BPG(US:BRX)2021-09-17 23:03Portfolio Overview - Brixmor owns 389 shopping centers with 68 million square feet of gross leasable area (GLA)[2, 3] - The portfolio is diversified across approximately 125 Metropolitan Statistical Areas (MSAs) in the US[3] - Approximately 70% of the centers are grocery-anchored[4, 15] - The billed percentage is 88.1% and the leased percentage is 91.1%[2, 27] Leasing and Productivity - New lease spreads for the trailing twelve months (TTM) are 19.3%[9] - In-place Annual Base Rent (ABR) per square foot (PSF) growth year-over-year (YOY) is 3.8%[10] - Over 700,000 square feet of new leases were executed in 2Q21[13, 17] - New lease ABR PSF reached a company record of $19.48 in 2Q21[13, 17] - New lease rent spreads were 19.8% in 2Q21[13, 20] Reinvestment and Capital Allocation - Since 2016, $2 billion of dispositions have been completed, improving the portfolio's 5-mile average household income by 20%[8, 15] - Over $570 million of accretive reinvestment projects have stabilized since year-end 2015[8, 42] - $400 million of acquisitions have been completed since 2016[15, 42] - $195 million of net estimated costs are expected for 2021 stabilizations across 42 projects, with an expected incremental Net Operating Income (NOI) yield of 10% and $130 million of value creation[14] Financial Position - Available liquidity stands at $1.7 billion[8, 16, 65] - Only $250 million of debt maturities are due through 2022[16] - The dividend payout ratio is 46.1% of NAREIT Funds From Operations (FFO) for the three months ended June 30, 2021[65]