Brixmor Property Group Reports Third Quarter 2013 Results

- PROVIDES 2014 GUIDANCE -

03 Dec, 2013, 16:05 ET from Brixmor Property Group Inc.

NEW YORK, Dec. 3, 2013 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) announced today its results of operations for the three and nine months ended September 30, 2013 for both its portfolio as it existed prior to the Company's initial public offering ("IPO") completed on November 4, 2013 (the "Historical Portfolio") and on a pro forma basis giving effect to the IPO.  The Company is also providing certain property related performance data for its IPO portfolio.

"The completion of our IPO is a significant milestone for our Company and points us towards executing our growth strategy as the largest pure play, wholly-owned shopping center portfolio," stated Michael Carroll, Chief Executive Officer. "We are confident that we will build on current momentum, capitalizing on below-market expiring rents and driving occupancy as well as anchor space repositioning and redevelopment, while strengthening our balance sheet."

IPO Portfolio Third Quarter 2013 Operating Highlights

  • Occupancy increased by 50 basis points to 92.1% from 91.6% at June 30, 2013, up 90 basis points from the same period in 2012;
  • Same Property NOI increased 3.5% for the quarter and 4.0% year-to-date from the same period in 2012;
  • Executed 640 new and renewal leases for 4.1 million square feet, including 217 new leases totaling 1.0 million square feet and 423 renewals and options totaling 3.1 million square feet;
    • Including 12 new anchor leases for spaces over 20,000 square feet totaling approximately 382,000 square feet and
  • Achieved positive blended lease spreads of 11.5%, new lease spreads of 50.9% and renewal and option spreads of 7.6%.

Dividend The Company's Board of Directors declared a quarterly cash dividend of $0.20 per common share (equivalent to $0.80 per annum). The initial quarterly dividend has been pro-rated to $0.127 per common share to reflect the period commencing on November 4, 2013, the IPO completion date, and ending on December 31, 2013.  This pro-rated dividend is payable on January 15, 2014 to stockholders of record on January 6, 2014, representing an ex-dividend date of January 2, 2014.

Financial Highlights For the third quarter of 2013, Brixmor reported Funds from Operations ("FFO") on a pro forma basis of $131.7 million, or $0.43 per diluted share.  FFO as adjusted, which excludes certain transactional income and expenses, impairments and non-operating gains, for the same period was $130.2 million on a pro forma basis, or $0.43 per diluted share.  Net income attributable to common stockholders for the three month period ended September 30, 2013 was $11.5 million on a pro forma basis, or $0.05 per diluted share.  A reconciliation of net income (loss) to FFO and FFO as adjusted, non-GAAP financial measures, are presented in the attached table.  These non-GAAP financial measures should be considered in addition to and not as a substitute for, or superior to, financial measures presented in accordance with GAAP.

For the nine months ended September 30, 2013, Brixmor reported FFO on a pro forma basis of $374.1 million, or $1.23 per diluted share.   FFO as adjusted for the same period was $373.6 million on a pro forma basis, or $1.23 per diluted share.   Net income attributable to common stockholders for the nine month period was $15.4 million on a pro forma basis, or $0.07 per diluted share.

For the third quarter of 2013, Brixmor reported net loss attributable to common stockholders for its Historical Portfolio of ($18.8) million, or ($0.10) per diluted share.  For the nine months ended September 30, 2013, Brixmor reported net loss attributable to common stockholders for its Historical Portfolio of ($81.6) million, or ($0.45) per diluted share.

In connection with the IPO, the Company acquired interests in 43 properties (the "Acquired Properties") from certain investment funds affiliated with The Blackstone Group L.P. ("Blackstone").  Also in connection with the IPO, the Company issued to certain funds affiliated with Blackstone and Centerbridge Partners L.P. (the "pre-IPO owners") an interest in its Operating Partnership allocating to these pre-IPO owners all of the economic consequences of ownership of 47 non-core properties (the "Excluded Properties").

