10-Q 1 brx-20220930.htm 10-Q brx-20220930
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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 September 30, 2022
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: 333-256637-01 (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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBRXNew 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 companyAccelerated filer Smaller reporting companyAccelerated filer
Emerging growth companyEmerging 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 October 1, 2022, Brixmor Property Group Inc. had 299,913,140 shares of common stock outstanding.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2022 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 limited liability company interests of BPG Subsidiary LLC (“BPG Sub”), which, in turn, is the sole member of Brixmor OP GP LLC (the “General Partner”), the sole general partner of the Operating Partnership. As of September 30, 2022, 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 (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.
Equity, 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 capital in the Operating Partnership’s financial statements and outside of 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 interest in the Operating Partnership. Therefore, while equity, 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 of 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 September 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021
Brixmor Operating Partnership LP (unaudited)
Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated Statements of Changes in Capital for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021
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 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 section entitled “Risk Factors” in our Form 10-K for the year ended December 31, 2021 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, or foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, rising interest rates, inflation, or 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 or e-commerce, and the attractiveness of properties in our Portfolio to our tenants; (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 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 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, including the current pandemic of the novel coronavirus (“COVID-19”), 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, 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 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)
September 30,
2022
December 31,
2021
Assets
Real estate
Land$1,830,251 $1,773,448 
Buildings and improvements9,043,590 8,654,966 
10,873,841 10,428,414 
Accumulated depreciation and amortization(2,943,592)(2,813,329)
Real estate, net7,930,249 7,615,085 
Cash and cash equivalents23,591 296,632 
Restricted cash7,661 1,111 
Marketable securities22,047 20,224 
Receivables, net249,039 234,873 
Deferred charges and prepaid expenses, net160,063 143,503 
Real estate assets held for sale30,001 16,131 
Other assets63,068 49,834 
Total assets$8,485,719 $8,377,393 
Liabilities
Debt obligations, net$5,109,454 $5,164,518 
Accounts payable, accrued expenses and other liabilities548,084 494,529 
Total liabilities5,657,538 5,659,047 
Commitments and contingencies (Note 15)  
Equity
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 309,040,132 and 306,337,045
   shares issued and 299,913,140 and 297,210,053 shares outstanding
2,999 2,972 
Additional paid-in capital3,292,045 3,231,732 
Accumulated other comprehensive income (loss)8,028 (12,674)
Distributions in excess of net income(474,891)(503,684)
Total equity2,828,181 2,718,346 
Total liabilities and equity$8,485,719 $8,377,393 
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,
2022202120222021
Revenues
Rental income$304,643 $290,013 $908,903 $853,407 
Other revenues102 173 602 3,549 
Total revenues304,745 290,186 909,505 856,956 
Operating expenses
Operating costs33,299 32,774 102,592 92,914 
Real estate taxes44,179 39,763 128,123 124,908 
Depreciation and amortization84,773 81,724 254,132 246,356 
Impairment of real estate assets  4,597 1,898 
General and administrative29,094 25,309 86,796 76,415 
Total operating expenses191,345 179,570 576,240 542,491 
Other income (expense)
Dividends and interest88 51 198 242 
Interest expense(48,726)(48,918)(143,934)(147,601)
Gain on sale of real estate assets15,768 11,122 60,667 49,489 
Loss on extinguishment of debt, net (27,116)(221)(28,345)
Other(789)390 (2,937)694 
Total other expense(33,659)(64,471)(86,227)(125,521)
Net income$79,741 $46,145 $247,038 $188,944 
Net income per common share:
Basic$0.26 $0.15 $0.82 $0.63 
Diluted$0.26 $0.15 $0.82 $0.63 
Weighted average shares:
Basic300,213 297,188 299,626 297,165 
Diluted301,341 298,269 300,784 298,209 
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 September 30,Nine Months Ended September 30,
2022202120222021
Net income$79,741 $46,145 $247,038 $188,944 
Other comprehensive income (loss)
Change in unrealized gain on interest rate swaps, net (Note 6)6,088 2,141 21,469 10,639 
Change in unrealized loss on marketable securities(358)(16)(767)(169)
