Post Earnings Coverage as Brixmor’s Net Income Jumped 15%; NOI Grew 3.2%

Upcoming AWS Coverage on Weingarten Realty Investors Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 12, 2017 / Active Wall St. announces its post-earnings coverage on BRIXMOR PROPERTY GROUP INC. (NYSE: BRX). The Company disclosed its first quarter fiscal 2017 results on May 01, 2017. The owner and operator of shopping centers surpassed revenue and FFO forecasts. Register with us now for your free membership at:

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One of BRIXMOR PROPERTY GROUP’s competitors within the REIT – Retail space, Weingarten Realty Investors (NYSE: WRI), posted on April 24, 2017, results of its operations for the quarter ended March 31, 2017. AWS will be initiating a research report on Weingarten Realty in the coming days.

Today, AWS is promoting its earnings coverage on BRX; touching on WRI. Get our free coverage by signing up to

http://www.activewallst.com/register/

Earnings Reviewed

For the quarter ended March 31, 2017, Brixmor reported revenue of $325.81 compared to revenue of $323.10 million in Q1 2016, surpassing analysts’ consensus of $318.1 million.

For Q1 2017, Brixmor’s same property NOI increased 3.2% on a y-o-y basis. Same property base rent for the reported quarter contributed 250 basis points to same property NOI growth.

For Q1 2017, Brixmor’s net income attributable to common stockholders was $71.6 million, or $0.23 per diluted share, compared to net income of $60.5 million, or $0.20 per diluted share, for Q1 2017. The Company’s NAREIT FFO was $161.6 million, or $0.53 per diluted share, for the reported quarter as compared to $161.3 million, or $0.53 per diluted share, for the year earlier same quarter. Brixmor’s FFO numbers outperformed market expectations of $0.52 per share.

Portfolio and Investment Activity

During Q1 2017, Brixmor completed four anchor space repositioning projects and added 5 new projects to its in-process pipeline. At March 31, 2017, the anchor space repositioning in process pipeline was comprised of 17 projects with an aggregate net estimated cost of approximately $33.1 million at expected average incremental NOI yields of 13% to 15%.

For Q1 2017, Brixmor completed three outparcel developments and added three new projects to its in-process pipeline. At March 31, 2017, the outparcel development in process pipeline included 7 projects with an aggregate net estimated cost of approximately $9.6 million at an expected average incremental NOI yield of 13%. Furthermore, the new development in process pipeline was for one project, with a net estimated cost of approximately $32.6 million at an expected NOI yield of 10%.

Brixmor added two new redevelopment projects to its in-process pipeline in Q1 2017. At March 31, 2017, the redevelopment in process pipeline consisted of 11 projects with an aggregate net estimated cost of approximately $142.1 million at an expected average incremental NOI yield of 9%.

Acquisitions

During Q1, 2017, Brixmor acquired Arborland Center, a 404,000-square foot grocery-anchored regional shopping destination located in Ann Arbor, Michigan, for $102.0 million. Arborland Center is located in a high barrier-to-entry trade area situated between the University of Michigan and Eastern Michigan University. Additionally, the Company acquired two outparcels for a combined purchase price of $2.5 million.

Dispositions

During the three months ended March 31, 2017, Brixmor generated approximately $35.5 million of gross proceeds from the sale of Killingly Plaza located in Killingly, Connecticut, North Park shopping center located in Macon, Georgia and Perry Marketplace located in Perry, Georgia.

Capital Structure

During Q1 2017, Brixmor’s operating partnership, Brixmor Operating Partnership L.P., issued $400.0 million aggregate principal amount of 3.90% Senior Notes due 2027 at 99.009% of par value. Brixmor utilized the proceeds from the offering to prepay $390.0 million of the Company’s $1.0 billion Tranche A Term Loan maturing July 31, 2018. As a result, the Company extended its weighted average maturity to 5.0 years, while reducing maturing debt in 2018 to $629.5 million from $1.02 billion at December 31, 2016.

Dividend

Brixmor’s Board of Directors declared a quarterly cash dividend of $0.26 per common share, equivalent to $1.04 per annum for Q2 2017. The dividend is payable on July 17, 2017, to stockholders of record on July 06, 2017.

Outlook

Brixmor re-affirmed its previously provided NAREIT FFO per diluted share expectations for 2017 of $2.05-$2.12 per share.

Stock Performance

At the close of trading session on Thursday, May 11, 2017, BRIXMOR PROPERTY’s stock price slipped 2.03% to end the day at $18.83. A total volume of 3.53 million shares were exchanged during the session, which was above the 3-month average volume of 2.81 million shares. The Company’s shares are trading at a P/E ratio of 20.01and have a dividend yield of 5.52%. Moreover, the stock currently has a market cap of $5.83 billion.

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