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Section 1: 8-K (8-K)

Document



 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 30, 2018
Brixmor Property Group Inc.
Brixmor Operating Partnership LP
(Exact Name of Registrant as Specified in its Charter)
 
 
 
 
 
Maryland (Brixmor Property Group Inc.)
 
001-36160
 
45-2433192
Delaware (Brixmor Operating Partnership LP)
 
333-201464-01
 
80-0831163
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS 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)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company. See the definitions of “emerging growth company” in Rule 12b-2 of the Exchange Act.     
Brixmor Property Group Inc. Yes No þ Brixmor Operating Partnership LP Yes No þ

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




Item 2.02
Results of Operations and Financial Condition.

On April 30, 2018, Brixmor Property Group Inc. (the "Company") issued a press release announcing its financial results and Supplemental Disclosure pertaining to its operations for the first quarter ended March 31, 2018. The press release is furnished as Exhibit 99.1 to this Report and the Supplemental Disclosure is furnished as Exhibit 99.2 to this Report.

As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibits 99.1 and 99.2 to this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01
Financial Statements and Exhibits
(d)     The following exhibits are attached to this Current Report on Form 8-K
  
Press release issued April 30, 2018.
 
 
 
  
Brixmor Property Group Inc. Supplemental Financial Information for the first quarter ended March 31, 2018.





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
 
 
 
Date: April 30, 2018
BRIXMOR PROPERTY GROUP INC.
 
 
 
 
By:
/s/ Steven F. Siegel
 
Name:
Steven F. Siegel
 
Title:
Executive Vice President,
 
 
General Counsel and Secretary
 
 
 
 
BRIXMOR OPERATING PARTNERSHIP LP
 
 
 
 
By:
Brixmor OP GP LLC, its general partner
 
 
 
 
By:
BPG Subsidiary Inc., its sole member
 
 
 
 
By:
/s/ Steven F. Siegel
 
Name:
Steven F. Siegel
 
Title:
Executive Vice President,
 
 
General Counsel and Secretary



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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1
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450 Lexington Avenue : New York, NY 10017 : 800.468.7526




FOR IMMEDIATE RELEASE

CONTACT:
Stacy Slater                            
Senior Vice President, Investor Relations            
800.468.7526                             
stacy.slater@brixmor.com
BRIXMOR PROPERTY GROUP REPORTS FIRST QUARTER 2018 RESULTS
- Delivers Highest New Lease Volume in Three Years -
- Achieves New Lease Spreads of 36.7% -

NEW YORK, APRIL 30, 2018 - Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today its operating results for the three months ended March 31, 2018. For the three months ended March 31, 2018 and 2017, net income attributable to common stockholders was $0.20 per diluted share and $0.23 per diluted share, respectively.

Key highlights for the three months ended March 31, 2018 include:
Executed 2.0 million square feet of new and renewal leases at comparable rent spreads of 16.7%, including 1.0 million square feet of new leases at comparable rent spreads of 36.7% with stable tenant improvement costs and lease duration
Executed 2.7 million square feet of total leasing volume, including options, at comparable rent spreads of 14.5%
Realized total leased occupancy of 92.1%, anchor leased occupancy of 95.4% and small shop leased occupancy of 84.4%
Generated same property NOI growth of 0.7%
Delivered $31.7 million of value enhancing reinvestment projects at an average incremental NOI yield of 10%
Completed seven dispositions for $106.4 million; closed an additional two dispositions for $31.8 million subsequent to quarter end and placed an additional $221.0 million of dispositions under contract
Repurchased $29.7 million of common stock
Affirmed previously provided NAREIT FFO per diluted share and same property NOI growth expectations for 2018

“I am extremely pleased with how our team continues to execute on all facets of our balanced, self-funded business plan. During the first quarter of 2018, we posted strong new leasing results, including a record-setting 715,000 square feet of new anchor leases and a record-setting new lease small shop ABR per square foot of $23.56,” commented James Taylor, Chief Executive Officer and President. “With our robust new leasing production, our increasing market share with vibrant tenants, our accelerating reinvestment activity and our disciplined capital recycling, we are delivering value now.”

