Company Quick10K Filing
Quick10K
Brixmor Property Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$18.03 298 $5,370
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-01 Other Events, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-05-15 Shareholder Vote
8-K 2019-05-07 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-03-07 Officers, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2018-12-12 Enter Agreement, Off-BS Arrangement
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-08-28 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-05-08 Shareholder Vote
8-K 2018-03-06 Officers, Exhibits
8-K 2018-01-09 Other Events, Exhibits
DRE Duke Realty 10,940
FFG FBL Financial Group 1,600
SSTI Shotspotter 621
CPHC Canterbury Park Holding 65
CHFS CHF Solutions 8
NTRI Nutri System 0
BLYQ Bally 0
VRCP Virtual Crypto Technologies 0
MHDG Mullan Agritech 0
XCO Exco Resources 0
BRX 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 brx10q6302019ex311.htm
EX-31.2 brx10q6302019ex312.htm
EX-31.3 brx10q6302019ex313.htm
EX-31.4 brx10q6302019ex314.htm
EX-32.1 brx10q6302019ex321.htm
EX-32.2 brx10q6302019ex322.htm

Brixmor Property Group Earnings 2019-06-30

BRX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to_____
Commission File Number: 001-36160 (Brixmor Property Group)
Commission File Number: 333-201464-01 (Brixmor Operating Partnership LP)

Brixmor Property Group Inc.
Brixmor Operating Partnership LP
(Exact Name of Registrant as Specified in Its Charter)
Maryland
(Brixmor Property Group Inc.)

 
45-2433192
Delaware
(Brixmor Operating Partnership LP)

 
80-0831163
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
450 Lexington Avenue, New York, New York 10017
(Address of Principal Executive Offices) (Zip Code)
212-869-3000
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
BRX
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Brixmor Property Group Inc. Yes No Brixmor Operating Partnership LP Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Brixmor Property Group Inc. Yes No Brixmor Operating Partnership LP Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Brixmor Property Group Inc.
 
 
Brixmor Operating Partnership LP
Large accelerated filer
Non-accelerated filer
 
 
Large accelerated filer
Non-accelerated filer
Smaller reporting company
Accelerated filer
 
 
Smaller reporting company
Accelerated filer
Emerging growth company
 
 
 
 
Emerging growth company
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     
Brixmor Property Group Inc. Brixmor Operating Partnership LP

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Brixmor Property Group Inc. Yes No Brixmor Operating Partnership LP Yes No

(APPLICABLE ONLY TO CORPORATE ISSUERS)
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
As of July 1, 2019, Brixmor Property Group Inc. had 297,846,251 shares of common stock outstanding.




EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2019 of Brixmor Property Group Inc. and Brixmor Operating Partnership LP. Unless stated otherwise or the context otherwise requires, references to the “Parent Company” or “BPG” mean Brixmor Property Group Inc. and its consolidated subsidiaries; and references to the “Operating Partnership” mean Brixmor Operating Partnership LP and its consolidated subsidiaries. Unless the context otherwise requires, the terms the “Company,” “Brixmor,” “we,” “our” and “us” mean the Parent Company and the Operating Partnership, collectively.
The Parent Company is a real estate investment trust (“REIT”) that owns 100% of the common stock of BPG Subsidiary Inc. (“BPG Sub”), which, in turn, is the sole owner of Brixmor OP GP LLC (the “General Partner”), the sole general partner of the Operating Partnership. As of June 30, 2019, the Parent Company beneficially owned, through its direct and indirect interest in BPG Sub and the General Partner, 100% of the outstanding partnership common units of interest (the “OP Units”) in the Operating Partnership.
The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report:

