NEW YORK, May 3, 2021 /PRNewswire/ -- Brixmor Property
Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today
its operating results for the three months ended March 31, 2021. For the three months ended
March 31, 2021 and 2020, net income
was $0.18 per diluted share and
$0.20 per diluted share,
respectively.
Key highlights for the three months ended March 31, 2021 include:
- Continued improvement in rent collections, with 94.2% of billed
based rent for the three months ended March
31, 2021 collected (as of April 27,
2021)
-
- Including rent deferral and abatement agreements, total
addressed billed base rent was 95.9% for the three months ended
March 31, 2021 (as of April 27, 2021)
- Approximately 98% of the Company's annualized base rent ("ABR")
is open and operating
- See COVID-19 update below for additional information on rent
collection levels
- Executed 1.4 million square feet of new and renewal leases,
with rent spreads on comparable space of 7.0%, including 0.7
million square feet of new leases, with rent spreads on comparable
space of 20.3%
- Realized total leased occupancy of 90.8%, anchor leased
occupancy of 93.8% and small shop leased occupancy of 84.2%
-
- Leased to billed occupancy spread of 300 basis points,
representing $40.4 million of
annualized base rent not yet commenced
- Reported a decrease in same property NOI of 1.5%
- Reported NAREIT FFO of $130.5
million, or $0.44 per diluted
share, reflecting $4.3 million of
revenues deemed uncollectible and a $1.6
million reversal of straight-line rental income, net
primarily related to COVID-19
-
- NAREIT FFO included items that impact FFO comparability,
including litigation and other non-routine legal expenses, a loss
on extinguishment of debt, net and transaction expenses of
($3.1) million, or ($0.01) per diluted share
- Stabilized $28.4 million of
reinvestment projects at an average incremental NOI yield of 11%,
with the in process reinvestment pipeline now totaling $409.2 million at an expected average incremental
NOI yield of 9%
- Completed $33.2 million of
dispositions and $3.6 million of
acquisitions
- Issued $350.0 million of Senior
Notes due 2028 and repaid a $350.0
million term loan scheduled to mature December 12, 2023
Subsequent events include:
- Acquired The Center of Bonita
Springs, in the Cape Coral-Fort
Myers, Florida MSA, for $48.5
million
- Updated previously provided NAREIT FFO per diluted share
expectations for 2021 to $1.60 – 1.70
from $1.56 – 1.70 and same property
NOI growth expectations for 2021 to 1.0 – 3.0% from (1.0) –
3.0%
"Our balanced business plan and portfolio of well-located
shopping centers have not only outperformed through the pandemic,
but they position us to continue to outperform through the recovery
given our accelerating leasing productivity, our significant signed
but not commenced pipeline, our stabilizing reinvestments at highly
accretive returns, and our ongoing opportunity to drive both rate
and occupancy," commented James
Taylor, Chief Executive Officer and
President.
COVID-19 UPDATE
- A summary of trends in billed base rent collected, rent
deferrals and abatements and total addressed billed base rent
follows:
(as of April 27,
2021)
|
|
Percent of 2Q20
Billed Base Rent
Collected
|
Percent of 3Q20
Billed Base Rent
Collected
|
Percent of 4Q20
Billed Base Rent
Collected
|
Percent of 1Q21
Billed Base Rent
Collected
|
Essential
tenants
|
|
99.3%
|
99.2%
|
99.4%
|
99.1%
|
Hybrid
tenants
|
|
88.3%
|
90.9%
|
92.2%
|
92.7%
|
Other retail /
services
|
|
78.3%
|
86.1%
|
89.8%
|
91.1%
|
Total
|
|
87.9%
|
91.7%
|
93.7%
|
94.2%
|
Rent deferrals and
abatements
|
|
7.4%
|
4.3%
|
2.8%
|
1.7%
|
Total addressed
billed base rent
|
|
95.3%
|
96.0%
|
96.5%
|
95.9%
|
- Collected 94.2% of billed base rent for April 2021 and entered into rent deferral and
abatement agreements representing 0.8% of billed base rent,
resulting in total addressed billed base rent of 95.0% for April
(as of April 27, 2021)
- Net reserves associated with base rent during the three months
ended March 31, 2021 represented
85.6% of accrued but uncollected base rent, comprised of net
reserves representing 78.2% of rent deferrals (not lease
modifications) and 87.0% of accrued but uncollected and unaddressed
(under negotiation) base rent
- Net reserves associated with base rent during the nine months
ended December 31, 2020 represented
82.6% of accrued but uncollected base rent, comprised of net
reserves representing 66.0% of rent deferrals (not lease
modifications) and 97.1% of accrued but uncollected and unaddressed
(under negotiation) base rent
FINANCIAL HIGHLIGHTS
Net Income
- For the three months ended March 31,
2021 and 2020, net income was $52.4
million, or $0.18 per diluted
share, and $59.8 million, or
$0.20 per diluted share,
respectively.
