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Brixmor Property Group Provides Update On Successful Execution Of 2018 Capital Recycling Objectives

Company Release - 1/8/2019 5:32 PM ET

NEW YORK, Jan. 8, 2019 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today the completion of approximately $1 billion of non-core asset sales during 2018, consistent with its prior expectations.

"We are pleased to report that we substantially exceeded our original 2018 capital recycling objectives, capitalizing on the favorable private market bid for non-core assets in the bottom quartile of our portfolio," commented James Taylor, Chief Executive Officer and President.  "We have not only significantly strengthened our balance sheet through unlocking net asset value, we have also generated substantial liquidity to drive sustainable growth and value creation through reinvestment in our portfolio of well-located shopping centers."

INVESTMENT ACTIVITY

Dispositions

  • During the three months ended December 31, 2018, the Company generated approximately $290.2 million of gross proceeds on the disposition of 20 assets, as well as a land parcel, comprised of 3.0 million square feet. The weighted average timing of these sales was the end of November 2018.
  • During the twelve months ended December 31, 2018, the Company generated approximately $989.5 million of gross proceeds on the disposition of 62 assets, as well as two partial properties and one land parcel, comprised of 9.3 million square feet.

Acquisitions and Share Repurchases

  • During the three months ended December 31, 2018, the Company acquired three adjacencies at existing centers and terminated a ground lease and acquired the associated building at an existing center for a combined purchase price of $8.2 million.
  • During the twelve months ended December 31, 2018, the Company acquired five adjacencies at existing centers and terminated ground leases and acquired the associated buildings at two existing centers for a combined purchase price of $17.0 million.
  • During the three months ended December 31, 2018, the Company repurchased 1.4 million shares of common stock under its share repurchase program at an average price per share of $16.07 for a total of approximately $22.7 million, excluding commissions. Since inception of the share repurchase program in December 2017, the Company has repurchased 6.6 million shares of common stock at an average price per share of $16.63 for a total of approximately $110.5 million, excluding commissions.

CONNECT WITH 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 425 retail centers comprise approximately 74 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 more than 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness.

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.

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

 

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SOURCE Brixmor Property Group Inc.