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 SECOND QUARTER 2018 RESULTS
- Delivering on All Facets of Balanced Business Plan -

NEW YORK, JULY 30, 2018 - Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today its operating results for the three and six months ended June 30, 2018. For the three months ended June 30, 2018 and 2017, net income attributable to common stockholders was $0.26 per diluted share and $0.25 per diluted share, respectively.

Key highlights for the three months ended June 30, 2018 include:
Executed 2.1 million square feet of new and renewal leases at comparable rent spreads of 14.3%, including 1.0 million square feet of new leases at comparable rent spreads of 28.7%
Executed 3.4 million square feet of total leasing volume, including options, at comparable rent spreads of 11.2%
Increased total leased occupancy to 92.5%, driven primarily by a 70 basis points sequential improvement in small shop occupancy to 85.1%
Reported widest leased to billed total occupancy spread since IPO of 310 basis points
Generated same property NOI growth of 1.4%
Grew total in process reinvestment pipeline to $329.5 million, adding $44.6 million of pre-leased projects at an average expected incremental NOI yield of 13%, including the first phase of a major redevelopment at Wynnewood Village in Dallas, Texas
Closed on $216.5 million of dispositions, including four assets totaling $77.2 million closed subsequent to quarter end, with more than $350.0 million of additional dispositions under contract
Acquired two adjacencies at existing centers for $7.3 million, repurchased $3.5 million of common stock and repaid all remaining 2018 scheduled debt maturities
Affirmed previously provided NAREIT FFO per diluted share and same property NOI growth expectations for 2018

“I’m very pleased to report that we continue to execute on all facets of our balanced plan for growth by delivering sector leading leasing volumes and spreads, growing our value enhancing reinvestment pipeline and accelerating capital recycling of non-core assets at attractive pricing, while maintaining outstanding capital flexibility,” commented James Taylor, Chief Executive Officer and President. “We are clearly delivering value now.”

FINANCIAL HIGHLIGHTS
Net Income
For the three months ended June 30, 2018 and 2017, net income attributable to common stockholders was $80.4 million, or $0.26 per diluted share, and $75.4 million, or $0.25 per diluted share, respectively.
For the six months ended June 30, 2018 and 2017, net income attributable to common stockholders was $141.4 million, or $0.47 per diluted share, and $147.0 million, or $0.48 per diluted share, respectively.



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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



NAREIT FFO
For the three months ended June 30, 2018 and 2017, NAREIT FFO was $154.3 million, or $0.51 per diluted share, and $161.9 million, or $0.53 per diluted share, respectively. Results for the three months ended June 30, 2018 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($1.1) million, or ($0.00) per diluted share. Results for the three months ended June 30, 2017 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($1.5) million, or ($0.00) per diluted share.
For the six months ended June 30, 2018 and 2017, NAREIT FFO was $309.1 million, or $1.02 per diluted share, and $323.4 million, or $1.06 per diluted share, respectively. Results for the six months ended June 30, 2018 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($1.8) million, or ($0.01) per diluted share. Results for the six months ended June 30, 2017 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($3.0) million, or ($0.01) per diluted share.


Same Property NOI Growth
Same property NOI for the three months ended June 30, 2018 increased 1.4% from the comparable 2017 period.
Same property base rent for the three months ended June 30, 2018 contributed 160 basis points to same property NOI growth.
Same property NOI for the six months ended June 30, 2018 increased 1.1% from the comparable 2017 period.
Same property base rent for the six months ended June 30, 2018 contributed 150 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 third quarter of 2018.
The dividend is payable on October 15, 2018 to stockholders of record on October 5, 2018, representing an ex-dividend date of October 4, 2018.

PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
During the three months ended June 30, 2018, the Company completed four value enhancing reinvestment projects and added 12 new reinvestment opportunities to its in process pipeline. Projects added include eight anchor space repositioning projects, three outparcel development projects and one redevelopment project, with a total aggregate net estimated cost of approximately $44.6 million at an expected average incremental NOI yield of 13%.
At June 30, 2018, the value enhancing reinvestment in process pipeline was comprised of 56 projects with an aggregate net estimated cost of approximately $329.5 million. The in process pipeline includes 31 anchor space repositioning projects with an aggregate net estimated cost of approximately $111.3 million at expected average incremental NOI yields of 9 to 14%; 11 outparcel development projects with an aggregate net estimated cost of approximately $17.5 million at an expected average incremental NOI yield of 13%; one new development project with a net estimated cost of approximately $39.3 million at an expected NOI yield of 9%; and 13 redevelopment projects with an aggregate net estimated cost of approximately $161.4 million at an expected average incremental NOI yield of 9%.





