2013 AnnuAl RepoRt
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420 Lexington Avenue
7th Floor
New York, NY 10170
Brixmor.com
1-Brixmor_CV.indd 1-3
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BoARD of DiReCtoRS
John G. Schreiber
Chairman of the Board of Directors of
Brixmor Property Group Inc.
President, Centaur Capital Partners, Inc.
Co-Founder and Partner, Blackstone Real Estate Advisors
A.J. Agarwal
Senior Managing Director, Blackstone
Anthony W. Deering
Chairman, Exeter Capital, LLC
Nadeem Meghji
Managing Director, Blackstone
William J. Stein
Senior Managing Director, Blackstone
Michael A. Carroll
Chief Executive Officer,
Brixmor Property Group Inc.
Michael Berman
Executive Vice President and Chief Financial Officer,
General Growth Properties, Inc.
Jonathan D. Gray
Global Head of Real Estate, Blackstone
William D. Rahm
Senior Managing Director, Centerbridge Partners, L.P.
exeCutiVe LeADeRShiP
Michael A. Carroll
Chief Executive Officer
Dean R. Bernstein
Executive Vice President,
Acquisitions & Dispositions
Steven f. Siegel
Executive Vice President,
General Counsel & Secretary
Steven A. Splain
Executive Vice President,
Chief Accounting Officer
CoRPoRAte iNfoRMAtioN
Counsel
Simpson Thacher & Bartlett LLP
New York, NY
Auditors
Ernst & Young LLP
New York, NY
transfer Agent and Registrar
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
877.373.6374
https://www-us.computershare.com/Investor/
Michael V. Pappagallo
President and Chief Financial Officer
timothy J. Bruce
Executive Vice President,
Leasing & Redevelopment
Carolyn Carter Singh
Executive Vice President,
HR & Administration
investor information
Current and prospective Brixmor Property Group Inc.
investors can receive a copy of the Company’s
prospectus, proxy statement, earnings releases and
quarterly and annual reports by contacting:
investor Relations
Brixmor Property Group Inc.
420 Lexington Avenue
7th Floor
New York, NY 10170
800.468.7526
investorrelations@brixmor.com
Brixmor.com
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Dear FelloW ShareholDerS:
2013 reflects a significant milestone in the evolution of the Brixmor enterprise and also
demonstrates that our strategy to unlock inherent portfolio value and reduce leverage
is working. We will continue to aggressively invest in our portfolio to drive growth, create
value and enhance our competitive position.
at Brixmor, 2013 was a transformative year on many fronts.
We optimized our portfolio, enhanced our management
team, and most importantly, in early November we suc-
cessfully completed the largest community and neigh-
borhood shopping center IPo ever, raising approximately
$950 million in gross proceeds.
Furthermore, what should not be understated are the
additional significant steps taken to strengthen our finan-
cial position and credit metrics by reducing leverage
and interest costs. at the same time, we are substantially
increasing our liquidity and financial flexibility by signifi-
cantly reducing the number of mortgages secured by
our operating properties. Prior to the IPo, we obtained a
$2.75 billion unsecured credit facility—the largest debut
unsecured credit facility in reIT history and a first step
towards creating a fortress balance sheet.
These milestones reflect our ongoing evolution and the
substantial progress we have made toward improving the
quality of our asset base and our overall operating per-
formance. Today, Brixmor is defined by its straightforward
business model, compelling organic growth potential
and clear strategy to continue its success into the future.
MAXIMIZING TOTAL RETURNS TO OUR SHAREHOLDERS
The primary objective of any management team should
be to maximize total returns to its owners. In the current
operating environment, we believe this can be best
accomplished through a laser focus on capturing the
embedded growth and value-creation opportunities
within our existing portfolio. Given strengthening industry
fundamentals, in particular the strong demand for quality
retail space, and limited available supply driven by a
continued lack of new development, we are confident
that continuing to invest in our portfolio will provide the
best returns on our shareholders’ capital.
In 2014, we will remain focused on fueling our internal
growth engine by employing the same tactics that
enabled us to increase same-property net operating
income (NoI) by 4.0 percent in 2013. These include:
Capitalizing on Below-Market Expiring Leases
our above-average lease expiration schedule with
below-market expiring rents will enable us to increase
cash flows by renewing leases or signing new leases
at higher rates, while also providing the opportunity to
enhance our merchandise mix. We signed leases during
2013 at an average of $13.69 per square foot for new
leases and $12.38 per square foot for both new and
renewal leases as compared to our portfolio average
rents of $11.93 per square foot. Importantly, market rents
are also increasing as demonstrated by the acceleration
in the rental rate of new leases over the course of the
year. In the fourth quarter, we signed new leases at an
average annual base rent of $15.04 per square foot,
which is encouraging given the expiring rate of leases
through 2016 is $11.13 per square foot. The opportunity
to bring leases to market remains very compelling.
Capturing Occupancy Upside
Since 2011, we have executed more than 225 new anchor
leases, growing our total occupancy to 92.4 percent. as
these anchor leases continue to commence through
2014, we expect to realize further gains in anchor leasing
and to accelerate small shop leasing. This simple, straight-
forward approach of adding high-quality anchors to our
shopping centers will continue to serve as the catalyst for
small shop leasing gains.
Pursuing Value-Creating Anchor Space Repositioning/
Redevelopment Opportunities
our historic expertise in renovating, re-tenanting and
repositioning assets enables us to take advantage of
2-Brixmor_Ltr.indd 1
4/3/14 11:03 AM
approximately $894 million that we used to further pay
down outstanding debt. We have ample liquidity to
execute our business plan in 2014. In fact, by the end
of February 2014, we had repurchased $60 million
aggregate principal amount of our senior unsecured
notes and repaid approximately $579 million of secured
borrowings using a combination of available cash on
hand and borrowings under our existing unsecured credit
facility. as a result, we have increased our unencum-
bered asset pool to 47.8 percent of our properties from
39.5 percent at December 31, 2013.
LOOKING AHEAD
as I think back on an eventful 2013, I am proud to say
that Brixmor is the strongest it has ever been. We are one
of the few shopping center companies with the size,
established operating infrastructure, retailer relationships
and balance sheet strength necessary to operate suc-
cessfully on a national platform. This is a testament to
our simple business model and the caliber of our experi-
enced workforce.
It is clear that our outstanding people will continue to be
the driving force behind our success. These individuals
are directly responsible for helping us reach this exciting
point in our history, and I am deeply appreciative for their
tireless efforts. Together, we are committed to enhancing
shareholder value by playing to our strengths, anticipat-
ing trends and capitalizing on opportunities.
on behalf of the entire Brixmor team, please accept our
gratitude for your investment and confidence in our abil-
ity to execute. We take seriously our responsibility to be
good stewards of your capital and we are committed
to providing transparent disclosure so you can track our
progress. I am excited by the opportunities ahead and
look forward to building upon our current momentum.
Sincerely,
Michael a. Carroll
Chief Executive Officer
today’s limited new supply environment and the ongoing
evolution of retailer prototypes. In 2014, we expect to
invest up to $100 million of capital in value-add strategic
anchor space repositioning and redevelopment initiatives.
These investments are expected to drive the productivity
and the appeal of our properties, which should ultimately
lead to higher rents.
PERFORMANCE IN 2013
as a result of our efforts in 2013, we demonstrated sus-
tained positive momentum in key operating metrics. our
same-property NoI increased by 4.0 percent in 2013,
marking 10 consecutive quarters of growth on a year-
over-year basis, fueled by gains in both occupancy and
rent levels. For the year, occupancy climbed 110 basis
points to 92.4 percent. During 2013, we executed more
than 2,200 new and renewal leases, representing almost
13 million square feet, with lease spreads of approximately
10 percent. our leasing productivity was the strongest
among our public shopping center reIT peers.
These impressive results demonstrate that our strategy
works. The foundation of our proven strategy is supported
by a high-quality, seasoned in-fill portfolio of primarily
grocery-anchored shopping centers. our properties feature
quality anchors focused on necessity and value-oriented
merchandise generating consistent traffic without the
exposure to cycles or seasonality. We believe there is still
significant opportunity for us in 2014 and beyond as we
see a broad-based economic recovery in the markets in
which we operate and as retailers continue to expand
store counts and enter new markets. We expect to achieve
continued growth through occupancy increases across
both anchor and small shop space, the capture of posi-
tive rent spreads from below-market, in-place rents and
significant near-term lease rollover and via anchor space
repositioning/redevelopment efforts.
FINANCIAL STRENGTH
We took a number of meaningful steps in 2013 to improve
our capital structure and strengthen our balance sheet,
positioning us to achieve our long-term growth and finan-
cial objectives. of particular importance is the progress
we made in reducing our debt levels and transitioning
from a secured to unsecured model, increasing our
financial flexibility. Such steps are critical to our strategy
of aggressively unencumbering our properties to position
Brixmor to secure an investment grade rating within the
next few years. Unencumbering properties increases our
operational efficiency and allows for additional asset
management flexibility.
In July, we completed a $2.75 billion unsecured credit
facility, consisting of a $1.5 billion term loan facility and a
$1.25 billion revolving credit facility, with a consortium of
top-tier financial institutions that enabled us to repay $2.4
billion of secured debt. our IPo raised net proceeds of
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4/3/14 11:03 AM
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2013
or
For the transition period from_____ to_____
Commission File Number: 001-36160
Brixmor Property Group Inc.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of incorporation or organization)
45-2433192
(I.R.S. Employer Identification No.)
420 Lexington Avenue, New York, New York 10170
(Address of principal executive offices) (Zip code)
212-869-3000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
Common Stock, par value $0.01 per share.
New York Stock Exchange
Securities registered pursuant to section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
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. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted 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 and post such files). Yes ☒ No ☐
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not
contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See the definitions of “large accelerated filer, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act.
Large accelerated filer
Non-accelerated filer
(Do not check if a smaller reporting company)
☐
☒
Accelerated filer
Smaller reporting company
☐
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The aggregate market value of the voting stock held by non-affiliates of the registrant at June 30, 2013, was $0.
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
229,689,960 common shares outstanding as of March 1, 2014
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating
to the registrant’s Annual Meeting of Stockholders to be held on June 12, 2014 will be incorporated by reference in this Form 10-K in
response to Items 10, 11, 12, 13 and 14 of Part III. The definitive proxy statement will be filed with the SEC not later than 120 days after the
registrant’s fiscal year ended December 31, 2013.
Item No.
TABLE OF CONTENTS
Part I
1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part II
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . .
7A. Quantitative and Qualitative Disclosures about Market Risk . . . . . . . . . . . . . . . . . . . . . . .
8. Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . .
9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part III
10. Directors, Executive Officers, and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . .
11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13. Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . .
14. Principal Accounting Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page
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15. Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85
Part IV
i
Forward-Looking Statements
This report contains 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 which reflect our current views with
respect to, among other things, our operations and financial performance. You can identify these
forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “seeks,” “approximately,” “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 this report, 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. 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 undertake no obligation to publicly update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise.
Unless otherwise stated or indicated by context, all references to “we,” “us,” “our,” “ours,” “Brixmor”
or the “Company” in this Annual Report refer to Brixmor Property Group Inc. and its consolidated
subsidiaries.
ii
Item 1. Business
PART I
Brixmor Property Group Inc. is an internally-managed real estate investment trust (“REIT”) that owns
and operates the largest wholly owned portfolio of grocery-anchored community and neighborhood
shopping centers in the United States. Our portfolio as of December 31, 2013 was comprised of 558
shopping centers (“Total Portfolio”), including 522 shopping centers in our IPO Portfolio (see below) and
36 Non-Core Properties (see below). In our IPO Portfolio, 521 of the shopping centers are 100% owned
(“Consolidated Portfolio”). Our IPO Portfolio has approximately 87 million sq.ft. of gross leasable area
(“GLA”). This high quality national portfolio is well diversified by geography, tenancy and retail format,
with 70% of our shopping centers anchored by market-leading grocers. Our four largest tenants by
annualized base rent (“ABR”) are The Kroger Co., TJX Companies, Wal-Mart Stores, Inc. and Publix
Supermarkets, Inc. Our community and neighborhood shopping centers provide a mix of necessity and
value-oriented retailers and are primarily located in the top 50 Metropolitan Statistical Areas (“MSAs”),
surrounded by dense populations in established trade areas. Our company is led by a proven management
team that is supported by a fully-integrated, scalable retail real estate operating platform. At December 31,
2013, our IPO Portfolio was 92.4% leased as compared to 91.3% at December 31, 2012.
On November 4, 2013 we completed an initial public offering (“IPO”) in which we sold approximately
47.4 million shares of our common stock, at an initial public offering price of $20.00 per share. We received
net proceeds from the sale of shares in the IPO of approximately $893.9 million, after deducting $54.9
million in underwriting discounts, expenses and transaction costs. Of the total proceeds received, $824.7
million was used to pay down amounts outstanding under our unsecured credit facility. See “Management’s
Discussion and Analysis of Financial Condition and Results of Operations — Initial Public Offering and
IPO Property Transfers.”
In connection with the IPO, we acquired interests in 43 properties (the “Acquired Properties”) from
certain investment funds affiliated with The Blackstone Group L.P. (together with such affiliated funds,
“Blackstone”) in exchange for 15,877,791 common units of partnership interest (the “OP Units”) in
Brixmor Operating Partnership LP (the “Operating Partnership”) having a value equivalent to the value of
the Acquired Properties. In connection with the acquisition of the Acquired Properties, we repaid $66.6
million of indebtedness to Blackstone attributable to certain of the Acquired Properties with a portion of
the net proceeds of the IPO.
Also in connection with the IPO, the Company created a separate series of interest in the Operating
Partnership that allocates to certain funds affiliated with The Blackstone Group L.P. and Centerbridge
Partners, L.P. (owners of the Operating Partnership prior to the IPO) (the “pre-IPO owners”) all of the
economic consequences of ownership of the Operating Partnership’s interest in 47 properties that the
Operating Partnership historically held in its portfolio (the “Non-Core Properties”). During 2013, the
Company disposed of 11 of the Non-Core Properties. As of December 31, 2013 the Company owned a
100% interest in 33 of the Non-Core Properties and a 20% interest in three of the Non-Core Properties. On
January 15, 2014, the Operating Partnership caused all but one of the Non-Core Properties to be
transferred to the pre-IPO owners. It is expected that the Operating Partnership will transfer the one
remaining Non-Core Property and redeem the separate series of interest in the Operating Partnership. The
consolidated financial statements of the Company for the years ended December 31, 2013 and
December 31, 2012 do not reflect the transfer of the 47 Non-Core Properties.
We refer to the acquisition of the Acquired Properties and the distribution of the Non-Core Properties
as the “IPO Property Transfers” and to the properties that we owned immediately following the IPO
Property Transfers as our “IPO Portfolio”. Unless the context requires otherwise, when describing our
portfolio of properties throughout this Form 10-K, we are referring to our IPO Portfolio.
1
Our Shopping Centers
The following table provides summary information regarding our IPO Portfolio as of December 31,
2013.
Number of shopping centers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross leasable area (sq. ft.)
Percent grocery-anchored shopping centers(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average shopping center GLA (sq. ft.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average ABR/SF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Percent of ABR in top 50 U.S. MSAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average effective age(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Percent of grocer anchors that are #1 or #2 in their respective markets(3)
. . . . . . . . . . . . . .
Average sales per square foot of GLA (“PSF”) of reporting grocers(4)
. . . . . . . . . . . . . . . .
Average population density(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average household income(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
522
86.8 million
70%
166,300
92%
11.93
65%
14 years
77%
525
183,000
$ 79,000
$
(1) Based on total number of shopping centers.
(2) Effective age is calculated based on the year of the most recent redevelopment of the shopping center
or based on year built if no redevelopment has occurred.
(3) References to grocer anchors that are #1 or #2 are based on a combination of industry sources and
management estimates of market share in these grocers’ respective markets and include all grocers
identified by management as “specialty” grocers. Grocers that operate within a market under a shared
banner but are owned by different parent companies and grocers that operate within a market under
different banners but share a parent company are grouped as a single grocer.
(4) Year ended December 31, 2012.
(5) Demographics based on five-mile radius and weighted by ABR. Based on U.S. Census data provided
by Synergos Technologies, Inc.
Business Objectives and Strategies
Our primary objective is to maximize total returns to our stockholders through a combination of
growth and value-creation at the asset level supported by stable cash flows. We seek to achieve this through
ownership of a large high quality, diversified portfolio of primarily grocery-anchored community and
neighborhood shopping centers and by creating meaningful net operating income (“NOI”) growth from this
portfolio (see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations — Same Property NOI” — for information regarding our use of NOI, which is a non-GAAP
measure). The major drivers of this growth will be a combination of occupancy increases across both our
anchor and small shop space, positive rent spreads from below-market in-place rents and significant
near-term lease rollover, through annual contractual rent increases across the portfolio and the realization
of embedded anchor space repositioning / redevelopment opportunities. Our key strategies to achieve these
objectives are summarized as follows and detailed below:
•
•
•
•
•
Leveraging our operating expertise to proactively lease and manage our assets
Achieving occupancy increases across both anchor and small shop space
Capitalizing on below-market expiring leases
Pursuing value-creating anchor space repositioning / redevelopment opportunities
Preserving portfolio diversification
• Maintaining a flexible capital structure positioned for growth
Leveraging our Operating Expertise to Proactively Lease and Manage our Assets. We proactively
manage our shopping centers with an emphasis on driving high occupancy rates with a solid base of
nationally and regionally recognized tenants that generate substantial daily traffic. We also seek
opportunities to refurbish, renovate and redevelop existing shopping centers, as appropriate, including
expanding or repositioning existing tenants.
2
We direct our leasing efforts at the corporate level through our national accounts team and at the
regional level through our field network. We believe this strategy enables us to provide our national and
regional retailers with a centralized, single point of contact, facilitates reviews of our entire shopping center
portfolio and provides for standardized lease templates that streamline the lease execution process, while
also accounting for market-specific trends.
Achieving Occupancy Increases Across Both Anchor and Small Shop Space. During 2013 we
experienced strong leasing momentum in our IPO Portfolio and executed 787 new leases for an aggregate of
approximately 3.4 million sq. ft., including 70 new anchor leases for spaces of at least 10,000 sq. ft., of
which 31 were new leases for spaces of at least 20,000 sq. ft. As a result, our occupancy increased to 92.4%
at December 31, 2013 from 91.3% at December 31, 2012 and the occupancy for spaces of at least
10,000 sq. ft. increased to 97.1% at December 31, 2013 from 96.1% at December 31, 2012. We believe that
there is additional opportunity for further occupancy gains in our portfolio and that such improvement in
anchor occupancy will drive strong new and renewal lease spreads and enable us to lease additional small
shop space.
Capitalizing on Below-Market Expiring Leases. Our focus is to unlock opportunity and create value
at the asset level and increase cash flow by increasing rental rates through the renewal of expiring leases or
re-leasing of space to new tenants with limited downtime. As part of our targeted leasing strategy, we
constantly seek to maximize rental rates and improve the tenant quality and credit profile of our portfolio.
We believe our above average lease expiration schedule, as compared to our historic annual expirations, with
below-market expiring rents will enable us to renew leases or sign new leases at higher rates. During 2013 in
our IPO Portfolio, we experienced new lease rent spreads of 29.5% and blended lease spreads of 9.8%. We
believe that this performance will continue given our future expiration schedule of 8.7% of our leased GLA
due to expire in 2014, 15.2% in 2015 and 14.8% in 2016, with an average expiring ABR/SF of $11.13
compared to an average ABR/SF of $12.38 for new and renewal leases signed during 2013, with an average
ABR/SF of $13.69 for new leases and $11.90 for renewal leases. This represents a significant near-term
opportunity to mark a substantial percentage of the portfolio to market.
Pursuing Value-Creating Anchor Space Repositioning / Redevelopment Opportunities. We evaluate our
IPO Portfolio on an ongoing basis to identify value-creating anchor space repositioning / redevelopment
opportunities. These efforts are tenant-driven and focus on renovating, re-tenanting and repositioning
assets and generally present higher risk-adjusted returns than new developments. Potential new projects
include value-creation opportunities that have been previously identified within our portfolio, as well as new
opportunities created by the lack of meaningful community and neighborhood shopping center
development in the United States. We may occasionally seek to acquire non-owned anchor spaces and land
parcels at, or adjacent, to our shopping centers in order to facilitate redevelopment projects. In addition, as
we own a vast majority of our anchor spaces greater than 35,000 sq. ft., we have important operational
control in the positioning of our shopping centers in the event an anchor ceases to operate and flexibility in
working with new and existing anchor tenants as they seek to expand or reposition their stores.
During 2013, we completed 26 anchor space repositioning / redevelopment projects in our IPO
Portfolio, with average targeted NOI yields of 18%. The aggregate cost of these projects was approximately
$88.9 million. We expect average targeted NOI yields of 13% and an aggregate cost of $88.7 million for our
19 currently active anchor space repositioning / redevelopment projects.
As a result of the historically low number of new shopping center developments in the United States,
redevelopment opportunities are critical in allowing us to meet space requirements for new store growth and
accommodate the evolving prototypes of our retailers. We expect to maintain our current pace of anchor
space repositioning / redevelopment projects over the foreseeable future. We believe such projects are critical
to the success of our company, as it provides incremental growth in NOI, drives small shop leasing,
improves the value and quality of our shopping centers and increases consumer traffic. We intend to fund
these efforts through cash from operations.
Preserving Portfolio Diversification. We seek to achieve diversification by the geographic distribution
of our shopping centers and the breadth of our tenant base and tenant business lines. We believe this
diversification serves to insulate us from macro-economic cycles and reduces our exposure to any single
market or retailer.
3
The shopping centers in our IPO Portfolio are strategically located across 38 states and throughout
more than 170 MSAs, with 64.6% of our ABR derived from shopping centers located in the top 50 MSAs
with no one MSA accounting for more than 6.6% of our ABR, in each case as of December 31, 2013.
In total, we have approximately 5,600 diverse national, regional and local retailers with approximately
9,730 leases in our IPO Portfolio. As a result, our 10 largest tenants accounted for only 18.1% of our ABR,
and our two largest tenants, Kroger and TJX Companies, together accounted for only 6.6% of our ABR as
of December 31, 2013. Our largest shopping center represents only 1.5% of our ABR as of December 31,
2013.
Maintaining a Flexible Capital Structure Positioned for Growth. The capital structure resulting from
our IPO and related transactions provides us with financial flexibility and capacity to fund our current
growth capital needs, as well as future opportunities. In 2013, we completed a $2.75 billion unsecured credit
facility with a lending group comprised of top-tier financial institutions under which we had $1.1 billion of
undrawn capacity as of December 31, 2013. See “Management’s Discussion and Analysis of Financial
Condition and Results of Operations — Our Liquidity and Capital Resources.”
We believe we have strong access to multiple forms of capital, including unsecured corporate level debt,
preferred equity and additional credit facilities, which will provide us with a competitive advantage over
smaller, more highly leveraged or privately-held shopping center companies.
We intend to continue to enhance our financial and operating flexibility through ongoing commitment
to ladder and extend the duration of our debt, further expand our unencumbered asset pool, and to pursue
an investment grade credit rating with the major credit rating agencies.
The strategies discussed above are periodically reviewed by our Board of Directors and while it does
not have any present intention to amend or revise its strategy, the Board of Directors may do so at anytime
without a vote of the Company’s shareholders.
Competition
We face considerable competition in the leasing of real estate, which is a highly competitive market. We
compete with a number of other companies in providing leases to prospective tenants and in re-leasing
space to current tenants upon expiration of their respective leases. We believe that the principal competitive
factors in attracting tenants in our market areas are location, co-tenants and physical conditions of our
shopping centers. In this regard, we proactively manage and, where and when appropriate, redevelop and
upgrade, our shopping centers, with an emphasis on maintaining high occupancy rates with a strong base of
nationally and regionally recognized anchor tenants that generate substantial daily traffic. In addition, we
believe that the breadth of our national portfolio of shopping centers, and the local knowledge and market
intelligence derived from our regional operating team, as well as the close relationships we have established
with certain major, national and regional retailers, allow us to maintain a competitive position.
Environmental Exposure
We are subject to federal, state and local environmental regulations that apply generally to the
ownership of real property and the operations conducted on real property. Under various federal, state and
local laws, ordinances and regulations, we may be considered an owner or operator of real property or may
have arranged for the disposal or treatment of hazardous or toxic substances or petroleum product releases
at a property and, therefore, may become liable for the costs of removal or remediation of certain
hazardous substances released on or in our property or disposed of by us or our tenants, as well as certain
other potential costs which could relate to hazardous or toxic substances (including governmental fines and
injuries to persons and property). Such liability may be imposed whether or not we knew of, or were
responsible for, the presence of these hazardous or toxic substances. As is common with community and
neighborhood shopping centers, many of our properties had or have on-site dry cleaners and/or on-site
gasoline retailing facilities. These operations could potentially result in environmental contamination at the
properties. The cost of investigation, remediation or removal of such substances may be substantial, and the
presence of such substances, or the failure to properly remediate such substances, may adversely affect our
ability to sell or rent such property or to borrow using such property as collateral.
4
We are aware that soil and groundwater contamination exists at some of our properties. The primary
contaminants of concern at these properties include perchloroethylene and trichloroethylene (associated
with the operations of on-site dry cleaners) and petroleum hydrocarbons (associated with the operations of
on-site gasoline retailing facilities). There may also be asbestos-containing materials at some of our
properties. While we do not expect the environmental conditions at our properties, for which exposure has
been mitigated through insurance coverage specific to environmental conditions, considered as a whole, to
have a material adverse effect on us, there can be no assurance that this will be the case. Further, no
assurance can be given that any environmental studies performed have identified or will identify all material
environmental conditions that may exist with respect to any of the properties in our portfolio.
Employees
As of December 31, 2013, we had approximately 456 employees. Four of our employees are covered by
a collective bargaining agreement, and we consider our employee relations to be good.
Financial Information about Industry Segments
Our principal business is the ownership and operation of community and neighborhood shopping
centers. We do not distinguish or group our operations on a geographical basis when measuring
performance. Accordingly, we believe we have a single reportable segment for disclosure purposes in
accordance with GAAP. In the opinion of our management, no material part of our and our subsidiaries’
business is dependent upon a single tenant, the loss of any one of which would have a material adverse
effect on us, and no single tenant accounts for 5% or more of our consolidated revenues. During 2013, no
single shopping center and no one tenant accounted for more than 5% of our consolidated assets or
consolidated revenues.
REIT Qualification
We made a tax election to be treated as a REIT for U.S. federal income tax purposes commencing with
our taxable year ended December 31, 2011 and expect to continue to operate so as to qualify as a REIT. So
long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on net taxable
income that we distribute annually to our stockholders. In order to qualify as a REIT for U.S. federal
income tax purposes, we must continually satisfy tests concerning, among other things, the real estate
qualification of sources of our income, the composition and values of our assets, the amounts we distribute
to our stockholders and the diversity of ownership of our stock. In order to comply with REIT
requirements, we may need to forego otherwise attractive opportunities and limit our expansion
opportunities and the manner in which we conduct our operations. See “Risk Factors — Risks Related to
our REIT Status and Certain Other Tax Items.”
Corporate Headquarters
Brixmor Property Group Inc., a Maryland corporation, was incorporated in Delaware on May 27,
2011, changed its name to Brixmor Property Group Inc. on June 17, 2013 and changed its jurisdiction of
incorporation to Maryland on November 4, 2013. Our principal executive offices are located at
420 Lexington Avenue, New York, New York 10170, and our telephone number is (212) 869-3000.
Our website address is www.brixmor.com. Information on our website is not incorporated by reference
herein and is not a part of this Annual Report on Form 10-K. We make available free of charge on our
website or provide a link on our website to our Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant
to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after those reports are
electronically filed with, or furnished to, the SEC. To access these filings, go to the “Financial Information”
portion of our “Investors” page on our website, and then click on “SEC Filings.” You may also read and
copy any document we file at the SEC’s Public Reference Room located at 100 F Street, N.E., Washington,
DC 20549. Call the SEC at 1-800-SEC-0330 for further information on the public reference room. In
addition, these reports and the other documents we file with the SEC are available at a website maintained
by the SEC at http:\\www.sec.gov.
5
From time to time, we may use our website as a channel of distribution of material information.
Financial and other material information regarding our company is routinely posted on and accessible at
www.brixmor.com. In addition, you may automatically receive e-mail alerts and other information about
our company by enrolling your e-mail address by visiting “Email Alerts” under the “Information Request”
section of the “Investors” portion of our website at http:\\www.brixmor.com.
6
Item 1A. Risk Factors
Risks Related to Our Properties and Our Business
Adverse global, national and regional economic, market and real estate conditions may adversely affect our
performance.
Properties in our portfolio consist of community and neighborhood shopping centers. Our
performance is, therefore, subject to risks associated with owning and operating these types of real estate
assets, including: (1) changes in national, regional and local economic climates; (2) local conditions,
including an oversupply of space in, or a reduction on demand for, properties similar to those in our
portfolio; (3) the attractiveness of properties in our portfolio to tenants; (4) the financial stability of
tenants, including the ability of tenants to pay rent; (5) competition from other available properties;
(6) changes in market rental rates; (7) changes in demographics (including number of households and
average household income) surrounding our properties; (8) the need to periodically fund the costs to repair,
renovate and re-lease space; (9) changes in operating costs, including costs for maintenance, utilities,
insurance and real estate taxes; (10) earthquakes, tornadoes, hurricanes and other natural disasters, civil
unrest, terrorist acts or acts of war, which may result in uninsured or underinsured losses; (11) the fact that
the expenses of owning and operating properties are not necessarily reduced when circumstances such as
market factors and competition cause a reduction in income from the properties; and (12) changes in laws
and governmental regulations, including those governing usage, zoning, the environment and taxes.
Additionally, because properties in our portfolio consist of shopping centers, our performance is linked
to general economic conditions in the market for retail space. The market for retail space has been and may
continue to be adversely affected by weakness in the national, regional and local economies, the adverse
financial condition of some large retailing companies, the consolidation in the retail sector, the excess
amount of retail space in certain markets and increasing consumer purchases via the internet. To the extent
that any of these conditions worsen, they are likely to affect market rents and overall demand for retail
space. In addition, we may face challenges in property management and maintenance or incur increased
operating costs, such as real estate taxes, insurance and utilities, which may make properties unattractive to
tenants. The loss of rental revenues from a number of our tenants and our inability to replace such tenants
may adversely affect our profitability and ability to meet our debt and other financial obligations.
We face considerable competition in the leasing market and may be unable to renew leases or re-lease space as
leases expire. Consequently, we may be required to make rent or other concessions and/or significant capital
expenditures to improve our properties in order to retain and attract tenants, which could adversely affect our
financial condition and results of operations.
We compete with a number of other companies in providing leases to prospective tenants and in
re-leasing space to current tenants upon expiration of their respective leases. If our tenants decide not to
renew or extend their leases upon expiration, we may not be able to re-lease the space. Even if the tenants
do renew or we can re-lease the space, the terms of renewal or re-leasing, including the cost of required
renovations or concessions to tenants, may be less favorable or more costly than current lease terms or than
expectations for the space. As of December 31, 2013, leases are scheduled to expire on a total of
approximately 8.7% of leased GLA at our properties in our IPO Portfolio during 2014. We may be unable
to promptly renew the leases or re-lease this space, or the rental rates upon renewal or re-leasing may be
significantly lower than expected rates, which could adversely affect our financial condition and results of
operations.
We face considerable competition for the tenancy of our lessees and the business of retail shoppers.
There are numerous shopping venues that compete with our properties in attracting retailers to lease
space and shoppers to patronize their properties. In addition, tenants at our properties face continued
competition from retailers at regional malls, outlet malls and other shopping centers, catalog companies and
internet sales. In order to maintain our attractiveness to retailers and shoppers, we are required to reinvest
in our properties in the form of capital improvements. If we fail to reinvest in and redevelop our properties
so as to maintain their attractiveness to retailers and shoppers, our revenue and profitability may suffer. If
retailers or shoppers perceive that shopping at other venues, online or by phone is more convenient,
cost-effective or otherwise more attractive, our revenues and profitability may also suffer.
7
Our performance depends on the collection of rent from the tenants at the properties in our portfolio, those
tenants’ financial condition and the ability of those tenants to maintain their leases.
A substantial portion of our income is derived from rental income from real property. As a result, our
performance depends on the collection of rent from tenants at the properties in our portfolio. Our income
would be negatively affected if a significant number of the tenants at the properties in our portfolio or any
major tenants, among other things: (1) decline to extend or renew leases upon expiration; (2) renew leases at
lower rates; (3) fail to make rental payments when due; (4) experience a downturn in their business; or
(5) become bankrupt or insolvent.
Any of these actions could result in the termination of the tenant’s lease and our loss of rental income.
In addition, under certain lease agreements, lease terminations by an anchor tenant or a failure by that
anchor tenant to occupy the premises could also result in lease terminations or reductions in rent by other
tenants in such shopping centers. In these events, we cannot be certain that any tenant whose lease expires
will renew or that we will be able to re-lease space on economically advantageous terms. The loss of rental
revenues from a number of tenants and difficulty replacing such tenants, particularly in the case of a
substantial tenant with leases in multiple locations, may adversely affect our profitability and our ability to
meet debt and other financial obligations.
We may be unable to collect balances due from tenants that file for bankruptcy protection.
If a tenant or lease guarantor files for bankruptcy, we may not be able to collect all pre-bankruptcy
amounts owed by that party. In addition, a tenant that files for bankruptcy protection may terminate its
lease with us, in which event we would have a general unsecured claim against such tenant that would likely
be worth less than the full amount owed to us for the remainder of the lease term, which could adversely
affect our financial condition and results of operations.
Real estate property investments are illiquid, and it may not be possible to dispose of assets when appropriate
or on favorable terms.
Real estate property investments generally cannot be disposed of quickly, and a return of capital and
realization of gains, if any, from an investment generally occur upon the disposition or refinancing of the
underlying property. Our ability to dispose of properties on advantageous terms depends on factors beyond
our control, including competition from other sellers and the availability of attractive financing for
potential buyers of our properties, and we cannot predict the various market conditions affecting real estate
investments that will exist at any particular time in the future. Furthermore, we may be required to expend
funds to correct defects or to make improvements before a property can be sold. We cannot assure our
stockholders that we will have funds available to correct such defects or to make such improvements and,
therefore, we may be unable to sell the property or may have to sell it at a reduced cost. As a result of these
real estate market characteristics, we may be unable to realize our investment objectives by sale, other
disposition or refinancing at attractive prices or within any desired period of time. The ability to sell assets
in our portfolio may also be restricted by certain covenants in our debt agreements and the credit agreement
governing our Unsecured Credit Facility. As a result, we may be required to dispose of assets on less than
favorable terms, if at all, and we may be unable to vary our portfolio in response to economic or other
conditions, which could adversely affect our financial position.
Our expenses may remain constant or increase, even if income from our properties decreases, causing our
financial condition and results of operations to be adversely affected.
Costs associated with our business, such as mortgage payments, real estate and personal property taxes,
insurance, utilities and corporate expenses, are relatively inflexible and generally do not decrease, and may
increase, when a property is not fully occupied, rental rates decrease, a tenant fails to pay rent or other
circumstances cause our revenues to decrease. If we are unable to decrease our operating costs when our
revenue declines, our financial condition, results of operations and ability to make distributions to our
stockholders may be adversely affected. In addition, inflationary price increases could result in increased
operating costs for us and our tenants and, to the extent we are unable to pass along those price increases or
are unable to recover operating expenses from tenants, our operating expenses may increase, which could
8
adversely affect our financial condition, results of operations and ability to make distributions to our
stockholders. Conversely, deflation can result in a decline in general price levels caused by a decreased in the
supply of money or credit. The predominant effects of deflation are high unemployment, credit contraction
and weakened consumer demand.
Our cash flows and operating results could be adversely affected by required payments of debt or related
interest and other risks of our debt financing.
