QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | (Brixmor Property Group Inc.) | 45-2433192 | |||||||||
Delaware | (Brixmor Operating Partnership LP) | 80-0831163 | |||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | BRX | New York Stock Exchange |
Brixmor Property Group Inc. | Brixmor Operating Partnership LP | ||||||||||||||||||||||||||||
Large accelerated filer | Non-accelerated filer | ☐ | Large accelerated filer | ☐ | Non-accelerated filer | ||||||||||||||||||||||||
Smaller reporting company | ☐ | Accelerated filer | ☐ | Smaller reporting company | ☐ | Accelerated filer | ☐ | ||||||||||||||||||||||
Emerging growth company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||||||||
Item No. | Page | |||||||
Part I - FINANCIAL INFORMATION | ||||||||
1. | Financial Statements | |||||||
Brixmor Property Group Inc. (unaudited) | ||||||||
Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 | ||||||||
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 | ||||||||
Brixmor Operating Partnership LP (unaudited) | ||||||||
Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 | ||||||||
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Condensed Consolidated Statements of Changes in Capital for the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 | ||||||||
Brixmor Property Group Inc. and Brixmor Operating Partnership LP (unaudited) | ||||||||
Notes to Condensed Consolidated Financial Statements | ||||||||
2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
3. | Quantitative and Qualitative Disclosures about Market Risk | |||||||
4. | Controls and Procedures | |||||||
Part II - OTHER INFORMATION | ||||||||
1. | Legal Proceedings | |||||||
1A. | Risk Factors | |||||||
2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
3. | Defaults Upon Senior Securities | |||||||
4. | Mine Safety Disclosures | |||||||
5. | Other Information | |||||||
6. | Exhibits |
Item No. | Page | |
Part I - FINANCIAL INFORMATION | ||
1. | Financial Statements | |
Brixmor Property Group Inc. (unaudited) | ||
Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 | ||
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2017 and 2016 | ||
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2017 and 2016 | ||
Condensed Consolidated Statements of Changes in Equity for the Nine Months Ended September 30, 2017 and 2016 | ||
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016 | ||
Brixmor Operating Partnership LP (unaudited) | ||
Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 | ||
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2017 and 2016 | ||
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2017 and 2016 | ||
Condensed Consolidated Statements of Changes in Capital for the Nine Months Ended September 30, 2017 and 2016 | ||
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016 | ||
Brixmor Property Group Inc. and Brixmor Operating Partnership LP (unaudited) | ||
Notes to Condensed Consolidated Financial Statements | ||
2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
3. | Quantitative and Qualitative Disclosures about Market Risk | |
4. | Controls and Procedures | |
Part II - OTHER INFORMATION | ||
1. | Legal Proceedings | |
1A. | Risk Factors | |
2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
3. | Defaults Upon Senior Securities | |
4. | Mine Safety Disclosures | |
5. | Other Information | |
6. | Exhibits |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited, in thousands, except share information) | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Real estate | |||||||||||
Land | $ | 1,749,145 | $ | 1,740,263 | |||||||
Buildings and improvements | 8,509,731 | 8,423,298 | |||||||||
10,258,876 | 10,163,561 | ||||||||||
Accumulated depreciation and amortization | (2,745,122) | (2,659,448) | |||||||||
Real estate, net | 7,513,754 | 7,504,113 | |||||||||
Cash and cash equivalents | 404,144 | 368,675 | |||||||||
Restricted cash | 1,242 | 1,412 | |||||||||
Marketable securities | 18,188 | 19,548 | |||||||||
Receivables, net | 228,583 | 240,323 | |||||||||
Deferred charges and prepaid expenses, net | 139,974 | 139,260 | |||||||||
Real estate assets held for sale | 0 | 18,014 | |||||||||
Other assets | 49,288 | 50,802 | |||||||||
Total assets | $ | 8,355,173 | $ | 8,342,147 | |||||||
Liabilities | |||||||||||
Debt obligations, net | $ | 5,167,038 | $ | 5,167,330 | |||||||
Accounts payable, accrued expenses and other liabilities | 483,791 | 494,116 | |||||||||
Total liabilities | 5,650,829 | 5,661,446 | |||||||||
Commitments and contingencies (Note 15) | 0 | 0 | |||||||||
Equity | |||||||||||
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 306,105,089 and 305,621,403 shares issued and 296,978,097 and 296,494,411 shares outstanding | 2,970 | 2,965 | |||||||||
Additional paid-in capital | 3,215,948 | 3,213,990 | |||||||||
Accumulated other comprehensive loss | (19,713) | (28,058) | |||||||||
Distributions in excess of net income | (494,861) | (508,196) | |||||||||
Total equity | 2,704,344 | 2,680,701 | |||||||||
Total liabilities and equity | $ | 8,355,173 | $ | 8,342,147 | |||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited, in thousands, except share information) | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Real estate | |||||||
Land | $ | 1,985,781 | $ | 2,006,655 | |||
Buildings and improvements | 8,944,738 | 9,002,403 | |||||
10,930,519 | 11,009,058 | ||||||
Accumulated depreciation and amortization | (2,320,090 | ) | (2,167,054 | ) | |||
Real estate, net | 8,610,429 | 8,842,004 | |||||
Investments in and advances to unconsolidated joint venture | — | 7,921 | |||||
Cash and cash equivalents | 29,978 | 51,402 | |||||
Restricted cash | 112,040 | 51,467 | |||||
Marketable securities | 28,840 | 25,573 | |||||
Receivables, net of allowance for doubtful accounts of $16,177 and $16,756 | 219,873 | 178,216 | |||||
Deferred charges and prepaid expenses, net | 143,140 | 122,787 | |||||
Other assets | 51,920 | 40,315 | |||||
Total assets | $ | 9,196,220 | $ | 9,319,685 | |||
Liabilities | |||||||
Debt obligations, net | $ | 5,713,688 | $ | 5,838,889 | |||
Accounts payable, accrued expenses and other liabilities | 561,191 | 553,636 | |||||
Total liabilities | 6,274,879 | 6,392,525 | |||||
Commitments and contingencies (Note 13) | |||||||
Equity | |||||||
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 304,937,144 and 304,343,141 shares outstanding | 3,049 | 3,043 | |||||
Additional paid-in capital | 3,333,696 | 3,324,874 | |||||
Accumulated other comprehensive income | 20,054 | 21,519 | |||||
Distributions in excess of net income | (435,458 | ) | (426,552 | ) | |||
Total stockholders’ equity | 2,921,341 | 2,922,884 | |||||
Non-controlling interests | — | 4,276 | |||||
Total equity | 2,921,341 | 2,927,160 | |||||
Total liabilities and equity | $ | 9,196,220 | $ | 9,319,685 | |||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(Unaudited, in thousands, except per share data) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Rental income | $ | 286,933 | $ | 247,434 | $ | 563,394 | $ | 527,836 | |||||||||||||||
Other revenues | 91 | 186 | 3,376 | 2,085 | |||||||||||||||||||
Total revenues | 287,024 | 247,620 | 566,770 | 529,921 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Operating costs | 28,755 | 25,136 | 60,140 | 55,492 | |||||||||||||||||||
Real estate taxes | 42,257 | 41,808 | 85,145 | 84,672 | |||||||||||||||||||
Depreciation and amortization | 81,212 | 80,829 | 164,632 | 163,846 | |||||||||||||||||||
Impairment of real estate assets | 431 | 5,962 | 1,898 | 10,560 | |||||||||||||||||||
General and administrative | 26,461 | 24,436 | 51,106 | 47,033 | |||||||||||||||||||
Total operating expenses | 179,116 | 178,171 | 362,921 | 361,603 | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Dividends and interest | 104 | 102 | 191 | 226 | |||||||||||||||||||
Interest expense | (49,689) | (49,852) | (98,683) | (97,206) | |||||||||||||||||||
Gain on sale of real estate assets | 32,603 | 692 | 38,367 | 9,597 | |||||||||||||||||||
Loss on extinguishment of debt, net | (32) | (10,386) | (1,229) | (10,391) | |||||||||||||||||||
Other | (466) | (961) | 304 | (1,719) | |||||||||||||||||||
Total other expense | (17,480) | (60,405) | (61,050) | (99,493) | |||||||||||||||||||
Net income | $ | 90,428 | $ | 9,044 | $ | 142,799 | $ | 68,825 | |||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ | 0.30 | $ | 0.03 | $ | 0.48 | $ | 0.23 | |||||||||||||||
Diluted | $ | 0.30 | $ | 0.03 | $ | 0.48 | $ | 0.23 | |||||||||||||||
Weighted average shares: | |||||||||||||||||||||||
Basic | 297,216 | 296,546 | 297,196 | 297,194 | |||||||||||||||||||
Diluted | 298,277 | 296,773 | 298,222 | 297,485 | |||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited, in thousands, except per share data) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | |||||||||||||||
Rental income | $ | 246,578 | $ | 247,859 | $ | 749,976 | $ | 744,580 | |||||||
Expense reimbursements | 66,489 | 69,469 | 206,718 | 200,944 | |||||||||||
Other revenues | 1,429 | 1,249 | 6,426 | 6,214 | |||||||||||
Total revenues | 314,496 | 318,577 | 963,120 | 951,738 | |||||||||||
Operating expenses | |||||||||||||||
Operating costs | 30,505 | 31,041 | 100,955 | 97,507 | |||||||||||
Real estate taxes | 45,076 | 47,812 | 135,607 | 130,886 | |||||||||||
Depreciation and amortization | 94,239 | 98,337 | 285,040 | 294,634 | |||||||||||
Provision for doubtful accounts | 1,216 | 2,218 | 4,023 | 6,579 | |||||||||||
Impairment of real estate assets | 11,065 | 1,971 | 27,383 | 1,971 | |||||||||||
General and administrative | 22,838 | 21,787 | 67,043 | 69,709 | |||||||||||
Total operating expenses | 204,939 | 203,166 | 620,051 | 601,286 | |||||||||||
Other income (expense) | |||||||||||||||
Dividends and interest | 76 | 89 | 234 | 481 | |||||||||||
Interest expense | (57,410 | ) | (57,855 | ) | (170,584 | ) | (171,482 | ) | |||||||
Gain on sale of real estate assets | 25,942 | 2,450 | 54,920 | 10,232 | |||||||||||
Gain (loss) on extinguishment of debt, net | 1,828 | (1,042 | ) | 488 | (949 | ) | |||||||||
Other | (1,200 | ) | (1,370 | ) | (2,591 | ) | (4,258 | ) | |||||||
Total other expense | (30,764 | ) | (57,728 | ) | (117,533 | ) | (165,976 | ) | |||||||
Income before equity in income of unconsolidated joint venture | 78,793 | 57,683 | 225,536 | 184,476 | |||||||||||
Equity in income of unconsolidated joint venture | 31 | 122 | 381 | 348 | |||||||||||
Gain on disposition of unconsolidated joint venture interest | 4,556 | — | 4,556 | — | |||||||||||
Net income | 83,380 | 57,805 | 230,473 | 184,824 | |||||||||||
Net income attributable to non-controlling interests | — | (313 | ) | (76 | ) | (2,399 | ) | ||||||||
Net income attributable to Brixmor Property Group Inc. | 83,380 | 57,492 | 230,397 | 182,425 | |||||||||||
Preferred stock dividends | — | — | (39 | ) | — | ||||||||||
Net income attributable to common stockholders | $ | 83,380 | $ | 57,492 | $ | 230,358 | $ | 182,425 | |||||||
Per common share: | |||||||||||||||
Net income attributable to common stockholders: | |||||||||||||||
Basic | $ | 0.27 | $ | 0.19 | $ | 0.76 | $ | 0.61 | |||||||