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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



Dispositions
During the three months ended June 30, 2018, the Company generated approximately $139.3 million of gross proceeds on the disposition of ten assets, including one partial property, comprised of 1.7 million square feet.
During the six months ended June 30, 2018, the Company generated approximately $245.7 million of gross proceeds on the disposition of 17 assets, including two partial properties, comprised of 2.9 million square feet.
Subsequent to June 30, 2018, the Company generated approximately $77.2 million of gross proceeds on the disposition of four assets, including one partial property, comprised of 0.4 million square feet, and currently has more than $350.0 million of additional dispositions under contract.

Acquisitions
During the three months ended June 30, 2018, the Company acquired land adjacent to an existing center and terminated a ground lease and acquired the associated building at an existing center for a combined purchase price of $7.3 million.
During the three months ended June 30, 2018, the Company repurchased 0.2 million shares of common stock under the program at an average price per share of $14.47 for a total of approximately $3.5 million, excluding commissions. Since inception of the share repurchase program in December 2017, the Company has repurchased 2.5 million shares of common stock at an average price per share of $15.70 for a total of approximately $39.1 million, excluding commissions.

CAPITAL STRUCTURE
During the three months ended June 30, 2018, the Company prepaid $135.0 million of its Tranche A Term Loan maturing July 31, 2018 and, as a result, the Company has no remaining scheduled debt maturities in 2018.
In addition, the Company’s net principal debt to cash adjusted EBITDA declined to 6.7x from 6.9x at December 31, 2016.

GUIDANCE
The Company is affirming its previously provided NAREIT FFO per diluted share and same property NOI growth expectations for 2018.

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, July 31, 2018 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: 4880143). The teleconference can also be accessed via a live webcast at www.brixmor.com in the Investors section. Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking here, filling in the information and pressing the green phone button at the bottom. A replay of the teleconference will be available through midnight ET on August 14, 2018 by dialing 877.344.7529 (domestic) or 412.317.0088 (international) (Passcode: 10120169) or via the web through July 31, 2019 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.

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450 Lexington Avenue : New York, NY 10017 : 800.468.7526




NON-GAAP DISCLOSURES
The Company presents the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (presented in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives 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. The Company’s computation of these non-GAAP measures 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 these non-GAAP measures are relevant to understanding and addressing financial performance. A reconciliation of these non-GAAP measures to net income is presented in the attached table.

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 believes NAREIT FFO assists investors in analyzing Brixmor’s comparative operating and financial performance because, by excluding (i) gains and losses related to dispositions of previously depreciated operating properties, (ii) real estate-related depreciation and amortization of continuing operations, (iii) impairment of operating properties and real estate equity investments, (iv) extraordinary items, and (v) after adjustments for joint ventures calculated to reflect FFO on the same basis, investors can compare the operating performance of a company’s real estate between periods.
 
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 ((i) base rent, ancillary and other, (ii) expense reimbursements, and (iii) percentage rents) less direct property operating expenses ((i) operating costs, (ii) real estate taxes, and (iii) provision for doubtful accounts). Same property NOI excludes (i) corporate level income (including management, transaction, and other fees), (ii) lease termination fees, (iii) straight-line rental income, (iv) amortization of above- and below-market rent and tenant inducements, (v) straight-line ground rent expense, and (vi) income / expense associated with the Company’s captive insurance entity.

The Company believes same property NOI assists investors in analyzing Brixmor’s comparative operating and financial performance because it 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 the operating performance of a company’s real estate between periods.







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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



Cash Adjusted EBITDA
Cash adjusted EBITDA is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. EBITDA is calculated as the sum of net income (loss) presented in accordance with GAAP before (i) interest expense, (ii) federal and state taxes, and (iii) depreciation and amortization. EBITDAre represents EBITDA as adjusted for (i) gain (loss) on disposition of operating properties and (ii) impairment of real estate assets and real estate equity investments. Adjusted EBITDA represents EBITDAre as adjusted for (i) gain (loss) on extinguishment of debt and (ii) other items that the Company believes are not indicative of the Company's operating performance. Cash Adjusted EBITDA represents Adjusted EBITDA as adjusted for (i) straight-line rental income, (ii) amortization of above- and below-market leases and tenant inducements and (iiI) straight-line ground rent expense.