FINANCIAL HIGHLIGHTS
Net Income
For the three months ended March 31, 2018 and 2017, net income attributable to common stockholders was $61.0 million, or $0.20 per diluted share, and $71.6 million, or $0.23 per diluted share, respectively.

NAREIT FFO
For the three months ended March 31, 2018 and 2017, NAREIT FFO was $154.8 million, or $0.51 per diluted share, and $161.6 million, or $0.53 per diluted share, respectively.




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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



Same Property NOI Growth
Same property NOI for the three months ended March 31, 2018 increased 0.7% from the comparable 2017 period.
Same property base rent for the three months ended March 31, 2018 contributed 130 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 second quarter of 2018.
The dividend is payable on July 16, 2018 to stockholders of record on July 6, 2018, representing an ex-dividend date of July 5, 2018.

PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
During the three months ended March 31, 2018, the Company completed eight value enhancing reinvestment opportunities with an aggregate net cost of approximately $31.7 million at an average incremental NOI yield of 10%. Completed projects included five anchor space repositioning projects, two outparcel development projects and one redevelopment project.
During the three months ended March 31, 2018, the Company added nine new value enhancing reinvestment opportunities to its in process pipeline with an aggregate net estimated cost of approximately $22.5 million at an expected average incremental NOI yield of 13%. Projects added include seven anchor space repositioning projects and two outparcel development projects.
At March 31, 2018, the value enhancing reinvestment in process pipeline was comprised of 48 projects with an aggregate net estimated cost of approximately $287.7 million. The in process pipeline includes 25 anchor space repositioning projects with an aggregate net estimated cost of approximately $90.2 million at expected average incremental NOI yields of 9 to 14%; nine outparcel development projects with an aggregate net estimated cost of approximately $16.6 million at an expected average incremental NOI yield of 13%; one new development project with a net estimated cost of approximately $37.8 million at an expected NOI yield of 9%; and 13 redevelopment projects with an aggregate net estimated cost of approximately $143.1 million at an expected average incremental NOI yield of 9%.

Dispositions
During the three months ended March 31, 2018, the Company generated approximately $106.4 million of gross proceeds on the disposition of seven assets comprised of 1.2 million square feet.
Subsequent to March 31, 2018, the Company generated approximately $31.8 million of gross proceeds on the sale of two assets comprised of 0.1 million square feet and placed $221.0 million of dispositions under contract.

Share Repurchases
During the three months ended March 31, 2018, the Company repurchased 1.9 million shares of common stock under the program at an average price per share of $15.47 for a total of approximately $29.7 million, excluding commissions. Since inception of the share repurchase program in December 2017, the Company has repurchased 2.2 million shares of common stock at an average price per share of $15.83 for a total of approximately $35.6 million, excluding commissions.

CAPITAL STRUCTURE
During the three months ended March 31, 2018, the Company prepaid $50.0 million of its Tranche A Term Loan maturing July 31, 2018, reducing maturing debt in 2018 to $135.0 million.


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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



GUIDANCE
The Company is affirming its previously provided NAREIT FFO per diluted share and same property NOI growth expectations for 2018.

CONNECT WITH BRIXMOR
For additional information, please visit www.brixmor.com;
Follow Brixmor on Twitter at www.twitter.com/Brixmor;
Find Brixmor on LinkedIn at www.linkedin.com/company/brixmor.

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, May 1, 2018 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: 9717368). 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 May 15, 2018 by dialing 877.344.7529 (domestic) or 412.317.0088 (international) (Passcode: 10117779) or via the web through May 1, 2019 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
The Company presents the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (presented in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (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. The Company’s computation of these non-GAAP measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP measures are relevant to understanding and addressing financial performance. A reconciliation of these non-GAAP measures to net income is presented in the attached table.

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 believes NAREIT FFO assists investors in analyzing Brixmor’s comparative operating 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 operating performance of a company’s real estate between periods. 

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450 Lexington Avenue : New York, NY 10017 : 800.468.7526



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 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.

The Company believes same property NOI assists investors in analyzing Brixmor’s comparative operating and financial performance because it 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 the operating performance of a company’s real estate between periods.