Diluted | $ | 0.27 | $ | 0.19 | $ | 0.75 | $ | 0.61 | |||||||
Weighted average shares: | |||||||||||||||
Basic | 304,936 | 303,013 | 304,810 | 300,697 | |||||||||||
Diluted | 305,176 | 303,521 | 305,175 | 301,146 | |||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||
(Unaudited, in thousands) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 90,428 | $ | 9,044 | $ | 142,799 | $ | 68,825 | |||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | 2,832 | (835) | 8,498 | (24,713) | |||||||||||||||||||
Change in unrealized gain (loss) on marketable securities | (59) | 16 | (153) | 195 | |||||||||||||||||||
Total other comprehensive income (loss) | 2,773 | (819) | 8,345 | (24,518) | |||||||||||||||||||
Comprehensive income | $ | 93,201 | $ | 8,225 | $ | 151,144 | $ | 44,307 | |||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 83,380 | $ | 57,805 | 230,473 | 184,824 | |||||||||
Other comprehensive income (loss) | |||||||||||||||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | (962 | ) | 1,321 | (1,434 | ) | 2,413 | |||||||||
Change in unrealized gain (loss) on marketable securities | (11 | ) | (54 | ) | (31 | ) | 81 | ||||||||
Total other comprehensive income (loss) | (973 | ) | 1,267 | (1,465 | ) | 2,494 | |||||||||
Comprehensive income | 82,407 | 59,072 | 229,008 | 187,318 | |||||||||||
Comprehensive income attributable to non-controlling interests | — | (313 | ) | (76 | ) | (2,399 | ) | ||||||||
Comprehensive income attributable to common stockholders | $ | 82,407 | $ | 58,759 | $ | 228,932 | $ | 184,919 | |||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||||||||||||||||||
(Unaudited, in thousands, except per share data) | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Number | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Net Income | Total | ||||||||||||||||||||||||||||||
Beginning balance, January 1, 2020 | 297,857 | $ | 2,979 | $ | 3,230,625 | $ | (9,543) | $ | (480,204) | $ | 2,743,857 | ||||||||||||||||||||||||
Common stock dividends ($0.285 per common share) | — | — | — | — | (85,018) | (85,018) | |||||||||||||||||||||||||||||
Equity based compensation expense | — | — | 2,842 | — | — | 2,842 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (23,699) | — | (23,699) | |||||||||||||||||||||||||||||
Issuance of common stock | 242 | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||
Repurchases of common stock | (1,650) | (17) | (24,990) | — | — | (25,007) | |||||||||||||||||||||||||||||
Share-based awards retained for taxes | — | — | (3,405) | — | — | (3,405) | |||||||||||||||||||||||||||||
Net income | — | — | — | — | 59,781 | 59,781 | |||||||||||||||||||||||||||||
Ending balance, March 31, 2020 | 296,449 | 2,964 | 3,205,072 | (33,242) | (505,441) | 2,669,353 | |||||||||||||||||||||||||||||
Common stock dividends | — | — | — | — | (3) | (3) | |||||||||||||||||||||||||||||
Equity based compensation expense | — | — | 2,162 | — | — | 2,162 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (819) | — | (819) | |||||||||||||||||||||||||||||
Issuance of common stock | 32 | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||
Share-based awards retained for taxes | — | — | (118) | — | — | (118) | |||||||||||||||||||||||||||||
Net income | — | — | — | — | 9,044 | 9,044 | |||||||||||||||||||||||||||||
Ending balance, June 30, 2020 | 296,481 | $ | 2,965 | $ | 3,207,116 | $ | (34,061) | $ | (496,400) | $ | 2,679,620 | ||||||||||||||||||||||||
Beginning balance, January 1, 2021 | 296,494 | $ | 2,965 | $ | 3,213,990 | $ | (28,058) | $ | (508,196) | $ | 2,680,701 | ||||||||||||||||||||||||
Common stock dividends ($0.215 per common share) | — | — | — | — | (65,120) | (65,120) | |||||||||||||||||||||||||||||
Equity based compensation expense | — | — | 2,792 | — | — | 2,792 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 5,572 | — | 5,572 | |||||||||||||||||||||||||||||
Issuance of common stock | 452 | 4 | (4) | — | — | 0 | |||||||||||||||||||||||||||||
Share-based awards retained for taxes | — | — | (5,113) | — | — | (5,113) | |||||||||||||||||||||||||||||
Net income | — | — | — | — | 52,371 | 52,371 | |||||||||||||||||||||||||||||
Ending balance, March 31, 2021 | 296,946 | 2,969 | 3,211,665 | (22,486) | (520,945) | 2,671,203 | |||||||||||||||||||||||||||||
Common stock dividends ($0.215 per common share) | — | — | — | — | (64,344) | (64,344) | |||||||||||||||||||||||||||||
Equity based compensation expense | — | — | 4,543 | — | — | 4,543 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 2,773 | — | 2,773 | |||||||||||||||||||||||||||||
Issuance of common stock | 32 | 1 | (1) | — | — | 0 | |||||||||||||||||||||||||||||
Share-based awards retained for taxes | — | — | (259) | — | — | (259) | |||||||||||||||||||||||||||||
Net income | — | — | — | — | 90,428 | 90,428 | |||||||||||||||||||||||||||||
Ending balance, June 30, 2021 | 296,978 | $ | 2,970 | $ | 3,215,948 | $ | (19,713) | $ | (494,861) | $ | 2,704,344 | ||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ||||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Number | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Net Income | Non-controlling Interests | Total | ||||||||||||||||||||
Beginning balance, January 1, 2016 | 299,138 | $ | 2,991 | $ | 3,270,246 | $ | (2,509 | ) | $ | (400,945 | ) | $ | 50,519 | $ | 2,920,302 | |||||||||||
Common stock dividends ($0.735 per common share) | — | — | — | — | (221,828 | ) | — | (221,828 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | (2,304 | ) | (2,304 | ) | |||||||||||||||||
Equity based compensation expense | — | — | 7,954 | — | — | 87 | 8,041 | |||||||||||||||||||
Issuance of common stock and OP Units | 207 | 2 | (1,395 | ) | — | — | 1,604 | 211 | ||||||||||||||||||
Other comprehensive income | — | — | — | 2,494 | — | — | 2,494 | |||||||||||||||||||
Conversion of Operating Partnership units into common stock | 4,976 | 50 | 47,876 | — | — | (47,926 | ) | — | ||||||||||||||||||
Shared-based awards retained for taxes | — | — | (3,206 | ) | — | — | — | (3,206 | ) | |||||||||||||||||
Net income | — | — | — | — | 182,425 | 2,399 | 184,824 | |||||||||||||||||||
Ending balance, September 30, 2016 | 304,321 | $ | 3,043 | $ | 3,321,475 | $ | (15 | ) | $ | (440,348 | ) | $ | 4,379 | $ | 2,888,534 | |||||||||||
Beginning balance, January 1, 2017 | 304,343 | $ | 3,043 | $ | 3,324,874 | $ | 21,519 | $ | (426,552 | ) | $ | 4,276 | $ | 2,927,160 | ||||||||||||
Common stock dividends ($0.78 per common share) | — | — | — | — | (238,662 | ) | — | (238,662 | ) | |||||||||||||||||
Equity based compensation expense | — | — | 7,835 | — | — | 3 | 7,838 | |||||||||||||||||||
Preferred stock redemptions/dividends | — | — | — | — | (641 | ) | (648 | ) | (1,289 | ) | ||||||||||||||||
Issuance of common stock and OP Units | 191 | 6 | — | — | — | (6 | ) | — | ||||||||||||||||||
Other comprehensive loss | — | — | — | (1,465 | ) | — | — | (1,465 | ) | |||||||||||||||||
Conversion of Operating Partnership units into common stock | 403 | — | 3,701 | — | — | (3,701 | ) | — | ||||||||||||||||||
Shared-based awards retained for taxes | — | — | (2,714 | ) | — | — | — | (2,714 | ) | |||||||||||||||||
Net income | — | — | — | — | 230,397 | 76 | 230,473 | |||||||||||||||||||
Ending balance, September 30, 2017 | 304,937 | $ | 3,049 | $ | 3,333,696 | $ | 20,054 | $ | (435,458 | ) | $ | — | $ | 2,921,341 | ||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Unaudited, in thousands) | |||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 142,799 | $ | 68,825 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 164,632 | 163,846 | |||||||||
Accretion of debt premium and discount, net | (1,435) | (144) | |||||||||
Deferred financing cost amortization | 3,764 | 3,619 | |||||||||
Accretion of above- and below-market leases, net | (7,125) | (8,224) | |||||||||
Tenant inducement amortization and other | 3,012 | 1,789 | |||||||||
Impairment of real estate assets | 1,898 | 10,560 | |||||||||
Gain on sale of real estate assets | (38,367) | (9,597) | |||||||||
Equity based compensation | 6,791 | 4,607 | |||||||||
Loss on extinguishment of debt, net | 1,229 | 10,391 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, net | 8,706 | (42,672) | |||||||||
Deferred charges and prepaid expenses | (13,270) | (10,552) | |||||||||
Other assets | (208) | (201) | |||||||||
Accounts payable, accrued expenses and other liabilities | 2,436 | (12,683) | |||||||||
Net cash provided by operating activities | 274,862 | 179,564 | |||||||||
Investing activities: | |||||||||||
Improvements to and investments in real estate assets | (135,253) | (158,120) | |||||||||
Acquisitions of real estate assets | (66,716) | (2,020) | |||||||||
Proceeds from sales of real estate assets | 99,748 | 46,633 | |||||||||
Purchase of marketable securities | (7,915) | (10,733) | |||||||||
Proceeds from sale of marketable securities | 9,100 | 8,219 | |||||||||
Net cash used in investing activities | (101,036) | (116,021) | |||||||||
Financing activities: | |||||||||||
Repayment of secured debt obligations | 0 | (7,000) | |||||||||
Repayment of borrowings under unsecured revolving credit facility | 0 | (507,500) | |||||||||
Proceeds from borrowings under unsecured revolving credit facility | 0 | 646,000 | |||||||||
Proceeds from unsecured notes | 349,360 | 498,880 | |||||||||
Repayment of borrowings under unsecured term loans | (350,000) | (182,479) | |||||||||
Deferred financing and debt extinguishment costs | (3,414) | (14,049) | |||||||||
Distributions to common stockholders | (129,101) | (170,397) | |||||||||
Repurchases of common shares | 0 | (25,007) | |||||||||
Repurchases of common shares in conjunction with equity award plans | (5,372) | (3,523) | |||||||||
Net cash provided by (used in) financing activities | (138,527) | 234,925 | |||||||||
Net change in cash, cash equivalents and restricted cash | 35,299 | 298,468 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 370,087 | 21,523 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 405,386 | $ | 319,991 | |||||||
Reconciliation to consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | 404,144 | $ | 318,540 | |||||||
Restricted cash | 1,242 | 1,451 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 405,386 | $ | 319,991 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of amount capitalized of $1,817 and $2,177 | $ | 95,523 | $ | 94,593 | |||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited, in thousands) | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating activities: | |||||||
Net income | $ | 230,473 | $ | 184,824 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 285,040 | 294,634 | |||||
Debt premium and discount amortization | (4,371 | ) | (10,630 | ) | |||
Deferred financing cost amortization | 5,283 | 5,827 | |||||
Above- and below-market lease intangible amortization | (23,012 | ) | (29,471 | ) | |||
Provisions for impairment | 27,383 | 1,971 | |||||
Gain on disposition of operating properties | (54,920 | ) | (10,232 | ) | |||
Gain on disposition of unconsolidated joint venture interest | (4,556 | ) | — | ||||
