- Continues to Leverage Strong Tenant Demand -

NEW YORK, Feb. 10, 2025 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and twelve months ended December 31, 2024.  For the three months ended December 31, 2024 and 2023, net income attributable to Brixmor Property Group, Inc. was $0.27 per diluted share and $0.24 per diluted share, respectively, and for the twelve months ended December 31, 2024 and 2023, net income attributable to Brixmor Property Group, Inc. was $1.11 per diluted share and $1.01 per diluted share, respectively.

Key highlights for the three months ended December 31, 2024 include:

Executed 1.5 million square feet of new and renewal leases, with rent spreads on comparable space of 21.0%, including 0.8 million square feet of new leases, with rent spreads on comparable space of 34.4% Realized total leased occupancy of 95.2%, anchor leased occupancy of 97.2%, and small shop leased occupancy of 91.1%

Commenced $16.2 million of annualized base rent Leased to billed occupancy spread totaled 380 basis points Total signed but not yet commenced new lease population represented 2.9 million square feet and $60.7 million of annualized base rent Reported an increase in same property NOI of 4.7%, including a contribution from base rent of 600 basis points Reported Nareit FFO of $161.4 million, or $0.53 per diluted share Stabilized $123.3 million of reinvestment projects at an average incremental NOI yield of 9%, with the in process reinvestment pipeline totaling $389.6 million at an expected average incremental NOI yield of 10% Completed $211.8 million of acquisitions and $69.3 million of dispositions Received a credit rating upgrade on December 20, 2024 from Moody's Investors Service to 'Baa2' from 'Baa3', with a stable outlook

Key highlights for the twelve months ended December 31, 2024 include:

Executed 5.4 million square feet of new and renewal leases, with rent spreads on comparable space of 22.5%, including 2.7 million square feet of new leases, with rent spreads on comparable space of 38.8% Reported an increase in same property NOI of 5.0%, including a contribution from base rent of 470 basis points Reported Nareit FFO of $647.9 million, or $2.13 per diluted share Stabilized $204.7 million of reinvestment projects at an average incremental NOI yield of 9% Completed $293.0 million of acquisitions and $212.4 million of dispositions Issued $800.0 million aggregate principal amount of Senior Notes Promoted Brian Finnegan to President, Chief Operating Officer; Steven Gallagher to Executive Vice President, Chief Financial Officer and Treasurer; Helane Stein to Executive Vice President, Chief Information Officer; and Kevin Brydzinski to Senior Vice President, Chief Accounting Officer Published the Company's annual Corporate Responsibility Report on July 1, 2024

Story Continues

Subsequent events:

Provided 2025 Nareit FFO per diluted share expectations of $2.19 - $2.24 and same property NOI growth expectations of 3.50% - 4.50%

"Our momentum continued in the fourth quarter, delivering strong bottom line growth and leasing productivity," commented James Taylor, Chief Executive Officer. "As we look forward, we are very pleased with how we are positioned to capitalize on robust tenant demand to be in our centers as we continue to drive our value add business plan and bring in better tenants at better rents."

FINANCIAL HIGHLIGHTS Net Income Attributable to Brixmor Property Group, Inc.

For the three months ended December 31, 2024 and 2023, net income attributable to Brixmor Property Group, Inc. was $83.4 million, or $0.27 per diluted share, and $72.7 million, or $0.24 per diluted share, respectively. For the twelve months ended December 31, 2024 and 2023, net income attributable to Brixmor Property Group, Inc. was $339.3 million, or $1.11 per diluted share, and $305.1 million, or $1.01 per diluted share, respectively.

Nareit FFO

For the three months ended December 31, 2024 and 2023, Nareit FFO was $161.4 million, or $0.53 per diluted share, and $154.7 million, or $0.51 per diluted share, respectively. Results for the three months ended December 31, 2024 and 2023 include items that impact FFO comparability, including transaction expenses, net and gain on extinguishment of debt, net, of $(0.7) million, or $(0.00) per diluted share, and $(0.1) million, or $(0.00) per diluted share, respectively. For the twelve months ended December 31, 2024 and 2023, Nareit FFO was $647.9 million, or $2.13 per diluted share, and $615.6 million, or $2.04 per diluted share, respectively. Results for the twelve months ended December 31, 2024 and 2023 include items that impact FFO comparability, including transaction expenses, net and gain on extinguishment of debt, net, of $(0.3) million, or $(0.00) per diluted share, and $4.1 million, or $0.01 per diluted share, respectively.