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 more than 475 retail centers comprise 82 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 5,000 best-in-class national, regional and local tenants and is one of the largest landlords 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, 2017, 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.
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CONSOLIDATED BALANCE SHEETS
Unaudited, dollars in thousands, except share information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
 
As of
 
 
 
 
 
3/31/18
 
12/31/17
 
Assets
 
 
 
 
 
Real estate
 
 
 
 
 
 
Land
$
1,962,364

 
$
1,984,309

 
 
 
Buildings and tenant improvements
8,063,402

 
8,063,871

 
 
 
Construction in progress
58,356

 
81,214

 
 
 
Lease intangibles
774,344

 
792,097

 
 
 
 
 
10,858,466

 
10,921,491

 
 
 
Accumulated depreciation and amortization
(2,405,579
)
 
(2,361,070
)
 
 
Real estate, net
8,452,887

 
8,560,421

 
 
Cash and cash equivalents
27,332

 
56,938

 
 
Restricted cash
65,437

 
53,839

 
 
Marketable securities
27,063

 
28,006

 
 
Receivables, net of allowance for doubtful accounts of $17,498 and $17,205
219,312

 
232,111

 
 
Deferred charges and prepaid expenses, net
145,421

 
147,508

 
 
Other assets
50,406

 
75,103

 
Total assets
$
8,987,858

 
$
9,153,926

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
Debt obligations, net
$
5,622,111

 
$
5,676,238

 
 
Accounts payable, accrued expenses and other liabilities
504,171

 
569,340

 
Total liabilities
6,126,282

 
6,245,578

 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
Common stock, $0.01 par value; authorized 3,000,000,000 shares;
 
 
 
 
 
 
305,075,180 and 304,947,144 shares issued and 302,826,470 and 304,620,186 shares outstanding
3,028

 
3,046

 
 
Additional paid-in capital
3,301,482

 
3,330,466

 
 
Accumulated other comprehensive income
28,898

 
24,211

 
 
Distributions in excess of net income
(471,832
)
 
(449,375
)
 
Total equity
2,861,576

 
2,908,348

 
Total liabilities and equity
$
8,987,858

 
$
9,153,926










 
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CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
3/31/18
 
3/31/17
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
Rental income
$
243,345

 
$
249,621

 
 
Expense reimbursements
70,878

 
73,190

 
 
Other revenues
2,952

 
2,995

 
Total revenues
317,175

 
325,806

 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
Operating costs
35,490

 
37,425

 
 
Real estate taxes
45,725

 
46,467

 
 
Depreciation and amortization
90,383

 
93,931

 
 
Provision for doubtful accounts
2,415

 
1,050

 
 
Impairment of real estate assets
15,902

 
5,686

 
 
General and administrative
22,426

 
20,957

 
Total operating expenses
212,341

 
205,516

 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
Dividends and interest
96

 
73

 
 
Interest expense
(55,171
)
 
(55,731
)
 
 
Gain on sale of real estate assets
11,448

 
8,805

 
 
Loss on extinguishment of debt
(132
)
 
(1,262
)
 
 
Other
(53
)
 
(707
)
 
Total other expense
(43,812
)
 
(48,822
)
 
 
 
 
 
 
 
 
 
Income before equity in income of unconsolidated joint venture
61,022

 
71,468

 
Equity in income of unconsolidated joint venture

 
187

 
Net income
61,022

 
71,655

 
Net income attributable to non-controlling interests

 
(76
)
 
Net income attributable to common stockholders
$
61,022

 
$
71,579

 
 
 
 
 
 
 
 
 
Per common share:
 
 
 
 
 
Net income attributable to common stockholders:
 
 
 
 
 
 
Basic
$
0.20

 
$
0.23

 
 
 
Diluted
$
0.20

 
$
0.23

 
 
Weighted average shares:
 
 
 
 
 
 
Basic
304,158

 
304,569

 
 
 
Diluted
304,278

 
304,795









 
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FUNDS FROM OPERATIONS (FFO)
Unaudited, dollars in thousands, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
3/31/18
 
3/31/17
 
 
 
 
 
 
 
 
 
Net income
$
61,022

 
$
71,655

 
 
Gain on disposition of operating properties
(11,448
)
 
(8,805
)
 
