Total new and renewal lease average annualized base rent (“ABR”) / SF
Total rent spread (cash)
+290 basis points
Operating metrics continued their positive trajectory in the fourth quarter of 2014 with healthy leasing results and same property NOI increasing 3.9%, the tenth consecutive quarter of growth over 3.5%. Total rent spreads increased to 13.9%, the sixth consecutive quarter of spreads over 11.0%, and were 12.6% for the year. Funds from operations per diluted share increased 7.1% over 2013. Additionally, the Company’s operating partnership, Brixmor Operating Partnership LP (the “Operating Partnership”), received investment grade ratings from Standard & Poor's Ratings Services and Fitch Ratings during the quarter.
“Our strong performance during the quarter and the year reflects our embedded growth opportunity as we continue to harvest the below market leases throughout our portfolio and reposition our properties with best-in-class anchors. We produced strong operating and financial results in the fourth quarter, led by same property NOI growth and rent spreads approaching 14% for the second consecutive quarter. The investments that we are making in the portfolio continue to provide cash flow growth,” stated Michael Carroll, Chief Executive Officer.
The following information was filed by Brixmor Property Group Inc. (BRX) on Monday, February 9, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: BRX CIK: 1581068 Form Type:10-K Annual Report Accession Number: 0001581068-15-000028 Submitted to the SEC: Thu Feb 19 2015 4:30:09 PM EST Accepted by the SEC: Thu Feb 19 2015 Period: Wednesday, December 31, 2014 Industry: Real Estate Investment Trusts