Exhibit 99.1
image61.jpg
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 2020 RESULTS
NEW YORK, AUGUST 3, 2020 -
Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today its operating results for the three months ended June 30, 2020. For the three months ended June 30, 2020 and 2019, net income was $0.03 per diluted share and $0.23 per diluted share, respectively.

Key highlights for the three months ended June 30, 2020 include:
Executed 1.3 million square feet of new and renewal leases, with rent spreads on comparable space of 5.9%, including 0.4 million square feet of new leases, with rent spreads on comparable space of 19.4%
Realized total leased occupancy of 92.1%, anchor leased occupancy of 95.1% and small shop leased occupancy of 85.2%
Leased to billed occupancy spread of 320 basis points, representing $39.3 million of annualized base rent not yet commenced
Generated same property NOI growth of (9.0%), with a 290 basis point positive contribution from base rent, offset by $26.7 million of revenues deemed uncollectible primarily related to COVID-19
Reported NAREIT FFO of $94.1 million, or $0.32 per diluted share, offset by $27.8 million of revenues deemed uncollectible and an $11.5 million reversal of straight-line rental income, net primarily related to COVID-19
Issued $500.0 million of Senior Notes due 2030 and completed a tender offer of $182.5 million of Senior Notes due 2022, increasing total liquidity to $1.4 billion

COVID-19 UPDATE (as of July 29, 2020)
Tenants representing approximately 94% of the Company’s annualized base rent (“ABR”) are currently open and operating
Collected 76.6% of billed base rent for the three months ended June 30, 2020 including 98.1% from essential tenants, 78.0% from hybrid tenants and 58.1% from other retail / services
Entered into rent deferral and abatement agreements representing 9.8% of billed base rent, or $20.8 million
Total addressed billed base rent for the three months ended June 30, 2020 was 86.4%
Collected 79.7% of billed base rent for July 2020, including 97.2% from essential tenants, 78.7% from hybrid tenants and 66.0% from other retail / services
Entered into rent deferral and abatement agreements representing 4.2% of billed base rent, or $3.0 million
Total addressed billed base rent for July 2020 was 83.9%
Continued the Company’s “BrixAssist” program in order to support small shop businesses across the portfolio by providing additional signage, designated curbside pick-up and delivery areas, and outdoor amenities, as well as by facilitating access to federal lending programs and sponsoring webinars with retail consultants on re-opening strategies
The Company’s Board of Directors elected to continue the temporary suspension of its quarterly cash dividend. The Company’s Board of Directors will reevaluate the dividend on a quarterly basis, taking into account a variety of relevant factors including REIT taxable income

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The following information was filed by Brixmor Property Group Inc. (BRX) on Monday, August 3, 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.

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