Brixmor Property Group Reports Fourth Quarter And Full Year 2017 Results

• For the three months ended December 31, 2017 and 2016, NAREIT FFO was $157.7 million, or $0.52 per diluted share, and $163.0 million, or $0.53 per diluted share, respectively. Results for the three months ended December 31, 2017 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($2.3) million, or ($0.01) per diluted share. Results for the three months ended December 31, 2016 include items that impact FFO comparability of ($1.0) million, or ($0.00) per diluted share.
• For the twelve months ended December 31, 2017 and 2016, NAREIT FFO was $638.4 million, or $2.09 per diluted share, and $632.0 million, or $2.07 per diluted share, respectively. Results for the twelve months ended December 31, 2017 include litigation and other non-routine legal expenses and other items that impact FFO comparability of ($5.7) million, or ($0.02) per diluted share. Results for the twelve months ended December 31, 2016 include expenses related to the previously disclosed review conducted by the Company's Audit Committee, executive severance expenses, litigation and other non-routine legal expenses and other items that impact FFO comparability of ($10.1) million, or ($0.03) per diluted share.

Same Property NOI Growth

• Same property NOI for the three months ended December 31, 2017 increased 3.6% from the comparable 2016 period.
• Same property NOI for the twelve months ended December 31, 2017 increased 2.6% from the comparable 2016 period.

Dividend

• The Company's Board of Directors declared a quarterly cash dividend of $0.275 per common share (equivalent to $1.10 per annum) for the first quarter of 2018.
• The dividend is payable on April 16, 2018 to stockholders of record on April 5, 2018, representing an ex-dividend date of April 4, 2018.

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

• During the three months ended December 31, 2017, the Company completed six anchor space repositioning projects and added ten new projects to its in process pipeline. At December 31, 2017, the anchor space repositioning in process pipeline was comprised of 23 projects with an aggregate net estimated cost of approximately $81.3 million at expected average incremental NOI yields of 9 to 14%.
• During the three months ended December 31, 2017, the Company added two new outparcel developments projects to its in process pipeline. At December 31, 2017, the outparcel development in process pipeline was comprised of nine projects with an aggregate net estimated cost of approximately $17.4 million at an expected average incremental NOI yield of 12%. In addition, the new development in process pipeline was comprised of one project, with a net estimated cost of approximately $37.8 million at an expected NOI yield of 9%.
• During the three months ended December 31, 2017, the Company completed four redevelopment projects and added three new projects to its in process pipeline. At December 31, 2017, the redevelopment in process pipeline was comprised of 14 projects with an aggregate net estimated cost of approximately $158.4 million at an expected average incremental NOI yield of 9%.

Dispositions

• During the three months ended December 31, 2017, the Company generated approximately $105.5 million of gross proceeds on the disposition of 15 assets comprised of 1.5 million square feet.
• During the twelve months ended December 31, 2017, the Company generated approximately $407.5 million of gross proceeds ($356.5 million at share) on the disposition of 32 assets comprised of 4.0 million square feet.
• Subsequent to December 31, 2017, the Company generated approximately $85.4 million of gross proceeds on the sale of five assets comprised of 0.9 million square feet.

Acquisitions

• During the three months ended December 31, 2017, the Company acquired three properties for an aggregate purchase price of $78.4 million, including:
• Upland Town Square, a 100,000 square foot open-air shopping center located in Upland, California (Riverside MSA), for $31.7 million. Upland Town Square is anchored by a high volume Sprouts Farmers Market, with near term occupancy and rent growth opportunity and longer term redevelopment opportunity and is the Company's fifth asset in the market.
• Venice Village Shoppes, a 175,000 square foot open-air shopping center located in Venice, Florida (Sarasota MSA), for $33.5 million. Venice Village Shoppes is anchored by a highly productive Publix and is the Company's third asset in the market.
• Plaza by the Sea, a 49,000 square foot asset located in San Clemente, California (Los Angeles MSA), for $13.2 million. Plaza by the Sea is anchored by a highly productive Stater Bros. Markets and is directly adjacent to Brixmor's 170,000 square foot Ocean View Plaza, which is anchored by Ralphs (Kroger) and Trader Joe's.
• During the twelve months ended December 31, 2017, the Company completed four acquisitions, comprised of Upland Town Square, Venice Village Shoppes, Plaza by the Sea and Arborland Center located in Ann Arbor Michigan, for an aggregate purchase price of $180.4 million. In addition, during the twelve months ended December 31, 2017, the Company acquired five outparcels or other adjacencies at existing centers for a combined purchase price of $9.4 million.
• In December 2017, the Company implemented a share repurchase program. During December 2017, the Company repurchased 0.3 million shares of common stock under the program at an average price per share of $17.96 for a total of approximately $5.9 million.

