Brixmor Property Group Inc
For the period ended Dec 31, 2024. Filed Feb 10, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 10, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 2. "Properties"
As of December 31, 2024, our Portfolio was comprised of 363 shopping centers totaling approximately 64 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 CBSAs in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2024, our three largest tenants by ABR were The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc.
The following table summarizes our top 20 tenants, ranked by ABR, as of December 31, 2024 (dollars in thousands, except for PSF amounts):
| Retailer | Owned Leases(1) | Leased GLA(1) | Percent of GLA(1) | ABR(1) | Percent of ABR(1) | ABR PSF(1) |
|---|---|---|---|---|---|---|
| The TJX Companies, Inc. | 90 | 2,604,394 | 4.1% | $33,176 | 3.3% | $12.74 |
| The Kroger Co. | 45 | 3,037,909 | 4.7% | 23,207 | 2.3% | 7.64 |
| Burlington Stores, Inc. | 44 | 1,829,056 | 2.9% | 20,987 | 2.1% | 11.47 |
| Dollar Tree Stores, Inc. | 119 | 1,357,291 | 2.1% | 16,509 | 1.6% | 12.16 |
| Publix Super Markets, Inc. | 32 | 1,490,442 | 2.3% | 14,898 | 1.5% | 10.00 |
| Ross Stores, Inc | 43 | 1,100,750 | 1.7% | 13,946 | 1.4% | 12.67 |
| Five Below, Inc. | 65 | 622,769 | 1.0% | 12,626 | 1.2% | 20.27 |
| Amazon.com, Inc. / Whole Foods Market Services, Inc. | 18 | 654,782 | 1.0% | 12,040 | 1.2% | 18.39 |
| L.A Fitness International, LLC | 15 | 606,956 | 0.9% | 11,737 | 1.2% | 19.34 |
| PetSmart, Inc. | 27 | 587,611 | 0.9% | 10,121 | 1.0% | 17.22 |
| Ulta Beauty, Inc. | 37 | 405,313 | 0.6% | 9,905 | 1.0% | 24.44 |
| Albertson's Companies, Inc | 14 | 750,202 | 1.2% | 9,877 | 1.0% | 13.17 |
| Ahold Delhaize | 15 | 797,807 | 1.2% | 9,031 | 0.9% | 11.32 |
| Kohl's Corporation | 14 | 1,051,137 | 1.6% | 8,763 | 0.9% | 8.34 |
| PETCO Animal Supplies, Inc. | 35 | 479,951 | 0.7% | 8,630 | 0.9% | 17.98 |
| The Michaels Companies, Inc. | 23 | 515,734 | 0.8% | 6,895 | 0.7% | 13.37 |
| ALDI | 20 | 616,530 | 1.0% | 5,913 | 0.6% | 9.59 |
| Barnes & Noble, Inc. | 17 | 332,382 | 0.5% | 5,690 | 0.6% | 17.12 |
| JOANN Stores, Inc. | 19 | 423,020 | 0.7% | 5,483 | 0.5% | 12.96 |
| Party City Holdco Inc. | 24 | 353,833 | 0.6% | 5,342 | 0.5% | 15.10 |
| TOP 20 RETAILERS | 716 | 19,617,869 | 30.5% | $244,776 | 24.4% | $12.48 |
(1) Includes only locations which are owned or guaranteed by the parent company. Excludes all franchise locations.