We are generally subject to risks associated with debt financing. These risks include: (1) our cash flow
may not be sufficient to satisfy required payments of principal and interest; (2) we may not be able to
refinance existing indebtedness on our properties as necessary or the terms of the refinancing may be less
favorable to us than the terms of existing debt; (3) required debt payments are not reduced if the economic
performance of any property declines; (4) debt service obligations could reduce funds available for
distribution to our stockholders and funds available for capital investment; (5) any default on our
indebtedness could result in acceleration of those obligations and possible loss of property to foreclosure;
and (6) the risk that necessary capital expenditures for purposes such as re-leasing space cannot be financed
on favorable terms. The aggregate principal amount of our existing indebtedness that will mature in 2014 is
$328.0 million as of December 31, 2013. It is expected that this maturity will be primarily addressed
through borrowings under the Unsecured Credit Facility and other unsecured borrowings. If a property is
mortgaged to secure payment of indebtedness and we cannot make the mortgage payments, we may have to
surrender the property to the lender with a consequent loss of any prospective income and equity value
from such property. Any of these risks could place strains on our cash flows, reduce our ability to grow and
adversely affect our results of operations.
We utilize a significant amount of indebtedness in the operation of our business.
As of December 31, 2013, we had approximately $6.1 billion aggregate principal amount of
indebtedness outstanding. Our leverage could have important consequences to us. For example, it could
(1) result in the acceleration of a significant amount of debt for non-compliance with the terms of such
debt or, if such debt contains cross default or cross-acceleration provisions, other debt; (2) result in the loss
of assets, including our shopping centers, due to foreclosure or sale on unfavorable terms, which could
create taxable income without accompanying cash proceeds; (3) materially impair our ability to borrow
unused amounts under existing financing arrangements or to obtain additional financing or refinancing on
favorable terms or at all; (4) require us to dedicate a substantial portion of our cash flow to paying principal
and interest on our indebtedness, reducing the cash flow available to fund our business, to pay dividends,
including those necessary to maintain our REIT qualification, or to use for other purposes; (5) increase our
vulnerability to an economic downturn; (6) limit our ability to withstand competitive pressures; or
(7) reduce our flexibility to respond to changing business and economic conditions.
If any of the foregoing occurs, our business, financial condition, liquidity, results of operations and
prospects could be materially and adversely affected, and the trading price of our common stock or other
securities could decline significantly.
We may be unable to obtain financing through the debt and equity markets, which would have a material
adverse effect on our growth strategy and our financial condition and results of operations.
We cannot assure you that we will be able to access the capital and credit markets to obtain additional
debt or equity financing or that we will be able to obtain financing on terms favorable to us. Our inability to
obtain financing could have negative effects on our business. Among other things, we could have great
difficulty acquiring, re-developing or maintaining our properties, which would materially and adversely
affect our business strategy and portfolio, and may result in our (1) liquidity being adversely affected;
(2) inability to repay or refinance our indebtedness on or before its maturity; (3) making higher interest and
principal payments or selling some of our assets on terms unfavorable to us to service our indebtedness; or
(4) issuing additional capital stock, which could further dilute the ownership of our existing stockholders.
Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to
increase significantly.
Borrowings under our Unsecured Credit Facility bear interest at variable rates and expose us to interest
rate risk. If interest rates were to increase, our debt service obligations on the variable rate indebtedness
9
would increase even though the amount borrowed remained the same, and our net income and cash flows
will correspondingly decrease. Assuming all capacity under our Unsecured Credit Facility was fully drawn,
each quarter point change in interest rates would result in a $3.1 million change in annual interest expense
on our indebtedness under our new Unsecured Credit Facility. We have entered into interest rate swaps that
involve the exchange of floating for fixed rate interest payments in order to reduce interest rate volatility.
However, we may not maintain interest rate swaps with respect to all of our variable rate indebtedness, and
any swaps we enter into may not fully mitigate our interest rate risk.
Mortgage debt obligations expose us to the possibility of foreclosure, which could result in the loss of our
investment in a property or group of properties subject to mortgage debt.
As of December 31, 2013, mortgage debt outstanding was approximately $3.9 billion, excluding the
impact of unamortized premiums. If a property or group of properties is mortgaged to secure payment of
debt and we are unable to meet mortgage payments, the holder of the mortgage or lender could foreclose on
the property, resulting in a loss of our investment. Alternatively, if we decide to sell assets in the current
market to raise funds to repay matured debt, it is possible that these properties will be disposed of at a loss.
Also, certain of the mortgages contain customary negative covenants which, among other things, limit our
ability, without the prior consent of the lender, to further mortgage the property, to enter into new leases or
materially modify existing leases with respect to the property.
Covenants in our debt agreements may restrict our operating activities and adversely affect our financial
condition.
Our debt agreements contain financial and/or operating covenants, including, among other things,
certain coverage ratios, as well as limitations on the ability to incur secured and unsecured debt. These
covenants may limit our operational flexibility and acquisition and disposition activities. Moreover, if any
of the covenants in these debt agreements are breached and not cured within the applicable cure period, we
could be required to repay the debt immediately, even in the absence of a payment default. As a result, a
default under applicable debt covenants could have an adverse effect on our financial condition or results of
operations.
Current and future redevelopment or real estate property acquisitions may not yield expected returns.
We are involved in several redevelopment projects and may invest in additional redevelopment projects
and property acquisitions in the future. Redevelopment and property acquisitions are subject to a number
of risks, including: (1) abandonment of redevelopment or acquisition activities after expending resources to
determine feasibility; (2) construction and/or lease-up delays; (3) cost overruns, including construction costs
that exceed original estimates; (4) failure to achieve expected occupancy and/or rent levels within the
projected time frame, if at all; (5) inability to operate successfully in new markets where new properties are
located; (6) inability to successfully integrate new properties into existing operations; (7) difficulty obtaining
financing on acceptable terms or paying operating expenses and debt service costs associated with
redevelopment properties prior to sufficient occupancy; (8) delays or failures to obtain necessary zoning,
occupancy, land use and other governmental permits; (9) exposure to fluctuations in the general economy
due to the significant time lag between commencement and completion of redevelopment projects; and
(10) changes in zoning and land use laws. If any of these events occur, overall project costs may significantly
exceed initial cost estimates, which could result in reduced returns or losses from such investments. In
addition, we may not have sufficient liquidity to fund such projects, and delays in the completion of a
redevelopment project may provide various tenants the right to withdraw from a property.
An uninsured loss on properties or a loss that exceeds the limits of our insurance policies could result in a loss
of our investment or related revenue in our portfolio.
We carry comprehensive liability, fire, extended coverage, rental loss and acts of terrorism insurance
with policy specifications and insured limits customarily carried for similar properties. There are, however,
certain types of losses, such as from hurricanes, tornadoes, floods, terrorism, wars or earthquakes, which
may be uninsurable, or the cost of insuring against such losses may not be economically justifiable. In
addition, tenants generally are required to indemnify and hold us harmless from liabilities resulting from
injury to persons or damage to personal or real property, on the premises, due to activities conducted by
10
tenants or their agents on the properties (including without limitation any environmental contamination),
and at the tenant’s expense, to obtain and keep in full force during the term of the lease, liability and
property damage insurance policies. However, tenants may not properly maintain their insurance policies or
have the ability to pay the deductibles associated with such policies. In addition, if the damaged properties
are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these
properties were irreparably damaged. Should a loss occur that is uninsured or in an amount exceeding the
combined aggregate limits for the policies noted above, or in the event of a loss that is subject to a
substantial deductible under an insurance policy, we could lose all or part of our capital invested in, and
anticipated revenue from, one or more of the properties, which could have a material adverse effect on our
operating results and financial condition.
Environmental conditions that exist at some of our properties could result in significant unexpected costs.
We are subject to federal, state and local environmental regulations that apply generally to the
ownership of real property and the operations conducted on real property. Under various federal, state and
local laws, ordinances and regulations, we may be considered an owner or operator of real property or may
have arranged for the disposal or treatment of hazardous or toxic substances or petroleum product releases
at a property and, therefore, may become liable for the costs of removal or remediation of certain
hazardous substances released on or in our property or disposed of by us or our tenants, as well as certain
other potential costs which could relate to hazardous or toxic substances (including governmental fines and
injuries to persons and property). Such liability may be imposed whether or not we knew of, or were
responsible for, the presence of these hazardous or toxic substances. As is common with community and
neighborhood shopping centers, many of our properties had or have on-site dry cleaners and/or on-site
gasoline retailing facilities. These operations could potentially result in environmental contamination at the
properties. The cost of investigation, remediation or removal of such substances may be substantial, and the
presence of such substances, or the failure to properly remediate such substances, may adversely affect our
ability to sell or rent such property or to borrow using such property as collateral.
We are aware that soil and groundwater contamination exists at some of our properties. The primary
contaminants of concern at these properties include perchloroethylene and trichloroethylene (associated
with the operations of on-site dry cleaners) and petroleum hydrocarbons (associated with the operations of
on-site gasoline retailing facilities). There may also be asbestos-containing materials at some of our
properties. While we do not expect the environmental conditions at our properties, considered as a whole, to
have a material adverse effect on us, there can be no assurance that this will be the case. Further, no
assurance can be given that any environmental studies performed have identified or will identify all material
environmental conditions that may exist with respect to any of the properties in our portfolio.
Further information relating to recognition of remediation obligation in accordance with GAAP is
provided in the consolidated financial statements and notes thereto included in this report.
Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to
make expenditures that adversely affect our cash flows.
All of the properties in our portfolio are required to comply with the Americans with Disabilities Act
(“ADA”). The ADA has separate compliance requirements for “public accommodations” and “commercial
facilities,” but generally requires that buildings be made accessible to people with disabilities. Compliance
with the ADA requirements could require removal of access barriers, and non-compliance could result in
imposition of fines by the United States government or an award of damages to private litigants, or both.
Although we believe the properties in our portfolio substantially comply with present requirements of the
ADA, we have not conducted an audit or investigation of all of our properties to determine our
compliance. While the tenants to whom our properties are leased are obligated by law to comply with the
ADA provisions, and typically under tenant leases are obligated to cover costs associated with compliance,
if required changes involve greater expenditures than anticipated, or if the changes must be made on a more
accelerated basis than anticipated, the ability of these tenants to cover costs could be adversely affected. As
a result, we could be required to expend funds to comply with the provisions of the ADA, which could
adversely affect our results of operations and financial condition. In addition, we are required to operate
the properties in compliance with fire and safety regulations, building codes and other land use regulations,
11
as they may be adopted by governmental agencies and bodies and become applicable to the properties. We
may be required to make substantial capital expenditures to comply with, and we may be restricted in our
ability to renovate the properties subject to, those requirements. The resulting expenditures and restrictions
could have a material adverse effect on our ability to meet our financial obligations.
We have experienced losses in the past, and we may experience similar losses in the future.
For each of the years ended December 31, 2013 and 2012 and the period from January 1, 2011 to
June 27, 2011, we experienced net losses. Our losses are primarily attributable to non-cash items, such as
depreciation, amortization and impairments. Please see the section entitled “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and
the notes thereto included elsewhere in this form 10-K for a discussion of our operational history and the
factors accounting for such losses. We cannot assure you that, in the future, we will be profitable or that we
will realize growth in the value of our assets.
Our real estate assets may be subject to impairment charges.
On a periodic basis, we assess whether there are any indicators that the value of our real estate assets
and other investments may be impaired. A property’s value is considered to be impaired only if the
estimated aggregate future cash flows (undiscounted and without interest charges) to be generated by the
property are less than the carrying value of the property. In our estimate of cash flows, we consider factors
such as expected future operating income, trends and prospects, the effects of demand, competition and
other factors. If we are evaluating the potential sale of an asset or development alternatives, the
undiscounted future cash flows considers the most likely course of action at the balance sheet date based on
current plans, intended holding periods and available market information. We are required to make
subjective assessments as to whether there are impairments in the value of our real estate assets and other
investments. These assessments may have a direct impact on our earnings because recording an impairment
charge results in an immediate negative adjustment to earnings. There can be no assurance that we will not
take additional charges in the future related to the impairment of our assets. Any future impairment could
have a material adverse effect on our results of operations in the period in which the charge is taken.
We face risks relating to cybersecurity attacks that could cause loss of confidential information and other
business disruptions.
We rely extensively on computer systems to process transactions and manage our business, and our
business is at risk from and may be impacted by cybersecurity attacks. These could include attempts to gain
unauthorized access to our data and computer systems. Attacks can be both individual and/or highly
organized attempts organized by very sophisticated hacking organizations. We employ a number of
measures to prevent, detect and mitigate these threats, which include password protection, frequent
password change events, firewall detection systems, frequent backups, a redundant data system for core
applications and annual penetration testing; however, there is no guarantee such efforts will be successful in
preventing a cyber attack. A cybersecurity attack could compromise the confidential information of our
employees, tenants and vendors. A successful attack could disrupt and affect the business operations.
We are highly dependent upon senior management, and failure to attract and retain key members of senior
management could have a material adverse effect on us.
We are highly dependent on the performance and continued efforts of the senior management team.
Our future success is dependent on our ability to continue to attract and retain qualified executive officers
and senior management. Any inability to manage our operations effectively could have a material adverse
effect on our business, financial condition, results of operations, cash flow, capital resources and liquidity.
We face competition in pursuing acquisition opportunities that could increase our costs.
We continue to evaluate the market for available properties and may acquire properties when we believe
strategic opportunities exist. Our ability to acquire properties on favorable terms and successfully operate or
re-develop them is subject to a number of risks. We may be unable to acquire a desired property because of
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competition from other real estate investors with substantial capital, including from other REITs and
institutional investment funds. Even if we are able to acquire a desired property, competition from other
potential acquirers may significantly increase the purchase price.
Risks Related to Our Organization and Structure
We are controlled by Blackstone.
Affiliates of Blackstone beneficially own shares of our common stock providing them with an
aggregate 70.3% of the total voting power of Brixmor Property Group Inc. Moreover, under our bylaws
and our stockholders’ agreement with Blackstone and its affiliates, while our pre-IPO owners and their
affiliates retain significant ownership of us, we will agree to nominate to our board individuals designated
by Blackstone, whom we refer to as the “Blackstone Directors.” Even when Blackstone and its affiliates
cease to own shares of our stock representing a majority of the total voting power, for so long as
Blackstone continues to own a significant percentage of our stock, Blackstone will still be able to
significantly influence the composition of our board of directors and the approval of actions requiring
stockholder approval. Accordingly, until such time, Blackstone will have significant influence with respect
to our management, business plans and policies, including the appointment and removal of our officers. In
particular, for so long as Blackstone continues to own a significant percentage of our stock, Blackstone will
be able to cause or prevent a change of control of our company or a change in the composition of our
board of directors and could preclude any unsolicited acquisition of our company. The concentration of
ownership could deprive you of an opportunity to receive a premium for your shares of common stock as
part of a sale of our company and ultimately might affect the market price of our common stock.
We are a “controlled company” within the meaning of the NYSE rules and, as a result, qualify for, and intend
to rely on, exemptions from certain corporate governance requirements. You do not have the same protections
afforded to stockholders of companies that are subject to such requirements.
Affiliates of Blackstone control a majority of the combined voting power of all classes of our stock
entitled to vote generally in the election of directors. As a result, we are a “controlled company” within the
meaning of the corporate governance standards of the NYSE. Under these rules, a company of which more
than 50% of the voting power in the election of directors is held by an individual, group or another
company is a “controlled company” and may elect not to comply with certain corporate governance
requirements, including the requirements that, within one year of the date of the listing of our common
stock:
•
•
•
we have a board that is comprised of a majority of “independent directors,” as defined under the
rules of such exchange;
we have a compensation committee that is comprised entirely of independent directors; and
we have a nominating and corporate governance committee that is comprised entirely of
independent directors.
We intend to utilize these exemptions. As a result, a majority of the directors on our board will not be
independent within one year of the date of listing of our common stock. In addition, the Compensation
Committee and the Nominating and Corporate Governance Committee of our board of directors will not
consist entirely of independent directors or be subject to annual performance evaluations. Accordingly, you
will not have the same protections afforded to stockholders of companies that are subject to all of the
corporate governance requirements of the NYSE.
We assumed existing liabilities of the Acquired Properties acquired in conjunction with the IPO Property
Transfers.
As part of the IPO Property Transfers, we assumed existing liabilities of the Acquired Properties and
of the legal entities that own these properties. Although we managed these properties for Blackstone prior
to the IPO Property Transfers and were generally aware of their liabilities, as well as the insurance in place
to address such risks, our recourse against Blackstone is limited by the terms of the agreements entered into
with Blackstone in connection with the IPO Property Transfers. Because many liabilities, including tax
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liabilities, may not be identified within such period, we may have no recourse against Blackstone for our
assumed liabilities. In addition, such indemnification is capped and may not be sufficient to cover all
liabilities assumed. Moreover, we may choose not to enforce, or to enforce less vigorously, our rights under
these indemnification agreements due to our ongoing relationship with Blackstone. We are not entitled to
indemnification from any other sources in connection with the IPO Property Transfers.
Our board of directors may approve the issuance of stock, including preferred stock, with terms that may
discourage a third party from acquiring us.
Our charter permits our board of directors to authorize the issuance of stock in one or more classes or
series. Our board of directors may also classify or reclassify any unissued stock and establish the
preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption of any such stock, which rights may
be superior to those of our common stock. Thus, our board of directors could authorize the issuance of
shares of a class or series of stock with terms and conditions which could have the effect of discouraging a
takeover or other transaction in which holders of some or a majority of our outstanding common stock
might receive a premium for their shares over the then current market price of our common stock.
Certain provisions in the organizational documents of our wholly owned subsidiary, BPG Subsidiary Inc.
(“BPG Subsidiary”) and the partnership agreement for our Operating Partnership may delay or prevent
unsolicited acquisitions of us.
Provisions in the organizational documents of BPG Subsidiary and the partnership agreement for our
Operating Partnership may delay, defer or prevent a transaction or a change of control that might involve a
premium price for our common stock. These provisions could discourage third parties from making
proposals involving an unsolicited acquisition of us or change of our control, although some stockholders
might consider such proposals, if made, desirable. These provisions include, among others:
•
•
•
•
•
redemption or exchange rights of qualifying parties;
transfer restrictions on the BPG Subsidiary Shares held by Brixmor Property Group Inc. and OP
Units held directly or indirectly by Brixmor Property Group Inc. or BPG Subsidiary;
our inability in some cases to amend the charter documents of BPG Subsidiary or the partnership
agreement of our Operating Partnership without the consent of the holders of the Outstanding
BPG Subsidiary Shares or the Outstanding OP Units;
the right of the holders of the Outstanding BPG Subsidiary Shares or the Outstanding OP Units
to consent to mergers involving us under specified circumstances; and
the right of the holders of the Outstanding OP Units to consent to transfers of the general
partnership interest.
Any potential change of control transaction may be further limited as a result of provisions of the
partnership unit designation for the OP Units, which require us to preserve the rights of OP Unit holders
and may restrict us from amending the partnership agreement of our Operating Partnership in a manner
that would have an adverse effect on the rights of Blackstone or other OP Unit holders. In addition, the
charter and bylaws of BPG Subsidiary require us to preserve the rights of the holders of BPG Subsidiary
Shares and these provisions may prevent us from amending the charter or bylaws for BPG Subsidiary in a
manner that would have an adverse effect on the rights of the holders of BPG Subsidiary Shares.
Our bylaws generally may be amended only by our board of directors, which could limit your control of certain
aspects of our corporate governance.
Our board of directors has the sole power to amend our bylaws, except that, so long as the
stockholders’ agreement remains in effect, certain amendments to our bylaws will require the consent of
Blackstone and amendments to our bylaws that would allow our board of directors to repeal its exemption
of any transaction between us and any other person from the “business combination” provisions of the
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Maryland General Corporation Law (the “MGCL”) or the exemption of any acquisition of our stock from
the “control share” provisions of the MGCL must be approved by our stockholders. Thus, our board may
amend the bylaws in a way that may be detrimental to your interests.
Our board of directors may change significant corporate policies without stockholder approval.
Our investment, financing, borrowing and dividend policies and our policies with respect to all other
activities, including growth, debt, capitalization and operations, will be determined by our board of
directors. These policies may be amended or revised at any time and from time to time at the discretion of
our board of directors without a vote of our stockholders. Our charter also provides that our board of
directors may revoke or otherwise terminate our REIT election without approval of our stockholders, if it
determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a
REIT. In addition, our board of directors may change our policies with respect to conflicts of interest
provided that such changes are consistent with applicable legal requirements. A change in these policies or
the termination of our REIT election could have an adverse effect on our financial condition, our results of
operations, our cash flow, the per share trading price of our common stock and our ability to satisfy our
debt service obligations and to pay dividends to our stockholders.
Our rights and the rights of our stockholders to take action against our directors and officers are limited.
Our charter eliminates the liability of our directors and officers to us and our stockholders for money
damages to the maximum extent permitted under Maryland law. Under current Maryland law and our
charter, our directors and officers do not have any liability to us or our stockholders for money damages
other than liability resulting from:
•
•
actual receipt of an improper benefit or profit in money, property or services; or
active and deliberate dishonesty by the director or officer that was established by a final judgment
and is material to the cause of action adjudicated.
Our charter authorizes us and our bylaws require us to indemnify each of our directors or officers who is or
is threatened to be made a party to or witness in a proceeding by reason of his or her service in those or
certain other capacities, to the maximum extent permitted by Maryland law, from and against any claim or
liability to which such person may become subject or which such person may incur by reason of his or her
status as a present or former director or officer of us. In addition, we may be obligated to pay or reimburse
the expenses incurred by our present and former directors and officers without requiring a preliminary
determination of their ultimate entitlement to indemnification. As a result, we and our stockholders may
have more limited rights to recover money damages from our directors and officers than might otherwise
exist absent these provisions in our charter and bylaws or that might exist with other companies, which
could limit your recourse in the event of actions that are not in our best interests.
Our charter contains a provision that expressly permits Blackstone, our non-employee directors and certain of
our pre-IPO owners, and their affiliates, to compete with us.
Blackstone may compete with us for investments in properties and for tenants. There is no assurance
that any conflicts of interest created by such competition will be resolved in our favor. Moreover,
Blackstone is in the business of making investments in companies and acquires and holds interests in
businesses that compete directly or indirectly with us. Our charter provides that, to the maximum extent
permitted from time to time by Maryland law, we renounce any interest or expectancy that we have in, or
any right to be offered an opportunity to participate in, any business opportunities that are from time to
time presented to or developed by our directors or their affiliates, other than to those directors who are
employed by us or our subsidiaries, unless the business opportunity is expressly offered or made known to
such person in his or her capacity as a director, and none of Blackstone or Centerbridge, one of our
pre-IPO owners, or any of their respective affiliates, or any director who is not employed by us or any of his
or her affiliates, will have any duty to refrain from engaging, directly or indirectly, in the same business
activities or similar business activities or lines of business in which we or our affiliates engage or propose to
engage or to refrain from otherwise competing with us or our affiliates. Blackstone also may pursue
acquisition opportunities that may be complementary to our business, and, as a result, those acquisition
opportunities may not be available to us.
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Our charter provides that, to the maximum extent permitted from time to time by Maryland law,
Blackstone, Centerbridge and each of our non-employee directors (including those designated by
Blackstone), and any of their affiliates, may:
•
•
acquire, hold and dispose of shares of our stock, the BPG Subsidiary Shares or OP Units for his
or her own account or for the account of others, and exercise all of the rights of a stockholder of
Brixmor Property Group Inc. or BPG Subsidiary, or a limited partner of our Operating
Partnership, to the same extent and in the same manner as if he, she or it were not our director or
stockholder; and
in his, her or its personal capacity or in his, her or its capacity as a director, officer, trustee,
stockholder, partner, member, equity owner, manager, advisor or employee of any other person,
have business interests and engage, directly or indirectly, in business activities that are similar to
ours or compete with us, that involve a business opportunity that we could seize and develop or
that include the acquisition, syndication, holding, management, development, operation or
disposition of interests in mortgages, real property or persons engaged in the real estate business.
Our charter also provides that, to the maximum extent permitted from time to time by Maryland law,
in the event that Blackstone, Centerbridge, any non-employee director, or any of their respective affiliates,
acquires knowledge of a potential transaction or other business opportunity, such person will have no duty
to communicate or offer such transaction or business opportunity to us or any of our affiliates and may
take any such opportunity for itself, himself or herself or offer it to another person or entity unless the
business opportunity is expressly offered to such person in his or her capacity as our director. These
provisions may limit our ability to pursue business or investment opportunities that we might otherwise
have had the opportunity to pursue, which could have an adverse effect on our financial condition, our
results of operations, our cash flow, the per share trading price of our common stock and our ability to
satisfy our debt service obligations and to pay dividends to our stockholders.
Conflicts of interest could arise in the future between the interests of our stockholders and the interests of
holders of OP Units.
Because we control the general partner of our Operating Partnership, we have fiduciary duties to the
other limited partners in the operating partnership, the discharge of which may conflict with the interests of
our stockholders. The limited partners of our Operating Partnership have agreed that, in the event of a
conflict between the duties owed by our directors to us and, in our capacity as the controlling stockholder
of the sole member of the general partner of our Operating Partnership, the fiduciary duties owed by the
general partner of our Operating Partnership to such limited partners, we are under no obligation to give
priority to the interests of such limited partners. However, those persons holding OP Units will have the
right to vote on certain amendments to the operating partnership agreement (which require approval by a
majority in interest of the limited partners, including BPG Subsidiary) and individually to approve certain
amendments that would adversely affect their rights. These voting rights may be exercised in a manner that
conflicts with the interests of our stockholders. For example, we are unable to modify the rights of limited
partners to receive distributions as set forth in the operating partnership agreement in a manner that
adversely affects their rights without their consent, even though such modification might be in the best
interest of our stockholders.
We are required to disclose in our periodic reports filed with the Securities and Exchange Commission specified
activities engaged in by our “affiliates.”
In August 2012, Congress enacted the Iran Threat Reduction and Syria Human Rights Act of 2012
(“ITRSHRA”), which expands the scope of U.S. sanctions against Iran. More specifically, Section 219 of
the ITRSHRA amended the Securities Exchange Act of 1934, as amended (the “Exchange Act”) to require
companies subject to Securities and Exchange Commission (“SEC”) reporting obligations under Section 13
of the Exchange Act to disclose in their periodic reports specified dealings or transactions involving Iran or
other individuals and entities targeted by certain Office of Foreign Assets Control sanctions engaged in by
the reporting company or any of its affiliates during the period covered by the relevant periodic report. In
some cases, ITRSHRA requires companies to disclose these types of transactions even if they would
otherwise be permissible under U.S. law. These companies are required to separately file with the SEC a
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notice that such activities have been disclosed in the relevant periodic report, and the SEC is required to
post this notice of disclosure on its website and send the report to the U.S. President and certain U.S.
Congressional committees. The U.S. President thereafter is required to initiate an investigation and, within
180 days of initiating such an investigation, to determine whether sanctions should be imposed. Under
ITRSHRA, we are required to report if we or any of our “affiliates” knowingly engaged in certain specified
activities during the period covered by the report. Because the SEC defines the term “affiliate” broadly, it
includes any entity controlled by us as well as any person or entity that controls us or is under common
control with us. Because we may be deemed to be a controlled affiliate of Blackstone, affiliates of
Blackstone may also be considered our affiliates. Disclosure of such activity, even if such activity is not
subject to sanctions under applicable law, and any sanctions actually imposed on us or our affiliates as a
result of these activities, could harm our reputation and have a negative impact on our business.
Risks Related to our REIT Status and Certain Other Tax Items
If we do not maintain our qualification as a REIT, we will be subject to tax as a regular corporation and could
face a substantial tax liability.
We expect to continue to operate so as to qualify as a REIT under the Code. However, qualification as
a REIT involves the application of highly technical and complex Code provisions for which only a limited
number of judicial or administrative interpretations exist. Notwithstanding the availability of cure
provisions in the Code, we could fail to meet various compliance requirements, which could jeopardize our
REIT status. Furthermore, new tax legislation, administrative guidance or court decisions, in each instance
potentially with retroactive effect, could make it more difficult or impossible for us to qualify as a REIT. If
we fail to qualify as a REIT in any tax year, then:
•
•
•
•
we would be taxed as a regular domestic corporation, which under current laws, among other
things, means being unable to deduct distributions to stockholders in computing taxable income
and being subject to federal income tax on our taxable income at regular corporate income tax
rates;
any resulting tax liability could be substantial and could have a material adverse effect on our
book value;
unless we were entitled to relief under applicable statutory provisions, we would be required to pay
taxes, and thus, our cash available for distribution to stockholders would be reduced for each of
the years during which we did not qualify as a REIT and for which we had taxable income; and
we generally would not be eligible to requalify as a REIT for the subsequent four full taxable
years.
REITs, in certain circumstances, may incur tax liabilities that would reduce our cash available for distribution
to you.
Even if we qualify and maintain our status as a REIT, we may become subject to U.S. federal income
taxes and related state and local taxes. For example, net income from the sale of properties that are “dealer”
properties sold by a REIT (a “prohibited transaction” under the Code) will be subject to a 100% tax. We
may not make sufficient distributions to avoid excise taxes applicable to REITs. Similarly, if we were to fail
an income test (and did not lose our REIT status because such failure was due to reasonable cause and not
willful neglect) we would be subject to tax on the income that does not meet the income test requirements.
We also may decide to retain net capital gain we earn from the sale or other disposition of our investments
and pay income tax directly on such income. In that event, our stockholders would be treated as if they
earned that income and paid the tax on it directly. However, stockholders that are tax-exempt, such as
charities or qualified pension plans, would have no benefit from their deemed payment of such tax liability
unless they file U.S. federal income tax returns and thereon seek a refund of such tax. We also may be
subject to state and local taxes on our income or property, including franchise, payroll, mortgage recording
and transfer taxes, either directly or at the level of the other companies through which we indirectly own
our assets, such as our TRSs, which are subject to full U.S. federal, state, local and foreign corporate-level
income taxes. Any taxes we pay directly or indirectly will reduce our cash available for distribution to you.
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Complying with REIT requirements may cause us to forego otherwise attractive opportunities and limit our
expansion opportunities.
In order to qualify as a REIT for U.S. federal income tax purposes, we must continually satisfy tests
concerning, among other things, our sources of income, the nature of our investments in commercial real
estate and related assets, the amounts we distribute to our stockholders and the ownership of our stock. We
may also be required to make distributions to stockholders at disadvantageous times or when we do not
have funds readily available for distribution. Thus, compliance with REIT requirements may hinder our
ability to operate solely on the basis of maximizing profits.
Complying with REIT requirements may force us to liquidate or restructure otherwise attractive investments.
In order to qualify as a REIT, we must also ensure that at the end of each calendar quarter, at least
75% of the value of our assets consists of cash, cash items, government securities and qualified REIT real
estate assets. The remainder of our investments in securities cannot include more than 10% of the
outstanding voting securities of any one issuer or 10% of the total value of the outstanding securities of any
one issuer unless we and such issuer jointly elect for such issuer to be treated as a “taxable REIT
subsidiary” under the Code. The total value of all of our investments in taxable REIT subsidiaries cannot
exceed 25% of the value of our total assets. In addition, no more than 5% of the value of our assets can
consist of the securities of any one issuer other than a taxable REIT subsidiary. If we fail to comply with
these requirements, we must dispose of a portion of our assets within 30 days after the end of the calendar
quarter in order to avoid losing our REIT status and suffering adverse tax consequences.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax
liabilities.
The REIT provisions of the Code substantially limit our ability to hedge our liabilities. Any income
from a hedging transaction we enter into to manage risk of interest rate changes with respect to borrowings
made or to be made to acquire or carry real estate assets, if not clearly identified under applicable Treasury
Regulations, does not constitute “gross income” for purposes of the 75% or 95% gross income tests that we
must satisfy in order to maintain our qualification as a REIT. To the extent that we enter into other types of
hedging transactions, the income from those transactions is likely to be treated as non-qualifying income for
purposes of both of the gross income tests. See “Material United States Federal Income Tax
Considerations — Income Tests.” As a result of these rules, we intend to limit our use of advantageous
hedging techniques or implement those hedges through a domestic TRS. This could increase the cost of our
hedging activities because our TRS would be subject to tax on gains or expose us to greater risks associated
with changes in interest rates than we would otherwise want to bear. In addition, losses in our TRS will
generally not provide any tax benefit, except for being carried forward against future taxable income in the
TRS.
Complying with REIT requirements may force us to borrow to make distributions to stockholders.
From time to time, our taxable income may be greater than our cash flow available for distribution to
stockholders. If we do not have other funds available in these situations, we may be unable to distribute
substantially all of our taxable income as required by the REIT provisions of the Code. Thus, we could be
required to borrow funds, sell a portion of our assets at disadvantageous prices or find another alternative.
These options could increase our costs or reduce our equity.
Our charter does not permit any person to own more than 9.8% of our outstanding common stock or of our
outstanding stock of all classes or series, and attempts to acquire our common stock or our stock of all other
classes or series in excess of these 9.8% limits would not be effective without an exemption from these limits by
our board of directors.
For us to qualify as a REIT under the Code, not more than 50% of the value of our outstanding stock
may be owned directly or indirectly, by five or fewer individuals (including certain entities treated as
individuals for this purpose) during the last half of a taxable year. For the purpose of assisting our
qualification as a REIT for federal income tax purposes, among other purposes, our charter prohibits
beneficial or constructive ownership by any person of more than a certain percentage, currently 9.8%, in
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value or by number of shares, whichever is more restrictive, of the outstanding shares of our common stock
or 9.8% in value of the outstanding shares of our stock, which we refer to as the “ownership limit.” The
constructive ownership rules under the Code and our charter are complex and may cause shares of the
outstanding common stock owned by a group of related persons to be deemed to be constructively owned
by one person. As a result, the acquisition of less than 9.8% of our outstanding common stock or our stock
by a person could cause a person to own constructively in excess of 9.8% of our outstanding common stock
or our stock, respectively, and thus violate the ownership limit. There can be no assurance that our board of
directors, as permitted in the charter, will not decrease this ownership limit in the future. Any attempt to
own or transfer shares of our common stock in excess of the ownership limit without the consent of our
board of directors will result either in the shares in excess of the limit being transferred by operation of the
charter to a charitable trust, and the person who attempted to acquire such excess shares will not have any
rights in such excess shares, or in the transfer being void.
The ownership limit may have the effect of precluding a change in control of us by a third party, even
if such change in control would be in the best interests of our stockholders or would result in receipt of a
premium to the price of our common stock (and even if such change in control would not reasonably
jeopardize our REIT status). The exemptions to the ownership limit granted to date may limit our board of
directors’ power to increase the ownership limit or grant further exemptions in the future.
We may choose to make distributions in our own stock, in which case you may be required to pay income taxes
without receiving any cash dividends.
In connection with our qualification as a REIT, we are required to annually distribute to our
stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in
accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net
capital gain. In order to satisfy this requirement, we may make distributions that are payable in cash and/or
shares of our common stock (which could account for up to 90% of the aggregate amount of such
distributions) at the election of each stockholder. Taxable stockholders receiving such distributions will be
required to include the full amount of such distributions as ordinary dividend income to the extent of our
current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. As a
result, U.S. stockholders may be required to pay income taxes with respect to such distributions in excess of
the cash portion of the distribution received. Accordingly, U.S. holders receiving a distribution of our
shares may be required to sell shares received in such distribution or may be required to sell other stock or
assets owned by them, at a time that may be disadvantageous, in order to satisfy any tax imposed on such
distribution. If a U.S. stockholder sells the stock that it receives as part of the distribution in order to pay
this tax, the sales proceeds may be less than the amount it must include in income with respect to the
distribution, depending on the market price of our stock at the time of the sale. Furthermore, with respect
to certain non-U.S. holders, we may be required to withhold U.S. tax with respect to such distribution,
including in respect of all or a portion of such distribution that is payable in stock, by withholding or
disposing of part of the shares included in such distribution and using the proceeds of such disposition to
satisfy the withholding tax imposed. In addition, if a significant number of our stockholders determine to
sell shares of our common stock in order to pay taxes owed on dividend income, such sale may put
downward pressure on the market price of our common stock.
