Brixmor Property Group Files Q3 2024 10-Q

TL;DR

BRX filed its Q3 10-Q. All systems go.

AI Summary

Brixmor Property Group Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational status as a real estate investment trust. Key financial data and business addresses for both Brixmor Property Group Inc. and Brixmor Operating Partnership LP are provided.

Why It Matters

This filing provides investors with crucial financial and operational updates for Brixmor Property Group, a major real estate investment trust, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of fiscal year 2024.)
• 12/31 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)

Key Players & Entities

• Brixmor Property Group Inc. (company) — Filer
• Brixmor Operating Partnership LP (company) — Filer
• 20240930 (date) — Period of Report
• 100 PARK AVENUE, NEW YORK, NY 10017 (address) — Business and Mail 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-20240930.htm (10-Q) — 1597KB
• brx-20240930ex311.htm (EX-31.1) — 10KB
• brx-20240930ex312.htm (EX-31.2) — 10KB
• brx-20240930ex313.htm (EX-31.3) — 10KB
• brx-20240930ex314.htm (EX-31.4) — 10KB
• brx-20240930ex321.htm (EX-32.1) — 6KB
• brx-20240930ex322.htm (EX-32.2) — 6KB
• 0001581068-24-000043.txt ( ) — 8180KB
• brx-20240930.xsd (EX-101.SCH) — 59KB
• brx-20240930_cal.xml (EX-101.CAL) — 77KB
• brx-20240930_def.xml (EX-101.DEF) — 355KB
• brx-20240930_lab.xml (EX-101.LAB) — 673KB
• brx-20240930_pre.xml (EX-101.PRE) — 489KB
• brx-20240930_htm.xml (XML) — 1183KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION 1. Financial Statements 1 Brixmor Property Group Inc. (unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 5 Brixmor Operating Partnership LP (unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 8 Condensed Consolidated Statements of Changes in Capital for the Three and Nine Months Ended September 30, 2024 and 2023 9 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 28 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) September 30, 2024 December 31, 2023 Assets Real estate Land $ 1,791,843 $ 1,794,011 Buildings and improvements 9,373,627 9,201,876 11,165,470 10,995,887 Accumulated depreciation and amortization ( 3,372,860 ) ( 3,198,980 ) Real estate, net 7,792,610 7,796,907 Cash and cash equivalents 451,326 866 Restricted cash 1,121 18,038 Marketable securities 21,205 19,914 Receivables, net 260,571 278,775 Deferred charges and prepaid expenses, net 172,947 164,061 Other assets 50,037 54,155 Total assets $ 8,749,817 $ 8,332,716 Liabilities Debt obligations, net $ 5,338,681 $ 4,933,525 Accounts payable, accrued expenses and other liabilities 530,560 548,890 Total liabilities 5,869,241 5,482,415 Commitments and contingencies (Note 15) — — Equity Common stock, $ 0.01 par value; authorized 3,000,000,000 shares; 311,190,362 and 309,723,386 shares issued and 302,063,370 and 300,596,394 shares outstanding 3,020 3,006 Additional paid-in capital 3,331,941 3,310,590 Accumulated other comprehensive loss ( 759 ) ( 2,700 ) Distributions in excess of net income ( 453,626 ) ( 460,595 ) Total equity 2,880,576 2,850,301 Total liabilities and equity $ 8,749,817 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Rental income $ 319,989 $ 307,118 $ 955,065 $ 927,440 Other revenues 693 196 1,547 1,111 Total revenues 320,682 307,314 956,612 928,551 Operating expenses Operating costs 36,442 35,058 110,518 106,658 Real estate taxes 42,902 42,156 120,659 130,556 Depreciation and amortiz