Brixmor Property Group Inc. (BRX) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Home SEC Filings Brixmor Property Group Inc. (BRX) 10-K Annual Report Mon Feb 13 2017
Exhibit 99.1
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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 2016 RESULTS

NEW YORK, February 13, 2017 -
 Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today its operating results for the three and twelve months ended December 31, 2016. For the three and twelve months ended December 31, 2016, net income attributable to common stockholders was $0.31 and $0.91 per diluted share, respectively, compared with $0.18 and $0.65 per diluted share, respectively, in the comparable 2015 period.

Key highlights for the twelve months ended December 31, 2016 include:

•
Grew FFO per diluted share 7.0% year-over-year, excluding non-cash GAAP rental adjustments and lease termination fees
•
Generated same property NOI growth of 2.5%
•
Executed 7.9 million square feet of new and renewal leases at comparable rent spreads of 16.5%
•
Increased leased occupancy by 20 basis points year-over-year to 92.8%
•
Increased small shop leased occupancy by 80 basis points year-over-year to 85.1%
•
Completed 28 anchor space repositioning projects, 12 outparcel developments and one redevelopment project for a total investment of $67 million at an average incremental NOI yield of 12%
•
Completed $48 million of acquisitions and $107 million of dispositions
•
Provided NAREIT FFO guidance for 2017 of $2.05 - $2.12 per diluted share, representing an increase of 3.3 to 6.3% over 2016, excluding non-cash GAAP rental adjustments and lease termination fees

“2016 results demonstrate the strength of our core fundamentals and enhanced operating capabilities. With 7.9 million square feet of new and renewal leases executed during the year at blended rent spreads of 16.5%, we continue to see strong demand from dynamic and expanding retailers,” commented James Taylor, Chief Executive Officer and President. “Importantly, we set new records in average base rent per square foot achieved, small shop occupancy and overall leasing volume, while also successfully ramping-up our value accretive redevelopment and capital recycling activity. We also refinanced over $900 million of debt and amended our $2.75 billion credit facility, extending our weighted average maturity and increasing our unencumbered asset base to 73% of the portfolio. I couldn’t be more pleased with how this team has performed.”

FINANCIAL HIGHLIGHTS
Net Income
•
For the three months ended December 31, 2016 and 2015, net income attributable to common stockholders was $93.1 million, or $0.31 per diluted share, and $55.3 million, or $0.18 per diluted share, respectively.

i
The following information was filed by Brixmor Property Group Inc. (BRX) on Monday, February 13, 2017 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: 0001581068-17-000005
Submitted to the SEC: Mon Feb 13 2017 4:32:13 PM EST
Accepted by the SEC: Mon Feb 13 2017
Period: Saturday, December 31, 2016
Industry: Real Estate Investment Trusts

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