The Company believes cash adjusted EBITDA assists investors in analyzing Brixmor’s ability to meet various coverage tests because it excludes various items that the Company believes are not indicative of its operating performance.

ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 471 retail centers comprise approximately 80 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor’s vision “to be the center of the communities we serve” and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to more than 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness.

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, 2017, 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
 
 
 
 
 
6/30/18
 
12/31/17
 
Assets
 
 
 
 
 
Real estate
 
 
 
 
 
 
Land
$
1,928,473

 
$
1,984,309

 
 
 
Buildings and tenant improvements
7,913,020

 
8,063,871

 
 
 
Construction in progress
76,695

 
81,214

 
 
 
Lease intangibles
737,391

 
792,097

 
 
 
 
 
10,655,579

 
10,921,491

 
 
 
Accumulated depreciation and amortization
(2,402,498
)
 
(2,361,070
)
 
 
Real estate, net
8,253,081

 
8,560,421

 
 
Cash and cash equivalents
53,418

 
56,938

 
 
Restricted cash
48,206

 
53,839

 
 
Marketable securities
31,226

 
28,006

 
 
Receivables, net of allowance for doubtful accounts of $17,426 and $17,205
219,992

 
232,111

 
 
Deferred charges and prepaid expenses, net
147,321

 
147,508

 
 
Other assets
97,303

 
75,103

 
Total assets
$
8,850,547

 
$
9,153,926

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
Debt obligations, net
$
5,483,354

 
$
5,676,238

 
 
Accounts payable, accrued expenses and other liabilities
510,222

 
569,340

 
Total liabilities
5,993,576

 
6,245,578

 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
Common stock, $0.01 par value; authorized 3,000,000,000 shares;
 
 
 
 
 
 
305,117,724 and 304,947,144 shares issued and 302,627,414 and 304,620,186 shares outstanding
3,026

 
3,046

 
 
Additional paid-in capital
3,300,636

 
3,330,466

 
 
Accumulated other comprehensive income
28,363

 
24,211

 
 
Distributions in excess of net income
(475,054
)
 
(449,375
)
 
Total equity
2,856,971

 
2,908,348

 
Total liabilities and equity
$
8,850,547

 
$
9,153,926










 
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CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Unaudited, dollars in thousands, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
 
6/30/18
 
6/30/17
 
6/30/18
 
6/30/17
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
Rental income
$
243,987

 
$
253,777

 
$
487,332

 
$
503,398

 
 
Expense reimbursements
67,363

 
67,039

 
138,241

 
140,229

 
 
Other revenues
1,680

 
2,002

 
4,632

 
4,997

 
Total revenues
313,030

 
322,818

 
630,205

 
648,624

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
 
Operating costs
33,881

 
33,025

 
69,371

 
70,450

 
 
Real estate taxes
44,947

 
44,064

 
90,672

 
90,531

 
 
Depreciation and amortization
91,334

 
96,870

 
181,717

 
190,801

 
 
Provision for doubtful accounts
949

 
1,757

 
3,364

 
2,807

 
 
Impairment of real estate assets
11,927

 
10,632

 
27,829

 
16,318

 
 
General and administrative
21,320

 
23,248

 
43,746

 
44,205

 
Total operating expenses
204,358

 
209,596

 
416,699

 
415,112

 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Dividends and interest
104

 
85

 
200

 
158

 
 
Interest expense
(55,200
)
 
(57,443
)
 
(110,371
)
 
(113,174
)
 
 
Gain on sale of real estate assets
28,262

 
20,173

 
39,710

 
28,978

 
 
Loss on extinguishment of debt, net
(291
)
 
(78
)
 
(423
)
 
(1,340
)
 
 
Other
(1,185
)
 
(684
)
 
(1,238
)
 
(1,391
)
 
Total other expense
(28,310
)
 
(37,947
)
 
(72,122
)
 
(86,769
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before equity in income of unconsolidated joint venture
80,362

 
75,275

 
141,384

 
146,743

 
Equity in income of unconsolidated joint venture

 
163

 

 
350

 
Net income
80,362

 
75,438

 
141,384

 
147,093

 
Net income attributable to non-controlling interests

 

 

 
(76
)
 
Net income attributable to Brixmor Property Group Inc.
80,362

 
75,438

 
141,384

 
147,017

 
Preferred stock dividends

 
(39
)
 

 
(39
)
 