Enhances investors’ understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and
Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
Management operates the Parent Company and the Operating Partnership as one business. Because the Operating Partnership is managed by the Parent Company, and the Parent Company conducts substantially all of its operations through the Operating Partnership, the Parent Company’s executive officers are the Operating Partnership’s executive officers, and although, as a partnership, the Operating Partnership does not have a board of directors, we refer to the Parent Company’s board of directors as the Operating Partnership’s board of directors.
We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its indirect interest in the Operating Partnership. As a result, the Parent Company does not conduct business itself other than issuing public equity from time to time. The Parent Company does not incur any material indebtedness. The Operating Partnership holds substantially all of our assets. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates all capital required by the Company’s business. Sources of this capital include the Operating Partnership’s operations and its direct or indirect incurrence of indebtedness.
Stockholders’ equity, partners’ capital, and non-controlling interests are the primary areas of difference between the unaudited Condensed Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership’s capital currently includes OP Units owned by the Parent Company through BPG Sub and the General Partner and has in the past and may in the future include OP Units owned by third parties. OP Units owned by third parties, if any, are accounted for in partners’ capital in the Operating Partnership’s financial statements and outside of stockholders’ equity in non-controlling interests in the Parent Company’s financial statements.
The Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have material assets other than its indirect investment in the Operating Partnership. Therefore, while stockholders’ equity, partners’ capital and non-controlling interests may differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are materially the same on their respective financial statements.
In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements (but combined footnotes), separate controls and procedures sections, separate certification of periodic report under Section 302 of the Sarbanes-Oxley Act of 2002 and separate certification pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.

i



TABLE OF CONTENTS

Item No.
 
Page
Part I - FINANCIAL INFORMATION
1.
Financial Statements
 
Brixmor Property Group Inc. (unaudited)
 
 
Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018
 
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018
 
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and 2018
 
Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2019 and 2018
 
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018
 
Brixmor Operating Partnership LP (unaudited)
 
 
Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018
 
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018
 
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and 2018
 
Condensed Consolidated Statements of Changes in Capital for the Three and Six Months Ended June 30, 2019 and 2018
 
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018
 
Brixmor Property Group Inc. and Brixmor Operating Partnership LP (unaudited)
 
 
Notes to Condensed Consolidated Financial Statements
2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
3.
Quantitative and Qualitative Disclosures about Market Risk
4.
Controls and Procedures
Part II - OTHER INFORMATION
1.
Legal Proceedings
1A.
Risk Factors
2.
Unregistered Sales of Equity Securities and Use of Proceeds
3.
Defaults Upon Senior Securities
4.
Mine Safety Disclosures
5.
Other Information
6.
Exhibits




ii




Forward-Looking Statements

This report contains 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 which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “targets” 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, 2018, 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 http://www.sec.gov. These factors include (1) changes in national, regional and local economic climates or demographics; (2) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio; (3) competition from other available properties and e-commerce, and the attractiveness of properties in our Portfolio to our tenants; (4) ongoing 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 expense reimbursements; (5) in the case of percentage rents, the sales volume 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 decreases; (7) increases in the costs to repair, renovate and re-lease space; (8) earthquakes, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, civil unrest, terrorist acts or acts of war, which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes; and (10) new developments in the litigation and governmental investigations discussed under the heading “Legal Matters” in Note 15 – Commitments and Contingencies to our unaudited Condensed Consolidated Financial Statements in this report. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, 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.



iii



PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands, except share information)
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Real estate
 
 
 
Land
$
1,805,993

 
$
1,804,504

Buildings and improvements
8,347,955

 
8,294,273

 
10,153,948

 
10,098,777

Accumulated depreciation and amortization
(2,424,153
)
 
(2,349,127
)
Real estate, net
7,729,795

 
7,749,650

 
 
 
 
Cash and cash equivalents
10,809

 
41,745

Restricted cash
2,447

 
9,020

Marketable securities
15,813

 
30,243

Receivables, net
221,683

 
228,297

Deferred charges and prepaid expenses, net
144,178

 
145,662

Real estate assets held for sale
32,085

 
2,901

Other assets
63,713

 
34,903

Total assets
$
8,220,523

 
$
8,242,421

 
 
 
 
 
 
 
 
Liabilities
 
 
 
Debt obligations, net
$
4,925,537

 
$
4,885,863

Accounts payable, accrued expenses and other liabilities
530,805

 
520,459

Total liabilities
5,456,342

 
5,406,322

 
 
 
 
Commitments and contingencies (Note 15)

 

 
 
 
 
Equity
 
 
 
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 305,323,128 and 305,130,472 shares issued and 297,846,251 and 298,488,516 shares outstanding
2,978