The Company's Historical Portfolio represents all properties owned prior to the IPO. For all periods prior to the IPO, the Company's condensed consolidated statements of operations reflect the Company's Historical Portfolio and do not reflect the effects of the IPO and associated transactions.  The Company's IPO Portfolio includes all properties owned as of the completion of the IPO, including the Acquired Properties and excluding the Excluded Properties, and will constitute the go forward properties owned by the Company.  The IPO Portfolio performance is captured in the pro forma results.  These results reflect the impact of the transactions associated with the IPO, including (i) the contribution of the Acquired Properties, (ii) the distribution of the Excluded Properties, (iii) the acquisition of the interest not already held in Arapahoe Crossings L.P., (iv) borrowings under the unsecured credit facility (as described below), including the use thereof and (v) the net proceeds from the IPO, including the use thereof.  The pro forma adjustments associated with these transactions assume that each transaction was completed as of September 30, 2013 for the purpose of the unaudited pro forma condensed consolidated balance sheet and as of January 1, 2013 for the purpose of the unaudited pro forma condensed consolidated statements of operations.

Balance Sheet At completion of the IPO, the Company issued approximately 47.4 million shares of common stock at an initial public offering price of $20.00 per share, including the full exercise of the underwriter's option to purchase additional shares, raising aggregate net proceeds of approximately $891.3 million, after deducting $57.4 million in underwriting discounts, expenses and transaction costs. Upon completion of the IPO, the Company had approximately 304.2 million shares outstanding on a fully diluted basis.  Of the total proceeds received, $824.7 million was used to pay down amounts outstanding under the Company's unsecured credit facility described below.

Prior to the IPO, on July 16, 2013, the Company put in place a $2.75 billion unsecured credit facility, consisting of a $1.50 billion term loan facility, which will mature on July 31, 2018 and a $1.25 billion revolving credit facility, which will mature on July 31, 2017, with a one-year extension option. The term loan portion of the unsecured credit facility currently bears interest at 1.60% plus LIBOR per annum based on a total leverage based grid. In September 2013, the Company swapped the LIBOR portion of the term loan for three years at 0.84%. Therefore, the all-in interest rate is 2.44%.  The revolving credit facility currently bears interest at 1.60% plus LIBOR per annum based on a total leverage based grid.  Concurrent with the close of the IPO, the revolving credit facility was repaid in full and the outstanding balance on the term loan was $1.50 billion.

Guidance The Company expects to generate FFO per common share - diluted of $1.80 to $1.84 in 2014.  Estimated 2013 and 2014 earnings and portfolio metrics are as follows:

4Q2013E

2013E

2014E

FFO per common share – diluted

$1.80 – $1.84

Same property NOI

3.8 – 3.9%

3.9 – 4.0%

3.7 – 4.1%

Percent leased (at year-end)

92.1%

93.0 – 93.5%

Leasing related capital expenditures, including

    anchor space repositioning and redevelopment

$125 – $130M

$130 – $140M

Conference Call and Supplemental Information The Company will host a teleconference on Wednesday, December 4, 2013 at 11:00 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: 3076178).  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 December 18, 2013 by dialing 877.344.7529 (domestic) or 412.317.0088 (International) (Passcode: 10037203) or via the web through December 4, 2014 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 FFO and FFO as Adjusted FFO is calculated as the sum of net income (loss) 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 joint ventures calculated to reflect funds from operations on the same basis.  FFO as adjusted represents FFO excluding certain transactional income and expenses, impairments of land parcels and non-operating gains which management believes are not reflective of results within the operating real estate portfolio.

FFO is a supplemental, non-GAAP measure utilized to evaluate the operating performance of real estate companies. It is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Brixmor presents FFO as adjusted as an additional supplemental measure as it is more reflective of core operating performance. FFO as adjusted provides securities analysts, investors and other interested parties an additional measure in comparing Brixmor's performance across reporting periods on a consistent basis by excluding items that are not indicative of core operating performance. FFO and FFO as adjusted should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of financial performance and are not alternatives to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. Non-GAAP financial 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 to financial results presented in accordance with GAAP. Computation of FFO and FFO as adjusted may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to such other REITs. Investors are cautioned that items excluded from FFO and FFO as adjusted are significant components in understanding and addressing financial performance.

