Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 01, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-36160 | |
Entity Registrant Name | Brixmor Property Group Inc. | |
Entity Central Index Key | 0001581068 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 45-2433192 | |
Entity Address, Address Line One | 450 Lexington Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | 212 | |
Local Phone Number | 869-3000 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | BRX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 296,481,227 | |
Brixmor Operating Partnership LP [Member] | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Entity File Number | 333-201464-01 | |
Entity Registrant Name | Brixmor Operating Partnership LP | |
Entity Central Index Key | 0001630031 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0831163 | |
No Trading Symbol Flag | true | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Real estate | ||
Land | $ 1,758,946 | $ 1,767,029 |
Buildings and improvements | 8,419,007 | 8,356,571 |
Real estate, gross | 10,177,953 | 10,123,600 |
Accumulated depreciation and amortization | (2,581,127) | (2,481,250) |
Real estate, net | 7,596,826 | 7,642,350 |
Cash and cash equivalents | 318,540 | 19,097 |
Restricted cash | 1,451 | 2,426 |
Marketable securities | 20,765 | 18,054 |
Receivables, net | 274,532 | 234,246 |
Deferred charges and prepaid expenses, net | 141,645 | 143,973 |
Real estate assets held for sale | 10,514 | 22,171 |
Other assets | 52,012 | 60,179 |
Total assets | 8,416,285 | 8,142,496 |
Liabilities | ||
Debt obligations, net | 5,307,527 | 4,861,185 |
Accounts payable, accrued expenses and other liabilities | 429,138 | 537,454 |
Total liabilities | 5,736,665 | 5,398,639 |
Commitments and contingencies (Note 15) | 0 | 0 |
Equity | ||
Common stock | 2,965 | 2,979 |
Additional paid-in capital | 3,207,116 | 3,230,625 |
Accumulated other comprehensive loss | (34,061) | (9,543) |
Distributions in excess of net income | (496,400) | (480,204) |
Total equity | 2,679,620 | 2,743,857 |
Total liabilities and equity | 8,416,285 | 8,142,496 |
Brixmor Operating Partnership LP | ||
Real estate | ||
Land | 1,758,946 | 1,767,029 |
Buildings and improvements | 8,419,007 | 8,356,571 |
Real estate, gross | 10,177,953 | 10,123,600 |
Accumulated depreciation and amortization | (2,581,127) | (2,481,250) |
Real estate, net | 7,596,826 | 7,642,350 |
Cash and cash equivalents | 308,526 | 19,081 |
Restricted cash | 1,451 | 2,426 |
Marketable securities | 20,765 | 18,054 |
Receivables, net | 274,532 | 234,246 |
Deferred charges and prepaid expenses, net | 141,645 | 143,973 |
Real estate assets held for sale | 10,514 | 22,171 |
Other assets | 52,012 | 60,179 |
Total assets | 8,406,271 | 8,142,480 |
Liabilities | ||
Debt obligations, net | 5,307,527 | 4,861,185 |
Accounts payable, accrued expenses and other liabilities | 429,138 | 537,454 |
Total liabilities | 5,736,665 | 5,398,639 |
Commitments and contingencies (Note 15) | 0 | 0 |
Equity | ||
Common stock | 2,703,668 | 2,753,385 |
Accumulated other comprehensive loss | (34,062) | (9,544) |
Total equity | 2,669,606 | 2,743,841 |
Total liabilities and equity | $ 8,406,271 | $ 8,142,480 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 305,608,219 | 305,334,144 |
Common stock, shares outstanding | 296,481,227 | 297,857,267 |
Brixmor Operating Partnership LP | ||
Common stock, shares issued | 305,608,219 | 305,334,144 |
Common stock, shares outstanding | 296,481,227 | 297,857,267 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | ||||
Rental income | $ 247,434 | $ 290,737 | $ 527,836 | $ 580,692 |
Other revenues | 186 | 268 | 2,085 | 1,452 |
Total revenues | 247,620 | 291,005 | 529,921 | 582,144 |
Operating expenses | ||||
Operating costs | 25,136 | 29,307 | 55,492 | 60,565 |
Real estate taxes | 41,808 | 43,189 | 84,672 | 86,515 |
Depreciation and amortization | 80,829 | 81,593 | 163,846 | 166,988 |
Impairment of real estate assets | 5,962 | 6,186 | 10,560 | 9,298 |
General and administrative | 24,436 | 25,175 | 47,033 | 50,618 |
Total operating expenses | 178,171 | 185,450 | 361,603 | 373,984 |
Other income (expense) | ||||
Dividends and interest | 102 | 300 | 226 | 447 |
Interest expense | (49,852) | (48,475) | (97,206) | (95,141) |
Gain on sale of real estate assets | 692 | 13,043 | 9,597 | 20,645 |
Loss on extinguishment of debt, net | (10,386) | (707) | (10,391) | (677) |
Other | (961) | (756) | (1,719) | (1,574) |
Total other expense | (60,405) | (36,595) | (99,493) | (76,300) |
Net income | $ 9,044 | $ 68,960 | $ 68,825 | $ 131,860 |
Earnings Per Share [Abstract] | ||||
Basic (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |
Diluted (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |
Weighted average shares: | ||||
Basic (in shares) | 296,546 | 298,140 | 297,194 | 298,372 |
Diluted (in shares) | 296,773 | 298,893 | 297,485 | 298,895 |
Brixmor Operating Partnership LP | ||||
Revenues | ||||
Rental income | $ 247,434 | $ 290,737 | $ 527,836 | $ 580,692 |
Other revenues | 186 | 268 | 2,085 | 1,452 |
Total revenues | 247,620 | 291,005 | 529,921 | 582,144 |
Operating expenses | ||||
Operating costs | 25,136 | 29,307 | 55,492 | 60,565 |
Real estate taxes | 41,808 | 43,189 | 84,672 | 86,515 |
Depreciation and amortization | 80,829 | 81,593 | 163,846 | 166,988 |
Impairment of real estate assets | 5,962 | 6,186 | 10,560 | 9,298 |
General and administrative | 24,436 | 25,175 | 47,033 | 50,618 |
Total operating expenses | 178,171 | 185,450 | 361,603 | 373,984 |
Other income (expense) | ||||
Dividends and interest | 102 | 300 | 226 | 447 |
Interest expense | (49,852) | (48,475) | (97,206) | (95,141) |
Gain on sale of real estate assets | 692 | 13,043 | 9,597 | 20,645 |
Loss on extinguishment of debt, net | (10,386) | (707) | (10,391) | (677) |
Other | (961) | (756) | (1,719) | (1,574) |
Total other expense | (60,405) | (36,595) | (99,493) | (76,300) |
Net income | $ 9,044 | $ 68,960 | $ 68,825 | $ 131,860 |
Earnings Per Share [Abstract] | ||||
Basic (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |
Diluted (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |
Weighted average shares: | ||||
Basic (in shares) | 296,546 | 298,140 | 297,194 | 298,372 |
Diluted (in shares) | 296,773 | 298,893 | 297,485 | 298,895 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income | $ 9,044 | $ 68,960 | $ 68,825 | $ 131,860 |
Other comprehensive income (loss) | ||||
Change in unrealized loss on interest rate swaps, net (Note 6) | (835) | (13,984) | (24,713) | (24,041) |
Change in unrealized gain on marketable securities | 16 | 49 | 195 | 181 |
Other Comprehensive Income (Loss), Net of Tax, Total | (819) | (13,935) | (24,518) | (23,860) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | 8,225 | 55,025 | 44,307 | 108,000 |
Brixmor Operating Partnership LP | ||||
Net income | 9,044 | 68,960 | 68,825 | 131,860 |
Other comprehensive income (loss) | ||||
Change in unrealized loss on interest rate swaps, net (Note 6) | (835) | (13,984) | (24,713) | (24,041) |
Change in unrealized gain on marketable securities | 16 | 48 | 195 | 180 |
Other Comprehensive Income (Loss), Net of Tax, Total | (819) | (13,936) | (24,518) | (23,861) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 8,225 | $ 55,024 | $ 44,307 | $ 107,999 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Brixmor Operating Partnership LP | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentBrixmor Operating Partnership LP | Common Stock | Common StockBrixmor Operating Partnership LP | Common StockCumulative Effect, Period of Adoption, AdjustmentBrixmor Operating Partnership LP | Additional Paid-in Capital | Additional Paid-in CapitalBrixmor Operating Partnership LP | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Net Income | Distributions in Excess of Net IncomeCumulative Effect, Period of Adoption, Adjustment |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 298,489 | |||||||||||
Beginning balance at Dec. 31, 2018 | $ 2,836,099 | $ 2,835,753 | $ (1,974) | $ (1,974) | $ 2,985 | $ 2,819,770 | $ (1,974) | $ 3,233,329 | $ 15,983 | $ 15,973 | $ (416,188) | $ (1,974) |
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Common stock dividends | (83,839) | (83,964) | (83,964) | (83,839) | ||||||||
Equity based compensation expense | 2,641 | 2,641 | 2,641 | 2,641 | ||||||||
Other comprehensive income | (9,925) | (9,925) | (9,925) | (9,925) | ||||||||
Issuance of common stock and OP Units (in shares) | 158 | |||||||||||
Issuance of common stock and OP Units | 2 | 2 | $ 2 | 2 | ||||||||
Repurchase of common stock (in shares) | (660) | |||||||||||
Repurchases of common stock | (11,586) | (11,586) | $ (7) | (11,586) | (11,579) | |||||||
Share-based awards retained for taxes | (1,547) | (1,547) | (1,547) | (1,547) | ||||||||
Net income | 62,900 | 62,900 | 62,900 | 62,900 | ||||||||
Ending balance (in shares) at Mar. 31, 2019 | 297,987 | |||||||||||
Ending balance at Mar. 31, 2019 | 2,792,771 | 2,792,300 | $ 2,980 | 2,786,242 | 3,222,844 | 6,058 | 6,048 | (439,101) | ||||
Beginning balance (in shares) at Dec. 31, 2018 | 298,489 | |||||||||||
Beginning balance at Dec. 31, 2018 | 2,836,099 | 2,835,753 | $ (1,974) | $ (1,974) | $ 2,985 | 2,819,770 | $ (1,974) | 3,233,329 | 15,983 | 15,973 | (416,188) | $ (1,974) |
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Other comprehensive income | (23,860) | (23,861) | ||||||||||
Net income | 131,860 | 131,860 | ||||||||||
Ending balance (in shares) at Jun. 30, 2019 | 297,846 | |||||||||||
Ending balance at Jun. 30, 2019 | 2,764,181 | 2,763,939 | $ 2,978 | 2,771,817 | 3,223,058 | (7,878) | (7,887) | (453,968) | ||||
Beginning balance (in shares) at Mar. 31, 2019 | 297,987 | |||||||||||
Beginning balance at Mar. 31, 2019 | 2,792,771 | 2,792,300 | $ 2,980 | 2,786,242 | 3,222,844 | 6,058 | 6,048 | (439,101) | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Common stock dividends | (83,827) | (83,597) | (83,597) | (83,827) | ||||||||
Equity based compensation expense | 3,353 | 3,353 | 3,353 | 3,353 | ||||||||
Other comprehensive income | (13,935) | (13,936) | (13,936) | (13,935) | ||||||||
Issuance of common stock and OP Units (in shares) | 34 | |||||||||||
Issuance of common stock and OP Units | 0 | 0 | $ 0 | 0 | ||||||||
Repurchase of common stock (in shares) | (175) | |||||||||||
Repurchases of common stock | (2,977) | (2,977) | $ (2) | (2,977) | (2,975) | |||||||
Share-based awards retained for taxes | (164) | (164) | (164) | (164) | ||||||||
Net income | 68,960 | 68,960 | 68,960 | 68,960 | ||||||||
Ending balance (in shares) at Jun. 30, 2019 | 297,846 | |||||||||||
Ending balance at Jun. 30, 2019 | 2,764,181 | 2,763,939 | $ 2,978 | 2,771,817 | 3,223,058 | (7,878) | (7,887) | (453,968) | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 297,857 | |||||||||||
Beginning balance at Dec. 31, 2019 | 2,743,857 | 2,743,841 | $ 2,979 | 2,753,385 | 3,230,625 | (9,544) | (9,543) | (480,204) | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Common stock dividends | (85,018) | (85,017) | (85,017) | (85,018) | ||||||||
Equity based compensation expense | 2,842 | 2,842 | 2,842 | 2,842 | ||||||||
Other comprehensive income | (23,699) | (23,699) | (23,699) | (23,699) | ||||||||
Issuance of common stock and OP Units (in shares) | 242 | |||||||||||
Issuance of common stock and OP Units | 2 | 2 | $ 2 | 2 | ||||||||
Repurchase of common stock (in shares) | (1,650) | |||||||||||
Repurchases of common stock | (25,007) | (25,007) | $ (17) | (25,007) | (24,990) | |||||||
Share-based awards retained for taxes | (3,405) | (3,405) | (3,405) | (3,405) | ||||||||
Net income | 59,781 | 59,781 | 59,781 | 59,781 | ||||||||
Ending balance (in shares) at Mar. 31, 2020 | 296,449 | |||||||||||
Ending balance at Mar. 31, 2020 | 2,669,353 | 2,669,338 | $ 2,964 | 2,702,581 | 3,205,072 | (33,243) | (33,242) | (505,441) | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 297,857 | |||||||||||
Beginning balance at Dec. 31, 2019 | 2,743,857 | 2,743,841 | $ 2,979 | 2,753,385 | 3,230,625 | (9,544) | (9,543) | (480,204) | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Other comprehensive income | (24,518) | (24,518) | ||||||||||