 
2,985

Additional paid-in capital
3,223,058

 
3,233,329

Accumulated other comprehensive income (loss)
(7,887
)
 
15,973

Distributions in excess of net income
(453,968
)
 
(416,188
)
Total equity
2,764,181

 
2,836,099

Total liabilities and equity
$
8,220,523

 
$
8,242,421

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,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Rental income
$
290,737

 
$
312,720

 
$
580,692

 
$
629,517

Other revenues
268

 
310

 
1,452

 
688

Total revenues
291,005

 
313,030

 
582,144

 
630,205

 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
Operating costs
29,307

 
33,881

 
60,565

 
69,371

Real estate taxes
43,189

 
44,947

 
86,515

 
90,672

Depreciation and amortization
81,593

 
91,334

 
166,988

 
181,717

Provision for doubtful accounts

 
949

 

 
3,364

Impairment of real estate assets
6,186

 
11,927

 
9,298

 
27,829

General and administrative
25,175

 
21,320

 
50,618

 
43,746

Total operating expenses
185,450

 
204,358

 
373,984

 
416,699

 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
Dividends and interest
300

 
104

 
447

 
200

Interest expense
(48,475
)
 
(55,200
)
 
(95,141
)
 
(110,371
)
Gain on sale of real estate assets
13,043

 
28,262

 
20,645

 
39,710

Loss on extinguishment of debt, net
(707
)
 
(291
)
 
(677
)
 
(423
)
Other
(756
)
 
(1,185
)
 
(1,574
)
 
(1,238
)
Total other expense
(36,595
)
 
(28,310
)
 
(76,300
)
 
(72,122
)
 
 
 
 
 
 
 
 
Net income
$
68,960

 
$
80,362

 
$
131,860

 
$
141,384

Per common share:
 
 
 
 
 
 
 
Net income:
 
 
 
 
 
 
 
Basic
$
0.23

 
$
0.27

 
$
0.44

 
$
0.47

Diluted
$
0.23

 
$
0.26

 
$
0.44

 
$
0.47

Weighted average shares:
 
 
 
 
 
 
 
Basic
298,140

 
302,776

 
298,372

 
303,468

Diluted
298,893

 
302,934

 
298,895

 
303,614

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2



BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
68,960

 
$
80,362

 
$
131,860

 
$
141,384

Other comprehensive income (loss)
 
 
 
 
 
 
 
Change in unrealized gain (loss) on interest rate swaps, net (Note 6)
(13,984
)
 
(581
)
 
(24,041
)
 
4,192

Change in unrealized gain (loss) on marketable securities
49

 
46

 
181

 
(40
)
Total other comprehensive income (loss)
(13,935
)
 
(535
)
 
(23,860
)
 
4,152

Comprehensive income
$
55,025

 
$
79,827

 
$
108,000

 
$
145,536

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.




3



BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited, in thousands, except per share data)

 
Common Stock
 
 
 
 
 
 
 
 
 
Number
 
Amount
 
Additional Paid-in Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Distributions in Excess of Net Income
 
Total
Beginning balance, January 1, 2019
298,489

 
$
2,985

 
$
3,233,329

 
$
15,973

 
$
(416,188
)
 
$
2,836,099

ASC 842 cumulative adjustment

 

 

 

 
(1,974
)
 
(1,974
)
Common stock dividends ($0.28 per common share)

 

 

 

 
(83,839
)
 
(83,839
)
Equity based compensation expense

 

 
2,641

 

 

 
2,641

Other comprehensive loss

 

 

 
(9,925
)
 

 
(9,925
)
Issuance of common stock and OP Units
158

 
2

 

 

 

 
2

Repurchases of common stock
(660
)
 
(7
)
 
(11,579
)
 

 

 
(11,586
)
Share-based awards retained for taxes

 

 
(1,547
)
 

 

 
(1,547
)
Net income

 

 

 

 
62,900

 
62,900

Ending balance, March 31, 2019
297,987

 
2,980

 
3,222,844

 
6,048

 
(439,101
)
 
2,792,771

Common stock dividends ($0.28 per common share)