NAREIT FFO
- For the three months ended March 31,
2021 and 2020, NAREIT FFO was $130.5
million, or $0.44 per diluted
share, and $137.5 million, or
$0.46 per diluted share,
respectively. Results for the three months ended March 31, 2021 and 2020 include items that impact
FFO comparability, including litigation and other non-routine legal
expenses, a loss on extinguishment of debt, net and transaction
expenses of ($3.1) million, or
($0.01) per diluted share, and
($0.5) million, or ($0.00) per diluted share,
respectively.
Same Property NOI Performance
- For the three months ended March 31,
2021, the Company reported a decrease in same property NOI
of 1.5% versus the comparable 2020 period.
Dividend
- The Company's Board of Directors declared a quarterly cash
dividend of $0.215 per common share
(equivalent to $0.860 per annum) for
the second quarter of 2021.
- The dividend is payable on July 15,
2021 to stockholders of record on July 6, 2021, representing an ex-dividend date of
July 2, 2021.
PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
- During the three months ended March 31,
2021, the Company stabilized 11 value enhancing reinvestment
projects with a total aggregate net cost of approximately
$28.4 million at an average
incremental NOI yield of 11% and added seven new reinvestment
projects to its in process pipeline. Projects added include
three anchor space repositioning projects, three outparcel
development projects and one redevelopment project, with a total
aggregate net estimated cost of approximately $34.3 million at an expected average incremental
NOI yield of 7%.
- At March 31, 2021, the value
enhancing reinvestment in process pipeline was comprised of 57
projects with an aggregate net estimated cost of approximately
$409.2 million at an expected average
incremental NOI yield of 9%. The in process pipeline includes
20 anchor space repositioning projects with an aggregate net
estimated cost of approximately $98.9
million at an expected incremental NOI yield of 9 to 14%; 16
outparcel development projects with an aggregate net estimated cost
of approximately $29.5 million at an
expected average incremental NOI yield of 11%; and 21 redevelopment
projects with an aggregate net estimated cost of approximately
$280.8 million at an expected average
incremental NOI yield of 9%.
- Due to COVID-19, there is inherent uncertainty as it relates to
the Company's reinvestment projects, specifically with respect to
expected project scopes, expected stabilization dates and expected
NOI yields.
Acquisitions
- During the three months ended March 31,
2021, the Company acquired an outparcel adjacent to an
existing center and land associated with an existing center and
terminated a ground lease and acquired the associated land parcel
at an existing center for a combined purchase price of $3.6 million.
- Subsequent to March 31, 2021, the
Company acquired The Center of Bonita
Springs, a 281,000 square foot community shopping center
located in the high-income market of Bonita Springs, Florida (Cape
Coral-Fort Myers, Florida MSA),
for $48.5 million. The Center of
Bonita Springs is anchored by a
highly-productive Publix and Bealls Outlet|Home Centric and has
significant near-term value creation opportunity. The property
complements the Company's four other assets in Southwest Florida, three of which have
recently been or currently are in redevelopment, and is ten miles
from its 99% leased Park Shore Plaza in Naples, Florida.
Dispositions
- During the three months ended March 31,
2021, the Company generated approximately $33.2 million of gross proceeds on the
disposition of four shopping centers, as well as four partial
properties, comprised of 0.6 million square feet of gross leasable
area.
CAPITAL STRUCTURE
- As previously announced, during the three months ended
March 31, 2021, the Company's
Operating Partnership, Brixmor Operating Partnership LP, issued
$350.0 million aggregate principal
amount of 2.250% Senior Notes due 2028. The net proceeds from
the offering were utilized to repay the Company's $350.0 million term loan scheduled to mature
December 12, 2023.
- At March 31, 2021, the Company
had $1.6 billion of total liquidity,
comprised of $372.7 million of cash,
cash equivalents and restricted cash and $1.2 billion of availability under its Revolving
Credit Facility. The Company has no debt maturities in 2021
and only $250.0 million of debt
maturities in 2022.