Net income | 68,825 | 68,825 | ||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 296,481 | |||||||||||
Ending balance at Jun. 30, 2020 | 2,679,620 | 2,669,606 | $ 2,965 | 2,703,668 | 3,207,116 | (34,062) | (34,061) | (496,400) | ||||
Beginning balance (in shares) at Mar. 31, 2020 | 296,449 | |||||||||||
Beginning balance at Mar. 31, 2020 | 2,669,353 | 2,669,338 | $ 2,964 | 2,702,581 | 3,205,072 | (33,243) | (33,242) | (505,441) | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Common stock dividends | (3) | (10,002) | (10,002) | (3) | ||||||||
Equity based compensation expense | 2,162 | 2,162 | 2,162 | 2,162 | ||||||||
Other comprehensive income | (819) | (819) | (819) | (819) | ||||||||
Issuance of common stock and OP Units (in shares) | 32 | |||||||||||
Issuance of common stock and OP Units | 1 | 1 | $ 1 | 1 | ||||||||
Share-based awards retained for taxes | (118) | (118) | (118) | (118) | ||||||||
Net income | 9,044 | 9,044 | 9,044 | 9,044 | ||||||||
Ending balance (in shares) at Jun. 30, 2020 | 296,481 | |||||||||||
Ending balance at Jun. 30, 2020 | $ 2,679,620 | $ 2,669,606 | $ 2,965 | $ 2,703,668 | $ 3,207,116 | $ (34,062) | $ (34,061) | $ (496,400) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends, per common share | $ 0 | $ 0.285 | $ 0.280 | $ 0.28 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net income | $ 68,825 | $ 131,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 163,846 | 166,988 |
(Accretion) amortization of debt premium and discount, net | (144) | 948 |
Deferred financing cost amortization | 3,619 | 3,551 |
Accretion of above- and below-market leases, net | (8,224) | (9,646) |
Tenant inducement amortization and other | 1,789 | 1,814 |
Impairment of real estate assets | 10,560 | 9,298 |
Gain on sale of real estate assets | (9,597) | (20,645) |
Equity based compensation | 4,607 | 5,611 |
Loss on extinguishment of debt, net | 10,391 | 677 |
Changes in operating assets and liabilities: | ||
Receivables, net | (42,672) | (7,628) |
Deferred charges and prepaid expenses | (10,552) | (14,610) |
Other assets | (201) | 42 |
Accounts payable, accrued expenses and other liabilities | (12,683) | (17,253) |
Net cash provided by operating activities | 179,564 | 251,007 |
Investing activities: | ||
Improvements to and investments in real estate assets | (158,120) | (169,529) |
Acquisitions of real estate assets | (2,020) | (79,634) |
Proceeds from sales of real estate assets | 46,633 | 95,139 |
Purchase of marketable securities | (10,733) | (24,202) |
Proceeds from sale of marketable securities | 8,219 | 38,942 |
Net cash used in investing activities | (116,021) | (139,284) |
Financing activities: | ||
Repayment of secured debt obligations | (7,000) | 0 |
Repayment of borrowings under unsecured revolving credit facility | (507,500) | (337,000) |
Proceeds from borrowings under unsecured revolving credit facility | 646,000 | 176,000 |
Proceeds from unsecured notes | 498,880 | 399,216 |
Repayment of borrowings under unsecured term loans and notes | (182,479) | (200,000) |
Deferred financing and debt extinguishment costs | (14,049) | (3,402) |
Distributions to common stockholders | (170,397) | (167,772) |
Repurchases of common shares | (25,007) | (14,563) |
Repurchases of common shares in conjunction with equity award plans | (3,523) | (1,711) |
Net cash provided by (used in) financing activities | 234,925 | (149,232) |
Net change in cash, cash equivalents and restricted cash | 298,468 | (37,509) |
Cash, cash equivalents and restricted cash at beginning of period | 21,523 | 50,765 |
Cash, cash equivalents and restricted cash at end of period | 319,991 | 13,256 |
Reconciliation to consolidated balance sheets: | ||
Cash and cash equivalents | 318,540 | 10,809 |
Cash, cash equivalents and restricted cash at end of period | 319,991 | 13,256 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, net of amount capitalized of $2,177 and $1,404 | 94,593 | 87,170 |
Brixmor Operating Partnership LP | ||
Operating activities: | ||
Net income | 68,825 | 131,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 163,846 | 166,988 |
(Accretion) amortization of debt premium and discount, net | (144) | 948 |
Deferred financing cost amortization | 3,619 | 3,551 |
Accretion of above- and below-market leases, net | (8,224) | (9,646) |
Tenant inducement amortization and other | 1,789 | 1,814 |
Impairment of real estate assets | 10,560 | 9,298 |
Gain on sale of real estate assets | (9,597) | (20,645) |
Equity based compensation | 4,607 | 5,611 |
Loss on extinguishment of debt, net | 10,391 | 677 |
Changes in operating assets and liabilities: | ||
Receivables, net | (42,672) | (7,628) |
Deferred charges and prepaid expenses | (10,552) | (14,610) |
Other assets | (201) | 42 |
Accounts payable, accrued expenses and other liabilities | (12,683) | (17,253) |
Net cash provided by operating activities | 179,564 | 251,007 |
Investing activities: | ||
Improvements to and investments in real estate assets | (158,120) | (169,529) |
Acquisitions of real estate assets | (2,020) | (79,634) |
Proceeds from sales of real estate assets | 46,633 | 95,139 |
Purchase of marketable securities | (10,733) | (24,200) |
Proceeds from sale of marketable securities | 8,219 | 38,942 |
Net cash used in investing activities | (116,021) | (139,282) |
Financing activities: | ||
Repayment of secured debt obligations | (7,000) | 0 |
Repayment of borrowings under unsecured revolving credit facility | (507,500) | (337,000) |
Proceeds from borrowings under unsecured revolving credit facility | 646,000 | 176,000 |
Proceeds from unsecured notes | 498,880 | 399,216 |
Repayment of borrowings under unsecured term loans and notes | (182,479) | (200,000) |
Deferred financing and debt extinguishment costs | (14,049) | (3,402) |
Partner distributions and repurchases of OP Units | (208,925) | (183,941) |
Net cash provided by (used in) financing activities | 224,927 | (149,127) |
Net change in cash, cash equivalents and restricted cash | 288,470 | (37,402) |
Cash, cash equivalents and restricted cash at beginning of period | 21,507 | 50,639 |
