2022, showing an increase of about 9%[45] - The company reported a gain on the sale of real estate assets of $59,037 for the nine months ended September 30, 2023, compared to $60,667 in the prior year[48] Operating Expenses - Operating expenses for the three months ended September 30, 2023, totaled $202,650, an increase of 5.9% from $191,345 in the same period last year[48] - The company incurred total operating expenses of $614,725 for the nine months ended September 30, 2023, an increase of 6.7% from $576,240 in 2022[48] - Total operating expenses increased to $202.650 million in Q3 2023 from $191.345 million in Q3 2022, marking an increase of 5.8%[53] Real Estate and Assets - Total assets as of September 30, 2023, were $8,335,890, down from $8,435,003 as of December 31, 2022, representing a decrease of 1.2%[47] - The company's total real estate assets, net, as of September 30, 2023, were $7.793 billion, a decrease from $7.902 billion as of December 31, 2022[83] - The company disposed of nine shopping centers and eight partial shopping centers for aggregate net proceeds of $161.9 million during the nine months ended September 30, 2023, resulting in an aggregate gain of $58.9 million[79] Debt and Interest - The company repaid $480 million under its unsecured revolving credit facility during the nine months ended September 30, 2023, compared to $465 million in the same period of 2022[45] - As of September 30, 2023, total debt obligations net amounted to $4,919.2 million, a decrease from $5,035.5 million as of December 31, 2022[103] - The Company has scheduled debt maturities totaling $4,923.8 million, with $300.4 million due in 2024 and $900 million due in 2027[108] Impairments and Gains - The company reported an impairment of real estate assets of $17.836 million for the nine months ended September 30, 2023, compared to $4.597 million for the same period in 2022[53] - The company recognized impairment charges totaling $17.836 million during the nine months ended September 30, 2023, based on changes in anticipated hold periods of certain properties[88] - The company reported a gain on the sale of real estate assets of $6,712 for the three months ended September 30, 2023, compared to $15,768 in the same period last year[48] Shareholder Distributions - The Company declared common stock dividends and OP Unit distributions of $0.26 per share/unit for the three months ended September 30, 2023, compared to $0.24 per share/unit for the same period in 2022[128] - Total distributions to partners for the nine months ended September 30, 2023, amounted to $247,185,000, compared to $213,645,000 in the same period of 2022, representing an increase of approximately 15.7%[60] Economic Outlook - The company anticipates continued challenges due to economic factors such as rising interest rates and inflation, which may impact future performance[37] - The company has noted an increase in property operating expenses, which are relatively inflexible and do not decrease if revenue or occupancy declines[37]

Brixmor Property Group Inc. (NYSE:BRX) Q2 2023 Earnings Conference Call August 1, 2023 10:00 AM ET Company Participants Stacy Slater - SVP-IR and Capital Markets Jim Taylor - President and CEO Angela Aman - EVP and CFO Brian Finnegan - EVP and Chief Revenue Officer Mark Horgan - EVP and Chief Investment Officer Conference Call Participants Todd Thomas - KeyBanc Capital Markets Juan Sanabria - BMO Capital Markets Ki Bin Kim - Truist Securities Caitlin Burrows - Goldman Sachs Craig Mailman - Citi Greg McGinni ...

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-----------|-------------|--------| | | | | | | | Supplemental disclosure of cash flow information: Cash paid for interest, net of amount capitalized of $1,898 and $1,432 | $ | 95,060 | $ | 93,596 | | The accompanying notes are an integral part of these unaudited condensed | consolidated | financial | statem ...