Net income attributable to common stockholders
$
80,362

 
$
75,399

 
$
141,384

 
$
146,978

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

 
$
0.25

 
$
0.47

 
$
0.48

 
 
 
Diluted
$
0.26

 
$
0.25

 
$
0.47

 
$
0.48

 
 
Weighted average shares:
 
 
 
 
 
 
 
 
 
 
Basic
302,776

 
304,914

 
303,468

 
304,743

 
 
 
Diluted
302,934

 
305,115

 
303,614

 
305,125









 
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FUNDS FROM OPERATIONS (FFO)
 
 
 
 
Unaudited, dollars in thousands, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
 
6/30/18
 
6/30/17
 
6/30/18
 
6/30/17
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
80,362

 
$
75,438

 
$
141,384

 
$
147,093

 
 
Gain on disposition of operating properties
(28,262
)
 
(20,173
)
 
(39,710
)
 
(28,978
)
 
 
Depreciation and amortization- real estate related- continuing operations
90,236

 
95,939

 
179,588

 
188,941

 
 
Depreciation and amortization- real estate related- unconsolidated joint venture

 
39

 

 
56

 
 
Impairment of operating properties
11,927

 
10,632

 
27,829

 
16,318

 
NAREIT FFO
$
154,263

 
$
161,875

 
$
309,091

 
$
323,430

 
 
 
 
 
 
 
 
 
 
 
 
 
NAREIT FFO per share/OP Unit - diluted
$
0.51

 
$
0.53

 
$
1.02

 
$
1.06

 
Weighted average shares/OP Units outstanding - basic and diluted
302,934

 
305,115

 
303,614

 
305,125

 
 
 
 
 
 
 
 
 
 
 
 
 
Items that impact FFO comparability
 
 
 
 
 
 
 
 
 
Litigation and other non-routine legal expenses
$
(604
)
 
$
(1,427
)
 
$
(1,188
)
 
$
(1,670
)
 
 
Loss on extinguishment of debt, net
(291
)
 
(78
)
 
(423
)
 
(1,340
)
 
 
Transaction expenses
(166
)
 

 
(199
)
 

 
Total items that impact FFO comparability
$
(1,061
)
 
$
(1,505
)
 
$
(1,810
)
 
$
(3,010
)
 
Items that impact FFO comparability, net per share
$
(0.00
)
 
$
(0.00
)
 
$
(0.01
)
 
$
(0.01
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Disclosures
 
 
 
 
 
 
 
 
 
Straight-line rental income, net (1)
$
3,784

 
$
6,836

 
$
6,881

 
$
12,087

 
 
Amortization of above- and below-market leases and tenant inducements, net (2)
7,083

 
7,022

 
13,138

 
14,483

 
 
Straight-line ground rent expense (3)
(30
)
 
(32
)
 
(60
)
 
(73
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per share/ OP Unit
$
0.275

 
$
0.260

 
$
0.550

 
$
0.520

 
Share/OP Unit dividends declared
$
83,223

 
$
79,284

 
$
166,500

 
$
158,556

 
Share/OP Unit dividend payout ratio (as % of NAREIT FFO)
53.9
%
 
49.0
%
 
53.9
%
 
49.0
%
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes unconsolidated joint venture Montecito Marketplace straight-line rental income, net of $1 and $2 at pro rata share for the three and six months ended June 30, 2017, respectively. Montecito Marketplace was sold on August 8, 2017.
(2) Includes unconsolidated joint venture Montecito Marketplace amortization of above- and below-market leases and tenant inducements, net of $6 and $13 at pro rata share for the three and six months ended June 30, 2017, respectively. Montecito Marketplace was sold on August 8, 2017.
(3) 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
 
 
 
Six Months Ended
 
 
 
 
 
 
 
 
 
6/30/18
 
6/30/17
 
Change
 
6/30/18
 
6/30/17
 
Change
 
 
Same Property NOI Analysis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of properties
 
466

 
466

 
 
465

 
465

 
 
 
Percent billed
 
89.4
%
 
89.9
%
 
(0.5%)
 
89.4
%
 
89.9
%
 
(0.5%)
 
 
Percent leased
 
92.4
%
 
92.1
%
 
0.3%
 
92.5
%
 
92.1
%
 
0.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Base rent
 
$
223,609

 
$
220,076

 
 
 
$
442,992

 
$
436,324

 
 
 
 
 
Ancillary and other
 
4,519

 
3,744

 
 
 
8,348

 
7,176

 
 
 
 