Cash, cash equivalents and restricted cash at end of period | 309,977 | 13,237 |
Reconciliation to consolidated balance sheets: | ||
Cash and cash equivalents | 308,526 | 10,790 |
Cash, cash equivalents and restricted cash at end of period | 309,977 | 13,237 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, net of amount capitalized of $2,177 and $1,404 | $ 94,593 | $ 87,170 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Interest paid, capitalized | $ 2,177 | $ 1,404 |
Brixmor Operating Partnership LP | ||
Interest paid, capitalized | $ 2,177 | $ 1,404 |
Acquisition of Real Estate
Acquisition of Real Estate | 6 Months Ended |
Jun. 30, 2020 | |
Real Estate [Abstract] | |
Acquisition of Real Estate | Acquisition of Real Estate During the six months ended June 30, 2020, the Company acquired the following asset: Description (1) Location Month Acquired GLA Aggregate Purchase Price (2) Land adjacent to Shops at Palm Lakes Miami Gardens, FL Feb-20 N/A $ 2,020 N/A $ 2,020 (1) No debt was assumed related to the listed acquisition. (2) Aggregate purchase price includes less than $0.1 million of transaction costs. During the six months ended June 30, 2019, the Company acquired the following assets, in separate transactions: Description (1) Location Month Acquired GLA Aggregate Purchase Price (2) Land adjacent to Parmer Crossing Austin, TX Apr-19 N/A $ 2,197 Centennial Shopping Center Englewood, CO Apr-19 113,682 18,011 Plymouth Square Shopping Center (3) Conshohocken, PA May-19 235,728 56,909 Leases at Baytown Shopping Center Baytown, TX Jun-19 N/A 2,517 349,410 $ 79,634 (1) No debt was assumed related to any of the listed acquisitions. (2) Aggregate purchase price includes $1.2 million of transaction costs. (3) GLA excludes square footage related to the anticipated relocation of the Company's regional office. Total acquired GLA is 288,718 square feet. The aggregate purchase price of the assets acquired during the six months ended June 30, 2020 and 2019, respectively, has been allocated as follows: Six Months Ended June 30, Assets 2020 2019 Land $ 2,020 $ 25,953 Buildings — 45,781 Building and tenant improvements — 5,832 Above-market leases (1) — 155 In-place leases (2) — 6,923 Total assets 2,020 84,644 Liabilities Below-market leases (3) — 5,010 Other liabilities — — Total liabilities — 5,010 Net assets acquired $ 2,020 $ 79,634 (1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the six months ended June 30, 2019 was 10.4 years. (2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the six months ended June 30, 2019 was 8.8 years. (3) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the six months ended June 30, 2019 was 24.3 years. |
Nature of Business and Financia
Nature of Business and Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business and Financial Statement Presentation | Nature of Business and Financial Statement Presentation Description of Business Brixmor Property Group Inc. and subsidiaries (collectively, the “Parent Company” or “BPG”) is an internally-managed real estate investment trust (“REIT”). Brixmor Operating Partnership LP and subsidiaries (collectively, the “Operating Partnership”) is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100% of the common stock of BPG Subsidiary Inc. (“BPG Sub”), which, in turn, is the sole member of Brixmor OP GP LLC (the “General Partner”), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition and redevelopment of retail shopping centers through the Operating Partnership, and has no other material assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership and their controlled subsidiaries on a consolidated basis (collectively, the “Company” or “Brixmor”) believes it owns and operates one of the largest open-air retail portfolios by gross leasable area (“GLA”) in the United States (“U.S.”), comprised primarily of community and neighborhood shopping centers. As of June 30, 2020, the Company’s portfolio was comprised of 398 shopping centers (the “Portfolio”) totaling approximately 70 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Metropolitan Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles (“GAAP”). Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the unaudited Condensed Consolidated Financial Statements for the periods presented have been included. The operating results for the periods presented are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and accompanying notes included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 10, 2020. Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated. Revenue Recognition and Receivables The Company enters into agreements with tenants which convey the right to control the use of identified space at its shopping centers in exchange for rental revenue. These agreements meet the criteria for recognition as leases under Accounting Standards Codification (“ASC”) 842, Leases . Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized on the Company’s unaudited Condensed Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and included in Receivables, net on the accompanying unaudited Condensed Consolidated Balance Sheets. The Company commences recognizing rental revenue based on the date it makes the underlying asset available for use by the tenant. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance and real estate taxes by the lessee and are recognized in the period the applicable expenditures are incurred. The Company periodically evaluates the collectability of its receivables related to rental revenue, straight-line rent, expense reimbursements and those attributable to other revenue generating activities. The Company analyzes individual tenant receivables and considers tenant credit-worthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability. Any receivables that are deemed to be uncollectible are recognized as a reduction to Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. The Company has made certain elections regarding the treatment of rent deferrals and abatements resulting from COVID-19. See Note 9 for additional information regarding the treatment and impact of COVID-19 rent deferrals and abatements on the Company’s unaudited Condensed Consolidated Financial Statements. Income Taxes Brixmor Property Group Inc. has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Brixmor Property Group Inc. must meet several organizational and operational requirements, including a requirement that it currently distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to satisfy these requirements and maintain Brixmor Property Group Inc.’s REIT status. As a REIT, Brixmor Property Group Inc. generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. Brixmor Property Group Inc. conducts substantially all of its operations through the Operating Partnership which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company. If Brixmor Property Group Inc. fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if Brixmor Property Group Inc. qualifies for taxation as a REIT, Brixmor Property Group Inc. is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable. Brixmor Property Group Inc. has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a “TRS”), and Brixmor Property Group Inc. may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal and state income taxes at regular corporate rates. Income taxes related to Brixmor Property Group Inc.’s TRSs do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company. The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s unaudited Condensed Consolidated Financial Statements as of June 30, 2020 and December 31, 2019. Open tax years generally range from 2016 through 2019, but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s unaudited Condensed Consolidated Statements of Operations. New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326). ASU 2016-13 was subsequently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2016-13 amends guidance to replace the prior “incurred loss” methodology of recognizing credit losses on financial instruments with a methodology that reflects expected credit losses and requires consideration of a broader range of information. Any unrealized loss on the Company’s financial instruments must be assessed to determine the portion, if any, that is attributable to credit loss and the portion that is due to other factors, such as changes in market interest rates. “Credit loss” refers to any portion of the carrying amount that the Company does not expect to collect over a financial instrument’s contractual life. The Company considers current market conditions and reasonable forecasts of future market conditions to estimate expected credit losses over the life of the financial instrument. Any portion of unrealized losses due to credit loss is recognized through net income and reported in equity as a component of distributions in excess of net income. The portion of unrealized losses due to other factors continues to be recognized through other comprehensive income and reported in accumulated other comprehensive income. In addition, ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of ASC 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. The standard became effective for the Company on January 1, 2020. The Company determined that these changes did not have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815). ASU 2018-16 was subsequently amended by ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2018-16 amends guidance to permit the use of the Overnight Index Swap (“OIS”) rate based on the Secured Overnight Financing Rate (“SOFR”) as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815, Derivatives and Hedging . The standard became effective for the Company on January 1, 2019 and a prospective transition approach was required. The Company determined that the adoption of ASU 2018-16 did not have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) . ASU 2018-13 amends certain disclosure requirements regarding the fair value hierarchy of investments in accordance with GAAP, particularly the significant unobservable inputs used to value investments within Level 3 of the fair value hierarchy. The standard became effective for the Company on January 1, 2020. The Company determined that these changes did not have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company. |
Dispositions and Assets Held fo
Dispositions and Assets Held for Sale | 6 Months Ended |
Jun. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and Assets Held for Sale | Dispositions and Assets Held for Sale During the three months ended June 30, 2020, the Company disposed of two shopping centers for aggregate net proceeds of $5.2 million resulting in aggregate gain of $0.7 million. During the six months ended June 30, 2020, the Company disposed of five shopping centers and two partial shopping centers for aggregate net proceeds of $45.7 million resulting in aggregate gain of $8.2 million and aggregate impairment of less than $0.1 million. In addition, during the six months ended June 30, 2020, the Company received aggregate net proceeds of $0.9 million and resolved a $0.5 million contingency from previously disposed assets resulting in aggregate gain of $1.4 million. During the three months ended June 30, 2019, the Company disposed of three shopping centers and three partial shopping centers for aggregate net proceeds of $50.0 million resulting in aggregate gain of $13.2 million. During the six months ended June 30, 2019, the Company disposed of six shopping centers and three partial shopping centers for aggregate net proceeds of $94.8 million resulting in aggregate gain of $20.5 million. In addition, during the six months ended June 30, 2019, the Company received aggregate net proceeds of $0.3 million from previously disposed assets resulting in aggregate gain of $0.1 million. As of June 30, 2020, the Company had two properties and one land parcel held for sale. As of December 31, 2019, the Company had two properties and two partial properties held for sale. The following table presents the assets and liabilities associated with the properties classified as held for sale: Assets June 30, 2020 December 31, 2019 Land $ 3,778 $ 3,356 Buildings and improvements 14,681 31,650 Accumulated depreciation and amortization (8,067) (13,044) Real estate, net 10,392 21,962 Other assets 122 209 Assets associated with real estate assets held for sale $ 10,514 $ 22,171 Liabilities Below-market leases $ 7 $ 415 Other liabilities 178 — Liabilities associated with real estate assets held for sale (1) $ 185 $ 415 (1) These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2020 | |