GUIDANCE
- The Company has updated its previously provided NAREIT FFO per
diluted share expectations for 2021 to $1.60 – 1.70 from $1.56 – 1.70 and its same property NOI growth
expectations for 2021 to 1.0 – 3.0% from (1.0) – 3.0%.
- With respect to future periods, the Company's updated
guidance:
-
- Reflects anticipated transaction activity
- Does not contemplate any tenants moving to or from a cash basis
of accounting, either of which may result in significant volatility
in straight-line rental income
- Does not include any additional items that impact FFO
comparability, including litigation and other non-routine legal
expenses, loss on debt extinguishment, net and transaction
expenses, or any one-time items
- The following table provides a reconciliation of the range of
the Company's 2021 estimated net income attributable to common
stockholders to NAREIT FFO:
(Unaudited, dollars in millions,
except per share amounts)
|
|
2021E
|
|
2021E Per
Diluted Share
|
Net income
attributable to common stockholders
|
|
$162 -
$192
|
|
$0.55 -
$0.65
|
Depreciation and
amortization
|
|
319
|
|
1.07
|
Impairment of real
estate assets
|
|
1
|
|
0.00
|
Gain on sale of real
estate assets
|
|
(6)
|
|
(0.02)
|
NAREIT FFO
|
|
$476 -
$506
|
|
$1.60 -
$1.70
|
CONNECT WITH BRIXMOR
- For additional information, please visit www.brixmor.com;
- Follow Brixmor on:
-
- Twitter at https://twitter.com/Brixmor
- Facebook at https://www.facebook.com/Brixmor
- Instagram at
https://www.instagram.com/brixmorpropertygroup
- YouTube at https://www.youtube.com/user/Brixmor; and
- Find Brixmor on LinkedIn at
www.linkedin.com/company/brixmor.
CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, May 4, 2021 at 10:00 AM ET. To participate, please dial
877.705.6003 (domestic) or 201.493.6725 (international) within 15
minutes of the scheduled start of the call. The teleconference can
also be accessed via a live webcast at www.brixmor.com in the
Investors section. A replay of the teleconference will be available
through midnight ET on May 18, 2021 by dialing
844.512.2921 (domestic) or 412.317.6671 (international)
(Passcode: 13717945) or via the web through May 4, 2022 at www.brixmor.com in the Investors
section.
The Company's Supplemental Disclosure will be posted at
www.brixmor.com in the Investors section. These materials are
also available to all interested parties upon request to the
Company at investorrelations@brixmor.com or 800.468.7526.
NON-GAAP PERFORMANCE MEASURES
The Company presents the non-GAAP performance measures set forth
below. These measures should not be considered as
alternatives to, or more meaningful than, net income (calculated in
accordance with GAAP) or other GAAP financial measures, as an
indicator of financial performance and are not alternatives to, or
more meaningful than, cash flow from operating activities
(calculated in accordance with GAAP) as a measure of liquidity.
Non-GAAP performance measures have limitations as they do not
include all items of income and expense that affect operations, and
accordingly, should always be considered as supplemental financial
results to those calculated in accordance with GAAP. The
Company's computation of these non-GAAP performance measures may
differ in certain respects from the methodology utilized by other
REITs and, therefore, may not be comparable to similarly titled
measures presented by such other REITs. Investors are cautioned
that items excluded from these non-GAAP performance measures are
relevant to understanding and addressing financial
performance. A reconciliation of these non-GAAP performance
measures to net income is presented in the attached
table.
NAREIT FFO
NAREIT FFO is a supplemental, non-GAAP performance measure
utilized to evaluate the operating and financial performance of
real estate companies. The National Association of Real Estate
Investment Trusts ("NAREIT") defines FFO as net income (loss),
calculated in accordance with GAAP, excluding (i) depreciation and
amortization related to real estate, (ii) gains and losses from the
sale of certain real estate assets, (iii) gains and losses from
change in control, (iv) impairment write-downs of certain real
estate assets and investments in entities when the impairment is
directly attributable to decreases in the value of depreciable real
estate held by the entity and (v) after adjustments for
unconsolidated joint ventures calculated to reflect FFO on the same
basis. Considering the nature of its business as a real estate
owner and operator, the Company believes that NAREIT FFO is useful
to investors in measuring its operating and financial performance
because the definition excludes items included in net income that
do not relate to or are not indicative of the Company's operating
and financial performance, such as depreciation and amortization
related to real estate, and items which can make periodic and peer
analyses of operating and financial performance more difficult,
such as gains and losses from the sale of certain real estate
assets and impairment write-downs of certain real estate
assets.