 
Depreciation and amortization- real estate related- continuing operations
89,352

 
93,002

 
 
Depreciation and amortization- real estate related- unconsolidated joint venture

 
17

 
 
Impairment of operating properties
15,902

 
5,686

 
NAREIT FFO
$
154,828

 
$
161,555

 
 
 
 
 
 
 
 
 
NAREIT FFO per share/OP Unit - diluted
$
0.51

 
$
0.53

 
Weighted average shares/OP Units outstanding - basic and diluted
304,278

 
305,114

 
 
 
 
 
 
 
 
 
Items that impact FFO comparability
 
 
 
 
 
Litigation and other non-routine legal expenses
$
(584
)
 
$
(243
)
 
 
Loss on extinguishment of debt
(132
)
 
(1,262
)
 
 
Transaction expenses
(33
)
 

 
Total items that impact FFO comparability
$
(749
)
 
$
(1,505
)
 
Items that impact FFO comparability, net per share
$
(0.00
)
 
$
(0.00
)
 
 
 
 
 
 
 
 
 
Additional Disclosures
 
 
 
 
 
Straight-line rental income, net (1)
$
3,097

 
$
5,251

 
 
Amortization of above- and below-market leases and tenant inducements, net (2)
6,055

 
7,461

 
 
Straight-line ground rent expense (3)
(30
)
 
(41
)
 
 
 
 
 
 
 
 
 
Dividends declared per share/ OP Unit
$
0.275

 
$
0.260

 
Share/OP Unit dividends declared
$
83,277

 
$
79,272

 
Share/OP Unit dividend payout ratio (as % of NAREIT FFO)
53.8
%
 
49.1
%
 
 
 
 
 
 
 
 
(1) Includes unconsolidated joint venture Montecito Marketplace straight-line rental income, net of $1 at pro rata share for the three months ended March 31, 2017. Montecito Marketplace was sold on August 8, 2017.
(2) Includes unconsolidated joint venture Montecito Marketplace amortization of above- and below-market leases and tenant inducements of $7 at pro rata share for the three months ended March 31, 2017. Montecito Marketplace was sold on August 8, 2017.
(3) Straight-line ground rent expense is included in Operating costs on the Consolidated Statements of Operations.
 
 
 
 
 
 
 
 









 
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SAME PROPERTY NOI ANALYSIS
 
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 
 
 
3/31/18
 
3/31/17
 
Change
 
 
Same Property NOI Analysis
 
 
 
 
 
 
 
 
Number of properties
 
474

 
474

 
 
 
Percent billed
 
89.8
%
 
90.5
%
 
(0.7%)
 
 
Percent leased
 
92.1
%
 
92.6
%
 
(0.5%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
Base rent
 
$
223,987

 
$
221,068

 
 
 
 
 
Ancillary and other
 
3,885

 
3,482

 
 
 
 
 
Expense reimbursements
 
68,637

 
70,140

 
 
 
 
 
Percentage rents
 
2,950

 
2,885

 
 
 
 
 
 
 
 
 
299,459

 
297,575

 
0.6%
 
 
Operating expenses
 
 
 
 
 
 
 
 
 
Operating costs
 
(34,523
)
 
(35,384
)
 
 
 
 
 
Real estate taxes
 
(44,408
)
 
(44,557
)
 
 
 
 
 
Provision for doubtful accounts
 
(2,286
)
 
(917
)
 
 
 
 
 
 
 
 
 
(81,217
)
 
(80,858
)
 
0.4%
 
 
Same property NOI
 
$
218,242

 
$
216,717

 
0.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same property NOI excluding redevelopments (1)
 
$
202,586

 
$
201,285

 
0.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI margin
 
72.9
%
 
72.8
%
 
 
 
 
Expense recovery ratio
 
87.0
%
 
87.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent contribution to same property NOI growth:
 
 
 
 
 
 
 
 
 
 
 
 
 
Change
 
Percent Contribution
 
 
 
 
 
Base rent
 
$
2,919

 
1.3%
 
 
 
 
 
Ancillary and other
 
403

 
0.2%
 
 
 
 
 
Net recoveries
 
(493
)
 
(0.2%)
 
 
 
 
 