Real Estate [Abstract] | |
Real Estate | Real Estate The Company’s components of Real estate, net consisted of the following: June 30, 2020 December 31, 2019 Land $ 1,758,946 $ 1,767,029 Buildings and improvements: Buildings and tenant improvements (1) 7,823,236 7,741,607 Lease intangibles (2) 595,771 614,964 10,177,953 10,123,600 Accumulated depreciation and amortization (3) (2,581,127) (2,481,250) Total $ 7,596,826 $ 7,642,350 (1) As of June 30, 2020 and December 31, 2019, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $28.9 million and $46.9 million, respectively. (2) As of June 30, 2020 and December 31, 2019, Lease intangibles consisted of $537.2 million and $554.9 million, respectively, of in-place leases and $58.6 million and $60.1 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease. (3) As of June 30, 2020 and December 31, 2019, Accumulated depreciation and amortization included $525.8 million and $533.1 million, respectively, of accumulated amortization related to Lease intangibles. In addition, as of June 30, 2020 and December 31, 2019, the Company had intangible liabilities relating to below-market leases of $362.3 million and $372.1 million, respectively, and accumulated accretion of $266.7 million and $267.1 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. These intangible assets are accreted over the term of each related lease. Below-market lease accretion income, net of above-market lease amortization for the three months ended June 30, 2020 and 2019 was $4.0 million and $4.7 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the six months ended June 30, 2020 and 2019 was $8.2 million and $9.6 million, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended June 30, 2020 and 2019 was $4.9 million and $6.3 million, respectively. Amortization expense associated with in-place lease value for the six months ended June 30, 2020 and 2019 was $10.4 million and $12.8 million, respectively. These amounts are included in Depreciation and amortization on the Company’s unaudited Condensed Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows: Year ending December 31, Below-market lease accretion (income), net of above-market lease amortization expense In-place lease amortization expense 2020 (remaining six months) $ (6,506) $ 8,291 2021 (11,520) 13,202 2022 (9,541) 9,197 2023 (8,188) 6,675 2024 (7,651) 5,008 |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2020 | |
Impairment of Real Estate [Abstract] | |
Impairments | Impairments On a periodic basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated hold period and general market conditions, including the impact of COVID-19, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If management determines that the carrying value of a real estate asset is impaired, a loss is recognized to reflect the estimated fair value. The Company recognized the following impairments during the three months ended June 30, 2020: Three Months Ended June 30, 2020 Property Name (1) Location GLA Impairment Charge 30th Street Plaza (2) Canton, OH 145,935 $ 4,449 Chamberlain Plaza (2) Meriden, CT 54,302 1,513 200,237 $ 5,962 (1) The Company recognized impairment charges based upon a change in the anticipated hold period of these properties and/or offers from third-party buyers in connection with the Company’s capital recycling program. (2) This property was classified as held for sale as of June 30, 2020. The Company recognized the following impairments during the six months ended June 30, 2020: Six Months Ended June 30, 2020 Property Name (1) Location GLA Impairment Charge Spring Mall Greenfield, WI 45,920 $ 4,584 30th Street Plaza (2) Canton, OH 145,935 4,449 Chamberlain Plaza (2) Meriden, CT 54,302 1,513 Parcel at Lakes Crossing (3)(4) Muskegon, MI 4,990 14 251,147 $ 10,560 (1) The Company recognized impairment charges based upon a change in the anticipated hold period of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program. (2) This property was classified as held for sale as of June 30, 2020. (3) The Company disposed of this property during the six months ended June 30, 2020. (4) This property was classified as held for sale as of December 31, 2019. The Company recognized the following impairment during the three months ended June 30, 2019: Three Months Ended June 30, 2019 Property Name (1) Location GLA Impairment Charge Westview Center (2) Hanover Park, IL 321,382 $ 6,186 321,382 $ 6,186 (1) The Company recognized an impairment charge based upon a change in the anticipated hold period of this property and/or offers from third-party buyers in connection with the Company’s capital recycling program. (2) The Company disposed of this property during the year ended December 31, 2019. The Company recognized the following impairments during the six months ended June 30, 2019: Six Months Ended June 30, 2019 Property Name (1) Location GLA Impairment Charge Westview Center (2) Hanover Park, IL 321,382 $ 6,186 Brice Park Reynoldsburg, OH 158,565 3,112 479,947 $ 9,298 (1) The Company recognized impairment charges based upon a change in the anticipated hold period of these properties and/or offers from third-party buyers in connection with the Company’s capital recycling program. (2) The Company disposed of this property during the year ended December 31, 2019. The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods. See Note 3 for additional information regarding impairment charges taken in connection with the Company’s dispositions. See Note 8 for additional information regarding the fair value of operating properties that have been impaired. |
