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Brixmor Property Group Reports Third Quarter 2017 Results

NEW YORK, Oct. 30, 2017 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and nine months ended September 30, 2017. For the three months ended September 30, 2017 and 2016, net income attributable to common stockholders was $0.27 per diluted share and $0.19 per diluted share, respectively.

Key highlights for the three months ended September 30, 2017 include:

  • Executed 3.4 million square feet of total leasing volume, including options, at comparable rent spreads of 10.2%
  • Executed 2.1 million square feet of new and renewal leases at comparable rent spreads of 12.7%, including 0.7 million square feet of new leases at comparable rent spreads of 20.7%
  • Achieved new lease ABR PSF of $16.89, highest since IPO
  • Realized total leased occupancy of 91.6% and small shop leased occupancy of 84.4%, both negatively impacted on a sequential basis by the Payless ShoeSource and rue21 bankruptcies
  • Generated same property NOI growth of 1.5%
  • Grew FFO per diluted share 3.0% year-over-year, excluding non-cash GAAP rental adjustments and lease termination fees
  • Completed $191.0 million of dispositions ($140 million at share) in nine separate transactions
  • Entered into a $300.0 million seven-year unsecured term loan
  • Increased quarterly dividend by 5.8% to $0.275 per common share, which represents an expected annualized yield of 6.1%

"Our results for the third quarter highlight continued strong demand for our well-located shopping centers and our ability to capitalize on retailer disruption to accretively upgrade the merchandising and relevancy of our centers. Our in process and shadow redevelopment pipelines continue to grow as we identify additional opportunities for value added reinvestment throughout the portfolio and accelerate the pace of execution. Importantly, we have confidence in the volume and rent levels of our forward leasing pipeline, which is comprised of 3 million square feet of leases," commented James Taylor, Chief Executive Officer and President. "In addition, during the quarter, we successfully increased our disposition pipeline, reflecting our commitment to harvesting net asset value through prudent capital recycling."

FINANCIAL HIGHLIGHTS

Net Income

  • For the three months ended September 30, 2017 and 2016, net income attributable to common stockholders was $83.4 million, or $0.27 per diluted share, and $57.5 million, or $0.19 per diluted share, respectively.
  • For the nine months ended September 30, 2017 and 2016, net income attributable to common stockholders was $230.4 million, or $0.75 per diluted share, and $182.4 million, or $0.61 per diluted share, respectively.

NAREIT FFO

  • For the three months ended September 30, 2017 and 2016, NAREIT FFO was $157.2 million, or $0.52 per diluted share, and $154.9 million, or $0.51 per diluted share, respectively. Results for the three months ended September 30, 2017 include litigation and other non-routine legal expenses, a gain on extinguishment of debt and other items that impact FFO comparability of ($0.3) million, or ($0.00) per diluted share. Results for the three months ended September 30, 2016 include a loss on extinguishment of debt and other items that impact FFO comparability of ($2.1) million, or ($0.01) per diluted share.
  • For the nine months ended September 30, 2017 and 2016, NAREIT FFO was $480.7 million, or $1.58 per diluted share, and $468.9 million, or $1.54 per diluted share, respectively. Results for the nine months ended September 30, 2017 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($3.3) million, or ($0.01) per diluted share. Results for the nine months ended September 30, 2016 include expenses related to the previously disclosed review conducted by the Company's Audit Committee, executive severance expenses and other items that impact FFO comparability of ($9.0) million, or ($0.03) per diluted share.

Same Property NOI Growth

  • Same property NOI for the three months ended September 30, 2017 increased 1.5% from the comparable 2016 period.
    • Same property base rent for the three months ended September 30, 2017 contributed 130 basis points to same property NOI growth.
  • Same property NOI for the nine months ended September 30, 2017 increased 2.0% from the comparable 2016 period.
    • Same property base rent for the nine months ended September 30, 2017 contributed 210 basis points to same property NOI growth.

Dividend

  • The Company's Board of Directors declared a quarterly cash dividend of $0.275 per common share (equivalent to $1.10 per annum) for the fourth quarter of 2017, which represents a 5.8% increase.
  • The dividend is payable on January 16, 2018 to stockholders of record on January 4, 2018, representing an ex-dividend date of January 3, 2018.