Percentage rents
 
65

 
0.0%
 
 
 
 
 
Provision for doubtful accounts
 
(1,369
)
 
(0.6%)
 
 
 
 
 
 
 
 
 
 
 
0.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI
 
 
 
 
Same property NOI
 
$
218,242

 
$
216,717

 
 
 
 
Adjustments:
 
 
 
 
 
 
 
 
 
Non-same property NOI
 
4,650

 
10,737

 
 
 
 
 
Lease termination fees
 
1,531

 
666

 
 
 
 
 
Straight-line rental income, net
 
3,097

 
5,250

 
 
 
 
 
Amortization of above- and below-market leases and tenant inducements, net
 
6,055

 
7,454

 
 
 
 
 
Fee income
 

 
81

 
 
 
 
 
Straight-line ground rent expense
 
(30
)
 
(41
)
 
 
 
 
 
Depreciation and amortization
 
(90,383
)
 
(93,931
)
 
 
 
 
 
Impairment of real estate assets
 
(15,902
)
 
(5,686
)
 
 
 
 
 
General and administrative
 
(22,426
)
 
(20,957
)
 
 
 
 
 
Total other expense
 
(43,812
)
 
(48,822
)
 
 
 
 
 
Equity in income of unconsolidated joint venture
 

 
187

 
 
 
 
 
Net income attributable to non-controlling interests
 

 
(76
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
 
$
61,022

 
$
71,579

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Redevelopments include only projects completed in the last comparable twelve month period and all in process projects. See Supplemental Disclosure for reconciliation.
 





 
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(Back To Top)

Section 3: EX-99.2 (EXHIBIT 99.2)

Exhibit
Exhibit 99.2


393259022_suppcover1q18.jpg



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SUPPLEMENTAL DISCLOSURE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
Page
 
 
 
Glossary of Terms
1
 
 
 
Results Overview & Guidance
3
 
 
 
Financial Summary
 
 
 
 
 
Consolidated Balance Sheets
5
 
 
 
 
Consolidated Statements of Operations
6
 
 
 
 
EBITDA
7
 
 
 
 
Funds From Operations (FFO)
8
 
 
 
 
Supplemental Balance Sheet Detail
9
 
 
 
 
NOI & Supplemental Statement of Operations Detail
10
 
 
 
 
Same Property NOI Analysis
11
 
 
 
 
Capital Expenditures
12
 
 
 
 
Capitalization, Liquidity & Debt Ratios
13
 
 
 
 
Debt Overview
14
 
 
 
 
Summary of Outstanding Debt
15
 
 
 
 
Covenant Disclosure
16
 
 
 
Investment Summary
 
 
 
 
 
Acquisitions
18
 
 
 
 
Dispositions
19
 
 
 
 
Anchor Space Repositioning Summary
20
 
 
 
 
Outparcel Development & New Development Summary
22
 
 
 
 
Redevelopment Summary
23
 
 
 
 
Future Redevelopment Opportunities
25
 
 
 
Portfolio Summary
 
 
 
 
 
Portfolio Overview
28
 
 
 
 
Top Forty Retailers Ranked by ABR
29
 
 
 
 
New & Renewal Lease Summary
30
 
 
 
 
New Lease Net Effective Rent & Leases Signed But Not Yet Commenced
31
 
 
 
 
Lease Expiration Schedule
32
 
 
 
 
Properties by Largest US MSAs
33
 
 
 
 
Largest MSAs by ABR
35
 
 
 
 
Properties by State
38
 
 
 
 
Property List
39
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Financial information is unaudited.
 
 
 
 
 
 
 
 
 
For additional information, please visit www.brixmor.com, follow Brixmor on Twitter at www.twitter.com/Brixmor or find Brixmor on LinkedIn at www.linkedin.com/company/brixmor.
 