 

 

 

 
(83,827
)
 
(83,827
)
Equity based compensation expense

 

 
3,353

 

 

 
3,353

Other comprehensive loss

 

 

 
(13,935
)
 

 
(13,935
)
Issuance of common stock and OP Units
34

 

 

 

 

 

Repurchases of common stock
(175
)
 
(2
)
 
(2,975
)
 

 

 
(2,977
)
Share-based awards retained for taxes

 

 
(164
)
 

 

 
(164
)
Net income

 

 

 

 
68,960

 
68,960

Ending balance, June 30, 2019
297,846

 
$
2,978

 
$
3,223,058

 
$
(7,887
)
 
$
(453,968
)
 
$
2,764,181

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 

4



BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited, in thousands, except per share data)

 
Common Stock
 
 
 
 
 
 
 
 
 
Number
 
Amount
 
Additional Paid-in Capital
 
Accumulated
Other
Comprehensive
Income
 
Distributions in Excess of Net Income
 
Total
Beginning balance, January 1, 2018
304,620

 
$
3,046

 
$
3,330,466

 
$
24,211

 
$
(449,375
)
 
$
2,908,348

Common stock dividends ($0.275 per common share)

 

 

 

 
(83,479
)
 
(83,479
)
Equity based compensation expense

 

 
2,484

 

 

 
2,484

Other comprehensive income

 

 

 
4,687

 

 
4,687

Issuance of common stock and OP Units
128

 
1

 

 

 

 
1

Repurchases of common stock
(1,922
)
 
(19
)
 
(29,746
)
 

 

 
(29,765
)
Share-based awards retained for taxes

 

 
(1,722
)
 

 

 
(1,722
)
Net income

 

 

 

 
61,022

 
61,022

Ending balance, March 31, 2018
302,826

 
3,028

 
3,301,482

 
28,898

 
(471,832
)
 
2,861,576

Common stock dividends ($0.275 per common share)

 

 

 

 
(83,584
)
 
(83,584
)
Equity based compensation expense

 

 
2,784

 

 

 
2,784

Other comprehensive loss

 

 

 
(535
)
 

 
(535
)
Issuance of common stock and OP Units
42

 
1

 

 

 

 
1

Repurchases of common stock
(241
)
 
(3
)
 
(3,497
)
 

 

 
(3,500
)
Share-based awards retained for taxes

 

 
(133
)
 

 

 
(133
)
Net income

 

 

 

 
80,362

 
80,362

Ending balance, June 30, 2018
302,627

 
$
3,026

 
$
3,300,636

 
$
28,363

 
$
(475,054
)
 
$
2,856,971

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


















5



BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
Six Months Ended June 30,
 
2019
 
2018
Operating activities:
 
 
 
Net income
$
131,860

 
$
141,384

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
166,988

 
181,717

Debt premium and discount amortization
948

 
(1,878
)
Deferred financing cost amortization
3,551

 
3,313

Accretion of above- and below-market leases, net
(9,646
)
 
(14,822
)
Impairment of real estate assets
9,298

 
27,829

Gain on sale of real estate assets
(20,645
)
 
(39,710
)
Equity based compensation, net
5,611

 
5,268

Other
1,814

 
1,821

Loss on extinguishment of debt, net
677

 
423

Changes in operating assets and liabilities:
 
 
 
Receivables
(7,628
)
 
8,697

Deferred charges and prepaid expenses
(14,610
)
 
(15,054
)
Other assets
42

 
3,643

Accounts payable, accrued expenses and other liabilities
(17,253
)
 
(22,278
)
Net cash provided by operating activities
251,007

 
280,353

 
 
 
 
Investing activities:
 
 
 
Improvements to and investments in real estate assets
(169,529
)
 
(120,638
)
Acquisitions of real estate assets
(79,634
)
 
(7,453
)
Proceeds from sales of real estate assets
95,139

 
239,404

Purchase of marketable securities
(24,202
)
 
(16,524
)
Proceeds from sale of marketable securities
38,942

 
13,197

Net cash provided by (used in) investing activities
(139,284
)
 
107,986

 
 
 
 
Financing activities:
 