Same Property NOI Same property NOI is calculated (using properties owned as of the end of both reporting periods and for the entirety of both periods excluding properties classified as discontinued operations), as rental income (minimum rent, percentage rents, tenant recoveries and other property income) less rental operating expenses (property operating expenses, real estate taxes and bad debt expense) of the properties owned by Brixmor. Same property NOI excludes corporate level income (including transaction and other fees), lease termination income, straight-line rent and amortization of above-/below-market leases of the same property pool from the prior year reporting period to the current year reporting period.

Same property NOI is a supplemental, non-GAAP measure utilized to evaluate the operating performance of real estate companies and is frequently used by securities analysts, investors and other interested parties in understanding business and operating results regarding the underlying economics of Brixmor's business operations. It includes only the net operating income of properties owned for the full period presented, which eliminates disparities in net income due to the acquisition or disposition of properties during the period presented, and therefore, provides a more consistent metric for comparing the performance of properties. Management uses same property NOI to review operating results for comparative purposes with respect to previous periods or forecasts, and also to evaluate future prospects. Same property NOI is not intended to be a performance measure that should be regarded as an alternative to, or more meaningful than, net income (determined in accordance with GAAP) or other GAAP financial measures. Non-GAAP financial 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 to financial results presented in accordance with GAAP.  Computation of same property NOI may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to such other REITs.

About Brixmor Property Group Brixmor owns and operates the nation's largest wholly-owned portfolio of grocery-anchored community and neighborhood shopping centers, with 522 properties aggregating approximately 87 million square feet of gross leasable area located primarily across the top 50 U.S. metro markets.  Brixmor leverages its national footprint, local market knowledge and operational expertise to support the growth of its retail tenants. The Company is focused on maximizing the value of its portfolio through its extensive leasing capabilities and anchor space repositioning / redevelopment platform. Headquartered in New York City, the Company is the largest landlord to The TJX Companies and The Kroger Company.  For additional information, please visit www.brixmor.com.

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 our expectations regarding the performance of our business, our financial results, our 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 our prospectus dated October 29, 2013, filed with the SEC pursuant to Rule 424(b) of the Securities Act on October 31, 2013, 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 our filings with the SEC. We undertake 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 INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands)

Pro Forma

Historical Portfolio

(Unaudited)

9/30/13

(Unaudited)

9/30/13

12/31/12

Assets

Real estate

Land

$

2,017,116

$

1,904,533

$

1,915,667

Buildings and improvements

8,558,700

8,017,597

7,978,759

10,575,816

9,922,130

9,894,426

Accumulated depreciation and amortization

(1,057,076)

(1,085,671)

(796,296)

Real estate, net

9,518,740

8,836,459

9,098,130

Investments in and advances to unconsolidated joint ventures

5,173

9,155

16,038

Cash and cash equivalents

135,643

137,376

103,098

Restricted cash

89,059

82,123

90,160

Marketable securities

22,962

22,962

24,883

Receivables, net

172,371

178,304

156,944

Deferred charges and prepaid expenses, net

110,484

104,875

95,118

Other assets

14,480

33,621

19,358

Total assets

$

10,068,912

$

9,404,875

$

9,603,729

Liabilities

Debt obligations, net

$

6,058,530

$

6,477,257

$

6,499,356

Financing liabilities, net

172,978

172,978

174,440

Accounts payable, accrued expenses and other liabilities

667,393

606,163

632,112

Total liabilities

6,898,901

7,256,398

7,305,908

Redeemable non-controlling interests

21,467

21,467

21,467

Commitments and contingencies

Equity

Preferred stock, $0.01 par value, authorized 300,000,000 shares, issued and outstanding 125 shares

Common stock, $0.01 par value, authorized 3,000,000,000 shares, issued and outstanding 182,242,460 shares

2,297

1,822

1,822

Additional paid in capital

2,733,200

1,749,040

1,746,271

Accumulated other comprehensive loss

(7,732)

