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 THIRD QUARTER 2017 RESULTS
- Continues to Deliver Strong Leasing Volumes -
- Achieves Record New Lease ABR PSF of $16.89 -

NEW YORK, OCTOBER 30, 2017 - Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today its operating results for the three and nine months ended September 30, 2017. For the three months ended September 30, 2017 and 2016, net income attributable to common stockholders was $0.27 per diluted share and $0.19 per diluted share, respectively.

Key highlights for the three months ended September 30, 2017 include:
Executed 3.4 million square feet of total leasing volume, including options, at comparable rent spreads of 10.2%
Executed 2.1 million square feet of new and renewal leases at comparable rent spreads of 12.7%, including 0.7 million square feet of new
leases at comparable rent spreads of 20.7%
Achieved new lease ABR PSF of $16.89, highest since IPO
Realized total leased occupancy of 91.6% and small shop leased occupancy of 84.4%, both negatively impacted on a sequential basis by the Payless ShoeSource and rue21 bankruptcies
Generated same property NOI growth of 1.5%
Grew FFO per diluted share 3.0% year-over-year, excluding non-cash GAAP rental adjustments and lease termination fees
Completed $191.0 million of dispositions ($140 million at share) in nine separate transactions
Entered into a $300.0 million seven-year unsecured term loan
Increased quarterly dividend by 5.8% to $0.275 per common share, which represents an expected annualized yield of 6.1%

“Our results for the third quarter highlight continued strong demand for our well-located shopping centers and our ability to capitalize on retailer disruption to accretively upgrade the merchandising and relevancy of our centers. Our in process and shadow redevelopment pipelines continue to grow as we identify additional opportunities for value added reinvestment throughout the portfolio and accelerate the pace of execution. Importantly, we have confidence in the volume and rent levels of our forward leasing pipeline, which is comprised of 3 million square feet of leases," commented James Taylor, Chief Executive Officer and President. "In addition, during the quarter, we successfully increased our disposition pipeline, reflecting our commitment to harvesting net asset value through prudent capital recycling.”

FINANCIAL HIGHLIGHTS
Net Income
For the three months ended September 30, 2017 and 2016, net income attributable to common stockholders was $83.4 million, or $0.27 per
diluted share, and $57.5 million, or $0.19 per diluted share, respectively.

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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



For the nine months ended September 30, 2017 and 2016, net income attributable to common stockholders was $230.4 million, or $0.75 per diluted share, and $182.4 million, or $0.61 per diluted share, respectively.
NAREIT FFO
For the three months ended September 30, 2017 and 2016, NAREIT FFO was $157.2 million, or $0.52 per diluted share, and $154.9 million, or $0.51 per diluted share, respectively. Results for the three months ended September 30, 2017 include litigation and other non-routine legal expenses, a gain on extinguishment of debt and other items that impact FFO comparability of ($0.3) million, or ($0.00) per diluted share. Results for the three months ended September 30, 2016 include a loss on extinguishment of debt and other items that impact FFO comparability of ($2.1) million, or ($0.01) per diluted share.
For the nine months ended September 30, 2017 and 2016, NAREIT FFO was $480.7 million, or $1.58 per diluted share, and $468.9 million, or $1.54 per diluted share, respectively. Results for the nine months ended September 30, 2017 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($3.3) million, or ($0.01) per diluted share. Results for the nine months ended September 30, 2016 include expenses related to the previously disclosed review conducted by the Company’s Audit Committee, executive severance expenses and other items that impact FFO comparability of ($9.0) million, or ($0.03) per diluted share.

Same Property NOI Growth
Same property NOI for the three months ended September 30, 2017 increased 1.5% from the comparable 2016 period.
Same property base rent for the three months ended September 30, 2017 contributed 130 basis points to same property NOI growth.
Same property NOI for the nine months ended September 30, 2017 increased 2.0% from the comparable 2016 period.
Same property base rent for the nine months ended September 30, 2017 contributed 210 basis points to same property NOI growth.

Dividend
The Company’s Board of Directors declared a quarterly cash dividend of $0.275 per common share (equivalent to $1.10 per annum) for the fourth quarter of 2017, which represents a 5.8% increase.
The dividend is payable on January 16, 2018 to stockholders of record on January 4, 2018, representing an ex-dividend date of January 3, 2018.

PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
During the three months ended September 30, 2017, the Company completed three anchor space repositioning projects and added four new projects to its in process pipeline.  At September 30, 2017, the anchor space repositioning in process pipeline was comprised of 21 projects with an aggregate net estimated cost of approximately $44.2 million at expected average incremental NOI yields of 10 to 14%.
During the three months ended September 30, 2017, the Company completed two outparcel developments and added four new projects to its in process pipeline. At September 30, 2017, the outparcel development in process pipeline was comprised of seven projects with an aggregate net estimated cost of approximately $13.7 million at an expected average incremental NOI yield of 13%. In addition, the new development in process pipeline was comprised of one project, with a net estimated cost of approximately $37.8 million at an expected NOI yield of 9%.

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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



During the three months ended September 30, 2017, the Company added two new redevelopment projects to its in process pipeline. At September 30, 2017, the redevelopment in process pipeline was comprised of 14 projects with an aggregate net estimated cost of approximately $187.7 million at an expected average incremental NOI yield of 9%.

Dispositions
During the three months ended September 30, 2017, the Company generated approximately $191 million of gross proceeds ($140 million at share) on the sale of nine assets, including Frankfort Crossing Shopping Center located in Frankfort, Illinois, Green River Plaza located in Campbellsville, Kentucky, Rising Sun Marketplace located in Rising Sun, Maryland, Montecito Marketplace (unconsolidated joint venture) located in Las Vegas, Nevada, Renaissance Center East located in Las Vegas, Nevada, Genesee Valley Shipping Center located in Geneseo, New York, Hornell Plaza located in Hornell, New York, The Shoppes at North Ridgeville located in North Ridgeville, Ohio and Gilbertsville Shopping Center located in Gilbertsville, Pennsylvania.

CAPITAL STRUCTURE
During the three months ended September 30, 2017, the Company repaid an aggregate of $101.7 million of secured indebtedness, including amortization, at a weighted average stated interest rate of 6.3%.
During the three months ended September 30, 2017, the Company's Operating Partnership, Brixmor Operating Partnership LP, entered into a new $300.0 million variable rate unsecured term loan facility. The term loan facility has a seven-year term maturing on July 26, 2024, with no available extension options, and bears interest at an interest rate of LIBOR plus 190 basis points (based on the Operating Partnership’s current credit ratings). Proceeds from the term loan facility were used to prepay $300.0 million of the Company’s Tranche A Term Loan maturing July 31, 2018.
As a result, the Company extended its weighted average maturity to 5.4 years, while reducing scheduled maturing debt in 2018 to $210.0 million from $1.0 billion at December 31, 2016.

GUIDANCE
The Company has revised its NAREIT FFO per diluted share expectations for 2017 and the key underlying assumptions as follows:
2017E  (dollars in millions, except per share amounts)
 
Updated Guidance
 
Prior Guidance
NAREIT FFO per diluted share (1)(2)
 
$2.05 - $2.09
 
$2.05 - $2.12
Key Underlying Assumptions:
 
 
 
 
Same property NOI growth
 
2.0 - 2.5%
 
2.0 - 3.0%
Straight-line rental income, amortization of above- and below-market
 
 
 
 
rent and tenant inducements and straight-line ground rent expense
 
$44 - $46
 
$44 - $46
General and administrative expenses (1)(3)
 
 $88 - $92
 
 $88 - $92
GAAP interest expense (2)
 
$227 - $229
 
$228 - $230
Value enhancing capital expenditures
 
$110 - $135
 
$110 - $135
(1) Does not include any expectations of additional one-time items, including, but not limited to, litigation, investigative and other non-routine legal expenses.
(2) Does not include any expectations of additional deleveraging activity.
(3) Reflects actual litigation and other non-routine legal expenses recognized year-to-date.



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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



The following table provides a reconciliation of the range of the Company’s 2017 estimated net income attributable to common stockholders to NAREIT FFO:
 
 
2017E

 
2017E Per Diluted

(Unaudited, dollars in millions, except per share amounts)
 
 
 
Share

Net income attributable to common stockholders
 
$285 - $297

 
$0.93 - $0.97

Depreciation and amortization
 
373

 
1.22

Impairment of operating properties
 
27

 
0.09

Gain on disposition of operating properties
 
(59
)
 
(0.19
)
NAREIT FFO
 
$626 - $638

 
$2.05 - $2.09


CONNECT WITH BRIXMOR
For additional information, please visit www.brixmor.com;
Follow Brixmor on Twitter at www.twitter.com/Brixmor;
Find Brixmor on LinkedIn at www.linkedin.com/company/brixmor.


CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, October 31, 2017 at 10:00 AM ET. To participate, please dial 888.317.6003 (domestic) or 412.317.6061 (international) at least ten minutes prior to the scheduled start of the call (Passcode: 0032975). The teleconference can also be accessed via a live webcast at www.brixmor.com in the Investors section. A replay of the teleconference will be available through midnight ET on November 14, 2017 by dialing 877.344.7529 (domestic) or 412.317.0088 (international) (Passcode: 10111798) or via the web through October 31, 2018 at www.brixmor.com in the Investors section.

The Company’s Supplemental Disclosure will be posted at www.brixmor.com in the Investors section.  These materials are also available to all interested parties upon request to the Company at investorrelations@brixmor.com or 800.468.7526.

NON-GAAP DISCLOSURES
NAREIT FFO
NAREIT FFO is a supplemental non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) presented in accordance with GAAP excluding (i) gain (loss) on disposition of operating properties, and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties, (iv) impairment of operating properties and real estate equity investments, and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. 
 
The Company presents NAREIT FFO as it considers it an important supplemental measure of its operational and financial performance. The Company believes NAREIT FFO assists investors  in analyzing Brixmor’s comparative operational and financial performance because, by excluding gains and losses related to dispositions of previously depreciated operating properties, real estate-related depreciation and amortization of

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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



continuing operations, impairment of operating properties and real estate equity investments, extraordinary items, and after adjustments for joint ventures calculated to reflect FFO on the same basis, investors can compare the operational performance of a company’s real estate between periods. 

NAREIT FFO should not be considered as an alternative to, or more meaningful than, net income (presented in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and is not an alternative to, or more meaningful than, cash flow from operating activities (presented in accordance with GAAP) as a measure of liquidity.
 
Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those presented in accordance with GAAP. Computation of NAREIT FFO may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from NAREIT FFO are relevant to understanding and addressing financial performance.  A reconciliation of NAREIT FFO to net income is presented in the attached table.

Same Property NOI
Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. Same property NOI is calculated (using properties owned for the entirety of both periods excluding properties under development), as total property revenues (base rent, ancillary and other, expense reimbursements, and percentage rents) less direct property operating expenses (operating costs, real estate taxes and provision for doubtful accounts). Same property NOI includes the Company’s unconsolidated joint venture at pro rata share.  Same property NOI excludes corporate level income (including management, transaction, and other fees), lease termination fees, straight-line rental income, amortization of above- and below-market rent and tenant inducements, straight-line ground rent expense and income / expense associated with the Company’s captive insurance entity.

Same property NOI eliminates disparities in NOI due to the acquisition, disposition or stabilization of development properties during the period presented, and therefore, provides a more consistent metric for comparing operational performance. Management uses same property NOI to review operational results for comparative purposes with respect to previous periods or forecasts, and also to evaluate future prospects.

Same property NOI should not be considered as an alternative to, or more meaningful than, net income (presented in accordance with GAAP) or other GAAP financial measures as an indicator of financial performance and is not an alternative to, or more meaningful than, cash flow from operating activities (presented in accordance with GAAP) as a measure of liquidity.

Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those presented in accordance with GAAP.  Computation of same property NOI may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs.  Investors are cautioned that items excluded from same property NOI are relevant to understanding and addressing financial performance.  A reconciliation of same property NOI to net income is presented in the attached table.

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450 Lexington Avenue : New York, NY 10017 : 800.468.7526




ABOUT BRIXMOR PROPERTY GROUP
Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company’s approximately 500 retail centers comprise 84 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,500 best-in-class national, regional and local tenants and is the largest landlord to The TJX Companies and The Kroger Company.

SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company’s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

###


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CONSOLIDATED BALANCE SHEETS
 
 
 
 
Unaudited, dollars in thousands, except share information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
 
As of
 
 
 
 
 
 
9/30/17
 
12/31/16
 
 
Assets
 
 
 
 
 
 
Real estate
 
 
 
 
 
 
 
Land
$
1,985,781

 
$
2,006,655

 
 
 
 
Buildings and tenant improvements
8,078,566

 
8,043,855

 
 
 
 
Construction in progress
65,412

 
121,817

 
 
 
 
Lease intangibles
800,760

 
836,731

 
 
 
 
 
 
10,930,519

 
11,009,058

 
 
 
 
Accumulated depreciation and amortization
(2,320,090
)
 
(2,167,054
)
 
 
 
Real estate, net
8,610,429

 
8,842,004

 
 
 
Investments in and advances to unconsolidated joint venture

 
7,921

 
 
 
Cash and cash equivalents
29,978

 
51,402

 
 
