Brixmor Property Group

Brixmor
(Trading as Brixmor Property Group Inc.)

Formerly called	Centro Properties Group
Type	Public company
Traded as	NYSE: BRX
Industry	Property Development, Property Management, Retail Property
Predecessor	Centro Properties Group US
Founded	18 February 1985 (1985-02-18) (as Jennings Properties Limited).
Headquarters	New York City, New York
Area served	United States of America
Key people	James M. Taylor (CEO) Angela Aman (EVP, Chief Financial Officer) Brian T. Finnegan (EVP, Leasing) Michael A. Moss (EVP, National Accounts) Steven F. Siegel (EVP, General Counsel) Carolyn Carter Singh (EVP, HR & Administration) Mark T. Horgan (Chief Investment Officer)
Services	Retail property ownership and management
Revenue	US$ 835.6 Million (2015)
Operating income	US$ 430.38 Million (2015)
Profit	US $193.72 Million (2015)
Number of employees	~ 200+
Website	www.brixmor.com

Brixmor Property Group Inc., trading as Property Group (NYSE: BRX^[1]), is a real estate investment trust, headquartered in New York City, New York. The company owns and operates one of the nation's largest portfolios of open-air shopping centers, with more than 500 properties strategically located across 38 states.^[2] The company’s shopping centers feature grocers, retailers and local retail brands and are located in major U.S. metropolitan areas.

Properties

Brixmor’s portfolio totals approximately 87 million square feet located primarily in infill locations in established markets. The company is the largest landlord to the TJX Companies (T.J. Maxx, Marshalls and HomeGoods) and The Kroger Co. With more than 5,600 retailers, Brixmor works with U.S. retailers including Walmart, Publix, Target, Dollar Tree, Ross Dress for Less, Bed Bath & Beyond, PetSmart and Michaels.

History

The company originated from several preexisting REITs owned by its predecessor, Centro Properties Group. In 2003 CV REIT and Kranzco Realty Trust merged to become Kramont Realty Trust, which was acquired by Centro in 2005. Centro then acquired Heritage Property Investment Trust and New Plan Excel Realty Trust, which also were the result of prior mergers.^[3]

Blackstone Group LP (NYSE: BX) purchased Centro Properties Group US, a predecessor of Brixmor Property Group, in June 2011 for $9 billion and invested an additional $300 million in redevelopment efforts in the company’s shopping center portfolio.^[4] The company changed its name to Brixmor Property Group in September 2011.^[5]

The company went public on October 31, 2013, raising nearly $950 million through its initial public offering.^[6] As of May 2014, the stock, traded under BRX on the New York Stock Exchange (NYSE),^[7] has continued to rise in value, climbing from $20 a share to a little over $22 in the initial eight months of trade.^[8]

As of May 2014, Moody's Investors Service assigned Brixmor a Baa3 issuer rating. This rating reflects the company’s cash flow stability, evolution of the balance sheet and operating performance. The company intends to use this rating as a means of acquiring new sources of capital in unsecured credit markets.^[9]

In April 2016, it was announced that James Taylor would become chief executive, president and a board member. He would replace interm CEO Daniel Hurwitz.^[10]

References