Total other comprehensive income5,730 2,125 20,702 10,470 
Comprehensive income$85,471 $48,270 $267,740 $199,414 
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
NumberAmountAdditional Paid-in Capital
Accumulated
Other
Comprehensive
Loss
Distributions in Excess of Net IncomeTotal
Beginning balance, January 1, 2021296,494 $2,965 $3,213,990 $(28,058)$(508,196)$2,680,701 
Common stock dividends ($0.215 per common share)
— — — — (65,120)(65,120)
Equity based compensation expense— — 2,792 — — 2,792 
Other comprehensive income— — — 5,572 — 5,572 
Issuance of common stock452 4 (4)— —  
Share-based awards retained for taxes— — (5,113)— — (5,113)
Net income— — — — 52,371 52,371 
Ending balance, March 31, 2021296,946 2,969 3,211,665 (22,486)(520,945)2,671,203 
Common stock dividends ($0.215 per common share)
— — — — (64,344)(64,344)
Equity based compensation expense— — 4,543 — — 4,543 
Other comprehensive income— — — 2,773 — 2,773 
Issuance of common stock32 1 (1)— —  
Share-based awards retained for taxes— — (259)— — (259)
Net income— — — — 90,428 90,428 
Ending balance, June 30, 2021296,978 2,970 3,215,948 (19,713)(494,861)2,704,344 
Common stock dividends ($0.215 per common share)
— — — — (64,340)(64,340)
Equity based compensation expense— — 4,331 — — 4,331 
Other comprehensive income— — — 2,125 — 2,125 
Issuance of common stock10  — — —  
Share-based awards retained for taxes— — (96)— — (96)
Net income— — — — 46,145 46,145 
Ending balance, September 30, 2021296,988 $2,970 $3,220,183 $(17,588)$(513,056)$2,692,509 
Beginning balance, January 1, 2022297,210 $2,972 $3,231,732 $(12,674)$(503,684)$2,718,346 
Common stock dividends ($0.240 per common share)
— — — — (73,156)(73,156)
Equity based compensation expense— — 4,620 — — 4,620 
Other comprehensive income— — — 10,952 — 10,952 
Issuance of common stock2,278 23 43,825 — — 43,848 
Share-based awards retained for taxes— — (10,458)— — (10,458)
Net income— — — — 79,506 79,506 
Ending balance, March 31, 2022299,488 2,995 3,269,719 (1,722)(497,334)2,773,658 
Common stock dividends ($0.240 per common share)
— — — — (72,534)(72,534)
Equity based compensation expense— — 6,500 — — 6,500 
Other comprehensive income— — — 4,020 — 4,020 
Issuance of common stock181 2 3,558 — — 3,560 
Share-based awards retained for taxes— — (2)— — (2)
Net income— — — — 87,791 87,791 
Ending balance, June 30, 2022299,669 2,997 3,279,775 2,298 (482,077)2,802,993 
Common stock dividends ($0.240 per common share)
— — — — (72,555)(72,555)
Equity based compensation expense— — 6,580 — — 6,580 
Other comprehensive income— — — 5,730 — 5,730 
Issuance of common stock244 2 5,690 — — 5,692 
Net income— — — — 79,741 79,741 
Ending balance, September 30, 2022299,913 $2,999 $3,292,045 $8,028 $(474,891)$2,828,181 
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 CASH FLOWS
(Unaudited, in thousands)
Nine Months Ended September 30,
20222021
Operating activities:
Net income$247,038 $188,944 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization254,132 246,356 
Accretion of debt premium and discount, net(2,147)(2,146)
Deferred financing cost amortization5,261 5,638 
Accretion of above- and below-market leases, net(9,245)(9,931)
Tenant inducement amortization and other2,970 3,999 
Impairment of real estate assets4,597 1,898 
Gain on sale of real estate assets(60,667)(49,489)
Equity based compensation 16,414 10,818 
Loss on extinguishment of debt, net221 28,345 
Changes in operating assets and liabilities:
Receivables, net(14,369)8,964 
Deferred charges and prepaid expenses(36,775)(26,784)
Other assets(284)(268)
Accounts payable, accrued expenses and other liabilities34,014 18,536 
Net cash provided by operating activities441,160 424,880 
Investing activities:
Improvements to and investments in real estate assets(233,127)(212,374)
Acquisitions of real estate assets(409,688)(66,716)
Proceeds from sales of real estate assets171,017 124,437 
Purchase of marketable securities(24,558)(16,906)
Proceeds from sale of marketable securities21,877 15,446 
Net cash used in investing activities(474,479)(156,113)
Financing activities:
Repayment of borrowings under unsecured revolving credit facility(465,000) 
Proceeds from borrowings under unsecured revolving credit facility665,000  
Proceeds from unsecured notes 847,735 
Repayment of borrowings under unsecured term loans and notes(250,000)(850,000)
Deferred financing and debt extinguishment costs(8,398)(33,577)
Proceeds from issuances of common shares53,100  
Distributions to common stockholders (217,414)(193,180)
Repurchases of common shares in conjunction with equity award plans(10,460)(5,468)
Net cash used in financing activities(233,172)(234,490)
Net change in cash, cash equivalents and restricted cash(266,491)34,277 
Cash, cash equivalents and restricted cash at beginning of period297,743 370,087 
Cash, cash equivalents and restricted cash at end of period$31,252 $404,364 
Reconciliation to consolidated balance sheets:
Cash and cash equivalents$23,591 $397,198 
Restricted cash7,661 7,166 
Cash, cash equivalents and restricted cash at end of period$31,252 $404,364 
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amount capitalized of $2,215 and $2,836
$142,470 $145,358 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