Same Property NOI Performance

For the three months ended December 31, 2024, the Company reported an increase in same property NOI of 4.7% versus the comparable 2023 period. For the twelve months ended December 31, 2024, the Company reported an increase in same property NOI of 5.0% versus the comparable 2023 period.

Dividend

The Company's Board of Directors declared a quarterly cash dividend of $0.2875 per common share (equivalent to $1.15 per annum). The dividend is payable on April 15, 2025 to stockholders of record on April 2, 2025.

PORTFOLIO AND INVESTMENT ACTIVITY Value Enhancing Reinvestment Opportunities

During the three months ended December 31, 2024, the Company stabilized 12 value enhancing reinvestment projects with a total aggregate net cost of approximately $123.3 million at an average incremental NOI yield of 9% and added four new reinvestment projects to its in process pipeline. Projects added include three anchor space repositioning projects and one outparcel development project with a total aggregate net estimated cost of approximately $11.1 million at an expected average incremental NOI yield of 10%. At December 31, 2024, the value enhancing reinvestment in process pipeline was comprised of 36 projects with an aggregate net estimated cost of approximately $389.6 million at an expected average incremental NOI yield of 10%. The in process pipeline includes 18 anchor space repositioning projects with an aggregate net estimated cost of approximately $86.7 million at an expected incremental NOI yield of 7% - 14%; five outparcel development projects with an aggregate net estimated cost of approximately $7.4 million at an expected average incremental NOI yield of 14%; and 13 redevelopment projects with an aggregate net estimated cost of approximately $295.6 million at an expected average incremental NOI yield of 9%. An in-depth review of a redevelopment project which highlights the Company's reinvestment capabilities, Laurel Square (New York-Newark-Jersey City, NY-NJ CBSA), can be found at this link: https://www.brixmor.com/blog/Laurel-Square-Livotis Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor.

Acquisitions

As previously announced, during the three months ended December 31, 2024, the Company acquired four shopping centers and one land parcel at an existing property for a combined purchase price of $211.8 million, including:

The Plaza at Buckland Hills, an approximately 308,000 square foot grocery-anchored regional center located adjacent to the Company's The Manchester Collection in Manchester, Connecticut (Hartford-West Hartford-East Hartford, CT CBSA), for $67.5 million. Britton Plaza, an approximately 466,000 square foot grocery-anchored regional center strategically located in the dense, high-income market of South Tampa, Florida (Tampa-St. Petersburg-Clearwater, FL CBSA), for $60.5 million. North Ridge Shopping Center, an approximately 171,000 square foot grocery-anchored community shopping center located in Raleigh, North Carolina (Raleigh-Cary, NC CBSA), for $54.6 million. Huron Village, an approximately 118,000 square foot grocery-anchored neighborhood shopping center located in Ann Arbor, Michigan (Ann Arbor, MI CBSA), for $29.3 million. During the twelve months ended December 31, 2024, the Company acquired seven shopping centers and two land parcels at existing properties for a combined purchase price of $293.0 million.

Dispositions

As previously announced, during the three months ended December 31, 2024, the Company generated approximately $69.3 million of gross proceeds on the disposition of one shopping center, as well as two partial properties. During the twelve months ended December 31, 2024, the Company generated approximately $212.4 million of gross proceeds on the disposition of six shopping centers, as well as eight partial properties.

CAPITAL STRUCTURE

During the three months ended December 31, 2024, the Company raised approximately $96.6 million of gross proceeds, excluding commissions, from the sale of approximately 3.4 million shares of common stock at an average price per share of $28.77 through its at-the-market ("ATM") equity offering program. During the twelve months ended December 31, 2024, the Company raised approximately $116.6 million of gross proceeds, excluding commissions, from the sale of approximately 4.1 million shares of common stock at an average price per share of $28.62 through its ATM equity offering program. During the twelve months ended December 31, 2024, the Company's Operating Partnership, Brixmor Operating Partnership LP, issued $800.0 million aggregate principal amount of Senior Notes. At December 31, 2024, the Company had $1.6 billion in liquidity. At December 31, 2024, the Company's net principal debt to adjusted EBITDA, current quarter annualized was 5.7x and net principal debt to adjusted EBITDA, trailing twelve months was 5.7x.

