BPG(BRX)
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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 ...
BPG(BRX) - 2020 Q1 - Earnings Call Transcript
2020-05-08 20:43
Brixmor Property Group Inc. (NYSE:BRX) Q1 2020 Earnings Conference Call May 8, 2020 10:00 AM ET Company Participants Stacy Slater – Senior Vice President-Investor Relations Jim Taylor – Chief Executive Officer and President Angela Aman – Executive Vice President and Chief Financial Officer Brian Finnegan – Executive Vice President-Leasing Conference Call Participants Craig Schmidt – Bank of America Todd Thomas – KeyBanc Capital Markets Samir Khanal – Evercore ISI Ki Bin Kim – SunTrust Hong Zhang – J.P. Morg ...
BPG(BRX) - 2020 Q1 - Earnings Call Presentation
2020-05-08 13:54
Supplemental Disclosure Quarter ended March 31, 2020 BR NYSE 450 Lexington Avenue ¦ New York, NY 10017 ¦ 800.468.7526 BRIXMOR PROPERTY GROUP REPORTS FIRST QUARTER 2020 RESULTS COVID-19 UPDATE FOR IMMEDIATE RELEASE CONTACT: Stacy Slater Senior Vice President, Investor Relations 800.468.7526 stacy.slater@brixmor.com NEW YORK, MAY 7, 2020 - Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three months ended March 31, 2020. For the three months e ...
BPG(BRX) - 2020 Q1 - Quarterly Report
2020-05-07 20:52
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, 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 I ...
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 ...