(7,732)

(39)

Distributions in excess of accumulated loss

(342,592)

(136,524)

(26,559)

Total stockholders' equity

2,385,173

1,606,606

1,721,495

Non-controlling interests

763,371

520,404

554,859

Total equity

3,148,544

2,127,010

2,276,354

Total liabilities and equity

$

10,068,912

$

9,404,875

$

9,603,729

 

 

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, dollars in thousands, except per share amounts)

Pro Forma

Historical Portfolio

Three Months Ended

Nine Months Ended

Three Months Ended

Nine Months Ended

9/30/13

9/30/13

9/30/12

9/30/13

9/30/12

Revenues

Rental income

$

238,418

$

702,086

$

228,775

$

220,243

$

670,781

$

653,226

Expense reimbursements

64,803

191,771

62,227

57,754

184,808

173,298

Other revenues

2,360

8,286

2,366

2,495

8,333

8,622

Total revenues

305,581

902,143

293,368

280,492

863,922

835,146

Operating expenses

Operating costs

30,427

92,235

29,267

29,983

89,760

91,186

Real estate taxes

44,057

131,485

43,656

39,888

129,856

121,006

Depreciation and amortization

116,954

355,161

110,582

121,494

336,239

379,381

Provision for doubtful accounts

3,113

8,296

3,314

3,003

8,641

8,791

Impairment of real estate assets

1,531

29,113

General and administrative

20,504

62,824

23,605

20,506

65,401

67,031

Total operating expenses

215,055

651,532

210,424

214,874

659,010

667,395

Other income (expense)

Dividends and interest

212

636

209

281

628

864

Interest expense

(76,115)

(227,892)

(86,134)

(97,385)

(276,005)

(290,396)

Gain on sales of real estate assets and acquisition of joint venture interest

1,502

2,062

1,502

2,223

50

Other

(807)

(4,900)

(22,231)

(1,754)

(26,912)

(4,771)

Total other income (expense)

(75,208)

(230,094)

(106,654)

(98,858)

(300,066)

(294,253)

Income (loss) before equity in income of unconsolidated joint ventures

15,318

20,517

(23,710)

(33,240)

(95,154)

(126,502)

Equity in income of unconsolidated joint ventures

203

833

247

118

1,001

686

Income (loss) from continuing operations

15,521

21,350

(23,463)

(33,122)

(94,153)

(125,816)

Discontinued operations

Income from discontinued operations

191

296

418

105

Gain on disposition of operating properties

3,315

2,631

4,544

Impairment on real estate held for sale

(1,283)

(7,635)

(15,741)

(10,545)

Loss from discontinued operations

(1,092)

(4,024)

(12,692)

(5,896)

Net income (loss)

15,521

21,350

(24,555)

(37,146)

(106,845)

(131,712)

Non-controlling interests

Net income (loss) attributable to non-controlling interests

(4,065)

(6,000)

5,716

8,798

25,248

31,334

Net income (loss) attributable to common stockholders

$

11,456

$

15,350

$

(18,839)

$

(28,348)

$

(81,597)

$

(100,378)

Per common share:

Income (loss) from continuing operations:

  Basic

$

0.05

$

0.07

$

(0.10)

$

(0.14)

$

(0.40)

$

(0.53)

  Diluted

$

0.05

$

0.07

$

(0.10)

$

(0.14)

$

(0.40)

$

(0.53)

Net income (loss) attributable to common stockholders:

  Basic

$

0.05

$

0.07

$

(0.10)

$

(0.16)

$

(0.45)

$

(0.55)

  Diluted

$

0.05

$

0.07

$

(0.10)

$

(0.16)

$

(0.45)

$

(0.55)

Weighted average common outstanding shares:

  Basic

229,680

229,680

182,242

182,242

182,242

182,242

  Diluted

304,221

304,221

240,905

240,905

240,905

240,905

 

 

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (Unaudited, dollars in thousands, except per share amounts)