Same Property NOI
Same property NOI is a supplemental, non-GAAP performance
measure utilized to evaluate the operating performance of real
estate companies. Same property NOI is calculated (using
properties owned for the entirety of both periods and excluding
properties under development and completed new development
properties which have been stabilized for less than one year) as
total property revenues (base rent, expense reimbursements,
adjustments for revenues deemed uncollectible, ancillary and other
rental income, percentage rents and other revenues) less direct
property operating expenses (operating costs and real estate
taxes). Same property NOI excludes (i) corporate level expenses
(including general and administrative), (ii) lease termination
fees, (iii) straight-line rental income, net, (iv) accretion of
below-market leases, net of amortization of above-market leases and
tenant inducements, (v) straight-line ground rent expense, and (vi)
income / expense associated with the Company's captive insurance
company. Considering the nature of its business as a real
estate owner and operator, the Company believes that same property
NOI is useful to investors in measuring the operating performance
of its property portfolio because the definition excludes various
items included in net income that do not relate to, or are not
indicative of, the operating performance of the Company's
properties, such as depreciation and amortization and corporate
level expenses (including general and administrative), and because
it eliminates disparities in NOI due to the acquisition or
disposition of properties or the stabilization of completed new
development properties during the period presented and therefore
provides a more consistent metric for comparing the operating
performance of the Company's real estate between periods.
ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) is a real estate investment trust (REIT)
that owns and operates a high-quality, national portfolio of
open-air shopping centers. Its 389 retail centers comprise
approximately 68 million square feet of prime retail space in
established trade areas. The Company strives to own and
operate shopping centers that reflect Brixmor's vision "to be the
center of the communities we serve" and are home to a diverse mix
of thriving national, regional and local retailers. Brixmor
is a proud real estate partner to approximately 5,000 retailers
including The TJX Companies, The Kroger Co., Publix Super Markets
and Ross Stores.
Brixmor announces material information to its investors in SEC
filings and press releases and on public conference calls, webcasts
and the "Investors" page of its website at www.brixmor.com. The
Company also uses social media to communicate with its investors
and the public, and the information Brixmor posts on social media
may be deemed material information. Therefore, Brixmor encourages
investors and others interested in the Company to review the
information that it posts on its website and on its social media
channels.
SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements include, but are not limited to, statements related to
the Company's expectations regarding the performance of its
business, its financial results, its liquidity and capital
resources and other non-historical statements. You can
identify these forward-looking statements by the use of words such
as "outlook," "believes," "expects," "potential," "continues,"
"may," "will," "should," "seeks," "projects," "predicts,"
"intends," "plans," "estimates," "anticipates" or the negative
version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties, including those described under the sections
entitled "Forward-Looking Statements" and "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2020 and the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as such factors may be updated
from time to time in our periodic filings with the SEC, which are
accessible on the SEC's website at www.sec.gov. Currently, one of
the most significant factors that could cause actual outcomes or
results to differ materially from forward-looking statements is the
adverse effect of the current pandemic of the novel coronavirus, or
COVID-19, on the financial condition, operating results and cash
flows of the Company, the Company's tenants, the real estate
market, the financial markets and the global economy. The COVID-19
pandemic has impacted the Company and its tenants significantly,
and the extent to which it continues to impact the Company and its
tenants will depend on future developments, which are highly
uncertain and cannot be predicted with confidence, including the
scope, severity and duration of the pandemic, the speed and
effectiveness of vaccine and treatment developments and their
deployment, public adoption rates of COVID-19 vaccines, potential
mutations of COVID-19, including SARS-CoV-2 and the response
thereto, the direct and indirect economic effects of the pandemic
and containment measures, and potential sustained changes in
consumer behavior, among others. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in the Company's filings with the SEC. The
Company undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as required by law.
