- Continues to Deliver Strong Operating
Metrics -
NEW
YORK, May 1, 2023 /PRNewswire/ -- Brixmor
Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company")
announced today its operating results for the three months ended
March 31, 2023. For the three
months ended March 31, 2023 and 2022,
net income was $0.37 per diluted
share and $0.26 per diluted share,
respectively.
Key highlights for the three months ended March 31, 2023 include:
- Executed 1.4 million square feet of new and renewal leases,
with rent spreads on comparable space of 19.2%, including 0.8
million square feet of new leases, with rent spreads on
comparable space of 43.4%
- Sequentially increased total leased occupancy to a record
94.0%, anchor leased occupancy to 96.1%, and small shop leased
occupancy to a record 89.3%
-
- Leased to billed occupancy spread totaled 400 basis points
- Total signed but not yet commenced lease population represented
3.0 million square feet and $56.2
million of annualized base rent
- Reported an increase in same property NOI of 4.9%, including a
contribution from base rent of 500 basis points
- Reported Nareit FFO of $151.6
million, or $0.50 per diluted
share
- Stabilized $13.5 million of
reinvestment projects at an average incremental NOI yield of 10%,
with the in process reinvestment pipeline totaling $360.0 million at an expected average incremental
NOI yield of 9%
- Completed $124.6 million of
dispositions
Subsequent events:
- Updated previously provided NAREIT FFO per diluted share
expectations for 2023 to $1.97 -
$2.04 from $1.95 - $2.03 and
same property NOI growth expectations for 2023 to 2.0% - 3.5% from
1.5% - 3.5%
- The Company's operating partnership, Brixmor Operating
Partnership LP (the "Operating Partnership"), repurchased
$199.6 million of its 3.650% Senior
Notes due 2024 pursuant to a cash tender offer (the "Tender
Offer"). The Tender Offer was funded with proceeds from the
Operating Partnership's previously disclosed $200.0 million delayed draw term loan
- Appointed Sheryl M. Crosland, an
independent director since 2016, as chair of the Company's board of
directors following the retirement of John
G. Schreiber
"Our results this quarter once again demonstrate the durability
and strength of our self-funded business plan, the proven tenant
demand for our well-located centers, and, most importantly, the
disciplined execution of the Brixmor team in not only delivering
growing value for our stakeholders, but positioning this platform
for continued outperformance," commented James Taylor, CEO and President.
FINANCIAL HIGHLIGHTS
Net Income
- For the three months ended March 31,
2023 and 2022, net income was $112.2
million, or $0.37 per diluted
share, and $79.5 million, or
$0.26 per diluted share,
respectively.
Nareit FFO
- For the three months ended March 31,
2023 and 2022, Nareit FFO was $151.6
million, or $0.50 per diluted
share, and $145.4 million, or
$0.49 per diluted share,
respectively.
Same Property NOI Performance
- For the three months ended March 31,
2023, the Company reported an increase in same property NOI
of 4.9% versus the comparable 2022 period.
Dividend
- The Company's Board of Directors declared a quarterly cash
dividend of $0.26 per common share
(equivalent to $1.04 per annum) for
the second quarter of 2023.
- The dividend is payable on July 17,
2023 to stockholders of record on July 5, 2023, representing an ex-dividend date of
July 3, 2023.
PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
- During the three months ended March 31,
2023, the Company stabilized six value enhancing
reinvestment projects with a total aggregate net cost of
approximately $13.5 million at an
average incremental NOI yield of 10% and added five new
reinvestment projects to its in process pipeline. Projects added
include three anchor space repositioning projects, one outparcel
development project, and one redevelopment project, with a total
aggregate net estimated cost of approximately $21.5 million at an expected average incremental
NOI yield of 9%.