The following table summarizes the geographic diversity of our Portfolio by state, ranked by ABR, as of December 31, 2024 (dollars in thousands, expect for PSF amounts):
| State · Number of Properties · GLA · Percent Billed · Percent Leased · ABR · ABR PSF · Percent of Number of Properties · Percent of GLA · Percent of ABR | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Florida | 48 | 8,473,446 | 92.1% | 95.9% | $141,138 | $17.88 | 13.2% | 13.2% | 14.0% | ||||
| 2 | Texas | 48 | 7,409,851 | 88.3% | 95.2% | 120,470 | 17.88 | 13.2% | 11.6% | 11.9% | ||||
| 3 | California | 28 | 5,187,376 | 92.5% | 98.2% | 116,966 | 24.55 | 7.6% | 8.1% | 11.7% | ||||
| 4 | Pennsylvania | 24 | 4,336,727 | 93.5% | 96.6% | 71,843 | 21.00 | 6.5% | 6.7% | 7.2% | ||||
| 5 | New York | 27 | 3,435,843 | 93.7% | 95.0% | 71,391 | 22.37 | 7.4% | 5.4% | 7.1% | ||||
| 6 | Illinois | 16 | 3,942,403 | 85.1% | 90.6% | 55,458 | 15.95 | 4.4% | 6.2% | 5.5% | ||||
| 7 | Georgia | 26 | 3,598,171 | 93.3% | 94.9% | 48,161 | 14.62 | 7.2% | 5.6% | 4.8% | ||||
| 8 | New Jersey | 16 | 2,821,623 | 89.3% | 93.6% | 47,804 | 19.22 | 4.4% | 4.4% | 4.7% | ||||
| 9 | North Carolina | 14 | 3,164,938 | 93.4% | 95.0% | 43,445 | 15.23 | 3.9% | 4.9% | 4.3% | ||||
| 10 | Michigan | 15 | 2,832,546 | 94.9% | 95.6% | 40,072 | 15.49 | 4.1% | 4.4% | 4.0% | ||||
| 11 | Ohio | 13 | 2,666,416 | 88.7% | 92.0% | 32,993 | 15.89 | 3.6% | 4.2% | 3.3% | ||||
| 12 | Connecticut | 10 | 1,787,723 | 91.7% | 94.8% | 26,667 | 16.64 | 2.8% | 2.8% | 2.6% | ||||
| 13 | Tennessee | 7 | 1,790,636 | 92.4% | 96.6% | 24,637 | 14.56 | 1.9% | 2.8% | 2.4% | ||||
| 14 | Massachusetts | 11 | 1,644,590 | 92.5% | 96.6% | 24,382 | 17.12 | 3.0% | 2.6% | 2.4% | ||||
| 15 | Colorado | 7 | 1,578,087 | 91.2% | 97.2% | 24,203 | 16.73 | 1.9% | 2.5% | 2.4% | ||||
| 16 | Kentucky | 6 | 1,545,582 | 96.3% | 96.8% | 18,686 | 13.96 | 1.7% | 2.4% | 1.8% | ||||
| 17 | South Carolina | 8 | 1,210,244 | 93.3% | 94.6% | 18,510 | 16.39 | 2.2% | 1.9% | 1.8% | ||||
| 18 | Minnesota | 9 | 1,269,747 | 85.7% | 95.1% | 18,232 | 16.43 | 2.5% | 2.0% | 1.8% | ||||
| 19 | Indiana | 4 | 990,824 | 95.4% | 96.0% | 12,215 | 12.98 | 1.1% | 1.5% | 1.2% | ||||
| 20 | Virginia | 5 | 742,449 | 94.8% | 99.5% | 10,582 | 15.60 | 1.4% | 1.2% | 1.0% | ||||
| 21 | New Hampshire | 5 | 672,254 | 95.8% | 98.5% | 10,271 | 16.16 | 1.4% | 1.1% | 1.0% | ||||
| 22 | Wisconsin | 3 | 520,769 | 96.1% | 96.2% | 6,453 | 12.89 | 0.8% | 0.8% | 0.6% | ||||
| 23 | Maryland | 2 | 371,986 | 92.0% | 92.0% | 5,975 | 18.07 | 0.6% | 0.6% | 0.6% | ||||
| 24 | Missouri | 4 | 495,523 | 90.5% | 93.6% | 4,937 | 10.72 | 1.1% | 0.8% | 0.5% | ||||
| 25 | Kansas | 2 | 376,599 | 92.5% | 94.4% | 3,748 | 13.64 | 0.6% | 0.6% | 0.4% | ||||
| 26 | Alabama | 1 | 398,701 | 73.1% | 73.1% | 3,355 | 11.87 | 0.3% | 0.6% | 0.3% | ||||
| 27 | Arizona | 1 | 165,350 | 74.5% | 100.0% | 2,267 | 13.71 | 0.3% | 0.3% | 0.2% | ||||
| 28 | Maine | 1 | 287,459 | 91.2% | 100.0% | 2,265 | 19.03 | 0.3% | 0.4% | 0.2% | ||||
| 29 | Vermont | 1 | 223,314 | 94.8% | 94.8% | 2,138 | 10.10 | 0.3% | 0.3% | 0.2% | ||||
| 30 | West Virginia | 1 | 75,344 | 54.1% | 100.0% | 884 | 11.73 | 0.3% | 0.1% | 0.1% | ||||
| TOTAL | 363 | 64,016,521 | 91.4% | 95.2% | $1,010,148 | $17.66 | 100.0% | 100.0% | 100.0% | |||||
The following table summarizes certain information for our Portfolio by unit size, as of December 31, 2024 (dollars in thousands, expect for PSF amounts):
| Number ofUnits | GLA | Percent of GLA | Percent Billed | Percent Leased | ABR | Percent of ABR | ABR PSF | |
|---|---|---|---|---|---|---|---|---|
| ≥ 35,000 SF | 397 | 22,480,509 | 35.1% | 94.1% | 98.2% | $223,286 | 22.1% | $11.57 |
| 20,000 – 34,999 SF | 482 | 12,544,682 | 19.6% | 91.7% | 95.4% | 150,764 | 15.0% | 12.72 |
| 10,000 – 19,999 SF | 617 | 8,444,961 | 13.2% | 93.3% | 97.0% | 130,440 | 12.9% | 16.33 |
| 5,000 – 9,999 SF | 1,096 | 7,573,997 | 11.8% | 87.9% | 91.9% | 147,786 | 14.7% | 22.06 |