Equity based compensation | 7,838 | 8,041 | |||||
Other | 1,836 | 797 | |||||
(Gain) loss on extinguishment of debt, net | (494 | ) | 937 | ||||
Changes in operating assets and liabilities: | |||||||
Receivables | (15,675 | ) | 4,042 | ||||
Deferred charges and prepaid expenses | (41,760 | ) | (33,101 | ) | |||
Other assets | (3,753 | ) | 350 | ||||
Accounts payable, accrued expenses and other liabilities | 11,801 | 3,202 | |||||
Net cash provided by operating activities | 421,113 | 421,191 | |||||
Investing activities: | |||||||
Improvements to and investments in real estate assets | (140,036 | ) | (135,868 | ) | |||
Acquisitions of real estate assets | (111,790 | ) | (6,733 | ) | |||
Proceeds from sales of real estate assets | 228,680 | 31,068 | |||||
Proceeds from sale of unconsolidated joint venture interest | 12,369 | — | |||||
Purchase of marketable securities | (23,998 | ) | (35,172 | ) | |||
Proceeds from sale of marketable securities | 20,640 | 31,622 | |||||
Net cash used in investing activities | (14,135 | ) | (115,083 | ) | |||
Financing activities: | |||||||
Repayment of debt obligations and financing liabilities | (396,356 | ) | (865,918 | ) | |||
Repayment of borrowings under unsecured revolving credit facility | (548,000 | ) | (805,000 | ) | |||
Proceeds from borrowings under unsecured revolving credit facility | 426,000 | 481,000 | |||||
Proceeds from unsecured term loan and notes | 1,193,916 | 1,094,648 | |||||
Repayment of borrowings under unsecured term loan | (790,000 | ) | — | ||||
Deferred financing costs | (11,179 | ) | (17,698 | ) | |||
Distributions to common stockholders | (238,106 | ) | (220,627 | ) | |||
Distributions to non-controlling interests | (1,390 | ) | (3,492 | ) | |||
Repurchase of common shares in conjunction with equity award plans | (2,714 | ) | (3,206 | ) | |||
Net cash used in financing activities | (367,829 | ) | (340,293 | ) | |||
Change in cash, cash equivalents and restricted cash | 39,149 | (34,185 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 102,869 | 110,990 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 142,018 | $ | 76,805 | |||
Reconciliation to consolidated balance sheets | |||||||
Cash and cash equivalents | $ | 29,978 | $ | 31,143 | |||
Restricted cash | 112,040 | 45,662 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 142,018 | $ | 76,805 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest, net of amount capitalized of $2,268 and $1,918 | $ | 176,524 | $ | 183,505 | |||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited, in thousands, except unit information) | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Real estate | |||||||||||
Land | $ | 1,749,145 | $ | 1,740,263 | |||||||
Buildings and improvements | 8,509,731 | 8,423,298 | |||||||||
10,258,876 | 10,163,561 | ||||||||||
Accumulated depreciation and amortization | (2,745,122) | (2,659,448) | |||||||||
Real estate, net | 7,513,754 | 7,504,113 | |||||||||
Cash and cash equivalents | 394,130 | 358,661 | |||||||||
Restricted cash | 1,242 | 1,412 | |||||||||
Marketable securities | 18,188 | 19,548 | |||||||||
Receivables, net | 228,583 | 240,323 | |||||||||
Deferred charges and prepaid expenses, net | 139,974 | 139,260 | |||||||||
Real estate assets held for sale | 0 | 18,014 | |||||||||
Other assets | 49,288 | 50,802 | |||||||||
Total assets | $ | 8,345,159 | $ | 8,332,133 | |||||||
Liabilities | |||||||||||
Debt obligations, net | $ | 5,167,038 | $ | 5,167,330 | |||||||
Accounts payable, accrued expenses and other liabilities | 483,791 | 494,116 | |||||||||
Total liabilities | 5,650,829 | 5,661,446 | |||||||||
Commitments and contingencies (Note 15) | 0 | 0 | |||||||||
Capital | |||||||||||
Partnership common units; 306,105,089 and 305,621,403 units issued and 296,978,097 and 296,494,411 units outstanding | 2,714,044 | 2,698,746 | |||||||||
Accumulated other comprehensive loss | (19,714) | (28,059) | |||||||||
Total capital | 2,694,330 | 2,670,687 | |||||||||
Total liabilities and capital | $ | 8,345,159 | $ | 8,332,133 | |||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited, in thousands, except unit information) | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Real estate | |||||||
Land | $ | 1,985,781 | $ | 2,006,655 | |||
Buildings and improvements | 8,944,738 | 9,002,403 | |||||
10,930,519 | 11,009,058 | ||||||
Accumulated depreciation and amortization | (2,320,090 | ) | (2,167,054 | ) | |||
Real estate, net | 8,610,429 | 8,842,004 | |||||
Investments in and advances to unconsolidated joint venture | — | 7,921 | |||||
Cash and cash equivalents | 29,948 | 51,368 | |||||
Restricted cash | 112,040 | 51,467 | |||||
Marketable securities | 28,622 | 25,356 | |||||
Receivables, net of allowance for doubtful accounts of $16,177 and $16,756 | 219,873 | 178,216 | |||||
Deferred charges and prepaid expenses, net | 143,140 | 122,787 | |||||
Other assets | 51,920 | 40,315 | |||||
Total assets | $ | 9,195,972 | $ | 9,319,434 | |||
Liabilities | |||||||
Debt obligations, net | $ | 5,713,688 | $ | 5,838,889 | |||
Accounts payable, accrued expenses and other liabilities | 561,191 | 553,636 | |||||
Total liabilities | 6,274,879 | 6,392,525 | |||||
Commitments and contingencies (Note 13) | |||||||
Capital | |||||||
Partnership common units; 304,937,144 and 304,720,842 units issued and outstanding | 2,901,026 | 2,905,378 | |||||
Accumulated other comprehensive income | 20,067 | 21,531 | |||||
Total capital | 2,921,093 | 2,926,909 | |||||
Total liabilities and capital | $ | 9,195,972 | $ | 9,319,434 | |||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(Unaudited, in thousands, except per share data) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Rental income | $ | 286,933 | $ | 247,434 | $ | 563,394 | $ | 527,836 | |||||||||||||||
Other revenues | 91 | 186 | 3,376 | 2,085 | |||||||||||||||||||
Total revenues | 287,024 | 247,620 | 566,770 | 529,921 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Operating costs | 28,755 | 25,136 | 60,140 | 55,492 | |||||||||||||||||||
Real estate taxes | 42,257 | 41,808 | 85,145 | 84,672 | |||||||||||||||||||
Depreciation and amortization | 81,212 | 80,829 | 164,632 | 163,846 | |||||||||||||||||||
Impairment of real estate assets | 431 | 5,962 | 1,898 | 10,560 | |||||||||||||||||||
General and administrative | 26,461 | 24,436 | 51,106 | 47,033 | |||||||||||||||||||
Total operating expenses | 179,116 | 178,171 | 362,921 | 361,603 | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Dividends and interest | 104 | 102 | 191 | 226 | |||||||||||||||||||
Interest expense | (49,689) | (49,852) | (98,683) | (97,206) | |||||||||||||||||||
Gain on sale of real estate assets | 32,603 | 692 | 38,367 | 9,597 | |||||||||||||||||||
Loss on extinguishment of debt, net | (32) | (10,386) | (1,229) | (10,391) | |||||||||||||||||||
Other | (466) | (961) | 304 | (1,719) | |||||||||||||||||||
Total other expense | (17,480) | (60,405) | (61,050) | (99,493) | |||||||||||||||||||
Net income | $ | 90,428 | $ | 9,044 | $ | 142,799 | $ | 68,825 | |||||||||||||||
Net income per common unit: | |||||||||||||||||||||||
Basic | $ | 0.30 | $ | 0.03 | $ | 0.48 | $ | 0.23 | |||||||||||||||
Diluted | $ | 0.30 | $ | 0.03 | $ | 0.48 | $ | 0.23 | |||||||||||||||
Weighted average units: | |||||||||||||||||||||||
Basic | 297,216 | 296,546 | 297,196 | 297,194 | |||||||||||||||||||
Diluted | 298,277 | 296,773 | 298,222 | 297,485 | |||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited, in thousands, except per unit data) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | |||||||||||||||
Rental income | $ | 246,578 | $ | 247,859 | $ | 749,976 | $ | 744,580 | |||||||
Expense reimbursements | 66,489 | 69,469 | 206,718 | 200,944 | |||||||||||
Other revenues | 1,429 | 1,249 | 6,426 | 6,214 | |||||||||||
Total revenues | 314,496 | 318,577 | 963,120 | 951,738 | |||||||||||
Operating expenses | |||||||||||||||
Operating costs | 30,505 | 31,041 | 100,955 | 97,507 | |||||||||||
Real estate taxes | 45,076 | 47,812 | 135,607 | 130,886 | |||||||||||
Depreciation and amortization | 94,239 | 98,337 | 285,040 | 294,634 | |||||||||||
Provision for doubtful accounts | 1,216 | 2,218 | 4,023 | 6,579 | |||||||||||
Impairment of real estate assets | 11,065 | 1,971 | 27,383 | 1,971 | |||||||||||
General and administrative | 22,838 | 21,787 | 67,043 | 69,709 | |||||||||||
Total operating expenses | 204,939 | 203,166 | 620,051 | 601,286 | |||||||||||
Other income (expense) | |||||||||||||||
Dividends and interest | 76 | 89 | 234 | 481 | |||||||||||
Interest expense | (57,410 | ) | (57,855 | ) | (170,584 | ) | (171,482 | ) | |||||||
Gain on sale of real estate assets | 25,942 | 2,450 | 54,920 | 10,232 | |||||||||||
Gain (loss) on extinguishment of debt, net | 1,828 | (1,042 | ) | 488 | (949 | ) | |||||||||
Other | (1,200 | ) | (1,370 | ) | (2,591 | ) | (4,258 | ) | |||||||
Total other expense | (30,764 | ) | (57,728 | ) | (117,533 | ) | (165,976 | ) | |||||||
Income before equity in income of unconsolidated joint venture | 78,793 | 57,683 | 225,536 | 184,476 | |||||||||||
Equity in income of unconsolidated joint venture | 31 | 122 | 381 | 348 | |||||||||||
Gain on disposition of unconsolidated joint venture interest | 4,556 | — | 4,556 | — | |||||||||||
Net income attributable to Brixmor Operating Partnership LP | $ | 83,380 | $ | 57,805 | $ | 230,473 | $ | 184,824 | |||||||
Per common unit: | |||||||||||||||
Net income attributable to partnership common units: | |||||||||||||||
Basic | $ | 0.27 | $ | 0.19 | $ | 0.76 | $ | 0.61 | |||||||
Diluted | $ | 0.27 | $ | 0.19 | $ | 0.76 | $ | 0.61 | |||||||
Weighted average number of partnership common units: | |||||||||||||||
Basic | 304,936 | 304,659 | 304,914 | 304,577 | |||||||||||
Diluted | 305,176 | 305,167 | 305,175 | 305,026 | |||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||
(Unaudited, in thousands) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 90,428 | $ | 9,044 | $ | 142,799 | $ | 68,825 | |||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | 2,832 | (835) | 8,498 | (24,713) | |||||||||||||||||||
Change in unrealized gain (loss) on marketable securities | (59) | 16 | (153) | 195 | |||||||||||||||||||
Total other comprehensive income (loss) | 2,773 | (819) | 8,345 | (24,518) | |||||||||||||||||||
Comprehensive income | $ | 93,201 | $ | 8,225 | $ | 151,144 | $ | 44,307 | |||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income attributable to Brixmor Operating Partnership LP | $ | 83,380 | $ | 57,805 | $ | 230,473 | $ | 184,824 | |||||||
Other comprehensive income (loss) | |||||||||||||||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | (962 | ) | 1,321 | (1,434 | ) | 2,413 | |||||||||
Change in unrealized gain (loss) on marketable securities | (10 | ) | (54 | ) | (30 | ) | 76 | ||||||||
Total other comprehensive income (loss) | (972 | ) | 1,267 | (1,464 | ) | 2,489 | |||||||||
Comprehensive income attributable to Brixmor Operating Partnership LP | $ | 82,408 | $ | 59,072 | $ | 229,009 | $ | 187,313 | |||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL | |||||||||||||||||
(Unaudited, in thousands) | |||||||||||||||||