Various tax aspects of such a taxable cash/stock distribution are uncertain and have not yet been
addressed by the Internal Revenue Service (“IRS”). No assurance can be given that the IRS will not impose
requirements in the future with respect to taxable cash/stock distributions, including on a retroactive basis,
or assert that the requirements for such taxable cash/stock distributions have not been met.
Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
The maximum tax rate applicable to qualified dividend income payable to certain non-corporate U.S.
stockholders has been reduced by legislation to 20%. Dividends payable by REITs, however, generally are
not eligible for the reduced rates. Although this legislation does not adversely affect the taxation of REITs
or dividends payable by REITs, the more favorable rates applicable to regular corporate qualified dividends
could cause certain non-corporate investors to perceive investments in REITs to be relatively less attractive
than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect
the value of the shares of REITs, including our common stock.
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We are dependent on external sources of capital to finance our growth.
As with other REITs, but unlike corporations generally, our ability to finance our growth must largely
be funded by external sources of capital because we generally will have to distribute to our stockholders
90% of our taxable income in order to qualify as a REIT, including taxable income where we do not receive
corresponding cash. Our access to external capital will depend upon a number of factors, including general
market conditions, the market’s perception of our growth potential, our current and potential future
earnings, cash distributions and the market price of our common stock.
We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce
our operating flexibility and reduce the price of our common stock.
In recent years, numerous legislative, judicial and administrative changes have been made in the
provisions of U.S. federal income tax laws applicable to investments similar to an investment in shares of
our common stock. Additional changes to the tax laws are likely to continue to occur, and we cannot assure
you that any such changes will not adversely affect the taxation of a stockholder. Any such changes could
have an adverse effect on an investment in our shares or on the market value or the resale potential of our
assets. You are urged to consult with your tax advisor with respect to the impact of recent legislation on
your investment in our shares and the status of legislative, regulatory or administrative developments and
proposals and their potential effect on an investment in our shares. Although REITs generally receive
certain tax advantages compared to entities taxed as regular corporations, it is possible that future
legislation would result in a REIT having fewer tax advantages, and it could become more advantageous for
a company that invests in real estate to elect to be treated for U.S. federal income tax purposes as a
corporation. As a result, our charter provides our board of directors with the power, under certain
circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a regular
corporation, without the approval of our stockholders.
Liquidation of assets may jeopardize our REIT qualification.
To qualify as a REIT, we must comply with requirements regarding our assets and our sources of
income. If we are compelled to liquidate our investments to repay obligations to our lenders, we may be
unable to comply with these requirements, ultimately jeopardizing our qualification as a REIT, or we may
be subject to a 100% tax on any resultant gain if we sell assets that are treated as dealer property or
inventory.
Our ownership of and relationship with any TRS is restricted, and a failure to comply with the restrictions
would jeopardize our REIT status and may result in the application of a 100% excise tax.
A REIT may own up to 100% of the stock of one or more TRSs. A TRS may earn income that would
not be qualifying income if earned directly by the parent REIT. Both the subsidiary and the REIT must
jointly elect to treat the subsidiary as a TRS. A corporation of which a TRS directly or indirectly owns
more than 35% of the voting power or value of the stock will automatically be treated as a TRS. Overall, no
more than 25% of the value of a REIT’s assets may consist of stock or securities of one or more TRSs. The
value of our interests in and thus the amount of assets held in a TRS may also be restricted by our need to
qualify for an exclusion from regulation as an investment company under the Investment Company Act. A
TRS will pay federal, state and local income tax at regular corporate rates on any income that it earns. In
addition, the TRS rules limit the deductibility of interest paid or accrued by a TRS to its parent REIT to
assure that the TRS is subject to an appropriate level of corporate taxation. The rules also impose a 100%
excise tax on certain transactions between a TRS and its parent REIT that are not conducted on an
arm’s-length basis.
Any TRS we own, as a domestic TRS, will pay federal, state and local income tax on its taxable
income, and its after-tax net income is available for distribution to us but is not required to be distributed to
us. The aggregate value of the TRS stock and securities owned by us cannot exceed 25% of the value of our
total assets (including the TRS stock and securities). Although we plan to monitor our investments in
TRSs, there can be no assurance that we will be able to comply with the 25% limitation discussed above or
to avoid application of the 100% excise tax discussed above.
20
Risks Related to Ownership of Our Common Stock
The cash available for distribution to stockholders may not be sufficient to pay dividends at expected levels, nor
can we assure you of our ability to make distributions in the future. We may use borrowed funds to make
distributions.
If cash available for distribution generated by our assets decreases in future periods from expected
levels, our inability to make expected distributions could result in a decrease in the market price of our
common stock. [See “Distribution Policy.”] All distributions will be made at the discretion of our board of
directors and will depend on our earnings, our financial condition, maintenance of our REIT qualification
and other factors as our board of directors may deem relevant from time to time. We may not be able to
make distributions in the future. In addition, some of our distributions may include a return of capital. To
the extent that we decide to make distributions in excess of our current and accumulated earnings and
profits, such distributions would generally be considered a return of capital for federal income tax purposes
to the extent of the holder’s adjusted tax basis in their shares. A return of capital is not taxable, but it has
the effect of reducing the holder’s adjusted tax basis in its investment. To the extent that distributions
exceed the adjusted tax basis of a holder’s shares, they will be treated as gain from the sale or exchange of
such stock. If we borrow to fund distributions, our future interest costs would increase, thereby reducing
our earnings and cash available for distribution from what they otherwise would have been.
If securities or industry analysts do not publish research or reports about our business, or if they downgrade
their recommendations regarding our common stock, our share price and trading volume could decline.
The trading market for our shares is influenced by the research and reports that industry or securities
analysts publish about us or our business. If any of the analysts who cover us downgrades our common
stock or publishes inaccurate or unfavorable research about our business, our share price may decline. If
analysts cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the
financial markets, which in turn could cause our common stock price or trading volume to decline and our
shares to be less liquid. An inactive market may also impair our ability to raise capital by selling shares and
may impair our ability to acquire additional properties or other businesses by using our shares as
consideration, which in turn could materially adversely affect our business. In addition, the stock market in
general, and the NYSE and REITs in particular, have recently experienced extreme price and volume
fluctuations. These broad market and industry factors may decrease the market price of our shares,
regardless of our actual operating performance. For these reasons, among others, the market price of our
shares may decline substantially and quickly.
Our share price may decline due to the large number of our shares eligible for future sale.
The market price of our common stock could decline as a result of sales of a large number of shares of
our common stock in the market or the perception that such sales could occur. These sales, or the possibility
that these sales may occur, also might make it more difficult for us to sell shares of our common stock in the
future at a time and at a price that we deem appropriate. We had a total of 229,689,960 shares of our
common stock outstanding as of March 1, 2014.
As of March 1, 2014, 179,641,735 shares of our outstanding common stock were held by Blackstone
and Centerbridge. As a result of the registration rights agreement we entered into with Blackstone and
Centerbridge, all of these shares of our common stock will, subject to applicable lock-up arrangements, be
eligible for future sale. These shares are also eligible for sale in the public market in accordance with and
subject to the limitation on sales by affiliates as provided in Rule 144 under the Securities Act of 1933, as
amended (the “Securities Act”). As of March 1, 2014, 58,663,007 shares of common stock of BPG
Subsidiary were held by Blackstone (57,824,966) and our executive officers (838,041). From and after
November 4, 2014, the first anniversary of the date of the closing of our IPO, these shares of common
stock of BPG Subsidiary will be exchangeable at the option of the holder for an equivalent number of
shares of our common stock or, at our option, cash based upon the value of an equivalent number of
shares of our common stock, subject to the ownership limit and other restrictions on ownership and
transfer set forth in our charter. As of March 1, 2014, 15,877,791 common units of partnership interest in
our Operating Partnership (“OP Units”) were held by Blackstone (15,527,830) and our executive officers
(349,961). From and after November 4, 2014, the OP Unit holders will have the right to require our
21
Operating Partnership to redeem part or all of the OP Units for cash, based upon the value of an equivalent
number of shares of our common stock at the time of the election to redeem, or, at our election, exchange
them for an equivalent number of shares of our common stock, subject to the ownership limit and other
restrictions on ownership and transfer set forth in our charter. Notwithstanding the foregoing, Blackstone
is generally permitted to exchange BPG Subsidiary Shares and redeem their OP Units at any time. Any
shares we issue upon such exchanges would be “restricted securities” as defined in Rule 144 unless we
register such issuances. However, the registration rights agreement we entered into with Blackstone and
Centerbridge also requires us to register their respective shares under the Securities Act. These exchanges,
or the possibility that these exchanges may occur, also might make it more difficult for holders of our
common stock to sell such stock in the future at a time and at a price that they deem appropriate.
We filed a registration statement on Form S-8 under the Securities Act to register 15,000,000 shares of
our common stock or securities convertible into or exchangeable for shares of our common stock that may
be issued pursuant to our 2013 Omnibus Incentive Plan. Such Form S-8 registration statement
automatically became effective upon filing. Accordingly, shares registered under such registration statement
will be available for sale in the open market.
Our charter provides that we may issue up to 3,000,000,000 shares of common stock, and 300,000,000
shares of preferred stock, $0.01 par value per share. Moreover, under Maryland law and our charter, our
board of directors has the power to increase the aggregate number of shares of stock or the number of
shares of stock of any class or series that we are authorized to issue without stockholder approval.
Similarly, the agreement of limited partnership of our Operating Partnership authorizes us to issue an
unlimited number of additional OP Units of our Operating Partnership, which may be exchangeable for
shares of our common stock. In addition, the charter of BPG Subsidiary authorizes BPG Subsidiary to
issue additional BPG Subsidiary Shares, which may be exchangeable for shares of our common stock, or, at
our option, cash based on the value of an equivalent number of shares of our common stock, and 1,000
shares of preferred stock.
The market price of our common stock could be adversely affected by market conditions and by our actual and
expected future earnings and level of cash dividends.
Securities markets worldwide experience significant price and volume fluctuations. This market
volatility, as well as general economic, market or political conditions, could reduce the market price of
shares without regard to our operating performance. For example, the trading prices of equity securities
issued by REITs have historically been affected by changes in market interest rates. One of the factors that
may influence the market price of our common stock is the annual yield from distributions on our common
stock as compared to yields on other financial instruments. An increase in market interest rates, or a
decrease in our distributions to stockholders, may lead prospective purchasers of shares of our common
stock to demand a higher distribution rate or seek alternative investments. As a result, if interest rates rise, it
is likely that the market price of our common stock will decrease as market rates on interest-bearing
securities increase. In addition, our operating results could be below the expectations of public market
analysts and investors, and in response the market price of our shares could decrease significantly. The
market value of the equity securities of a REIT is also based upon the market’s perception of the REIT’s
growth potential and its current and potential future cash distributions, whether from operations, sales or
refinancings, and is secondarily based upon the real estate market value of the underlying assets. For that
reason, our common stock may trade at prices that are higher or lower than our net asset value per share.
To the extent we retain operating cash flow for investment purposes, working capital reserves or other
purposes, these retained funds, while increasing the value of our underlying assets, may not correspondingly
increase the market price of our common stock. Our failure to meet the market’s expectations with regard
to future earnings and cash distributions likely would adversely affect the market price of our common
stock and, in such instances, you may be unable to resell your shares at or above the initial public offering
price.
Item 1B. Unresolved Staff Comments
None.
22
Item 2. Properties
Our Total Portfolio at December 31, 2013 consisted of 558 shopping centers including 522 in the IPO
Portfolio and 36 Non-Core Properties. 64.6% of the ABR in our IPO Portfolio as of December 31, 2013 is
derived from shopping centers located in the top 50 U.S. MSAs by population. Our top markets by ABR
include the MSAs of New York, Philadelphia and Houston.
With an average shopping center size of approximately 166,300 sq. ft. as of December 31, 2013, our
IPO portfolio is comprised predominantly of community shopping centers (63% of our shopping centers)
as of December 31, 2013, with the balance comprised of neighborhood shopping centers. Our shopping
centers have an appropriate mix of anchor and small shop GLA, with approximately one-third of the
portfolio GLA comprised of small shop space. Our shopping centers are anchored by a mix of leading
grocers, national and regional discount and general merchandise retailers and category-dominant anchors.
We believe that the necessity- and value-oriented merchandise mix of the retail tenants in our centers
reduces our exposure to macro-economic cycles and consumer purchases via the internet, generating more
predictable property-level cash flows. Such retailers provide goods and services that consumers purchase
regularly such as food, health care items and household supplies. Such retailers also sell items such as
clothing at lower prices than other traditional retailers.
Overall, in our IPO Portfolio we have a broad and highly diversified retail tenant base that includes
approximately 5,600 tenants, with no one tenant representing more than 3.4% of the total ABR generated
from our shopping centers as of December 31, 2013. Our three largest tenants are Kroger, TJX Companies
and Walmart, representing 3.4%, 3.2% and 1.9% of total IPO Portfolio ABR as of December 31, 2013,
respectively.
The following chart lists our top 20 tenants by ABR (owned only) in our IPO Portfolio as of
December 31, 2013, illustrating the diversity of our tenant base.
Retailer
Retailer Type
# of
Stores
The Kroger Co. . . . . . . . . . . . . . . Grocery
The TJX Companies, Inc. . . . . . . . Discount – Apparel
Wal-Mart Stores, Inc.
. . . . . . . . . Discount – Grocery
Publix Super Markets, Inc. . . . . . . Grocery
. . . . . . . . Discount
Dollar Tree Stores, Inc.
. . . . . . . . . . . . . Grocery
Ahold USA, In.
Sears Holdings Co.
. . . . . . . . . . . Discount
Office Depot, Inc. . . . . . . . . . . . . Office Supply
Ross Stores, Inc.
Bed Bath & Beyond Inc. . . . . . . . . Discount
Specialty
Pet Smart, Inc.
Best Buy Co, Inc.
Electronics
Staples, Inc.
Big Lots, Inc.
. . . . . . . . . . . . . . . Discount
Safeway Inc. . . . . . . . . . . . . . . . . Grocery
Burlington Stores, Inc. . . . . . . . . . Discount – Apparel
Kohl’s Corporation . . . . . . . . . . . Discount
Specialty
PETCO Animal Supplies, Inc. . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . . . Discount – Apparel
. . . . . . . . . . . . . . . . Office Supply
Dick’s Sporting Goods, Inc.
. . . . .
Sporting Goods
Bi-Lo Holdings, LLC . . . . . . . . . . Grocery
23
69
94
28
39
129
21
29
44
30
30
29
16
33
46
16
14
12
33
12
18
% of
GLA
ABR
% of
ABR
GLA
4,438,087
3,008,296
3,478,406
1,794,443
1,470,970
1,251,080
2,586,256
1,026,037
855,220
729,787
655,214
660,392
728,808
1,469,293
842,883
1,131,459
1,019,875
452,093
5.1% $30,523,545
3.5% 28,701,162
4.0% 16,701,986
2.1% 16,514,970
1.7% 14,755,623
1.4% 13,881,240
3.0% 11,830,404
1.2% 10,551,603
1.0% 9,394,382
0.8% 9,139,494
0.8% 9,101,008
0.8% 8,761,843
0.8% 8,494,141
1.7% 8,473,683
1.0% 8,249,738
1.3% 7,365,916
1.2% 7,189,462
0.5% 6,846,234
492,031
0.6% 6,375,867
834,061
1.0% 6,322,597
3.4%
3.2%
1.9%
1.8%
1.6%
1.6%
1.3%
1.2%
1.0%
1.0%
1.0%
1.0%
0.9%
0.9%
0.9%
0.8%
0.8%
0.8%
0.7%
0.7%
The following table sets forth certain information as of December 31, 2013, regarding the shopping
centers in our IPO Portfolio on a state-by-state basis:
GLA (sq. ft.)
989,814
288,110
5,759,005
1,478,559
2,279,890
191,855
9,058,251
5,263,973
4,783,036
1,970,238
783,917
374,292
2,520,021
612,368
391,746
772,277
1,728,553
3,733,555
1,485,108
406,316
874,795
609,661
769,713
2,977,475
83,800
4,346,589
4,423,105
4,521,808
186,851
6,059,474
148,126
1,394,993
3,240,636
9,610,859
224,514
1,446,485
251,500
765,084
86,806,352
% of GLA
1.1%
0.3%
6.6%
1.7%
2.6%
0.2%
10.4%
6.1%
5.5%
2.3%
0.9%
0.4%
2.9%
0.7%
0.5%
0.9%
2.0%
4.3%
1.7%
0.5%
1.0%
0.7%
0.9%
3.4%
0.1%
5.0%
5.1%
5.2%
0.2%
7.0%
0.2%
1.6%
3.7%
11.1%
0.3%
1.7%
0.3%
0.9%
100.0%
% Leased
93%
87%
97%
92%
96%
100%
90%
87%
94%
89%
87%
90%
96%
95%
92%
98%
92%
92%
92%
77%
94%
90%
96%
94%
100%
95%
90%
91%
100%
95%
97%
86%
95%
93%
99%
96%
96%
91%
92%
% of ABR
0.8%
0.2%
9.6%
1.9%
3.3%
0.2%
10.9%
4.7%
5.6%
1.6%
0.5%
0.3%
2.2%
0.4%
0.3%
1.0%
2.1%
3.5%
1.7%
0.3%
0.7%
0.8%
0.9%
4.4%
0.1%
6.7%
4.4%
4.6%
0.2%
7.2%
0.2%
1.4%
3.1%
11.4%
0.2%
1.5%
0.2%
0.8%
100.0%
State
1 Alabama . . . . . . . . . . . . . . . . . . . . .
2 Arizona . . . . . . . . . . . . . . . . . . . . . .
3 California . . . . . . . . . . . . . . . . . . . . .
4 Colorado . . . . . . . . . . . . . . . . . . . . .
5 Connecticut . . . . . . . . . . . . . . . . . . .
6 Delaware . . . . . . . . . . . . . . . . . . . . .
7 Florida . . . . . . . . . . . . . . . . . . . . . .
8 Georgia . . . . . . . . . . . . . . . . . . . . . .
9 Illinois . . . . . . . . . . . . . . . . . . . . . . .
10 Indiana . . . . . . . . . . . . . . . . . . . . . .
11 Iowa . . . . . . . . . . . . . . . . . . . . . . . .
12 Kansas
. . . . . . . . . . . . . . . . . . . . . .
13 Kentucky . . . . . . . . . . . . . . . . . . . . .
14 Louisiana . . . . . . . . . . . . . . . . . . . . .
15 Maine . . . . . . . . . . . . . . . . . . . . . . .
16 Maryland . . . . . . . . . . . . . . . . . . . . .
17 Massachusetts . . . . . . . . . . . . . . . . .
18 Michigan . . . . . . . . . . . . . . . . . . . . .
19 Minnesota . . . . . . . . . . . . . . . . . . . .
20 Mississippi . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
21 Missouri
22 Nevada . . . . . . . . . . . . . . . . . . . . . .
23 New Hampshire . . . . . . . . . . . . . . . .
24 New Jersey . . . . . . . . . . . . . . . . . . . .
25 New Mexico . . . . . . . . . . . . . . . . . . .
26 New York . . . . . . . . . . . . . . . . . . . .
27 North Carolina . . . . . . . . . . . . . . . . .
28 Ohio . . . . . . . . . . . . . . . . . . . . . . . .
29 Oklahoma . . . . . . . . . . . . . . . . . . . .
30 Pennsylvania . . . . . . . . . . . . . . . . . .
31 Rhode Island . . . . . . . . . . . . . . . . . .
32 South Carolina . . . . . . . . . . . . . . . . .
33 Tennessee . . . . . . . . . . . . . . . . . . . . .
34 Texas . . . . . . . . . . . . . . . . . . . . . . . .
35 Vermont
. . . . . . . . . . . . . . . . . . . . .
36 Virginia . . . . . . . . . . . . . . . . . . . . . .
37 West Virginia . . . . . . . . . . . . . . . . . .
38 Wisconsin . . . . . . . . . . . . . . . . . . . .
Number of
Shopping
Centers
4
2
29
6
15
1
58
37
24
12
5
2
12
4
2
5
10
19
10
3
6
3
5
17
2
33
22
24
1
37
1
8
16
68
1
11
2
5
522
24
The following table sets forth certain information by unit size for our IPO Portfolio as of December 31,
2013.
Unit Size
Number of
Units
GLA (sq. ft.)
% Leased
≥ 35,000 sq. ft. . . . . . . . . . . . .
20,000 sq. ft. – 34,999 sq. ft.
10,000 sq. ft. – 19,999 sq. ft.
. .
. .
5,000 sq. ft. – 9,999 sq. ft.
. . . .
< 5,000 sq. ft.
. . . . . . . . . . . .
581
558
713
1,384
8,098
36,262,238
14,667,573
9,686,279
9,553,689
16,636,573
Total . . . . . . . . . . . . . . . . . . .
11,334
86,806,352
≥ 10,000 sq. ft. . . . . . . . . . . . .
< 10,000 sq. ft.
. . . . . . . . . . .
1,852
9,482
60,616,090
26,190,262
98.4%
96.6%
92.9%
83.7%
80.4%
92.4%
97.1%
81.6%
% of
Vacant
GLA
ABR
ABR/
SF
8.6% $270,995,157
$ 8.56
7.5%
130,163,375
10.5%
23.7%
49.7%
107,491,035
115,291,518
271,139,868
9.33
12.25
15.11
20.81
100.0% $895,080,953
$11.93
26.6% $508,649,567
$ 9.36
73.4%
386,431,386
18.70
The following table sets forth, as of December 31, 2013, a schedule of lease expirations for leases in
place within our IPO Portfolio for each of the next ten years and thereafter, assuming no exercise of
renewal options or base rent escalations over the lease term and including ground leases:
Month to Month . . . . . . . . . . . . . . . . . . . . . .
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2023+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Number of
Leases
Expiring
386
1,446
1,612
1,553
1,315
1,234
549
240
223
223
593
Leased GLA
1,132,548
6,964,251
12,178,617
11,868,035
10,028,855
9,499,473
6,672,087
3,207,357
3,078,861
3,464,617
12,054,145
% of Leased
GLA
ABR/SF % of ABR
1.4% $13.01
12.00
8.7%
10.57
15.2%
11.20
14.8%
11.75
12.5%
11.93
11.9%
10.24
8.3%
11.42
4.0%
11.20
3.8%
10.57
4.3%
10.47
15.0%
1.6%
9.4%
14.4%
14.9%
13.2%
12.7%
7.6%
4.1%
3.9%
4.1%
14.1%
25
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C
We believe that all of the properties in our portfolio are suitable for use as a community or
neighborhood shopping center.
Leases
Our anchor tenants generally have leases with original terms ranging from 10 to 20 years. Such leases
frequently contain renewal options for one or more additional periods. Smaller tenants typically have leases
with terms ranging from three to five years, which may or may not contain renewal options. Leases in our
portfolio generally provide for the payment of fixed monthly rentals. Leases may also provide for the
payment of additional rent based upon a percentage of the tenant’s gross sales above a certain threshold
level. Leases typically contain contractual increases in base rentals over both the primary terms and renewal
periods. Our leases generally include tenant reimbursements for common area costs, insurance and real
estate taxes. Utilities are generally paid by tenants either through separate meters or reimbursement.
The foregoing general description of the characteristics of the leases of our portfolio is not intended to
describe all leases, and material variations in the lease terms exist.
Insurance
We maintain commercial liability, fire, extended coverage, earthquake, business interruption and rental
loss insurance covering all of the properties in our portfolio. We select coverage specifications and insured
limits which we believe to be appropriate given the relative risk of loss, the cost of the coverage and industry
practice and the nature of the shopping centers in our portfolio. In addition, tenants generally are required
to indemnify and hold us harmless from liabilities resulting from injury to persons or damage to personal or
real property due to activities conducted by tenants or their agents on the properties (including without
limitation any environmental contamination), and at the tenant’s expense, to obtain and keep in full force
during the term of the lease, liability and property damage insurance policies. In the opinion of our
management, all of the properties in our portfolio are currently adequately insured. We do not carry
insurance for generally uninsured losses such as loss from war. See “Risk Factors-Risks Related to Our
Properties and Our Business-Any uninsured loss on properties or a loss that exceeds the limits of our
insurance policies could result in a loss of our investment or related revenue in our portfolio.”
Item 3. Legal Proceedings
We are not presently involved in any material litigation arising outside the ordinary course of our
business. However, we are involved in routine litigation arising in the ordinary course of business, none of
which we believe, individually or in the aggregate, taking into account existing reserves, will have a material
impact on our results of operations or financial condition.
Item 4. Mine Safety Disclosures
Not applicable.
54
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
The following table sets forth for the year ended December 31, 2013 the high and low closing sales
prices for each quarter of our common stock, which began trading on the New York Stock Exchange, or
NYSE, on October 30, 2013 under the trading symbol “BRX” and the quarterly declared dividend per
share of common stock for the year ended December 31, 2013:
Period
2013:
Fourth Quarter(a)(b)
Stock Price
High
Low
Dividends
. . . . . . . . . . . . . . . . . .
$20.94
$19.66
$0.127
(a) As our common stock was not listed on a national securities exchange until October 30, 2013, the
high/low closing sales prices for the fourth quarter are for October 30, 2013 through December 31,
2013.
(b) The Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share
(equivalent to $0.80 per annum). This initial quarterly dividend was pro-rated to $0.127 per common
share to reflect the period commencing on November 4, 2013, the IPO completion date, and ending on
December 31, 2013. This pro-rated dividend was paid on January 15, 2014 to stockholders of record
on January 6, 2014.
As of March 1, 2014, the number of holders of record of our common stock was 25. This figure does
not represent the actual number of beneficial owners of our common stock because shares of our common
stock are frequently held in “street name” by securities dealers and others for the benefit of beneficial
owners who may vote the shares.
The Internal Revenue Code of 1986, as amended (the “Code”), generally requires that a REIT
distribute annually at least 90% of its REIT taxable income, determined without regard to the deduction for
dividends paid and excluding net capital gains, and imposes tax on any taxable income retained by a REIT,
including capital gains. To satisfy the requirements for qualification as a REIT and generally not be subject
to U.S. federal income and excise tax, we intend to make regular quarterly distributions of all or
substantially all of our REIT taxable income to holders of our common stock out of assets legally available
for such purposes.
Our future distributions will be at the sole discretion of our board of directors. When determining the
amount of future distributions, we expect that our board of directors will consider, among other factors,
(1) the amount of cash generated from our operating activities, (2) our expectations of future cash flows,
(3) our determination of near-term cash needs for debt repayments, existing or future share repurchases,
and selective acquisitions of new properties, (4) the timing of significant redevelopment and re-leasing
activities and the establishment of additional cash reserves for anticipated tenant improvements and general
property capital improvements, (5) our ability to continue to access additional sources of capital, (6) the
amount required to be distributed to maintain our status as a REIT and to reduce any income and excise
taxes that we otherwise would be required to pay, (7) any limitations on our distributions contained in our
credit or other agreements, including, without limitation, in our Unsecured Credit Facility, and (8) the
sufficiency of legally-available assets.
To the extent we are prevented by provisions of our financing arrangements or otherwise from
distributing 100% of our REIT taxable income or otherwise do not distribute 100% of our REIT taxable
income, we will be subject to income tax, and potentially excise tax, on the retained amounts. If our
operations do not generate sufficient cash flow to allow us to satisfy the REIT distribution requirements, we
may be required to fund distributions from working capital, borrow funds, sell assets or reduce such
distributions. Our board of directors reviews the alternative funding sources available to us from time to
time. For more information regarding risk factors that could materially adversely affect our actual results of
operations, please see Item 1A. “Risk Factors.”
55
Because Brixmor Property Group Inc. is a holding company and has no material assets other than its
ownership of shares of common stock of BPG Subsidiary Inc. (“BPG Subsidiary”) and no material
operations other than those conducted by BPG Subsidiary, we fund any distributions from legally-available
assets authorized by our board of directors in three steps:
•
•
•
first, our Operating Partnership makes distributions to those of its partners which are holders of
OP Units, including BPG Subsidiary. When our Operating Partnership makes such distributions,
in addition to BPG Subsidiary and its wholly owned subsidiary, the other partners of our
Operating Partnership are also entitled to receive equivalent distributions pro rata based on their
partnership interests in our Operating Partnership;
second, BPG Subsidiary distributes to Brixmor Property Group Inc. its share of such
distributions. When BPG Subsidiary makes such distributions, in addition to Brixmor Property
Group Inc., the other stockholders of BPG Subsidiary are also entitled to receive equivalent
distributions pro rata based on their interests in BPG Subsidiary; and
third, Brixmor Property Group Inc. distributes the amount authorized by its board of directors
and declared by Brixmor Property Group Inc. to its common stockholders on a pro rata basis.
Total Stockholder Return Performance
The following performance chart compares, for the period from October 30, 2013 through
December 31, 2013, the cumulative total stockholder return on the Company’s common stock with the
cumulative total return of the S&P 500 Index and the cumulative total return of the FTSE NAREIT Equity
Shopping Centers Index. Equity real estate investment trusts are defined as those which derive more than
75% of their income from equity investments in real estate assets. All stockholder return performance
assumes the reinvestment of dividends. The information in this paragraph and the following performance
chart are deemed to be furnished, not filed.
56
Sales of Unregistered Equity Securities
There were no unregistered sales of equity securities during the quarter ended December 31, 2013.
Issuer Purchases of Equity Securities
We did not repurchase any of our equity securities during the quarter ended December 31, 2013.
Item 6. Selected Financial Data
The following table shows our selected consolidated financial data for the periods indicated. This
information should be read together with our audited financial statements and notes thereto and with
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” included
elsewhere in this Annual Report.
The Successor period in the following table reflects our selected financial data for the period following
the Acquisition through the end of the 2013 fiscal year, and the Predecessor period in the following table
reflects our selected financial data for the periods prior to the Acquisition.
57
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Successor (Consolidated)
Predecessor (Combined Consolidated)
Year Ended December 31,
Period from
June 28, 2011
through
December 31,
Period from
January 1,
2011 through
June 27,
Year Ended
December 31,
(Unaudited)
Year Ended
December 31,
2013
2012
2011
2011
2010
2009
$ 908,854
249,265
16,578
1,174,697
$ 874,325
233,489
11,358
1,119,172
$ 440,961
115,955
5,673
562,589
$ 424,325
118,486
7,980
550,791
$ 865,539
235,770
16,144
1,117,453
$ 889,392
240,134
20,289
1,149,815
121,262
174,634
447,915
11,687
23,534
—
121,093
900,125
832
—
(347,996)
2,223
(31,626)
(376,567)
123,503
161,681
502,231
11,766
—
541
88,843
888,565
61,776
80,445
292,648
8,955
—
41,362
50,437
535,623
1,138
—
(383,715)
641
328,826
(203,090)
501
(503)
(382,579)
—
2,112
128,489
66,869
79,175
173,543
11,182
—
5,647
57,434
393,850
815
—
(191,255)
—
(3,728)
(194,168)
126,094
164,051
388,880
15,738
245,567
4,821
94,634
1,039,785
2,203
—
(372,630)
(388)
5,551
(365,264)
(101,995)
—
(151,972)
—
155,455
—
(37,227)
—
(287,596)
16,494
.
.
1,167
—
687
(314)
(160)
—
(381)
—
(2,116)
(1,734)
126,695
165,310
402,028
14,163
92,776
1,749
96,525
899,246
3,345
—
(376,843)
1,426
9,932
(362,140)
(111,571)
2,440
(2,890)
(15,798)
(100,828)
(151,599)
155,295
(37,608)
(274,952)
(127,819)
1,672
3,392
(23,119)
(18,055)
(884)
5,369
(13,599)
(9,114)
(2,159)
—
—
(2,159)
(875)
—
(8,608)
(9,483)
1,829
—
(46,864)
(45,035)
7,702
6,075
(45,080)
(31,303)
Revenues
Rental income . . . . . . . . . . . .
Expense reimbursements . . . . . .
. . . . . . . . . . .
Other revenues
Total revenues . . . . . . . . . .
Operating expenses
Operating costs . . . . . . . . . . .
Real estate taxes . . . . . . . . . . .
Depreciation and amortization . .
Provision for doubtful accounts . .
Impairment of real estate assets . .
Acquisition related costs . . . . . .
. . . .
General and administrative
. . . .
Total operating expenses
Other income (expense)
Dividends and interest
. . . . . . .
Gain on bargain purchase . . . . .
Interest expense . . . . . . . . . . .
Gain on sales of real estate assets
and acquisition of joint venture
interest . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . .
. . . . .
Total other income (expense)
Income (loss) before equity in income
of unconsolidated joint ventures
Income tax benefit
Equity in income (loss) of
.
. . . . . . . . .
unconsolidated joint ventures
Impairment of investment in
unconsolidated joint ventures
Income (loss) from continuing
operations . . . . . . . . . . . .
Discontinued operations:
Income (loss) from discontinued
operations . . . . . . . . . . . .
Gain on disposition of operating
properties
. . . . . . . . . . . .
Impairment on real estate held for
sale . . . . . . . . . . . . . . . .
Loss from discontinued operations . .
Net income (loss) . . . . . . . . . . . .
(118,883)
(160,713)
153,136
(47,091)
(319,987)
(159,122)
Non-controlling interests
Net income (loss) attributable to
non-controlling interests
. . . .
Net income (loss) attributable to
Brixmor Property Group Inc.
. . .
Preferred stock dividends . . . . . . .
Net income (loss) attributable to
common stockholders
. . . . . . .
Per common share
Loss from continuing operations
– Basic . . . . . . . . . . . . . . . .
– Diluted . . . . . . . . . . . . . .
Net loss attributable to common
stockholders
– Basic . . . . . . . . . . . . . . . .
– Diluted . . . . . . . . . . . . . .
Weighted average common
outstanding shares
– Basic and diluted . . . . . . . . .
25,349
38,146
(37,785)
(752)
(1,400)
(1,377)
(93,534)
(162)
(122,567)
(296)
115,351
(137)
(47,843)
—
(321,387)
—
(160,499)
—
$ (93,696)
$ (122,863)
$ 115,214
$ (47,843)
$ (321,387)
$ (160,499)
$
$
$
$
(0.42)
(0.42)
(0.50)
(0.50)
$
$
$
$
(0.64)
(0.64)
(0.68)
(0.68)
$
$
$
$
0.65
0.65
0.64
0.64
188,993
180,675
180,675
58
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
SELECT BALANCE SHEET INFORMATION
(in thousands)
Successor
Predecessor
Balance Sheet Data as of the
End of Each Year
2013
2012
2011
2010
(Unaudited)
2009
Real estate, net . . . . . . . . . . . . . . $ 9,647,558
$9,098,130
$ 9,496,903 $ 9,873,096
$10,503,244
Total assets . . . . . . . . . . . . . . . . . $10,171,916
Debt obligations, net(1) . . . . . . . . . $ 5,981,289
Total liabilities . . . . . . . . . . . . . . $ 6,865,929
$9,603,729
$6,499,356
$10,032,266 $10,711,209
$ 6,694,549 $ 7,700,237
$11,186,828
$ 7,711,398
$7,305,908
$ 7,553,277 $ 8,731,832
$ 8,625,260
Redeemable noncontrolling
interests in partnerships . . . . . . $
21,467
$
21,467
$
21,559 $
21,559
$
21,559
Total equity . . . . . . . . . . . . . . . . $ 3,284,520
$2,276,354
$ 2,457,430 $ 1,957,818
$ 2,540,009
(1) Debt includes mortgage and secured loans, notes payable, and credit agreements, including
unamortized premium or net of unamortized discount.