5


BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands, except unit information)
September 30,
2022
December 31,
2021
Assets
Real estate
Land$1,830,251 $1,773,448 
Buildings and improvements9,043,590 8,654,966 
10,873,841 10,428,414 
Accumulated depreciation and amortization(2,943,592)(2,813,329)
Real estate, net7,930,249 7,615,085 
Cash and cash equivalents22,662 281,474 
Restricted cash7,661 1,111 
Marketable securities22,047 20,224 
Receivables, net249,039 234,873 
Deferred charges and prepaid expenses, net160,063 143,503 
Real estate assets held for sale30,001 16,131 
Other assets63,068 49,834 
Total assets$8,484,790 $8,362,235 
Liabilities
Debt obligations, net$5,109,454 $5,164,518 
Accounts payable, accrued expenses and other liabilities548,084 494,529 
Total liabilities5,657,538 5,659,047 
Commitments and contingencies (Note 15)  
Capital
Partnership common units; 309,040,132 and 306,337,045 units issued and 299,913,140 and
   297,210,053 units outstanding
2,819,224 2,715,863 
Accumulated other comprehensive income (loss)8,028 (12,675)
Total capital2,827,252 2,703,188 
Total liabilities and capital$8,484,790 $8,362,235 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



6


BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues
Rental income$304,643 $290,013 $908,903 $853,407 
Other revenues102 173 602 3,549 
Total revenues304,745 290,186 909,505 856,956 
Operating expenses
Operating costs33,299 32,774 102,592 92,914 
Real estate taxes44,179 39,763 128,123 124,908 
Depreciation and amortization84,773 81,724 254,132 246,356 
Impairment of real estate assets  4,597 1,898 
General and administrative29,094 25,309 86,796 76,415 
Total operating expenses191,345 179,570 576,240 542,491 
Other income (expense)
Dividends and interest88 51 198 242 
Interest expense(48,726)(48,918)(143,934)(147,601)
Gain on sale of real estate assets15,768 11,122 60,667 49,489 
Loss on extinguishment of debt, net (27,116)(221)(28,345)
Other(789)390 (2,937)694 
Total other expense(33,659)(64,471)(86,227)(125,521)
Net income$79,741 $46,145 $247,038 $188,944 
Net income per common unit:
Basic$0.26 $0.15 $0.82 $0.63 
Diluted$0.26 $0.15 $0.82 $0.63 
Weighted average units:
Basic300,213 297,188 299,626 297,165 
Diluted301,341 298,269 300,784 298,209 
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 COMPREHENSIVE INCOME
(Unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income$79,741 $46,145 $247,038 $188,944 
Other comprehensive income (loss)
Change in unrealized gain on interest rate swaps, net (Note 6)6,088 2,141 21,469 10,639 
Change in unrealized loss on marketable securities(358)(16)(767)(169)
Total other comprehensive income5,730 2,125 20,702 10,470 
Comprehensive income$85,471 $48,270 $267,740 $199,414 
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 CHANGES IN CAPITAL
(Unaudited, in thousands)
Partnership Common Units
Accumulated
Other
Comprehensive
Loss
Total
Beginning balance, January 1, 2021$2,698,746 $(28,059)$2,670,687 
Distributions to partners(65,120)— (65,120)
Equity based compensation expense2,792 — 2,792 
Other comprehensive income— 5,572 5,572 
Issuance of OP Units —  
Share-based awards retained for taxes(5,113)— (5,113)
Net income52,371 — 52,371 
Ending balance, March 31, 20212,683,676 (22,487)2,661,189 
Distributions to partners(64,344)— (64,344)
Equity based compensation expense4,543 — 4,543 
Other comprehensive income— 2,773 2,773 
Issuance of OP Units —  
Share-based awards retained for taxes(259)— (259)
Net income90,428 — 90,428 
Ending balance, June 30, 20212,714,044 (19,714)2,694,330 
Distributions to partners(64,339)— (64,339)
Equity based compensation expense4,331 — 4,331 
Other comprehensive income— 2,125 2,125 
Issuance of OP Units —  
Share-based awards retained for taxes(96)— (96)
Net income46,145 — 46,145 
Ending balance, September 30, 2021$2,700,085 $(17,589)$2,682,496 
Beginning balance, January 1, 2022$2,715,863 $(12,675)$2,703,188 
Distributions to partners(64,527)— (64,527)
Equity based compensation expense4,620 — 4,620 
Other comprehensive income— 10,953 10,953 
Issuance of OP Units43,848 — 43,848 
Share-based awards retained for taxes(10,458)— (10,458)
Net income79,506 — 79,506 
Ending balance, March 31, 20222,768,852 (1,722)2,767,130 