CONSOLIDATED
BALANCE SHEETS
Unaudited, dollars in thousands, except share
information
|
|
|
|
|
|
As of
|
|
As of
|
|
|
|
|
3/31/21
|
|
12/31/20
|
Assets
|
|
|
|
|
|
Real
estate
|
|
|
|
|
|
Land
|
$
1,737,338
|
|
$
1,740,263
|
|
|
Buildings and tenant
improvements
|
7,760,203
|
|
7,714,105
|
|
|
Construction in
progress
|
125,837
|
|
142,745
|
|
|
Lease
intangibles
|
557,470
|
|
566,448
|
|
|
|
|
10,180,848
|
|
10,163,561
|
|
|
Accumulated
depreciation and amortization
|
(2,706,805)
|
|
(2,659,448)
|
|
Real estate,
net
|
7,474,043
|
|
7,504,113
|
|
Cash and cash
equivalents
|
371,402
|
|
368,675
|
|
Restricted
cash
|
1,282
|
|
1,412
|
|
Marketable
securities
|
18,737
|
|
19,548
|
|
Receivables,
net
|
231,461
|
|
240,323
|
|
Deferred charges and
prepaid expenses, net
|
136,251
|
|
139,260
|
|
Real estate assets
held for sale
|
12,389
|
|
18,014
|
|
Other
assets
|
49,521
|
|
50,802
|
Total
assets
|
$
8,295,086
|
|
$
8,342,147
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Debt obligations,
net
|
$
5,165,861
|
|
$
5,167,330
|
|
Accounts payable,
accrued expenses and other liabilities
|
458,022
|
|
494,116
|
Total
liabilities
|
5,623,883
|
|
5,661,446
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Common stock, $0.01
par value; authorized 3,000,000,000 shares;
|
|
|
|
|
|
306,073,386 and
305,621,403 shares issued and 296,946,394 and
296,494,411
|
|
|
|
|
|
shares
outstanding
|
2,969
|
|
2,965
|
|
Additional paid-in
capital
|
3,211,665
|
|
3,213,990
|
|
Accumulated other
comprehensive loss
|
(22,486)
|
|
(28,058)
|
|
Distributions in
excess of net income
|
(520,945)
|
|
(508,196)
|
Total
equity
|
2,671,203
|
|
2,680,701
|
Total liabilities and
equity
|
$
8,295,086
|
|
$
8,342,147
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share
amounts
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
3/31/21
|
|
3/31/20
|
Revenues
|
|
|
|
|
Rental
income
|
$
276,461
|
|
$
280,402
|
|
Other
revenues
|
3,285
|
|
1,899
|
Total
revenues
|
279,746
|
|
282,301
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Operating
costs
|
31,385
|
|
30,356
|
|
Real estate
taxes
|
42,888
|
|
42,864
|
|
Depreciation and
amortization
|
83,420
|
|
83,017
|
|
Impairment of real
estate assets
|
1,467
|
|
4,598
|
|
General and
administrative
|
24,645
|
|
22,597
|
Total operating
expenses
|
183,805
|
|
183,432
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
Dividends and
interest
|
87
|
|
124
|
|
Interest
expense
|
(48,994)
|
|
(47,354)
|
|
Gain on sale of real
estate assets
|
5,764
|
|
8,905
|
|
Loss on
extinguishment of debt, net
|
(1,197)
|
|
(5)
|
|
Other
|
770
|
|
(758)
|
Total other
expense
|
(43,570)
|
|
(39,088)
|
|
|
|
|
|
|
|
Net income
|
$
52,371
|
|
$
59,781
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
Basic
|
|
|
$
0.18
|
|
$
0.20
|
|
Diluted
|
|
|
$
0.18
|
|
$
0.20
|
Weighted average
shares:
|
|
|
|
|
|
|
Basic
|
|
|
297,110
|
|
297,841
|
|
Diluted
|
|
|
297,846
|
|
298,264
|
FUNDS FROM
OPERATIONS (FFO)
Unaudited, dollars in thousands, except per share
amounts
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
3/31/21
|
|
3/31/20
|
|
|
|
|
|
|
|
Net income
|
$
52,371
|
|
$
59,781
|
|
Depreciation and
amortization related to real estate
|
82,455
|
|
82,020
|
|
Gain on sale of real
estate assets
|
(5,764)
|
|
(8,905)
|
|
Impairment of real
estate assets
|
1,467
|
|
4,598
|
NAREIT FFO
|
$
130,529
|
|
$
137,494
|
|
|
|
|
|
|
|
NAREIT FFO per
diluted share
|
$
0.44
|
|
$
0.46
|
Weighted average
diluted shares outstanding
|
297,846
|
|
298,264
|
|
|
|
|
|
|
|
Items that impact FFO
comparability
|
|
|
|
|
Litigation and other
non-routine legal expenses
|
$
(1,831)
|
|
$
(522)
|
|
Loss on
extinguishment of debt, net
|
(1,197)
|
|
(5)
|
|
Transaction
expenses
|
(32)
|
|
(12)
|
Total items that
impact FFO comparability
|
$
(3,060)
|
|
$
(539)
|
Items that impact FFO
comparability, net per share
|
$
(0.01)
|
|
$
(0.00)
|
|
|
|
|
|
|
|
Additional
Disclosures
|
|
|
|
|
Straight-line rental
income, net (1)
|
$
2,272
|
|
$
(2,137)
|
|
Accretion of
below-market leases, net of amortization of above-market leases and
tenant inducements
|
984
|
|
3,371
|
|
Straight-line ground
rent expense (2)
|
(46)
|
|
(35)
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
0.215
|
|
$
0.285
|
Dividends
declared
|
$
63,843
|
|
$
84,488
|
Dividend payout ratio
(as % of NAREIT FFO)
|
48.9%
|
|
61.4%
|
|
|
(1)
|
Includes
straight-line rental income reversals of $1.6 million and $7.9
million for the three months ended March 31, 2021 and 2020,
respectively.