59
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the Consolidated Financial Statements
and the accompanying notes thereto. Historical results and percentage relationships set forth in the
Consolidated Statements of Operations and contained in the Consolidated Financial Statements and
accompanying notes, including trends which might appear, should not be taken as indicative of future
operations.
Information related to our financial condition and results of operations as of and for the period ending
prior to June 27, 2011 represents that of our predecessor and information related to our financial condition
and results of operations as of and for the periods ending after June 27, 2011 represents that of our
Successor due to the Acquisition which occurred on June 28, 2011 and was accounted for as a business
combination. Therefore, the basis of the assets and liabilities associated with our Predecessor are not
comparable to those of our Successor and the results of operations associated with our Successor would
not have been the same had the Acquisition not occurred.
Executive Summary
Our Company
We are a REIT that owns and operates the largest wholly owned portfolio of grocery-anchored
community and neighborhood shopping centers in the United States. Our high quality national portfolio is
diversified by geography, tenancy and retail format, and our shopping centers are primarily anchored by
market-leading grocers. We have been organized and operated in conformity with the requirements for
qualification and taxation as a REIT under the United States federal income tax laws, commencing with
our taxable year ended December 31, 2011, and we satisfied the requirements for qualification and taxation
as a REIT under the United States income tax laws for our taxable year ended December 31, 2013, and
expect to satisfy such requirements for subsequent taxable years.
Our primary objective is to maximize total returns to our stockholders through a combination of
growth and value-creation at the asset level supported by stable cash flows. We seek to achieve this through
ownership of a large, high quality, diversified portfolio of primarily grocery-anchored community and
neighborhood shopping centers and by creating meaningful NOI growth from this portfolio. The major
drivers of this growth will be a combination of occupancy increases across both our anchor and small shop
space, positive rent spreads from below-market in-place rents and significant near-term lease rollover,
annual contractual rent increases across the portfolio and the realization of embedded anchor space
repositioning / redevelopment opportunities.
The following set of core competencies is expected to position us to execute on our growth strategies:
•
•
•
Anchor Space Repositioning / Redevelopment Expertise — We have been a top redeveloper over
the past decade, according to Chain Store Age magazine, having completed anchor space
repositioning / redevelopment projects totaling approximately $1 billion since January 1, 2003.
Expansive Retailer Relationships — Given the scale of our asset base and our nationwide
footprint, we have a competitive advantage in supporting the growth plans of the nation’s largest
retailers. We are the largest landlord by GLA to Kroger and TJX Companies, as well as a key
landlord to all major grocers and most major retail category leaders. Our strong relationships with
leading retailers affords us insight into their strategies and priority access to their expansion plans,
enabling us to efficiently provide these retailers with space in multiple locations.
Fully-Integrated Operating Platform — We operate with a fully-integrated, comprehensive
platform both leveraging our national presence and demonstrating our commitment to a regional
and local presence. We provide our tenants with personalized service through our network of three
regional offices in Atlanta, Chicago and Philadelphia, as well as via 12 leasing and property
management satellite offices throughout the country. This strategy enables us to obtain critical
market intelligence and to benefit from the regional and local expertise of our workforce.
60
•
Experienced Management — Senior members of our management team are experienced real
estate operators with deep industry expertise and retailer relationships and have an average of 25
years of experience in the real estate industry and an average tenure of 13 years with the
Company.
Factors That May Influence our Future Results
We derive our revenues primarily from rents (including percentage rents based on tenants’ sales levels)
and expense reimbursements due to us from tenants under existing leases at each of our properties. Expense
reimbursements consist of payments made by tenants to us under contractual lease obligations for their
proportional share of the property’s operating expenses, insurance and real estate taxes.
The amount of rental income and expense reimbursements we receive is primarily dependent on our
ability to maintain or increase rental rates and on our ability to lease available space including renewing
expiring leases. Factors that could affect our rental income include: (1) changes in national, regional or local
economic climates; (2) local conditions, including an oversupply of space in, or a reduction on demand for,
properties similar to those in our portfolio; (3) the attractiveness of properties in our portfolio to our
tenants; (4) the financial stability of tenants, including the ability of tenants to pay rents; (5) in the case of
percentage rents, our tenants’ sales volumes; (6) competition from other available properties; (7) changes in
market rental rates; and (8) changes in the regional demographics of our properties.
Our operating expenses include property-related costs including repairs and maintenance, roof repair,
landscaping, parking lot repair, snow removal, utilities, property insurance costs, security, ground rent
expense related to ground lease payments for which we are the lessee and various other property related
costs. Increases in our operating expenses, to the extent they are not offset by revenue increases, would
impact our overall performance.
For a further discussion of these and other factors that could impact our future results, performance or
transactions, see Item 1A. “Risk Factors.”
Initial Public Offering and IPO Property Transfers
On November 4, 2013, we completed the IPO in which we sold approximately 47.4 million shares of
our common stock at an IPO price of $20.00 per share. We received net proceeds from the sale of shares in
the IPO of approximately $893.9 million, after deducting $54.9 million in underwriting discounts, expenses
and transaction costs. Of the total proceeds received, $824.7 million was used to pay down amounts
outstanding under our unsecured credit facility (see attached financial statement for additional
information).
In connection with the IPO, we acquired interests the Acquired Properties from certain investment
funds affiliated with Blackstone in exchange for 15,877,791 OP Units in our Operating Partnership having a
value equivalent to the value of the Acquired Properties. In connection with the acquisition of the Acquired
Properties, we repaid $66.6 million of indebtedness to Blackstone attributable to certain of the Acquired
Properties with a portion of the net proceeds of the IPO.
Also in connection with the IPO, the Company created a separate series of interest in our Operating
Partnership that allocates to certain funds affiliated with the pre-IPO owners all of the economic
consequences of ownership of the Operating Partnership’s interest in the Non-Core Properties. During
2013, we disposed of 11 of the Non-Core Properties. As of December 31, 2013, the Company owned a
100% interest in 33 of the Non-Core Properties and a 20% interest in three of the Non-Core Properties. On
January 15, 2014, the Operating Partnership caused all but one of the Non-Core Properties to be
transferred to the pre-IPO owners. It is expected that the Operating Partnership will transfer the one
remaining Non-Core Property and redeem the separate series of interest in the Operating Partnership. The
consolidated financial statements of the Company for the years ended December 31, 2013, December 31,
2012, the periods from January 1, 2011 to June 27, 2011 and June 28, 2011 to December 31, 2011 do not
reflect the transfer of the 47 Non-Core Properties.
61
Portfolio and Financial Highlights
The information below presents historical property and financial information as of and for the periods
presented.
•
•
•
•
•
•
•
•
As of December 31, 2013, we owned interests in 558 shopping centers, including 554 wholly
owned shopping centers (the “Consolidated Portfolio”) and four shopping centers held through
unconsolidated joint ventures. The Consolidated Portfolio includes the 43 Acquired Properties
and the 36 Non-Core Properties in which the Company had an ownership interest in as of
December 31, 2013.
Billed occupancy for the Consolidated Portfolio was 89.65% and 89.27% as of December 31, 2013
and 2012, respectively. Leased occupancy for the Consolidated Portfolio was 91.43% and 90.60%
at December 31, 2013 and 2012, respectively.
During 2013, we executed 2,342 leases in our Consolidated Portfolio totaling 13.5 million square
feet of GLA, including 825 new leases totaling 3.6 million square feet of GLA and 1,517 renewals
totaling 9.8 million sq. ft. of GLA. The average ABR under the new leases increased 29.0% from
the prior tenant’s ABR and increased 9.57% for both new and renewal leases on comparable space
from the prior tenant’s ABR. The average ABR per leased square foot of these new leases in our
Consolidated Portfolio is $14.59 and the average ABR per leased square foot of these new and
renewal leases in our Consolidated Portfolio is $11.61. The cost per square foot for tenant
improvements and leasing commissions for new leases was $12.35 and $2.85, respectively. The cost
per square foot for tenant improvements and leasing commissions for renewal leases was $0.67 and
$0.04, respectively.
During 2012, we executed 2,273 leases in our Consolidated Portfolio totaling 12.8 million sq. ft. of
GLA, including 715 new leases totaling 3.5 million sq. ft. of GLA and 1,558 renewals totaling
9.2 million sq. ft. The average ABR under the new leases increased 20.1% from the prior tenants’
ABR and increased 6.2% for both new and renewal leases on comparable space from the prior
tenants’ ABR. The average ABR per leased sq. ft. of these new leases was $11.86 and the average
ABR per leased sq. ft. of these new and renewal leases was $11.95. The cost per sq. ft. for tenant
improvements and leasing commissions for new leases was $11.46 and $1.77, respectively. The cost
per sq. ft. for tenant improvements and leasing commissions for renewal leases was $0.80 and
$0.02, respectively.
During 2013, we executed 2,244 leases in our IPO Portfolio totaling 12.8 million square feet of
GLA, including 787 new leases totaling 3.4 million square feet of GLA and 1,457 renewals
totaling 9.4 million sq. ft. of GLA. The average ABR under the new leases increased 29.5% from
the prior tenant’s ABR and increased 9.8% for both new and renewal leases on comparable space
from the prior tenant’s ABR. The average ABR per leased square foot of these new leases in our
IPO Portfolio is $13.69 and the average ABR per leased square foot of these new and renewal
leases in our IPO Portfolio is $12.38. The cost per square foot for tenant improvements and
leasing commissions for new leases was $12.58 and $2.98, respectively. The cost per square foot for
tenant improvements and leasing commissions for renewal leases was $0.70 and $0.04, respectively.
Net income/(loss) attributable to the Company was $(93.5) million for 2013, $(122.6) million for
2012, $115.4 million for the period from June 28, 2011 to December 31, 2011 and $(47.8) million
for the period from January 1, 2011 to June 27, 2011. Our results of operations for the period
from June 28, 2011 to December 31, 2011 included a gain on bargain purchase of $328.8 million
recognized in connection with the Acquisition.
Net cash provided by operating activities was $332.0 million for 2013, $268.8 million for 2012,
$56.7 million for the period from June 28, 2011 to December 31, 2011 and $117.1 million for the
period from January 1, 2011 to June 27, 2011.
Funds from Operations (“FFO”) as adjusted, increased $10.8 million, or 3.0%, from $355.0
million in 2012 to $365.8 million in 2013. Additional information regarding FFO, a non-GAAP
financial measure, including a reconciliation of net income (loss) to FFO, is included under —
“Funds From Operations.”
62
•
Same property net operating income, as described below, (“Same Property NOI”) in our
Consolidated Portfolio increased by $29.3 million or 4.0%, from $737.4 million in 2012 to $766.7
million in 2013. Additional information regarding Same Property NOI, a non-GAAP measure,
including a reconciliation of net income (loss) attributable to Brixmor Property Group Inc. to
Same Property NOI, is included under “Same Property Net Operating Income.”
Acquisition Activity
•
•
During the year ended December 31, 2013, in addition to the Acquired Properties, we acquired
one retail building which was adjacent to one of our existing shopping centers for a purchase price
of $5.1 million and the remaining 70% interest in a shopping center held through an
unconsolidated joint venture for a net purchase price $18.7 million.
During the year ended December 31, 2012, we acquired three retail buildings which were adjacent
buildings at certain of our existing shopping centers, for approximately $5.5 million. In addition,
we acquired the remaining 50% ownership interest in a 41.6 acre land parcel for a purchase price
of $0.5 million.
Disposition Activity
•
•
During the year ended December 31, 2013, we disposed of 18 shopping centers and three land
parcels for aggregate proceeds of $59.0 million.
During the year ended December 31, 2012, we disposed of 19 shopping centers, two retail
buildings and one land parcel for aggregate proceeds of $50.6 million.
Results of Operations
Comparison of the Year Ended December 31, 2013 to the Year Ended December 31, 2012
Revenues (in thousands)
Revenues
Year ended December 31,
2013
2012
$ Change
Rental income . . . . . . . . . . . . . . . . . . . . . . .
Expense reimbursements . . . . . . . . . . . . . . . .
Other revenues . . . . . . . . . . . . . . . . . . . . . . .
$ 908,854
249,265
16,578
$ 874,325
233,489
11,358
Total revenues . . . . . . . . . . . . . . . . . . . . . .
$1,174,697
$1,119,172
$34,529
15,776
5,220
$55,525
Rental income
The increase in rental income for 2013 of $34.5 million, as compared to the corresponding period in
2012, was primarily due to a $23.4 million increase in ABR driven by (i) an increase in billed occupancy
from 89.27% as of December 31, 2012 to 89.65% as of December 31, 2013, (ii) an increase in leasing
spreads of 9.8% for both new and renewal leases, (iii) $9.7 million of ABR from the Acquired Properties,
(iv) and a $2.8 million increase in the amortization of above and below market lease intangibles and lease
settlement income. These increases were partially offset by a $1.8 million decrease in straight line rent.
Expense reimbursements
The increase in expense reimbursements for 2013 of approximately $15.8 million, as compared to the
corresponding period in 2012, was primarily due to an increase in reimbursable expenses and an increase in
the recovery percentage which increased to 84.2% for 2013, as compared to 81.9% for the same period in
2012. The increased percentage of recoveries from tenants is primarily attributable to higher occupancy of
our portfolio coupled with an increase in real estate taxes which have a higher recovery rate than operating
expenses.
63
Other revenues
The increase in other revenues for 2013 of $5.2 million as compared to the corresponding period in
2012, was primarily due to $6.1 million of non-cash management fee income recorded in connection the
vesting of equity incentive awards in the Acquired Properties. Certain of our employees have been granted
equity incentive awards in the Acquired Properties. These awards were granted with service conditions and
performance and market conditions. As the awards were granted to the employees under our management
agreement with the owners of the Acquired Properties, we considered the amounts earned by the employees
for the amortization of the awards at their fair value as measured at each reporting period to be a
component of our management fees, and then recorded a corresponding amount for compensation expense.
In connection with the IPO, based on the terms of these awards, all of such awards granted to our
employees vested. In exchange for the vested incentive awards, the holders received vested Operating
Partnership Units. At the time of the IPO, we recorded $6.1 million of additional management fee income
and additional compensation expense based upon the fair value of the Operating Partnership Units issued
at the date of grant.
Operating Expenses (in thousands)
Operating expenses:
Year ended December 31,
2013
2012
$ Change
Operating costs . . . . . . . . . . . . . . . . . . . . . .
Real estate taxes . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . .
Provision for doubtful accounts . . . . . . . . . . .
Impairment of real estate assets . . . . . . . . . . .
Acquisition related costs . . . . . . . . . . . . . . . .
General and administrative . . . . . . . . . . . . . .
$121,262
174,634
447,915
11,687
23,534
—
121,093
Total operating expenses . . . . . . . . . . . . . . .
$900,125
$123,503
161,681
502,231
11,766
—
541
88,843
$888,565
$ (2,241)
12,953
(54,316)
(79)
23,534
(541)
32,250
$ 11,560
Operating costs
The decrease in operating costs for 2013 of $2.2 million, as compared to the corresponding period in
2012, was due to decreased snow removal costs, decreased tenant related legal costs and decreased insurance
costs partially offset by an increase in repairs and maintenance expenses.
Real estate taxes
The increase in real estate taxes for 2013 of $13.0 million, as compared to the corresponding period in
2012, was primarily due to increased assessments at certain properties, primarily in California, Illinois,
Texas and New York, partially offset by decreases in assessments due to successful appeals of assessed
values.
Depreciation and amortization
The decrease in depreciation and amortization for 2013 of $54.3 million, as compared to the
corresponding period in 2012, was primarily due to tenant lease expirations and lease terminations
associated with tenant improvements and in-place lease value intangible assets, partially offset by $7.4
million of depreciation and amortization recorded in connection with the Acquired Properties.
Provision for doubtful accounts
The provision for doubtful accounts remained approximately the same for 2013, as compared to the
corresponding period in 2012.
64
Impairment of real estate assets
During 2013, as a result of our strategy to dispose of certain shopping centers, we recognized
provisions for impairment on Non-Core real estate assets of $22.0 million (excluding impairments included
in discontinued operations). We also recognized impairment of $1.5 million on the disposal of one land
parcel. The impairments were the result of the reduction in expected undiscounted cash flows from these
assets due to an estimated shortened holding period. After considering the shortened holding period’s
impact on the cash flow from these assets, we determined that the undiscounted cash flows were below the
assets’ carrying values. Accordingly, we proceeded to record impairments for each of these assets to reflect
the difference between the historical carrying values and the fair values as of December 31, 2013. No
impairments were recognized on real estate properties during 2012.
General and administrative
The increase in general and administrative costs for 2013 of $32.3 million, as compared to the
corresponding period in 2012, primarily due to (i) $36.1 million increased stock-based compensation
expense recorded in connection with the IPO partially offset by a $1.8 million decrease in personnel related
expenses due to reductions in staff and $1.3 million decrease in professional fees.
Other Income and Expenses (in thousands)
Year ended December 31,
2013
2012
$ Change
Other income (expense)
. . . . . . . . . . . . . . . . .
Dividends and interest
Interest expense . . . . . . . . . . . . . . . . . . . . . .
Gain on sales of real estate assets . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
832
(347,996)
2,223
(31,626)
$
1,138
(383,715)
501
(503)
Total other income (expense). . . . . . . . . . . . . . . .
$(376,567)
$(382,579)
$
(306)
35,719
1,722
(31,123)
$ 6,012
Dividends and interest
Dividends and interest remained approximately the same for 2013 as compared to the corresponding
period in 2012.
Interest expense
Interest expense decreased by $35.7 million for 2013, as compared to the corresponding period in 2012,
primarily due to the 2013 repayment of $2.6 billion of secured mortgage and term loans with a
weighted-average interest rate of 5.69% which decreased interest expense by approximately $50.0 million,
partially offset by $16.2 million of interest expense on our Unsecured Credit Facility which we entered into
in July 2013. The 2013 secured mortgage and term loan repayments were financed primarily from proceeds
of our Unsecured Credit Facility which had a weighted average of 2.4% as of December 31, 2013. During
2013, our Debt obligations, net decreased by $518.0 million primarily due to a portion of our IPO proceeds
being used to repay outstanding borrowings under the revolving portion of the Unsecured Credit Facility
partially offset by debt assumed from the Acquired Properties.
Gain on sales of real estate assets
During 2013, we disposed of two land parcels for aggregate proceeds of $1.4 million resulting in an
aggregate gain of $1.1 million. In addition, we purchased the remaining 70% interest in a shopping center
held through an unconsolidated joint venture resulting in a gain of $1.1 million on the step-up of the
original 30% interest.
During 2012, we sold one land parcel and two buildings for aggregate net proceeds of $1.4 million.
65
Other
Other increased by $31.1 million for 2013, as compared to the corresponding period in 2012, primarily
due to $21.0 million loss on debt extinguishments resulting from the write-off of unamortized debt issuance
costs and premium/discounts associated with repayments of certain of our debt obligations and $6.0
million of expenses related to our IPO.
Equity in Income of Unconsolidated Joint Ventures (in thousands)
Year ended December 31,
2013
2012
$ Change
Equity in income of unconsolidated joint ventures . . . . . . . .
$1,167
Impairment of investment in unconsolidated joint ventures . .
$ —
$ 687
$(314)
$480
$314
Equity in income of unconsolidated joint ventures increased by $0.5 million for 2013, as compared to
corresponding period in 2012, primarily due to increased operating performance of certain of our
unconsolidated joint ventures.
Discontinued Operations (in thousands)
Year ended December 31,
2013
2012
$ Change
Discontinued operations:
Income (loss) from discontinued operations . . .
Gain on disposition of operating properties . . .
Impairment of real estate assets held for sale . .
$ 1,672
3,392
(23,119)
Loss from discontinued operations. . . . . . . . .
$(18,055)
$
(884)
5,369
(13,599)
$ (9,114)
$ 2,556
(1,977)
(9,520)
$(8,941)
Income from discontinued operations
Results from discontinued operations include the results from the following: (i) 19 shopping centers
and one retail space disposed of during 2012, (ii) 18 shopping centers disposed during 2013, and (iii) one
shopping center classified as held for sale at December 31, 2013.
Gain on disposition of operating properties
During 2013, the gain on disposition of operating properties was attributable to the sale of four
shopping centers for aggregate proceeds of $12.4 million.
In connection with the sale of shopping centers in 2012, we recognized a gain of $5.4 million.
Impairment of real estate assets held for sale
During 2013, we recognized provisions for impairment of $23.1 million relating to 14 shopping centers
disposed of during the period.
During 2012, we recognized provisions for impairment of $13.6 million in connection with the disposal
of 19 shopping centers. For purposes of measuring the provision, fair value was determined based upon the
contracts with buyers and then adjusted to reflect associated disposition costs.
66
Comparison of the Year Ended December 31, 2012 to the periods from January 1, 2011 through June 27, 2011
and the period from June 28, 2011 to December 31, 2011
Revenues (in thousands)
Successor
Predecessor
Year Ended
December 31,
2012
Revenue
Rental income . . . . . . . . . . . . . . . . . . . . . .
$ 874,325
Expense reimbursements
. . . . . . . . . . . . . .
Other revenue . . . . . . . . . . . . . . . . . . . . . .
233,489
11,358
Period from
June 28, 2011
through
December 31,
2011
$440,961
115,955
5,673
Total revenues . . . . . . . . . . . . . . . . . . . . . .
$1,119,172
$562,589
Period from
January 1, 2011
through June 27,
2011
$424,325
118,486
7,980
$550,791
Rental income
The increase in rental income for 2012 of approximately $9.0 million from 2011 was primarily due to
the combined impact of a $16.5 million increase in ABR driven by a 70 basis point increase in occupancy as
well as an increase in leasing spreads of 6.2% for both new and renewal leases and an increase in straight
line rent amortization of $3.8 million due to the effects of the Acquisition being included in our results of
operations for a full year, partially offset by a $10.8 million net decrease in the amortization of above and
below market lease intangibles due to the expiration and termination of leases during 2011 and 2012
termination of leases.
Expense reimbursements
Expense reimbursements were unchanged for 2012 as compared to 2011. The expenses recovery
percentage increased to 81.9% in 2012 from 81.3% in 2011 primarily due to higher occupancy rates in our
portfolio.
Other revenue
The decrease in other revenue of approximately $2.3 million for 2012, as compared to 2011, was
primarily due to a decrease in fee revenues.
Operating expenses (in thousands)
Operating expenses
Operating costs . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
Real estate taxes
Depreciation and amortization . . . . . . . . . .
Provision for doubtful accounts . . . . . . . . . .
Acquisition related costs . . . . . . . . . . . . . . .
General and administrative . . . . . . . . . . . . .
Successor
Predecessor
Year Ended
December 31,
2012
$123,503
161,681
502,231
11,766
541
88,843
Period from
June 28, 2011
through
December 31,
2011
Period from
January 1, 2011
through June 27,
2011
$ 61,776
80,445
292,648
8,955
41,362
50,437
$ 66,869
79,175
173,543
11,182
5,647
57,434
Total operating expenses . . . . . . . . . . . . . . .
$888,565
$535,623
$393,850
67
Operating costs
The decrease in operating costs in 2012 of $5.1 million, as compared to 2011, was due to decreased
snow removal costs of $3.0 million and decreased utilities of $1.1 million due to a milder winter, decreased
repairs and maintenance costs of $2.9 million and decreased tenant related legal costs of $1.0 million. These
decreases were partially offset with increased insurance costs of $2.6 million.
Real estate taxes
Real estate taxes for 2012 increased by $2.0 million from 2011 due to higher assessments at certain
properties.
Depreciation and amortization
The increase in depreciation and amortization of $36.0 million for 2012, as compared to 2011, was
primarily due to $18.2 million from the Acquisition and resultant change in basis recorded in connection
therewith and $17.9 million due to capital expenditures since the Acquisition.
Provision for doubtful accounts
The decrease of $8.4 million in the provision for doubtful accounts for 2012, as compared to 2011, was
primarily due to lower billed receivables which, before the allowance for bad debt, decreased from $74.2
million as of December 31, 2011 to $58.7 million as of December 31, 2012. Moreover, the provision for
doubtful accounts as a percentage of total revenues decreased from 2.04% for the period January 1, 2011 to
June 27, 2011 to 1.56% for the period June 28, 2011 to December 31, 2011 to 1.05% for 2012.
Acquisition-related costs
Acquisition costs incurred during 2011 primarily related to the Acquisition and included legal,
accounting, consulting, advisory fees and transfer taxes and other acquisition costs. Acquisition costs
incurred during 2012 related to the acquisition of three retail buildings, which were adjacent buildings at
three of our existing shopping centers.
General and administrative
General and administrative costs decreased by $19.0 million for 2012, as compared to 2011, due to
(i) decreased personnel costs of approximately $7.1 million due to reductions made in staffing coupled with
a one-time retention bonus payment made to certain employees in 2011, (ii) tax consulting fees of
approximately $4.9 million due to increased costs incurred during 2011 as a result of the Acquisition
coupled with reduced tax complexity post-Acquisition, (iii) state franchise taxes of $5.9 million in 2012 due
to change in structure as a result of the Acquisition and (iv) state transfer taxes of $6.2 million. Transfer
taxes unrelated to the Acquisition were incurred during the Predecessor period from January 1, 2011
through June 27, 2011. These decreases were partially offset by an increase of $5.4 million related to stock
based compensation expense due to long-term incentive awards granted to certain of our employees in
November 2011 and increased severance costs of approximately $0.7 million due to staff reductions.
68
Other income (expense) (in thousands)
Successor
Predecessor
Year Ended
December 31,
2012
Period from
June 28, 2011
through
December 31,
2011
Period from
January 1, 2011
through June 27,
2011
Other income (expense)
Dividends and interest . . . . . . . . . . . . . . . .
$
1,138
$
641
$
Gain on bargain purchase . . . . . . . . . . . . . .
—
Interest expense . . . . . . . . . . . . . . . . . . . . .
(383,715)
Gain on sale of real estate . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .
501
(503)
328,826
(203,090)
—
2,112
815
—
(191,255)
—
(3,728)
Total other income (expense) . . . . . . . . . . . .
$(382,579)
$ 128,489
$(194,168)
Dividends and interest
Dividends and interest income decreased slightly due to lower cash balances during 2012, as compared
to the 2011 periods.
Gain on bargain purchase
The Acquisition was accounted for as a business combination. As a result, the associated consideration
was allocated to the assets acquired and liabilities assumed based on management’s estimate of fair value
using the information available at the date of the Acquisition.
The fair value of the identifiable assets acquired and liabilities assumed exceeded the sum of the fair
value of the consideration transferred and the fair value of the non-controlling interest. As a result, a gain
on bargain purchase of approximately $328.8 million was recognized.
Interest expense
Interest expense decreased $10.6 million for 2012, as compared to 2011, primarily due to: (i) a $3.4
million decrease due to repayments of unsecured bonds of approximately $29.6 million in November 2011
and $95.8 million during 2012; (ii) a $30.0 million decrease due to the repayment of approximately $2.4
billion of debt in connection with the Acquisition; (iii) a $10.4 million decrease due to the mark-to-market
debt adjustment as a result of the Acquisition; (iv) a $2.1 million decrease in loan defeasance costs that
were incurred in 2011 in connection with the Acquisition; (v) increased capitalized interest of approximately
$1.1 million due to increased redevelopment spend; (vi) decreased loan consent fees of $0.9 million that
were incurred in connection with the Acquisition in 2011 that were not incurred in 2012; and (vii) decreased
advisor costs of approximately $3.2 million that were incurred during the Predecessor period. These
decreases were partially offset by interest costs of approximately $43.4 million related to the financing
incurred as part of the Acquisition of $1.5 billion. See “-Our Liquidity and Capital Resources” and
“Description of Indebtedness” for additional information in respect of our indebtedness.
Gain on sale of real estate
During 2012, we sold one land parcel and two buildings for net proceeds of $1.4 million.
During the period from June 28, 2011 through December 31, 2011, we sold approximately 1.1 acres of
land for net proceeds of $0.7 million. There was no gain or loss recognized on the sale.
Other
The change in Other includes a $3.3 million impairment of intangible assets for the Predecessor period
from January 1, 2011 through June 27, 2011. The intangible assets consisted of property management
contracts that were fully impaired as of the date of the Acquisition.
69
Equity income (loss) in unconsolidated joint ventures (in thousands)
Successor
Predecessor
Year Ended
December 31,
2012
Period from
June 28, 2011
through
December 31,
2011
Period from
January 1, 2011
through June 27,
2011
Equity in income (loss) of unconsolidated joint
ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 687
$(160)
$(381)
Impairment of investment in unconsolidated joint
. . . . . . . . . . . . . . . . . . . . . . . . . . .
ventures
$(314)
$ —
$ —
Equity in income (loss) of unconsolidated joint ventures increased by $1.2 million in 2012, as
compared to 2011, due to improved operating performance of the properties owned by certain of the
unconsolidated joint ventures coupled with a gain on a land parcel sale in one of the unconsolidated joint
ventures.
During 2012, we recognized provisions for impairment associated with certain of our unconsolidated
joint ventures investments due to the operating performance of these unconsolidated joint ventures and
general market conditions.
Discontinued operations (in thousands)
Successor
Predecessor
Discontinued operations:
Income (loss) from discontinued operations . . . .
Gain on disposition of properties
. . . . . . . . . . .
Impairment of real estate assets held for sale . . . .
Year Ended
December 31,
2012
$
(884)
5,369
(13,599)
Loss from discontinued operations
. . . . . . . . . .
$ (9,114)
Period from
June 28, 2011
through
December 31,
2011
Period from
January 1, 2011
through June 27,
2011
$(2,159)
—
—
$(2,159)
$ (875)
—
(8,608)
$(9,483)
Income (loss) from discontinued operations
Results from discontinued operations included the results from: (i) 18 shopping centers disposed of in
2013; (ii) 19 shopping centers and one retail building sold during 2012; (iii) two shopping centers sold
during the period from January 1, 2011 through June 27, 2011; (iv) and one property held for sale as of
December 31, 2013.
Gain on disposition of properties
In connection with the sale of shopping centers in 2012, we recognized a gain of $5.4 million.
Impairment of real estate assets held for sale
In connection with the disposition of 19 shopping centers in 2012 we recognized $13.6 million of
provisions for impairment. For purposes of measuring the provision, fair value was determined based upon
the contracts with buyers or for purchase and then adjusted to reflect associated disposition costs.
70
Same Property Net Operating Income of Same Property Portfolio
Comparison of the Year Ended December 31, 2013 to the Year Ended December 31, 2012
. . . . . . . . . . . . . . . . . . .
Number of properties
Percent billed . . . . . . . . . . . . . . . . . . . . . . . . .
Percent leased . . . . . . . . . . . . . . . . . . . . . . . . .
Revenues
Rental income . . . . . . . . . . . . . . . . . . . . . . .
Expense reimbursements . . . . . . . . . . . . . . . .
Other revenues . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses
Property operating costs . . . . . . . . . . . . . . . .
Real estate taxes . . . . . . . . . . . . . . . . . . . . . .
Provisions for doubtful accounts . . . . . . . . . .
Same property NOI . . . . . . . . . . . . . . . . . . . . .
Twelve Months Ended
12/31/13
12/31/12
479
90.8%
92.6%
479
90.0%
91.3%
$ 814,232
241,328
6,342
1,061,902
$ 790,046
227,919
6,115
1,024,080
(116,923)
(167,393)
(10,902)
(295,218)
$ 766,684
(118,582)
(156,584)
(11,534)
(286,700)
$ 737,380
Change
—
0.8%
1.2%
3.1%
5.9%
3.7%
3.7%
(1.4%)
6.9%
(5.5%)
3.0%
4.0%
Same Property NOI increased $29.3 million or 4.0% for the year ended December 31, 2013, as
compared to the same period in 2012, primarily due to (i) a $24.2 million increase in rental income driven
by an increase in occupancy to 92.6% from 91.3% and an increase in ABR per square foot to $11.82 from
$11.60, and (ii) an increase in the expense recovery percentage to 84.9% from 82.8% driven by higher
occupancy and an increase in real estate taxes which have a higher recovery rate than operating expenses.
Additional information regarding Same Property NOI, a non-GAAP measure, including a reconciliation of
net income (loss) attributable to Brixmor Property Group Inc. to Same Property NOI, is included under
“Same Property Net Operating Income.”
Comparison of the Year Ended December 31, 2012 to the Year Ended December 31, 2011
Number of properties
. . . . . . . . . . . . . . . . . . .
Percent billed . . . . . . . . . . . . . . . . . . . . . . . . .
Percent leased . . . . . . . . . . . . . . . . . . . . . . . . .
Revenues
Rental income . . . . . . . . . . . . . . . . . . . . . . .
Expense reimbursements . . . . . . . . . . . . . . . .
Other revenues . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses
Property operating costs . . . . . . . . . . . . . . . .
Real estate taxes . . . . . . . . . . . . . . . . . . . . . .
Provisions for doubtful accounts . . . . . . . . . .
Same property NOI . . . . . . . . . . . . . . . . . . . . .
Twelve Months Ended
12/31/2012
479
90.0%
91.3%
12/31/2011
479
87.2%
90.6%
$ 790,046
227,919
6,115
1,024,080
(118,582)
(156,584)
(11,534)
(286,700)
$ 737,380
$ 767,801
220,876
18,104
1,006,781
(125,044)
(154,982)
(18,993)
(299,019)
$ 707,762
Change
—
2.8%
0.7%
2.9%
3.2%
(66.2)%
1.7%
(5.2)%
1.0%
(39.3)%
(4.1)%
4.2%
71
Same Property NOI increased $29.6 million or 4.2% for the year ended December 31, 2012, as
compared to the same period in 2011, primarily due to (i) a $22.2 million increase in rental income driven
by an increase in occupancy to 91.3% from 90.6% and an increase in overall leasing spreads of 6.3%, (ii) an
increase in the expense recovery percentage to 82.5% from 82.1% driven by higher occupancy, and (iii) a
$12.3 million decrease in operating expenses driven by a decrease in landlord expenses and a decrease in
provision for doubtful accounts. The decrease in the provision for doubtful accounts was primarily
attributable to lower receivable balances. Moreover, the provision for doubtful accounts as a percentage of
total revenues decreased from 1.89% for 2011 to 1.13% for 2012. Additional information regarding Same
Property NOI, a non-GAAP measure, including a reconciliation of net income (loss) attributable to
Brixmor Property Group Inc. to Same Property NOI, is included under “Same Property Net Operating
Income.”
Liquidity and Capital Resources
We anticipate that our cash flows from the sources listed below will provide adequate capital for the
next 12 months for all anticipated uses, including all scheduled principal and interest payments on our
outstanding indebtedness, current and anticipated tenant improvements, stockholder distributions to
maintain our qualification as a REIT and other capital obligations associated with conducting our business.
Our primary expected sources and uses and capital are as follows:
Sources
•
•
•
•
•
cash and cash equivalents;
operating cash flow;
available borrowings under our existing revolving credit facility;
issuance of long-term debt; and
asset sales.
Uses
Short term:
•
•
•
•
•
•
leasing costs and tenant improvements allowances;
active anchor space repositioning/redevelopments;
recurring maintenance capital expenditures;
debt repayment requirements;
corporate and administrative costs; and
distribution payments.
Long term:
•
•
•
major active redevelopments, renovation or expansion programs at individual properties;
acquisitions; and
debt maturities.
72
Our cash flow activities are summarized as follows (dollars in thousands):
Successor
Predecessor
Year Ended
December 31,
2013
Year Ended
December 31,
2012
Period from
June 28, 2011
through
December 31,
2011
Period from
January 1, 2011
through
June 27, 2011
Cash flows provided by operating activities . . . . . . . $ 331,990
$ 268,847
$
56,746
$ 117,093
Cash flows used in investing activities . . . . . . . . . . . $ (86,367)
$(118,702) $(1,387,031) $ (18,842)
Cash flows provided by (used in) financing activities . $(234,806)
$(204,653) $ 1,487,891
$(354,573)
Operating Activities
Cash and cash equivalents were $113.9 million and $103.1 million as of December 31, 2013 and
December 31, 2012, respectively.