| < 5,000 SF | 6,018 | 12,972,372 | 20.3% | 87.0% | 90.7% | 357,872 | 35.3% | 31.50 |
| TOTAL | 8,610 | 64,016,521 | 100.0% | 91.4% | 95.2% | $1,010,148 | 100.0% | $17.66 |
| TOTAL ≥ 10,000 SF | 1,496 | 43,470,152 | 67.9% | 93.2% | 97.2% | $504,490 | 50.0% | $12.89 |
| TOTAL < 10,000 SF | 7,114 | 20,546,369 | 32.1% | 87.4% | 91.1% | 505,658 | 50.0% | 28.00 |
The following table summarizes lease expirations for leases in place within our Portfolio for each of the next 10 calendar years and thereafter, assuming no exercise of renewal options and including the GLA of lessee-owned leasehold improvements, as of December 31, 2024:
| Number of Leases · Leased GLA · % of Leased GLA · % of In-Place ABR · In-Place ABR PSF · ABR PSF at Expiration | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| M-M | 193 | 600,570 | 1.0% | 1.1% | $18.24 | $18.24 | |||||
| 2025 | 909 | 5,435,002 | 8.9% | 7.5% | 14.01 | 13.96 | |||||
| 2026 | 1,034 | 7,118,472 | 11.7% | 11.2% | 15.91 | 16.04 | |||||
| 2027 | 1,103 | 8,344,141 | 13.7% | 13.1% | 15.89 | 16.22 | |||||
| 2028 | 991 | 6,869,521 | 11.3% | 11.8% | 17.31 | 17.88 | |||||
| 2029 | 966 | 8,525,224 | 14.0% | 13.2% | 15.64 | 16.22 | |||||
| 2030 | 638 | 6,232,489 | 10.2% | 9.2% | 14.94 | 16.38 | |||||
| 2031 | 346 | 2,779,419 | 4.6% | 4.7% | 17.21 | 19.23 | |||||
| 2032 | 362 | 2,656,828 | 4.4% | 4.8% | 18.31 | 20.53 | |||||
| 2033 | 411 | 3,152,905 | 5.2% | 6.0% | 18.78 | 21.34 | |||||
| 2034 | 443 | 3,693,053 | 6.0% | 6.7% | 18.35 | 21.10 | |||||
| 2035+ | 502 | 5,551,273 | 9.0% | 10.7% | 19.54 | 23.34 | |||||
More specific information with respect to each of our properties is set forth in Exhibit 99.1, which is incorporated herein by reference.
Leases
Our anchor tenants generally have leases with original terms ranging from 10 to 20 years and may or may not have renewal options for one or more additional periods. Smaller tenants typically have leases with original terms ranging from five to 10 years and may or may not have renewal options for one or more additional periods. Leases in our Portfolio generally provide for the payment of fixed monthly base rent. Certain leases also provide for the payment of additional rent based upon a percentage of the tenant’s gross sales above a predetermined threshold. Leases also generally provide for contractual increases in base rent over both the original lease term and any renewal option periods and the reimbursement of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties.
The foregoing general description of the characteristics of the leases of our Portfolio is not intended to describe all leases, and material variations in lease terms may exist.
Insurance
We have a wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”). Incap underwrites the first layer of general liability insurance for the properties in our Portfolio. We formed Incap as part of our overall risk management program to stabilize insurance costs, manage exposures, and recoup expenses through the function of the captive program. Incap is capitalized in accordance with the applicable regulatory requirements.
We also 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 coverage, industry practice, and the nature of the shopping centers in our Portfolio. In addition, tenants are generally 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 tenants or their agents at the properties (including without limitation any environmental contamination), and to obtain liability and property damage insurance policies at the tenant’s expense, kept in full force during the term of the lease. 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 losses from war. See"Risk Factors – Risks Related to Our Portfolio and Our Business – An uninsured property loss or a loss that exceeds the limits of our insurance policies could result in a loss of our investment or related revenue in those properties."
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.