- At March 31, 2023, the value
enhancing reinvestment in process pipeline was comprised of 47
projects with an aggregate net estimated cost of approximately
$360.0 million at an expected average
incremental NOI yield of 9%. The in process pipeline includes 17
anchor space repositioning projects with an aggregate net estimated
cost of approximately $63.6 million
at an expected incremental NOI yield of 7% - 14%; 11 outparcel
development projects with an aggregate net estimated cost of
approximately $19.5 million at an
expected average incremental NOI yield of 9%; and 19 redevelopment
projects with an aggregate net estimated cost of approximately
$276.9 million at an expected average
incremental NOI yield of 9%.
- Follow Brixmor on LinkedIn for video updates on reinvestment
projects at https://www.linkedin.com/company/brixmor.
Acquisitions
- During the three months ended March 31,
2023, the Company did not complete any acquisitions.
Dispositions
- During the three months ended March 31,
2023, the Company generated approximately $124.6 million of gross proceeds on the
disposition of six shopping centers, as well as two partial
properties, comprised of 1.1 million square feet of gross leasable
area.
CAPITAL STRUCTURE
- At March 31, 2023, the Company
had $1.4 billion in liquidity and no
debt maturities until June 2024.
- On April 25, 2023, the Operating
Partnership repurchased $199.6
million of its 3.650% Senior Notes due 2024 pursuant to the
Tender Offer. In connection with the Tender Offer, the Company
expects to recognize a gain on extinguishment of debt of
approximately $4.3 million, or
$0.01 per diluted share, in the
second quarter of 2023.
- The Operating Partnership funded the Tender Offer with proceeds
from its previously disclosed $200.0
million delayed draw term loan, which was drawn on
April 24, 2023. Effective
May 1, 2023, the $200.0 million delayed draw term loan has been
swapped to a fixed, combined rate of 3.59% (plus a spread of 119
basis points and SOFR adjustment of 10 basis points) through the
maturity of the term loan on July 26,
2027.
GUIDANCE
- The Company has updated its previously provided NAREIT FFO per
diluted share expectations for 2023 to $1.97 - $2.04 from
$1.95 - $2.03 and same property NOI growth expectations
for 2023 to 2.0% - 3.5% from 1.5% - 3.5%.
- Expectations for 2023 Nareit FFO:
-
- Include the expected gain on extinguishment of debt of
approximately $4.3 million, or
$0.01 per diluted share, in the
second quarter of 2023
- Do not contemplate any additional tenants moving to or from a
cash basis of accounting, either of which may result in significant
volatility in straight-line rental income
- Do not include any additional items that impact FFO
comparability, including transaction expenses, net, litigation and
other non-routine legal expenses, and gain or loss on future
extinguishment of debt or any one-time items
- The following table provides a reconciliation of the range of
the Company's 2023 estimated net income to Nareit FFO:
(Unaudited, dollars
in millions, except per share amounts)
|
|
2023E
|
|
2023E Per
Diluted Share
|
Net income
|
|
$290 - $311
|
|
$0.96 -
$1.03
|
Depreciation and
amortization related to real estate
|
|
352
|
|
1.17
|
Gain on sale of real
estate assets
|
|
(48)
|
|
(0.16)
|
Impairment of real
estate assets
|
|
1
|
|
0.00
|
Nareit
FFO
|
|
$595 -
$616
|
|
$1.97 -
$2.04
|
CONNECT WITH BRIXMOR
- For additional information, please visit
https://www.brixmor.com;
- Follow Brixmor on:
-
- LinkedIn at https://www.linkedin.com/company/brixmor
- Facebook at https://www.facebook.com/Brixmor
- Instagram at https://www.instagram.com/brixmorpropertygroup;
and
- YouTube at https://www.youtube.com/user/Brixmor.
CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, May 2, 2023 at 10:00 AM ET. To participate, please dial
877.704.4453 (domestic) or 201.389.0920 (international) within 15
minutes of the scheduled start of the call. The teleconference can
also be accessed via a live webcast at https://www.brixmor.com in
the Investors section. A replay of the teleconference will be
available through midnight ET on
May 16, 2023 by dialing 844.512.2921
(domestic) or 412.317.6671 (international) (Passcode: 13736613) or
via the web through May 2, 2024 at
https://www.brixmor.com in the Investors section.
