Brixmor

Nov 04, 2020

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Sep 30, 2020

Brixmor Q3 2020 Earnings Report

Brixmor Property Group's Q3 2020 results were announced, showcasing resilience amidst disruption with improvements in traffic, tenant re-openings, and collections.

Key Takeaways

Brixmor Property Group reported a net income of $0.09 per diluted share for the three months ended September 30, 2020. The company saw improvements in rent collections and continued tenant re-openings. Total liquidity reached $1.9 billion after issuing $300.0 million of Senior Notes. The Board of Directors reinstated the quarterly cash dividend at $0.215 per common share.

Executed 2.2 million square feet of new and renewal leases, with rent spreads on comparable space of 5.7%, including 0.7 million square feet of new leases, with rent spreads on comparable space of 14.1%.

Realized total leased occupancy of 91.2%, anchor leased occupancy of 94.4% and small shop leased occupancy of 84.3%, reflecting impact from bankruptcies/liquidations.

Rent collections improved, reaching 88.2% of billed base rent for Q3 2020 and 89.6% for October 2020; approximately 97% of ABR is open and operating.

Reported a decrease in same property NOI of 9.3%, reflecting $20.9 million of revenues deemed uncollectible primarily related to COVID-19.