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Press Release

Brixmor Property Group Reports Fourth Quarter And Full Year 2017 Results

- Delivers New Lease Spreads of 42.7% and Same Property NOI Growth of 3.6% for the Quarter -

Company Release - 2/12/2018 4:05 PM ET

NEW YORK, Feb. 12, 2018 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and twelve months ended December 31, 2017.  For the three months ended December 31, 2017 and 2016, net income attributable to common stockholders was $0.23 per diluted share and $0.31 per diluted share, respectively.

Key highlights for the three months ended December 31, 2017 include:

  • Executed 2.3 million square feet of new and renewal leases at comparable rent spreads of 16.0%, including 0.9 million square feet of new leases at comparable rent spreads of 42.7% with below average tenant improvement costs and stable lease duration
  • Executed 2.9 million square feet of total leasing volume, including options, at comparable rent spreads of 13.9%
  • Increased total leased occupancy by 60 basis points sequentially to 92.2%; Small shop leased occupancy increased by 10 basis points sequentially to 84.5%
  • Generated same property NOI growth of 3.6%
  • Completed 15 dispositions aggregating $105.5 million and three previously announced property acquisitions aggregating $78.4 million
  • Repurchased $5.9 million of common stock (repurchase authorization announced December 5, 2017)

Key highlights for the twelve months ended December 31, 2017 include:

  • Executed 8.1 million square feet of new and renewal leases at comparable rent spreads of 15.5%, including 3.2 million square feet of new leases at comparable rent spreads of 34.1%
  • Executed 11.9 million square feet of total leasing volume, including options, at comparable rent spreads of 12.6%
  • Generated same property NOI growth of 2.6%
  • Grew FFO per diluted share 3.0% year-over-year, excluding non-cash GAAP rental adjustments and lease termination fees
  • Completed 32 dispositions aggregating $407.5 million ($356.5 million at share) and four property acquisitions aggregating $180.4 million

"Our results this quarter underscore the continued execution of our balanced business plan that we highlighted at our Investor Day in December.  Leasing productivity accelerated into year-end, with 2.3 million square feet of new and renewal leases signed in the fourth quarter and our highest volume of anchor leases executed since our IPO.  Our comparable new leases were signed at rent spreads of over 42%, underscoring tenant demand and the upside embedded in our well-located shopping centers," commented James Taylor, Chief Executive Officer and President.  "Further, we continued to execute on our value-enhancing reinvestment pipeline, delivering $62 million of projects at an 11% incremental yield during the quarter and adding 15 new projects to our active pipeline. Finally, we sold 15 assets during the fourth quarter for $106 million, acquired three strategic assets for $78 million and initiated our share repurchase program.  Each component of our balanced plan is delivering value now."

FINANCIAL HIGHLIGHTS

Net Income

  • For the three months ended December 31, 2017 and 2016, net income attributable to common stockholders was $69.9 million, or $0.23 per diluted share, and $93.1 million, or $0.31 per diluted share, respectively.
  • For the twelve months ended December 31, 2017 and 2016, net income attributable to common stockholders was $300.3 million, or $0.98 per diluted share, and $275.5 million, or $0.91 per diluted share, respectively.

NAREIT FFO

  • For the three months ended December 31, 2017 and 2016, NAREIT FFO was $157.7 million, or $0.52 per diluted share, and $163.0 million, or $0.53 per diluted share, respectively. Results for the three months ended December 31, 2017 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($2.3) million, or ($0.01) per diluted share. Results for the three months ended December 31, 2016 include items that impact FFO comparability of ($1.0) million, or ($0.00) per diluted share.
  • For the twelve months ended December 31, 2017 and 2016, NAREIT FFO was $638.4 million, or $2.09 per diluted share, and $632.0 million, or $2.07 per diluted share, respectively. Results for the twelve months ended December 31, 2017 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($5.7) million, or ($0.02) per diluted share. Results for the twelve months ended December 31, 2016 include expenses related to the previously disclosed review conducted by the Company's Audit Committee, executive severance expenses, litigation and other non-routine legal expenses and other items that impact FFO comparability of ($10.1) million, or ($0.03) per diluted share.

Same Property NOI Growth

  • Same property NOI for the three months ended December 31, 2017 increased 3.6% from the comparable 2016 period.
  • Same property NOI for the twelve months ended December 31, 2017 increased 2.6% from the comparable 2016 period.