Financial Instruments - Derivat
Financial Instruments - Derivatives and Hedging | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments - Derivatives and Hedging | Financial Instruments – Derivatives and Hedging The Company’s use of derivative instruments is intended to manage its exposure to interest rate movements and such instruments are not utilized for speculative purposes. In certain situations, the Company may enter into derivative financial instruments such as interest rate swap and interest rate cap agreements that result in the receipt and/or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. 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 exchanging the underlying notional amount. The Company utilizes interest rate swaps to partially hedge the cash flows associated with variable LIBOR based debt. During the six months ended June 30, 2020 and year ended December 31, 2019, the Company did not enter into any new interest rate swap agreements. Detail on the Company’s interest rate derivatives designated as cash flow hedges outstanding as of June 30, 2020 and December 31, 2019 is as follows: Number of Instruments Notional Amount June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Interest Rate Swaps 7 7 $ 800,000 $ 800,000 The Company has elected to present its interest rate derivatives on its unaudited Condensed Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. Detail on the fair value of the Company’s interest rate derivatives on a gross and net basis as of June 30, 2020 and December 31, 2019 is as follows: Fair Value of Derivative Instruments Interest rate swaps classified as: June 30, 2020 December 31, 2019 Gross derivative assets $ — $ 3,795 Gross derivative liabilities (34,367) (13,449) Net derivative liabilities $ (34,367) $ (9,654) The gross derivative assets are included in Other assets and the gross derivative liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. 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 fair value of the Company’s interest rate derivatives is determined using market standard valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. These inputs are classified as Level 2 of the fair value hierarchy. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in other comprehensive income (loss) 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 recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019 is as follows: Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Change in unrealized loss on interest rate swaps $ (3,180) $ (12,306) $ (27,011) $ (19,250) Amortization (accretion) of interest rate swaps to interest expense 2,345 (1,678) 2,298 (4,791) Change in unrealized loss on interest rate swaps, net $ (835) $ (13,984) $ (24,713) $ (24,041) The Company estimates that $12.1 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 Company’s cash flow hedges during the three and six months ended June 30, 2020 and 2019. Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk The Company does not use derivatives for trading or speculative purposes. As of June 30, 2020 and December 31, 2019, the Company did not have any non-designated hedges. Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain provisions whereby if the Company defaults on certain of its indebtedness and the indebtedness has 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. |
Debt Obligations
Debt Obligations | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations As of June 30, 2020 and December 31, 2019, the Company had the following indebtedness outstanding: Carrying Value as of June 30, December 31, Stated Interest Rate (1) Scheduled Secured loan Secured loan $ — $ 7,000 — — Net unamortized premium — 211 Net unamortized debt issuance costs — (37) Total secured loan, net $ — $ 7,174 Notes payable Unsecured notes (2)(3) $ 4,535,974 $ 4,218,453 1.74% – 7.97% 2022 – 2030 Net unamortized premium 10,240 11,078 Net unamortized debt issuance costs (25,520) (23,579) Total notes payable, net $ 4,520,694 $ 4,205,952 Unsecured Credit Facility and term loans Unsecured Credit Facility - Revolving Facility $ 145,500 $ 7,000 1.28% 2023 Unsecured $350 Million Term Loan (3) 350,000 350,000 1.42% 2023 Unsecured $300 Million Term Loan (4) 300,000 300,000 1.42% 2024 Net unamortized debt issuance costs (8,667) (8,941) Total Unsecured Credit Facility and term loans $ 786,833 $ 648,059 Total debt obligations, net $ 5,307,527 $ 4,861,185 (1) Stated interest rates as of June 30, 2020 do not include the impact of the Company’s interest rate swap agreements (described below). (2) The weighted average stated interest rate on the Company’s unsecured notes was 3.77% as of June 30, 2020. (3) Effective November 1, 2016, the Company has in place three interest rate swap agreements that convert the variable interest rate on $150.0 million of the Company’s $250.0 million Floating Rate Senior Notes due 2022, issued on August 31, 2018 to a fixed, combined interest rate of 1.11% (plus a spread of 105 basis points) and the Company’s $350.0 million term loan agreement, as amended April 29, 2020, (the “$350 Million Term Loan”) to a fixed, combined interest rate of 1.11% (plus a spread of 125 basis points) through July 30, 2021. (4) Effective January 2, 2019, the Company has in place four interest rate swap agreements that convert the variable interest rate on the Company’s $300 million term loan agreement, as amended April 29, 2020 (the “$300 Million Term Loan”) to a fixed, combined interest rate of 2.61% (plus a spread of 125 basis points) through July 26, 2024. 