 
 
Repayment of secured debt obligations

 
(9,356
)
Repayment of borrowings under unsecured revolving credit facility
(337,000
)
 
(35,000
)
Proceeds from borrowings under unsecured revolving credit facility
176,000

 
35,000

Proceeds from unsecured notes
399,216

 

Repayment of borrowings under unsecured term loans
(200,000
)
 
(185,000
)
Deferred financing and debt extinguishment costs
(3,402
)
 
(440
)
Distributions to common stockholders
(167,772
)
 
(167,576
)
Repurchases of common shares
(14,563
)
 
(33,265
)
Repurchases of common shares in conjunction with equity award plans
(1,711
)
 
(1,855
)
Net cash used in financing activities
(149,232
)
 
(397,492
)
 
 
 
 
Net change in cash, cash equivalents and restricted cash
(37,509
)
 
(9,153
)
Cash, cash equivalents and restricted cash at beginning of period
50,765

 
110,777

Cash, cash equivalents and restricted cash at end of period
$
13,256

 
$
101,624

 
 
 
 
Reconciliation to consolidated balance sheets:
 
 
 
Cash and cash equivalents
$
10,809

 
$
53,418

Restricted cash
2,447

 
48,206

Cash, cash equivalents and restricted cash at end of period
$
13,256

 
$
101,624

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Cash paid for interest, net of amount capitalized of $1,404 and $1,169
$
87,170

 
$
109,453

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


6



BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands, except unit information)
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Real estate
 
 
 
Land
$
1,805,993

 
$
1,804,504

Buildings and improvements
8,347,955

 
8,294,273

 
10,153,948

 
10,098,777

Accumulated depreciation and amortization
(2,424,153
)
 
(2,349,127
)
Real estate, net
7,729,795

 
7,749,650

 
 
 
 
Cash and cash equivalents
10,790

 
41,619

Restricted cash
2,447

 
9,020

Marketable securities
15,590

 
30,023

Receivables, net
221,683

 
228,297

Deferred charges and prepaid expenses, net
144,178

 
145,662

Real estate assets held for sale
32,085

 
2,901

Other assets
63,713

 
34,903

Total assets
$
8,220,281

 
$
8,242,075

 
 
 
 
 
 
 
 
Liabilities
 
 
 
Debt obligations, net
$
4,925,537

 
$
4,885,863

Accounts payable, accrued expenses and other liabilities
530,805

 
520,459

Total liabilities
5,456,342

 
5,406,322

 
 
 
 
Commitments and contingencies (Note 15)

 

 
 
 
 
Capital
 
 
 
Partnership common units; 305,323,128 and 305,130,472 units issued and 297,846,251 and 298,488,516 units outstanding
2,771,817

 
2,819,770

Accumulated other comprehensive income (loss)
(7,878
)
 
15,983

Total capital
2,763,939

 
2,835,753

Total liabilities and capital
$
8,220,281

 
$
8,242,075

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


7



BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Rental income
$
290,737

 
$
312,720

 
$
580,692

 
$
629,517

Other revenues
268

 
310

 
1,452

 
688

Total revenues
291,005

 
313,030

 
582,144

 
630,205

 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
Operating costs
29,307

 
33,881

 
60,565

 
69,371

Real estate taxes
43,189

 
44,947

 
86,515

 
90,672

Depreciation and amortization
81,593

 
91,334

 
166,988

 
181,717

Provision for doubtful accounts

 
949

 

 
3,364

Impairment of real estate assets
6,186

 
11,927

 
9,298

 
27,829

General and administrative
25,175

 
21,320

 
50,618

 
43,746

Total operating expenses
185,450

 
204,358

 
373,984

 
416,699

 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
Dividends and interest
300

 
104

 
447

 
200

Interest expense
(48,475
)
 
(55,200
)
 
(95,141
)
 
(110,371
)
Gain on sale of real estate assets
13,043

 
28,262

 
20,645

 
39,710

Loss on extinguishment of debt, net
(707
)
 
(291
)
 
(677
)
 
(423
)
Other
(756
)
 
(1,185
)
 
(1,574
)
 