 
 
 
 
 
 
 
This Supplemental Disclosure 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, 2017 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 document 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Supplemental Disclosure - Three Months Ended March 31, 2018

 
393259022_jpgstandardlogoa21.jpg




GLOSSARY OF TERMS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term
 
Definition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Spaces
 
Spaces equal to or greater than 10,000 square feet ("SF") of GLA.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Space Repositioning
 
Anchor leasing that is primarily focused on reconfiguring or significantly remerchandising existing space with minimal work required outside of normal
 
 
 
tenant improvement costs.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Base Rent ("ABR")
 
Monthly base rent as of a specified date, under leases which have been signed or commenced as of the specified date, multiplied by 12. Annualized
 
 
 
base rent (i) excludes tenant reimbursements of expenses, such as operating costs, insurance expenses and real estate taxes, (ii) excludes percentage
 
 
 
rent and ancillary income and, (iii) is calculated on a cash basis and differs from how rent is calculated in accordance with generally accepted
 
 
 
accounting principles in the United States of America (“GAAP”) for purposes of financial statements.
 
 
 
 
 
 
 
 
 
ABR PSF
 
ABR divided by leased GLA, excluding the GLA of lessee owned leasehold improvements.
 
 
 
 
 
Billed GLA
 
Aggregate GLA of all commenced leases, as of a specified date.
 
 
 
 
 
Development & Redevelopment
 
Development and redevelopment projects are deemed stabilized upon the earlier of (i) reaching approximately 90% billed or (ii) one year after the
 
Stabilization

 
property is placed in service.

 
 
 
 
 
EBITDA, EBITDAre, Adjusted EBITDA &
 
Supplemental, non-GAAP performance measures. Please see below for more information on the limitations of non-GAAP performance measures.
 
Cash Adjusted EBITDA

 
A reconciliation of net income to each of these measures is provided on page 7.
 
 
 
EBITDA is calculated as the sum of net income (loss) presented in accordance with GAAP before interest expense, federal and state taxes, and
 
 
 
depreciation and amortization. EBITDAre represents EBITDA as adjusted for (i) gain (loss) on disposition of operating properties, (ii) impairment of
 
 
 
real estate assets and real estate equity investments. Adjusted EBITDA represents EBITDAre as adjusted for gain (loss) on extinguishment of debt and
 
 
 
other items that the Company believes are not indicative of the Company's operating performance. Cash Adjusted EBITDA represents Adjusted
 
 
 
EBITDA as adjusted for straight-line rental income, amortization of above- and below-market leases and tenant inducements and straight-line ground
 
 
 
rent expense. EBITDA, EBITDAre, Adjusted EBITDA & Cash Adjusted EBITDA include the Company's unconsolidated joint venture, which was sold on
 
 
 
August 8, 2017, at pro rata share.
 
 
 
 
 
 
 
 
 
 
 
Gross Leasable Area ("GLA")
 
Represents the total amount of leasable property square footage.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leased GLA
 
Aggregate GLA of all signed or commenced leases, as of a specified date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR
 
London Interbank Offered Rate.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Metropolitan Statistical Area ("MSA")
Defined by the United States Office of Management and Budget as a region associated with at least one urbanized area that has a population of at
 
 
 
least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and
 
 
 
economic integration with the central county or counties as measured through commuting.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NAREIT
 
National Association of Real Estate Investment Trusts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NAREIT Funds From Operations (“FFO")
A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures.
 
 
 
A reconciliation of net income to NAREIT FFO is provided on page 8.
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
 
Net Effective Rent
 
Average ABR over the lease term adjusted for tenant improvements and allowances, tenant specific landlord work and third party leasing commissions.
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income ("NOI")
 
A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures.
 
 
 
A reconciliation of NOI to net income is provided on page 10.
 
 
 
 
 
 
 
Calculated 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). NOI excludes corporate level expenses (including G&A), lease
 
 
 
termination fees, straight-line rental income, amortization of above- and below-market leases and tenant inducements, straight-line ground rent
 
 
 
expense and the Company's unconsolidated joint venture, which was sold on August 8, 2017.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI Yield
 
Calculated as the projected incremental NOI as a percentage of the incremental third party costs of a specified project, net of any project specific
 
 
 
credits (i.e. lease termination income or other ancillary credits).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling Interests
 
Relate to the portion of Brixmor Operating Partnership LP ("OP”), a consolidated subsidiary, held by the non-controlling interest holders. As of March
 
 
 
31, 2018, the Company, through its 100% ownership of BPG Subsidiary, Inc., owns 100% of the OP.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-owned Major Tenant
 
Also known as a shadow anchor. Represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location
 
 
 
within or immediately adjacent to a shopping center, appear to the consumer as a retail tenant of the shopping center and, as a result, attract
 
 
 
additional consumer traffic to the center.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outparcel
 
Refers to a portion of a shopping center, separate from the main retail buildings and generally located on the outer edge of a property, which may
 
 
 
currently, or in the future, contain one or several freestanding buildings.
 