 
Restricted cash
112,040

 
51,467

 
 
 
Marketable securities
28,840

 
25,573

 
 
 
Receivables, net of allowance for doubtful accounts of $16,177 and $16,756
219,873

 
178,216

 
 
 
Deferred charges and prepaid expenses, net
143,140

 
122,787

 
 
 
Other assets
51,920

 
40,315

 
 
Total assets
$
9,196,220

 
$
9,319,685

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Debt obligations, net
$
5,713,688

 
$
5,838,889

 
 
 
Accounts payable, accrued expenses and other liabilities
561,191

 
553,636

 
 
Total liabilities
6,274,879

 
6,392,525

 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
Common stock, $0.01 par value; authorized 3,000,000,000 shares;
 
 
 
 
 
 
 
304,937,144 and 304,343,141 shares outstanding
3,049

 
3,043

 
 
 
Additional paid-in capital
3,333,696

 
3,324,874

 
 
 
Accumulated other comprehensive income
20,054

 
21,519

 
 
 
Distributions in excess of net income
(435,458
)
 
(426,552
)
 
 
Total stockholders' equity
2,921,341

 
2,922,884

 
 
 
Non-controlling interests

 
4,276

 
 
Total equity
2,921,341

 
2,927,160

 
 
Total liabilities and equity
$
9,196,220

 
$
9,319,685

 









 
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CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Unaudited, dollars in thousands, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
 
 
9/30/17
 
9/30/16
 
9/30/17
 
9/30/16
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
Rental income
$
246,578

 
$
247,859

 
$
749,976

 
$
744,580

 
 
Expense reimbursements
66,489

 
69,469

 
206,718

 
200,944

 
 
Other revenues
1,429

 
1,249

 
6,426

 
6,214

 
Total revenues
314,496

 
318,577

 
963,120

 
951,738

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
 
Operating costs
30,505

 
31,041

 
100,955

 
97,507

 
 
Real estate taxes
45,076

 
47,812

 
135,607

 
130,886

 
 
Depreciation and amortization
94,239

 
98,337

 
285,040

 
294,634

 
 
Provision for doubtful accounts
1,216

 
2,218

 
4,023

 
6,579

 
 
Impairment of real estate assets
11,065

 
1,971

 
27,383

 
1,971

 
 
General and administrative
22,838

 
21,787

 
67,043

 
69,709

 
Total operating expenses
204,939

 
203,166

 
620,051

 
601,286

 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Dividends and interest
76

 
89

 
234

 
481

 
 
Interest expense
(57,410
)
 
(57,855
)
 
(170,584
)
 
(171,482
)
 
 
Gain on sale of real estate assets
25,942

 
2,450

 
54,920

 
10,232

 
 
Gain (loss) on extinguishment of debt, net
1,828

 
(1,042
)
 
488

 
(949
)
 
 
Other
(1,200
)
 
(1,370
)
 
(2,591
)
 
(4,258
)
 
Total other expense
(30,764
)
 
(57,728
)
 
(117,533
)
 
(165,976
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before equity in income of unconsolidated joint venture
78,793

 
57,683

 
225,536

 
184,476

 
Equity in income of unconsolidated joint venture
31

 
122

 
381

 
348

 
Gain on disposition of unconsolidated joint venture interest
4,556

 

 
4,556

 

 
Net income
83,380

 
57,805

 
230,473

 
184,824

 
Net income attributable to non-controlling interests

 
(313
)
 
(76
)
 
(2,399
)
 
Net income attributable to Brixmor Property Group Inc.
83,380

 
57,492

 
230,397

 
182,425

 
Preferred stock dividends

 

 
(39
)
 

 
Net income attributable to common stockholders
$
83,380

 
$
57,492

 
$
230,358

 
$
182,425

 
 
 
 
 
 
 
 
 
 
 
 
 
Per common share:
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders:
 
 
 
 
 
 
 
 
 
 
Basic
$
0.27

 
$
0.19

 
$
0.76

 
$
0.61

 
 
 
Diluted
$
0.27

 
$
0.19

 
$
0.75

 
$
0.61

 
 
Weighted average shares:
 
 
 
 
 
 
 
 
 
 
Basic
304,936

 
303,013

 
304,810

 
300,697

 
 
 
Diluted
305,176

 
303,521

 
305,175

 
301,146









 
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FUNDS FROM OPERATIONS (FFO)
 
 
 
 
Unaudited, dollars in thousands, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
 
