BPG(US:BRX)2022-07-31 16:00Financial Performance - Total revenues for Q2 2022 reached $306.1 million, a 6.1% increase from $287.0 million in Q2 2021[24] - Net income for Q2 2022 was $87.8 million, slightly down from $90.4 million in Q2 2021, resulting in a diluted earnings per share of $0.29[24] - Net income for the six months ended June 30, 2022, was $167.3 million, an increase from $142.8 million in the same period of 2021, representing a growth of 17.2%[34] - Comprehensive income for the three months ended June 30, 2022, was $91.8 million, compared to $93.2 million for the same period in 2021[42] - Basic earnings per share for the three months ended June 30, 2022, was $0.29, down from $0.30 in the same period of 2021[105] - Diluted earnings per share for the six months ended June 30, 2022, was $0.56, an increase from $0.48 in the same period of 2021[105] Revenue Sources - Rental income for the first half of 2022 was $604.3 million, up 7.3% from $563.4 million in the same period of 2021[24] - Rental income increased to $305.9 million in Q2 2022, compared to $286.9 million in Q2 2021, reflecting a growth of 6.5%[25] - The company recognized $2.4 million and $1.5 million in income from percentage rents for the three months ended June 30, 2022 and 2021, respectively[94] Expenses and Liabilities - Operating expenses for the first half of 2022 totaled $384.9 million, an increase of 6.0% from $362.9 million in the same period of 2021[24] - Total liabilities were $5.67 billion as of June 30, 2022, a marginal increase from $5.66 billion at the end of 2021[22] - Operating expenses totaled $191.6 million for Q2 2022, an increase of 7.0% from $179.1 million in Q2 2021[25] Assets and Investments - Total assets as of June 30, 2022, amounted to $8.47 billion, compared to $8.38 billion as of December 31, 2021, reflecting a 1.1% increase[22] - The company invested $146.9 million in improvements to and investments in real estate assets during the first half of 2022, compared to $135.3 million in the same period of 2021[34] - The company acquired real estate assets for $409.7 million during the six months ended June 30, 2022, significantly higher than $66.7 million in the same period of 2021[45] Cash Flow - Cash and cash equivalents decreased significantly to $16.8 million as of June 30, 2022, from $296.6 million at the end of 2021[22] - The company reported net cash provided by operating activities of $274.1 million for the six months ended June 30, 2022, slightly down from $274.9 million in the same period of 2021[34] Shareholder Returns - The company declared common stock dividends of $0.240 per share for the three months ended June 30, 2022, up from $0.215 per share in the same period of 2021[100] - The company paid common stock dividends of $0.240 per share during the six months ended June 30, 2022, totaling $145.3 million[34] Real Estate Portfolio - The company’s portfolio consisted of 379 shopping centers totaling approximately 67 million square feet of gross leasable area as of June 30, 2022[46] - As of June 30, 2022, the company had real estate assets valued at $7.942 billion, an increase from $7.615 billion as of December 31, 2021[63] - The company disposed of ten shopping centers and four partial shopping centers for aggregate net proceeds of $140.0 million, resulting in an aggregate gain of $44.8 million during the six months ended June 30, 2022[60] Debt and Financing - As of June 30, 2022, the Company had total debt obligations of $5,148,480,000, a slight decrease from $5,164,518,000 as of December 31, 2021[79] - The Company repaid $250,000,000 of its Floating Rate Senior Notes due 2022 during the six months ended June 30, 2022, using available cash[81] - The weighted average stated interest rate on the Company's unsecured notes was 3.69% as of June 30, 2022[79] Impairments and Adjustments - The company recognized impairment charges totaling $4.597 million for the six months ended June 30, 2022, primarily due to changes in anticipated hold periods[67] - The Company recognized an impairment charge of $3.509 million for Torrington Plaza and $1.088 million for New Garden Center during the six months ended June 30, 2022, totaling $4.597 million[67] Future Projections - The company anticipates continued growth in rental income and overall performance, despite potential market risks[19] - The estimated below-market lease accretion income for the remaining six months of 2022 is projected to be $(5.772) million[65]