Financial Data and Key Metrics Changes - Nareit FFO was $0.50 per diluted share in Q1, driven by same property NOI growth of 4.9% [87] - The company ended the quarter with a debt-to-EBITDA ratio of 6.1 times and total liquidity of $1.4 billion [10] - The occupancy level reached a record 94%, with a sequential increase in the anchor leased rate to 96.1% and small shop leased rate to 89.3% [101] Business Line Data and Key Metrics Changes - The company achieved new and renewal leasing spreads of 43% and 14% respectively, with an average rate on new and renewal leases exceeding $22 per foot [83] - The signed but not yet commenced lease pipeline adds $56 million of annualized base rent, with $36 million expected to commence during the remainder of 2023 [88] Market Data and Key Metrics Changes - The company noted a significant demand for retail space from various tenants, particularly in the off-price, health and wellness, specialty grocery, and restaurant sectors [99] - The market remains constrained in terms of supply, with retailers actively seeking space despite economic uncertainties [99][120] Company Strategy and Development Direction - The company is focused on capturing an outsized share of retail demand by proactively recapturing at-risk tenant space and advancing new leases with high-quality tenants [33] - The strategy includes maintaining a disciplined approach to acquisitions while leveraging a strong balance sheet to capitalize on potential opportunities in the market [60][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing momentum and the ability to navigate macroeconomic volatility, highlighting a strong demand for retail space [34][129] - The company anticipates some occupancy pressure due to recent retailer bankruptcies but believes the signed but not yet commenced leases will mitigate the impact [129] Other Important Information - The company has narrowed its 2023 guidance for same property NOI growth to a range of 2% to 3.5% [66] - The recovery ratio in Q1 was reported at 89.6%, with expectations for moderation as the year progresses [47] Q&A Session Summary Question: What is the outlook for acquisitions given the current market? - Management is closely monitoring the market and is hopeful for opportunities in the second half of the year, while remaining disciplined in their approach [56][106] Question: How is the company addressing potential occupancy pressures from recent bankruptcies? - Management believes the signed but not yet commenced leases will help minimize the impact of retailer disruptions on operational metrics [129] Question: Can you provide insights on the demand for retail space? - Demand remains strong across various sectors, with retailers committed to their store opening pipelines despite cautious outlooks [119][165] Question: What is the company's strategy regarding portfolio recycling? - The company continues to focus on disciplined asset management, looking for opportunities to maximize value through strategic dispositions [60][123]

[Part I - FINANCIAL INFORMATION](index=6&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the quarterly period ended March 31, 2023 are presented [Brixmor Property Group Inc. Financial Statements](index=6&type=section&id=Brixmor%20Property%20Group%20Inc.%20(unaudited)) Condensed consolidated financial statements for Brixmor Property Group Inc for the three months ended March 31, 2023 Condensed Consolidated Statements of Operations (Brixmor Property Group Inc.) (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Revenues** | **$311,444** | **$298,629** | | Total Operating Expenses | $198,596 | $193,248 | | **Net Income** | **$112,246** | **$79,506** | | **Diluted EPS** | **$0.37** | **$0.26** | Condensed Consolidated Balance Sheet Highlights (Brixmor Property Group Inc.) (in thousands) | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Real estate, net | $7,835,257 | $7,901,592 | | Total Assets | $8,354,798 | $8,435,930 | | Debt obligations, net | $4,958,480 | $5,035,501 | | Total Liabilities | $5,467,282 | $5,570,920 | | Total Equity | $2,887,516 | $2,865,010 | Condensed Consolidated Statements of Cash Flows (Brixmor Property Group Inc.) (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $135,054 | $112,260 | | Net cash provided by (used in) investing activities | $48,485 | ($174,937) | | Net cash used in financing activities | ($169,369) | ($194,682) | | **Net change in cash, cash equivalents and restricted cash** | **$14,170** | **($257,359)** | [Brixmor Operating Partnership LP Financial Statements](index=11&type=section&id=Brixmor%20Operating%20Partnership%20LP%20(unaudited)) Condensed consolidated financial statements for Brixmor Operating Partnership LP for the