Partnership Common Units | Accumulated Other Comprehensive Loss | Total | |||||||||||||||
Beginning balance, January 1, 2020 | $ | 2,753,385 | $ | (9,544) | $ | 2,743,841 | |||||||||||
Distributions to partners | (85,017) | — | (85,017) | ||||||||||||||
Equity based compensation expense | 2,842 | — | 2,842 | ||||||||||||||
Other comprehensive loss | — | (23,699) | (23,699) | ||||||||||||||
Issuance of OP Units | 2 | — | 2 | ||||||||||||||
Repurchases of OP Units | (25,007) | — | (25,007) | ||||||||||||||
Share-based awards retained for taxes | (3,405) | — | (3,405) | ||||||||||||||
Net income | 59,781 | — | 59,781 | ||||||||||||||
Ending balance, March 31, 2020 | 2,702,581 | (33,243) | 2,669,338 | ||||||||||||||
Distributions to partners | (10,002) | — | (10,002) | ||||||||||||||
Equity based compensation expense | 2,162 | — | 2,162 | ||||||||||||||
Other comprehensive loss | — | (819) | (819) | ||||||||||||||
Issuance of OP Units | 1 | — | 1 | ||||||||||||||
Share-based awards retained for taxes | (118) | — | (118) | ||||||||||||||
Net income | 9,044 | — | 9,044 | ||||||||||||||
Ending balance, June 30, 2020 | $ | 2,703,668 | $ | (34,062) | $ | 2,669,606 | |||||||||||
Beginning balance, January 1, 2021 | $ | 2,698,746 | $ | (28,059) | $ | 2,670,687 | |||||||||||
Distributions to partners | (65,120) | — | (65,120) | ||||||||||||||
Equity based compensation expense | 2,792 | — | 2,792 | ||||||||||||||
Other comprehensive income | — | 5,572 | 5,572 | ||||||||||||||
Issuance of OP Units | 0 | — | 0 | ||||||||||||||
Share-based awards retained for taxes | (5,113) | — | (5,113) | ||||||||||||||
Net income | 52,371 | — | 52,371 | ||||||||||||||
Ending balance, March 31, 2021 | 2,683,676 | (22,487) | 2,661,189 | ||||||||||||||
Distributions to partners | (64,344) | — | (64,344) | ||||||||||||||
Equity based compensation expense | 4,543 | — | 4,543 | ||||||||||||||
Other comprehensive income | — | 2,773 | 2,773 | ||||||||||||||
Issuance of OP Units | 0 | — | 0 | ||||||||||||||
Share-based awards retained for taxes | (259) | — | (259) | ||||||||||||||
Net income | 90,428 | — | 90,428 | ||||||||||||||
Ending balance, June 30, 2021 | $ | 2,714,044 | $ | (19,714) | $ | 2,694,330 | |||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL | |||||||||||
(Unaudited, in thousands) | |||||||||||
Partnership Common Units | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||
Beginning balance, January 1, 2016 | $ | 2,922,565 | $ | (2,495 | ) | $ | 2,920,070 | ||||
Distributions to partners | (224,148 | ) | — | (224,148 | ) | ||||||
Equity based compensation expense | 8,041 | — | 8,041 | ||||||||
Other comprehensive income | — | 2,489 | 2,489 | ||||||||
Issuance of OP Units | 211 | — | 211 | ||||||||
Share-based awards retained for taxes | (3,206 | ) | — | (3,206 | ) | ||||||
Net income attributable to Brixmor Operating Partnership LP | 184,824 | — | 184,824 | ||||||||
Ending balance, September 30, 2016 | $ | 2,888,287 | $ | (6 | ) | $ | 2,888,281 | ||||
Beginning balance, January 1, 2017 | $ | 2,905,378 | $ | 21,531 | $ | 2,926,909 | |||||
Distributions to partners | (239,949 | ) | — | (239,949 | ) | ||||||
Equity based compensation expense | 7,838 | — | 7,838 | ||||||||
Other comprehensive loss | — | (1,464 | ) | (1,464 | ) | ||||||
Share-based awards retained for taxes | (2,714 | ) | — | (2,714 | ) | ||||||
Net income attributable to Brixmor Operating Partnership LP | 230,473 | — | 230,473 | ||||||||
Ending balance, September 30, 2017 | $ | 2,901,026 | $ | 20,067 | $ | 2,921,093 | |||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Unaudited, in thousands) | |||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 142,799 | $ | 68,825 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 164,632 | 163,846 | |||||||||
Accretion of debt premium and discount, net | (1,435) | (144) | |||||||||
Deferred financing cost amortization | 3,764 | 3,619 | |||||||||
Accretion of above- and below-market leases, net | (7,125) | (8,224) | |||||||||
Tenant inducement amortization and other | 3,012 | 1,789 | |||||||||
Impairment of real estate assets | 1,898 | 10,560 | |||||||||
Gain on sale of real estate assets | (38,367) | (9,597) | |||||||||
Equity based compensation | 6,791 | 4,607 | |||||||||
Loss on extinguishment of debt, net | 1,229 | 10,391 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, net | 8,706 | (42,672) | |||||||||
Deferred charges and prepaid expenses | (13,270) | (10,552) | |||||||||
Other assets | (208) | (201) | |||||||||
Accounts payable, accrued expenses and other liabilities | 2,436 | (12,683) | |||||||||
Net cash provided by operating activities | 274,862 | 179,564 | |||||||||
Investing activities: | |||||||||||
Improvements to and investments in real estate assets | (135,253) | (158,120) | |||||||||
Acquisitions of real estate assets | (66,716) | (2,020) | |||||||||
Proceeds from sales of real estate assets | 99,748 | 46,633 | |||||||||
Purchase of marketable securities | (7,915) | (10,733) | |||||||||
Proceeds from sale of marketable securities | 9,100 | 8,219 | |||||||||
Net cash used in investing activities | (101,036) | (116,021) | |||||||||
Financing activities: | |||||||||||
Repayment of secured debt obligations | 0 | (7,000) | |||||||||
Repayment of borrowings under unsecured revolving credit facility | 0 | (507,500) | |||||||||
Proceeds from borrowings under unsecured revolving credit facility | 0 | 646,000 | |||||||||
Proceeds from unsecured notes | 349,360 | 498,880 | |||||||||
Repayment of borrowings under unsecured term loans | (350,000) | (182,479) | |||||||||
Deferred financing and debt extinguishment costs | (3,414) | (14,049) | |||||||||
Partner distributions and repurchases of OP Units | (134,473) | (208,925) | |||||||||
Net cash provided by (used in) financing activities | (138,527) | 224,927 | |||||||||
Net change in cash, cash equivalents and restricted cash | 35,299 | 288,470 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 360,073 | 21,507 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 395,372 | $ | 309,977 | |||||||
Reconciliation to consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | 394,130 | $ | 308,526 | |||||||
Restricted cash | 1,242 | 1,451 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 395,372 | $ | 309,977 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of amount capitalized of $1,817 and $2,177 | $ | 95,523 | $ | 94,593 | |||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited, in thousands) | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating activities: | |||||||
Net income attributable to Brixmor Operating Partnership LP | $ | 230,473 | $ | 184,824 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 285,040 | 294,634 | |||||
Debt premium and discount amortization | (4,371 | ) | (10,630 | ) | |||
Deferred financing cost amortization | 5,283 | 5,827 | |||||
Above- and below-market lease intangible amortization | (23,012 | ) | (29,471 | ) | |||
Provisions for impairment | 27,383 | 1,971 | |||||
Gain on disposition of operating properties | (54,920 | ) | (10,232 | ) | |||
Gain on disposition of unconsolidated joint venture interest | (4,556 | ) | — | ||||
Equity based compensation | 7,838 | 8,041 | |||||
Other | 1,836 | 797 | |||||
(Gain) loss on extinguishment of debt, net | (494 | ) | 937 | ||||
Changes in operating assets and liabilities: | |||||||
Receivables | (15,675 | ) | 4,042 | ||||
Deferred charges and prepaid expenses | (41,760 | ) | (33,101 | ) | |||
Other assets | (3,753 | ) | 350 | ||||
Accounts payable, accrued expenses and other liabilities | 11,801 | 3,202 | |||||
Net cash provided by operating activities | 421,113 | 421,191 | |||||
Investing activities: | |||||||
Improvements to and investments in real estate assets | (140,036 | ) | (135,868 | ) | |||
Acquisitions of real estate assets | (111,790 | ) | (6,733 | ) | |||
Proceeds from sales of real estate assets | 228,680 | 31,068 | |||||
Proceeds from sale of unconsolidated joint venture interest | 12,369 | — | |||||
Purchase of marketable securities | (23,995 | ) | (35,163 | ) | |||
Proceeds from sale of marketable securities | 20,640 | 31,622 | |||||
Net cash used in investing activities | (14,132 | ) | (115,074 | ) | |||
Financing activities: | |||||||
Repayment of debt obligations and financing liabilities | (396,356 | ) | (865,918 | ) | |||
Repayment of borrowings under unsecured revolving credit facility | (548,000 | ) | (805,000 | ) | |||
Proceeds from borrowings under unsecured revolving credit facility | 426,000 | 481,000 | |||||
Proceeds from unsecured term loan and notes | 1,193,916 | 1,094,648 | |||||
Repayment of borrowings under unsecured term loan | (790,000 | ) | — | ||||
Deferred financing costs | (11,179 | ) | (17,698 | ) | |||
Partner distributions | (242,209 | ) | (227,348 | ) | |||
Net cash used in financing activities | (367,828 | ) | (340,316 | ) | |||
Change in cash, cash equivalents and restricted cash | 39,153 | (34,199 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 102,835 | 110,968 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 141,988 | $ | 76,769 | |||
Reconciliation to consolidated balance sheets | |||||||
Cash and cash equivalents | $ | 29,948 | $ | 31,107 | |||
Restricted cash | 112,040 | 45,662 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 141,988 | $ | 76,769 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest, net of amount capitalized of $2,268 and $1,918 | $ | 176,524 | $ | 183,505 | |||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
Description(1) | Location | Month Acquired | GLA | Aggregate Purchase Price(2) | ||||||||||||||||||||||
Land at Ellisville Square (3) | Ellisville, MO | Jan-21 | N/A | $ | 2,014 | |||||||||||||||||||||
Outparcel adjacent to Cobblestone Village | St. Augustine, FL | Feb-21 | 5,040 | 1,520 | ||||||||||||||||||||||
Land associated with Westgate Plaza | Westfield, MA | Mar-21 | N/A | 245 | ||||||||||||||||||||||
Center of Bonita Springs | Bonita Springs, FL | Apr-21 | 281,394 | 48,061 | ||||||||||||||||||||||
Champlin Marketplace | Champlin, MN | Jun-21 | 91,970 | 14,876 | ||||||||||||||||||||||
378,404 | $ | 66,716 |
Aggregate Purchase Price | ||||||||||||||||
Description | Location | Month Acquired | GLA | Cash | Debt Assumed | Total | ||||||||||
Outparcel building adjacent to Annex of Arlington | Arlington Heights, IL | Feb-17 | 5,760 | $ | 1,006 | $ | — | $ | 1,006 | |||||||
Outparcel adjacent to Northeast Plaza | Atlanta, GA | Feb-17 | N/A | 1,537 | — | 1,537 | ||||||||||
Arborland Center | Ann Arbor, MI | Mar-17 | 403,536 | 102,268 | — | 102,268 | ||||||||||
Building adjacent to Preston Park | Plano, TX | Apr-17 | 31,080 | 4,015 | — | 4,015 | ||||||||||
Outparcel building adjacent to Cobblestone Village | St. Augustine, FL | May-17 | 4,403 | 1,306 | — | 1,306 | ||||||||||
Outparcel adjacent to Wynnewood Village | Dallas, TX | May-17 | N/A | 1,658 | — | 1,658 | ||||||||||
444,779 | $ | 111,790 | $ | — | $ | 111,790 |
Description(1) | Location | Month Acquired | GLA | Aggregate Purchase Price(2) | ||||||||||||||||||||||
Land adjacent to Shops at Palm Lakes | Miami Gardens, FL | Feb-20 | N/A | $ | 2,020 | |||||||||||||||||||||
