Brixmor Property Group Inc. Files Q2 2024 10-Q

TL;DR

Brixmor's Q2 10-Q is in: check financials for latest property group performance.

AI Summary

Brixmor Property Group Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and operational highlights. Key financial data and business activities are detailed within this quarterly report.

Why It Matters

This filing provides investors with crucial updates on Brixmor's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Brixmor is subject to market fluctuations, interest rate changes, and tenant-related risks.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the quarter for which the financial data is reported.)
• 12/31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• Brixmor Property Group Inc. (company) — Filer of the 10-Q
• Brixmor Operating Partnership LP (company) — Related entity filing the 10-Q
• 20240630 (date) — End of the reporting period
• 450 LEXINGTON AVENUE (address) — Company's business and mailing address
• New York (location) — City of company's address

FAQ

Key Financial Figures

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

Filing Documents

• brx-20240630.htm (10-Q) — 1546KB
• brx-20240630ex311.htm (EX-31.1) — 10KB
• brx-20240630ex312.htm (EX-31.2) — 10KB
• brx-20240630ex313.htm (EX-31.3) — 10KB
• brx-20240630ex314.htm (EX-31.4) — 10KB
• brx-20240630ex321.htm (EX-32.1) — 6KB
• brx-20240630ex322.htm (EX-32.2) — 6KB
• 0001581068-24-000032.txt ( ) — 8152KB
• brx-20240630.xsd (EX-101.SCH) — 60KB
• brx-20240630_cal.xml (EX-101.CAL) — 81KB
• brx-20240630_def.xml (EX-101.DEF) — 353KB
• brx-20240630_lab.xml (EX-101.LAB) — 676KB
• brx-20240630_pre.xml (EX-101.PRE) — 491KB
• brx-20240630_htm.xml (XML) — 1179KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION 1. Financial Statements 1 Brixmor Property Group Inc. (unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 5 Brixmor Operating Partnership LP (unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 8 Condensed Consolidated Statements of Changes in Capital for the Three and Six Months Ended June 30, 2024 and 2023 9 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 29 3. Quantitative and Qualitative Disclosures about Market Risk 43 4. Controls and Procedures 43

- OTHER INFORMATION

Part II - OTHER INFORMATION 1. Legal Proceedings 44 1A. Risk Factors 44 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 3. Defaults Upon Senior Securities 44 4. Mine Safety Disclosures 44 5. Other Information 44 6. Exhibits 45 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) June 30, 2024 December 31, 2023 Assets Real estate Land $ 1,779,106 $ 1,794,011 Buildings and improvements 9,282,873 9,201,876 11,061,979 10,995,887 Accumulated depreciation and amortization ( 3,315,103 ) ( 3,198,980 ) Real estate, net 7,746,876 7,796,907 Cash and cash equivalents 473,615 866 Restricted cash 1,341 18,038 Marketable securities 21,985 19,914 Receivables, net 252,664 278,775 Deferred charges and prepaid expenses, net 169,872 164,061 Real estate assets held for sale 11,048 — Other assets 53,300 54,155 Total assets $ 8,730,701 $ 8,332,716 Liabilities Debt obligations, net $ 5,375,222 $ 4,933,525 Accounts payable, accrued expenses and other liabilities 500,293 548,890 Total liabilities 5,875,515 5,482,415 Commitments and contingencies (Note 15) — — Equity Common stock, $ 0.01 par value; authorized 3,000,000,000 shares; 310,472,378 and 309,723,386 shares issued and 301,345,386 and 300,596,394 shares outstanding 3,013 3,006 Additional paid-in capital 3,307,357 3,310,590 Accumulated other comprehensive income (loss) 12,377 ( 2,700 ) Distributions in excess of net income ( 467,561 ) ( 460,595 ) Total equity 2,855,186 2,850,301 Total liabilities and equity $ 8,730,701 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues Rental income $ 315,587 $ 309,192 $ 635,076 $ 620,322 Other revenues 102 601 854 915 Total revenues 315,689 309,793 635,930 621,237 Operating expenses Operating costs 36,919 35,705 74,076 71,600 Real estate taxes 36,349 43,712 77,757 88,400