three months ended March 31, 2023 - The financial statements of the Operating Partnership are materially the same as the Parent Company's, with the primary difference being in the capital section[16](index=16&type=chunk)[4](index=4&type=chunk)[274](index=274&type=chunk) Condensed Consolidated Statements of Operations (Brixmor Operating Partnership LP) (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Revenues** | **$311,444** | **$298,629** | | Total Operating Expenses | $198,596 | $193,248 | | **Net Income** | **$112,246** | **$79,506** | Condensed Consolidated Statements of Cash Flows (Brixmor Operating Partnership LP) (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $135,054 | $112,260 | | Net cash provided by (used in) investing activities | $48,485 | ($174,937) | | Net cash used in financing activities | ($168,442) | ($186,052) | | **Net change in cash, cash equivalents and restricted cash** | **$15,097** | **($248,729)** | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes accompany the financial statements, covering key accounting policies, business activities, and other disclosures - The company is an internally-managed REIT owning and operating one of the largest publicly-traded open-air retail portfolios in the U.S, comprising **367 shopping centers** totaling approximately **65 million square feet of GLA** as of March 31, 2023[296](index=296&type=chunk) - The company did not acquire any assets during Q1 2023, compared to **three shopping centers and one land parcel acquired for $158.2 million** in Q1 2022[60](index=60&type=chunk)[146](index=146&type=chunk) - During Q1 2023, the company disposed of six shopping centers and two partial shopping centers for aggregate net proceeds of **$119.7 million**, resulting in a **gain of $48.5 million**[301](index=301&type=chunk) - As of March 31, 2023, total debt obligations, net, were approximately **$5.0 billion**, and the company was in compliance with all financial covenants with no scheduled debt maturities for the next 12 months[85](index=85&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Subsequent to the quarter end, the Operating Partnership repurchased **$199.6 million of its 3.65% Senior Notes due 2024** via a cash tender offer, funded by a **$200.0 million delayed draw term loan**[138](index=138&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q1 2023 financial condition, operational results, liquidity, and non-GAAP measures [Executive Summary and Highlights](index=31&type=section&id=Executive%20Summary%20and%20Highlights) The company's strategy focuses on portfolio management and reinvestment, with strong Q1 2023 leasing activity - The company's primary objective is to maximize total returns through consistent, sustainable growth in cash flow, driven by proactive portfolio management and value-enhancing reinvestments[155](index=155&type=chunk) - As of March 31, 2023, **billed and leased occupancy increased to 90.0% and 94.0%**, respectively, from 88.6% and 92.1% a year prior[144](index=144&type=chunk) Leasing Activity Highlights (Q1 2023) | Lease Type | Leases | GLA (sq ft) | New ABR PSF | Rent Spread (Comparable Leases) | | :--- | :--- | :--- | :--- | :--- | | **Total** | **374** | **2,307,147** | **$15.55** | **13.1%** | | New Leases | 149 | 779,954 | $17.63 | 35.9% | | Renewal Leases | 172 | 610,198 | $20.14 | 12.1% | [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Total revenues grew by $12.8 million in Q1 2023, driven by higher rental income and offset by increased operating expenses Comparison of Revenues (in thousands) | Revenue Type | Q1 2023 | Q1 2022 | $ Change | | :--- | :--- | :--- | :--- | | Rental income | $311,130 | $298,362 | $12,768 | | **Total revenues** | **$311,444** | **$298,629** | **$12,815** | Comparison of Operating Expenses (in thousands) | Expense Type | Q1 2023 | Q1 2022 | $ Change | | :--- | :--- | :--- | :--- | | Operating costs | $35,895 | $34,796 | $1,099 | | Real estate taxes | $44,688 | $41,640 | $3,048 | | Depreciation and amortization | $87,741 | $84,222 | $3,519 | | Impairment of real estate assets | $1,100 | $4,590 | ($3,490) | | General and administrative | $29,172 | $28,000 | $1,172 | | **Total operating expenses** | **$198,596** | **$193,248** | **$5,348** | - The gain on sale of real estate assets increased to **$48.5 million** in Q1 2023 from $21.9 million in Q1 2022, reflecting a higher volume of disposition activity[153](index=153&type=chunk)[190](index=190&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $1.44 billion available and increased operating cash flow - As of March 31, 2023, the company had **$1.44 billion of available liquidity**, comprising $1.20 billion under the Revolving Facility, $200.0 million under