Dividend

  • The Company's Board of Directors declared a quarterly cash dividend of $0.275 per common share (equivalent to $1.10 per annum) for the first quarter of 2018.
  • The dividend is payable on April 16, 2018 to stockholders of record on April 5, 2018, representing an ex-dividend date of April 4, 2018.

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

  • During the three months ended December 31, 2017, the Company completed six anchor space repositioning projects and added ten new projects to its in process pipeline. At December 31, 2017, the anchor space repositioning in process pipeline was comprised of 23 projects with an aggregate net estimated cost of approximately $81.3 million at expected average incremental NOI yields of 9 to 14%.
  • During the three months ended December 31, 2017, the Company added two new outparcel developments projects to its in process pipeline. At December 31, 2017, the outparcel development in process pipeline was comprised of nine projects with an aggregate net estimated cost of approximately $17.4 million at an expected average incremental NOI yield of 12%. In addition, the new development in process pipeline was comprised of one project, with a net estimated cost of approximately $37.8 million at an expected NOI yield of 9%.
  • During the three months ended December 31, 2017, the Company completed four redevelopment projects and added three new projects to its in process pipeline. At December 31, 2017, the redevelopment in process pipeline was comprised of 14 projects with an aggregate net estimated cost of approximately $158.4 million at an expected average incremental NOI yield of 9%.

Dispositions

  • During the three months ended December 31, 2017, the Company generated approximately $105.5 million of gross proceeds on the disposition of 15 assets comprised of 1.5 million square feet.
  • During the twelve months ended December 31, 2017, the Company generated approximately $407.5 million of gross proceeds ($356.5 million at share) on the disposition of 32 assets comprised of 4.0 million square feet.
  • Subsequent to December 31, 2017, the Company generated approximately $85.4 million of gross proceeds on the sale of five assets comprised of 0.9 million square feet.

Acquisitions

  • During the three months ended December 31, 2017, the Company acquired three properties for an aggregate purchase price of $78.4 million, including:
    • Upland Town Square, a 100,000 square foot open-air shopping center located in Upland, California (Riverside MSA), for $31.7 million. Upland Town Square is anchored by a high volume Sprouts Farmers Market, with near term occupancy and rent growth opportunity and longer term redevelopment opportunity and is the Company's fifth asset in the market.
    • Venice Village Shoppes, a 175,000 square foot open-air shopping center located in Venice, Florida (Sarasota MSA), for $33.5 million. Venice Village Shoppes is anchored by a highly productive Publix and is the Company's third asset in the market.
    • Plaza by the Sea, a 49,000 square foot asset located in San Clemente, California (Los Angeles MSA), for $13.2 million. Plaza by the Sea is anchored by a highly productive Stater Bros. Markets and is directly adjacent to Brixmor's 170,000 square foot Ocean View Plaza, which is anchored by Ralphs (Kroger) and Trader Joe's.
  • During the twelve months ended December 31, 2017, the Company completed four acquisitions, comprised of Upland Town Square, Venice Village Shoppes, Plaza by the Sea and Arborland Center located in Ann Arbor Michigan, for an aggregate purchase price of $180.4 million. In addition, during the twelve months ended December 31, 2017, the Company acquired five outparcels or other adjacencies at existing centers for a combined purchase price of $9.4 million.
  • In December 2017, the Company implemented a share repurchase program. During December 2017, the Company repurchased 0.3 million shares of common stock under the program at an average price per share of $17.96 for a total of approximately $5.9 million.

CAPITAL STRUCTURE

  • During the twelve months ended December 31, 2017, the Company prepaid $815.0 million of its Tranche A Term Loan maturing July 31, 2018, including $25.0 million prepaid during the fourth quarter, repaid an aggregate of $409.6 million of secured indebtedness, including amortization, at a weighted average stated interest rate of 6.4% and repaid $122.0 million on its $1.25 billion revolving credit facility, which was undrawn at December 31, 2017.
  • During the twelve months ended December 31, 2017, the Company's Operating Partnership, Brixmor Operating Partnership LP, issued an aggregate $900.0 million of senior notes and entered into a new $300.0 million variable rate unsecured 7-year term loan facility.
  • As a result of capital transactions during 2017, the Company extended its weighted average maturity to 5.2 years at December 31, 2017 from 4.7 at December 31, 2016, while reducing its maturing debt in 2018 to $185.0 million from $1,000.0 million at December 31, 2016. In addition, the Company's net principal debt to cash adjusted EBITDA declined to 6.8x from 6.9x at December 31, 2016.

