Brixmor Property Group Inc. Files 10-Q for Q1 2024

TL;DR

<b>Brixmor Property Group Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

Brixmor Property Group Inc. (BRX) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Brixmor Property Group Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Brixmor Operating Partnership LP is also listed as a filer. The filing was made on April 29, 2024.

Why It Matters

For investors and stakeholders tracking Brixmor Property Group Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational updates for Brixmor Property Group Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the real estate investment trust sector.

Risk Assessment

Risk Level: low — Brixmor Property Group Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine updates.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Brixmor's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (The 10-Q filing covers this date.)
• 2024-04-29 — Filing Date (The date the 10-Q was submitted to the SEC.)
• 2024 Q1 — Fiscal Quarter (The reporting period is the first quarter of 2024.)
• 12/31 — Fiscal Year End (The company's fiscal year concludes on December 31st.)

Key Players & Entities

• Brixmor Property Group Inc. (company) — Filer of the 10-Q report.
• Brixmor Operating Partnership LP (company) — Co-filer of the 10-Q report.
• 2024-03-31 (date) — Period of report for the 10-Q filing.
• 2024-04-29 (date) — Filing date of the 10-Q report.
• 450 Lexington Avenue (address) — Business and mailing address for Brixmor Property Group Inc.
• New York (location) — City for the business and mailing address.
• DE (location) — State of incorporation for Brixmor Property Group Inc.
• 212-869-3000 (phone) — Business phone number for Brixmor Property Group Inc.

FAQ

Industry Context

Brixmor Property Group Inc. operates as a Real Estate Investment Trust (REIT), focusing on owning and operating shopping centers.

Regulatory Implications

As a publicly traded company, Brixmor Property Group Inc. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and balance sheet changes.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Assess any new risk factors or updates to existing risks disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-04-29: Filing Date — Date the 10-Q was officially submitted.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following previous filings for the fiscal year 2023.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share BRX New York Stock Exchange

Filing Documents

• brx-20240331.htm (10-Q) — 1171KB
• brx-20240331ex311.htm (EX-31.1) — 10KB
• brx-20240331ex312.htm (EX-31.2) — 10KB
• brx-20240331ex313.htm (EX-31.3) — 10KB
• brx-20240331ex314.htm (EX-31.4) — 10KB
• brx-20240331ex321.htm (EX-32.1) — 6KB
• brx-20240331ex322.htm (EX-32.2) — 6KB
• 0001581068-24-000020.txt (&nbsp;) — 6718KB
• brx-20240331.xsd (EX-101.SCH) — 50KB
• brx-20240331_cal.xml (EX-101.CAL) — 69KB
• brx-20240331_def.xml (EX-101.DEF) — 317KB
• brx-20240331_lab.xml (EX-101.LAB) — 599KB
• brx-20240331_pre.xml (EX-101.PRE) — 440KB
• brx-20240331_htm.xml (XML) — 894KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION 1. Financial Statements 1 Brixmor Property Group Inc. (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Brixmor Operating Partnership LP (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Changes in Capital for the Three Months Ended March 31, 2024 and 2023 9 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 10 Brixmor Property Group Inc. and Brixmor Operating Partnership LP (unaudited) Notes to Condensed Consolidated Financial Statements 11 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27 3. Quantitative and Qualitative Disclosures about Market Risk 37 4. Controls and Procedures 37

- OTHER INFORMATION

Part II - OTHER INFORMATION 1. Legal Proceedings 38 1A. Risk Factors 38 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 3. Defaults Upon Senior Securities 38 4. Mine Safety Disclosures 38 5. Other Information 38 6. Exhibits 39 ii

Forward-Looking Statements

Forward-Looking Statements This report 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 (the "Exchange Act"). 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," "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. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in our Form 10-K for the year ended December 31, 2023 and in this report, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international military conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except share information) March 31, 2024 December 31, 2023 Assets Real estate Land $ 1,779,318 $ 1,794,011 Buildings and improvements 9,208,904 9,201,876 10,988,222 10,995,887 Accumulated depreciation and amortization ( 3,251,649 ) ( 3,198,980 ) Real estate, net 7,736,573 7,796,907 Cash and cash equivalents 407,105 866 Restricted cash 11,306 18,038 Marketable securities 19,519 19,914 Receivables, net 248,041 278,775 Deferred charges and prepaid expenses, net 165,625 164,061 Other assets 56,045 54,155 Total assets $ 8,644,214 $ 8,332,716 Liabilities Debt obligations, net $ 5,311,444 $ 4,933,525 Accounts payable, accrued expenses and other liabilities 473,796 548,890 Total liabilities 5,785,240 5,482,415 Commitments and contingencies (Note 15) — — Equity Common stock, $ 0.01 par value; authorized 3,000,000,000 shares; 310,425,756 and 309,723,386 shares issued and 301,298,764 and 300,596,394 shares outstanding 3,013 3,006 Additional paid-in capital 3,301,402 3,310,590 Accumulated other comprehensive income (loss) 9,526 ( 2,700 ) Distributions in excess of net income ( 454,967 ) ( 460,595 ) Total equity 2,858,974 2,850,301 Total liabilities and equity $ 8,644,214 $ 8,332,716 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended March 31, 2024 2023 Revenues Rental income $ 319,489 $ 311,130 Other revenues 752 314 Total revenues 320,241 311,444 Operating expenses Operating costs 37,157 35,895 Real estate taxes 41,408 44,688 Depreciation and amortization 91,218 87,741 Impairment of real estate assets — 1,100 General and administrative 28,491 29,172 Total operating e