The Company's Supplemental Disclosure will be posted at
https://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 PERFORMANCE MEASURES
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 (calculated 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
(calculated 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 measures to those calculated in accordance
with GAAP. The Company's computation of these non-GAAP
performance 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 performance measures are relevant to understanding and
addressing financial performance. A reconciliation of net income to
these non-GAAP performance measures is presented in the attached
tables.
Nareit
FFO
Nareit FFO is a supplemental, non-GAAP performance measure
utilized to evaluate the operating and financial performance of
real estate companies. Nareit defines FFO as net income (loss),
calculated in accordance with GAAP, excluding (i) depreciation and
amortization related to real estate, (ii) gains and losses from the
sale of certain real estate assets, (iii) gains and losses from
change in control, (iv) impairment write-downs of certain real
estate assets and investments in entities when the impairment is
directly attributable to decreases in the value of depreciable real
estate held by the entity and (v) after adjustments for
unconsolidated joint ventures calculated to reflect FFO on the same
basis. Considering the nature of its business as a real estate
owner and operator, the Company believes that Nareit FFO is useful
to investors in measuring its operating and financial performance
because the definition excludes items included in net income that
do not relate to or are not indicative of the Company's operating
and financial performance, such as depreciation and amortization
related to real estate, and items which can make periodic and peer
analyses of operating and financial performance more difficult,
such as gains and losses from the sale of certain real estate
assets and impairment write-downs of certain real estate
assets.
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 and excluding
properties under development and completed new development
properties that have been stabilized for less than one year) as
total property revenues (base rent, expense reimbursements,
adjustments for revenues deemed uncollectible, ancillary and other
rental income, percentage rents, and other revenues) less direct
property operating expenses (operating costs and real estate
taxes). Same property NOI excludes (i) lease termination fees, (ii)
straight-line rental income, net, (iii) accretion of below-market
leases, net of amortization of above-market leases and tenant
inducements, (iv) straight-line ground rent expense, net, (v)
income or expense associated with the Company's captive insurance
company, (vi) depreciation and amortization, (vii) impairment of
real estate assets, (viii) general and administrative expense, and
(ix) other income and expense (including interest expense and gain
on sale of real estate assets). Considering the nature of its
business as a real estate owner and operator, the Company believes
that NOI is useful to investors in measuring the operating
performance of its portfolio because the definition excludes
various items included in net income that do not relate to, or are
not indicative of, the operating performance of the Company's
properties, such as lease termination fees, straight-line rental
income, net, accretion of below-market leases, net of amortization
of above-market leases and tenant inducements, straight-line ground
rent expense, net, depreciation and amortization, impairment of
real estate assets, general and administrative expense, and other
income and expense (including interest expense and gain on sale of
real estate assets). The Company believes that same property NOI is
also useful to investors because it further eliminates disparities
in NOI by only including NOI of properties owned for the entirety
of both periods presented and excluding properties under
development and completed new development properties that have been
stabilized for less than one year, or income or expense associated
with the Company's captive insurance company and therefore provides
a more consistent metric for comparing the operating performance of
the Company's real estate between periods.
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 367 retail centers comprise
approximately 65 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 over 5,000 retailers including
The TJX Companies, The Kroger Co., Publix Super Markets and
Ross Stores.
Brixmor announces material information to its investors in SEC
filings and press releases and on public conference calls, webcasts
and the "Investors" page of its website at https://www.brixmor.com.
The Company also uses social media to communicate with its
investors and the public, and the information Brixmor posts on
social media may be deemed material information. Therefore, Brixmor
encourages investors and others interested in the Company to review
the information that it posts on its website and on its social
media channels.