Pro Forma

Historical Portfolio

Three Months

Nine Months

Three Months Ended  

Nine Months Ended

Ended 9/30/13

Ended 9/30/13

9/30/13

9/30/12

9/30/13

9/30/12

Net income (loss)

$

15,521

$

21,350

$

(24,555)

$

(37,146)

$

(106,845)

$

(131,712)

Gain on disposition of operating properties

(3,315)

(2,631)

(4,544)

Loss on disposition of unconsolidated joint venture operating properties

96

Depreciation and amortization-real estate related-continuing operations

116,455

353,653

110,083

120,862

334,731

377,244

Depreciation and amortization-real estate related-discontinued operations

380

1,764

2,106

6,408

Depreciation and amortization-real estate related-unconsolidated joint ventures

42

113

7

170

167

694

Impairment of operating properties

1,283

7,635

41,783

10,545

Net loss attributable to non-controlling interests not convertible into common stock

(347)

(1,017)

(347)

(326)

(1,018)

(978)

FFO

$

131,671

$

374,099

$

86,851

$

89,644

$

268,293

$

257,753

Gains from land sales and acquisition of joint venture interest

(1,502)

(2,062)

(1,502)

(2,223)

(50)

Impairment of land parcels

1,531

3,071

Total adjustments

(1,502)

(531)

(1,502)

848

(50)

FFO as adjusted

$

130,169

$

373,568

$

85,349

$

89,644

$

269,141

$

257,703

FFO per common share/OP unit - diluted

$

0.43

$

1.23

$

0.36

$

0.37

$

1.11

$

1.07

FFO as adjusted per common share/OP unit - diluted

$

0.43

$

1.23

$

0.35

$

0.37

$

1.12

$

1.07

Weighted average shares/OP units outstanding -diluted

304,221

304,221

240,905

240,905

240,905

240,905

 

 

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES

RECONCILIATION OF THE RANGE OF 2014 ESTIMATED FFO PER COMMON SHARE - DILUTED TO

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

(Unaudited, dollars in millions, except per share amounts)

2014E

2014E Per Common

Share - Diluted

Net income attributable to common stockholders

$82 - $87

$0.27 - $0.29

Depreciation and amortization

($466 - $472)

($1.53 - $1.55)

FFO

$548 - $559

$1.80 - $1.84

 

 

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP BALANCE SHEET TO PRO FORMA BALANCE SHEET

(Unaudited, dollars in thousands)

Historical Portfolio

9/30/13

Adjustments

Pro Forma

9/30/13

Assets

Real estate

   Land

$

1,904,533

$

112,583

$

2,017,116

   Buildings and improvements

8,017,597

541,103

8,558,700

9,922,130

653,686

10,575,816

   Accumulated depreciation and amortization

(1,085,671)

28,595

(1,057,076)

Real estate, net

8,836,459

682,281

9,518,740

Investments in and advances to unconsolidated joint ventures

9,155

(3,982)

5,173

Cash and cash equivalents

137,376

(1,733)

135,643

Restricted cash

82,123

6,936

89,059

Marketable securities

22,962

22,962

Receivables, net

178,304

(5,933)

172,371

Deferred charges and prepaid expenses, net

104,875

5,609

110,484

Other assets

33,621

(19,141)

14,480

Total assets

$

9,404,875

$

664,037

$

10,068,912

Liabilities

Debt obligations, net

$

6,477,257

$

(418,727)

$

6,058,530

Financing liabilities, net

172,978

172,978

Accounts payable, accrued expenses and other liabilities

606,163

61,230

667,393

Total liabilities

7,256,398

(357,497)

6,898,901

Redeemable non-controlling interests

21,467

21,467

Commitments and contingencies

Equity

Preferred stock, $0.01 par value, authorized 300,000,000 shares, issued and outstanding 125 shares

Common stock, $0.01 par value, authorized 3,000,000,000 shares, issued and outstanding 182,242,460 shares

1,822

475

2,297

Additional paid in capital

1,749,040

984,160

2,733,200

Accumulated other comprehensive loss

(7,732)