N/A | $ | 2,020 |
Six Months Ended June 30, | ||||||||||||||
Assets | 2021 | 2020 | ||||||||||||
Land | $ | 17,669 | $ | 2,020 | ||||||||||
Buildings | 38,082 | 0 | ||||||||||||
Building and tenant improvements | 7,128 | 0 | ||||||||||||
Above-market leases(1) | 149 | 0 | ||||||||||||
In-place leases(2) | 5,523 | 0 | ||||||||||||
Total assets acquired | $ | 68,551 | $ | 2,020 | ||||||||||
Liabilities | ||||||||||||||
Below-market leases(3) | $ | 1,835 | $ | 0 | ||||||||||
Total liabilities | 1,835 | 0 | ||||||||||||
Net assets acquired | $ | 66,716 | $ | 2,020 |
Nine Months Ended September 30, 2017 | |||||
Assets | |||||
Land | $ | 19,240 | |||
Buildings | 75,286 | ||||
Building and tenant improvements | 9,177 | ||||
Above market rents | 2,381 | ||||
In-place leases | 8,608 | ||||
Total assets | 114,692 | ||||
Liabilities | |||||
Accounts payable, accrued expenses and other liabilities (below market leases) | 2,902 | ||||
Total liabilities | 2,902 | ||||
Net Assets Acquired | $ | 111,790 |
Assets | June 30, 2021 | December 31, 2020 | |||||||||
Land | $ | 0 | $ | 5,447 | |||||||
Buildings and improvements | 0 | 16,481 | |||||||||
Accumulated depreciation and amortization | 0 | (4,693) | |||||||||
Real estate, net | 0 | 17,235 | |||||||||
Other assets | 0 | 779 | |||||||||
Assets associated with real estate assets held for sale | $ | 0 | $ | 18,014 | |||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Land | $ | 1,749,145 | $ | 1,740,263 | |||||||
Buildings and improvements: | |||||||||||
Buildings and tenant improvements(1) | 7,958,581 | 7,856,850 | |||||||||
Lease intangibles(2) | 551,150 | 566,448 | |||||||||
10,258,876 | 10,163,561 | ||||||||||
Accumulated depreciation and amortization(3) | (2,745,122) | (2,659,448) | |||||||||
Total | $ | 7,513,754 | $ | 7,504,113 |
September 30, 2017 | December 31, 2016 | ||||||
Land | $ | 1,985,781 | $ | 2,006,655 | |||
Buildings and improvements: | |||||||
Buildings and tenant improvements | 8,143,978 | 8,165,672 | |||||
Lease intangibles (1) | 800,760 | 836,731 | |||||
10,930,519 | 11,009,058 | ||||||
Accumulated depreciation and amortization (2) | (2,320,090 | ) | (2,167,054 | ) | |||
Total | $ | 8,610,429 | $ | 8,842,004 |
Year ending December 31, | Below-market lease accretion (income), net of above-market lease amortization expense | In-place lease amortization expense | ||||||||||||
2021 (remaining six months) | $ | (5,324) | $ | 6,621 | ||||||||||
2022 | (9,093) | 9,777 | ||||||||||||
2023 | (7,875) | 7,370 | ||||||||||||
2024 | (7,385) | 5,667 | ||||||||||||
2025 | (6,199) | 4,238 |
Year ending December 31, | Above- and below-market lease accretion (income), net | In-place lease amortization expense | ||||||
2017 (remaining three months) | $ | (6,590 | ) | $ | 9,642 | |||
2018 | (24,797 | ) | 33,291 | |||||
2019 | (20,882 | ) | 26,284 | |||||
2020 | (17,036 | ) | 19,611 | |||||
2021 | (14,066 | ) | 14,151 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||
Property Name(1) | Location | GLA | Impairment Charge | |||||||||||||||||
Erie Canal Centre | DeWitt, NY | 123,404 | $ | 431 | ||||||||||||||||
123,404 | $ | 431 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||
Property Name(1) | Location | GLA | Impairment Charge | |||||||||||||||||
Albany Plaza(2) | Albany, GA | 114,169 | $ | 1,467 | ||||||||||||||||
Erie Canal Centre | DeWitt, NY | 123,404 | 431 | |||||||||||||||||
237,573 | $ | 1,898 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||
Property Name(1) | Location | GLA | Impairment Charge | |||||||||||||||||
30th Street Plaza(2) | Canton, OH | 145,935 | $ | 4,449 | ||||||||||||||||
Chamberlain Plaza(2) | Meriden, CT | 54,302 | 1,513 | |||||||||||||||||
200,237 | $ | 5,962 |
Three Months Ended September 30, 2017 | |||||||||
Property Name | Location | GLA | Impairment Charge | ||||||
Lexington Road Plaza(1) | Versailles, KY | 197,668 | $ | 6,393 | |||||
Shops at Seneca Mall(1) | Liverpool, NY | 231,024 | 1,507 | ||||||
Remount Village Shopping Center(1) | North Charleston, SC | 60,238 | 599 | ||||||
Fashion Square(1) | Orange Park, FL | 36,029 | 2,125 | ||||||
Renaissance Center East(1)(2) | Las Vegas, NV | 144,216 | 52 | ||||||
The Shoppes at North Ridgeville(1)(2) | North Ridgeville, OH | 59,852 | 389 | ||||||
729,027 | $ | 11,065 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||
Property Name(1) | Location | GLA | Impairment Charge | |||||||||||||||||
Spring Mall | Greenfield, WI | 45,920 | $ | 4,584 | ||||||||||||||||
30th Street Plaza(2) | Canton, OH | 145,935 | 4,449 | |||||||||||||||||
Chamberlain Plaza(2) | Meriden, CT | 54,302 | 1,513 | |||||||||||||||||
Parcel at Lakes Crossing(3) | Muskegon, MI | 4,990 | 14 | |||||||||||||||||
251,147 | $ | 10,560 |
Nine Months Ended September 30, 2017 | |||||||||
Property Name | Location | GLA | Impairment Charge | ||||||
The Plaza at Salmon Run(1) | Watertown, NY | 68,761 | $ | 3,486 | |||||
Smith's(1) | Socorro, NM | 48,000 | 2,200 | ||||||
The Manchester Collection(1) | Manchester, CT | 342,247 | 9,026 | ||||||
Renaissance Center East(1)(2) | Las Vegas, NV | 144,216 | 1,658 | ||||||
Lexington Road Plaza(1) | Versailles, KY | 197,668 | 6,393 | ||||||
Shops at Seneca Mall(1) | Liverpool, NY | 231,024 | 1,507 | ||||||
Remount Village Shopping Center(1) | North Charleston, SC | 60,238 | 599 | ||||||
Fashion Square(1) | Orange Park, FL | 36,029 | 2,125 | ||||||
The Shoppes at North Ridgeville(1)(2) | North Ridgeville, OH | 59,852 | 389 | ||||||
1,188,035 | $ | 27,383 |
Three and Nine Months Ended September 30, 2016 | |||||||||
Property Name | Location | GLA | Impairment Charge | ||||||
Inwood Forest(1) | Houston, TX | 77,553 | $ | 52 | |||||
Plymouth Plaza(2) | Plymouth Meeting, PA | 30,013 | 1,990 | ||||||
Other | - | N/A | (71 | ) | |||||
107,566 | $ | 1,971 |
Number of Instruments | Notional Amount | |||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||
Interest Rate Swaps | 9 | 9 | $ | 1,400,000 | $ | 1,400,000 |
Number of Instruments | Notional Amount | ||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||
Interest Rate Swaps | 5 | 7 | $ | 550,000 | $ | 800,000 |
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments | |||||||||||||||||||||
Interest rate swaps classified as: | September 30, 2017 | December 31, 2016 | Interest rate swaps classified as: | June 30, 2021 | December 31, 2020 | |||||||||||||||||
Gross derivative assets | $ | 20,171 | $ | 21,605 | Gross derivative assets | $ | 0 | $ | 0 | |||||||||||||
Gross derivative liabilities | — | — | Gross derivative liabilities | (19,516) | (28,225) | |||||||||||||||||
Net derivative assets | $ | 20,171 | $ | 21,605 | ||||||||||||||||||
Net derivative liabilities | Net derivative liabilities | $ | (19,516) | $ | (28,225) |
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) | Three Months Ended September 30, | Nine Months Ended September 30, | Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps | $ | 132 | $ | 79 | $ | (532 | ) | $ | (1,704 | ) | Change in unrealized gain (loss) on interest rate swaps | $ | (325) | $ | (3,180) | $ | 2,274 | $ | (27,011) | |||||||||||||||||||||||
Amortization of interest rate swaps to interest expense | (1,094 | ) | 1,242 | (902 | ) | 4,117 | Amortization of interest rate swaps to interest expense | 3,157 | 2,345 | 6,224 | 2,298 | |||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps, net | $ | (962 | ) | $ | 1,321 | $ | (1,434 | ) | $ | 2,413 | Change in unrealized gain (loss) on interest rate swaps, net | $ | 2,832 | $ | (835) | $ | 8,498 | $ | (24,713) |
Carrying Value as of | ||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | Stated Interest Rate(1) | Scheduled Maturity Date | |||||||||||||||||||||||
Notes payable | ||||||||||||||||||||||||||
Unsecured notes(2)(3) | $ | 4,868,453 | $ | 4,518,453 | 1.23% – 7.97% | 2022 – 2030 | ||||||||||||||||||||
Net unamortized premium | 29,315 | 31,390 | ||||||||||||||||||||||||
Net unamortized debt issuance costs | (25,889) | (25,232) | ||||||||||||||||||||||||
Total notes payable, net | $ | 4,871,879 | $ | 4,524,611 | ||||||||||||||||||||||
Unsecured Credit Facility and term loans | ||||||||||||||||||||||||||
Unsecured Credit Facility - Revolving Facility | $ | 0 | $ | 0 | N/A | 2023 | ||||||||||||||||||||
Unsecured $350 Million Term Loan | 0 | 350,000 | N/A | N/A | ||||||||||||||||||||||
Unsecured $300 Million Term Loan(4) | 300,000 | 300,000 | 1.34% | 2024 | ||||||||||||||||||||||
Net unamortized debt issuance costs | (4,841) | (7,281) | ||||||||||||||||||||||||
Total Unsecured Credit Facility and term loans | $ | 295,159 | $ | 642,719 | ||||||||||||||||||||||
Total debt obligations, net | $ | 5,167,038 | $ | 5,167,330 |
Carrying Value as of | ||||||||||||
September 30, 2017 | December 31, 2016 | Stated Interest Rates (7) | Scheduled Maturity Date | |||||||||
Secured loans | ||||||||||||
Secured loans(1)(2) | $ | 915,936 | $ | 1,312,292 | 4.40% - 7.89% | 2017 – 2024 | ||||||
Net unamortized premium | 16,803 | 25,189 | ||||||||||
Net unamortized debt issuance cost | (150 | ) | (387 | ) | ||||||||
Total secured loans, net | $ | 932,589 | $ | 1,337,094 | ||||||||
Notes payable | ||||||||||||
Unsecured notes(3) | $ | 3,218,453 | $ | 2,318,453 | 3.25% - 7.97% | 2022 - 2029 | ||||||
Net unamortized discount | (13,965 | ) | (9,097 | ) | ||||||||
Net unamortized debt issuance cost | (23,306 | ) | (17,402 | ) | ||||||||
Total notes payable, net | $ | 3,181,182 | $ | 2,291,954 | ||||||||
Unsecured Credit Facility and Term Loan | ||||||||||||
Unsecured Credit Facility(4) | $ | 710,000 | $ | 1,622,000 | 2.60% | 2018 – 2021 | ||||||
Unsecured $600 Million Term Loan(5) | 600,000 | 600,000 | 2.65% | 2019 | ||||||||
Unsecured $300 Million Term Loan(6) | 300,000 | — | 3.14% | 2024 | ||||||||
Net unamortized debt issuance cost | (10,083 | ) | (12,159 | ) | ||||||||
Total Unsecured Credit Facility and Term Loan | $ | 1,599,917 | $ | 2,209,841 | ||||||||
Total debt obligations, net | $ | 5,713,688 | $ | 5,838,889 |
Year ending December 31, | ||||||||
2021 (remaining six months) | $ | 0 | ||||||
2022 | 250,000 | |||||||
2023 | 500,000 | |||||||
2024 | 800,000 | |||||||
2025 | 700,000 | |||||||
Thereafter | 2,918,453 | |||||||
Total debt maturities | 5,168,453 | |||||||
Net unamortized premium | 29,315 | |||||||
Net unamortized debt issuance costs | (30,730) | |||||||
Total debt obligations, net | $ | 5,167,038 |
Year ending December 31, | ||||
2017 (remaining three months) | $ | 13,165 | ||
2018 | 227,892 | |||
2019 | 618,437 | |||
2020 | 673,217 | |||
2021 | 686,225 | |||
Thereafter | 3,525,453 | |||
Total debt maturities | 5,744,389 | |||
Net unamortized premiums and discounts | 2,838 | |||
Net unamortized debt issuance costs | (33,539 | ) | ||
Total debt obligations, net | $ | 5,713,688 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Carrying Amounts | Fair Value | Carrying Amounts | Fair Value | |||||||||||||
Secured loans | $ | 932,589 | $ | 989,296 | $ | 1,337,094 | $ | 1,410,698 | ||||||||
Notes payable | 3,181,182 | 3,231,275 | 2,291,954 | 2,302,048 | ||||||||||||
