NEW
YORK, Jan. 7, 2025 /PRNewswire/ -- Brixmor
Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company")
announced today investment activity for the three and twelve months
ended December 31, 2024. This
activity reflects Brixmor's disciplined strategy of clustering its
portfolio in attractive markets where the Company can leverage its
platform to deliver long-term value and earnings growth.
"We are pleased to continue our external growth strategy through
the addition of seven assets that present significant, accretive
opportunities for future growth and value creation," commented
Mark T. Horgan, Executive Vice
President, Chief Investment Officer. "Importantly, these targeted
acquisitions also continue to cluster our investments in dynamic
retail markets across our nationwide footprint. We look forward to
additional external growth in 2025."
INVESTMENT ACTIVITY
Acquisitions
- During the three months ended December
31, 2024, the Company acquired four shopping centers and one
land parcel at an existing property for a combined purchase price
of $211.8 million.
- During the twelve months ended December
31, 2024, the Company acquired seven shopping centers and
two land parcels at existing properties for a combined purchase
price of $293.0 million.
- Acquisitions completed during the three months ended
December 31, 2024 include:
- The Plaza at Buckland Hills, an approximately 308,000
square foot grocery-anchored regional center located immediately
adjacent to the Company's The Manchester Collection in Manchester, Connecticut (Hartford-West Hartford-East Hartford, CT CBSA), for $67.5 million. The Plaza at Buckland Hills is
anchored by Trader Joe's, Marshalls, and Total Wine & More and
presents growth opportunities through below-market in-place
rents.
- Britton Plaza, an
approximately 466,000 square foot grocery-anchored regional center
strategically located in the dense, high-income market of
South Tampa, Florida (Tampa-St. Petersburg-Clearwater, FL CBSA), for $60.5 million. The property is one of
South Tampa's original open-air
shopping centers and is anchored by a highly productive Publix and
Marshalls. Britton Plaza has more
than 118,000 square feet of vacancy, providing Brixmor an immediate
and unique opportunity to capture strong tenant demand and
redevelop and remerchandise the center.
- North Ridge Shopping Center, an approximately 171,000
square foot grocery-anchored community shopping center located in
Raleigh, North Carolina
(Raleigh-Cary, NC CBSA), for
$54.6 million. North Ridge Shopping
Center is anchored by a Harris
Teeter grocer and has substantial value creation
opportunities, including leasing of existing vacancies and
below-market in-place rents.
- Huron Village, an
approximately 118,000 square foot grocery-anchored neighborhood
shopping center located in Ann Arbor,
Michigan (Ann Arbor, MI
CBSA), for $29.3 million.
Huron Village is anchored by a
highly productive Whole Foods Market and has near-term
remerchandising opportunities. The property is located less than
one-half mile from the Company's Arborland Center, strengthening
the Company's footprint in the Ann
Arbor market, specifically on one of the main routes
directly in and out of the University of
Michigan campus.
Dispositions
- During the three months ended December
31, 2024, the Company generated approximately $69.3 million of gross proceeds on the
disposition of one shopping center, as well as two partial
properties.
- During the twelve months ended December
31, 2024, the Company generated approximately $212.4 million of gross proceeds on the
disposition of six shopping centers, as well as eight partial
properties.
CAPITAL STRUCTURE
- During the three months ended December
31, 2024, the Company raised approximately $96.6 million of gross proceeds, excluding
commissions, from the sale of approximately 3.4 million shares of
common stock at an average price per share of $28.77 through its at-the-market ("ATM") equity
offering program.
- During the twelve months ended December
31, 2024, the Company raised approximately $116.6 million of gross proceeds, excluding
commissions, from the sale of approximately 4.1 million shares of
common stock at an average price per share of $28.62 through its ATM equity offering
program.
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
- YouTube at https://www.youtube.com/user/Brixmor
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
360 retail centers comprise approximately 63 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
The presentation referenced in
this 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 sections entitled "Forward-Looking Statements"
and "Risk Factors" in our Form 10-K for the year ended December 31, 2023, 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 press release and in our periodic
filings. The forward-looking statements speak only as of the date
of this press release, 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.
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SOURCE Brixmor Property Group, Inc.