the Term Loan Facility, and $35.4 million in cash[179](index=179&type=chunk) - Net cash provided by operating activities **increased by $22.8 million** in Q1 2023 versus Q1 2022, primarily due to higher same property net operating income[199](index=199&type=chunk) - The company is actively managing a portfolio of **47 in-process redevelopment and development projects** with an aggregate anticipated cost of **$360.0 million**[201](index=201&type=chunk) [Non-GAAP Performance Measures](index=39&type=section&id=Non-GAAP%20Performance%20Measures) The company utilizes Nareit FFO and Same Property NOI to evaluate operating performance, showing growth in both measures Nareit FFO Reconciliation (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net income | $112,246 | $79,506 | | Depreciation and amortization related to real estate | $86,748 | $83,190 | | Gain on sale of real estate assets | ($48,468) | ($21,911) | | Impairment of real estate assets | $1,100 | $4,590 | | **Nareit FFO** | **$151,626** | **$145,375** | | **Nareit FFO per diluted share** | **$0.50** | **$0.49** | Same Property NOI (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $286,340 | $273,928 | | | Operating Expenses | ($74,382) | ($71,819) | | | **Same property NOI** | **$211,958** | **$202,109** | **4.9%** | [Quantitative and Qualitative Disclosures about Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes were reported from the market risk disclosures in the 2022 Annual Report on Form 10-K - There were no material changes to the company's market risk disclosures from the Form 10-K for the year ended December 31, 2022[244](index=244&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective as of March 31, 2023, with no material changes in internal control - The principal executive officer and principal financial officer concluded that the disclosure controls and procedures for both Brixmor Property Group Inc and the Operating Partnership were **effective as of March 31, 2023**[245](index=245&type=chunk)[230](index=230&type=chunk) - There were no changes in internal control over financial reporting during the first quarter of 2023 that have materially affected, or are reasonably likely to materially affect, the company's internal control[229](index=229&type=chunk)[247](index=247&type=chunk) [Part II - OTHER INFORMATION](index=43&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material litigation outside the ordinary course of business - The company is not presently involved in any material litigation outside the ordinary course of business[125](index=125&type=chunk)[248](index=248&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors disclosed in the 2022 Annual Report on Form 10-K - There have been no material changes to the risk factors relating to the Company as disclosed in the Form 10-K for the year ended December 31, 2022[233](index=233&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock was repurchased in Q1 2023, with $400.0 million remaining available under the repurchase program - During Q1 2023, the Company did not repurchase any of its common stock[234](index=234&type=chunk) - As of March 31, 2023, the company's share repurchase program had **$400.0 million of available capacity**[234](index=234&type=chunk)[108](index=108&type=chunk) [Defaults Upon Senior Securities](index=43&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - None[234](index=234&type=chunk) [Other Information](index=43&type=section&id=Item%205.%20Other%20Information) No other material information was reported for the period - None[235](index=235&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) Filed exhibits include CEO/CFO certifications and XBRL interactive data files - Exhibits filed with this report include certifications from the Chief Executive Officer and Chief Financial Officer under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as XBRL data files[251](index=251&type=chunk)

Form 10-K We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its indirect interest in the Operating Partnership. As a result, the Parent Company does not conduct business itself other than issuing public equity from time to time. The Parent Company does not incur any material ind ...

Brixmor Property Group Investor Presentation Quarter Ended September 30, 2022 NYSE BRX LISTED BUSINESS Brea Gateway | Los Angeles, California Brixmor Overview Portfolio Quick Facts High quality, diversified, open-air retail portfolio ❯ One of the largest open-air retail landlords in the US o Nationally diversified portfolio of 378 shopping centers in 116 CBSAs favored by growing retailers o Over 5,000 national, regional, and local tenants ❯ Strive to create and own properties that are the "centers of the co ...