Our net cash flow provided by operating activities primarily consist of net income from property
operations, adjusted for non-cash items including depreciation and amortization, amortization of lease
intangibles, the compensation expense associated with our Class B units and provisions for impairment.
For 2013, net cash flow provided by operating activities increased $63.1 million as compared to the
corresponding period in 2012. The increase is primarily due to a $29.3 million increase in Same Property
NOI, NOI generated from the Acquired Properties, a decrease in interest expense due to repayments of
secured mortgage and term loans and unsecured notes and a decrease in general and administrative
expense. These increases were partially offset by costs incurred in our IPO.
Investing Activities
Net cash flow used in investing activities is impacted by the nature, timing and extent of improvements
made to our shopping centers, allowances provided to our tenants, and our acquisition and disposition
programs. Capital used to fund these activities, and the source thereof, can vary significantly from period to
period based on, for example, negotiations with tenants and their willingness to pay higher base rents over
the terms of their respective leases as well as the availability of operating cash flows. Net cash flow used in
investing activities is also impacted by the level of recurring property capital expenditures in a given period.
Recurring capital expenditures are costs to maintain properties and their common areas including new
roofs, paving of parking lots and other general upkeep items. Recurring capital expenditures per square foot
for 2013 and 2012 were $0.26 and $0.28, respectively.
For 2013, net cash flow used in investing activities decreased $32.3 million as compared to the
corresponding period in 2012. The decrease was primarily due to a decrease of $26.7 million expended in
2013 on building improvements and expansion, and an increase of $8.4 million in 2013 in proceeds received
from sales of real estate assets.
We continue to execute our strategy to selectively dispose of non-core properties on an opportunistic
basis to generate cash proceeds, and to invest our capital in improvements to our shopping centers.
Currently, our anchor space repositioning/redevelopments in our Consolidated Portfolio relate to 19
shopping centers for which we anticipate incurring approximately $88.7 million in improvements, of which
$56.1 million had not yet been incurred as of December 31, 2013.
Financing Activities
Our net cash flow used in financing activities is impacted by the nature, timing and extent of issuances
of debt and equity, principal and other payments associated with our outstanding indebtedness, and
prevailing market conditions associated with each source of capital.
For 2013, net cash used in financing activities increased $30.2 million as compared to the
corresponding period in 2012. The increase was due to (i) an increase of $855.4 million of repayments of
debt obligations, net of borrowings, (ii) an increase of $47.1 million in dividends and distributions to
non-controlling interests and (iii) an increase of $20.3 million in deferred financing costs associated with
the Unsecured Credit Facility, partially offset by $893.9 million in net proceeds from our IPO.
73
Debt transactions
Unsecured Credit Facility
On July 16, 2013, our Operating Partnership entered into an unsecured credit facility (the “Unsecured
Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and
Wells Fargo Bank, National Association, as syndication agents and Barclays Capital plc, Citibank, N.A.,
Deutsche Bank Securities Inc. and Royal Bank of Canada, as documentation agents.
The Unsecured Credit Facility consists of (i) $1.25 billion revolving credit facility (the “Revolving
Facility), maturing on July 31, 2017, with a one-year extension option; and (ii) a $1.5 billion term loan
facility (the “Term Loan Facility”), which will mature on July 31, 2018. Through October 28, 2013, the
obligations under the Unsecured Credit Facility were guaranteed by both BPG Subsidiary Inc. (“BPG
Sub”) and Brixmor OP GP LLC, the general partner of the Operating Partnership (together, the “Parent
Guarantors”), as well as by both Brixmor Residual Holding LLC and Brixmor GA America LLC (together,
the “Material Subsidiary Guarantors”). Effective October 28, 2013, pursuant to the terms of the Unsecured
Credit Facility, the guarantees by the Material Subsidiary Guarantors were terminated. The Revolving
Facility includes borrowing capacity available for letters of credit and for short-term borrowings and an
option for us to increase the size of the facility, raise incremental credit facilities, and extend the maturity
date subject to certain limitations.
Unsecured Credit Facility borrowings bear interest, at our Operating Partnership’s option, at a rate
equal to a margin over either (a) a base rate determined by reference to the highest of (1) the administrative
agent’s prime lending rate, (2) the federal funds effective rate plus half of 1%, and (3) the LIBOR rate that
would be payable on such day for a LIBOR rate loan with a one-month interest period plus 1% or (b) a
LIBOR rate determined by reference to the BBA LIBOR rate for the interest period relevant to a particular
borrowing.
The margin associated with Term Loan Facility borrowings is based on a total leverage based grid and
ranges from 0.40% to 1.00%, for base rate loans, and 1.4% to 2.0% for LIBOR rate loans. The margin
associated with Revolving Facility borrowings is also based on a total leverage based grid and ranges from
0.40% to 1.00%, for base rate loans, and 1.40% to 2.00%, for LIBOR rate loans.
Our Operating Partnership, in addition to recurring interest payments, is required to pay a
commitment fee to the lenders related to the Revolving Facility in respect of the unutilized commitments
thereunder and customary letter of credit fees. The commitment fee is based on the daily-unused amount
and is either 0.25% or 0.175% per annum. Voluntary prepayments are permitted at any time without
premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs
in respect of LIBOR rate loans. The Unsecured Credit Facility requires no amortization payments.
During 2013, $2.5 billion of the Unsecured Credit Facility was drawn to repay certain debt obligations.
A portion of the proceeds from the IPO were used to repay the revolver which has an outstanding drawn
balance of $120.1 million as of December 31, 2013.
During 2014, we have an aggregate of $190.4 million of mortgage loans and $104.6 million of
unsecured notes scheduled to mature and approximately $33.5 million of scheduled mortgage and financing
liability amortization payments. Through February 28, 2014, we have repaid $143.0 million of the mortgage
loans and $57.6 million of the unsecured notes schedule to mature in 2014 with borrowings under our
Unsecured Credit Facility. We currently intend to repay the remaining $47.4 million of mortgage loans
scheduled to mature in 2014 with borrowings under our Unsecured Credit Facility. The maturity date of the
remaining $46.9 of unsecured notes was extended to 2026-2029. Through February 28, 2014 we have also
repaid $161.1 million of mortgage loans scheduled to mature in 2015 and a $175.5 million mortgage loan
scheduled to mature in 2017 primarily with borrowings under our Unsecured Credit Facility.
In addition to the Unsecured Credit Facility, we had the following 2013 debt transaction:
We refinanced $42.0 million of mortgage loans with the proceeds of a $57.0 million mortgage loan.
The $57.0 million mortgage loan, which closed on February 27, 2013, is secured by three shopping centers,
bears interest at a rate equal to LIBOR plus a spread of 350 basis points, requires interest payments
monthly and matures on March 1, 2016, subject to two extension options which allow us to extend the
maturity date through March 1, 2018 provided that certain financial conditions are satisfied.
74
Contractual Obligations
Our contractual debt obligations relate to our notes payable, mortgages and secured loans and
financing liabilities with maturities ranging from one year to 18 years, and non-cancelable operating leases
pertaining to our shopping centers.
The following table summarizes our debt maturities (excluding options and fair market debt
adjustments) and obligations under non-cancelable operating leases as of December 31, 2013.
Contractual Obligations
Payment due by period
(in thousands)
Debt(1) . . . . . . . . . . . . . . . . . . . .
Interest payments(2) . . . . . . . . . . .
Financing liabilities . . . . . . . . . . .
Operating leases . . . . . . . . . . . . .
Total
Less than
1 year
1 – 3 years
3 – 5 years
more than
5 years
$5,901,978
$327,553
$2,315,474
$2,168,825
$1,090,126
1,128,401
287,850
172,690
134,201
891
8,616
451,225
132,917
16,712
227,880
2,199
15,274
161,446
36,683
93,599
Total
. . . . . . . . . . . . . . . . . . . . .
$7,337,270
$624,910
$2,916,328
$2,414,178
$1,381,854
(1) Debt includes scheduled amortization and scheduled maturities for mortgages and secured loans, credit
facilities and notes payable. Maturities for 1-3 years include the first dates that note holders can require
us to redeem all or a portion of the notes pursuant to these put repurchase rights.
(2) We incur interest on $483.6 million of mortgages using the 30-day LIBOR rate (which was 0.17% as of
December 31, 2013, subject to certain rate floor requirements up to 75 basis points), plus interest
spreads ranging from 300 basis points to 375 basis points. Also, we incur interest on $120.1 million of
debt related to the Revolving Facility. The margin associated with Revolving Facility borrowings is
based on a total leverage based grid and ranges from 0.40% to 1.00%, for base rate loans, and 1.40% to
2.00%, for LIBOR rate loans.
As of December 31, 2013, we had $353.6 million of notes payable outstanding, excluding the impact of
unamortized premiums, with a weighted average interest rate of 6.03%. The agreements related to these
notes payable contain certain covenants, including the maintenance of certain financial coverage ratios. As
of December 31, 2013, we were in compliance with the covenants.
The holders of the notes issued under our 1995 indenture have a put right that requires us to
repurchase notes tendered by holders (but does not require such holders to tender their notes) for an
amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. As of
December 31, 2013, there was $104.6 million aggregate principal amount of notes outstanding under the
1995 indenture. In January 2014, $57.7 million of the outstanding notes were tendered by holders and
repurchased by us.
Funds From Operations
FFO is calculated as the sum of net income (loss) in accordance with generally accepted accounting
principles in the United States of America (“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
joint ventures calculated to reflect funds from operations on the same basis.
FFO as adjusted represents FFO excluding certain transactional income and expenses, impairments of
land parcels and non-operating gains which management believes are not reflective of results within the
operating real estate portfolio.
FFO is a supplemental, non-GAAP financial measure utilized to evaluate the operating performance
of real estate companies. It is frequently used by securities analysts, investors and other interested parties in
the evaluation of REITs. We present FFO as adjusted as an additional supplemental measure as it is more
75
reflective of core operating performance. FFO as adjusted provides securities analysts, investors and other
interested parties an additional measure in comparing our performance across reporting periods on a
consistent basis by excluding items that are not indicative of core operating performance.
FFO and FFO as adjusted should not be considered as alternatives to net income (determined in
accordance with GAAP) as indicators of financial performance and are not alternatives to cash flow from
operating activities (determined in accordance with GAAP) as a measure of liquidity. Non-GAAP financial
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 to financial results presented in accordance with
GAAP. Computation of FFO and FFO as adjusted may differ in certain respects from the methodology
utilized by other REITS and, therefore, may not be comparable to such other REITS. Investors are
cautioned that items excluded from FFO and FFO as adjusted are significant components in understanding
and addressing financial performance.
Our reconciliation of net loss to FFO and FFO as adjusted for 2013 and 2012 is as follows (in
thousands):
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on disposition of operating properties . . . . . . . . . . . . . . . . . . .
Loss on disposition of unconsolidated joint venture operating
Twelve Months Ended
December 31,
2013
2012
$(118,883)
(3,392)
$(160,713)
(5,369)
properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(24)
Depreciation and amortization – real estate related – continuing
operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
445,915
499,478
Depreciation and amortization – real estate related – discontinued
operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization – unconsolidated joint ventures . . . . . .
Impairment of operating properties . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of unconsolidated joint ventures . . . . . . . . . . . . . . . . . .
Net loss attributable to non-controlling interests not convertible into
2,319
180
43,582
—
8,204
817
13,599
314
common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,806)
(1,306)
FFO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 364,915
$ 355,000
Gains from land sales and acquisition of joint venture interest
. . . . . .
Impairment of land parcels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition-related costs
Total adjustments
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,223)
3,071
—
848
(501)
—
541
40
FFO as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 365,763
$ 355,040
FFO per common share/unit – diluted . . . . . . . . . . . . . . . . . . . . . . .
FFO as adjusted per common share/unit – diluted . . . . . . . . . . . . . . .
Weighted average shares/units outstanding – diluted . . . . . . . . . . . . .
$
$
1.45
1.45
252,009
$
$
1.47
1.47
240,905
EBITDA and Adjusted EBITDA
Earnings before interest, tax depreciation and amortization (“EBITDA”) is calculated as the sum of net
income (loss) in accordance with GAAP before interest expense, income taxes, depreciation and
amortization.
Adjusted EBITDA represents EBITDA as adjusted for (i) acquisition related costs, (ii) gain (loss) on
disposition of operating properties, (iii) impairment of real estate assets and real estate equity investments,
and (iv) gain (loss) on disposition of unconsolidated joint ventures.
76
EBITDA and Adjusted EBITDA are supplemental, non-GAAP financial measures utilized in various
financial ratios and are helpful to securities analysts, investors and other interested parties in the evaluation
of REITS, as a measure of our operational performance because EBITDA and Adjusted EBITDA exclude
various items that do not relate to or are not indicative of its operating performance. In addition, it includes
the results of operations of real estate properties that have been sold or classified as real estate held for sale
at the end of the reporting period. Accordingly, the use of EBITDA and Adjusted EBITDA in various
ratios provides a meaningful performance measure as it relates to its ability to meet various coverage tests
for the stated period.
EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (determined in
accordance with GAAP) as indicators of financial performance and are not alternatives to cash flow from
operating activities (determined in accordance with GAAP) as a measure of liquidity. Non-GAAP financial
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 to financial results presented in accordance with
GAAP. Computation of EBITDA and Adjusted EBITDA may differ in certain respects from the
methodology utilized by other REITS and, therefore, may not be comparable to such other REITS.
Investors are cautioned that items excluded from EBITDA and Adjusted EBITDA are significant
components in understanding and addressing financial performance.
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss (dollars in
thousands):
Twelve Months Ended
December 31,
2013
2012
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
Interest expense – continuing operations
Interest expense – discontinued operations . . . . . . . . . . . . . . . . . . . .
Interest expense – unconsolidated joint ventures . . . . . . . . . . . . . . . .
Federal and state taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(118,883)
347,996
1,879
651
2,851
$(160,713)
383,715
3,628
1,589
2,172
Depreciation and amortization – continuing operations . . . . . . . . . . .
447,915
502,231
. . . . . . . . .
Depreciation and amortization – discontinued operations
Depreciation and amortization – unconsolidated joint ventures . . . . . .
2,319
180
8,203
817
EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 684,908
$ 741,642
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition-related costs
Gain on disposition of operating properties . . . . . . . . . . . . . . . . . . .
Gains from development/land sales . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on disposition of joint venture operating properties . . . . . . . . . .
Impairments of operating properties . . . . . . . . . . . . . . . . . . . . . . . .
Impairments of real estate held for sale . . . . . . . . . . . . . . . . . . . . . . .
Impairments of real estate joint ventures . . . . . . . . . . . . . . . . . . . . .
Total adjustments
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(3,392)
(2,223)
—
23,534
23,119
—
41,038
541
(5,369)
(501)
(24)
—
13,599
314
8,560
Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 725,946
$ 750,202
Same Property Net Operating Income
Same Property NOI is calculated (using properties owned as of the end of both reporting periods and
for the entirety of both periods excluding the Non-Core Properties and excluding properties classified as
discontinued operations), as rental income (minimum rent, percentage rents, tenant recoveries and other
property income) less rental operating expenses (property operating expenses, real estate taxes and bad debt
77
expense) of the properties owned by us. Same Property NOI excludes corporate level income (including
transaction and other fees), lease termination income, straight-line rent and amortization of above-/
below-market leases of the same property pool from the prior year reporting period to the current year
reporting period.
Same Property NOI is a supplemental, non-GAAP financial measure utilized to evaluate the operating
performance of real estate companies and is frequently used by securities analysts, investors and other
interested parties in understanding business and operating results regarding the underlying economics of
our business operations. It includes only the net operating income of properties owned for the full period
presented, which eliminates disparities in net income due to the acquisition or disposition of properties
during the period presented, and therefore, provides a more consistent metric for comparing the
performance of properties. Management uses Same Property NOI to review operating results for
comparative purposes with respect to previous periods or forecasts, and also to evaluate future prospects.
Same Property NOI is not intended to be a performance measure that should be regarded as an alternative
to, or more meaningful than, net income (determined in accordance with GAAP) or other GAAP financial
measures. Non-GAAP financial 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 to financial
results 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 such
other REITS.
The following table provides a reconciliation of net loss attributable to Brixmor Property Group Inc. to
Same Property NOI for the periods presented (dollars in thousands):
Twelve Months Ended
December 31,
2013
2012
Net loss attributable to Brixmor Property Group Inc.
Adjustments:
. . . . . . . . . . . .
$ (93,534)
$(122,567)
Revenue adjustments(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of real estate assets . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of investment in unconsolidated joint venture . . . . . . .
Acquisition related costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(76,658)
447,915
23,534
—
—
121,093
376,567
(67,303)
502,231
—
314
541
88,843
382,579
Equity in income of unconsolidated joint ventures . . . . . . . . . . . . .
Pro rata share of Same Property NOI of unconsolidated joint
ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from discontinued operations . . . . . . . . . . . . . . . . . . . . . .
(1,167)
(687)
1,043
18,055
844
9,114
Net income attributable to non-controlling interests . . . . . . . . . . . .
Non-same store NOI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(25,349)
(24,815)
(38,146)
(18,383)
Same property NOI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$766,684
$ 737,380
(1) Revenue adjustments consist primarily of lease settlement income, straight-line rent and amortization
of above and below market leases.
In accordance with Accounting Standards Codification 360-10, Impairment and Disposal of
Long-Lived Assets, the results of operations of properties that have been disposed of (by sale, by
abandonment, or in a distribution to owners) or classified as held for sale must be classified as discontinued
operations and segregated in our Consolidated Statements of Operations and Comprehensive Loss.
Therefore, results of operations from prior periods have been restated to reflect the current pool of assets
disposed of or held for sale.
78
Our Critical Accounting Policies
Our discussion and analysis of the historical financial condition and results of operations is based
upon our Consolidated Financial Statements, which have been prepared in accordance with GAAP. The
preparation of financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying
notes. Actual results could ultimately differ from those estimates. For a discussion of recently-issued and
adopted accounting standards, see Note 1 to financial statements contained elsewhere in this annual report
on Form 10-K.
Revenue Recognition and Receivables
Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative
difference between rental revenue recognized in the Statements of Operations and contractual payment
terms is recorded as deferred rent and presented on the accompanying Consolidated Balance Sheets within
Receivables, net.
We commence recognizing revenue based on an evaluation of a number of factors. In most cases,
revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of
the leased asset. Generally, this occurs on the lease commencement date.
The determination of who is the owner, for accounting purposes, of tenant improvements (where
provided) determines the nature of the leased asset and when revenue recognition under a lease begins. If
we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished
space and revenue recognition begins when the lessee takes possession of the finished space, typically when
the improvements are substantially complete.
If we conclude we are not the owner, for accounting purposes, of the tenant improvements (the lessee is
the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded
under a lease are accounted for as lease incentives which are amortized as a reduction of revenue recognized
over the term of the lease. In these circumstances, we commence revenue recognition when the lessee takes
possession of the unimproved space for the lessee to construct their own improvements. In making this
assessment, we consider a number of factors, each of which individually is not determinative.
Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee. These
percentage rents are recognized upon the achievement of certain pre-determined sales levels. Leases also
typically provide for reimbursement of common area maintenance, property taxes and other operating
expenses by the lessee which are recognized in the period during which the applicable expenditures are
incurred.
Gains from the sale of depreciated operating properties are generally recognized under the full accrual
method, provided that various criteria relating to the terms of the sale and subsequent involvement by us
with the applicable property are met.
We periodically evaluate the collectability of our receivables related to base rents, straight-line rent,
expense reimbursements and those attributable to other revenue generating activities. We analyze our
receivables and historical bad debt levels, tenant credit-worthiness and current economic trends when
evaluating the adequacy of our allowance for doubtful accounts. In addition, tenants in bankruptcy are
analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition
claims.
Real Estate
Real estate assets are recorded in the Consolidated Balance Sheets at historical cost, less accumulated
depreciation and amortization. Upon acquisition of real estate operating properties, management estimates
the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements),
identifiable intangible assets and liabilities (consisting of above and below-market leases, in-place leases and
tenant relationships), and assumed debt based on an evaluation of available information. Using these
estimates, the estimated fair value is allocated to the acquired assets and assumed liabilities.
79
The fair values of tangible assets are determined as if the acquired property is vacant. Fair value is
determined using an exit price approach, which contemplates the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. If, up to one year from the acquisition date, information regarding the fair value of the
assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are
made to the purchase price allocation on a retrospective basis. We expense transaction costs associated with
business combinations in the period incurred.
In allocating the fair value to identifiable intangible assets and liabilities of an acquired operating
property, the value of above-market and below-market leases is estimated based on the present value (using
an interest rate reflecting the risks associated with leases acquired) of the difference between: (i) the
contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and
(ii) management’s estimate of fair market lease rates for the property or an equivalent property, measured
over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market or
below-market intangible is amortized as a reduction of, or increase to, rental income over the remaining
non-cancelable term of each lease, which includes renewal periods with fixed rental terms that are
considered to be below-market.
In determining the value of in-place leases and tenant relationships, management evaluates the specific
characteristics of each lease and our overall relationship with each tenant. Factors considered include, but
are not limited to: the nature of the existing relationship with a tenant, the credit risk associated with a
tenant, expectations surrounding lease renewals, estimated carrying costs of a property during a
hypothetical expected lease-up period, current market conditions and costs to execute similar leases.
Management also considers information obtained about a property in connection with its pre-acquisition
due diligence. Estimated carrying costs include: real estate taxes, insurance, other property operating costs
and estimates of lost rentals at market rates during the hypothetical lease-up periods. Costs to execute
similar leases include: commissions and legal costs to the extent that such costs are not already incurred
with a new lease that has been negotiated in connection with the purchase of a property. The value assigned
to in-place leases is amortized to expense over the remaining term of each lease. The value assigned to
tenant relationships is amortized over the initial terms of the leases.
Certain real estate assets are depreciated using the straight-line method over the estimated useful lives
of the assets. The estimated useful lives are as follows:
Building and building and land improvements. . . . . . .
Furniture, fixtures, and equipment. . . . . . . . . . . . . . .
Tenant improvements . . . . . . . . . . . . . . . . . . . . . . . . The shorter of the term of the related
20 – 40 years
5 – 10 years
lease or useful life
We capitalize costs incurred in the redevelopment and major betterment of our properties. Capitalized
costs may include pre-construction costs essential to the development of the property, development costs,
construction costs, interest costs, real estate taxes and direct employee costs incurred during the
redevelopment period. Additionally, we capitalized “soft costs” related to redevelopment projects such as
costs for professional services, including architects, engineers and surveyors; however, such amounts are an
immaterial portion of total redevelopment costs. Properties undergoing redevelopment projects are carried
at cost, and depreciation begins when the asset is placed in service. Once a redevelopment project is
substantially completed and held available for occupancy, costs are no longer capitalized. Costs for ordinary
repairs and maintenance activities are expensed as incurred. We also capitalize compensation costs and
general and administrative costs related to employees directly involved in construction and redevelopment
activities. These costs include payroll, payroll taxes, employee benefit costs, and travel and entertainment
costs. For 2013 and 2012, we capitalized approximately $4.9 million and $5.6 million, respectively, of such
costs.
When a real estate asset is identified by management as held-for-sale, we discontinue depreciating the
asset and estimates its sales price, net of estimated selling costs. If, based on management’s judgment, the
estimated net sales price of an asset is less than its net carrying value, an adjustment is recorded to reflect
the estimated fair value. Additionally, the real estate asset and related operations are classified as
80
discontinued operations and separately presented within the Statements of Operations and within Other
assets on the Consolidated Balance Sheets. Properties classified as real estate held-for-sale generally
represent properties that are under contract for sale and are expected to close within 12 months.
On a periodic basis, management assesses whether there are indicators that the value of our real estate
assets (including any related intangible assets or liabilities) may be impaired.
If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of
current and projected operating cash flows (undiscounted and unleveraged), taking into account the
anticipated and probability weighted holding period, are less than a real estate asset’s carrying value.
Various factors are considered in the estimation process, including expected future operating income, trends
and prospects and the effects of demand, competition, and other economic factors. If management
determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of
its carrying amount over its fair value.
In situations in which a lease or leases associated with a significant tenant have been, or are expected to
be, terminated early, we evaluate the remaining useful lives of depreciable or amortizable assets in the asset
group related to the lease that will be terminated (i.e., tenant improvements, above- and below-market lease
intangibles, in-place lease value and leasing commissions). Based upon consideration of the facts and
circumstances surrounding the termination, we may write-off or accelerate the depreciation and
amortization associated with the asset group. Such write-offs are included within Depreciation and
amortization in the Statements of Operations.
Stock Based Compensation
In 2011 and 2013 prior to the IPO, certain employees of the Company were granted long-term
incentive awards which provide them with equity interests as an incentive to remain in the Company’s
service and align executives’ interests with those of the Company’s equity holders. The awards were granted
by two of the Company’s current equity holders, BRE Retail Holdco L.P. and Holdco II (the
“Partnerships”), in the form of Class B Units in each of the Partnerships. The awards were granted with
service conditions and performance and market conditions.
In connection with the IPO the Company’s Board of Directors approved the 2013 Omnibus Incentive
Plan (the “Plan”). The Plan provides for a maximum of 15,000,000 shares of the Company’s common stock
to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock and restricted
stock units, OP Units in the Company’s Operating Partnership, performance awards and other stock-based
awards.
The Company accounts for equity awards in accordance with the FASB’s Stock Compensation
guidance which requires that all share based payments to employees and non-employee directors be
recognized in the statement of operations over the service period based on their fair value. Fair value is
determined based on the type of award using either the grant date market price of the Company’s stock, the
Black-Scholes-Merton option-pricing model or a Monte Carlo simulation, model. Share-based
compensation expense is included in General and administrative in the Company’s Condensed Consolidated
Statements of Operations.
Inflation
The majority of leases contain provisions designed to mitigate the adverse impact of inflation. Such
provisions contain clauses enabling us to receive percentage rents, which generally increase as prices rise but
may be adversely impacted by tenant sales decreases, and/or escalation clauses which are typically related to
increases in the consumer price index or similar inflation indices. In addition, we believe that many of our
existing lease rates are below current market levels for comparable space and that upon renewal or re-rental
such rates may be increased to be consistent with, or closer to, current market rates. This belief is based
upon an analysis of relevant market conditions, including a comparison of comparable market rental rates,
and upon the fact that many of our leases have been in place for a number of years and may not contain
escalation clauses sufficient to match the increase in market rental rates over such time. Most of our leases
require the tenant to pay its share of operating expenses, including common area maintenance, real estate
81
taxes and insurance, thereby reducing our exposure to increases in costs and operating expenses resulting
from inflation. In addition, we periodically evaluate our exposure to interest rate fluctuations, and may
enter into interest rate protection agreements which mitigate, but do not eliminate, the effect of changes in
interest rates on our floating rate loans.
In the normal course of business we also face risks that are either non-financial or non-qualitative.
Such risks principally include credit risks and legal risks. For a discussion of other factors which may
adversely affect our liquidity and capital resources, please see the section titled “Risk Factors”.
Off-Balance Sheet Arrangements
We had no material off-balance sheet arrangements as of December 31, 2013.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
We may be exposed to interest rate changes primarily as a result of long-term debt used to maintain
liquidity and fund capital expenditures and expansion of our real estate investment portfolio and
operations. Our interest rate risk management objectives are to limit the impact of interest rate changes on
earnings and cash flows and to lower our overall borrowing costs. To achieve our objectives we borrow
primarily at fixed rates or variable rates with the lowest margins available.
With regard to variable rate financing, we assess interest rate cash flow risk by continually identifying
and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and
by evaluating hedging opportunities. We maintain risk management control systems to monitor interest rate
cash flow risk attributable to both our outstanding or forecasted debt obligations as well as our potential
offsetting hedge positions. The risk management control systems involve the use of analytical techniques,
including cash flow sensitivity analysis, to estimate the expected impact of changes in interest rates on our
future cash flows.
We may use additional derivative financial instruments to hedge exposures to changes in interest rates
on loans secured by our properties or unsecured debt obligations. To the extent we do we are exposed to
market and credit risk. Market risk is the adverse effect on the value of the financial instrument that result a
change in interest rates. The market risk associated with interest-rate contracts is managed by establishing
and monitoring parameters that limit the types and degree of market risk that may be undertaken. Credit
risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair
value derivative contract is positive, the counterparty owes us, which creates credit risk to us. We will
minimize the credit risk in derivative instruments by entering into transactions with high-quality
counterparties.
As of December 31, 2013, we had $1.6 billion of outstanding floating rate borrowings under the
Unsecured Credit Facility and $483.6 million of outstanding floating rate mortgages. $1.5 billion of
borrowings under the Unsecured Credit Facility are subject to interest rate swap agreements, which
effectively convert the interest rate on the borrowings from floating to fixed. All floating rate mortgages are
subject to interest rate cap agreements, which effectively limit the interest rate risk. During the twelve
months ended December 31, 2013, no payment was received from the respective counterparties to the
interest rate cap agreements.
As of December 31, 2013, our variable rate debt consisted primarily of the Unsecured Credit Facility,
which is comprised of the Term Loan Facility and the Revolving Facility, which bore interest at a rate equal
to LIBOR plus an interest spread of 160 basis points, and variable rate mortgage loans, which bore interest
at a rate equal to LIBOR (subject to certain floor rates ranging from up to 75 basis points) plus interest
spreads ranging from 300 basis points to 375 basis points.
If market rates of interest on our variable rate debt increased by 1%, the increase in annual interest
expense on our variable rate debt would decrease future earnings and cash flows by approximately $3.6
million (this includes the impact of the $1.5 billion of interest rate swap agreements and the $1.1 billion of
interest rate cap agreements). If market rates of interest on our variable rate debt decreased by 1%, the
decrease in annual interest expense on our variable rate debt would increase future earnings and cash flows
by approximately $0.5 million (this includes the impact of the $1.5 billion of interest rate swap agreements
82
and the $1.1 billion of interest rate cap agreements). As of December 31, 2013, LIBOR was 0.17%. Even if
LIBOR were 0%, certain of our variable debt would still be subject to certain floor rates ranging from up to
75 basis points plus interest spreads ranging from 300 basis points to 375 basis points. Accordingly, the
decrease in LIBOR with respect to these debt instruments would have a nominal effect on future earnings
and cash flows. This assumes that the amount outstanding under our variable rate debt remains at
approximately $2.1 billion, the balance as of December 31, 2013. The foregoing assumes that our total debt
outstanding remains at approximately $5.9 billion, the balance as of December 31, 2013.
Item 8. Financial Statements and Supplementary Data
See the Index to Combined Consolidated Financial Statements and financial statements commencing
on page F-1.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed
to ensure that information required to be disclosed in our reports under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and
that such information is accumulated and communicated to our management, including our principal
executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required
disclosures. Our management, with the participation of our principal executive officer and principal
financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and
procedures as of the end of the period covered by this report. Based upon that evaluation, our principal
executive officer and principal financial officer concluded that, as of the end of the period covered by this
report, the design and operation of our disclosure controls and procedures were effective to accomplish
their objectives at the reasonable assurance level.
This annual report does not include a report of management’s assessment regarding internal control
over financial reporting or an attestation report of our registered public accounting firm due to a transition
period established by rules of the Securities and Exchange Commission for newly public companies.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rule
13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended December 31, 2013 that
have materially affected, or that are reasonably likely to materially affect, our internal control over financial
reporting.
Item 9B. Other Information
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012
(“ITRSHRA”), which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein
Exhibit 99.1 of this report, which includes disclosures publicly filed and/or provided to Blackstone by
Travelport Limited, which may be considered our affiliate.
83
PART III
Item 10. Directors, Executive Officers, and Corporate Governance
The information required by Item 10 will be included in the sections captioned “Proposal No. 1 —
Election of Directors,” “The Board of Directors and Certain Governance Matters — Executive Officers of
the Company,” “The Board of Directors and Certain Governance Matters — Code of Business Conduct
and Ethics and Code of Conduct for Senior Financial Officers,” “The Board of Directors and Certain
Governance Matters — Committee Membership — Audit Committee” and “Section 16(a) Beneficial
Ownership Reporting Compliance” included in the definitive proxy statement relating to the 2014 Annual
Meeting of Stockholders of Brixmor Property Group Inc. to be held on June 12, 2014 and is incorporated
herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC
pursuant to Regulation 14A not later than 120 days after the end of the Company’s 2013 fiscal year covered
by this Form 10-K.
Item 11. Executive Compensation
The information required by Item 11 will be included in the sections captioned “Compensation of Our
Officers and Directors,” “Report of the Compensation Committee” and “Compensation Committee
Interlocks and Insider Participation” included in the definitive proxy statement relating to the 2014 Annual
Meeting of Stockholders of Brixmor Property Group Inc. to be held on June 12, 2014 and is incorporated
herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC
pursuant to Regulation 14A not later than 120 days after the end of the Company’s 2013 fiscal year covered
by this Form 10-K.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
The information required by Item 12 will be included in the sections captioned “Equity Compensation
Plan Information” and “Ownership of Securities” included in the definitive proxy statement relating to the
2014 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on June 12, 2014 and is
incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with
the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 2013 fiscal
year covered by this Form 10-K.
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required by Item 13 will be included in the sections captioned “Transactions with
Related Persons” and “The Board of Directors and Certain Governance Matters — Director Independence
and Independence Determinations” included in the definitive proxy statement relating to the 2014 Annual
Meeting of Stockholders of Brixmor Property Group Inc. to be held on June 12, 2014 and is incorporated
herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC
pursuant to Regulation 14A not later than 120 days after the end of the Company’s 2013 fiscal year covered
by this Form 10-K.
Item 14. Principal Accounting Fees and Services
The information required by Item 14 will be included in the section captioned “Proposal No. 2 —
Ratification of Independent Registered Public Accounting Firm — Audit and Non-Audit Fees” included in
the definitive proxy statement relating to the 2014 Annual Meeting of Stockholders of Brixmor Property
Group Inc. to be held on June 12, 2014 and is incorporated herein by reference. Brixmor Property Group
Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120
days after the end of the Company’s 2013 fiscal year covered by this Form 10-K.
84
Item 15. Exhibits, Financial Statement Schedules
(a) Documents filed as part of this report
PART IV
1.
Financial Statements.
Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Balance Sheets as of December 31, 2013 and 2012 . . . . . . . . . . . . . . . . . . . .
Combined Consolidated Statements of Operations for the years ended December 31, 2013
and 2012, the period from June 28, 2011 through December 31, 2011 and the period from
January 1, 2011 through June 27, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Combined Consolidated Statements of Comprehensive Income (Loss) for the years ended
December 31, 2013 and 2012, the period from June 28, 2011 through December 31, 2011
and the period from January 1, 2011 through June 27, 2011 . . . . . . . . . . . . . . . . . . . . . .
Combined Consolidated Statements of Changes in Equity for the years ended December 31,
2013 and 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Combined Consolidated Statements of Cash Flows for the years ended December 31, 2013
and 2012, the period from June 28, 2011 through December 31, 2011 and the period from
January 1, 2011 through June 27, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to Combined Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . .
Form
10-K
Page
F-2
F-3
F-4
F-5
F-6
F-8
F-9
2.
Financial Statement Schedules.
Schedule II — Valuation and Qualifying Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule III — Real Estate and Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . .
F-34
F-35
3. Exhibits.
(b) Exhibits. The following documents are filed as exhibits to this report:
Exhibit
Number
Exhibit Description
3.1
3.2
4.1
4.2
4.3
4.4
Articles of Incorporation of Brixmor Property
Group Inc., dated as of November 4, 2013
Bylaws of Brixmor Property Group Inc., dated
as of November 4, 2013
Indenture, dated as of March 29, 1995,
between New Plan Realty Trust and The First
National Bank of Boston, as Trustee (the
“1995 Indenture”)
First Supplemental Indenture to the 1995
Indenture, dated as of August 5, 1999, by and
among New Plan Realty Trust, New Plan Excel
Realty Trust, Inc. and State Street Bank and
Trust Company
Successor Supplemental Indenture to the 1995
Indenture, dated as of April 20, 2007, by and
among Super IntermediateCo LLC and U.S.