CAPITAL STRUCTURE

• During the twelve months ended December 31, 2017, the Company prepaid $815.0 million of its Tranche A Term Loan maturing July 31, 2018, including $25.0 million prepaid during the fourth quarter, repaid an aggregate of $409.6 million of secured indebtedness, including amortization, at a weighted average stated interest rate of 6.4% and repaid $122.0 million on its $1.25 billion revolving credit facility, which was undrawn at December 31, 2017.
• During the twelve months ended December 31, 2017, the Company's Operating Partnership, Brixmor Operating Partnership LP, issued an aggregate $900.0 million of senior notes and entered into a new $300.0 million variable rate unsecured 7-year term loan facility.
• As a result of capital transactions during 2017, the Company extended its weighted average maturity to 5.2 years at December 31, 2017 from 4.7 at December 31, 2016, while reducing its maturing debt in 2018 to $185.0 million from $1,000.0 million at December 31, 2016. In addition, the Company's net principal debt to cash adjusted EBITDA declined to 6.8x from 6.9x at December 31, 2016.

GUIDANCE

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

CONNECT WITH BRIXMOR

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

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION

The Company will host a teleconference on Tuesday, February 13, 2018 at 10:00 AM ET.   To participate, please dial 888.317.6003 (domestic) or 412.317.6061 (international) at least ten minutes prior to the scheduled start of the call (Passcode: 3321963).  The teleconference can also be accessed via a live webcast at www.brixmor.com in the Investors section. A replay of the teleconference will be available through midnight ET on February 27, 2018 by dialing 877.344.7529 (domestic) or 412.317.0088 (international) (Passcode: 10114966) or via the web through February 12, 2019 at www.brixmor.com in the Investors section.

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

NON-GAAP DISCLOSURES

The Company presents the non-GAAP performance measures set forth below.  These measures should not be considered as alternatives to, or more meaningful than, net income (presented in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (presented in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those presented in accordance with GAAP.  The Company's computation of these non-GAAP measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP measures are relevant to understanding and addressing financial performance.  A reconciliation of these non-GAAP measures to net income is presented in the attached table.

NAREIT FFO

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

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

Same Property NOI

Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies.  Same property NOI is calculated (using properties owned for the entirety of both periods excluding properties under development), as total property revenues (base rent, ancillary and other, expense reimbursements, and percentage rents) less direct property operating expenses (operating costs, real estate taxes and provision for doubtful accounts).  Same property NOI excludes corporate level income (including management, transaction, and other fees), lease termination fees, straight-line rental income, amortization of above- and below-market rent and tenant inducements, straight-line ground rent expense and income / expense associated with the Company's captive insurance entity.

The Company believes same property NOI assists investors in analyzing Brixmor's comparative operating and financial performance because it eliminates disparities in NOI due to the acquisition, disposition or stabilization of development properties during the period presented and therefore provides a more consistent metric for comparing the operating performance of a company's real estate between periods.

ABOUT BRIXMOR PROPERTY GROUP

Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company's more than 475 retail centers comprise 83 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,000 best-in-class national, regional and local tenants and is one of the largest landlords to The TJX Companies and The Kroger Company. 

SAFE HARBOR LANGUAGE

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These statements include, but are not limited to, statements related to the Company's expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements.  You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov.  Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

CONSOLIDATED BALANCE SHEETS
Unaudited, dollars in thousands, except share information
				As of		As of
				12/31/17		12/31/16
	Assets
		Real estate
			Land	$               1,984,309		$              2,006,655
			Buildings and tenant improvements	8,063,871		8,043,855
			Construction in progress	81,214		121,817
			Lease intangibles	792,097		836,731
				10,921,491		11,009,058
			Accumulated depreciation and amortization	(2,361,070)		(2,167,054)
		Real estate, net		8,560,421		8,842,004
		Investments in and advances to unconsolidated joint venture		-		7,921
		Cash and cash equivalents		56,938		51,402
		Restricted cash		53,839		51,467
		Marketable securities		28,006		25,573
		Receivables, net of allowance for doubtful accounts of $17,205 and $16,756		232,111		178,216
		Deferred charges and prepaid expenses, net		147,508		122,787
		Other assets		75,103		40,315
	Total assets			$              9,153,926		$              9,319,685
	Liabilities
		Debt obligations, net		$              5,676,238		$              5,838,889
		Accounts payable, accrued expenses and other liabilities		569,340		553,636
	Total liabilities			6,245,578		6,392,525
	Equity
		Common stock, $0.01 par value; authorized 3,000,000,000 shares;
			304,947,144 and 304,343,141 shares issued and 304,620,186 and 304,343,141
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