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

  • During the three months ended September 30, 2017, the Company completed three anchor space repositioning projects and added four new projects to its in process pipeline. At September 30, 2017, the anchor space repositioning in process pipeline was comprised of 21 projects with an aggregate net estimated cost of approximately $44.2 million at expected average incremental NOI yields of 10 to 14%.
  • During the three months ended September 30, 2017, the Company completed two outparcel developments and added four new projects to its in process pipeline. At September 30, 2017, the outparcel development in process pipeline was comprised of seven projects with an aggregate net estimated cost of approximately $13.7 million at an expected average incremental NOI yield of 13%. In addition, the new development in process pipeline was comprised of one project, with a net estimated cost of approximately $37.8 million at an expected NOI yield of 9%.
  • During the three months ended September 30, 2017, the Company added two new redevelopment projects to its in process pipeline. At September 30, 2017, the redevelopment in process pipeline was comprised of 14 projects with an aggregate net estimated cost of approximately $187.7 million at an expected average incremental NOI yield of 9%.

Dispositions

  • During the three months ended September 30, 2017, the Company generated approximately $191 million of gross proceeds ($140 million at share) on the sale of nine assets, including Frankfort Crossing Shopping Center located in Frankfort, Illinois, Green River Plaza located in Campbellsville, Kentucky, Rising Sun Marketplace located in Rising Sun, Maryland, Montecito Marketplace (unconsolidated joint venture) located in Las Vegas, Nevada, Renaissance Center East located in Las Vegas, Nevada, Genesee Valley Shipping Center located in Geneseo, New York, Hornell Plaza located in Hornell, New York, The Shoppes at North Ridgeville located in North Ridgeville, Ohio and Gilbertsville Shopping Center located in Gilbertsville, Pennsylvania.

CAPITAL STRUCTURE

  • During the three months ended September 30, 2017, the Company repaid an aggregate of $101.7 million of secured indebtedness, including amortization, at a weighted average stated interest rate of 6.3%.
  • During the three months ended September 30, 2017, the Company's Operating Partnership, Brixmor Operating Partnership LP, entered into a new $300.0 million variable rate unsecured term loan facility. The term loan facility has a seven-year term maturing on July 26, 2024, with no available extension options, and bears interest at an interest rate of LIBOR plus 190 basis points (based on the Operating Partnership's current credit ratings). Proceeds from the term loan facility were used to prepay $300.0 million of the Company's Tranche A Term Loan maturing July 31, 2018.
  • As a result, the Company extended its weighted average maturity to 5.4 years, while reducing scheduled maturing debt in 2018 to $210.0 million from $1.0 billion at December 31, 2016.

GUIDANCE

  • The Company has revised its NAREIT FFO per diluted share expectations for 2017 and the key underlying assumptions as follows:

2017E (dollars in millions, except per share amounts)


Updated Guidance


Prior Guidance

NAREIT FFO per diluted share (1) (2)


$2.05 - $2.09


$2.05 - $2.12

Key Underlying Assumptions:





Same property NOI growth


2.0 – 2.5%


2.0 - 3.0%

Straight-line rental income, amortization of above- and below-market rent and tenant inducements and straight-line ground rent expense


$44 - $46


$44 - $46

General and administrative expenses (1)(3)


$88 - $92


$88 - $92

GAAP interest expense (2)


$227 - $229


$228 - $230

Value enhancing capital expenditures


$110 - $135


$110 - $135

(1)

Does not include any expectations of additional one-time items, including, but not limited to, litigation, investigative and other non-routine legal expenses.

(2)

Does not include any expectations of additional deleveraging activity.

(3)

Reflects actual litigation and other non-routine legal expenses recognized year-to-date.

  • The following table provides a reconciliation of the range of the Company's 2017 estimated net income attributable to common stockholders to NAREIT FFO:

(Unaudited, dollars in millions, except per share amounts)


2017E


2017E Per Diluted
Share

Net income attributable to common stockholders


$285 - $297


$0.93 - $0.97

Depreciation and amortization


373


1.22

Impairment of operating properties


27


0.09

Gain on disposition of operating properties


(59)


(0.19)

NAREIT FFO


$626 - $638


$2.05 - $2.09

CONNECT WITH BRIXMOR

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION

The Company will host a teleconference on Tuesday, October 31, 2017 at 10:00 AM ET. To participate, please dial 888.317.6003 (domestic) or 412.317.6061 (international) at least ten minutes prior to the scheduled start of the call (Passcode: 0032975). The teleconference can also be accessed via a live webcast at www.brixmor.com in the Investors section. A replay of the teleconference will be available through midnight ET on November 14, 2017 by dialing 877.344.7529 (domestic) or 412.317.0088 (international) (Passcode: 10111798) or via the web through October 31, 2018 at www.brixmor.com in the Investors section.