Unsecured Credit Facility and Term Loans | 1,599,917 | 1,611,802 | 2,209,841 | 2,223,807 | ||||||||||||
Total debt obligations, net | $ | 5,713,688 | $ | 5,832,373 | $ | 5,838,889 | $ | 5,936,553 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Amounts | Fair Value | Carrying Amounts | Fair Value | ||||||||||||||||||||
Notes payable | $ | 4,871,879 | $ | 5,290,873 | $ | 4,524,611 | $ | 5,012,523 | |||||||||||||||
Unsecured Credit Facility and term loans | 295,159 | 300,743 | 642,719 | 651,639 | |||||||||||||||||||
Total debt obligations, net | $ | 5,167,038 | $ | 5,591,616 | $ | 5,167,330 | $ | 5,664,162 |
Fair Value Measurements as of June 30, 2021 | |||||||||||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Marketable securities(1) | $ | 18,188 | $ | 4,756 | $ | 13,432 | $ | 0 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate derivatives | $ | (19,516) | $ | 0 | $ | (19,516) | $ | 0 | |||||||||||||||
Fair Value Measurements as of December 31, 2020 | |||||||||||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Marketable securities(1) | $ | 19,548 | $ | 980 | $ | 18,568 | $ | 0 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate derivatives | $ | (28,225) | $ | 0 | $ | (28,225) | $ | 0 |
Fair Value Measurements as of September 30, 2017 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Marketable securities(1) | $ | 28,840 | $ | 986 | $ | 27,854 | $ | — | |||||||
Interest rate derivatives | $ | 20,171 | $ | — | $ | 20,171 | $ | — | |||||||
Fair Value Measurements as of December 31, 2016 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Marketable securities(1) | $ | 25,573 | $ | 5,679 | $ | 19,894 | $ | — | |||||||
Interest rate derivatives | $ | 21,605 | $ | — | $ | 21,605 | $ | — |
Fair Value Measurements as of June 30, 2021 | |||||||||||||||||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Impairment of Real Estate Assets | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Properties(1)(2) | $ | 18,091 | $ | 0 | $ | 0 | $ | 18,091 | $ | 431 | |||||||||||||||||||
Fair Value Measurements as of December 31, 2020 | |||||||||||||||||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Impairment of Real Estate Assets | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Properties(3)(4)(5) | $ | 27,184 | $ | 0 | $ | 0 | $ | 27,184 | $ | 11,544 |
Fair Value Measurements as of September 30, 2017 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Properties(1)(2) | $ | 69,652 | $ | — | $ | — | $ | 69,652 | |||||||
Fair Value Measurements as of December 31, 2016 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Properties(3) | $ | 285 | $ | — | $ | — | $ | 285 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||
Deferrals | Abatements | Deferrals | Abatements | |||||||||||||||||||||||
Lease payments (lease modifications) | $ | 324 | $ | 847 | $ | 744 | $ | 207 | ||||||||||||||||||
Lease payments (not lease modifications) | 2,665 | 875 | 14,165 | 36 | ||||||||||||||||||||||
$ | 2,989 | $ | 1,722 | $ | 14,909 | $ | 243 | |||||||||||||||||||
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||
Deferrals | Abatements | Deferrals | Abatements | |||||||||||||||||||||||
Lease payments (lease modifications) | $ | 1,025 | $ | 1,584 | $ | 744 | $ | 207 | ||||||||||||||||||
Lease payments (not lease modifications) | 8,850 | 2,973 | 14,165 | 36 | ||||||||||||||||||||||
$ | 9,875 | $ | 4,557 | $ | 14,909 | $ | 243 |
COVID-19 Deferred Receivable |
Beginning balance, December 31, 2020 | $ | 15,359 | ||||||
6,185 | ||||||||
(1,760) | ||||||||
Deferred lease payments received | (10,416) | |||||||
Ending balance, March 31, | 9,368 | |||||||
Deferred lease payments (not lease modifications) | 2,665 | |||||||
Deferred lease payments deemed uncollectible | 425 | |||||||
Deferred lease payments received | (8,378) | |||||||
Ending balance, June 30, 2021 | $ | 4,080 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Supplemental Statements of Operations Information | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Operating lease costs | $ | 1,428 | $ | 1,761 | $ | 3,046 | $ | 3,517 | ||||||||||||||||||
Short-term lease costs | 0 | 9 | 1 | 19 | ||||||||||||||||||||||
Variable lease costs | 88 | 105 | 203 | 234 | ||||||||||||||||||||||
Total lease costs | $ | 1,516 | $ | 1,875 | $ | 3,250 | $ | 3,770 | ||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||
Supplemental Statements of Cash Flows Information | 2021 | 2020 | ||||||||||||||||||||||||
Operating cash outflows from operating leases | $ | 3,137 | $ | 3,527 | ||||||||||||||||||||||
ROU assets written off due to dispositions and lease modifications | (229) | (1,748) | ||||||||||||||||||||||||
Operating Lease Liabilities | As of June 30, 2021 | |||||||||||||||||||||||||
Future minimum operating lease payments: | ||||||||||||||||||||||||||
2021 (remaining six months) | $ | 2,989 | ||||||||||||||||||||||||
2022 | 5,986 | |||||||||||||||||||||||||
2023 | 5,296 | |||||||||||||||||||||||||
2024 | 5,203 | |||||||||||||||||||||||||
2025 | 4,902 | |||||||||||||||||||||||||
Thereafter | 25,071 | |||||||||||||||||||||||||
Total future minimum operating lease payments | 49,447 | |||||||||||||||||||||||||
Less: imputed interest | (13,507) | |||||||||||||||||||||||||
Operating lease liabilities | $ | 35,940 | ||||||||||||||||||||||||
Supplemental Balance Sheets Information | As of June 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||
Operating lease liabilities(1)(2) | $ | 35,940 | $ | 38,599 | ||||||||||||||||||||||
ROU assets(1)(3) | $ | 31,416 | $ | 34,006 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Computation of Basic Earnings Per Share: | |||||||||||||||||||||||
Net income | $ | 90,428 | $ | 9,044 | $ | 142,799 | $ | 68,825 | |||||||||||||||
Non-forfeitable dividends on unvested restricted shares | (293) | (27) | (434) | (232) | |||||||||||||||||||
Net income attributable to the Company’s common stockholders for basic earnings per share | $ | 90,135 | $ | 9,017 | $ | 142,365 | $ | 68,593 | |||||||||||||||
Weighted average number shares outstanding – basic | 297,216 | 296,546 | 297,196 | 297,194 | |||||||||||||||||||
Basic earnings per share attributable to the Company’s common stockholders: | |||||||||||||||||||||||
Net income per share | $ | 0.30 | $ | 0.03 | $ | 0.48 | $ | 0.23 | |||||||||||||||
Computation of Diluted Earnings Per Share: | |||||||||||||||||||||||
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ | 90,135 | $ | 9,017 | $ | 142,365 | $ | 68,593 | |||||||||||||||
Weighted average shares outstanding – basic | 297,216 | 296,546 | 297,196 | 297,194 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Equity awards | 1,061 | 227 | 1,026 | 291 | |||||||||||||||||||
Weighted average shares outstanding – diluted | 298,277 | 296,773 | 298,222 | 297,485 | |||||||||||||||||||
Diluted earnings per share attributable to the Company’s common stockholders: | |||||||||||||||||||||||
Net income per share | $ | 0.30 | $ | 0.03 | $ | 0.48 | $ | 0.23 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Computation of Basic Earnings Per Share: | |||||||||||||||
Net income | $ | 83,380 | $ | 57,805 | $ | 230,473 | $ | 184,824 | |||||||
Income attributable to non-controlling interests | — | (313 | ) | (76 | ) | (2,399 | ) | ||||||||
Non-forfeitable dividends on unvested restricted shares | (10 | ) | (9 | ) | (31 | ) | (26 | ) | |||||||
Preferred stock dividends | — | — | (39 | ) | — | ||||||||||
Net income attributable to the Company’s common stockholders for basic earnings per share | $ | 83,370 | $ | 57,483 | $ | 230,327 | $ | 182,399 | |||||||
Weighted average shares outstanding - basic | 304,936 | 303,013 | 304,810 | 300,697 | |||||||||||
Basic Earnings Per Share Attributable to the Company’s Common Stockholders: | |||||||||||||||
Net income | $ | 0.27 | $ | 0.19 | $ | 0.76 | $ | 0.61 | |||||||
Computation of Diluted Earnings Per Share: | |||||||||||||||
Net income attributable to the Company’s common stockholders for basic earnings per share | $ | 83,370 | $ | 57,483 | $ | 230,327 | $ | 182,399 | |||||||
Allocation of net income to dilutive convertible non-controlling interests | — | — | 76 | — | |||||||||||
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ | 83,370 | $ | 57,483 | $ | 230,403 | $ | 182,399 | |||||||
Weighted average shares outstanding - basic | 304,936 | 303,013 | 304,810 | 300,697 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Conversion of OP Units | — | — | 104 | — | |||||||||||
Equity awards | 240 | 508 | 261 | 449 | |||||||||||
Weighted average shares outstanding - diluted | 305,176 | 303,521 | 305,175 | 301,146 | |||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Stockholders: | |||||||||||||||
Net income | $ | 0.27 | $ | 0.19 | $ | 0.75 | $ | 0.61 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Computation of Basic Earnings Per Unit: | |||||||||||||||||||||||
Net income | $ | 90,428 | $ | 9,044 | $ | 142,799 | $ | 68,825 | |||||||||||||||
Non-forfeitable dividends on unvested restricted units | (293) | (27) | (434) | (232) | |||||||||||||||||||
Net income attributable to the Operating Partnership’s common units for basic earnings per unit | $ | 90,135 | $ | 9,017 | $ | 142,365 | $ | 68,593 | |||||||||||||||
Weighted average number common units outstanding – basic | 297,216 | 296,546 | 297,196 | 297,194 | |||||||||||||||||||
Basic earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||||||||||||||
Net income per unit | $ | 0.30 | $ | 0.03 | $ | 0.48 | $ | 0.23 | |||||||||||||||
Computation of Diluted Earnings Per Unit: | |||||||||||||||||||||||
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit | $ | 90,135 | $ | 9,017 | $ | 142,365 | $ | 68,593 | |||||||||||||||
Weighted average common units outstanding – basic | 297,216 | 296,546 | 297,196 | 297,194 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Equity awards | 1,061 | 227 | 1,026 | 291 | |||||||||||||||||||
Weighted average common units outstanding – diluted | 298,277 | 296,773 | 298,222 | 297,485 | |||||||||||||||||||
Diluted earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||||||||||||||
Net income per unit | $ | 0.30 | $ | 0.03 | $ | 0.48 | $ | 0.23 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Computation of Basic Earnings Per Unit: | |||||||||||||||
Net income attributable to Brixmor Operating Partnership LP | $ | 83,380 | $ | 57,805 | $ | 230,473 | $ | 184,824 | |||||||
Non-forfeitable dividends on unvested restricted units | (10 | ) | (9 | ) | (31 | ) | (26 | ) | |||||||
Net income attributable to the Operating Partnership’s common units for basic earnings per unit | $ | 83,370 | $ | 57,796 | $ | 230,442 | $ | 184,798 | |||||||
Weighted average common units outstanding - basic | 304,936 | 304,659 | 304,914 | 304,577 | |||||||||||
Basic Earnings Per Unit Attributable to the Operating Partnership’s Common Units: | |||||||||||||||
Net Income | $ | 0.27 | $ | 0.19 | $ | 0.76 | $ | 0.61 | |||||||
Computation of Diluted Earnings Per Unit: | |||||||||||||||
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit | $ | 83,370 | $ | 57,796 | $ | 230,442 | $ | 184,798 | |||||||