GUIDANCE

  • The Company is affirming its previously provided NAREIT FFO per diluted share and same property NOI growth expectations for 2018.

CONNECT WITH BRIXMOR

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION

The Company will host a teleconference on Tuesday, February 13, 2018 at 10:00 AM ET.   To participate, please dial 888.317.6003 (domestic) or 412.317.6061 (international) at least ten minutes prior to the scheduled start of the call (Passcode: 3321963).  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 February 27, 2018 by dialing 877.344.7529 (domestic) or 412.317.0088 (international) (Passcode: 10114966) or via the web through February 12, 2019 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 DISCLOSURES

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 (presented 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 (presented 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 presented in accordance with GAAP.  The Company's computation of these non-GAAP 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 measures are relevant to understanding and addressing financial performance.  A reconciliation of these non-GAAP 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 performance of real estate companies. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) presented in accordance with GAAP excluding (i) gain (loss) on disposition of operating properties, and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties, (iv) impairment of operating properties and real estate equity investments, and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. 

The Company believes NAREIT FFO assists investors in analyzing Brixmor's comparative operating and financial performance because, by excluding gains and losses related to dispositions of previously depreciated operating properties, real estate-related depreciation and amortization of continuing operations, impairment of operating properties and real estate equity investments, extraordinary items, and after adjustments for joint ventures calculated to reflect FFO on the same basis, investors can compare the operating performance of a company's real estate between periods. 

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 excluding properties under development), as total property revenues (base rent, ancillary and other, expense reimbursements, and percentage rents) less direct property operating expenses (operating costs, real estate taxes and provision for doubtful accounts).  Same property NOI excludes corporate level income (including management, transaction, and other fees), lease termination fees, straight-line rental income, amortization of above- and below-market rent and tenant inducements, straight-line ground rent expense and income / expense associated with the Company's captive insurance entity.

The Company believes same property NOI assists investors in analyzing Brixmor's comparative operating and financial performance because it eliminates disparities in NOI due to the acquisition, disposition or stabilization of development properties during the period presented and therefore provides a more consistent metric for comparing the operating performance of a company's real estate between periods.

ABOUT BRIXMOR PROPERTY GROUP

Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company's more than 475 retail centers comprise 83 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,000 best-in-class national, regional and local tenants and is one of the largest landlords to The TJX Companies and The Kroger Company. 

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," "approximately," "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 section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, 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.  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





12/31/17


12/31/16


Assets






Real estate







Land

$               1,984,309


$              2,006,655




Buildings and tenant improvements

8,063,871


8,043,855




Construction in progress

81,214


121,817




Lease intangibles

792,097


836,731





10,921,491


11,009,058




Accumulated depreciation and amortization

(2,361,070)


(2,167,054)



Real estate, net

8,560,421


8,842,004



Investments in and advances to unconsolidated joint venture

-


7,921



Cash and cash equivalents

56,938


51,402



Restricted cash

53,839


51,467



Marketable securities

28,006


25,573



Receivables, net of allowance for doubtful accounts of $17,205 and $16,756

232,111


178,216



Deferred charges and prepaid expenses, net

147,508


122,787



Other assets 

75,103


40,315


Total assets

$              9,153,926


$              9,319,685









Liabilities






Debt obligations, net

$              5,676,238


$              5,838,889



Accounts payable, accrued expenses and other liabilities

569,340


553,636


Total liabilities

6,245,578


6,392,525









Equity






Common stock, $0.01 par value; authorized 3,000,000,000 shares;







304,947,144 and 304,343,141 shares issued and 304,620,186 and 304,343,141







shares outstanding

3,046


3,043



Additional paid-in capital

3,330,466


3,324,874



Accumulated other comprehensive income

24,211


21,519



Distributions in excess of net income

(449,375)


(426,552)


Total stockholders' equity

2,908,348


2,922,884



Non-controlling interests

-


4,276


Total equity

2,908,348


2,927,160


Total liabilities and equity

$              9,153,926


$              9,319,685

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited, dollars in thousands, except per share amounts
