(1,238
)
Total other expense
(36,595
)
 
(28,310
)
 
(76,300
)
 
(72,122
)
 
 
 
 
 
 
 
 
Net income
$
68,960

 
$
80,362

 
$
131,860

 
$
141,384

Per common unit:
 
 
 
 
 
 
 
Net income:
 
 
 
 
 
 
 
Basic
$
0.23

 
$
0.27

 
$
0.44

 
$
0.47

Diluted
$
0.23

 
$
0.26

 
$
0.44

 
$
0.47

Weighted average units:
 
 
 
 
 
 
 
Basic
298,140

 
302,776

 
298,372

 
303,468

Diluted
298,893

 
302,934

 
298,895

 
303,614

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8



BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
68,960

 
$
80,362

 
$
131,860

 
$
141,384

Other comprehensive income (loss)
 
 
 
 
 
 
 
Change in unrealized gain (loss) on interest rate swaps, net (Note 6)
(13,984
)
 
(581
)
 
(24,041
)
 
4,192

Change in unrealized gain (loss) on marketable securities
48

 
47

 
180

 
(38
)
Total other comprehensive income (loss)
(13,936
)
 
(534
)
 
(23,861
)
 
4,154

Comprehensive income
$
55,024

 
$
79,828

 
$
107,999

 
$
145,538

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


9



BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

(Unaudited, in thousands)

 
 
 
 
 
 
 
Partnership Common Units
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Beginning balance, January 1, 2019
$
2,819,770

 
$
15,983

 
$
2,835,753

ASC 842 cumulative adjustment
(1,974
)
 

 
(1,974
)
Distributions to partners
(83,964
)
 

 
(83,964
)
Equity based compensation expense
2,641

 

 
2,641

Other comprehensive loss

 
(9,925
)
 
(9,925
)
Issuance of OP Units
2

 

 
2

Repurchases of OP Units
(11,586
)
 

 
(11,586
)
Share-based awards retained for taxes
(1,547
)
 

 
(1,547
)
Net income
62,900

 

 
62,900

Ending balance, March 31, 2019
2,786,242

 
6,058


2,792,300

Distributions to partners
(83,597
)
 

 
(83,597
)
Equity based compensation expense
3,353

 

 
3,353

Other comprehensive loss

 
(13,936
)
 
(13,936
)
Issuance of OP Units

 

 

Repurchases of OP Units
(2,977
)
 

 
(2,977
)
Share-based awards retained for taxes
(164
)
 

 
(164
)
Net income
68,960

 

 
68,960

Ending balance, June 30, 2019
$
2,771,817

 
$
(7,878
)
 
$
2,763,939

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
 
 
 
 

10



BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

(Unaudited, in thousands)

 
 
 
 
 
 
 
Partnership Common Units
 
Accumulated Other Comprehensive Income
 
Total
Beginning balance, January 1, 2018
$
2,883,875

 
$
24,224

 
$
2,908,099

Distributions to partners
(83,479
)
 

 
(83,479
)
Equity based compensation expense
2,484

 

 
2,484

Other comprehensive income

 
4,688

 
4,688

Issuance of OP Units
1

 

 
1

Repurchases of OP Units
(29,765
)
 

 
(29,765
)
Share-based awards retained for taxes
(1,722
)
 

 
(1,722
)
Net income
61,022

 

 
61,022

Ending balance, March 31, 2018
2,832,416

 
28,912

 
2,861,328

Distributions to partners
(83,584
)
 

 
(83,584
)
Equity based compensation expense
2,784

 

 
2,784

Other comprehensive loss

 
(534
)
 
(534
)
Issuance of OP Units
1

 

 
1

Repurchases of OP Units
(3,500
)
 

 
(3,500
)
Share-based awards retained for taxes
(133
)
 

 
(133
)
Net income
80,362

 

 
80,362

Ending balance, June 30, 2018
$
2,828,346

 
$
28,378

 
$
2,856,724

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.































11



BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
Six Months Ended June 30,
 
2019
 
2018
Operating activities:
 
 
 
Net income
$
131,860

 
$
141,384

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
166,988

 
181,717

Debt premium and discount amortization
948