 
Expense reimbursements
 
66,233

 
64,040

 
 
 
133,217

 
132,602

 
 
 
 
 
Percentage rents
 
1,672

 
1,864

 
 
 
4,598

 
4,749

 
 
 
 
 
 
 
 
 
296,033

 
289,724

 
0.6%
 
589,155

 
580,851

 
2.5%
 
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating costs
 
(32,993
)
 
(30,835
)
 
 
 
(66,504
)
 
(65,244
)
 
 
 
 
 
Real estate taxes
 
(44,196
)
 
(42,053
)
 
 
 
(87,549
)
 
(85,715
)
 
 
 
 
 
Provision for doubtful accounts
 
(672
)
 
(1,707
)
 
 
 
(3,021
)
 
(2,568
)
 
 
 
 
 
 
 
 
 
(77,861
)
 
(74,595
)
 
4.4%
 
(157,074
)
 
(153,527
)
 
2.3%
 
 
Same property NOI
 
$
218,172

 
$
215,129

 
1.4%
 
$
432,081

 
$
427,324

 
1.1%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same property NOI excluding redevelopments (1)
 
$
200,752

 
$
199,055

 
0.9%
 
$
397,938

 
$
394,757

 
0.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI margin
 
73.7
%
 
74.3
%
 
 
 
73.3
%
 
73.6
%
 
 
 
 
Expense recovery ratio
 
85.8
%
 
87.9
%
 
 
 
86.5
%
 
87.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent contribution to same property NOI growth:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change
 
Percent Contribution
 
 
 
Change
 
Percent Contribution
 
 
 
 
 
Base rent
 
$
3,533

 
1.6%
 
 
 
$
6,668

 
1.5%
 
 
 
 
 
Ancillary and other
 
775

 
0.4%
 
 
 
1,172

 
0.3%
 
 
 
 
 
Net recoveries
 
(2,108
)
 
(1.0%)
 
 
 
(2,479
)
 
(0.6%)
 
 
 
 
 
Percentage rents
 
(192
)
 
(0.1%)
 
 
 
(151
)
 
(0.0%)
 
 
 
 
 
Provision for doubtful accounts
 
1,035

 
0.5%
 
 
 
(453
)
 
(0.1%)
 
 
 
 
 
 
 
 
 
 
 
1.4%
 
 
 
 
 
1.1%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI
 
 
 
 
 
 
 
 
 
 
Same property NOI
 
$
218,172

 
$
215,129

 
 
 
$
432,081

 
$
427,324

 
 
 
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-same property NOI
 
3,879

 
12,393

 
 
 
12,862

 
27,652

 
 
 
 
 
Lease termination fees
 
365

 
2,575

 
 
 
1,896

 
3,241

 
 
 
 
 
Straight-line rental income, net
 
3,784

 
6,835

 
 
 
6,881

 
12,085

 
 
 
 
 
Amortization of above- and below-market leases and tenant inducements, net
 
7,083

 
7,016

 
 
 
13,138

 
14,470

 
 
 
 
 
Fee income
 

 
56

 
 
 

 
137

 
 
 
 
 
Straight-line ground rent expense
 
(30
)
 
(32
)
 
 
 
(60
)
 
(73
)
 
 
 
 
 
Depreciation and amortization
 
(91,334
)
 
(96,870
)
 
 
 
(181,717
)
 
(190,801
)
 
 
 
 
 
Impairment of real estate assets
 
(11,927
)
 
(10,632
)
 
 
 
(27,829
)
 
(16,318
)
 
 
 
 
 
General and administrative
 
(21,320
)
 
(23,248
)
 
 
 
(43,746
)
 
(44,205
)
 
 
 
 
 
Total other expense
 
(28,310
)
 
(37,947
)
 
 
 
(72,122
)
 
(86,769
)
 
 
 
 
 
Equity in income of unconsolidated joint venture
 

 
163

 
 
 

 
350

 
 
 
 
 
Gain on disposition of unconsolidated joint venture interest
 

 

 
 
 

 

 
 
 
 
 
Net income attributable to non-controlling interests
 

 

 
 
 

 
(76
)
 
 
 
 
 
Preferred stock dividends
 

 
(39
)
 
 
 

 
(39
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
 
$
80,362

 
$
75,399

 
 
 
$
141,384

 
$
146,978

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Redevelopments include only in process projects and projects completed in the last comparable period. See Supplemental Disclosure for reconciliation.
 





 
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