The Company's Supplemental Disclosure will be posted at www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at investorrelations@brixmor.com or 800.468.7526.

NON-GAAP DISCLOSURES

NAREIT FFO

NAREIT FFO is a supplemental non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) presented in accordance with GAAP excluding (i) gain (loss) on disposition of operating properties, and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties, (iv) impairment of operating properties and real estate equity investments, and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis.

The Company presents NAREIT FFO as it considers it an important supplemental measure of its operational and financial performance. The Company believes NAREIT FFO assists investors in analyzing Brixmor's comparative operational and financial performance because, by excluding gains and losses related to dispositions of previously depreciated operating properties, real estate-related depreciation and amortization of continuing operations, impairment of operating properties and real estate equity investments, extraordinary items, and after adjustments for joint ventures calculated to reflect FFO on the same basis, investors can compare the operational performance of a company's real estate between periods.

NAREIT FFO should not be considered as an alternative to, or more meaningful than, net income (presented in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and is not an alternative to, or more meaningful than, cash flow from operating activities (presented 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 presented in accordance with GAAP. Computation of NAREIT FFO 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 NAREIT FFO are relevant to understanding and addressing financial performance. A reconciliation of NAREIT FFO to net income is presented in the attached table.

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 excluding properties under development), as total property revenues (base rent, ancillary and other, expense reimbursements, and percentage rents) less direct property operating expenses (operating costs, real estate taxes and provision for doubtful accounts). Same property NOI includes the Company's unconsolidated joint venture at pro rata share. Same property NOI excludes corporate level income (including management, transaction, and other fees), lease termination fees, straight-line rental income, amortization of above- and below-market rent and tenant inducements, straight-line ground rent expense and income / expense associated with the Company's captive insurance entity.

Same property NOI eliminates disparities in NOI due to the acquisition, disposition or stabilization of development properties during the period presented, and therefore, provides a more consistent metric for comparing operational performance. Management uses same property NOI to review operational results for comparative purposes with respect to previous periods or forecasts, and also to evaluate future prospects.

Same property NOI should not be considered as an alternative to, or more meaningful than, net income (presented in accordance with GAAP) or other GAAP financial measures as an indicator of financial performance and is not an alternative to, or more meaningful than, cash flow from operating activities (presented 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 presented in accordance with GAAP. Computation of same property NOI 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 same property NOI are relevant to understanding and addressing financial performance. A reconciliation of same property NOI to net income is presented in the attached table.

ABOUT BRIXMOR PROPERTY GROUP

Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company's approximately 500 retail centers comprise 84 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,500 best-in-class national, regional and local tenants and is the largest landlord to The TJX Companies and The Kroger Company.

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 the Company's expectations regarding the performance of its business, its financial results, its 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," "approximately," "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, including those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

CONSOLIDATED BALANCE SHEETS




Unaudited, dollars in thousands, except share information


















As of


As of







9/30/17


12/31/16



Assets







Real estate








Land

$ 1,985,781


$ 2,006,655





Buildings and tenant improvements

8,078,566


8,043,855





Construction in progress

65,412


121,817





Lease intangibles

800,760


836,731







10,930,519


11,009,058





Accumulated depreciation and amortization

(2,320,090)


(2,167,054)




Real estate, net

8,610,429


8,842,004




Investments in and advances to unconsolidated joint venture

-


7,921




Cash and cash equivalents

29,978


51,402




Restricted cash

112,040


51,467




Marketable securities

28,840


25,573




Receivables, net of allowance for doubtful accounts
of $16,177 and $16,756

219,873


178,216




Deferred charges and prepaid expenses, net

143,140


122,787




Other assets

51,920


40,315



Total assets

$ 9,196,220


$ 9,319,685












Liabilities







Debt obligations, net

$ 5,713,688


$ 5,838,889




Accounts payable, accrued expenses and other liabilities

561,191


553,636



Total liabilities

6,274,879


6,392,525












Equity







Common stock, $0.01 par value; authorized 3,000,000,000 shares;








304,937,144 and 304,343,141 shares outstanding

3,049


3,043




Additional paid in capital

3,333,696


3,324,874




Accumulated other comprehensive income

20,054


21,519




Distributions in excess of net income

(435,458)


(426,552)