Weighted average common units outstanding - basic | 304,936 | 304,659 | 304,914 | 304,577 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Equity awards | 240 | 508 | 261 | 449 | |||||||||||
Weighted average common units outstanding - diluted | 305,176 | 305,167 | 305,175 | 305,026 | |||||||||||
Diluted Earnings Per Unit Attributable to the Operating Partnership’s Common Units: | |||||||||||||||
Net Income | $ | 0.27 | $ | 0.19 | $ | 0.76 | $ | 0.61 |
Year ending December 31, | ||||
2017 (remaining three months) | $ | 1,828 | ||
2018 | 7,127 | |||
2019 | 7,046 | |||
2020 | 7,060 | |||
2021 | 7,251 | |||
Thereafter | 79,084 | |||
Total minimum annual rental commitments | $ | 109,396 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Occupancy | ||||||||||||||||
Billed | 89.6 | % | 90.6 | % | 89.6 | % | 90.6 | % | ||||||||
Leased | 91.6 | % | 92.6 | % | 91.6 | % | 92.6 | % | ||||||||
Executed leases | ||||||||||||||||
New leases | ||||||||||||||||
Leases executed | 158 | 191 | 472 | 569 | ||||||||||||
GLA executed | 0.7 million | 0.8 million | 2.3 million | 2.6 million | ||||||||||||
Renewal leases | ||||||||||||||||
Leases executed | 235 | 229 | 721 | 720 | ||||||||||||
GLA executed | 1.4 million | 1.2 million | 3.5 million | 3.3 million | ||||||||||||
Option leases | ||||||||||||||||
Leases executed | 93 | 93 | 240 | 275 | ||||||||||||
GLA executed | 1.3 million | 1.5 million | 3.2 million | 4.8 million | ||||||||||||
Total | ||||||||||||||||
Leases executed | 486 | 513 | 1,433 | 1,564 | ||||||||||||
GLA executed | 3.4 million | 3.5 million | 9.0 million | 10.7 million | ||||||||||||
New and renewal lease statistics | ||||||||||||||||
New leases | ||||||||||||||||
Average ABR per square foot | $ | 16.89 | $ | 15.53 | $ | 15.92 | $ | 15.40 | ||||||||
Average ABR per square foot increase (1) | 20.7 | % | 26.2 | % | 30.6 | % | 28.4 | % | ||||||||
Average tenant improvements per square foot | $ | 23.39 | $ | 20.83 | $ | 22.87 | $ | 20.59 | ||||||||
Average leasing commissions per square foot | $ | 4.19 | $ | 3.37 | $ | 3.90 | $ | 3.28 | ||||||||
New and renewal leases | ||||||||||||||||
Average ABR per square foot | $ | 14.99 | $ | 13.40 | $ | 15.57 | $ | 14.93 | ||||||||
Average ABR per square foot increase (1) | 12.7 | % | 14.7 | % | 15.2 | % | 15.5 | % | ||||||||
Average tenant improvements per square foot | $ | 11.76 | $ | 8.72 | $ | 11.33 | $ | 9.26 | ||||||||
Average leasing commissions per square foot | $ | 1.52 | $ | 1.38 | $ | 1.62 | $ | 1.48 |
For the Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | ||||||||||||||||||||||||||||||
New, renewal and option leases | 396 | 2,275,255 | $ | 16.45 | $ | 4.75 | $ | 2.06 | 10.0 | % | |||||||||||||||||||||||||
New and renewal leases | 361 | 1,566,061 | 19.18 | 6.91 | 2.99 | 10.7 | % | ||||||||||||||||||||||||||||
New leases | 163 | 700,175 | 19.48 | 14.44 | 6.45 | 19.8 | % | ||||||||||||||||||||||||||||
Renewal leases | 198 | 865,886 | 18.94 | 0.81 | 0.20 | 7.3 | % | ||||||||||||||||||||||||||||
Option leases | 35 | 709,194 | 10.41 | — | — | 8.0 | % | ||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | ||||||||||||||||||||||||||||||
New, renewal and option leases | 283 | 1,841,519 | $ | 13.49 | $ | 2.83 | $ | 1.01 | 6.5 | % | |||||||||||||||||||||||||
New and renewal leases | 241 | 1,275,855 | 14.27 | 4.09 | 1.45 | 5.9 | % | ||||||||||||||||||||||||||||
New leases | 75 | 425,561 | 13.74 | 11.04 | 4.24 | 19.4 | % | ||||||||||||||||||||||||||||
Renewal leases | 166 | 850,294 | 14.53 | 0.61 | 0.06 | 3.3 | % | ||||||||||||||||||||||||||||
Option leases | 42 | 565,664 | 11.75 | — | — | 7.8 | % |
For the Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | ||||||||||||||||||||||||||||||
New, renewal and option leases | 788 | 4,405,303 | $ | 16.57 | $ | 4.68 | $ | 1.84 | 8.3 | % | |||||||||||||||||||||||||
New and renewal leases | 716 | 2,975,631 | 18.99 | 6.92 | 2.72 | 8.9 | % | ||||||||||||||||||||||||||||
New leases | 303 | 1,354,680 | 18.31 | 14.41 | 5.83 | 20.0 | % | ||||||||||||||||||||||||||||
Renewal leases | 413 | 1,620,951 | 19.56 | 0.67 | 0.13 | 5.4 | % | ||||||||||||||||||||||||||||
Option leases | 72 | 1,429,672 | 11.53 | — | — | 6.8 | % | ||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | ||||||||||||||||||||||||||||||
New, renewal and option leases | 617 | 4,188,834 | $ | 13.66 | $ | 3.74 | $ | 1.14 | 8.1 | % | |||||||||||||||||||||||||
New and renewal leases | 518 | 2,686,485 | 14.88 | 5.80 | 1.77 | 8.2 | % | ||||||||||||||||||||||||||||
New leases | 178 | 1,012,215 | 14.96 | 14.19 | 4.59 | 22.2 | % | ||||||||||||||||||||||||||||
Renewal leases | 340 | 1,674,270 | 14.84 | 0.73 | 0.07 | 4.5 | % | ||||||||||||||||||||||||||||
Option leases | 99 | 1,502,349 | 11.46 | 0.07 | — | 7.8 | % |
Three Months Ended June 30, | |||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||
Revenues | |||||||||||||||||
Rental income | $ | 286,933 | $ | 247,434 | $ | 39,499 | |||||||||||
Other revenues | 91 | 186 | (95) | ||||||||||||||
Total revenues | $ | 287,024 | $ | 247,620 | $ | 39,404 |
Three Months Ended September 30, | |||||||||||
2017 | 2016 | $ Change | |||||||||
Revenues | |||||||||||
Rental income | $ | 246,578 | $ | 247,859 | $ | (1,281 | ) | ||||
Expense reimbursements | 66,489 | 69,469 | (2,980 | ) | |||||||
Other revenues | 1,429 | 1,249 | 180 | ||||||||
Total revenues | $ | 314,496 | $ | 318,577 | $ | (4,081 | ) |
Three Months Ended June 30, | |||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||
Operating expenses | |||||||||||||||||
Operating costs | $ | 28,755 | $ | 25,136 | $ | 3,619 | |||||||||||
Real estate taxes | 42,257 | 41,808 | 449 | ||||||||||||||
Depreciation and amortization | 81,212 | 80,829 | 383 | ||||||||||||||
Impairment of real estate assets | 431 | 5,962 | (5,531) | ||||||||||||||
General and administrative | 26,461 | 24,436 | 2,025 | ||||||||||||||
Total operating expenses | $ | 179,116 | $ | 178,171 | $ | 945 |
Three Months Ended September 30, | |||||||||||
2017 | 2016 | $ Change | |||||||||
Operating expenses | |||||||||||
Operating costs | $ | 30,505 | $ | 31,041 | $ | (536 | ) | ||||
Real estate taxes | 45,076 | 47,812 | (2,736 | ) | |||||||
Depreciation and amortization | 94,239 | 98,337 | (4,098 | ) | |||||||
Provision for doubtful accounts | 1,216 | 2,218 | (1,002 | ) | |||||||
Impairment of real estate assets | 11,065 | 1,971 | 9,094 | ||||||||
General and administrative | 22,838 | 21,787 | 1,051 | ||||||||
Total operating expenses | $ | 204,939 | $ | 203,166 | $ | 1,773 |
Three Months Ended June 30, | |||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||
Other income (expense) | |||||||||||||||||
Dividends and interest | $ | 104 | $ | 102 | $ | 2 | |||||||||||
Interest expense | (49,689) | (49,852) | 163 | ||||||||||||||
Gain on sale of real estate assets | 32,603 | 692 | 31,911 | ||||||||||||||
Loss on extinguishment of debt, net | (32) | (10,386) | 10,354 | ||||||||||||||
Other | (466) | (961) | 495 | ||||||||||||||
Total other expense | $ | (17,480) | $ | (60,405) | $ | 42,925 |
Three Months Ended September 30, | |||||||||||
2017 | 2016 | $ Change | |||||||||
Other income (expense) | |||||||||||
Dividends and interest | $ | 76 | $ | 89 | $ | (13 | ) | ||||
Interest expense | (57,410 | ) | (57,855 | ) | 445 | ||||||
Gain on sale of real estate assets | 25,942 | 2,450 | 23,492 | ||||||||
Gain (loss) on extinguishment of debt, net | 1,828 | (1,042 | ) | 2,870 | |||||||
Other | (1,200 | ) | (1,370 | ) | 170 | ||||||
Total other income (expense) | $ | (30,764 | ) | $ | (57,728 | ) | $ | 26,964 |
Three Months Ended September 30, | |||||||||||
2017 | 2016 | $ Change | |||||||||
Equity in income of unconsolidated joint venture | $ | 31 | $ | 122 | $ | (91 | ) | ||||
Gain on disposition of unconsolidated joint venture interest | $ | 4,556 | $ | — | $ | 4,556 |
Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||
Revenues | |||||||||||||||||
Rental income | $ | 563,394 | $ | 527,836 | $ | 35,558 | |||||||||||
Other revenues | 3,376 | 2,085 | 1,291 | ||||||||||||||
Total revenues | $ | 566,770 | $ | 529,921 | $ | 36,849 |
Nine Months Ended September 30, | |||||||||||
2017 | 2016 | $ Change | |||||||||
Revenues | |||||||||||
Rental income | $ | 749,976 | $ | 744,580 | $ | 5,396 | |||||
Expense reimbursements | 206,718 | 200,944 | 5,774 | ||||||||
Other revenues | 6,426 | 6,214 | 212 | ||||||||
Total revenues | $ | 963,120 | $ | 951,738 | $ | 11,382 |
Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||
Operating expenses | |||||||||||||||||
Operating costs | $ | 60,140 | $ | 55,492 | $ | 4,648 | |||||||||||
Real estate taxes | 85,145 | 84,672 | 473 | ||||||||||||||
Depreciation and amortization | 164,632 | 163,846 | 786 | ||||||||||||||
Impairment of real estate assets | 1,898 | 10,560 | (8,662) | ||||||||||||||
General and administrative | 51,106 | 47,033 | 4,073 | ||||||||||||||
Total operating expenses | $ | 362,921 | $ | 361,603 | $ | 1,318 |
Nine Months Ended September 30, | |||||||||||
2017 | 2016 | $ Change | |||||||||
Operating expenses | |||||||||||
Operating costs | $ | 100,955 | $ | 97,507 | $ | 3,448 | |||||
Real estate taxes | 135,607 | 130,886 | 4,721 | ||||||||
Depreciation and amortization | 285,040 | 294,634 | (9,594 | ) | |||||||
Provision for doubtful accounts | 4,023 | 6,579 | (2,556 | ) | |||||||
Impairment of real estate assets | 27,383 | 1,971 | 25,412 | ||||||||
General and administrative | 67,043 | 69,709 | (2,666 | ) | |||||||
Total operating expenses | $ | 620,051 | $ | 601,286 | $ | 18,765 |
Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||
Other income (expense) | |||||||||||||||||
Dividends and interest | $ | 191 | $ | 226 | $ | (35) | |||||||||||
Interest expense | (98,683) | (97,206) | (1,477) | ||||||||||||||
Gain on sale of real estate assets | 38,367 | 9,597 | 28,770 | ||||||||||||||
Loss on extinguishment of debt, net | (1,229) | (10,391) | 9,162 | ||||||||||||||
Other | 304 | (1,719) | 2,023 | ||||||||||||||
Total other expense | $ | (61,050) | $ | (99,493) | $ | 38,443 |
Nine Months Ended September 30, | |||||||||||
2017 | 2016 | $ Change | |||||||||
Other income (expense) | |||||||||||
Dividends and interest | $ | 234 | $ | 481 | $ | (247 | ) | ||||
Interest expense | (170,584 | ) | (171,482 | ) | 898 | ||||||
Gain on sale of real estate assets | 54,920 | 10,232 | 44,688 | ||||||||
Gain (loss) on extinguishment of debt, net | 488 | (949 | ) | 1,437 | |||||||
Other | (2,591 | ) | (4,258 | ) | 1,667 | ||||||
Total other income (expense) | $ | (117,533 | ) | $ | (165,976 | ) | $ | 48,443 |
Nine Months Ended September 30, | |||||||||||
2017 | 2016 | $ Change | |||||||||
Equity in income of unconsolidated joint venture | $ | 381 | $ | 348 | $ | 33 | |||||
Gain on disposition of unconsolidated joint venture interest | $ | 4,556 | $ | — | $ | 4,556 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by operating activities | $ | 274,862 | $ | 179,564 | |||||||
Net cash used in investing activities | (101,036) | (116,021) | |||||||||
Net cash provided by (used in) financing activities | (138,527) | 234,925 |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows provided by operating activities | $ | 421,113 | $ | 421,191 | ||||