GUIDANCE

The Company expects 2025 NAREIT FFO per diluted share of $2.19 - $2.24 and same property NOI growth of 3.50% - 4.50%.

Revenues deemed uncollectible is expected to total 75 - 110 bps of total expected revenues in 2025. 2025 expectations do not include any items that impact FFO comparability, which include transaction expenses, net and gain or loss on extinguishment of debt, net, or any other one-time items. The following table provides a bridge from the Company's 2024 Nareit FFO per diluted share to the Company's 2025 estimated Nareit FFO per diluted share:

Low  High 2024 Nareit FFO per diluted share  $2.13  $2.13 Same property NOI growth  0.10  0.14 Dividends and interest  (0.06)  (0.06) General and administrative expense and other 1  0.02  0.02 Non-same property NOI  0.02  0.02 Interest expense   (0.01)  (0.01) Non-cash GAAP rental adjustments 2  (0.01)  0.00 2025E Nareit FFO per diluted share   $2.19  $2.24

1. Includes general and administrative expense, lease termination fees, non-real estate depreciation and amortization, and other income (expense). 2. Includes straight-line rental income, net, accretion of below-market leases, net of amortization of above-market leases and tenant inducements, and straight-line ground rent expense.

The following table provides a reconciliation of the range of the Company's 2025 estimated net income attributable to Brixmor Property Group, Inc. to Nareit FFO:

(Unaudited, dollars in millions, except per share amounts)  2025E  2025E Per 
Diluted Share Net income attributable to Brixmor Property Group, Inc.  $286 - $302  $0.94  - $0.99  Depreciation and amortization related to real estate  385  1.25 Nareit FFO  $671 - $687  $2.19 - $2.24

CONNECT WITH BRIXMOR

For additional information, please visit https://www.brixmor.com; Follow Brixmor on:

LinkedIn at https://www.linkedin.com/company/brixmor Facebook at https://www.facebook.com/Brixmor Instagram at https://www.instagram.com/brixmorpropertygroup; and YouTube at https://www.youtube.com/user/Brixmor.

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION The Company will host a teleconference on Tuesday, February 11, 2025 at 10:00 AM ET. To participate, please dial 877.704.4453 (domestic) or 201.389.0920 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at https://www.brixmor.com in the Investors section. A replay of the teleconference will be available through February 25, 2025 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13750097) or via the web through February 11, 2026 at https://www.brixmor.com in the Investors section.

The Company's Supplemental Disclosure will be posted at https://www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at [email protected] or 800.468.7526.

NON-GAAP PERFORMANCE MEASURES The Company presents the non-GAAP performance measures set forth below.  These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity.  Non-GAAP performance 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 financial results to those calculated in accordance with GAAP.  The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of net income to these non-GAAP performance measures is presented in the attached tables.

Nareit FFO Nareit FFO is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines FFO as net income (calculated in accordance with GAAP) excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. Considering the nature of its business as a real estate owner and operator, the Company believes that Nareit FFO is useful to investors in measuring its operating and financial performance because the definition excludes items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the Company's operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.

Same Property NOI Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies.  Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) lease termination fees, (ii) straight-line rental income, net, (iii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (iv) straight-line ground rent expense, net, (v) income or expense associated with the Company's captive insurance company, (vi) depreciation and amortization, (vii) impairment of real estate assets, (viii) general and administrative expense, and (ix) other income and expense (including interest expense and gain on sale of real estate assets). Considering the nature of its business as a real estate owner and operator, the Company believes that NOI is useful to investors in measuring the operating performance of its portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of the Company's properties, such as lease termination fees, straight-line rental income, net, income or expense associated with the Company's captive insurance company,  accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, depreciation and amortization, impairment of real estate assets, general and administrative expense, and other income and expense (including interest expense and gain on sale of real estate assets). The Company believes that same property NOI is also useful to investors because it further eliminates disparities in NOI by only including NOI of properties owned for the entirety of both periods presented and excluding properties under development and completed new development properties that have been stabilized for less than one year and therefore provides a more consistent metric for comparing the operating performance of the Company's real estate between periods.