Total stockholders' equity

2,921,341


2,922,884




Non-controlling interests

-


4,276



Total equity

2,921,341


2,927,160



Total liabilities and equity

$ 9,196,220


$ 9,319,685











CONSOLIDATED STATEMENTS OF OPERATIONS








Unaudited, dollars in thousands, except per share amounts


























Three Months Ended


Nine Months Ended







9/30/17


9/30/16


9/30/17


9/30/16
















Revenues











Rental income

$ 246,578


$ 247,859


$ 749,976


$ 744,580




Expense reimbursements

66,489


69,469


206,718


200,944




Other revenues

1,429


1,249


6,426


6,214



Total revenues

314,496


318,577


963,120


951,738
















Operating expenses











Operating costs

30,505


31,041


100,955


97,507




Real estate taxes

45,076


47,812


135,607


130,886




Depreciation and amortization

94,239


98,337


285,040


294,634




Provision for doubtful accounts

1,216


2,218


4,023


6,579




Impairment of real estate assets

11,065


1,971


27,383


1,971




General and administrative

22,838


21,787


67,043


69,709



Total operating expenses

204,939


203,166


620,051


601,286
















Other income (expense)











Dividends and interest

76


89


234


481




Interest expense

(57,410)


(57,855)


(170,584)


(171,482)




Gain on sale of real estate assets

25,942


2,450


54,920


10,232




Gain (loss) on extinguishment of debt, net

1,828


(1,042)


488


(949)




Other

(1,200)


(1,370)


(2,591)


(4,258)



Total other expense

(30,764)


(57,728)


(117,533)


(165,976)
















Income before equity in income of
unconsolidated joint venture

78,793


57,683


225,536


184,476



Equity in income of unconsolidated joint venture

31


122


381


348



Gain on disposition of unconsolidated joint venture interest

4,556


-


4,556


-



Net income

83,380


57,805


230,473


184,824



Net income attributable to
non-controlling interests

-


(313)


(76)


(2,399)



Net income attributable to Brixmor Property Group Inc.

83,380


57,492


230,397


182,425



Preferred stock dividends

-


-


(39)


-



Net income attributable to common stockholders

$ 83,380


$ 57,492


$ 230,358


$ 182,425
















Per common share:











Net income attributable to common stockholders:












Basic

$ 0.27


$ 0.19


$ 0.76


$ 0.61





Diluted

$ 0.27


$ 0.19


$ 0.75


$ 0.61




Weighted average shares:












Basic

304,936


303,013


304,810


300,697





Diluted

305,176


303,521


305,175


301,146















FUNDS FROM OPERATIONS (FFO)








Unaudited, dollars in thousands, except per share amounts


























Three Months Ended


Nine Months Ended







9/30/17


9/30/16


9/30/17


9/30/16
















Net income

$ 83,380


$ 57,805


$ 230,473


$ 184,824




Gain on disposition of operating properties

(25,942)


(2,450)


(54,920)


(10,232)




Gain on disposition of unconsolidated joint venture interest

(4,556)


-


(4,556)


-




Depreciation and amortization- real estate related-
continuing operations

93,299


97,570


282,240


292,295




Depreciation and amortization- real estate related- unconsolidated joint venture

-


23


56


68




Impairment of operating properties

11,065


1,971


27,383


1,971



NAREIT FFO

$ 157,246


$ 154,919


$ 480,676


$ 468,926
















NAREIT FFO per share/OP Unit - diluted

$ 0.52


$ 0.51


$ 1.58


$ 1.54



Weighted average shares/OP Units outstanding - basic and diluted

305,176


305,167


305,175


305,026
















Items that impact FFO comparability











Gain (loss) on extinguishment of debt, net

$ 1,828


$ (1,042)


$ 488


$ (949)




Litigation and other non-routine legal expenses

(1,959)


(614)


(3,629)


(958)




Transaction expenses

(204)


(85)


(204)


(296)




Shareholder equity offering expenses

-


(314)


-


(764)




Audit committee review expenses

-


-


-


(3,711)




Executive severance expenses

-


-


-


(2,260)




Executive equity based compensation (1)

-


-


-


(88)



Total items that impact FFO comparability

$ (335)


$ (2,055)


$ (3,345)


$ (9,026)



Items that impact FFO comparability, net per share

$ (0.00)


$ (0.01)


$ (0.01)


$ (0.03)
















Additional Disclosures











Straight-line rental income, net (2)

$ 2,397


$ 3,324


$ 14,484


$ 9,838




Amortization of above- and below-market rent and
tenant inducements, net (3)

6,966


9,090


21,449


28,766




Straight-line ground rent expense (4)

(31)


(78)


(104)


(975)
















Dividends declared per share/OP Unit

$ 0.260


$ 0.245


$ 0.780


$ 0.735



Share/OP Unit Dividends declared

$ 79,283


$ 74,651


$ 237,839


$ 223,932



Share OP/Unit Dividend payout ratio (as % of NAREIT FFO)

50.4%


48.2%


49.5%


47.8%









































(1) Represents equity based compensation expense associated with executive departures for the nine months ended September 30, 2016.