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
our expectations regarding the performance of our business, our
financial results, our 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," "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. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. We
believe these factors include but are not limited to those
described under the section entitled "Risk Factors" in our Form
10-K for the year ended December 31,
2022 and in this report, as such factors may be updated from
time to time in our periodic filings with the Securities and
Exchange Commission (the "SEC"), which are accessible on the SEC's
website at https://www.sec.gov. These factors include (1) changes
in national, regional, and local economies, due to global events
such as international military conflicts, international trade
disputes, a foreign debt crisis, foreign currency volatility, or
due to domestic issues, such as government policies and
regulations, tariffs, energy prices, market dynamics, general
economic contractions, rising interest rates, inflation,
unemployment, or limited growth in consumer income or spending; (2)
local real estate market conditions, including an oversupply of
space in, or a reduction in demand for, properties similar to those
in our Portfolio (defined hereafter); (3) competition from other
available properties and e-commerce; (4) disruption and/or
consolidation in the retail sector, the financial stability of our
tenants, and the overall financial condition of large retailing
companies, including their ability to pay rent and/or expense
reimbursements that are due to us; (5) in the case of percentage
rents, the sales volumes of our tenants; (6) increases in property
operating expenses, including common area expenses, utilities,
insurance, and real estate taxes, which are relatively inflexible
and generally do not decrease if revenue or occupancy decrease; (7)
increases in the costs to repair, renovate, and re-lease space; (8)
earthquakes, wildfires, tornadoes, hurricanes, damage from rising
sea levels due to climate change, other natural disasters,
epidemics and/or pandemics, civil unrest, terrorist acts, or acts
of war, any of which may result in uninsured or underinsured
losses; and (9) changes in laws and governmental regulations,
including those governing usage, zoning, the environment, and
taxes. These factors should not be construed as exhaustive and
should be read in conjunction with the other cautionary statements
that are included in this report and in our other periodic filings.
The forward-looking statements speak only as of the date of this
report, and we expressly disclaim any obligation or undertaking to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments, or otherwise,
except to the extent otherwise required by law.
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
Unaudited, dollars in
thousands, except share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
As of
|
|
|
|
|
|
3/31/23
|
|
12/31/22
|
|
Assets
|
|
|
|
|
|
|
Real estate
|
|
|
|
|
|
|
|
Land
|
|
$
1,806,186
|
|
$
1,820,358
|
|
|
|
Buildings and tenant
improvements
|
|
8,398,797
|
|
8,405,969
|
|
|
|
Construction in
progress
|
|
127,254
|
|
129,310
|
|
|
|
Lease
intangibles
|
|
525,888
|
|
542,714
|
|
|
|
|
|
10,858,125
|
|
10,898,351
|
|
|
|
Accumulated
depreciation and amortization
|
|
(3,022,868)
|
|
(2,996,759)
|
|
|
Real estate,
net
|
|
7,835,257
|
|
7,901,592
|
|
|
Cash and cash
equivalents
|
|
3,430
|
|
16,492
|
|
|
Restricted
cash
|
|
31,999
|
|
4,767
|
|
|
Marketable
securities
|
|
20,642
|
|
21,669
|
|
|
Receivables,
net
|
|
246,914
|
|
264,146
|
|
|
Deferred charges and
prepaid expenses, net
|
|
157,034
|
|
154,141
|
|
|
Real estate assets held
for sale
|