 
9/30/17
 
9/30/16
 
9/30/17
 
9/30/16
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
83,380

 
$
57,805

 
$
230,473

 
$
184,824

 
 
Gain on disposition of operating properties
(25,942
)
 
(2,450
)
 
(54,920
)
 
(10,232
)
 
 
Gain on disposition of unconsolidated joint venture interest
(4,556
)
 

 
(4,556
)
 

 
 
Depreciation and amortization- real estate related- continuing operations
93,299

 
97,570

 
282,240

 
292,295

 
 
Depreciation and amortization- real estate related- unconsolidated joint venture

 
23

 
56

 
68

 
 
Impairment of operating properties
11,065

 
1,971

 
27,383

 
1,971

 
NAREIT FFO
$
157,246

 
$
154,919

 
$
480,676

 
$
468,926

 
 
 
 
 
 
 
 
 
 
 
 
 
NAREIT FFO per share/OP Unit - diluted
$
0.52

 
$
0.51

 
$
1.58

 
$
1.54

 
Weighted average shares/OP Units outstanding - basic and diluted
305,176

 
305,167

 
305,175

 
305,026

 
 
 
 
 
 
 
 
 
 
 
 
 
Items that impact FFO comparability
 
 
 
 
 
 
 
 
 
Gain (loss) on extinguishment of debt, net
$
1,828

 
$
(1,042
)
 
$
488

 
$
(949
)
 
 
Litigation and other non-routine legal expenses
(1,959
)
 
(614
)
 
(3,629
)
 
(958
)
 
 
Transaction expenses
(204
)
 
(85
)
 
(204
)
 
(296
)
 
 
Shareholder equity offering expenses

 
(314
)
 

 
(764
)
 
 
Audit committee review expenses

 

 

 
(3,711
)
 
 
Executive severance expenses

 

 

 
(2,260
)
 
 
Executive equity based compensation (1)

 

 

 
(88
)
 
Total items that impact FFO comparability
$
(335
)
 
$
(2,055
)
 
$
(3,345
)
 
$
(9,026
)
 
Items that impact FFO comparability, net per share
$
(0.00
)
 
$
(0.01
)
 
$
(0.01
)
 
$
(0.03
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Disclosures
 
 
 
 
 
 
 
 
 
Straight-line rental income, net (2)
$
2,397

 
$
3,324

 
$
14,484

 
$
9,838

 
 
Amortization of above- and below-market rent and tenant inducements, net (3)
6,966

 
9,090

 
21,449

 
28,766

 
 
Straight-line ground rent expense (4)
(31
)
 
(78
)
 
(104
)
 
(975
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per share/ OP Unit
$
0.260

 
$
0.245

 
$
0.780

 
$
0.735

 
Share/OP Unit dividends declared
$
79,283

 
$
74,651

 
$
237,839

 
$
223,932

 
Share/OP Unit dividend payout ratio (as % of NAREIT FFO)
50.4
%
 
48.2
%
 
49.5
%
 
47.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents equity based compensation expense associated with executive departures for the nine months ended September 30, 2016.
(2) Includes unconsolidated joint venture Montecito Marketplace straight-line rental expense, net of $4 and $2 at pro rata share for the three and nine months ended September 30, 2017, respectively; and straight-line rental income, net of $10 and $5 at pro rata share for the three and nine months ended September 30, 2016, respectively. Montecito Marketplace was sold on August 8, 2017.
(3) Includes unconsolidated joint venture Montecito Marketplace amortization of above- and below-market rent and tenant inducements of $2 and $15 at pro rata share for the three and nine months ended September 30, 2017, respectively; and amortization of above- and below-market rent and tenant inducements of $7 and $22 at pro rata share for the three and nine months ended September 30, 2016, respectively. Montecito Marketplace was sold on August 8, 2017.
(4) Straight-line ground rent expense is included in Operating costs on the Consolidated Statements of Operations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 









 
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SAME PROPERTY NOI ANALYSIS
 
 
 
 
 
 
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
Nine Months Ended
 
 
 
 
 
 
 
 
9/30/17
 
9/30/16
 
Change
 
9/30/17
 
9/30/16
 
Change
 
Same Property NOI Analysis
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of properties
 
495

 
495

 
 
495

 
495

 
 
Percent billed
 
89.6
%
 
90.5
%
 
(0.9%)
 
89.6
%
 
90.5
%
 
(0.9%)
 
Percent leased
 
91.6
%
 
92.5
%
 
(0.9%)
 
91.6
%
 
92.5
%
 
(0.9%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Base rent
 
$
225,812

 
$
222,902

 
 