(2) Includes unconsolidated joint venture Montecito Marketplace straight-line rental expense, net of $4 and $2 at pro rata share for the three and nine months ended September 30, 2017, respectively;


and straight-line rental income, net of $10 and $5 at pro rata share for the three and nine months ended September 30, 2016, respectively. Montecito Marketplace was sold on August 8, 2017.


(3) Includes unconsolidated joint venture Montecito Marketplace amortization of above- and below-market rent and tenant inducements of $2 and $15 at pro rata share for the three and nine


months ended September 30, 2017, respectively; and amortization of above- and below-market rent and tenant inducements of $7 and $22 at pro rata share for the three and nine months ended


September 30, 2016, respectively. Montecito Marketplace was sold on August 8, 2017.









(4) Straight-line ground rent expense is included in Operating costs on the Consolidated Statements of Operations.








SAME PROPERTY NOI ANALYSIS













Unaudited, dollars in thousands





































Three Months Ended




Nine Months Ended










9/30/17


9/30/16


Change


9/30/17


9/30/16


Change



Same Property NOI Analysis















Number of properties


495


495


-


495


495


-



Percent billed


89.6%


90.5%


(0.9%)


89.6%


90.5%


(0.9%)



Percent leased


91.6%


92.5%


(0.9%)


91.6%


92.5%


(0.9%)





















Revenues
















Base rent


$ 225,812


$ 222,902




$ 678,707


$ 664,849






Ancillary and other


4,160


4,386




11,560


11,978






Expense reimbursements


64,916


67,497




201,211


195,040






Percentage rents


1,245


1,032




6,009


5,194










296,133


295,817


0.1%


897,487


877,061


2.3%



Operating expenses
















Operating costs


(30,720)


(30,239)




(98,903)


(94,018)






Real estate taxes


(43,941)


(46,485)




(132,039)


(127,404)






Provision for doubtful accounts


(1,169)


(2,052)




(3,904)


(6,303)










(75,830)


(78,776)


(3.7%)


(234,846)


(227,725)


3.1%



Same property NOI


$ 220,303


$ 217,041


1.5%


$ 662,641


$ 649,336


2.0%





















Same property NOI excluding redevelopments (1)


$ 205,680


$ 203,071


1.3%


$ 618,757


$ 607,336


1.9%





















NOI margin





74.4%


73.4%




73.8%


74.0%





Expense recovery ratio




86.9%


88.0%




87.1%


88.1%























Percent contribution to same property NOI growth:


















Change


Percent Contribution




Change


Percent Contribution






Base rent


$ 2,910


1.3%




$ 13,858


2.1%






Ancillary and other


(226)


(0.1%)




(418)


(0.1%)






Net recoveries


(518)


(0.2%)




(3,349)


(0.5%)






Percentage rents


213


0.1%




815


0.1%






Provision for doubtful accounts


883


0.4%




2,399


0.4%












1.5%






2.0%























Reconciliation of Net Income Attributable to Common
Stockholders to Same Property NOI











Same property NOI


$ 220,303


$ 217,041




$ 662,641


$ 649,336





Adjustments:
















Non-same property NOI


5,644


6,755




18,282


21,436






Lease termination fees


2,235


1,174




5,476


7,537






Straight-line rental income, net


2,401


3,314




14,486


9,833






Amortization of above- and below-market
rent and tenant inducements, net


6,964


9,083




21,434


28,744






Fee income


183


217




320


855






Straight-line ground rent expense


(31)


(78)




(104)


(975)






Depreciation and amortization


(94,239)


(98,337)




(285,040)


(294,634)






Impairment of real estate assets


(11,065)


(1,971)




(27,383)


(1,971)






General and administrative


(22,838)


(21,787)




(67,043)


(69,709)






Total other expense


(30,764)


(57,728)




(117,533)


(165,976)






Equity in income of unconsolidated joint venture


31


122




381


348






Gain on disposition of unconsolidated joint venture interest


4,556


-




4,556


-






Net income attributable to non-controlling interests


-


(313)




(76)


(2,399)






Preferred stock dividends


-


-




(39)


-























Net income attributable to common stockholders


$ 83,380


$ 57,492




$ 230,358


$ 182,425








































(1) Redevelopments include only completed and in process projects. See Supplemental Disclosure for reconciliation.










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SOURCE Brixmor Property Group Inc.