|
-
|
|
10,439
|
|
|
Other assets
|
|
59,522
|
|
62,684
|
|
Total assets
|
|
$
8,354,798
|
|
$
8,435,930
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Debt obligations,
net
|
|
$
4,958,480
|
|
$
5,035,501
|
|
|
Accounts payable,
accrued expenses and other liabilities
|
|
508,802
|
|
535,419
|
|
Total
liabilities
|
|
5,467,282
|
|
5,570,920
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Common stock, $0.01 par
value; authorized 3,000,000,000 shares;
|
|
|
|
|
|
|
|
309,674,682 and
309,042,754 shares issued and 300,547,690 and
299,915,762
|
|
|
|
|
|
|
|
shares
outstanding
|
|
3,005
|
|
2,999
|
|
|
|
Additional paid-in
capital
|
|
3,292,779
|
|
3,299,496
|
|
|
|
Accumulated other
comprehensive income (loss)
|
|
5,120
|
|
8,851
|
|
|
|
Distributions in excess
of net income
|
|
(413,388)
|
|
(446,336)
|
|
Total equity
|
|
2,887,516
|
|
2,865,010
|
|
Total liabilities and
equity
|
|
$
8,354,798
|
|
$
8,435,930
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
Unaudited, dollars in
thousands, except per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
3/31/23
|
|
3/31/22
|
|
Revenues
|
|
|
|
|
|
|
Rental
income
|
|
$
311,130
|
|
$
298,362
|
|
|
Other
revenues
|
|
314
|
|
267
|
|
Total
revenues
|
|
311,444
|
|
298,629
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
Operating
costs
|
|
35,895
|
|
34,796
|
|
|
Real estate
taxes
|
|
44,688
|
|
41,640
|
|
|
Depreciation and
amortization
|
|
87,741
|
|
84,222
|
|
|
Impairment of real
estate assets
|
|
1,100
|
|
4,590
|
|
|
General and
administrative
|
|
29,172
|
|
28,000
|
|
Total operating
expenses
|
|
198,596
|
|
193,248
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
Dividends and
interest
|
|
15
|
|
75
|
|
|
Interest
expense
|
|
(48,680)
|
|
(47,322)
|
|
|
Gain on sale of real
estate assets
|
|
48,468
|
|
21,911
|
|
|
Other
|
|
(405)
|
|
(539)
|
|
Total other income
(expense)
|
|
(602)
|
|
(25,875)
|
|
|
|
|
|
|
|
|
Net income
|
|
$
112,246
|
|
$
79,506
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
Basic
|
|
$ 0.37
|
|
$
0.27
|
|
|
Diluted
|
|
$ 0.37
|
|
$
0.26
|
|
Weighted average
shares:
|
|
|
|
|
|
|
Basic
|
|
300,821
|
|
298,528
|
|
|
Diluted
|
|
301,833
|
|
299,457
|
FUNDS FROM
OPERATIONS (FFO)
|
|
|
|
Unaudited, dollars in
thousands, except per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
3/31/23
|
|
3/31/22
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
112,246
|
|
$
79,506
|
|
|
Depreciation and
amortization related to real estate
|
|
86,748
|
|
83,190
|
|
|
Gain on sale of real
estate assets
|
|
(48,468)
|
|
(21,911)
|
|
|
Impairment of real
estate assets
|
|
1,100
|
|
4,590
|
|
Nareit FFO
|
|
$
151,626
|
|
$
145,375
|
|
|
|
|
|
|
|
|
|
Nareit FFO per diluted
share
|
|
$ 0.50
|
|
$
0.49
|
|
Weighted average
diluted shares outstanding
|
|
301,833
|
|
299,457
|
|
|
|
|
|
|
|
|
|
Items that impact FFO
comparability
|
|
|
|
|
|
|
Transaction expenses,
net
|
|
$
(58)
|
|
$
(33)
|
|
Total items that impact
FFO comparability
|
|
$
(58)
|
|
$
(33)
|
|
Items that impact FFO
comparability, net per share
|
|
$
(0.00)
|
|
$
(0.00)
|
|
|
|
|
|
|
|
|
|
Additional
Disclosures
|
|
|
|
|
|
|
Straight-line rental
income, net (1)
|
|
$ 4,001
|
|
$ 4,739
|
|
|
Accretion of
below-market leases, net of amortization of above-market leases
and
tenant
inducements
|
|
2,668
|
|
2,044
|
|
|
Straight-line ground
rent expense, net (2)
|
|
9
|
|
8
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share
|
|
$ 0.260
|
|
$ 0.240
|
|
Dividends
declared
|
|
$
78,142
|
|
$
71,877
|
|
Dividend payout ratio
(as % of Nareit FFO)
|
|
51.5 %
|
|
49.4 %
|
|
(1) Includes
straight-line rental income reversals and re-establishments of
($1.5 million) and ($0.1 million) during the three months ended
March 31, 2023 and 2022, respectively.