Distributions to partners(66,195)— (66,195)
Equity based compensation expense6,500 — 6,500 
Other comprehensive income— 4,020 4,020 
Issuance of OP Units3,560 — 3,560 
Share-based awards retained for taxes(2)— (2)
Net income87,791 — 87,791 
Ending balance, June 30, 20222,800,506 2,298 2,802,804 
Distributions to partners(73,295)— (73,295)
Equity based compensation expense6,580 — 6,580 
Other comprehensive income— 5,730 5,730 
Issuance of OP Units5,692 — 5,692 
Net income79,741 — 79,741 
Ending balance, September 30, 2022$2,819,224 $8,028 $2,827,252 
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 CASH FLOWS
(Unaudited, in thousands)
Nine Months Ended September 30,
20222021
Operating activities:
Net income$247,038 $188,944 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization254,132 246,356 
Accretion of debt premium and discount, net(2,147)(2,146)
Deferred financing cost amortization5,261 5,638 
Accretion of above- and below-market leases, net(9,245)(9,931)
Tenant inducement amortization and other2,970 3,999 
Impairment of real estate assets4,597 1,898 
Gain on sale of real estate assets(60,667)(49,489)
Equity based compensation 16,414 10,818 
Loss on extinguishment of debt, net221 28,345 
Changes in operating assets and liabilities:
Receivables, net(14,369)8,964 
Deferred charges and prepaid expenses(36,775)(26,784)
Other assets(284)(268)
Accounts payable, accrued expenses and other liabilities34,014 18,536 
Net cash provided by operating activities441,160 424,880 
Investing activities:
Improvements to and investments in real estate assets(233,127)(212,374)
Acquisitions of real estate assets(409,688)(66,716)
Proceeds from sales of real estate assets171,017 124,437 
Purchase of marketable securities(24,558)(16,906)
Proceeds from sale of marketable securities21,877 15,446 
Net cash used in investing activities(474,479)(156,113)
Financing activities:
Repayment of borrowings under unsecured revolving credit facility(465,000) 
Proceeds from borrowings under unsecured revolving credit facility665,000  
Proceeds from unsecured notes 847,735 
Repayment of borrowings under unsecured term loans and notes(250,000)(850,000)
Deferred financing and debt extinguishment costs(8,398)(33,577)
Proceeds from issuances of OP Units53,100  
Partner distributions and repurchases of OP Units(213,645)(198,647)
Net cash used in financing activities(218,943)(234,489)
Net change in cash, cash equivalents and restricted cash(252,262)34,278 
Cash, cash equivalents and restricted cash at beginning of period282,585 360,073 
Cash, cash equivalents and restricted cash at end of period$30,323 $394,351 
Reconciliation to consolidated balance sheets:
Cash and cash equivalents$22,662 $387,185 
Restricted cash7,661 7,166 
Cash, cash equivalents and restricted cash at end of period$30,323 $394,351 
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amount capitalized of $2,215 and $2,836
$142,470 $145,358 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



10


BRIXMOR PROPERTY GROUP INC. AND BRIXMOR OPERATING PARTNERSHIP LP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited, dollars in thousands, unless otherwise stated)

1. Nature of Business and Financial Statement Presentation
Description of Business
Brixmor Property Group Inc. and subsidiaries (collectively, the “Parent Company”) is an internally-managed real estate investment trust (“REIT”). Brixmor Operating Partnership LP and subsidiaries (collectively, the “Operating Partnership”) is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100% of the limited liability company interests of BPG Subsidiary LLC (“BPG Sub”), which, in turn, is the sole member of Brixmor OP GP LLC (the “General Partner”), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (collectively, the “Company” or “Brixmor”) owns and operates one of the largest publicly-traded open-air retail portfolios by gross leasable area (“GLA”) in the United States (“U.S.”), comprised primarily of community and neighborhood shopping centers. As of September 30, 2022, the Company’s portfolio was comprised of 378 shopping centers (the “Portfolio”) totaling approximately 67 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers.

The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles (“GAAP”).