NEW YORK, Jan. 10, 2022 /PRNewswire/ -- Brixmor Property
Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today
transaction activity for the three months ended December 31, 2021. These transactions
reflect Brixmor's disciplined strategy of growing its portfolio in
existing retail sub-markets and leveraging its value-added platform
to deliver attractive returns.
INVESTMENT ACTIVITY
Acquisitions
- During the three months ended December
31, 2021, the Company acquired four shopping centers for a
combined purchase price of $191.9
million. For the twelve months ended December 31, 2021, the Company acquired six
shopping centers, in addition to certain outparcels, ancillary land
parcels, and leasehold rights, for a combined purchase price of
$259.4 million.
- Subsequent to December 31, 2021,
the Company acquired one shopping center for $85.7 million and currently has approximately
$72.0 million of acquisitions under
hard contract.
- Acquisitions completed during the three months ended
December 31, 2021 include:
-
- Pawleys Island Plaza (previously announced), an
approximately 120,000 square foot grocery-anchored neighborhood
shopping center located in Pawleys
Island, South Carolina (Georgetown, SC MSA), for $26.3 million. Pawleys Island Plaza is anchored
by a highly productive Publix, Petco, and T.J. Maxx. The
well-located center presents growth opportunities through leasing
and complements the Company's Coastal Carolina and Georgia portfolio.
- Granada Shoppes, an approximately 307,000 square foot
grocery-anchored community shopping center located in the high
growth market of Naples, Florida
(Naples-Marco Island, FL MSA), for
$97.0 million. Granada Shoppes is
anchored by Trader Joe's, Hobby Lobby, and Marshalls and has
substantial value creation opportunities, including anchor and
small shop remerchandising and potential densification. The
property complements the Company's five other assets in the trade
area, which aggregate over 1.0 million square feet.
- Kings Market, an approximately 281,000 square foot
grocery-anchored community shopping center located across the
street from the Company's Holcomb Bridge Crossing property and
South regional office in Roswell,
Georgia (Atlanta-Sandy
Springs-Alpharetta, GA MSA), for
$39.1 million. Kings Market is
anchored by a highly productive Publix and has below market
in-place rents and substantial leasing and long-term densification
opportunities.
- Connexion, an approximately 108,000 square foot
neighborhood shopping center located immediately adjacent to the
Company's Holcomb Bridge Crossing property and South regional
office in Roswell, Georgia
(Atlanta-Sandy
Springs-Alpharetta, GA MSA) and
across the street from the above-mentioned Kings Market, for
$29.5 million. Connexion benefits
from an assortment of highly productive and upscale restaurant,
health and wellness, and service tenants and, when combined with
Holcomb Bridge Crossing, creates significant optionality for
long-term redevelopment. The acquisitions of Kings Market and
Connexion expand the Company's ownership in the Atlanta market to 24 properties aggregating
approximately 3.7 million square feet.
- Subsequent to December 31, 2021,
the Company acquired Brea Gateway, an approximately 182,000
square foot grocery-anchored community shopping center located
adjacent to the downtown entertainment district of Brea, California (Los Angeles-Long
Beach-Anaheim, CA MSA), for
$85.7 million. Brea Gateway is
anchored by a market dominant Ralphs (Kroger), Cost Plus World
Market, HomeGoods, and Rite Aid and has substantial value creation
opportunities though leasing, anchor repositioning, and operational
enhancements. The property is located within 15 minutes of multiple
Brixmor assets in the Los Angeles
market and expands the Company's footprint in the market to
approximately 1.9 million square feet.
Dispositions
- During the three months ended December
31, 2021, the Company generated approximately $116.2 million of gross proceeds on the
disposition of eight shopping centers, as well as two partial
properties, comprised of 1.1 million square feet of gross leasable
area. For the twelve months ended December
31, 2021, the Company generated approximately $244.3 million of gross proceeds on the
disposition of 17 shopping centers, as well as 16 partial
properties and a land parcel, comprised of 2.6 million square feet
of gross leasable area.
- The Company has approximately $32.0
million of dispositions under hard contract.
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.
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
386 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 September 30, 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 those
indicated in these statements is the adverse effect of the current
pandemic of the novel coronavirus ("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 us and
our tenants significantly, and the extent to which it continues to
impact us and our 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,
treatment developments, public adoption rates of COVID-19 vaccines,
including booster shots, and their effectiveness against emerging
variants of COVID-19, such as the Delta variant, 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.
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SOURCE Brixmor Property Group Inc.