Net Principal Debt to Adjusted EBITDA, current quarter annualized & Net Principal Debt to Adjusted EBITDA, trailing twelve months Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are supplemental non-GAAP measures utilized to evaluate the performance of real estate companies in relation to outstanding debt. Net principal debt is calculated as Debt obligations, net (calculated in accordance with GAAP) excluding net unamortized premium or discount and deferred financing fees less cash, cash equivalents, and restricted cash. Adjusted EBITDA is calculated as the sum of net income (calculated in accordance with GAAP) before non-controlling interests excluding (i) interest expense, (ii) federal and state taxes, (iii) depreciation and amortization, (iv) gains and losses from the sale of certain real estate assets, (v) gains and losses from change in control, (vi) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, (vii) gain (loss) on extinguishment of debt, net, and (viii) other items that the Company believes are not indicative of the Company's operating performance. Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are calculated as net principal debt divided by quarterly annualized adjusted EBITDA or trailing twelve month adjusted EBITDA, respectively. Considering the nature of its business as a real estate owner and operator, the Company believes that net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are useful to investors in measuring its operating performance because they exclude items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the operating performance of the Company's real estate, are widely known and understood measures of performance, independent of a company's capital structure and items which can make periodic and peer analyses of performance more difficult, and can provide investors with a more consistent basis by which to compare the Company with its peers.

ABOUT BRIXMOR PROPERTY GROUP Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 363 retail centers comprise approximately 64 million square feet of prime retail space in established trade areas.  The Company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers.  Brixmor is a proud real estate partner to over 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.

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," "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 sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2024, 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 (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

CONSOLIDATED BALANCE SHEETS  Unaudited, dollars in thousands, except share information   As of  As of 12/31/2024  12/31/2023 Assets  Real estate  Land $            1,834,814  $            1,794,011 Buildings and tenant improvements 8,895,571  8,570,874 Construction in progress 152,260  126,007 Lease intangibles 526,412  504,995 11,409,057  10,995,887 Accumulated depreciation and amortization (3,410,179)  (3,198,980) Real estate, net 7,998,878  7,796,907 Cash and cash equivalents 377,616  866 Restricted cash 1,076  18,038 Marketable securities 20,301  19,914 Receivables, net, including straight-line rent receivables of $208,785 and $180,810, respectively 281,947  278,775 Deferred charges and prepaid expenses, net 167,080  164,061 Real estate assets held for sale 4,189  - Other assets 57,827  54,155 Total assets $            8,908,914  $            8,332,716  Liabilities  Debt obligations, net $            5,339,751  $            4,933,525 Accounts payable, accrued expenses and other liabilities 585,241  548,890 Total liabilities 5,924,992  5,482,415  Equity  Common stock, $0.01 par value; authorized 3,000,000,000 shares;  314,619,008 and 309,723,386 shares issued and 305,492,016 and 300,596,394  shares outstanding 3,055  3,006 Additional paid-in capital 3,431,043  3,310,590 Accumulated other comprehensive income (loss) 8,218  (2,700) Distributions in excess of net income (458,638)  (460,595) Total stockholders' equity 2,983,678  2,850,301 Non-controlling interests 244  - Total equity 2,983,922  2,850,301 Total liabilities and equity $            8,908,914  $            8,332,716