(7,732)

Distributions in excess of accumulated loss

(136,524)

(206,068)

(342,592)

Total stockholders' equity

1,606,606

778,567

2,385,173

Non-controlling interests

520,404

242,967

763,371

Total equity

2,127,010

1,021,534

3,148,544

Total liabilities and equity

$

9,404,875

$

664,037

$

10,068,912

 

 

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP STATEMENTS OF OPERATIONS TO PRO FORMA STATEMENTS OF OPERATIONS

(Unaudited, dollars in thousands, except per share amounts)

Three Months Ended 9/30/13

Nine Months Ended 9/30/13

Historical Portfolio

Adjustments

Pro Forma

Historical Portfolio

Adjustments

Pro Forma

Revenues

   Rental income

$

228,775

$

9,643

$

238,418

$

670,781

$

31,305

$

702,086

   Expense reimbursements

62,227

2,576

64,803

184,808

6,963

191,771

   Other revenues

2,366

(6)

2,360

8,333

(47)

8,286

Total revenues

293,368

12,213

305,581

863,922

38,221

902,143

   Operating expenses

   Operating costs

29,267

1,160

30,427

89,760

2,475

92,235

   Real estate taxes

43,656

401

44,057

129,856

1,629

131,485

   Depreciation and amortization

110,582

6,372

116,954

336,239

18,922

355,161

   Provision for doubtful accounts

3,314

(201)

3,113

8,641

(345)

8,296

   Impairment of real estate assets

29,113

(27,582)

1,531

   General and administrative

23,605

(3,101)

20,504

65,401

(2,577)

62,824

Total operating expenses

210,424

4,631

215,055

659,010

(7,478)

651,532

Other income (expense)

   Dividends and interest

209

3

212

628

8

636

   Interest expense

(86,134)

10,019

(76,115)

(276,005)

48,113

(227,892)

   Gain on sale of real estate assets and acquisition of joint venture  interest

1,502

1,502

2,223

(161)

2,062

   Other

(22,231)

21,424

(807)

(26,912)

22,012

(4,900)

Total other income (expense)

(106,654)

31,446

(75,208)

(300,066)

69,972

(230,094)

Income (loss) before equity in income of unconsolidated joint ventures

(23,710)

39,028

15,318

(95,154)

115,671

20,517

   Equity in income of unconsolidated joint ventures

247

(44)

203

1,001

(168)

833

   Income (loss) from continuing operations

(23,463)

38,984

15,521

(94,153)

115,503

21,350

Discontinued operations

   Income from discontinued operations

191

(191)

418

(418)

   Gain on disposition of operating properties

2,631

(2,631)

   Impairment on real estate held for sale

(1,283)

1,283

(15,741)

15,741

Loss from discontinued operations

(1,092)

1,092

(12,692)

12,692

Net income (loss)

(24,555)

40,076

15,521

(106,845)

128,195

21,350

Non-controlling interests

   Net income (loss) attributable to non-controlling interests

5,716

(9,781)

(4,065)

25,248

(31,248)

(6,000)

Net income (loss) attributable to common stockholders

$

(18,839)

$

30,295

$

11,456

$

(81,597)

$

96,947

$

15,350

Per common share:

   Income (loss) from continuing operations:

      Basic

$

(0.10)

$

0.15

$

0.05

$

(0.40)

$

0.47

$

0.07

      Diluted

$

(0.10)

$

0.15

$

0.05

$

(0.40)

$

0.47

$

0.07

   Net income (loss) attributable to common stockholders:

      Basic

$

(0.10)

$

0.15

$

0.05

$

(0.45)

$

0.52

$

0.07

      Diluted

$

(0.10)

$

0.15

$

0.05

$

(0.45)

$

0.52

$

0.07

   Weighted average common outstanding shares:

      Basic

182,242

47,438

229,680

182,242

47,438

229,680

      Diluted

240,905

63,316

304,221

240,905

63,316

304,221

 

 

SOURCE Brixmor Property Group Inc.



RELATED LINKS

http://www.brixmor.com