Bank Trust National Association
Third Supplemental Indenture to the 1995
Indenture, dated as of October 30, 2009, by
and among Centro NP LLC and U.S. Bank
Trust National Association
Incorporated by Reference
File No.
Date of
Filing
Exhibit
Number
Filed
Herewith
Form
8-K
001-36160
11/4/2013
8-K
001-36160
11/4/2013
S-3
33-61383
7/28/1995
3.1
3.2
4.2
10-Q
001-12244
11/12/1999
10.2
10-Q
001-12244
8/9/2007
4.2
S-11
333-190002
10/29/2013
4.4
85
Exhibit
Number
4.5
4.6
4.7
4.8
4.9
4.10
4.11
4.12
4.13
10.1
10.2
10.3
Exhibit Description
Indenture, dated as of February 3, 1999,
among the New Plan Excel Realty Trust, Inc.,
as Primary Obligor, New Plan Realty Trust, as
Guarantor, and State Street Bank and Trust
Company, as Trustee (the “1999 Indenture”)
Form of Officers’ Certificate relating to the
terms of the Company’s 3.75% Convertible
Senior Notes due 2023
Supplemental Indenture to the 1999 Indenture,
dated as of December 17, 2004, by and
between New Plan Excel Realty Trust, Inc., as
Primary Obligor, New Plan Realty Trust, as
Guarantor, and U.S. Bank Trust National
Association (as successor to State Street Bank
and Trust Company)
Successor Supplemental Indenture to the 1999
Indenture, dated as of April 20, 2007, by and
among Super IntermediateCo LLC and U.S.
Bank Trust National Association
Supplemental Indenture to the 1999 Indenture,
dated as of May 4, 2007, by and between
Centro NP LLC and U.S. Bank Trust National
Association
Indenture, dated as of January 30, 2004, by
and between New Plan Excel Realty Trust, Inc.
as Primary Obligor, and U.S. Bank Trust
National Association, as Trustee (the “2004
Indenture”)
First Supplemental Indenture to the 2004
Indenture, dated as of September 19, 2006,
between New Plan Excel Realty Trust and U.S.
Bank Trust National Association, as trustee
Successor Supplemental Indenture to the 2004
Indenture, dated as of April 20, 2007, by and
among Super IntermediateCo LLC and U.S.
Bank Trust National Association
Supplemental Indenture to the 2004 Indenture,
dated as of May 4, 2007, by and between
Centro NP LLC and U.S. Bank Trust National
Association
Amended and Restated Agreement of Limited
Partnership of Brixmor Operating Partnership
LP, dated as of October 29, 2013, by and
between Brixmor OP GP LLC, as General
Partner, BPG Subsidiary Inc., as Special
Limited Partner, and the other limited partners
from time to time party thereto
Amendment No. 1 to the Amended and
Restated Limited Partnership Agreement of
Brixmor Operating Partnership LP, dated as of
October 29, 2013, by and between Brixmor OP
GP LLC, as General Partner, and the limited
partners from time to time party thereto
Separate Series Agreement, dated as of
October 29, 2013, by and among BRE
Non-Core Assets Inc., as a limited partner
Incorporated by Reference
Form
8-K
File No.
Date of
Filing
Exhibit
Number
Filed
Herewith
001-12244
2/3/1999
4.1
8-K
001-12244
5/19/2003
4.2
8-K
001-12244
12/22/2004
4.1
10-Q
001-12244
8/9/2007
4.3
10-Q
001-12244
8/9/2007
4.3
8-K
001-12244
2/5/2004
4.1
8-K
001-12244
9/13/2006
4.1
10-Q
001-12244
8/9/2007
4.3
10-Q
001-12244
8/9/2007
4.3
8-K
001-36160
11/4/2013
10.1
8-K
001-36160
11/4/2013
10.2
8-K
001-36160
11/4/2013
10.3
86
10.4
10.5
10.6*
10.7
10.8
10.9
10.10
10.11
10.12
Exhibit
Number
Exhibit Description
Form
File No.
Date of
Filing
Exhibit
Number
Filed
Herewith
Incorporated by Reference
associated with Series A, Non-Core Series GP,
LLC, as the general partner associated with
Series A, and Brixmor OP GP LLC, as the
general partner of the Partnership on behalf of
Brixmor Operating Partnership LP
Registration Rights Agreement, dated as of
October 29, 2013, by and among the Company
and the equity holders named therein
Stockholders’ Agreement, dated as of
October 29, 2013, by and between the
Company and BRE Retail Holdco L.P.
Exchange Agreement, dated as of October 29,
2013, by and among the Company and the
other holders of BPG Subsidiary Inc. common
stock from time to time party thereto
Amended and Restated Certificate of Limited
Partnership of Brixmor Operating Partnership
LP
8-K
001-36160
11/4/2013
10.4
8-K
001-36160
11/4/2013
10.5
8-K
001-36160
11/4/2013
10.6
—
—
—
—
Form of Contribution Agreement
S-11
333-190002
10/29/2013
x
x
10.2
—
—
—
—
S-11
333-190002
10/29/2013
10.6
S-11
333-190002
10/29/2013
10.7
S-11
333-190002
10/29/2013
10.9
Non-Core Property Management Agreement,
dated as of October 29, 2013
Revolving Credit and Term Loan Agreement,
dated as of July 16, 2013, among Brixmor
Operating Partnership LP. as borrower, JP
Morgan Chase Bank, N.A., as administrative
agent, Bank of America, N.A. and Wells Fargo
Bank, National Association, as syndication
agents, Barclays Bank PLC, Citibank, N.A.,
Deutsche Bank Securities Inc. and Royal Bank
of Canada, as documentation agents and the
other Lenders party thereto
Parent Guaranty, dated as of July 16, 2013,
made by BPG Subsidiary Inc. and Brixmor OP
GP LLC for the benefit of JP Morgan Chase
Bank, N.A., as administrative agent
Loan Agreement, dated as of July 28, 2010, by
and among Centro NP New Garden SC
Owner, LLC, Centro NP Clark, LLC, Centro
NP Hamilton Plaza Owner, LLC, Centro NP
Holdings 11 SPE, LLC, Centro NP Holdings
12 SPE, LLC, Centro NP Atlantic Plaza, LLC,
Centro NP 23rd Street Station Owner, LLC,
Centro NP Coconut Creek Owner, LLC,
Centro NP Seminole Plaza Owner, LLC,
Centro NP Ventura Downs Owner, LLC,
Centro NP Augusta West Plaza, LLC, Centro
NP Banks Station, LLC, Centro NP Laurel
Square Owner, LLC, Centro NP Middletown
Plaza Owner, LLC, Centro NP Miracle Mile,
LLC, Centro NP Ridgeview, LLC, Centro NP
Surrey Square Mall, LLC, Centro NP
Covington Gallery Owner, LLC, Centro NP
Stone Mountain, LLC, Centro NP Greentree
SC, LLC, Centro NP Arbor Faire Owner, LP,
Centro NP Holdings 10 SPE, LLC, HK New
Plan Festival Center (IL), LLC and JPMorgan
Chase Bank, N.A., as lender
87
Exhibit
Number
10.13
10.14
10.15
10.16
10.17
10.18
10.19*
10.20*
10.21*
10.22*
10.23*
10.24*
10.25*
10.26*
10.27*
10.28*
Exhibit Description
Guaranty, dated as of July 28, 2010, made by
Centro NP LLC for the benefit of JPMorgan
Chase Bank, N.A., as lender (regarding Loan
Agreement with Centro NP New Garden SC
Owner, LLC, et al.)
Senior Mezzanine Loan Agreement, dated as
of July 28, 2010, by and among Centro NP
New Garden Mezz 1, LLC, Centro NP Senior
Mezz Holding, LLC and JPMorgan Chase
Bank, N.A., as lender
Senior Mezzanine Guaranty, dated as of
July 28, 2010, made by Centro NP LLC for the
benefit of JPMorgan Chase Bank, N.A., as
lender
Omnibus Amendment to the Mezzanine Loan
Documents, dated as of September 1, 2010, by
and among Centro NP New Garden Mezz 2,
LLC, Centro NP Junior Mezz Holding, LLC
and JPMorgan Chase Bank, N.A., as lender
Loan Agreement, dated as of July 28, 2010, by
and between Centro NP Roosevelt Mall
Owner, LLC and JPMorgan Chase Bank,
N.A., as lender
Guaranty, dated as of July 28, 2010, made by
Centro NP LLC for the benefit of JPMorgan
Chase Bank, N.A., as lender (regarding Loan
Agreement with Centro NP Roosevelt Mall
Owner, LLC)
2013 Omnibus Incentive Plan
Form of Director and Officer Indemnification
Agreement
Employment Agreement, dated November 1,
2011, between BPG Subsidiary Inc. and
Michael A. Carroll
Employment Agreement, dated June 24, 2013,
between BPG Subsidiary Inc. and Michael V.
Pappagallo
Employment Agreement, dated November 1,
2011, between BPG Subsidiary Inc. and
Timothy Bruce
Employment Agreement, dated November 1,
2011, between BPG Subsidiary Inc. and Steven
F. Siegel
Employment Agreement, dated November 1,
2011, between BPG Subsidiary Inc. and Dean
Bernstein
Employment Agreement, dated November 1,
2011, between BPG Subsidiary Inc. and
Tiffanie Fisher
Form of Brixmor Property Group Inc.
Restricted Stock Grant and Acknowledgment
Form of BPG Subsidiary Inc. Restricted Stock
Grant and Acknowledgment
Incorporated by Reference
Form
S-11
File No.
Date of
Filing
Exhibit
Number
Filed
Herewith
333-190002
10/29/2013
10.10
S-11
333-190002
10/29/2013
10.11
S-11
333-190002
10/29/2013
10.12
S-11
333-190002
10/29/2013
10.13
S-11
333-190002
10/29/2013
10.14
S-11
333-190002
10/29/2013
10.15
S-11
S-11
333-190002
10/29/2013
333-190002
10/29/2013
10.18
10.19
S-11
333-190002
10/29/2013
10.20
S-11
333-190002
10/29/2013
10.21
S-11
333-190002
10/29/2013
10.22
S-11
333-190002
10/29/2013
10.23
S-11
333-190002
10/29/2013
10.24
S-11
333-190002
10/29/2013
10.25
S-11
333-190002
10/29/2013
10.26
S-11
333-190002
10/29/2013
10.27
88
Exhibit
Number
10.29*
10.30
21.1
23.1
31.1
31.2
32.1
32.2
Exhibit Description
Separation Agreement, dated as of
September 4, 2013, between Brixmor Property
Group Inc. and Tiffanie Fisher
Form of Director Restricted Stock Award
Agreement
Subsidiaries of the Registrant
Consent of Ernst & Young LLP
Certification of Chief Executive Officer
pursuant to Rule 13a-14(a)/15d-14(a) of the
Securities Exchange Act of 1934, as adopted
pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
Certification of Chief Financial Officer
pursuant to Rule 13a-14(a)/15d-14(a) of the
Securities Exchange Act of 1934 as adopted
pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
Certification of Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350 as
Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350 as
Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
99.1
Section 13(r) Disclosure
101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema
Document
101.CAL XBRL Taxonomy Extension Calculation
Linkbase Document
101.DEF XBRL Taxonomy Extension Definition
Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase
Document
101.PRE XBRL Taxonomy Extension Presentation
Linkbase Document
Incorporated by Reference
Form
S-11
File No.
Date of
Filing
Exhibit
Number
Filed
Herewith
333-190002
10/29/2013
10.28
S-11
333-190002
10/29/2013
10.30
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
x
x
x
x
x
x
x
x
x
x
x
x
x
*
Indicates management contract or compensatory plan or arrangement.
The agreements and other documents filed as exhibits to this report are not intended to provide factual
information or other disclosure other than with respect to the terms of the agreements or other documents
themselves, and you should not rely on them for that purpose. In particular, any representations and
warranties made by us in these agreements or other documents were made solely within the specific context
of the relevant agreement or document and may not describe the actual state of affairs as of the date they
were made or at any other time.
89
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
SIGNATURES
Dated: March 12, 2014
BRIXMOR PROPERTY GROUP INC.
By: /s/ Michael A. Carroll
Michael A. Carroll
Chief Executive Officer and Director
(Principal Executive Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Dated: March 12, 2014
Dated: March 12, 2014
Dated: March 12, 2014
Dated: March 12, 2014
Dated: March 12, 2014
Dated: March 12, 2014
Dated: March 12, 2014
Dated: March 12, 2014
Dated: March 12, 2014
Dated: March 12, 2014
By: /s/ Michael V. Pappagallo
Michael V. Pappagallo
President and Chief Financial Officer
(Principal Financial Officer)
By: /s/ Steven A. Splain
Steven A. Splain
Executive Vice President and
Chief Accounting Officer
(Principal Accounting Officer)
By: /s/ John G. Schreiber
John G. Schreiber
Chairman of the Board of Directors
By: /s/ Michael Berman
Michael Berman
Director
By: /s/ Anthony W. Deering
Anthony W. Deering
Director
By: /s/ A.J. Agarwal
A.J. Agarwal
Director
By: /s/ Jonathan D. Gray
Jonathan D. Gray
Director
By: /s/ Nadeem Meghji
Nadeem Meghji
Director
By: /s/ William D. Rahm
William D. Rahm
Director
By: /s/ William J. Stein
William J. Stein
Director
90
INDEX TO COMBINED CONSOLIDATED FINANCIAL STATEMENTS
AND FINANCIAL STATEMENT SCHEDULES
1
COMBINED CONSOLIDATED STATEMENTS
Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Balance Sheets as of December 31, 2013 and 2012 . . . . . . . . . . . . . . . . . . . . . .
Combined Consolidated Statements of Operations for the years ended December 31, 2013 and
2012, the period from June 28, 2011 through December 31, 2011 and the period from
January 1, 2011 through June 27, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Combined Consolidated Statements of Comprehensive Income (Loss) for the years ended
December 31, 2013 and 2012, the period from June 28, 2011 through December 31, 2011 and
the period from January 1, 2011 through June 27, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Form
10-K
Page
F-2
F-3
F-4
F-5
Combined Consolidated Statements of Changes in Equity for the years ended December 31,
2013 and 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-6
Combined Consolidated Statements of Cash Flows for the years ended December 31, 2013 and
2012, the period from June 28, 2011 through December 31, 2011 and the period from
January 1, 2011 through June 27, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to Combined Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-8
F-9
2
COMBINED CONSOLIDATED FINANCIAL STATEMENT SCHEDULES
Schedule II — Valuation and Qualifying Accounts
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-34
Schedule III — Real Estate and Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . F-35
All other schedules are omitted because they are not applicable or the required information is shown in
the financial statements or notes thereto.
F-1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders of Brixmor Property Group Inc and Subsidiaries
We have audited the accompanying consolidated balance sheets of Brixmor Property Group Inc. and
Subsidiaries (the “Company”) as of December 31, 2013 and 2012, and the related combined consolidated
statements of operations, comprehensive income (loss), changes in equity, and cash flows for each of the
years ended December 31, 2013 and 2012 (Successor) and for the periods from June 28, 2011 through
December 31, 2011 (Successor) and January 1, 2011 through June 27, 2011 (Predecessor). Our audits also
included the financial statement schedules listed in the Index at Item 15. These financial statements and
schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion
on these financial statements and schedules based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. We were not
engaged to perform an audit of the Company’s internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Brixmor Property Group Inc. and Subsidiaries at December 31, 2013 and
2012, and the combined consolidated results of its operations and its cash flows for each of the years ended
December 31, 2013 and 2012 (Successor) and the periods from June 28, 2011 through December 31, 2011
(Successor) and January 1, 2011 through June 27, 2011 (Predecessor), in conformity with U.S. generally
accepted accounting principles. Also, in our opinion, the related financial statement schedules, when
considered in relation to the basic financial statements taken as a whole, present fairly in all material
respects the information set forth therein.
/s/ Ernst & Young
New York, New York
Date: March 12, 2014
F-2
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
Successor
December 31,
2013
December 31,
2012
Assets
Real estate
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,055,802
$1,915,667
Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,781,926
10,837,728
Accumulated depreciation and amortization . . . . . . . . . . . . . . . .
(1,190,170)
Real estate, net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,647,558
Investments in and advances to unconsolidated joint ventures . . . . . .
Cash and cash equivalents
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred charges and prepaid expenses, net . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets
9,205
113,915
75,457
22,104
178,505
105,522
19,650
7,978,759
9,894,426
(796,296)
9,098,130
16,038
103,098
90,160
24,883
156,944
95,118
19,358
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$10,171,916
$9,603,729
Liabilities
Debt obligations, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financing liabilities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable, accrued expenses and other liabilities . . . . . . . . . .
$ 5,981,289
175,111
709,529
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,865,929
Redeemable non-controlling interests
. . . . . . . . . . . . . . . . . . . . . . . .
21,467
Commitments and contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity
Preferred stock, $0.01 par value; authorized 300,000,000 shares; 0 and
125 shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Common stock, $0.01 par value; authorized 3,000,000,000 shares;
229,689,960 and 182,242,460 shares outstanding . . . . . . . . . . . . .
Additional paid in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive loss
. . . . . . . . . . . . . . . . . . . . .
Distributions in excess of accumulated loss . . . . . . . . . . . . . . . . . . .
—
—
2,297
2,543,690
(6,812)
(196,707)
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,342,468
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
942,052
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,284,520
$6,499,356
174,440
632,112
7,305,908
21,467
—
—
1,822
1,746,271
(39)
(26,559)
1,721,495
554,859
2,276,354
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$10,171,916
$9,603,729
The accompanying notes are an integral part of these consolidated financial statements.
F-3
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Successor (Consolidated)
Year Ended December 31,
2013
2012
Period from
June 28, 2011
through
December 31,
2011
Predecessor
(Combined
Consolidated)
Period from
January 1, 2011
through
June 27,
2011
Revenues
Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expense reimbursements
. . . . . . . . . . . . . . . . . . . . . . .
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 908,854
249,265
16,578
1,174,697
$ 874,325
233,489
11,358
1,119,172
$ 440,961
115,955
5,673
562,589
$ 424,325
118,486
7,980
550,791
Operating expenses
Operating costs
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
Provision for doubtful accounts
. . . . . . . . . . . . . . . . . . .
Impairment of real estate assets
Acquisition related costs
. . . . . . . . . . . . . . . . . . . . . . .
General and administrative . . . . . . . . . . . . . . . . . . . . . .
Total operating expenses . . . . . . . . . . . . . . . . . . . . . .
Other income (expense)
Dividends and interest . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on bargain purchase . . . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on sales of real estate assets and acquisition of
joint venture interest . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total other income (expense) . . . . . . . . . . . . . . . . . . . . . . .
Income (loss) before equity in income of unconsolidated joint
ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in income (loss) of unconsolidated joint ventures . . . . . .
Impairment of investment in unconsolidated joint ventures . . . .
Income (loss) from continuing operations . . . . . . . . . . . . . .
Discontinued operations:
Income (loss) from discontinued operations . . . . . . . . . . . . .
Gain on disposition of operating properties . . . . . . . . . . . . .
Impairment on real estate held for sale . . . . . . . . . . . . . . . .
Loss from discontinued operations
. . . . . . . . . . . . . . . . . . .
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interests
Net (income) loss attributable to non-controlling interests . . . . .
Net income (loss) attributable to Brixmor Property Group Inc. . . . .
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) attributable to common stockholders . . . . . . . .
Per common share
Income (loss) from continuing operations
– Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
– Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) attributable to common stockholders
– Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
– Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average common outstanding shares
121,262
174,634
447,915
11,687
23,534
—
121,093
900,125
832
—
(347,996)
2,223
(31,626)
(376,567)
(101,995)
1,167
—
(100,828)
1,672
3,392
(23,119)
(18,055)
(118,883)
123,503
161,681
502,231
11,766
—
541
88,843
888,565
1,138
—
(383,715)
501
(503)
(382,579)
(151,972)
687
(314)
(151,599)
(884)
5,369
(13,599)
(9,114)
(160,713)
61,776
80,445
292,648
8,955
—
41,362
50,437
535,623
641
328,826
(203,090)
—
2,112
128,489
155,455
(160)
—
155,295
(2,159)
—
—
(2,159)
153,136
66,869
79,175
173,543
11,182
—
5,647
57,434
393,850
815
—
(191,255)
—
(3,728)
(194,168)
(37,227)
(381)
—
(37,608)
(875)
—
(8,608)
(9,483)
(47,091)
25,349
(93,534)
(162)
$ (93,696)
38,146
(122,567)
(296)
$ (122,863)
(37,785)
115,351
(137)
$ 115,214
(752)
(47,843)
—
$ (47,843)
$
$
$
$
(0.42)
(0.42)
(0.50)
(0.50)
$
$
$
$
(0.64)
(0.64)
(0.68)
(0.68)
$
$
$
$
0.65
0.65
0.64
0.64
outstanding – basic and diluted:(1)
. . . . . . . . . . . . . . . . . .
188,993
180,675
180,675
(1) Excluded convertible OP Units, convertible BPG subsidiary shares and unvested restricted stock
awards as their impact would either have no effect on the per share amounts or would be anti-dilutive.
The accompanying notes are an integral part of these consolidated financial statements.
F-4
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
Successor (Consolidated)
Year Ended December 31,
2013
2012
Period from
June 28
through
December 31,
2011
Predecessor
(Combined
Consolidated)
Period from
January 1
through
June 27,
2011
Net income (loss)
. . . . . . . . . . . . . . . . . . . . . . . . . .
(118,883)
(160,713)
153,136
(47,091)
Other comprehensive income (loss)
Change in unrealized loss on interest rate hedges . . .
(6,795)
Change in unrealized income (loss) on marketable
securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
—
(83)
—
44
—
20
Comprehensive income (loss) . . . . . . . . . . . . . . . . . .
Comprehensive income (loss) attributable to
(125,656)
(160,796)
153,180
(47,071)
non-controlling interests . . . . . . . . . . . . . . . . . . . .
25,349
38,146
(37,785)
(752)
Comprehensive income (loss) attributable to the
Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(100,307) $(122,650)
$115,395
$(47,823)
The accompanying notes are an integral part of these consolidated financial statements.
F-5
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands)
Predecessor (Combined Consolidated)
For the Period January 1, 2011 through June 27, 2011
Preferred Stock Common Stock
Number Amount Number Amount
Additional
Paid in
Capital
Accumulated
Other
Comprehensive
Loss
Distributions in
Excess of
Accumulated
Loss
Non-
controlling
Interests
Total
Beginning balance, January 1, 2011 . . . . .
— $ —
— $
— $1,956,471 $
(5) $
— $
1,352 $1,957,818
Contributions . . . . . . . . . . . . . . . . .
Distributions
. . . . . . . . . . . . . . . . .
Other reclassification adjustment
. . . . . .
Unrealized gain on marketable securities . .
Non-controlling interest
. . . . . . . . . . .
Net (loss) income . . . . . . . . . . . . . . .
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4,377
— (36,725)
—
—
—
2
—
—
— (47,843)
Ending balance, June 27, 2011 . . . . . . . .
— $ —
— $
— $1,876,282 $
—
—
—
20
—
—
15
—
—
—
—
—
—
—
4,377
— (36,725)
—
—
(28)
116
2
20
(28)
(47,727)
$
— $
1,440 $1,877,737
Successor (Consolidated)
For the Period June 28, 2011 through December 31, 2011
Preferred Stock Common Stock
Number Amount Number Amount
Additional
Paid in
Capital
Accumulated
Other
Comprehensive
Loss
Distributions in
Excess of
Accumulated
Loss
Non-
controlling
Interests
Total
Beginning balance, June 28, 2011 . . . . .
— $ —
— $ — $
— $
— $
— $
Issuance of preferred stock . . . . . . . . .
Issuance of common stock . . . . . . . . .
Compensation expense relating to
Class B Units
. . . . . . . . . . . . . .
Unrealized gain on marketable securities .
Preferred stock dividends . . . . . . . . . .
Issuance of non-controlling interests in
subsidiary . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
—
—
—
—
2,500
— 182,242
1,822
1,738,105
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
809
—
—
—
—
—
—
—
44
—
—
—
—
—
—
—
(137)
— $
—
—
2,500
— 1,739,927
261
—
—
1,070
44
(137)
— 561,549
561,549
115,351
37,126
152,477
Ending balance, December 31, 2011 . . . .
— $ — 182,242 $1,822 $1,741,414 $
44 $
115,214 $ 598,936 $2,457,430
Successor (Consolidated)
For the Year Ended December 31, 2012
Preferred Stock Common Stock
Number Amount Number Amount
Additional
Paid in
Capital
Accumulated
Other
Comprehensive
Loss
Distributions in
Excess of
Accumulated
Loss
Non-
controlling
Interests
Total
Beginning balance, January 1, 2012 . . . . .
— $ — 182,242 $1,822 $1,741,414 $
44 $
115,214
$598,936 $2,457,430
Common stock dividends . . . . . . . . . .
Distributions to non-controlling interests. .
Compensations expense relating to
Class B Units . . . . . . . . . . . . . . .
Unrealized loss on marketable securities . .
Preferred stock dividends . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4,857
—
—
—
—
—
—
(83)
—
—
(18,910)
—
(18,910)
—
—
—
(296)
(6,203)
(6,203)
1,563
6,420
—
—
(83)
(296)
(122,567)
(39,437)
(162,004)
Ending balance, December 31, 2012 . . . .
— $ — 182,242 $1,822 $1,746,271 $
(39) $
(26,559) $554,859 $2,276,354
F-6
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)
(in thousands)
Successor (Consolidated)
For the Year Ended December 31, 2013
Preferred Stock Common Stock
Number Amount Number Amount
Additional
Paid in
Capital
Accumulated
Other
Comprehensive
Loss
Distributions in
Excess of
Accumulated
Loss
Non-
controlling
Interests
Total
Beginning balance, January 1, 2013 . . . . .
— $ — 182,242 $1,822 $1,746,271 $
(39) $
(26,559) $554,859 $2,276,354
Common stock dividends
. . . . . . . . . .
Distributions to non-controlling interests . .
Issuance of non-core series A . . . . . . . .
Issuance of OP units for Acquired
Properties
. . . . . . . . . . . . . . . . .
Compensation expense relating to
Class B Units . . . . . . . . . . . . . . . .
Proceeds from initial public offering . . . .
Redemption of preferred stock . . . . . . .
Preferred stock dividends
. . . . . . . . . .
Credit swap liability . . . . . . . . . . . . .
Unrealized gain on marketable securities . .
Declared but unpaid dividends and
distributions . . . . . . . . . . . . . . . .
Reallocation of non-controlling interest in
the OP and BPG Sub. . . . . . . . . . . .
Net loss . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
— 47,438
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
— (186,935)
—
—
475
—
—
—
—
—
—
—
—
27,487
893,385
(1,250)
—
—
—
—
64,732
—
—
—
—
—
—
—
—
—
(6,795)
22
—
—
—
(47,280)
—
(47,280)
— (25,219)
(25,219)
— 186,935
—
— 317,556
317,556
—
—
—
8,908
—
(162)
(151)
—
—
—
—
36,395
893,860
(1,250)
(313)
(6,795)
22
(29,172)
(9,467)
(38,639)
— (64,732)
—
(93,534)
(26,637)
(120,171)
Ending balance, December 31, 2013 . . . . .
— $ — 229,680 $2,297 $2,543,690 $
(6,812) $
(196,707) $942,052 $3,284,520
The accompanying notes are an integral part of these consolidated financial statements.
F-7
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Successor (Consolidated)
Year Ended December 31,
2012
2013
Predecessor
(Combined
Consolidated)
Period from
January 1, 2011
through June 27,
2011
Period from
June 28, 2011
through
December 31,
2011
Operating activities:
Net income (loss)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (118,883)
$(160,713)
$
153,136
$ (47,091)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . .
Debt premium and discount amortization . . . . . . . . . . . . . . . . . . . .
Deferred financing cost amortization . . . . . . . . . . . . . . . . . . . . . .
Above and below market lease intangible amortization . . . . . . . . . . . . .
Provisions of impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on bargain purchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on sale of real estate assets and acquisition of joint venture interest
. .
. . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Class B units
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Gain) loss on debt extinguishment, net . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
Deferred charges and prepaid expenses
Other assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable, accrued expenses and other liabilities . . . . . . . . . . . .
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . .
Changes in operating assets and liabilities:
Investing activities:
Acquisition of the Business . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Building improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisitions of real estate assets . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from sales of real estate assets . . . . . . . . . . . . . . . . . . . . .
Distributions from unconsolidated joint ventures . . . . . . . . . . . . . . . .
Contributions to unconsolidated joint ventures . . . . . . . . . . . . . . . . .
Change in restricted cash attributable to investing activities . . . . . . . . . .
Purchase of marketable securities
. . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from sale of marketable securities . . . . . . . . . . . . . . . . . . .
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . .
Financing activities:
Repayment of debt obligations and financing liabilities
. . . . . . . . . . . .
Proceeds from debt obligations . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayment of borrowings under unsecured revolving credit facility . . . . . .
Proceeds from borrowings under unsecured credit facility . . . . . . . . . . .
Deferred financing costs
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in restricted cash attributable to financing activities . . . . . . . . . .
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . .
Redemption of preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions to stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . .
Contributions attributable to CNP net investment
. . . . . . . . . . . . . . .
Distributions attributable to CNP net investment . . . . . . . . . . . . . . . .
Contributions from non-controlling interests . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . .
Distributions to non-controlling interests and other
Net cash provided by (used in) financing activities
. . . . . . . . . . . . .
Change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . .
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . .
Supplemental cash flow information, including non-cash investing and/or
financing activities:
Cash paid for interest, net of amount capitalized . . . . . . . . . . . . . . . .
State and local taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capitalized interest
Fair value of Operating Partnership units issued for acquisition of real estate
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
assets
450,279
(20,973)
10,831
(51,379)
46,653
—
(5,615)
36,395
(1,165)
16,498
5,562
(17,055)
(22,826)
2,901
767
331,990
—
(150,461)
(6,377)
58,994
593
(25)
8,108
(12,737)
15,538
(86,367)
(2,702,931)
57,000
(914,108)
2,534,286
(27,529)
—
893,860
(1,250)
(47,442)
—
—
—
(26,692)
(234,806)
10,817
103,098
113,915
342,950
2,013
4,968
317,556
$
$
510,435
(25,314)
10,272
(50,881)
13,913
—
(5,870)
6,420
(687)
—
(8,144)
(11,793)
(24,422)
(2,692)
18,323
268,847
—
(177,213)
(6,000)
50,609
1,640
(1,496)
16,266
(22,116)
19,608
(118,702)
(530,342)
360,000
—
—
(7,256)
—
—
—
(19,209)
—
—
—
(7,846)
(204,653)
(54,508)
157,606
$ 103,098
$ 388,320
2,754
1,661
—
298,698
(12,974)
4,812
(28,058)
—
(328,826)
—
1,070
210
(917)
10,823
(7,706)
(5,992)
—
(27,530)
56,746
(1,335,799)
(56,855)
—
719
1,434
—
7,370
(12,953)
9,053
(1,387,031)
(2,415,462)
1,542,000
—
—
(39,243)
100,123
1,742,426
—
(137)
—
—
560,074
(1,890)
1,487,891
157,606
—
157,606
217,445
—
292
—
$
$
The accompanying notes are an integral part of these consolidated financial statements.
F-8
179,371
(2,832)
5,166
(33,989)
8,751
—
(143)
—
999
—
(18,103)
15,635
(18,368)
4,769
22,928
117,093
—
(59,073)
—
53,453
3,233
(2)
(16,922)
(10,984)
11,453
(18,842)
(383,383)
163,000
—
—
(921)
(100,123)
—
—
—
4,377
(36,725)
—
(798)
(354,573)
(256,322)
304,522
$ 48,200
$ 185,597
—
254
—
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
NOTES TO COMBINED CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2013 and 2012
(in thousands, unless otherwise stated)
1. Nature of Business and Financial Statement Presentation
Description of Business
Brixmor Property Group Inc. and its consolidated subsidiaries (the “Company”) were formed for the
purpose of owning, operating and managing grocery-anchored community and neighborhood shopping
centers throughout the United States.
On February 28, 2011, the Company agreed to purchase certain United States assets and management
platform of Centro Properties Group (“CNP”) and its managed funds (the “Acquisition” and, together with
the related financings, asset acquisitions and other transactions, the “Transactions”). On June 28, 2011, the
Acquisition was consummated, resulting in the Company acquiring 585 properties for approximately
$9.0 billion, net of cash acquired of $0.1 billion. The consideration for the Transactions included
approximately $1.2 billion in cash and $7.8 billion of assumed indebtedness (the “Consideration”).
In June 2013, the Company changed its name from BRE Retail Parent Inc. to Brixmor Property
Group Inc. Simultaneous with this name change, the Company’s consolidated subsidiary changed its name
to BPG Subsidiary Inc. (“BPG Sub”) from Brixmor Property Group Inc.
Initial Public Offering and IPO Property Transfers
On November 4, 2013, the Company completed an initial public offering (“IPO”) in which it sold
approximately 47.4 million shares of its common stock, at an IPO price of $20.00 per share. The Company
received net proceeds from the sale of shares in the IPO of approximately $893.9 million after deducting
$54.9 million in underwriting discounts, expenses and transaction costs. Of the total proceeds received,
$824.7 million was used to pay down amounts outstanding under the Company’s unsecured credit facility
(see Note 7 for additional information).
In connection with the IPO, the Company acquired interests in 43 properties (the “Acquired
Properties”) from certain investment funds affiliated with The Blackstone Group L.P. (together with such
affiliated funds, “Blackstone”) in exchange for 15,877,791 common units of partnership interest (the “OP
Units”) in Brixmor Operating Partnership LP (the “Operating Partnership”) having a value equivalent to
the value of the Acquired Properties. In connection with the acquisition of the Acquired Properties, the
Company repaid $66.6 million of indebtedness to Blackstone attributable to the Acquired Properties with a
portion of the net proceeds of the IPO.
Also in connection with the IPO the Company, the Company created a separate series of interest in the
Operating Partnership that allocates to certain funds affiliated with The Blackstone Group L.P. and
Centerbridge Partners, L.P. (owners of the Operating Partnership prior to the IPO) (the “pre-IPO owners”)
all of the economic consequences of ownership of the Operating Partnership’s interest in 47 properties that
the Operating Partnership historically held in its portfolio (the “Non-Core Properties”). During 2013, the
Company disposed of 11 of the Non-Core Properties. As of December 31, 2013, the Company owned a
100% interest in 33 of the Non-Core Properties and a 20% interest in three of the Non-Core Properties. On
January 15, 2014, the Operating Partnership caused all but one of the Non-Core Properties to be
transferred to the pre-IPO owners. The consolidated financial statements of the Company for the years
ended December 31, 2013, December 31, 2012, the periods from January 1, 2011 to June 27, 2011 and
June 28, 2011 to December 31, 2011 do not reflect the transfer of the 47 Non-Core Properties.
Basis of Presentation
The financial information included herein reflects the consolidated financial position of the Company
as of December 31, 2013 and 2012 and the consolidated results of its operations and cash flows for the
years ended December 31, 2013 and 2012 and the period from June 28, 2011 through December 31, 2011, as
well as the combined consolidated results of the Company’s operations and cash flows for the period from
January 1, 2011 through June 27, 2011.
F-9
For periods preceding the date of the Transactions, the financial information included herein reflects
the combined consolidated financial position, results of operations and cash flows of the business, which
has been determined to be the predecessor to the Company.
The business comprised certain U.S. holding companies that indirectly owned the Total Portfolio and
historically conducted the activities of that business prior to the Transactions. Because these holding
companies were under the common control of CNP prior to the Transactions, the financial information for
the pre-Transactions periods has been presented on a combined consolidated basis in accordance with U.S.
generally accepted accounting principles (“GAAP”). All amounts presented have been reflected at the
business’ historical basis.