Cash flows used in investing activities | $ | (14,135 | ) | $ | (115,083 | ) | ||
Cash flows used in financing activities | $ | (367,829 | ) | $ | (340,293 | ) |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by operating activities | $ | 274,862 | $ | 179,564 | |||||||
Net cash used in investing activities | (101,036) | (116,021) | |||||||||
Net cash provided by (used in) financing activities | (138,527) | 224,927 |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows provided by operating activities | $ | 421,113 | $ | 421,191 | ||||
Cash flows used in investing activities | $ | (14,132 | ) | $ | (115,074 | ) | ||
Cash flows used in financing activities | $ | (367,828 | ) | $ | (340,316 | ) |
As of September 30, 2017 | ||||||||||
Total Projects | Anticipated Cost | Cost Incurred | ||||||||
Anchor space repositioning | 21 | $ | 44,200 | $ | 17,035 | |||||
Redevelopment | 14 | 187,700 | 79,663 | |||||||
Outparcel development | 7 | 13,724 | 3,263 | |||||||
New development | 1 | 37,800 | 19,241 | |||||||
Total | 43 | $ | 283,424 | $ | 119,202 |
Contractual Obligations | Payment due by period | |||||||||||||||||||||||||||
(in thousands) | 2017 (Remaining three months) | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | |||||||||||||||||||||
Debt (1) | $ | 13,165 | $ | 227,892 | $ | 618,437 | $ | 673,217 | $ | 686,225 | $ | 3,525,453 | $ | 5,744,389 | ||||||||||||||
Interest payments (2) | 46,275 | 215,888 | 201,428 | 186,958 | 139,887 | 421,233 | 1,211,669 | |||||||||||||||||||||
Operating leases | 1,828 | 7,127 | 7,046 | 7,060 | 7,251 | 79,084 | 109,396 | |||||||||||||||||||||
Total | $ | 61,268 | $ | 450,907 | $ | 826,911 | $ | 867,235 | $ | 833,363 | $ | 4,025,770 | $ | 7,065,454 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 90,428 | $ | 9,044 | $ | 142,799 | $ | 68,825 | |||||||||||||||
Depreciation and amortization related to real estate | 80,368 | 79,768 | 162,823 | 161,788 | |||||||||||||||||||
Gain on sale of real estate assets | (32,603) | (692) | (38,367) | (9,597) | |||||||||||||||||||
Impairment of real estate assets | 431 | 5,962 | 1,898 | 10,560 | |||||||||||||||||||
NAREIT FFO | $ | 138,624 | $ | 94,082 | $ | 269,153 | $ | 231,576 | |||||||||||||||
NAREIT FFO per diluted share | $ | 0.46 | $ | 0.32 | $ | 0.90 | $ | 0.78 | |||||||||||||||
Weighted average diluted shares outstanding | 298,277 | 296,773 | 298,222 | 297,485 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 83,380 | $ | 57,805 | $ | 230,473 | $ | 184,824 | |||||||
Gain on disposition of operating properties | (25,942 | ) | (2,450 | ) | (54,920 | ) | (10,232 | ) | |||||||
Gain on disposition of unconsolidated joint venture interest | (4,556 | ) | — | (4,556 | ) | — | |||||||||
Depreciation and amortization-real estate related-continuing operations | 93,299 | 97,570 | 282,240 | 292,295 | |||||||||||
Depreciation and amortization-real estate related-unconsolidated joint venture | — | 23 | 56 | 68 | |||||||||||
Impairment of operating properties | 11,065 | 1,971 | 27,383 | 1,971 | |||||||||||
NAREIT FFO | 157,246 | 154,919 | 480,676 | 468,926 | |||||||||||
NAREIT FFO per share/OP Unit - diluted | $ | 0.52 | $ | 0.51 | $ | 1.58 | $ | 1.54 | |||||||
Weighted average shares/OP Units outstanding - basic and diluted (1) | 305,176 | 305,167 | 305,175 | 305,026 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Number of properties | 376 | 376 | — | 374 | 374 | — | |||||||||||||||||||||||||||||
Percent billed | 88.0 | % | 89.0 | % | (1.0 | %) | 88.0 | % | 89.2 | % | (1.2 | %) | |||||||||||||||||||||||
Percent leased | 91.1 | % | 92.2 | % | (1.1 | %) | 91.2 | % | 92.3 | % | (1.1 | %) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Rental income | $ | 268,703 | $ | 239,153 | $ | 29,550 | $ | 528,150 | $ | 501,279 | $ | 26,871 | |||||||||||||||||||||||
Other revenues | 91 | 186 | (95) | 3,376 | 2,064 | 1,312 | |||||||||||||||||||||||||||||
268,794 | 239,339 | 29,455 | 531,526 | 503,343 | 28,183 | ||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Operating costs | (27,748) | (24,077) | (3,671) | (57,498) | (52,383) | (5,115) | |||||||||||||||||||||||||||||
Real estate taxes | (41,059) | (39,611) | (1,448) | (81,942) | (79,856) | (2,086) | |||||||||||||||||||||||||||||
(68,807) | (63,688) | (5,119) | (139,440) | (132,239) | (7,201) | ||||||||||||||||||||||||||||||
Same property NOI | $ | 199,987 | $ | 175,651 | $ | 24,336 | $ | 392,086 | $ | 371,104 | $ | 20,982 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||
Number of properties | 495 | 495 | — | 495 | 495 | — | ||||||||||||||||||||
Percent billed | 89.6 | % | 90.5 | % | (0.9 | %) | 89.6 | % | 90.5 | % | (0.9 | %) | ||||||||||||||
Percent leased | 91.6 | % | 92.5 | % | (0.9 | %) | 91.6 | % | 92.5 | % | (0.9 | %) | ||||||||||||||
Revenues | ||||||||||||||||||||||||||
Base rent | $ | 225,812 | $ | 222,902 | $ | 2,910 | $ | 678,707 | $ | 664,849 | $ | 13,858 | ||||||||||||||
Ancillary and other | 4,160 | 4,386 | (226 | ) | 11,560 | 11,978 | (418 | ) | ||||||||||||||||||
Expense reimbursements | 64,916 | 67,497 | (2,581 | ) | 201,211 | 195,040 | 6,171 | |||||||||||||||||||
Percentage rents | 1,245 | 1,032 | 213 | 6,009 | 5,194 | 815 | ||||||||||||||||||||
296,133 | 295,817 | 316 | 897,487 | 877,061 | 20,426 | |||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Operating costs | (30,720 | ) | (30,239 | ) | (481 | ) | (98,903 | ) | (94,018 | ) | (4,885 | ) | ||||||||||||||
Real estate taxes | (43,941 | ) | (46,485 | ) | 2,544 | (132,039 | ) | (127,404 | ) | (4,635 | ) | |||||||||||||||
Provision for doubtful accounts | (1,169 | ) | (2,052 | ) | 883 | (3,904 | ) | (6,303 | ) | 2,399 | ||||||||||||||||
(75,830 | ) | (78,776 | ) | 2,946 | (234,846 | ) | (227,725 | ) | (7,121 | ) | ||||||||||||||||
Same property NOI | $ | 220,303 | $ | 217,041 | $ | 3,262 | $ | 662,641 | $ | 649,336 | $ | 13,305 | ||||||||||||||
NOI margin | 74.4 | % | 73.4 | % | 73.8 | % | 74.0 | % | ||||||||||||||||||
Expense recovery ratio | 86.9 | % | 88.0 | % | 87.1 | % | 88.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 90,428 | $ | 9,044 | $ | 142,799 | $ | 68,825 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Non-same property NOI | (5,222) | (6,586) | (14,002) | (17,627) | |||||||||||||||||||
Lease termination fees | (4,073) | (1,746) | (5,457) | (3,134) | |||||||||||||||||||
Straight-line rental income, net | (3,404) | 6,422 | (5,676) | 8,559 | |||||||||||||||||||
Accretion of below-market leases, net of amortization of above-market leases and tenant inducements | (3,368) | (3,150) | (4,352) | (6,521) | |||||||||||||||||||
Straight-line ground rent expense | 42 | 35 | 88 | 70 | |||||||||||||||||||
Depreciation and amortization | 81,212 | 80,829 | 164,632 | 163,846 | |||||||||||||||||||
Impairment of real estate assets | 431 | 5,962 | 1,898 | 10,560 | |||||||||||||||||||
General and administrative | 26,461 | 24,436 | 51,106 | 47,033 | |||||||||||||||||||
Total other expense | 17,480 | 60,405 | 61,050 | 99,493 | |||||||||||||||||||
Same property NOI | $ | 199,987 | $ | 175,651 | $ | 392,086 | $ | 371,104 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income attributable to common stockholders | $ | 83,380 | $ | 57,492 | $ | 230,358 | $ | 182,425 | |||||||
Adjustments: | |||||||||||||||
Non-same property NOI | (5,644 | ) | (6,755 | ) | (18,282 | ) | (21,436 | ) | |||||||
Lease termination fees | (2,235 | ) | (1,174 | ) | (5,476 | ) | (7,537 | ) | |||||||
Straight-line rental income, net | (2,401 | ) | (3,314 | ) | (14,486 | ) | (9,833 | ) | |||||||
Amortization of above- and below-market rent and tenant inducements, net | (6,964 | ) | (9,083 | ) | (21,434 | ) | (28,744 | ) | |||||||
Fee income | (183 | ) | (217 | ) | (320 | ) | (855 | ) | |||||||
Straight-line ground rent expense | 31 | 78 | 104 | 975 | |||||||||||
Depreciation and amortization | 94,239 | 98,337 | 285,040 | 294,634 | |||||||||||
Impairment of real estate assets | 11,065 | 1,971 | 27,383 | 1,971 | |||||||||||
General and administrative | 22,838 | 21,787 | 67,043 | 69,709 | |||||||||||
Total other expense | 30,764 | 57,728 | 117,533 | 165,976 | |||||||||||
Equity in income of unconsolidated joint venture | (31 | ) | (122 | ) | (381 | ) | (348 | ) | |||||||
Gain on disposition of unconsolidated joint venture interest | (4,556 | ) | — | (4,556 | ) | — | |||||||||
Net income attributable to non-controlling interests | — | 313 | 76 | 2,399 | |||||||||||
Preferred stock dividends | — | — | 39 | — | |||||||||||
Same property NOI | $ | 220,303 | $ | 217,041 | $ | 662,641 | $ | 649,336 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
Brixmor Property Group Inc. Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Property Group Inc. Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Operating Partnership LP Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Operating Partnership LP Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Property Group Inc. Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Operating Partnership LP Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101) | x |
Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
Term Loan Agreement, dated as of July 28, 2016, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto | 8-K | 001-36160 | 7/31/2017 | 10.1 | ||||||||
Brixmor Property Group Inc. Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||
Brixmor Property Group Inc. Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||
Brixmor Operating Partnership LP Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||
Brixmor Operating Partnership LP Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||
Brixmor Property Group Inc. Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||
Brixmor Operating Partnership LP Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||
101.INS | XBRL Instance Document | — | — | — | — | x | ||||||
101.SCH | XBRL Taxonomy Extension Schema Document | — | — | — | — | x | ||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | — | — | — | — | x | ||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | — | — | — | — | x | ||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | — | — | — | — | x | ||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | — | — | — | — | x |
BRIXMOR PROPERTY GROUP INC. | ||||||||
Date: August 2, 2021 | ||||||||
By: | ||||||||
/s/James M. Taylor | ||||||||
James M. Taylor | ||||||||
Chief Executive Officer and President | ||||||||
(Principal Executive Officer) | ||||||||
Date: August 2, 2021 | By: | /s/ Angela Aman | ||||||
Angela Aman | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
Date: August 2, 2021 | By: | /s/ Steven Gallagher | ||||||
Steven Gallagher | ||||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer) |
BRIXMOR OPERATING PARTNERSHIP LP | ||||||||
Date: | By: | /s/James M. Taylor | ||||||
James M. Taylor | ||||||||
Chief Executive Officer and President | ||||||||
(Principal Executive Officer) | ||||||||
Date: | By: | /s/Angela Aman | ||||||
Angela Aman | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
Date: | By: | /s/Steven Gallagher | ||||||
Steven Gallagher | ||||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer) |