450 Lexington Avenue : New York, NY 10017 : 800.468.7526
FOR IMMEDIATE RELEASE
Senior Vice President, Investor Relations
BRIXMOR PROPERTY GROUP REPORTS FIRST QUARTER 2020 RESULTS
NEW YORK, MAY 7, 2020 - Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today its operating results for the three months ended March 31, 2020. For the three months ended March 31, 2020 and 2019, net income was $0.20 per diluted share and $0.21 per diluted share, respectively.
Key highlights for the three months ended March 31, 2020 include:
•Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 10.2%, including 0.6 million square feet of new leases, with rent spreads on comparable space of 23.7%
•Realized total leased occupancy of 92.2%, anchor leased occupancy of 95.4% and small shop leased occupancy of 85.1%
◦Leased to billed occupancy spread of 310 basis points, representing $42.5 million of annualized base rent not yet commenced
•Stabilized $41.3 million of reinvestment projects at an average incremental NOI yield of 11%
•Completed $41.8 million of dispositions and repurchased $25.0 million of common stock, excluding commissions
•Generated same property NOI growth of 3.0%, driven by a 400 basis point contribution from base rent, offset by $2.6 million of revenues deemed uncollectible related to COVID-19
•Reported NAREIT FFO of $137.5 million, offset by $2.6 million of revenues deemed uncollectible and a $3.8 million reduction in straight-line rental income, net related to COVID-19
•As of March 31, 2020, approximately 59% of the Company’s annualized base rent (“ABR”) is comprised of essential and hybrid tenants. Tenants representing 83% of the Company’s essential and hybrid ABR have remained open throughout the COVID-19 pandemic.
◦Additional information regarding the Company’s tenant mix is available in the Company’s Supplemental Disclosure.
•As of May 6, 2020, tenants representing approximately 64% of the Company’s ABR are currently open and operating.
•As of May 6, 2020, 66.2% of April base rent has been collected.
◦94.5% of April base rent has been collected from essential tenants, 59.6% from hybrid tenants (including 53.6% from restaurants) and 46.8% from other retailers / services.
•The Company has also taken the following actions in response to COVID-19:
◦Solidified its financial flexibility and liquidity, with total liquidity of $1.2 billion, comprised of cash, cash equivalents and restricted cash of $587.1 million and Revolving Credit Facility availability of $598.8 million.
◦Withdrew its 2020 NAREIT FFO and same property NOI guidance on March 30, 2020.
◦Reduced anticipated 2020 property level operating expenses by 15% in order to reduce common area maintenance costs to the Company and its tenants, with minimal impact to customer experience.
◦Extended project timelines of certain pre-leased, in process reinvestment projects and reduced expected maintenance capital, resulting in the deferral of approximately $110 million of capital expenditures originally anticipated in 2020.
◦Began evaluating and implementing rent deferral agreements in exchange for lease concessions with certain impacted retailers.
The following information was filed by Brixmor Property Group Inc. (BRX) on Thursday, May 7, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.