As a result, the financial information for 2011 includes financial information associated with the
post-Transactions basis for the period June 28, 2011 through December 31, 2011 and financial information
associated with the pre-Transactions basis for the period January 1, 2011 through June 27, 2011. These
separate periods are presented to reflect the new accounting basis established as of June 28, 2011 in
connection with the Transactions, which were accounted for as a business combination.
The bases of the assets and liabilities associated with the post-Transactions basis are, therefore, not
comparable to the pre-Transaction basis, nor would the statement of operations items for the period
June 28, 2011 through December 31, 2011 have been the same had the Transactions not occurred.
The Company does not distinguish its principal business or group its operations on a geographical
basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable
segment for disclosure purposes in accordance with GAAP.
Principles of Consolidation and Use of Estimates
The accompanying Consolidated Financial Statements include the accounts of Brixmor Property
Group Inc., its wholly owned subsidiaries and all other entities in which it has a controlling financial
interest. The portions of consolidated entities not owned by the Company are presented as non-controlling
interests as of and during the periods presented. All intercompany transactions have been eliminated.
When the Company obtains an economic interest in an entity, management evaluates the entity to
determine: (i) whether the entity is a variable interest entity (“VIE”), (ii) in the event the entity is a VIE,
whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE,
whether the Company otherwise has a controlling financial interest.
The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the
primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an
interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its
interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over
which the Company has the ability to exercise significant influence, the Company accounts for its interests
under the equity method of accounting. The Company continually reconsiders its determination of whether
an entity is a VIE and whether the Company qualifies as its primary beneficiary.
GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of
revenues and expenses during a reporting period. The most significant assumptions and estimates relate to
impairments of real estate, recovery of receivables and depreciable lives. These estimates are based on
historical experience and other assumptions which management believes are reasonable under the
circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these
estimates and related disclosures as experience develops or new information becomes known. Actual results
could differ from these estimates.
Non-controlling Interests
The Company accounts for non-controlling interests in accordance with the Consolidation guidance
and the Distinguishing Liabilities from Equity guidance issued by the Financial Accounting Standards
Board (“FASB”). Non-controlling interests represent the portion of equity that the Company does not own
in those entities that it consolidates. The Company identifies its non-controlling interests separately within
F-10
the Equity section of the Company’s Consolidated Balance Sheets. The amounts of consolidated net
earnings attributable to the Company and to the non-controlling interests are presented separately on the
Company’s Combined Consolidated Statements of Operations.
Non-controlling interests also includes amounts related to partnership units issued by consolidated
subsidiaries of the Company. Holders of these Class A Preferred Units have a redemption right that
provides the holder with the option to redeem their units for $33.15 per unit in cash plus all accrued and
unpaid distributions. The unit holders generally have the right to redeem their units for cash at any time
provided certain notification requirements have been met.
The Company evaluates the terms of the partnership units issued in accordance with the FASB’s
Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring
the Company to redeem the units for cash at a specified or determinable date (or dates) or upon an event
that is certain to occur are determined to be mandatorily redeemable under this guidance and are included
as Redeemable non-controlling interests in partnership and classified within the mezzanine section between
Total liabilities and Equity on the Company’s Combined Consolidated Balance Sheets. Convertible units for
which the Company has the option to settle redemption amounts in cash or Common Stock are included in
the caption Non-controlling interests within the Equity section of the Company’s Combined Consolidated
Balance Sheets.
Cash and Cash Equivalents
For purposes of presentation on both the Consolidated Balance Sheets and the Consolidated
Statements of Cash Flows, the Company considers instruments with an original maturity of three months
or less to be cash and cash equivalents.
Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed
insurable amounts. The Company believes it mitigates this risk by investing in or through major financial
institutions and primarily in funds that are insured by the United States federal government.
Restricted Cash
Restricted cash represents cash deposited in escrow accounts, which generally can only be used for the
payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain
loan and lease agreements as well as legally restricted tenant security deposits. All restricted cash is invested
in money market accounts.
Real Estate
Real estate assets are recorded in the Consolidated Balance Sheets at historical cost, less accumulated
depreciation and amortization. Upon acquisition of real estate operating properties, management estimates
the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements),
identifiable intangible assets and liabilities (consisting of above and below-market leases, in-place leases and
tenant relationships), and assumed debt based on an evaluation of available information. Based on these
estimates, the estimated fair value is allocated to the acquired assets and assumed liabilities.
The fair values of tangible assets are determined as if the acquired property is vacant. Fair value is
determined using an exit price approach, which contemplates the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. If, up to one year from the acquisition date, information regarding the fair value of the
assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are
made to the purchase price allocation on a retrospective basis. The Company expenses transaction costs
associated with business combinations in the period incurred.
In allocating the fair value to identifiable intangible assets and liabilities of an acquired operating
property, the value of above-market and below-market leases is estimated based on the present value (using
an interest rate reflecting the risks associated with leases acquired) of the difference between: (i) the
contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and
(ii) management’s estimate of fair market lease rates for the property or an equivalent property, measured
F-11
over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market or
below-market intangible is amortized as a reduction of, or increase to, rental income over the remaining
non-cancelable term of each lease, which includes renewal periods with fixed rental terms that are
considered to be below-market.
In determining the value of in-place leases and tenant relationships, management evaluates the specific
characteristics of each lease and the Company’s overall relationship with each tenant. Factors considered
include, but are not limited to: the nature of the existing relationship with a tenant, the credit risk
associated with a tenant, expectations surrounding lease renewals, estimated carrying costs of a property
during a hypothetical expected lease-up period, current market conditions and costs to execute similar
leases. Management also considers information obtained about a property in connection with its
pre-acquisition due diligence. Estimated carrying costs include: real estate taxes, insurance, other property
operating costs and estimates of lost rentals at market rates during the hypothetical lease-up periods. Costs
to execute similar leases include: commissions and legal costs to the extent that such costs are not already
incurred with a new lease that has been negotiated in connection with the purchase of a property. The value
assigned to in-place leases is amortized to expense over the remaining term of each lease. The value
assigned to tenant relationships is amortized over the initial terms of the leases.
Certain real estate assets are depreciated using the straight-line method over the estimated useful lives
of the assets. The estimated useful lives are as follows:
Building and building and land improvements. . . . . . .
Furniture, fixtures, and equipment. . . . . . . . . . . . . . .
Tenant improvements . . . . . . . . . . . . . . . . . . . . . . . . The shorter of the term of the related
20 – 40 years
5 – 10 years
lease or useful life
Costs to fund major replacements and betterments, which extend the life of the asset, are capitalized
and depreciated over their respective useful lives, while costs for ordinary repairs and maintenance activities
are expensed as incurred.
When a real estate asset is identified by management as held-for-sale, the Company discontinues
depreciating the asset and estimates its sales price, net of estimated selling costs. If, in management’s
opinion, the estimated net sales price of an asset is less than its net carrying value, an adjustment is recorded
to reflect the estimated fair value. Additionally, the real estate asset and related operations are classified as
discontinued operations and separately presented within the Consolidated Statements of Operations and
within Other assets on the Consolidated Balance Sheets. Properties classified as real estate held-for-sale
generally represent properties that are under contract for sale and are expected to close within 12 months.
On a periodic basis, management assesses whether there are indicators that the value of the Company’s
real estate assets (including any related intangible assets or liabilities) may be impaired.
If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of
current and projected operating cash flows (undiscounted and unleveraged), taking into account the
anticipated and probability weighted holding period, are less than a real estate asset’s carrying value.
Various factors are considered in the estimation process, including expected future operating income, trends
and prospects and the effects of demand, competition, and other economic factors. If management
determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of
its carrying amount over its fair value.
In situations in which a lease or leases associated with a significant tenant have been, or are expected to
be, terminated early, the Company evaluates the remaining useful lives of depreciable or amortizable assets
in the asset group related to the lease that will be terminated (i.e., tenant improvements, above and below
market lease intangibles, in-place lease value and leasing commissions). Based upon consideration of the
facts and circumstances surrounding the termination, the Company may write-off or accelerate the
depreciation and amortization associated with the asset group. Such write-offs are included within
Depreciation and amortization in the Consolidated Statements of Operations.
F-12
Real Estate Under Redevelopment
Real estate assets that are under redevelopment are carried at cost and are not depreciated. Amounts
essential to the development of the property, such as development costs, construction costs, interest costs,
real estate taxes, salaries and related costs of personnel directly involved and other costs incurred during the
period of redevelopment are capitalized. The Company ceases cost capitalization when the property is
available for occupancy or upon substantial completion of building and tenant improvements, but no later
than one year from the completion of major construction activity.
Investments in and Advances to Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures using the equity method of
accounting as the Company exercises significant influence over, but does not control these entities. These
investments are initially recorded at cost and are subsequently adjusted for cash contributions and
distributions. Earnings for each investment are recognized in accordance with the terms of the applicable
agreement and where applicable, are based upon an allocation of the unconsolidated real estate joint
ventures’ net assets at book value as if it was hypothetically liquidated at the end of each reporting period.
Intercompany fees and gains on transactions with an unconsolidated joint venture are eliminated to the
extent of the Company’s ownership interest.
To recognize the character of distributions from an unconsolidated joint venture, the Company reviews
the nature of cash distributions received for purposes of determining whether such distributions should be
classified as either a return on investment, which would be included in operating activities, or a return of
investment, which would be included in Investing activities on the Consolidated Statements of Cash Flows.
On a periodic basis, management assesses whether there are indicators, including the operating
performance of the underlying real estate and general market conditions, that the value of the Company’s
investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if
management’s estimate of the fair value of the Company’s investment is less than its carrying value and
such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is
measured as the excess of the carrying amount of the investment over its estimated fair value.
Management’s estimates of fair value are based upon a discounted cash flow model for each specific
investment that includes all estimated cash inflows and outflows over a specified holding period and, where
applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads used in
these models are based upon rates that the Company believes to be within a reasonable range of current
market rates.
Deferred Leasing and Financing Costs
Costs incurred in obtaining tenant leases (including internal leasing costs) and long-term financing are
amortized using the straight-line method over the term of the related lease or debt agreement, which
approximates the effective interest method. Costs incurred related to obtaining tenant leases which are
capitalized include salaries, lease incentives and the related costs of personnel directly involved in successful
leasing efforts. Costs incurred in obtaining long-term financing which are capitalized include bank fees,
legal and title costs and transfer taxes. The amortization of deferred leasing and financing costs is included
in Depreciation and amortization and Interest expense, respectively, in the Consolidated Statements of
Operations.
Marketable Securities
The Company classifies its marketable securities, which include both debt and equity securities, as
available-for-sale. These securities are carried at fair value with unrealized gains and losses reported in
member’s equity as a component of accumulated other comprehensive loss. Gains or losses on securities
sold are based on the weighted average method.
On a periodic basis, management assesses whether there are indicators that the value of the Company’s
marketable securities may be impaired. A marketable security is impaired if the fair value of the security is
less than its carrying value and the difference is determined to be other-than-temporary. To the extent
impairment has occurred, the loss is measured as the excess of the carrying value of the security over its
estimated fair value.
F-13
At December 31, 2013 and 2012, the fair value of the Company’s marketable securities portfolio
approximated its amortized cost basis. As a result, gross unrealized gains and gross unrealized losses were
immaterial to the Company’s Consolidated Financial Statements.
Derivative Financial Instruments
Derivatives, including certain derivatives embedded in other contracts, are measured at fair value and
are recognized in the Consolidated Balance Sheets as assets or liabilities, depending on the Company’s
rights or obligations under the applicable derivative contract. The accounting for changes in the fair value
of a derivative varies based on the intended use of the derivative, whether the Company has elected to
designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging
relationship has satisfied the necessary criteria.
Revenue Recognition and Receivables
Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative
difference between rental revenue recognized in the Consolidated Statements of Operations and contractual
payment terms is recorded as deferred rent and presented on the accompanying Consolidated Balance
Sheets within Receivables.
The Company commences recognizing revenue based on an evaluation of a number of factors. In most
cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical
use of the leased asset. Generally, this occurs on the lease commencement date.
Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee. These
percentage rents are recognized upon the achievement of certain pre-determined sales levels. Leases also
typically provide for reimbursement of common area maintenance, property taxes and other operating
expenses by the lessee which are recognized in the period the applicable expenditures are incurred.
The determination of who is the owner, for accounting purposes, of tenant improvements (where
provided) determines the nature of the leased asset and when revenue recognition under a lease begins. If
the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the
finished space and revenue recognition begins when the lessee takes possession of the finished space,
typically when the improvements are substantially complete. If the Company concludes it is not the owner,
for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the
unimproved space and any tenant improvement allowances funded under a lease are accounted for as lease
incentives which are amortized as a reduction of revenue recognized over the term of the lease. In these
circumstances, the Company commences revenue recognition when the lessee takes possession of the
unimproved space for the lessee to construct their own improvements. In making this assessment, the
Company considers a number of factors, each of which individually is not determinative.
Gains from the sale of depreciated operating properties are generally recognized under the full accrual
method, provided that various criteria relating to the terms of the sale and subsequent involvement by the
Company with the applicable property are met.
The Company periodically evaluates the collectibility of its receivables related to base rents,
straight-line rent, expense reimbursements and those attributable to other revenue generating activities. The
Company analyzes its receivables and historical bad debt levels, tenant credit-worthiness and current
economic trends when evaluating the adequacy of its allowance for doubtful accounts. In addition, tenants
in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition
and post-petition claims.
Stock Based Compensation
In 2011 and 2013 prior to the IPO, certain employees of the Company were granted long-term
incentive awards which provide them with equity interests as an incentive to remain in the Company’s
service and align executives’ interests with those of the Company’s equity holders. The awards were granted
by two of the Company’s current equity holders, BRE Retail Holdco L.P. and Holdco II (the
“Partnerships”), in the form of Class B Units in each of the Partnerships. The awards were granted with
service conditions and performance and market conditions.
F-14
In connection with the IPO the Company’s Board of Directors approved the 2013 Omnibus Incentive
Plan (the “Plan”). The Plan provides for a maximum of 15,000,000 shares of the Company’s common stock
to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock and restricted
stock units, OP Units in the Company’s Operating Partnership, performance awards and other stock-based
awards.
The Company accounts for equity awards in accordance with the FASB’s Stock Compensation
guidance which requires that all share based payments to employees and non-employee directors be
recognized in the statement of operations over the service period based on their fair value. Fair value is
determined based on the type of award using either the grant date market price of the Company’s stock, the
Black-Scholes-Merton option-pricing model or a Monte Carlo simulation model. Share-based
compensation expense is included in General and administrative in the Company’s Condensed Consolidated
Statements of Operations.
Income Taxes
The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT
for United States federal income tax purposes. REITs generally are not required to pay federal income taxes
on their net income that is currently distributed to stockholders if they distribute to stockholders at least
90% of their United States taxable income and meet certain income, asset and organizational tests.
Accordingly, the Company generally will not be subject to federal income tax.
The Company has elected to treat certain consolidated subsidiaries, and may in the future elect to treat
newly formed subsidiaries, as taxable REIT subsidiaries, which are subject to income tax. Taxable REIT
subsidiaries may participate in non-real estate-related activities and/or perform non-customary services for
tenants and are subject to United States federal and state income tax at regular corporate tax rates.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities
are recognized for the estimated future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their respective tax bases and operating
loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in
effect for the year in which those temporary differences are expected to be recovered or settled. The
Company provides a valuation allowance for deferred tax assets for which it does not consider realization of
such assets to be more likely than not.
The Company reviews the need to establish a valuation allowance against its deferred tax assets on a
quarterly basis. This review includes an analysis of various factors, such as future reversals of existing
taxable temporary differences, the capacity for the carryback or carryforward of any losses, the occurrence
of future income or loss and available tax planning strategies.
Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not
that the tax position will be sustained on examination by the taxing authorities based on the technical
merits of the position. The tax benefits recognized in the financial statements from such a position are
measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon
ultimate settlement.
The Company has analyzed the tax position taken on income tax returns for the open 2011 through
2013 tax years and has concluded that no provision for income taxes related to uncertain tax positions is
required in the Company’s Consolidated Financial Statements as of December 31, 2013 and 2012.
New Accounting Pronouncements
In February 2013, FASB issued Accounting Standards Update (“ASU”) 2013-2, “Comprehensive
Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income.”
ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of
accumulated other comprehensive income. The adoption of this guidance did not have a material impact on
the Company’s financial statement presentation.
It has been determined that any other recently issued accounting standards or pronouncements not
disclosed above have been excluded as they either are not relevant to the Company, or they are not expected
to have a material effect on the Consolidated Financial Statements of the Company.
F-15
2. Acquisition of Real Estate
The Company acquired interests in the Acquired Properties from certain investment funds affiliated
with Blackstone in exchange for 15,877,791 OP Units in the Operating Partnership having a value of
$317.5 million based on the IPO price of $20.00 per share. In connection with the acquisition of the
Acquired Properties, we repaid approximately $66.6 million of indebtedness to Blackstone attributable to
the Acquired Properties with a portion of the net proceeds of the IPO.
The acquisition of the Acquired Properties was accounted for as a business combination. As a result,
the associated consideration has been allocated to the assets acquired and liabilities assumed based on
management’s estimate of their fair values using information available on the acquisition date. The
allocation of the consideration for this acquisition is preliminary and remains subject to adjustment.
The following table summarizes the fair value of the net assets acquired on October 29, 2013:
Assets
Real estate, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Receivables, net
Deferred charges and prepaid expenses, net . . . . . . . . . . . . . . . . . . . . . . . .
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liabilities
Debt obligations, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable, accrued expenses and other liabilities . . . . . . . . . . . . . . .
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Assets Acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$888,134
8,729
7,878
4,840
1,496
989
$912,066
$430,465
164,045
594,510
$317,556
During the year ended December 31, 2013, in addition to the Acquired Properties, the Company
acquired one building, located adjacent to one of the Company’s existing shopping centers, for
approximately $5.1 million and acquired the remaining 70% partnership interest in Arapahoe Crossings,
L.P. that was previously owned by an unaffiliated third party for a net purchase price of $18.7 million. In
connection with the acquisition, a gain of $1.1 million on the step-up of the Company’s original 30%
interest was recognized. The acquisition of the partnership interest included the assumption of debt
obligations of approximately $41.8 million, which were paid off with the proceeds from the unsecured credit
facility entered into in July 2013 (see Note 7 for further discussion of the unsecured credit facility).
During the year ended December 31, 2012, the Company acquired three retail buildings, located
adjacent to three of the Company’s existing shopping centers, for approximately $5.5 million and acquired
the remaining 50% ownership interest in a 41.6 acre land parcel in Riverhead, NY for a purchase price of
$0.5 million.
The accompanying unaudited pro forma information for the years ended December 31, 2013, 2012,
and 2011, is presented as if the Acquisition had occurred on January 1, 2011 and the acquisition of the
Acquired Properties had occurred on January 1, 2012. This pro forma information is based on the historical
financial statements and should be read in conjunction with the Combined Consolidated Financial
Statements and notes thereto. This unaudited pro forma information does not purport to represent what
the actual results of operations would have been had the above occurred, nor do they purport to predict the
results of operations for future periods.
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,236,545
$1,192,935
$1,120,904
Net Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (123,725)
$ (163,786)
$ (260,601)
Year Ending December 31,
2013
2012
2011
F-16
3. Discontinued Operations and Assets Held for Sale
The Company reports as discontinued operations real estate assets that are held for sale as of the end
of the current period and real estate assets that were sold during the period. The operating results and gain
on disposition of the real estate properties are included in a separate component of income on the
Consolidated Statements of Operations under Discontinued operations. This has resulted in certain
reclassifications for the years ended December 31, 2013 and 2012, the period from June 28, 2011 to
December 31, 2011 and the period from January 1, 2011 to June 27, 2011.
Successor
Predecessor
Year Ended
December 31,
2013
Year Ended
December 31,
2012
Period from
June 28, 2011 to
December 31,
2011
Period from
January 1, 2011 to
June 27, 2011
Discontinued operations:
Revenues . . . . . . . . . . . . . . . . . . . . . . .
$
7,440
$
20,171
$
11,073
$
11,199
Operating expenses . . . . . . . . . . . . . . . .
Other expense, net
. . . . . . . . . . . . . . . .
(6,691)
923
(17,442)
(3,613)
(10,886)
(2,346)
(11,440)
(634)
Income (loss) from discontinued operating
properties . . . . . . . . . . . . . . . . . . . . . .
1,672
(884)
(2,159)
(875)
Gain on disposition of operating
properties . . . . . . . . . . . . . . . . . . . . . .
Impairment on real estate held for sale . . . .
3,392
(23,119)
5,369
(13,599)
—
—
Loss from discontinued operations
. . . . . .
$
(18,055)
$
(9,114)
$
(2,159)
$
—
(8,608)
(9,483)
As of December 31, 2013, the Company had one shopping center classified as held for sale and is
presented in Other assets within the Consolidated Balance Sheets. The shopping center had a carrying value
of approximately $5.5 million as of December 31, 2013.
As of December 31, 2012, the Company had one shopping center classified as held for sale which is
presented in Other assets within the Consolidated Balance Sheets. The shopping center had a carrying value
of approximately $1.6 million as of December 31, 2012.
During the year ended December 31, 2013, the Company disposed of 18 shopping centers for
aggregate proceeds of $54.6 million.
During the year ended December 31, 2012, the Company disposed of 19 shopping centers, one land
parcel and two buildings for aggregate proceeds of $50.6 million.
In connection with the real estate classified as held for sale and the disposition of the shopping centers
during the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011
and the period from January 1, 2011 to June 27, 2011, the Company recognized provisions for impairment
of $23.1 million, $13.6 million, $0 and $8.6 million, respectively. For purposes of measuring this provision,
fair value was determined based upon contracts with buyers and then adjusted to reflect associated
disposition costs.
F-17
4. Real Estate
The Company’s components of Real estate, net consisted of the following:
December 31,
2013
December 31,
2012
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,055,802
$1,915,667
Buildings and improvements:
Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,436,072
6,817,378
Building and tenant improvements . . . . . . . . . . . . . . . . . .
Other rental property(1) . . . . . . . . . . . . . . . . . . . . . . . . . .
373,907
971,947
10,837,728
Accumulated depreciation and amortization . . . . . . . . . . . . .
(1,190,170)
254,844
906,537
9,894,426
(796,296)
Total
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 9,647,558
$9,098,130
(1) At December 31, 2013 and 2012, Other rental property consisted of intangible assets including:
(i) $881.9 million and $826.9 million, respectively, of in-place lease value, (ii) $90.0 million and
$79.6 million, respectively, of above-market leases, and (iii) $462.5 million and $341.8 million,
respectively, of accumulated amortization. These intangible assets are amortized over the term of
each related lease.
In addition, at December 31, 2013 and 2012, the Company had intangible liabilities relating to
below-market leases of approximately $541.8 million and $473.9 million, respectively, and accumulated
amortization of approximately $153.6 million and $97.7 million, respectively. These intangible liabilities,
which are included in Accounts payable, accrued expenses and other liabilities in the Company’s
Consolidated Balance Sheets, are amortized over the term of each related lease including any renewal
periods with fixed rentals that are considered to be below market.
Amortization expense associated with the above mentioned intangible assets and liabilities recognized
for the years ended December 31, 2013 and 2012 was approximately $93.3 million and $142.4 million,
respectively. The estimated net amortization expense associated with the Company’s intangible assets and
liabilities for the next five years are as follows:
Year ending December 31,
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Estimated net
amortization
expense
$74,553
47,885
23,183
10,543
4,194
On a continuous basis, management assesses whether there are any indicators, including property
operating performance and general market conditions, that the value of the Company’s assets (including
any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has
occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value
of the asset.
During the year ended December 31, 2013, the Company recognized $23.5 million of provision for
impairment, excluding provisions for impairment included in Discontinued operations. The Company did
not recognize any provisions for impairment for the year ended December 31, 2012, the period from
June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011.
The Company’s estimated fair values relating to the above impairment provision assessments were
based upon internal analysis as well as proposed sale prices from properties under contract for sale. The
Company believes the inputs utilized were reasonable in the context of applicable market conditions;
F-18
however, due to the significance of the unobservable inputs to the overall fair value measures, including
forecasted revenues and expenses based upon market conditions and expectations for growth, the Company
determined that such fair value measurements were classified within Level 3 of the fair value hierarchy. The
carrying value of impaired real estate was $69.3 million as of December 31, 2013.
5. Financial Instruments — Derivatives and Hedging
The Company’s use of derivative instruments is limited to the utilization of interest rate agreements or
other instruments to manage interest rate risk exposures and not for speculative purposes. In certain
situations, the Company has entered into derivative financial instruments such as interest rate swap and
interest rate cap agreements to manage interest rate risk exposure arising from variable rate debt
transactions that result in the receipt or payment of future known and uncertain cash amounts, the value of
which are determined by interest rates. The Company’s objective in using interest rate derivatives is to add
stability to interest expense and to manage its exposure to interest rate movements.
Cash Flow Hedges of Interest Rate Risk
Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a
counterparty in exchange for the Company making fixed-rate payments over the life of the agreements
without changing the underlying notional amount. During the year ended December 31, 2013, the
Company entered into five forward starting interest rate swap agreements with a notional amount of
$1,500.0 million to hedge the variable cash flows associated with third party debt. Brixmor did not have any
derivatives designated as cash flow hedges as of December 31, 2012.
A detail of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of
December 31, 2013 is as follows:
Number of
Instruments
Notional
Amount
Interest Rate Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
$1,500,000
The Company has elected to present its interest rate derivatives on its Consolidated Balance Sheets on
a gross basis as interest rate swap assets and interest rate swap liabilities. A detail of the Company’s fair
value of interest rate derivatives on a gross and net basis as of December 31, 2013 and 2012, respectively, is
as follows:
Interest rate swaps classified as:
Fair Value of Derivative Instruments
December 31,
2013
December 31,
2012
Gross derivative assets . . . . . . . . . . . . . . . . . . . . . . . .
Gross derivative liabilities . . . . . . . . . . . . . . . . . . . . . .
Net derivative liability . . . . . . . . . . . . . . . . . . . . . . . .
$ —
(6,795)
$(6,795)
$—
—
$—
All of the Company’s outstanding interest rate swap agreements for the periods presented were
designated as cash flow hedges of interest rate risk. The effective portion of changes in the fair value of
derivatives designated as, and that qualify as, cash flow hedges is recorded in other comprehensive income
(“OCI”) and is reclassified into earnings as interest expense in the period that the hedged forecasted
transaction affects earnings. The effective portion of the Company’s interest rate swaps that was recorded in
the accompanying Consolidated Statements of Operations for the year ended December 31, 2013 is as
follows:
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps and Caps)
Amount of loss recognized in OCI on derivative . . . . . . . . . . . . . . . . . . . . . .
Amount of gain (loss) reclassified from accumulated OCI into interest expense .
Year Ended
December 31, 2013
$(6,795)
$ —
The Company estimates that approximately $9.0 million will be reclassified from accumulated other
comprehensive loss as an increase to interest expense over the next twelve months. No gain or loss was
recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the
F-19
Company’s cash flow hedges during the year ended December 31, 2013. The Company did not have any
designated hedges for the year ended December 31, 2012, the period from June 28, 2011 through
December 31, 2011 or the period from January 1, 2011 through June 27, 2011.
Non-Designated (Mark-to Market) Hedges of Interest Rate Risk
The Company does not use derivatives for trading or speculative purposes. Derivatives not designated
as hedges are used to manage the Company’s exposure to interest rate movements but do not meet the strict
hedge accounting requirements. The Company’s only non-designated interest rate derivatives held as of
December 31, 2013 and 2012 were interest rate caps. Interest rate caps involve the receipt of variable
amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an
up-front premium. As of December 31, 2013 and 2012, the fair value of these interest rate caps was
nominal, and, during the years ended December 31, 2013 and 2012, the period from June 28, 2011 to
December 31, 2011 and the period from January 1, 2011 to June 27, 2011, no payments were received from
the respective counterparties.
A detail of the Company’s non-designated interest rate derivatives outstanding as of December 31,
2013 is as follows:
Interest Rate Caps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
$1,118,000
Number of
Instruments
Notional
Amount
Credit-risk-related Contingent Features
The Company has agreements with its derivative counterparties that contain a provision whereby if the
Company defaults on any of its indebtedness, including default where repayment of the indebtedness has
not been accelerated by the lender, then the Company could also be declared in default on its derivative
obligations. If the Company were to breach any of the contractual provisions of the derivative contracts, it
would be required to settle its obligations under the agreements at their termination value including accrued
interest, or approximately $6.8 million.
6. Debt Obligations
As of December 31, 2013 and 2012, the Company had the following indebtedness outstanding:
Successor
Carrying Value as of
December 31,
2013
December 31,
2012
Stated Interest
Rates
Scheduled
Maturity Date
Mortgage and secured loans(1)
Fixed rate mortgage and secured
loans(2)
. . . . . . . . . . . . . . . . . . .
$3,444,578
$5,330,442
4.85% – 8.18%
2014 – 2021
Variable rate mortgage and secured
loans(3)
. . . . . . . . . . . . . . . . . . .
Total mortgage and secured loans . .
Net unamortized premium . . . . . . .
Total mortgage and secured loans,
483,604
3,928,182
93,077
668,605
5,999,047
116,222
net . . . . . . . . . . . . . . . . . . . . . .
$4,021,259
$6,115,269
Notes payables
Unsecured notes(4)(5)
Net unamortized discount
Total notes payable, net
. . . . . . . . . . .
. . . . . . .
. . . . . . . . .
Unsecured Credit Facility(6) . . . . . . . .
Total debt obligations . . . . . . . . . . . .
$ 353,617
(13,766)
$ 339,851
$1,620,179
$5,981,289
$ 404,612
(20,525)
$ 384,087
$
—
$6,499,356
Variable(3)
2015 – 2017
3.75% – 7.97%
2014 – 2029
1.79%
2017 – 2018
F-20
(1) The Company’s mortgages and secured loans are collateralized by certain properties and the equity
interests of certain subsidiaries. These properties had a carrying value as of December 31, 2013 of
approximately $5.4 billion.
(2) The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.91%
as of December 31, 2013.
(3) The weighted average interest rate on the Company’s variable rate mortgage and secured loans was
3.80% as of December 31, 2013. The Company incurs interest on $483.6 million of mortgages using
the 30-day LIBOR rate (which was 0.17% as of December 31, 2013 subject to certain rate floor
requirements ranging from 0 basis points to 75 basis points), plus interest spreads ranging from 300
basis points to 375 basis points.
(4) The weighted average interest rate on the Company’s unsecured notes was 6.03% as of December 31,
2013.
(5) The Company has a one-time put repurchase right to certain unsecured notes that requires the
Company to offer to repurchase the notes if tendered by holders (but does not require the holders to
tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15,
2014. Although the stated maturity dates for these notes range from August 2026 to February 2028, the
scheduled maturity dates listed above represent the first dates that note holders can require the
Company to redeem all or any portion of the notes pursuant to the required put repurchase right. In
January 2014 $57.7 million was tendered to, and repurchased by the Company.
(6) The Company has in place five forward starting interest rate swap agreements that convert the floating
interest rate on the $1.5 billion term loan facility to a fixed, combined interest rate of 0.844% plus an
interest spread of 160 basis points.
Debt Transactions
On February 27, 2013, certain indirect wholly owned subsidiaries of the Company (the “Borrowers”)
obtained a $57.0 million mortgage loan (the “Mortgage Loan”). The Mortgage Loan is secured by three
shopping centers and is guaranteed by BPG Sub as to certain customary recourse carveout liabilities.
The Mortgage Loan bears interest at a rate equal to LIBOR (subject to a floor of 25 basis points) plus
a spread of 350 basis points, payable monthly, and is scheduled to mature on March 1, 2016, with two
extension options that allow the Borrowers to extend the maturity through March 1, 2017 and then to
March 1, 2018, subject in each case to the satisfaction of certain financial conditions.
In connection with the closing of the Mortgage Loan, approximately $42.0 million of mortgage loans
of subsidiaries of the Company were repaid.
On July 16, 2013, the Operating Partnership entered into an unsecured credit facility (the “Unsecured
Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and
Wells Fargo Bank, National Association, as syndication agents and Barclays Capital plc, Citibank, N.A.,
Deutsche Bank Securities Inc. and Royal Bank of Canada, as documentation agents.
The Unsecured Credit Facility consists of (i) $1.25 billion revolving credit facility (the “Revolving
Facility), maturing on July 31, 2017, with a one-year extension option; and (ii) a $1.5 billion term loan
facility (the “Term Loan Facility”), which will mature on July 31, 2018. Through October 28, 2013, the
obligations under the Unsecured Credit Facility were guaranteed by both BPG Subsidiary Inc. (“BPG
Sub”) and Brixmor OP GP LLC, the general partner of the Operating Partnership, (together, the “Parent
Guarantors”), as well as by both Brixmor Residual Holding LLC and Brixmor GA America LLC (together,
the “Material Subsidiary Guarantors”). Effective October 28, 2013, pursuant to the terms of the Unsecured
Credit Facility, the guarantees by the Material Subsidiary Guarantors were terminated. The Revolving
Facility includes borrowing capacity available for letters of credit and for short-term borrowings and an
option for the Company to increase the size of the facility, raise incremental credit facilities, and extend the
maturity date subject to certain limitations.
F-21
Unsecured Credit Facility borrowings bear interest, at the Operating Partnership’s option, at a rate
equal to a margin over either (a) a base rate determined by reference to the highest of (1) the administrative
agent’s prime lending rate, (2) the federal funds effective rate plus half of 1%, and (3) the LIBOR rate that
would be payable on such day for a LIBOR rate loan with a one-month interest period plus 1% or (b) a
LIBOR rate determined by reference to the BBA LIBOR rate for the interest period relevant to a particular
borrowing.
The margin associated with Term Loan Facility borrowings is based on a total leverage based grid and
ranges from 0.40% to 1.00%, for base rate loans, and 1.40% to 2.00% for LIBOR rate loans. The margin
associated with Revolving Facility borrowings is also based on a total leverage based grid and ranges from
0.40% to 1.00%, for base rate loans, and 1.40% to 2.00%, for LIBOR rate loans.
The Operating Partnership, in addition to recurring interest payments, is required to pay a
commitment fee to the lenders related to the Revolving Facility in respect of the unutilized commitments
thereunder and customary letter of credit fees. The commitment fee is based on the daily-unused amount
and is either 0.25% or 0.175% per annum. Voluntary prepayments are permitted at any time without
premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs
in respect of LIBOR rate loans. The Unsecured Credit Facility requires no amortization payments.
Pursuant to the terms of the Unsecured Credit Facility, the Company among other things, is subject to
maintenance of various financial covenants. The Company is currently in compliance with these covenants.
Debt Maturities
As of December 31, 2013 and 2012, the Company had accrued interest of $32.2 million and
$30.7 million outstanding, respectively. As of December 31, 2013, scheduled maturities of the Company’s
outstanding debt obligations were as follows:
Year ending December 31,
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total debt maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net unamortized premiums on mortgages . . . . . . . . . . . . . . . . . .
Net unamortized discount on notes . . . . . . . . . . . . . . . . . . . . . . .
Total debt obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 327,553
980,029
1,335,445
647,268
1,521,557
1,090,126
5,901,978
93,077
(13,766)
$5,981,289
7. Financing Liabilities
At December 31, 2013 and 2012, the Company had financing liabilities of $175.1 million and
$174.4 million, respectively, net of unamortized premium of $2.4 million and $2.6 million, respectively.