 
 
 
 
 
 
 
 
 
 
Percent Billed
 
Billed GLA as a percentage of total GLA.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent Leased
 
Leased GLA as a percentage of total GLA.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSF
 
Per square foot of GLA.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redevelopment
 
Larger scale projects that typically involve new construction, reconfiguration or demolition of a portion of the shopping center to accommodate
 
 
 
new retailers.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rent Spread
 
Represents percentage change in cash ABR PSF in the first year of the new lease relative to cash ABR PSF in the last year of the old lease. Rent
 
 
 
spreads are presented only for leases deemed comparable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Rent Spread
 
Includes new leases executed on units that were occupied within the prior 12 months. New leases signed on units that have been vacant for
 
 
 
longer than 12 months and new leases signed on first generation space are non-comparable and excluded from New Rent Spreads.
 
 
 
 
 
 
 
 
 
 
 
Renewal Rent Spread
 
Includes renewal leases executed with the same tenant in the same location to extend the term of an expiring lease. Renewals that include the
 
 
 
expansion of an existing tenant into space that has been vacant for longer than 12 months are non-comparable and excluded from Renewal
 
 
 
Rent Spreads.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Option Rent Spread
 
Includes contractual renewal options exercised by tenants in the same location to extend the term of an expiring lease.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Rent Spread
 
Combined spreads for new, renewal and option leases.
 
 
 
 
 
 
 
 

Supplemental Disclosure - Three Months Ended March 31, 2018
Page 1
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GLOSSARY OF TERMS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term
 
Definition
 
 
 
 
 
 
 
 
 
 
Same Property NOI
 
A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures.
 
 
 
A reconciliation of same property NOI to net income is provided on page 11.
 
 
 
 
 
 
 
Represents NOI of properties owned for the entirety of both periods excluding properties under development. Same Property NOI excludes income
 
 
 
or expense associated with the Company's captive insurance entity.
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Properties in Same Property NOI Analysis:
 
 
 
 
 
 
 
 
 
 
 
As of 3/31/18
 
 
 
 
 
 
Total properties in Brixmor Property Group portfolio
 
480
 
 
 
 
 
 
 
Acquired properties excluded from same property NOI
 
(4)
 
 
 
 
 
 
 
Additional exclusions
 
(2)
 
 
 
 
 
 
 
Same property NOI pool
 
474
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In process redevelopment properties (includes multi-phase projects)
 
(13)
 
 
 
 
 
 
 
Completed redevelopment properties
 
(4)
 
 
 
 
 
 
 
Total redevelopment properties
 
(17)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same property NOI excluding redevelopments pool
 
457
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Small Shop Spaces
 
Spaces less than 10,000 SF of GLA.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Straight-line Rent
 
Non-cash revenue related to GAAP requirement to average the tenant's contractual rent payments over the life of the lease, regardless of the actual
 
 
 
cash collected in the reporting period.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Built
 
Year of most recent redevelopment or year built if no redevelopment has occurred.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Performance Measures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Company's 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.
 
 
 
 
 
Non-GAAP performance measures should not be considered as alternatives to, or more meaningful than, net income (presented in accordance with GAAP) or other GAAP financial measures
 
as indicators of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (presented in accordance with GAAP) as a measure of liquidity.
 
Computation of non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled
 
measures presented by such other REITs. Investors are cautioned that items excluded from non-GAAP performance measures are relevant to understanding and addressing financial
 
performance.
 
 
 
 
 
 
 
 
 
 
 
The Company believes that the non-GAAP measures it presents are useful to investors for the following reasons:
 
 
 
 
 
  • NAREIT FFO
 
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 operating performance of a company’s real estate between periods.
 