 
$
678,707

 
$
664,849

 
 
 
 
Ancillary and other
 
4,160

 
4,386

 
 
 
11,560

 
11,978

 
 
 
 
Expense reimbursements
 
64,916

 
67,497

 
 
 
201,211

 
195,040

 
 
 
 
Percentage rents
 
1,245

 
1,032

 
 
 
6,009

 
5,194

 
 
 
 
 
 
 
 
296,133

 
295,817

 
0.1%
 
897,487

 
877,061

 
2.3%
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating costs
 
(30,720
)
 
(30,239
)
 
 
 
(98,903
)
 
(94,018
)
 
 
 
 
Real estate taxes
 
(43,941
)
 
(46,485
)
 
 
 
(132,039
)
 
(127,404
)
 
 
 
 
Provision for doubtful accounts
 
(1,169
)
 
(2,052
)
 
 
 
(3,904
)
 
(6,303
)
 
 
 
 
 
 
 
 
(75,830
)
 
(78,776
)
 
(3.7%)
 
(234,846
)
 
(227,725
)
 
3.1%
 
Same property NOI
 
$
220,303

 
$
217,041

 
1.5%
 
$
662,641

 
$
649,336

 
2.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same property NOI excluding redevelopments (1)
 
$
205,680

 
$
203,071

 
1.3%
 
$
618,757

 
$
607,336

 
1.9%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI margin
 
74.4
%
 
73.4
%
 
 
 
73.8
%
 
74.0
%
 
 
 
Expense recovery ratio
 
86.9
%
 
88.0
%
 
 
 
87.1
%
 
88.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent contribution to same property NOI growth:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change
 
Percent Contribution
 
 
 
Change
 
Percent Contribution
 
 
 
 
Base rent
 
$
2,910

 
1.3%
 
 
 
$
13,858

 
2.1%
 
 
 
 
Ancillary and other
 
(226
)
 
(0.1%)
 
 
 
(418
)
 
(0.1%)
 
 
 
 
Net recoveries
 
(518
)
 
(0.2%)
 
 
 
(3,349
)
 
(0.5%)
 
 
 
 
Percentage rents
 
213

 
0.1%
 
 
 
815

 
0.1%
 
 
 
 
Provision for doubtful accounts
 
883

 
0.4%
 
 
 
2,399

 
0.4%
 
 
 
 
 
 
 
 
 
 
1.5%
 
 
 
 
 
2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI
 
 
 
 
 
 
 
 
 
Same property NOI
 
$
220,303

 
$
217,041

 
 
 
$
662,641

 
$
649,336

 
 
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-same property NOI
 
5,644

 
6,755

 
 
 
18,282

 
21,436

 
 
 
 
Lease termination fees
 
2,235

 
1,174

 
 
 
5,476

 
7,537

 
 
 
 
Straight-line rental income
 
2,401

 
3,314

 
 
 
14,486

 
9,833

 
 
 
 
Amortization of above- and below-market rent and tenant inducements, net
 
6,964

 
9,083

 
 
 
21,434

 
28,744

 
 
 
 
Fee income
 
183

 
217

 
 
 
320

 
855

 
 
 
 
Straight-line ground rent expense
 
(31
)
 
(78
)
 
 
 
(104
)
 
(975
)
 
 
 
 
Depreciation and amortization
 
(94,239
)
 
(98,337
)
 
 
 
(285,040
)
 
(294,634
)
 
 
 
 
Impairment of real estate assets
 
(11,065
)
 
(1,971
)
 
 
 
(27,383
)
 
(1,971
)
 
 
 
 
General and administrative
 
(22,838
)
 
(21,787
)
 
 
 
(67,043
)
 
(69,709
)
 
 
 
 
Total other expense
 
(30,764
)
 
(57,728
)
 
 
 
(117,533
)
 
(165,976
)
 
 
 
 
Equity in income of unconsolidated joint venture
 
31

 
122

 
 
 
381

 
348

 
 
 
 
Gain on disposition of unconsolidated joint venture interest
 
4,556

 

 
 
 
4,556

 

 
 
 
 
Net income attributable to non-controlling interests
 

 
(313
)
 
 
 
(76
)
 
(2,399
)
 
 
 
 
Preferred stock dividends
 

 

 
 
 
(39
)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
 
$
83,380

 
$
57,492

 
 
 
$
230,358

 
$
182,425

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Redevelopments include only completed and in process projects.
 
 
 
 
 
 
 
 
 
 
 
 





 
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