BPG(US:BRX)2025-04-28 20:06Financial Performance - Total revenues for Q1 2025 increased to $337,512, up 5.9% from $320,241 in Q1 2024[25] - Net income attributable to Brixmor Property Group Inc. for Q1 2025 was $69,729, a decrease of 21.5% compared to $88,905 in Q1 2024[26] - Comprehensive income for Q1 2025 was $65,586, down 35.3% from $101,131 in Q1 2024[28] - Net income for Q1 2025 was $69,737, a decrease of 21.5% from $88,905 in Q1 2024[39] - Total revenues for Q1 2025 were $337,512, an increase of 5.9% compared to $320,241 in Q1 2024[39] - Segment net income for the three months ended March 31, 2025, was $69.7 million, down 21.5% from $88.9 million in the same period of 2024[108] - Nareit Funds From Operations (FFO) for the three months ended March 31, 2025, was $171.1 million, up from $163.4 million in 2024, representing an increase of 4.1%[168] - Same property net operating income (NOI) increased by $6.3 million to $230.6 million for the three months ended March 31, 2025, compared to $224.3 million in 2024[171] Cash and Liquidity - Cash and cash equivalents decreased significantly to $106,534 from $377,616 at the end of Q4 2024, representing a decline of 71.8%[23] - The total cash, cash equivalents, and restricted cash at the end of the period was $107.4 million, down from $418.4 million at the end of the same period in 2024[152] - Cash, cash equivalents, and restricted cash at the end of the period decreased to $106.3 million from $417.8 million, a decline of $311.5 million[153] - The company had $1.36 billion of available liquidity as of March 31, 2025, including $1.25 billion available under its Unsecured Credit Facility and $107.4 million in cash and cash equivalents[142] Assets and Liabilities - Total assets as of March 31, 2025, were $8,594,759, down 3.5% from $8,908,914 at the end of 2024[23] - Total liabilities decreased to $5,640,730 as of March 31, 2025, compared to $5,924,992 at the end of 2024, a reduction of 4.8%[36] - Total debt obligations as of March 31, 2025, amounted to $5.104 billion, a decrease from $5.340 billion as of December 31, 2024[73] Operating Expenses - Operating expenses for Q1 2025 totaled $217,874, an increase of 9.9% from $198,274 in Q1 2024[25] - Operating expenses rose by $19.6 million to $217.9 million for the three months ended March 31, 2025, compared to $198.3 million in 2024, with significant increases in depreciation and amortization by $14.4 million and real estate taxes by $3.5 million[128] - Total general and administrative expenses for the three months ended March 31, 2025, were $28.2 million, slightly down from $28.5 million in the same period of 2024[108] Shareholder Returns - The company declared common stock dividends of $0.2875 per share in Q1 2025, up from $0.2725 per share in Q1 2024[30] - The company declared a dividend of $0.2875 per common share for both the first and second quarters of 2025[147] Debt Management - The Company repaid $632.3 million of the 3.850% Senior Notes due 2025 during the three months ended March 31, 2025[75] - The Company issued $400 million in Senior Notes due 2032 at an interest rate of 5.200% on March 4, 2025[76] - Scheduled maturities of the Company's outstanding debt obligations total $5.118 billion, with $607.5 million due in 2026 and $900 million in 2027[78] - The weighted average stated interest rate on the Company's unsecured notes was 4.14% as of March 31, 2025[73] Acquisitions and Dispositions - The Company acquired land at Suffolk Plaza in East Setauket, NY for an aggregate purchase price of $3.144 million during the three months ended March 31, 2025[57] - The Company disposed of two shopping centers and two partial shopping centers for aggregate net proceeds of $21.6 million, resulting in an aggregate gain of $3.1 million during the three months ended March 31, 2025[59] - The company acquired one land parcel for a total of $3.1 million during the three months ended March 31, 2025, while no acquisitions were made in the same period of 2024[122] Market Performance - Billed occupancy as of March 31, 2025, was 90.0%, compared to 90.6% as of March 31, 2024, while leased occupancy was 94.1%, down from 95.1%[118] - The percentage of properties leased decreased to 94.3% from 95.3%, a decline of 1.0%[171] Risk Management - The company maintains a reserve for known environmental matters and does not expect them to materially impact financial conditions or cash flows[104] - The company is monitoring inflation impacts and has long-term leases with provisions to mitigate adverse effects, including contractual rent escalations[172] - There have been no material changes to the risk factors affecting the company since the last annual report[180] Compliance and Controls - The company reported no changes in internal control over financial reporting that materially affected its operations during the three months ended March 31, 2025[176][178] - The company's disclosure controls and procedures were evaluated as effective by the principal executive and financial officers as of March 31, 2025[175][177]