|
(2)
|
Straight-line ground
rent expense is included in Operating costs on the Consolidated
Statements of Operations.
|
SAME PROPERTY NOI
ANALYSIS
Unaudited, dollars in thousands
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
3/31/21
|
|
3/31/20
|
|
Change
|
Same Property NOI
Analysis
|
|
|
|
|
|
|
Number of
properties
|
|
380
|
|
380
|
|
-
|
Percent
billed
|
|
87.9%
|
|
89.4%
|
|
(1.5%)
|
Percent
leased
|
|
90.9%
|
|
92.6%
|
|
(1.7%)
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
Base rent
|
|
$
201,279
|
|
$
205,397
|
|
|
Expense
reimbursements
|
|
62,514
|
|
62,911
|
|
|
Revenues deemed
uncollectible
|
|
(4,330)
|
|
(5,929)
|
|
|
Ancillary and other
rental income / Other revenues
|
|
7,554
|
|
5,919
|
|
|
Percentage
rents
|
|
2,291
|
|
1,831
|
|
|
|
|
|
|
|
269,308
|
|
270,129
|
|
(0.3%)
|
Operating
expenses
|
|
|
|
|
|
|
Operating
costs
|
|
(30,563)
|
|
(29,036)
|
|
|
Real estate
taxes
|
|
(41,918)
|
|
(41,325)
|
|
|
|
|
|
|
|
(72,481)
|
|
(70,361)
|
|
3.0%
|
Same property
NOI
|
|
$
196,827
|
|
$
199,768
|
|
(1.5%)
|
|
|
|
|
|
|
|
|
|
|
NOI margin
|
|
|
|
|
73.1%
|
|
74.0%
|
|
|
Expense recovery
ratio
|
|
|
|
|
86.2%
|
|
89.4%
|
|
|
|
Percent
Contribution to Same Property NOI Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
Percent
Contribution
|
|
|
|
Base rent - excluding
COVID-19 rent deferrals (lease modifications) and rent
abatements
|
|
$
(1,831)
|
|
(0.9%)
|
|
|
|
Base rent - COVID-19
rent deferrals (lease modifications) and rent abatements
|
|
(2,287)
|
|
(1.2%)
|
|
|
|
Revenues deemed
uncollectible
|
|
1,599
|
|
0.8%
|
|
|
|
Net
recoveries
|
|
(2,517)
|
|
(1.2%)
|
|
|
|
Ancillary and other
rental income / Other revenues
|
|
1,635
|
|
0.8%
|
|
|
|
Percentage
rents
|
|
460
|
|
0.2%
|
|
|
|
|
|
|
|
|
|
|
(1.5%)
|
|
|
Reconciliation of
Net Income to Same Property NOI
|
|
|
|
|
Same property
NOI
|
|
$
196,827
|
|
$
199,768
|
Adjustments:
|
|
|
|
|
Non-same property
NOI
|
|
4,052
|
|
6,726
|
Lease termination
fees
|
|
1,384
|
|
1,388
|
Straight-line rental
income, net
|
|
2,272
|
|
(2,137)
|
Accretion of
below-market leases, net of amortization of above-market leases and
tenant inducements
|
|
984
|
|
3,371
|
Straight-line ground
rent expense
|
|
(46)
|
|
(35)
|
Depreciation and
amortization
|
|
(83,420)
|
|
(83,017)
|
Impairment of real
estate assets
|
|
(1,467)
|
|
(4,598)
|
General and
administrative
|
|
(24,645)
|
|
(22,597)
|
Total other
expense
|
|
(43,570)
|
|
(39,088)
|
Net income
|
|
$
52,371
|
|
$
59,781
|
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SOURCE Brixmor Property Group Inc.