 
 
 
 
 
 
 
 
 
 
  • EBITDA, EBITDAre, Adjusted
 
By excluding various items that the Company believes are not indicative of its operating performance, EBITDA, EBITDAre, Adjusted EBITDA & Cash
 
       EBITDA & Cash Adjusted EBITDA

 
Adjusted EBITDA provide a meaningful performance measure as it relates to the Company's ability to meet various coverage tests.
 
 
 
 
 
 
 
 
 
 
 
  • NOI and Same Property NOI
 
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 the operating performance of a company's real estate between periods.

Supplemental Disclosure - Three Months Ended March 31, 2018
Page 2
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RESULTS OVERVIEW & GUIDANCE
 
 
 
 
 
 
 
 
 
 
Unaudited, dollars in thousands, except per share and per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 
Summary Financial Results
 
3/31/18
 
3/31/17
 
 
 
 
 
 
 
 
Total revenues (page 6)
 
$
317,175

 
$
325,806

 
 
 
 
 
 
 
 
Net income attributable to common stockholders (page 6)
 
61,022

 
71,579

 
 
 
 
 
 
 
 
Net income attributable to common stockholders - per diluted share (page 6)
 
0.20

 
0.23

 
 
 
 
 
 
 
 
Adjusted EBITDA (page 7)
 
211,993

 
220,729

 
 
 
 
 
 
 
 
Cash Adjusted EBITDA (page 7)
 
202,871

 
208,058

 
 
 
 
 
 
 
 
NAREIT FFO (page 8)
 
154,828

 
161,555

 
 
 
 
 
 
 
 
NAREIT FFO per share/OP Unit - diluted (page 8)
 
0.51

 
0.53

 
 
 
 
 
 
 
 
 
Items that impact FFO comparability, net per share (page 8)
 
(0.00
)
 
(0.00
)
 
 
 
 
 
 
 
 
Share/OP Unit Dividends declared per share/OP Unit (page 8)
 
0.275

 
0.260

 
 
 
 
 
 
 
 
Share/OP Unit Dividend payout ratio (as % of NAREIT FFO) (page 8)
 
53.8
%
 
49.1
%
 
 
 
 
 
 
 
 
NOI (page 10)
 
222,892

 
227,454

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Summary Operating and Financial Ratios
 
3/31/18
 
12/31/17
 
9/30/17
 
6/30/17
 
3/31/17
 
 
NOI margin (page 10)
 
72.7
%
 
74.1
%
 
74.6
%
 
74.3
%
 
72.8
%
 
 
Same property NOI growth (page 11) (1)
 
0.7
%
 
3.6
%
 
1.5
%
 
1.3
%
 
3.2
%
 
 
Fixed charge coverage (page 13)
 
3.5x

 
3.6x

 
3.5x

 
3.5x

 
3.6x

 
 
Net principal debt to Adjusted EBITDA (page 13) (2)
 
6.6x

 
6.4x

 
6.5x

 
6.4x

 
6.6x

 
 
Net principal debt to Cash Adjusted EBITDA (page 13) (2)
 
6.8x

 
6.8x

 
6.8x

 
6.9x

 
7.0x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding Classes of Stock
 
As of 3/31/18
 
As of 12/31/17
 
As of 9/30/17
 
As of 6/30/17
 
As of 3/31/17
 
 
Common shares outstanding (page 13)
 
302,826

 
304,620

 
304,937

 
304,936

 
304,893

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary Portfolio Statistics (3)
 
As of 3/31/18
 
As of 12/31/17
 
As of 9/30/17
 
As of 6/30/17
 
As of 3/31/17
 
 
Number of properties (page 28)
 
480

 
486

 
498

 
507

 
510

 
 
Percent billed (page 28)
 
89.8
%
 
90.3
%
 
89.6
%
 
89.9
%
 
90.4
%
 
 
Percent leased (page 28)
 
92.1
%
 
92.2
%
 
91.6
%
 
92.0
%
 
92.5
%
 
 
ABR PSF (page 28)
 
$
13.61

 
$
13.47

 
$
13.28

 
$
13.21

 
$
13.12

 
 
New lease rent spread (page 30)
 
36.7
%
 
42.7
%
 
20.7
%