Three Months Ended


Twelve Months Ended





12/31/17


12/31/16


12/31/17


12/31/16













Revenues










Rental income

$            247,113


$          253,538


$          997,089


$            998,118



Expense reimbursements

71,918


69,604


278,636


270,548



Other revenues

1,029


892


7,455


7,106


Total revenues

320,060


324,034


1,283,180


1,275,772













Operating expenses










Operating costs

35,137


35,922


136,092


133,429



Real estate taxes

43,490


43,601


179,097


174,487



Depreciation and amortization

89,988


92,668


375,028


387,302



Provision for doubtful accounts

1,300


2,603


5,323


9,182



Impairment of real estate assets

12,721


3,183


40,104


5,154



General and administrative

25,204


22,539


92,247


92,248


Total operating expenses

207,840


200,516


827,891


801,802













Other income (expense)










Dividends and interest

131


61


365


542



Interest expense

(56,076)


(55,189)


(226,660)


(226,671)



Gain on sale of real estate assets

13,927


25,381


68,847


35,613



Gain (loss) on extinguishment of debt, net

10


117


498


(832)



Other

(316)


(699)


(2,907)


(4,957)


Total other expense

(42,324)


(30,329)


(159,857)


(196,305)













Income before equity in income of unconsolidated joint venture

69,896


93,189


295,432


277,665


Equity in income of unconsolidated joint venture

-


129


381


477


Gain on disposition of unconsolidated joint venture interest

-


-


4,556


-


Net income 

69,896


93,318


300,369


278,142


Net income attributable to non-controlling interests

-


(115)


(76)


(2,514)


Net income attributable to Brixmor Property Group Inc.

69,896


93,203


300,293


275,628


Preferred stock dividends 

-


(150)


(39)


(150)


Net income attributable to common stockholders

$              69,896


$               93,053


$            300,254


$             275,478













Per common share:










Net income attributable to common stockholders:











Basic 

$                  0.23


$                   0.31


$                  0.98


$                   0.91




Diluted 

$                  0.23


$                   0.31


$                  0.98


$                   0.91



Weighted average shares:











Basic 

304,892


304,292


304,834


301,601




Diluted 

305,265


305,192


305,281


305,060

 

 

FUNDS FROM OPERATIONS (FFO)

Unaudited, dollars in thousands, except per share amounts














Three Months Ended


Twelve Months Ended




12/31/17


12/31/16


12/31/17


12/31/16












Net income

$              69,896


$              93,318


$          300,369


$           278,142



Gain on disposition of operating properties

(13,927)


(25,381)


(68,847)


(35,613)



Gain on disposition of unconsolidated joint venture interest

-


-


(4,556)


-



Depreciation and amortization- real estate related- continuing operations

89,015


91,892


371,255


384,187



Depreciation and amortization- real estate related- unconsolidated joint venture

-


20


56


88



Impairment of operating properties

12,721


3,183


40,104


5,154


NAREIT FFO

$            157,705


$            163,032


$           638,381


$            631,958












NAREIT FFO per share/OP Unit - diluted

$                  0.52


$                  0.53


$                 2.09


$                  2.07


Weighted average shares/OP Units outstanding - basic and diluted

305,265


305,191


305,281


305,059












Items that impact FFO comparability










Gain (loss) on extinguishment of debt, net

$                     10


$                   117


$                  498


$                 (832)



Litigation and other non-routine legal expenses

(2,184)


(852)


(5,813)


(1,810)



Transaction expenses

(167)


(209)


(371)


(505)



Shareholder equity offering expenses

-


(84)


-


(848)



Audit committee review expenses

-


-


-


(3,711)



Executive severance expenses

-


-


-


(2,260)



Executive equity based compensation (1)

-


-


-


(88)


Total items that impact FFO comparability

$              (2,341)


$              (1,028)


$              (5,686)


$            (10,054)


Items that impact FFO comparability, net per share

$                (0.01)


$                (0.00)


$                (0.02)


$                (0.03)












Additional Disclosures










Straight-line rental income, net (2)

$               3,965


$               4,625


$             18,449


$             14,463



Amortization of above- and below-market rent and tenant inducements, net (3)

6,011


7,982


27,460


36,748



Straight-line ground rent expense (4)

(30)


(60)


(134)


(1,035)












Dividends declared per share/OP Unit

$               0.275


$               0.260


$               1.055


$               0.995


Share/OP Unit Dividends declared

$             83,771


$             79,245


$           321,610


$           303,177


Share/OP Unit Dividend payout ratio (as % of NAREIT FFO) 

53.1%


48.6%


50.4%


48.0%































(1) Represents equity based compensation expense associated with executive departures for the twelve months ended December 31, 2016.   

