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BPG(BRX) - 2019 Q4 - Earnings Call Transcript
2020-02-11 19:09
Financial Data and Key Metrics Changes - The company reported a same-store NOI growth of 5.1% for Q4 2019, bringing the full-year growth to 3.4%, exceeding previous guidance [7][22] - FFO for Q4 was $0.47 per share, or $0.48 per share excluding non-comparable items; for the full year, FFO was $1.91 per share, or $1.93 per share excluding non-comparable items [19][22] - The company achieved cash spreads of over 33% on new leases during the quarter [8] Business Line Data and Key Metrics Changes - The company signed 1.7 million square feet of new and renewal leases in Q4, with record small shop occupancy reaching 86.2% [8][9] - The watch-list tenancy decreased by over 10% for the year, one of the lowest in the sector [10] - The preleased reinvestment pipeline at year-end represented over $410 million of investments with an average incremental return of 10% [10][11] Market Data and Key Metrics Changes - The company noted strong demand for its well-located centers, signing leases with tenants like Burlington, HomeGoods, and ALDI [9] - The company has taken back all 11 Sears/Kmart locations and is actively repositioning these spaces [22][24] Company Strategy and Development Direction - The company plans to continue reinvesting in existing shopping centers to drive growth and ROI, focusing on below-market in-place rents [13][36] - The company aims to maintain a balanced approach to acquisitions and dispositions, leveraging its platform strengths [16][75] - The company is committed to operational enhancements, including sustainability initiatives like solar power generation and LED lighting [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving same-store NOI growth at the top end of the sector, despite potential disruptions in the retail environment [25][33] - The company anticipates some quarterly variability in same-property NOI growth due to the inherently volatile nature of the metric [28][62] - Management highlighted the importance of tenant demand and the ability to create value through strategic leasing and redevelopment [36][81] Other Important Information - The company has virtually no debt drawn under its $1.2 billion credit facility and no debt maturities until 2022, providing financial flexibility [17] - The company reinstated its share repurchase and ATM equity programs [31] Q&A Session Summary Question: Insights on dispositions and transaction market trends - Management noted attractive pricing liquidity in tertiary markets and opportunities to leverage their platform for acquisitions [38][39] Question: Leverage trajectory expectations - Management is committed to reducing leverage to the six times debt-to-EBITDA range, with expected quarterly volatility due to redevelopment spending [44][45] Question: Leasing spreads sustainability - Management indicated that significant rent rollovers from below-market anchor leases will sustain strong leasing spreads for several years [48][49] Question: Bad debt reserve assumptions - Management provided a bad debt expense assumption of 75 to 100 basis points, consistent with historical experience [56][58] Question: Future occupancy trends - Management expects occupancy rates to trend higher throughout the year, with fluctuations due to known events [101] Question: Cap rate expectations for acquisitions and dispositions - Management indicated cap rates for asset sales are likely to remain in the 7% to 8% range, with acquisition cap rates potentially 100 to 150 basis points lower [103][104]
BPG(BRX) - 2019 Q4 - Earnings Call Presentation
2020-02-11 11:45
Supplemental Disclosure Quarter ended December 31, 2019 BR NYSE 450 Lexington Avenue ¦ New York, NY 10017 ¦ 800.468.7526 FOR IMMEDIATE RELEASE CONTACT: Stacy Slater Senior Vice President, Investor Relations 800.468.7526 stacy.slater@brixmor.com BRIXMOR PROPERTY GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS - Delivers Strong Leasing, Rent Growth and Reinvestment Returns - NEW YORK, FEBRUARY 10, 2020 - Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating ...
BPG(BRX) - 2019 Q4 - Annual Report
2020-02-10 21:14
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, 2019 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 ...
BPG(BRX) - 2019 Q3 - Earnings Call Transcript
2019-10-29 21:55
Brixmor Property Group, Inc. (NYSE:BRX) Q3 2019 Results Earnings Conference Call October 29, 2019 11:00 AM ET Company Participants Stacy Slater - Senior Vice President, IR Jim Taylor - Chief Executive Officer and President Angela Aman - Executive Vice President and Chief Financial Officer Mark Horgan - Executive Vice President and Chief Investment Officer Brian Finnegan - Executive Vice President, Leasing Conference Call Participants Christy McElroy - Citi Todd Thomas - KeyBanc Capital Markets Jeremy Metz - ...
BPG(BRX) - 2019 Q3 - Quarterly Report
2019-10-28 20:16
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, 2019 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) - 2019 Q2 - Earnings Call Transcript
2019-07-30 21:16
Brixmor Property Group, Inc. (NYSE:BRX) Q2 2019 Results Earnings Conference Call July 30, 2019 10:00 AM ET Company Participants Stacy Slater - SVP, IR Jim Taylor - CEO and President Angela Aman - EVP and CFO Mark Horgan - EVP and Chief Investment Officer Brian Finnegan - EVP, Leasing Conference Call Participants Karin Ford - MUFG Securities Craig Schmidt - Bank of America Merrill Lynch Christy McElroy - Citi Alexander Goldfarb - Sandler O'Neill Jeremy Metz - BMO Todd Thomas - KeyBanc Greg McGinniss - Scotia ...
BPG(BRX) - 2019 Q2 - Quarterly Report
2019-07-29 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, 2019 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 ...
BPG(BRX) - 2019 Q1 - Earnings Call Presentation
2019-05-01 18:17
SUPPLEMENTAL DISCLOSURE QUARTER ENDED MARCH 31, 2019 450 Lexington Ave New York, NY 10017 800.468.7526 BRIXMOR.COM i 450 Lexington Avenue ¦ New York, NY 10017 ¦ 800.468.7526 FOR IMMEDIATE RELEASE CONTACT: Stacy Slater Senior Vice President, Investor Relations 800.468.7526 stacy.slater@brixmor.com BRIXMOR PROPERTY GROUP REPORTS FIRST QUARTER 2019 RESULTS - Achieves Record New Lease ABR of $18.79 Per Square Foot - - Reinvestment Pipeline Now Over $400 Million - NEW YORK, APRIL 29, 2019 - Brixmor Property Grou ...
BPG(BRX) - 2019 Q1 - Earnings Call Transcript
2019-04-30 22:39
Brixmor Property Group, Inc. (NYSE:BRX) Q1 2019 Earnings Conference Call April 30, 2019 10:00 AM ET Company Participants Stacy Slater – Senior Vice President, Investor Relations Jim Taylor - Chief Executive Officer & President Angela Aman - Executive Vice President & Chief Financial Officer Mark Horgan - Executive Vice President & Chief Investment Officer Brian Finnegan - Executive Vice President, Leasing Conference Call Participants Craig Schmidt - Bank of America Merrill Lynch Jeremy Metz - BMO Capital Ma ...
BPG(BRX) - 2019 Q1 - Quarterly Report
2019-04-29 20:14
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Brixmor Property Group Inc. Brixmor Operating Partnership LP Large accelerated filer þNon-accelerated filer☐ Large accelerated filer☐ Non-accelerated filer þ Smaller reporting company ☐ Accelerated filer☐Smaller reporting company☐ Accelerated filer☐ Emerging growth company ☐Emerging growth company☐ þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, ...