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Brixmor Operating Partnership (BRX)

Brixmor Property Group, Inc. operates as real estate investment trust. It owns and operates wholly owned portfolio of grocery anchored community and neighborhood shopping centers. The company was founded in 1985 and is headquartered in New York, NY.

Company profile

Ticker
BRX
Exchange
Website
CEO
James M. Taylor
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Arapahoe Crossings, L.P. • Berkshire Crossing Shopping Center, LLC • BPG Sub LLC • BPG Sub TRS LLC • Bradley Financing LLC • Bradley Financing Partnership • Bradley Operating LLC • BRE Mariner Belfair II LLC • BRE Mariner Belfair Town Village LLC • BRE Mariner Carrollwood LLC ...

Calendar

2 May 22
2 Jul 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 40.38M 40.38M 40.38M 40.38M 40.38M 40.38M
Cash burn (monthly) 85.79M 27.69M 128.83M 108.77M (no burn) (no burn)
Cash used (since last report) 263.07M 84.92M 395.08M 333.54M n/a n/a
Cash remaining -222.69M -44.54M -354.69M -293.16M n/a n/a
Runway (months of cash) -2.6 -1.6 -2.8 -2.7 n/a n/a

Beta Read what these cash burn values mean

Financial report summary

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Risks
  • Adverse economic, market and real estate conditions may adversely affect our financial condition, operating results, and cash flows.
  • The current pandemic of the novel coronavirus, or COVID-19, and future public health crises, could materially and adversely affect our financial condition, operating results, and cash flows.
  • We face considerable competition in the leasing market and may be unable to renew leases or re-lease space as leases expire. Consequently, we may be required to make rent or other concessions and/or incur significant capital expenditures to retain existing tenants or attract new tenants, which could adversely affect our financial condition, operating results, and cash flows.
  • We face considerable competition for tenants and the business of consumers. Consequently, we actively reinvest in our Portfolio in the form of repositioning and redevelopment projects. Such projects have inherent risks that could adversely affect our financial condition, operating results, and cash flows.
  • Our performance depends on the financial health of tenants in our Portfolio and our continued ability to collect rent when due. Significant retailer distress across our Portfolio could adversely affect our financial condition, operating results, and cash flows.
  • We may be unable to collect balances and/or future contractual rents due from tenants that file for bankruptcy protection, which could adversely affect our financial condition, operating results, and cash flows.
  • Our expenses may remain constant or increase, even if income from our Portfolio decreases, which could adversely affect our financial condition, operating results, and cash flows.
  • We intend to continue to actively recycle capital by selling certain non-strategic shopping centers. However, real estate property investments are illiquid, and it may not be possible to dispose of assets in a timely manner or on favorable terms, which could adversely affect our financial condition, operating results, and cash flows.
  • Our real estate assets may be subject to impairment charges.
  • We face competition in pursuing acquisition opportunities that could increase the cost of such acquisitions and/or limit our ability to grow, and we may not be able to generate expected returns or successfully integrate completed acquisitions into our existing operations, which could adversely affect our financial condition, operating results, and cash flows.
  • We utilize a significant amount of indebtedness in the operation of our business. Required debt service payments and other risks related to our debt financing could adversely affect our financial condition, operating results, and cash flows.
  • Our variable rate indebtedness subjects us to interest rate risk, and an increase in our debt service obligations may adversely affect our operating results, and cash flows.
  • We may be adversely affected by changes in LIBOR reporting practices or the method by which LIBOR is determined.
  • We may be unable to obtain additional capital through the debt and equity markets, which could have an adverse effect on our financial condition, operating results, and cash flows.
  • Adverse changes in our credit rating could affect our borrowing capacity and borrowing terms.
  • Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition, operating results, and cash flows.
  • An uninsured loss on properties or a loss that exceeds the limits of our insurance policies could result in a loss of our investment or related revenue in those properties.
  • Environmental conditions that exist at some of the properties in our Portfolio could result in significant unexpected costs.
  • Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that would adversely affect our financial condition, operating results, and cash flows.
  • We and our tenants face risks relating to cybersecurity attacks that could cause the loss of confidential information or other business disruptions.
  • Severe weather, flooding, and other effects of climate change and other natural disasters such as earthquakes and wildfires, could adversely affect our financial condition, operating results, and cash flows.
  • BPG’s board of directors may change significant corporate policies without stockholder approval.
  • BPG’s board of directors may approve the issuance of stock, including preferred stock, with terms that may discourage a third party from acquiring us.
  • The rights of BPG and BPG stockholders to take action against BPG’s directors and officers are limited.
  • BPG’s charter contains a provision that expressly permits BPG’s non-employee directors to compete with us.
  • If BPG does not maintain its qualification as a REIT, it will be subject to tax as a regular corporation and could face a substantial tax liability.
  • Complying with REIT requirements may force BPG to liquidate or restructure investments or forgo otherwise attractive investment opportunities, and/or may discourage BPG from disposing of certain assets.
  • BPG’s charter does not permit any person to own more than 9.8% of BPG’s outstanding common stock or of BPG’s outstanding stock of all classes or series, and attempts to acquire BPG’s common stock or BPG’s stock of all other classes or series in excess of these limits would not be effective without an exemption from these limits by BPG’s board of directors.
  • Failure to qualify as a domestically-controlled REIT could subject BPG’s non-U.S. stockholders to adverse U.S. federal income tax consequences.
  • BPG may choose to make distributions in BPG’s own stock, in which case stockholders may be required to pay income taxes without receiving any cash dividends.
Management Discussion
  • The results of operations discussion is combined for BPG and the Operating Partnership because there are no material differences in the results of operations between the two reporting entities.
  • The increase in rental income for the three months ended March 31, 2022 of $21.9 million, as compared to the corresponding period in 2021, was due to a $20.3 million increase for assets owned for the full period and a $1.6 million increase due to acquisition and disposition activity. The increase for assets owned for the full period was due to (i) a $7.5 million increase in base rent; (ii) a $6.3 million decrease in revenues deemed uncollectible; (iii) a $2.3 million increase in straight-line rental income, net; (iv) a $1.3 million increase in expense reimbursements; (v) a $1.2 million increase in percentage rents; (vi) a $1.1 million increase in ancillary and other rental income; and (vii) a $0.7 million increase in accretion of below-market leases, net of amortization of above-market leases and tenant inducements; partially offset by (v) a $0.1 million decrease in lease termination fees. The $7.5 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases and positive rent spreads for new and renewal leases and option exercises of 13.1% during the three months ended March 31, 2022 and 10.1% during the year ended December 31, 2021, an increase in weighted average billed occupancy, and a decrease in rent deferrals accounted for as lease modifications and rent abatements related to the current pandemic of the novel coronavirus (“COVID-19”). The decrease in revenues deemed uncollectible was primarily attributable to the impact of COVID-19 reserves in 2021 and recoveries of previously reserved amounts in 2022. The increase in straight-line rental income, net was primarily attributable to the impact of COVID-19 reserves in 2021.
  • The decrease in other revenues for the three months ended March 31, 2022 of $3.0 million, as compared to the corresponding period in 2021, was primarily due to a decrease in tax increment financing income.

Content analysis

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Proxies
No filings