(2) Includes unconsolidated joint venture Montecito Marketplace straight-line rental expense, net of $2 at pro rata share for the twelve months ended December 31, 2017; and straight-line rental 

income, net of $14 and $19 at pro rata share for the three and twelve months ended December 31, 2016, respectively.  Montecito Marketplace was sold on August 8, 2017.

(3) Includes unconsolidated joint venture Montecito Marketplace amortization of above- and below-market rent and tenant inducements of $15 at pro rata share for the twelve months ended 

December 31, 2017; and amortization of above- and below-market rent and tenant inducements of $7 and $29 at pro rata share for the three and twelve months ended December 31, 2016,

respectively.  Montecito Marketplace was sold on August 8, 2017.

(4) 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




Twelve Months Ended







12/31/17


12/31/16


Change


12/31/17


12/31/16


Change


Same Property NOI Analysis














Number of properties


479


479


-


479


479


-


Percent billed


90.3%


90.7%


(0.4%)


90.3%


90.7%


(0.4%)


Percent leased


92.2%


92.9%


(0.7%)


92.2%


92.9%


(0.7%)

















Revenues















Base rent


$        225,663


$         221,932




$         895,447


$           877,117





Ancillary and other


4,397


3,817




15,804


15,599





Expense reimbursements


69,698


66,731




268,690


259,261





Percentage rents


1,029


564




7,023


5,711







300,787


293,044


2.6%


1,186,964


1,157,688


2.5%


Operating expenses 















Operating costs


(36,987)


(35,604)




(134,172)


(128,027)





Real estate taxes


(42,185)


(41,870)




(172,644)


(167,796)





Provision for doubtful accounts 


(1,013)


(2,655)




(4,809)


(8,780)







(80,185)


(80,129)


0.1%


(311,625)


(304,603)


2.3%


Same property NOI 


$        220,602


$          212,915


3.6%


$         875,339


$         853,085


2.6%

















Same property NOI excluding redevelopments (1)


$        204,358


$          198,123


3.1%


$         812,418


$         794,194


2.3%

















NOI margin


73.3%


72.7%




73.7%


73.7%




Expense recovery ratio


88.0%


86.1%




87.6%


87.6%



















Percent contribution to same property NOI growth:

















Change


Percent
Contribution




Change


Percent
Contribution





Base rent


$             3,731


1.7%




$           18,330


2.1%





Ancillary and other


580


0.3%




205


0.0%





Net recoveries


1,269


0.6%




(1,564)


(0.2%)





Percentage rents


465


0.2%




1,312


0.2%





Provision for doubtful accounts 


1,642


0.8%




3,971


0.5%









3.6%






2.6%



















Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI













Same property NOI


$        220,602


$          212,915




$         875,339


$         853,085




Adjustments:















Non-same property NOI


8,519


10,718




34,705


41,320





Lease termination fees


1,066


5,383




6,542


12,920





Straight-line rental income, net


3,965


4,611




18,451


14,444





Amortization of above- and below-market rent and tenant inducements, net


6,011


7,975




27,445


36,719





Fee income


-


366




320


1,221





Straight-line ground rent expense


(30)


(60)




(134)


(1,035)





Depreciation and amortization 


(89,988)


(92,668)




(375,028)


(387,302)





Impairment of real estate assets


(12,721)


(3,183)




(40,104)


(5,154)





General and administrative 


(25,204)


(22,539)




(92,247)


(92,248)





Total other expense


(42,324)


(30,329)




(159,857)


(196,305)





Equity in income of unconsolidated joint venture 


-


129




381


477





Gain on disposition of unconsolidated joint venture interest


-


-




4,556


-





Net income attributable to non-controlling interests 


-


(115)




(76)


(2,514)





Preferred stock dividends


-


(150)




(39)


(150)



















Net income attributable to common stockholders


$          69,896


$           93,053




$        300,254


$         275,478

































(1) Redevelopments include only projects completed in the last comparable twelve month period and all in process projects. See Supplemental Disclosure for reconciliation.

 

Brixmor Property Group Logo. (PRNewsFoto/Brixmor Property Group)

 

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SOURCE Brixmor Property Group Inc.