CONSOLIDATED STATEMENTS OF OPERATIONS  Unaudited, dollars in thousands, except per share amounts   Three Months Ended  Twelve Months Ended 12/31/2024  12/31/2023  12/31/2024  12/31/2023 Revenues  Rental income $            328,356  $            316,404  $         1,283,421  $         1,243,844 Other revenues 86  81  1,633  1,192 Total revenues 328,442  316,485  1,285,054  1,245,036  Operating expenses  Operating costs 42,307  39,815  152,825  146,473 Real estate taxes 43,632  42,961  164,291  173,517 Depreciation and amortization 103,331  89,470  381,396  362,277 Impairment of real estate assets -  -  11,143  17,836 General and administrative 27,933  30,260  116,363  117,128 Total operating expenses 217,203  202,506  826,018  817,231  Other income (expense)  Dividends and interest 4,978  321  20,776  666 Interest expense (55,441)  (47,204)  (215,994)  (190,733) Gain on sale of real estate assets 24,090  6,402  78,064  65,439 Gain on extinguishment of debt, net -  -  554  4,356 Other  (1,460)  (801)  (3,160)  (2,446) Total other expense (27,833)  (41,282)  (119,760)  (122,718)  Net income 83,406  72,697  339,276  305,087 Net income attributable to non-controlling interests (2)  -  (2)  - Net income attributable to Brixmor Property Group, Inc. $              83,404  $              72,697  $            339,274  $            305,087  Net income attributable to Brixmor Property Group, Inc. per common share:  Basic  $                  0.27  $                  0.24  $                  1.12  $                  1.01 Diluted  $                  0.27  $                  0.24  $                  1.11  $                  1.01 Weighted average shares:  Basic 305,042  301,022  303,130  300,977 Diluted 306,052  302,430  304,038  302,376

EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT Unaudited, dollars in thousands   Three Months Ended   Twelve Months Ended  12/31/2024  12/31/2023  12/31/2024  12/31/2023   Net income $              83,406  $              72,697  $            339,276  $            305,087  Interest expense 55,441  47,204  215,994  190,733  Federal and state taxes 758  668  2,740  2,613  Depreciation and amortization 103,331  89,470  381,396  362,277  EBITDA 242,936  210,039  939,406  860,710  Gain on sale of real estate assets (24,090)  (6,402)  (78,064)  (65,439)  Impairment of real estate assets -  -  11,143  17,836  EBITDAre $            218,846  $            203,637  $            872,485  $            813,107   EBITDAre $            218,846  $            203,637  $            872,485  $            813,107  Transaction expenses, net 748  58  879  256  Gain on extinguishment of debt, net -  -  (554)  (4,356)  Total adjustments  748  58  325  (4,100)  Adjusted EBITDA $            219,594  $            203,695  $            872,810  $            809,007   Adjusted EBITDA $            219,594  $            203,695  $            872,810  $            809,007  Straight-line rental income, net (7,198)  (6,988)  (30,867)  (23,498)  Accretion of below-market leases, net of amortization of above-market leases and tenant inducements (3,327)  (2,739)  (8,562)  (9,153)  Straight-line ground rent expense, net (1) 87  (6)  68  (31)  Total adjustments  (10,438)  (9,733)  (39,361)  (32,682)  Cash Adjusted EBITDA $            209,156  $            193,962  $            833,449  $            776,325   (1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.   Reconciliation of Debt Obligations, Net to Net Principal Debt  As of  12/31/2024  Debt obligations, net $         5,339,751  Less: Net unamortized premium (14,279)  Add: Deferred financing fees 25,293  Less: Cash, cash equivalents and restricted cash (378,692)  Net Principal Debt $         4,972,073   Adjusted EBITDA, current quarter annualized $            878,376  Net Principal Debt to Adjusted EBITDA, current quarter annualized 5.7x   Adjusted EBITDA, trailing twelve months $            872,810  Net Principal Debt to Adjusted EBITDA, trailing twelve months 5.7x