|
|
(2) Straight-line
ground rent expense, net is included in Operating costs on the
Consolidated Statements of Operations.
|
SAME PROPERTY NOI
ANALYSIS
|
Unaudited, dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
3/31/23
|
|
3/31/22
|
|
Change
|
|
Same Property NOI
Analysis
|
|
|
|
|
|
|
|
Number of
properties
|
|
350
|
|
350
|
|
-
|
|
Percent
billed
|
|
90.2 %
|
|
88.7 %
|
|
1.5 %
|
|
Percent
leased
|
|
94.1 %
|
|
92.3 %
|
|
1.8 %
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
Base rent
|
|
$
211,406
|
|
$
201,335
|
|
|
|
|
Expense
reimbursements
|
|
66,611
|
|
61,682
|
|
|
|
|
Revenues deemed
uncollectible
|
|
(899)
|
|
2,056
|
|
|
|
|
Ancillary and other
rental income / Other revenues
|
|
5,460
|
|
5,452
|
|
|
|
|
Percentage
rents
|
|
3,762
|
|
3,403
|
|
|
|
|
|
286,340
|
|
273,928
|
|
4.5 %
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
(34,092)
|
|
(32,634)
|
|
|
|
|
Real estate
taxes
|
|
(40,290)
|
|
(39,185)
|
|
|
|
|
|
(74,382)
|
|
(71,819)
|
|
3.6 %
|
|
Same property
NOI
|
|
$
211,958
|
|
$
202,109
|
|
4.9 %
|
|
|
|
|
|
|
|
|
|
NOI margin
|
|
74.0 %
|
|
73.8 %
|
|
|
|
Expense recovery
ratio
|
|
89.6 %
|
|
85.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent Contribution
to Same Property NOI Performance:
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
Percent
Contribution
|
|
|
|
|
Base rent
|
|
$
10,071
|
|
5.0 %
|
|
|
|
|
Revenues deemed
uncollectible
|
|
(2,955)
|
|
(1.5 %)
|
|
|
|
|
Net expense
reimbursements
|
|
2,366
|
|
1.2 %
|
|
|
|
|
Ancillary and other
rental income / Other revenues
|
|
8
|
|
0.0 %
|
|
|
|
|
Percentage
rents
|
|
359
|
|
0.2 %
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to Same Property NOI
|
|
|
|
|
|
|
|
Net income
|
|
$
112,246
|
|
$
79,506
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Non-same property
NOI
|
|
(9,956)
|
|
(12,163)
|
|
|
|
|
Lease termination
fees
|
|
(2,269)
|
|
(1,130)
|
|
|
|
|
Straight-line rental
income, net
|
|
(4,001)
|
|
(4,739)
|
|
|
|
|
Accretion of
below-market leases, net of amortization of above-market leases
and
tenant
inducements
|
|
(2,668)
|
|
(2,044)
|
|
|
|
|
Straight-line ground
rent expense, net
|
|
(9)
|
|
(8)
|
|
|
|
|
Depreciation and
amortization
|
|
87,741
|
|
84,222
|
|
|
|
|
Impairment of real
estate assets
|
|
1,100
|
|
4,590
|
|
|
|
|
General and
administrative
|
|
29,172
|
|
28,000
|
|
|
|
|
Total other (income)
expense
|
|
602
|
|
25,875
|
|
|
|
Same property
NOI
|
|
$
211,958
|
|
$
202,109
|
|
|
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SOURCE Brixmor Property Group Inc.