On December 6, 2010, the Company formed a real estate venture with Inland American CP
Investment, LLC (“Inland”). The Company contributed 25 shopping centers with a fair value of
approximately $471.0 million and Inland contributed cash of $121.5 million, resulting in Inland receiving a
70% ownership interest with a cumulative preferential share of cash flow generated by the shopping centers
at an 11% stated return. The Company received a 30% ownership interest, subordinated to Inland’s
preferred interest. Due to the venture agreement providing Inland with the right to put its interest to the
Company for an amount of cash equal to the amount it contributed plus accrued interest beginning
December 6, 2015, the Company consolidates the real estate venture under the financing method which
requires the amount Inland contributed to be reflected as a liability. The venture agreement also provided
the Company with the right to call Inland’s interest, beginning December 6, 2014, for an amount of cash
determined on the same basis as described above.
F-22
On November 11, 2008, a Class A Preferred Unit Holder (see Note 10 for further details) elected to
redeem substantially all of its units. These units were redeemed in exchange for the fee interest in a property,
and the Company entered into a 20 year master lease agreement at the date of transfer with the Class A
Preferred Unit Holder. The carrying value of this agreement at December 31, 2013 and 2012 was
$17.8 million and $18.0 million, respectively, including unamortized premium of $2.6 million and $2.8
million, respectively.
In addition to the two liabilities disclosed above, as of December 31, 2013 and 2012, financing
liabilities include capital leases of $26.3 million and $27.1 million, net of unamortized discount of
$0.2 million and $0.2 million respectively.
8. Fair Value Disclosures
All financial instruments of the Company are reflected in the accompanying Consolidated Balance
Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those
instruments listed below:
December 31, 2013
December 31, 2012
Carrying
Amounts
Fair Value
Carrying
Amounts
Mortgage and secured loans
payable . . . . . . . . . . . . . . . . .
Notes payable . . . . . . . . . . . . . .
Credit facility . . . . . . . . . . . . . .
$4,021,259
339,851
1,620,179
$4,179,640
371,393
1,620,179
$6,115,269
384,087
—
Fair Value
$6,161,656
395,280
—
Total debt obligations . . . . . . .
$5,981,289
$6,171,212
$6,499,356
$6,556,936
Financing liabilities . . . . . . . . . .
$ 175,111
$ 175,111
$ 174,440
$ 174,440
The valuation methodology used to estimate the fair value of the Company’s fixed and variable-rate
indebtedness and financing liabilities is based on discounted cash flows, with assumptions that include
credit spreads, loan amounts and debt maturities. Such fair value estimates are not necessarily indicative of
the amounts that would be realized upon disposition.
As a basis for considering market participant assumptions in fair value measurements, a fair value
hierarchy is included in U.S. GAAP that distinguishes between market participant assumptions based on
market data obtained from sources independent of the reporting entity (observable inputs that are classified
within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market
participant assumptions (unobservable inputs that are classified within Level 3 of the hierarchy).
In instances where the determination of the fair value measurement is based on inputs from different
levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value
measurement falls is based on the lowest level input that is significant to the fair value measurement in its
entirety. The Company’s assessment of the significance of a particular input to the fair value measurement
in its entirety requires judgment, and considers factors specific to the asset or liability.
At December 31, 2013 and 2012, the fair values of the Company’s marketable securities, valued based
on quoted market prices, were classified within Level 1 of the fair value hierarchy. Conversely, at
December 31, 2013 and 2012, the fair values of the Company’s mortgage and secured loans, notes payable,
financing liabilities and interest rate caps, valued based on discounted cash flow or other similar
methodologies were classified within Level 3 of the fair value hierarchy.
9. Redeemable Non-controlling Interests
The redeemable non-controlling interests presented in these Consolidated Financial Statements relate
to portions of a consolidated subsidiary held by non-controlling interest holders in a partnership (“ERP”)
that was formed to own certain real estate properties which were contributed to it in exchange for cash, the
assumption of mortgage indebtedness and limited partnership units (or Class A Preferred Units).
F-23
The Company is entitled to receive 100% of all net income and gains before depreciation after the
limited partners receive their preferred return. As of December 31, 2013 and 2012, there were 648 thousand
and 648 thousand Class A Preferred Units outstanding, respectively.
Holders of these Class A Preferred Units have a redemption right that provides the holder with the
option to redeem their units for $33.15 per unit in cash plus all accrued and unpaid distributions. Due to
this right, the portion of the partnership attributable to such outside interests has been classified as
redeemable non-controlling interests within the Company’s Consolidated Balance Sheets which, at
December 31, 2013 and 2012 were $21.5 million and $21.5 million, respectively.
During the year ended December 31, 2013, no limited partners with Class A Preferred Units made a
redemption election. During the year ended December 31, 2012, one Class A Preferred Unit Holder elected
to redeem substantially all of its Class A Preferred Units for approximately $0.1 million in cash. Such
redemption elections may be made at any time, and the Company is required to make any such redemption
on the second to last business day of the quarter in which such election is made, provided that the Company
receives the redemption election at least ten business days prior to such date.
The changes in redeemable non-controlling interests are as follows:
Successor
Predecessor
Year Ended
December 31,
2013
$
21,467
—
Year Ended
December 31,
2012
$21,559
(92)
Period from
June 28, 2011
through
December 31,
2011
$21,559
—
Period from
January 1, 2011
through
June 27, 2011
$21,559
—
(1,288)
1,288
(1,291)
1,291
(659)
659
(636)
636
Balance at beginning of period . .
Unit redemptions
. . . . . . . . . . .
Distributions to redeemable
non-controlling interests . . . . .
Preferred return . . . . . . . . . . . . .
Balance at end of period . . . . . . .
$
21,467
$21,467
$21,559
$21,559
10. Non-controlling Interests
The non-controlling interests presented in these Consolidated Financial Statements relate to portions
of consolidated subsidiaries held by the non-controlling interest holders.
Blackstone Retail Transaction II Holdco L.P. (“Holdco II”), an affiliate of Blackstone Real Estate
Partners VI, L.P. owns 20.05% of BPG Sub. Holdco II may, from and after the first anniversary of the IPO
exchange their BPG Sub shares for shares of the Company’s common stock on a one-for-one basis subject
to customary rate adjustments for splits, share dividends and reclassifications, or, at the Company’s election,
for cash.
In connection with the IPO, the Company issued 15,877,791 OP Units in the Operating Partnership
having a value of $317.5 million in exchange for the Acquired Properties. These units represent a 5.22%
non-controlling interest in the Operating Partnership. Holders of outstanding OP Units may, from and
after the first anniversary of the IPO, redeem their OP Units for cash, or at our election, exchange their OP
Units for shares of the Company’s common stock on a one-for-one basis subject to customary rate
adjustments for splits, unit distributions and reclassifications.
Also in connection with the IPO, the Company created a separate series of interest in the Operating
Partnership that allocates to certain funds affiliated with the pre-IPO owners all of the economic
consequences of ownership of the Operating Partnership’s interest in 47 properties that the Operating
Partnership historically held in its Non-Core Properties. During 2013, the Company disposed of 11 of the
Non-Core Properties. As of December 31, 2013, the Company owned a 100% interest in 33 of the
Non-Core Properties and a 20% interest in three of the Non-Core Properties. On January 15, 2014, the
Operating Partnership caused all but one of the Non-Core Properties to be transferred to the pre-IPO
F-24
owners. The consolidated financial statements of the Company for the years ended December 31, 2013,
December 31, 2012, the periods from January 1, 2011 to June 27, 2011 and June 28, 2011 to December 31,
2011 do not reflect the transfer of the 47 Non-Core Properties.
During the years ended December 31, 2013 and 2012, distributions to non-controlling holders of BPG
Subsidiary shares and OP Units were $25.2 million and $6.2 million, respectively. During the period from
June 28, 2011 through December 31, 2011 there were no distributions to non-controlling holders of BPG
Subsidiary shares and OP Units.
11. Revenue Recognition
Future minimum annual base rents as of December 31, 2013 to be received over the next five years
pursuant to the terms of non-cancelable operating leases are included in the table below.
Amounts included assume that all leases which expire are not renewed and that tenant renewal options
are not exercised; therefore, neither renewal rents nor rents from replacement tenants are included. Future
minimum annual base rents also do not include payments which may be received under certain leases on the
basis of a percentage of reported tenants’ sales volume, common area maintenance charges and real estate
tax reimbursements.
Year ending December 31,
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 841,327
736,636
612,214
488,448
378,912
1,416,221
The Company recognized approximately $6.8 million, $6.2 million, $3.2 million, and $3.4 million of
rental income based on a percentage of its tenants’ sales for the years ended December 31, 2013 and 2012,
the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011,
respectively.
As of December 31, 2013 and 2012, the estimated allowance associated with Company’s outstanding
rent receivables, included in Receivables in the Company’s Consolidated Balance Sheets was $30.2 million
and $28.2 million, respectively. In addition, as of December 31, 2013 and 2012, receivables associated with
the effects of recognizing rental income on a straight-line basis were $48.6 million and $31.7 million,
respectively net of the estimated allowance of $0.9 million and $0.5 million, respectively.
12. Stock Based Compensation
Class B Units
Certain employees of the Company were granted long term incentive awards in 2011 and 2013 prior to
the Company’s IPO which provided them with equity interests in the Company’s equity holders and
ultimate parent investors (“Class B Units”). The awards were granted with service conditions and
performance and market conditions. The fair value of the units with service conditions are recognized
ratably over the applicable service period. The units granted, subject to performance and market conditions,
will be recognized as the applicable conditions are met. The awards granted are profits interests having
economic characteristics similar to stock appreciation rights and representing the right to share in any
increase in value that exceeds a specified threshold. Therefore, the Class B units only have value to the
extent there is an appreciation in the value of the business from and after the applicable date of grant and
the appreciation rights exceeds a specified threshold. The units granted, subject to performance and market
conditions, vest on the date, if any, that the Company’s Sponsor receives cash proceeds resulting in a 15%
internal rate of return, subject to continued employment on such date.
In connection with the IPO, the Class B Units subject to performance and market vesting conditions
were modified such that 75% of those awards vested as of the IPO effective date. The Class B Units which
solely have vesting service conditions and the remaining 25% of the awards with performance and market
F-25
vesting conditions were also further modified to require the payment of non-forfeitable dividends during
the period in which they are unvested.
The vested Class B Units as of the IPO effective date were exchanged for a combination of vested
shares of the Company’s common stock, vested shares of BPG Subsidiary stock and a cash payment of
$6.0 million. The $6.0 million cash payment was paid to the Class B Unit holders by Blackstone to reduce
the number of fully vested common shares of the Company and BPG Subsidiary that would have otherwise
been issued in the conversion of the Class B Units to shares of common stock. The $6.0 million was
recorded as incentive-based compensation expense during the year ended December 31, 2013.
The unvested Class B Units as of the IPO effective date were exchanged for a combination of unvested
restricted shares of the Company’s common stock and unvested restricted shares of BPG Subsidiary stock.
The unvested restricted shares are subject to the same vesting terms as those applicable to the exchanged
Class B Units.
The Class B Units granted to employees by the Partnerships were recorded as a contribution by the
Partnerships, with amortization, net of forfeitures, being recorded as a component of General and
administrative expenses in the Consolidated Statements of Operations. As a result of the modification of
the awards the Company recognized $24.9 million of incentive-based compensation related to the units
subject to performance and market vesting conditions during the year ended December 31, 2013. The
Company did not recognize expense related to the units subject to performance conditions as of
December 31, 2012 as the applicable conditions were not yet been met.
The Company calculates the fair value of share based compensation awards using the
Black-Scholes-Merton option pricing model which requires the use of subjective assumptions, including
share price volatility, the expected life of the award, risk free interest rate and expected dividend yield. In
developing its assumptions the Company takes into account the following:
As a result of its status as a private company for the last several years the Company does not have
sufficient history to estimate the volatility of its common share price. The Company calculates the expected
volatility based on reported data for selected reasonably similar publicly traded companies for which
historical information is available. The Company plans to continue to use the guideline peer group volatility
information until the historical volatility of its common shares is relevant to measure expected volatility for
future award grants;
The Company determines the risk free interest rate by reference to implied yields available from United
States Treasury securities with a remaining term equal to the expected life assumed at the date of the grant;
The Company’s assumed dividend yield is based on its historical dividends paid, excluding dividends
that resulted from activities to be one time in nature;
The Company estimates the average expected life of the awards based on the projected liquidity event.
The assumptions used in the Black-Scholes-Merton option pricing model are set forth below:
Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2011
0%
0.9%
80.0%
5 years
2013
0%
0.2%
35.0%
1.6 years
F-26
The following table presents the grant dates and numbers of Class B units granted to employees from
June 28, 2011 through December 31, 2013:
Estimated Fair Value Per
Class B Units at Grant Date
Total Estimated Value of Class B
Units at Grant Date (in millions)
Service
Condition
$0.450
$0.445
$0.445
$0.289
Performance
and Market
Condition
$0.440
$0.444
$0.444
$0.289
Service
Condition
$21.8
$ 2.0
$ 0.4
$ 3.0
Performance
and Market
Condition
$21.3
$ 2.0
$ 0.4
$ 3.0
Number of
Class B Units
Granted
(in millions)
96.8
9.1
1.8
20.6
Date of Grant
November 1, 2011 . . . . .
March 29, 2013 . . . . . . .
April 30, 2013 . . . . . . . .
May 20, 2013 . . . . . . . .
In addition, certain of the Company’s employees were granted equity incentive awards in the Acquired
Properties. These awards were granted with service conditions and performance and market conditions. As
the awards were granted to the employees under the Company’s management agreement with the owners of
the Acquired Properties, the amounts earned by the employees for the amortization of the awards at their
fair value as measured at each reporting period were considered to be a component of the Company’s
management fees, and then recorded a corresponding amount for compensation expense. In connection
with the IPO, all of such awards vested. In exchange for the vested incentive awards, the holders received
vested OP Units. During the year ended December 31, 2013, the Company recorded $6.2 million of
management fee income and compensation expense based upon the face value of the OP Units issued at the
date of grant.
The IPO price of $20.00 per share was based on a number of factors, including the Company’s results
of operations, the Company’s future prospects, the economic conditions in and future prospects for the
industry in which the Company competes, current market valuations of publicly traded companies
considered comparable to the Company and the other factors described under the section entitled
“Underwriting” in our prospectus, dated October 29, 2013 and filed with the SEC on October 31, 2013
pursuant to Rule 424(b)(4) under the Securities Act.
The methodology applied to determine the value of the awards at grant date and IPO would be
substantially the same. The following table sets forth the value of the 2013 Class B Units at grant date and
at the time of the IPO based on the IPO price of $20.00 per share.
Date of Grant
Value of Class B
Units at Grant
Date (in millions)
Assumed Value at
IPO (in millions)
March 29, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
April 30, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 20, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$4.0
$0.8
$6.0
$6.4
$1.3
$7.7
The increase in value between grant date and value at the IPO is due to improved operating results
driven by an increase in underlying property performance and the impact of the July 2013 debt refinancing
(specifically the new Unsecured Credit Facility, closed July 16, 2013).
F-27
Information with respect to Class B Units and restricted shares for the years ended December 31, 2013
and 2012 and for the period from June 28, 2011 to December 31, 2011 are as follows:
Class B Units
Restricted
Shares
Aggregate
Intrinsic Value
Outstanding, June 28, 2011 . . . . . . . . . . . . . . . .
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outstanding, December 31, 2011 . . . . . . . . . . . .
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outstanding, December 31, 2012 . . . . . . . . . . . .
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanged . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outstanding, December 31, 2013 . . . . . . . . . . . .
—
—
96,842
—
96,842
—
—
—
96,842
(41,990)
31,474
(16,342)
(69,984)
—
— $
—
—
—
—
—
—
—
—
—
10
—
2,072
2,082
—
—
43,095
—
43,095
—
—
—
43,095
(17,327)
10,990
(7,272)
—
$
29,486
During the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31,
2011 and the period from January 1, 2011 to June 27, 2011, the Company recognized approximately $42.5
million, $6.4 million, $1.1 million and $0 respectively, of incentive-based compensation expense relating to
these units as a component of General and administrative expense in the Consolidated Statements of
Operations.
As of December 31, 2013, there was $16.4 million of unrecognized compensation cost related to non
vested stock granted under the Plan. This unrecognized compensation cost is expected to be recognized
over the term of five years through 2018. The Company issues new restricted stock from its authorized
shares available at the date of grant.
13. Stockholders’ Equity
Common Stock Split
On October 29, 2013, the Company effected a stock split whereby each issued and outstanding share of
the Company’s common stock prior to the stock split (“Old Common Stock”) was automatically
reclassified and became 2,409.1 fully paid and nonassessable shares of common stock, without any action
required on the part of the Company or the holders of Old Common Stock. All references to share and per
share amounts in the Consolidated Financial Statements and accompanying notes thereto have been
retroactively restated to reflect this stock split.
Preferred Stock
As of December 31, 2012, the Company had outstanding 125 shares of Series A Redeemable Preferred
Stock (“Preferred Stock”) having a liquidation preference of $10,000 per share. In connection with the IPO,
the Company redeemed all of the outstanding Preferred Stock for $1.25 million.
As of December 31, 2013 and 2012, BPG Sub had outstanding 125 shares of Series A Redeemable
Preferred Stock having a liquidation preference of $10,000 per share.
F-28
Dividends
Because Brixmor Property Group, Inc. is a holding company and has no material assets other than its
ownership of BPG Sub shares and has no material operations other than those conducted by BPG Sub,
dividends will be funded as follows:
•
•
•
first, the Operating Partnership will make distributions to its partners, including BPG Sub, on a
pro rata basis based on their partnership interests in the Operating Partnership;
second, BPG Sub will distribute to its stockholders, including Brixmor Property Group Inc., on a
pro rata basis based on their interests in BPG Sub;
third, Brixmor Property Group Inc. will distribute the amount authorized by the Company’s
board of directors and declared by the Company to its common stockholders on a pro rata basis.
During the years ended December 31, 2013 and 2012, the Company paid $47.3 million and $18.9
million, respectively, of dividends to the holders of common stock. During the period from June 28, 2011
through December 31, 2011, the Company did not pay any dividends to the holders of common stock.
14. Earnings per Share
Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the
Company’s common shareholders, including participating securities, by the weighted average number of
common shares outstanding for the period. Restricted shares issued pursuant to the Company’s share-based
compensation program are considered participating securities, as such shares have non-forfeitable rights to
receive dividends. Unvested restricted shares are not allocated net losses and/or any excess of dividends
declared over net income, as such amounts are allocated entirely to the common shareholders. For the years
ended December 31, 2013, 2012 and period June 28, 2011 to December 31, 2011, the Company had 2.1
million weighted average unvested restricted shares outstanding.
The following table provides a reconciliation of the numerator and denominator of the EPS
calculations for the years end December 31, 2013, 2012 and the period June 28, 2011 to December 31, 2011:
Numerator
Income (loss) from continuing operations
. . . . . . . . . . . .
Net (income) loss attributable to noncontrolling interests . .
Declared dividends allocated to unvested shares . . . . . . . .
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . .
Income (loss) from continuing operations attributable to
Year Ended
December 31,
2013
Year Ended
December 31,
2012
Period From
June 28, 2011 to
December 31,
2011
Successor
Successor
Successor
$(100,828)
22,379
(200)
(162)
$(151,599)
35,926
—
(296)
$155,295
(38,310)
—
(137)
common stockholders . . . . . . . . . . . . . . . . . . . . . . . .
(78,811)
(115,969)
116,848
Loss from discontinued operations, net of noncontrolling
interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(15,085)
(6,894)
(1,634)
Net income (loss) attributable to the Company’s common
stockholders, basic and diluted . . . . . . . . . . . . . . . . . .
$ (93,896)
$(122,863)
$115,214
Denominator:
Weighted average number of vested common shares
outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
188,993
180,675
180,675
Earnings (loss) per share – basic and fully diluted:
. . . . . . . . . . . .
Income (loss) from continuing operations
Loss from discontinued operations . . . . . . . . . . . . . . . . .
$
$
$
(0.42)
(0.08)
(0.50)
$
$
$
(0.64)
(0.04)
(0.68)
$
$
$
0.65
(0.01)
0.64
F-29
Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue
common stock were exercised or converted into shares of common stock. The net loss attributable to
non-controlling interests of the Operating Partnership and BPG Subsidiary have been excluded from the
numerator and the related OP Units and BPG Subsidiary shares have been excluded from the denominator
for the purpose of calculating diluted EPS as there would have been no effect had such amounts been
included. For the year ended December 31, 2013, the weighted average number of OP Units and BPG
Subsidiary shares outstanding was 2.8 million shares and 58.2 million shares, respectively. For the year
ended December 31, 2012 and the period June 28, 2011 to December 31, 2011, the weighted average number
of BPG Subsidiary shares outstanding was 58.2 million shares. For the year ended December 31, 2012 and
the period June 28, 2011 to December 31, 2011, there was no outstanding OP Units. In addition, unvested
restricted stock awards in the Company and BPG Subsidiary have been excluded for the year ended
December 31, 2013 as they were anti-dilutive.
15. Commitments and Contingencies
Leasing commitments
The Company periodically enters into leases in connection with ground leases for neighborhood and
community shopping centers which it operates and office leases for administrative space. During the years
ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period
from January 1, 2011 to June 27, 2011, the Company recognized rent expense associated with these leases of
$9.6 million, $9.4 million $4.8 million and $4.5 million, respectively. Minimum annual rental commitments
associated with these leases during the next five years and thereafter are as follows: 2014, $8.6 million; 2015,
$8.6 million; 2016, $8.1 million; 2017, $8.0 million; 2018, $7.3 million and thereafter, $93.6 million.
Insurance captive
In April 2007, the Company formed a wholly owned captive insurance company, ERT-CIC, LLC
(“ERT CIC”) which underwrote the first layer of general liability insurance programs for the Company’s
wholly owned, majority owned and joint venture properties. The Company formed ERT-CIC as part of its
overall risk management program and to stabilize insurance costs, manage exposure and recoup expenses
through the functions of the captive program. The Company capitalized ERT CIC in accordance with the
applicable regulatory requirements. ERT CIC established annual premiums based on projections derived
from the past loss experience of the Company’s properties. ERT CIC engaged an independent third party to
perform an actuarial estimate of future projected claims, related deductibles and projected expenses
necessary to fund associated risk management programs. Premiums paid to ERT CIC may be adjusted
based on this estimate and may be reimbursed by tenants pursuant to specific lease terms.
During 2012, the Company replaced ERT-CIC with a newly formed, wholly owned captive insurance
company, Brixmor Incap, LLC (“Incap”). Incap underwrites the first layer of general liability insurance
programs for the Company’s wholly owned, majority owned and joint venture properties. The Company
formed Incap as part of its overall risk management program and to stabilize insurance costs, manage
exposure and recoup expenses through the functions of the captive program. The Company has capitalized
Incap in accordance with the applicable regulatory requirements. Incap established annual premiums based
on projections derived from the past loss experience of the Company’s properties. Incap has engaged an
independent third party to perform an actuarial estimate of future projected claims, related deductibles and
projected expenses necessary to fund associated risk management programs.
Premiums paid to Incap may be adjusted based on this estimate and may be reimbursed by tenants
pursuant to specific lease terms.
Environmental matters
Under various federal, state and local laws, ordinances and regulations, the Company may be
considered an owner or operator of real property or may have arranged for the disposal or treatment of
hazardous or toxic substances. As a result, the Company may be liable for certain costs including removal,
remediation, government fines and injuries to persons and property. The Company does not believe that
any resulting liability from such matters will have a material adverse effect on the financial position, results
of operations or liquidity of the Company.
F-30
Other legal matters
The Company is subject to various other legal proceedings and claims that arise in the ordinary course
of business. Management believes that the final outcome of such matters will not have a material adverse
effect on the financial position, results of operations or liquidity of the Company.
16.
Income Taxes
The Company has elected to qualify as a REIT in accordance with the Internal Revenue Code (the
“Code”). To qualify as a REIT, the Company must meet a number of organizational and operational
requirements, including a requirement that it currently distribute at least 90% of its adjusted REIT taxable
income to its stockholders. It is management’s intention to adhere to these requirements and maintain the
Company’s REIT status.
As a REIT, the Company generally will not be subject to federal income tax, provided that
distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the
Code. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal taxes at
regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as
a REIT for four subsequent taxable years.
Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and
local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable
income. In addition, taxable income from non-REIT activities managed through TRS is subject to federal,
state and local income taxes.
The Company is also subject to certain state and local income taxes or franchise taxes. State and local
income taxes or franchise taxes were approximately $2.9 million, $2.1 million, $3.4 million and $6.5 million
for the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and
the period from January 1, 2011 to June 27, 2011.
Taxable REIT Subsidiaries
TRS’ activities include real estate operations and an investment in an insurance company (see Note 11
for further information). In July 2013, one of the Company’s TRS’s converted its corporation to a limited
liability company, and another TRS merged into the Operating Partnership. As such, the Company is no
longer subject to federal, state and local taxes on the income earned from these entities.
Income taxes have been recorded based on the asset and liability method. Under the asset and liability
method, deferred income taxes are recognized for the temporary differences between the financial reporting
basis and the tax basis of taxable assets and liabilities.
As of December 31, 2013 the TRS had no gross deferred tax assets or liabilities. As of December 31,
2012, the TRS had gross deferred tax assets of $371.1 million and gross deferred tax liabilities of $0.6
million. Deferred tax assets and liabilities are primarily attributable to real estate basis differences and net
operating loss carry forwards. As of December 31, 2012, a valuation allowance of $370.5 million had been
established due to the uncertainty associated with realizing these deferred tax assets. Deferred tax assets and
liabilities are included in Other assets and Accounts payable, accrued expenses and other liabilities,
respectively, in the accompanying Consolidated Balance Sheets.
17. Related-Party Transactions
In the ordinary course of conducting its business, the Company enters into customary agreements with
its affiliates and unconsolidated joint ventures in relation to the leasing and management of its and/or its
related parties’ real estate assets.
As of December 31, 2013 and 2012, receivables from related parties were $6.1 million and $6.8 million,
respectively, which are included in Receivables, net in the Consolidated Balance Sheets. As of December 31,
2013 and 2012, there were no material payables to related parties.
F-31
18. Retirement Plan
The Company has a Retirement and 401(k) Savings Plan (the “Savings Plan”) covering officers and
employees of the Company. Participants in the Savings Plan may elect to contribute a portion of their
earnings to the Savings Plan and the Company makes a matching contribution to the Savings Plan to a
maximum of 3% of the employee’s eligible compensation. For the years ended December 31, 2013 and
2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27,
2011, the Company’s expense for the Savings Plan was approximately $1.3 million, $1.3 million, $0.7 million
and $0.7 million, respectively.
19. Supplemental Financial Information
The following represents the results of income for each quarter during the years 2013 and 2012:
Year Ended December 31, 2013:
First quarter . . . . . . . . . . . . . .
Second quarter . . . . . . . . . . . .
Third quarter . . . . . . . . . . . . .
Fourth quarter . . . . . . . . . . . .
Year Ended December 31, 2012:
First quarter . . . . . . . . . . . . . .
Second quarter . . . . . . . . . . . .
Third quarter . . . . . . . . . . . . .
Fourth quarter . . . . . . . . . . . .
Total
Revenues(1)
$284,625
$285,073
$292,972
$312,027
$277,852
$275,953
$280,018
$285,349
Net Income/(Loss)
Attributable to the
Company
Net Income per
Share – Basic
Net Income per
Share – Diluted
$(19,497)
$(43,261)
$(18,839)
$(12,099)
$(37,918)
$(34,112)
$(28,348)
$(22,485)
$(0.11)
$(0.24)
$(0.10)
$(0.06)
$(0.21)
$(0.19)
$(0.16)
$(0.12)
$(0.11)
$(0.24)
$(0.10)
$(0.06)
$(0.21)
$(0.19)
$(0.16)
$(0.12)
(1) Amounts have been adjusted to give effect to the Company’s discontinued operations.
20. Subsequent Events
In preparing the Consolidated Financial Statements, the Company has evaluated events and
transactions occurring after December 31, 2013 for recognition or disclosure purposes. Based on this
evaluation, from December 31, 2013 through to the date the financial statements were issued, the following
events have been identified:
•
On January 15, 2014, the Company completed a cash tender offer (the “Tender Offer”) pursuant
to which the Company purchased 55.1% of the securities (the “Notes”) listed in the table below
for an aggregate principal amount of $57.7 million. The offer was made pursuant to requirements
set forth in the indenture governing the Notes (the “Indenture”), which provided that holders of
the Notes had the right to require the Company to repurchase such Notes from holders for cash
on January 15, 2014 (the “Payment Date”).
Title of Security
Principal Amount
Outstanding
Principal Amount
Validly Tendered
7.97% Senior Unsecured Notes due August 14, 2026 . . . . . . .
7.65% Senior Unsecured Notes due November 2, 2026 . . . . . .
7.68% Senior Unsecured Notes due November 2, 2026 . . . . . .
7.68% Senior Unsecured Notes due November 2, 2026 . . . . . .
$
6.90% Senior Unsecured Notes due February 15, 2028 . . . . . .
6.90% Senior Unsecured Notes due February 15, 2028 . . . . . .
$
10,000
25,000
10,000
9,602
25,000
25,000
$
104,602
$
7,138
15,362
10,000
4,467
14,356
6,327
57,650
F-32
The outstanding principal balance of the Notes was $104.6 million prior to the completion of the
Tender Offer. The remaining outstanding balance of these notes will be repaid during 2026 and
2028. Holders who validly tendered their Notes on or prior to midnight, New York City time, on
Tuesday, January 14, 2014 (the “Expiration Date”) were eligible to receive $1,000.00 per $1,000.00
principal amount of Notes (the “Tender Consideration”). Holders of the Notes who validly
tendered their Notes before the Expiration Date also received accrued and unpaid interest on their
Notes purchased pursuant to the Tender Offer from the last interest payment date to, but not
including the payment date for the Notes purchased in the Tender Offer. The Notes purchased
pursuant to the Tender Offer were cancelled and retired. Proceeds from the Unsecured Credit
Facility were used to pay the bondholders under the Tender Offer.
In addition, pursuant to the Indenture, the covenant contained in the Indenture restricting the
Company or any subsidiary of the Company from selling or transferring any real property (or any
equity interest in an entity whose principal asset is real property) or the right to receive income or
profits from such real property to any affiliate of the Company that is not a subsidiary thereof or
to any entity that owns an equity interest in the Company expired and lapsed on January 15, 2014.
See Note 1 — Initial Public Offering and IPO Property Transfers” for discussion of the transfer of
Non-Core Properties to the pre-IPO owners of BPG on January 15, 2014.
•
On March 11, 2014, the Board of Directors approved grants of 625,750 restricted stock awards to
certain employees of the Company. The awards were granted with certain performance, market
and service conditions. The fair value of the awards granted with market conditions will be
recognized over the term of the award and the awards granted with performance conditions will
be recognized as the applicable performance and service conditions are met. Under the terms of
the awards, the holder can earn up to a maximum of 150% of the award based on the actual
results of the performance and market conditions.
F-33
BRIXMOR PROPERTY GROUP, INC.
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
(in thousands)
Additions
Deductions
Balance at
Beginning of
Period
Charged /
(Credited) to
Bad Debt Expense
Accounts
Receivable
Written Off
Balance at
End of
Period
Allowance for doubtful accounts:
Company
Year ended December 31, 2013 . . . . . . . . . . . . . . .
Year ended December 31, 2012 . . . . . . . . . . . . . . .
Period from June 28 through December 31, 2011 . . .
$27,479
$35,066
$36,636
$12,490
$11,283
$ 9,556
$(10,590)
$29,379
$(18,870)
$27,479
$(11,126)
$35,066
Predecessor
Period from January 1 through June 27, 2011 . . . . .
$36,551
$13,387
$(13,302)
$36,636
Additions
Deductions
Balance at
Beginning of
Period
Charged /
(Credited) to
Expense
Written Off
Balance at
End of
Period
Reserve for straight-line rents:
Company
Year ended December 31, 2013 . . . . . . . . . . . . . . .
Year ended December 31, 2012 . . . . . . . . . . . . . . .
Period from June 28 through December 31, 2011 . . .
$ 458
$ 358
$ —
$ 672
$ 100
$ 358
$(219)
$ —
$ —
$ 911
$ 458
$ 358
Predecessor
Period from January 1 through June 27, 2011 . . . . .
$3,313
$(620)
$ —
$2,693
F-34
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The aggregate cost for Federal income tax purposes was approximately $11.6 billion at December 31,
2013.
Successor
Predecessor
Year ended
December 31,
2013
Year ended
December 31,
2012
Period from
June 28,
through
December 31,
2011
Period from
January 1,
through June 27,
2011
[a] Reconciliation of total real estate carrying value is as follows:
Balance at beginning of period . . . . . . . . . . . . .
$ 9,894,426
$9,792,453
$9,745,812
$11,745,631
Acquisitions and improvements
. . . . . . . . . . . .
1,113,069
183,179
Real estate held for sale . . . . . . . . . . . . . . . . . .
Impairment of real estate . . . . . . . . . . . . . . . . .
Cost of property sold . . . . . . . . . . . . . . . . . . . .
Write-off of assets no longer in service . . . . . . . .
(6,364)
(46,653)
(65,976)
(50,774)
(32,214)
(6,689)
(28,397)
(13,906)
56,881
(2,020)
—
(105)
(8,115)
54,892
—
—
(70,767)
(34,035)
Balance at end of period . . . . . . . . . . . . . . . . .
$10,837,728
$9,894,426
$9,792,453
$11,695,721
[b] Reconciliation of accumulated depreciation as follows:
Balance at beginning of period . . . . . . . . . . . . .
Depreciation expense . . . . . . . . . . . . . . . . . . . .
Property sold . . . . . . . . . . . . . . . . . . . . . . . . .
Write-off of assets no longer in service . . . . . . . .
$
796,296
443,880
(10,916)
(39,090)
$ 295,550
510,488
(4,426)
(5,316)
$
— $ 1,872,535
165,835
(6,311)
(23,699)
297,529
—
(1,979)
Balance at end of period . . . . . . . . . . . . . . . . .
$ 1,190,170
$ 796,296
$ 295,550
$ 2,008,360
F-51
BoARD of DiReCtoRS
John G. Schreiber
Chairman of the Board of Directors of
Brixmor Property Group Inc.
President, Centaur Capital Partners, Inc.
Co-Founder and Partner, Blackstone Real Estate Advisors
A.J. Agarwal
Senior Managing Director, Blackstone
Anthony W. Deering
Chairman, Exeter Capital, LLC
Nadeem Meghji
Managing Director, Blackstone
William J. Stein
Senior Managing Director, Blackstone
Michael A. Carroll
Chief Executive Officer,
Brixmor Property Group Inc.
Michael Berman
Executive Vice President and Chief Financial Officer,
General Growth Properties, Inc.
Jonathan D. Gray
Global Head of Real Estate, Blackstone
William D. Rahm
Senior Managing Director, Centerbridge Partners, L.P.
exeCutiVe LeADeRShiP
Michael A. Carroll
Chief Executive Officer
Dean R. Bernstein
Executive Vice President,
Acquisitions & Dispositions
Steven f. Siegel
Executive Vice President,
General Counsel & Secretary
Steven A. Splain
Executive Vice President,
Chief Accounting Officer
CoRPoRAte iNfoRMAtioN
Counsel
Simpson Thacher & Bartlett LLP
New York, NY
Auditors
Ernst & Young LLP
New York, NY
transfer Agent and Registrar
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
877.373.6374
https://www-us.computershare.com/Investor/
Michael V. Pappagallo
President and Chief Financial Officer
timothy J. Bruce
Executive Vice President,
Leasing & Redevelopment
Carolyn Carter Singh
Executive Vice President,
HR & Administration
investor information
Current and prospective Brixmor Property Group Inc.
investors can receive a copy of the Company’s
prospectus, proxy statement, earnings releases and
quarterly and annual reports by contacting:
investor Relations
Brixmor Property Group Inc.
420 Lexington Avenue
7th Floor
New York, NY 10170
800.468.7526
investorrelations@brixmor.com
Brixmor.com
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New York, NY 10170
Brixmor.com
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