FUNDS FROM OPERATIONS (FFO)  Unaudited, dollars in thousands, except per share amounts   Three Months Ended  Twelve Months Ended 12/31/2024  12/31/2023  12/31/2024  12/31/2023  Net income attributable to Brixmor Property Group, Inc. $              83,404  $              72,697  $            339,274  $            305,087 Depreciation and amortization related to real estate 102,125  88,374  375,511  358,088 Gain on sale of real estate assets (24,090)  (6,402)  (78,064)  (65,439) Impairment of real estate assets -  -  11,143  17,836 Nareit FFO $            161,439  $            154,669  $            647,864  $            615,572  Nareit FFO per diluted share $                  0.53  $                  0.51  $                  2.13  $                  2.04 Weighted average diluted shares outstanding 306,052  302,430  304,038  302,376  Items that impact FFO comparability  Transaction expenses, net $                  (748)  $                    (58)  $                  (879)  $                  (256) Gain on extinguishment of debt, net -  -  554  4,356 Total items that impact FFO comparability  $                  (748)  $                    (58)  $                  (325)  $                4,100 Items that impact FFO comparability, net per share $                 (0.00)  $                 (0.00)  $                 (0.00)  $                  0.01  Additional Disclosures  Straight-line rental income, net $                7,198  $                6,988  $              30,867  $              23,498 Accretion of below-market leases, net of amortization of above-market leases and tenant inducements 3,327  2,739  8,562  9,153 Straight-line ground rent expense, net (1) (87)  6  (68)  31  Dividends declared per share $              0.2875  $              0.2725  $              1.1050  $              1.0525 Dividends declared $              87,829  $              81,913  $            334,362  $            316,364 Dividend payout ratio (as % of Nareit FFO)  54.4 %  53.0 %  51.6 %  51.4 %  (1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.

SAME PROPERTY NOI ANALYSIS  Unaudited, dollars in thousands   Three Months Ended    Twelve Months Ended  12/31/2024  12/31/2023  Change  12/31/2024  12/31/2023  Change Same Property NOI Analysis  Number of properties 350  350  -  347  347  - Percent billed 91.5 %  90.6 %  0.9 %  91.4 %  90.6 %  0.8 % Percent leased 95.4 %  94.9 %  0.5 %  95.4 %  94.8 %  0.6 %  Revenues  Base rent $            228,899  $            216,054    $            895,408  $            855,489  Expense reimbursements 75,200  73,508    282,572  275,436  Revenues deemed uncollectible (3,502)  (1,797)    (9,181)  (5,486)  Ancillary and other rental income / Other revenues 5,871  6,170    23,617  23,203  Percentage rents 1,870  2,008    9,573  9,023  308,338  295,943  4.2 %  1,201,989  1,157,665  3.8 % Operating expenses  Operating costs (40,570)  (39,007)    (146,724)  (138,411)  Real estate taxes (42,213)  (41,442)    (158,907)  (165,524)  (82,783)  (80,449)  2.9 %  (305,631)  (303,935)  0.6 % Same property NOI $            225,555  $            215,494  4.7 %  $            896,358  $            853,730  5.0 %  NOI margin 73.2 %  72.8 %    74.6 %  73.7 %  Expense recovery ratio 90.8 %  91.4 %    92.5 %  90.6 %   Percent Contribution to Same Property NOI Performance:  Change  Percent Contribution    Change  Percent Contribution  Base Rent $              12,845  6.0 %    $              39,919  4.7 %  Revenues deemed uncollectible (1,705)  (0.8) %    (3,695)  (0.4) %  Net expense reimbursements (642)  (0.3) %    5,440  0.6 %  Ancillary and other rental income / Other revenues (299)  (0.1) %    414  0.0 %  Percentage rents (138)  (0.1) %    550  0.1 %  4.7 %      5.0 %   Reconciliation of Net Income attributable to Brixmor Property Group, Inc. to Same Property NOI  Net income attributable to Brixmor Property Group, Inc. $              83,404  $              72,697    $            339,274  $            305,087  Adjustments:  Non-same property NOI (5,452)  (7,739)    (28,611)  (34,012)  Lease termination fees (1,058)  (743)    (3,608)  (4,622)  Straight-line rental income, net (7,198)  (6,988)    (30,867)  (23,498)  Accretion of below-market leases, net of amortization of above-market leases and tenant inducements (3,327)  (2,739)    (8,562)  (9,153)  Straight-line ground rent expense, net 87  (6)    68  (31)  Depreciation and amortization  103,331  89,470    381,396  362,277  Impairment of real estate assets -  -    11,143  17,836  General and administrative  27,933  30,260    116,363  117,128  Total other expense 27,833  41,282    119,760  122,718  Net income attributable to non-controlling interests 2  -    2  -  Same Property NOI $            225,555  $            215,494    $            896,358  $            853,730 Brixmor Property Group Logo. (PRNewsFoto/Brixmor Property Group)Cision

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SOURCE Brixmor Property Group Inc.

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