2020 Debt Transactions During the six months ended June 30, 2020, the Company borrowed $138.5 million, net of repayments, under the Operating Partnership’s $1.25 billion revolving credit facility (the “Revolving Facility”) for general corporate purposes. In June 2020, the Operating Partnership issued $500.0 million aggregate principal amount of 4.050% Senior Notes due 2030 (the “2030 Notes”) at 99.776% of par, the net proceeds of which were used to complete the Tender Offer (defined below), repay outstanding indebtedness under the Revolving Facility, and for general corporate purposes. The 2030 Notes bear interest at a rate of 4.050% per annum, payable semi-annually on January 1 and July 1 of each year, commencing January 1, 2021. The 2030 Notes will mature on July 1, 2030. The Operating Partnership may redeem the 2030 Notes prior to maturity, at its option, at any time in whole or from time to time in part, at the applicable redemption price specified in the Indenture with respect to the 2030 Notes. If the 2030 Notes are redeemed on or after April 1, 2030 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2030 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness. In June 2020, the Operating Partnership commenced a cash tender offer (the “Tender Offer”) for any and all of its outstanding 3.875% Senior Notes due 2022 (the “2022 Notes”). The Tender Offer expired on June 26, 2020. As a result of the Tender Offer, the Company repurchased notes with a face value of $182.5 million on June 29, 2020 and $0.7 million on July 1, 2020. Following the repurchase, $316.8 million aggregate principal amount of the 2022 Notes remains outstanding on July 1, 2020. During the six months ended June 30, 2020, as a result of the Tender Offer and the repayment of its $7.0 million secured loan, the Company recognized a $10.4 million loss on extinguishment of debt, net. Loss on extinguishment of debt, net includes $9.7 million of prepayment fees and $0.7 million of accelerated unamortized debt issuance costs and debt discounts, net of premiums. In April 2020, the Operating Partnership amended its senior unsecured credit agreements related to the Revolving Facility and the Operating Partnership’s term loans, changing the covenant calculation reference period to the most recent twelve months for which it reported financial results from the most recent six months for which it reported financial results, annualized. Pursuant to the terms of the Company’s unsecured debt agreements, the Company among other things is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of June 30, 2020. Debt Maturities As of June 30, 2020 and December 31, 2019, the Company had accrued interest of $36.0 million and $36.9 million outstanding, respectively. As of June 30 2020, scheduled maturities of the Company’s outstanding debt obligations were as follows: Year ending December 31, 2020 (remaining six months) $ — 2021 — 2022 567,521 2023 995,500 2024 800,000 Thereafter 2,968,453 Total debt maturities 5,331,474 Net unamortized premium 10,240 Net unamortized debt issuance costs (34,187) Total debt obligations, net $ 5,307,527 As of the date the financial statements were issued, the Company did not have any scheduled debt maturities for the next 12 months. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below: June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Secured loan $ — $ — $ 7,174 $ 7,306 Notes payable 4,520,694 4,667,236 4,205,952 4,422,513 Unsecured Credit Facility and term loans 786,833 792,064 648,059 658,490 Total debt obligations, net $ 5,307,527 $ 5,459,300 $ 4,861,185 $ 5,088,309 As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in 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. The valuation methodology used to estimate the fair value of the Company’s debt obligations is based on a discounted cash flow analysis, with assumptions that include credit spreads, interest rate curves, estimated property values, loan amounts and maturity dates. Based on these inputs, the Company has determined that the valuations of its debt obligations are classified within Level 3 of the fair value hierarchy. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. Recurring Fair Value The Company’s marketable securities and interest rate derivatives are measured and recognized at fair value on a recurring basis. The valuations of the Company’s marketable securities are based primarily on publicly traded market values in active markets and are classified within Level 1 or 2 of the fair value hierarchy. See Note 6 for fair value information regarding the Company’s interest rate derivatives. The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a recurring basis: Fair Value Measurements as of June 30, 2020 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets: Marketable securities (1) $ 20,765 $ 4,683 $ 16,082 $ — Liabilities: Interest rate derivatives $ (34,367) $ — $ (34,367) $ — Fair Value Measurements as of December 31, 2019 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets: Marketable securities (1) $ 18,054 $ 1,459 $ 16,595 $ — Interest rate derivatives $ 3,795 $ — $ 3,795 $ — Liabilities: Interest rate derivatives $ (13,449) $ — $ (13,449) $ — (1) As of June 30, 2020 and December 31, 2019, marketable securities included $0.3 million and $0.1 million of net unrealized gains, respectively. As of June 30, 2020, the contractual maturities of the Company’s marketable securities are within the next five years. Non-Recurring Fair Value On a periodic basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated hold period and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. Fair value is determined by offers from third-party buyers, market comparable data, third party appraisals or by discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs which include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Based on these inputs, the Company has determined that the valuations of these properties are classified within Level 3 of the fair value hierarchy. The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the six months ended June 30, 2020 and during the year ended December 31, 2019, excluding the properties sold prior to June 30, 2020 and December 31, 2019, respectively: Fair Value Measurements as of June 30, 2020 Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment of Real Estate Assets Assets: Properties (1)(2)(3) $ 13,155 $ — $ — $ 13,155 $ 10,546 Fair Value Measurements as of December 31, 2019 Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment of Real Estate Assets Assets: Properties (4)(5) $ 23,533 $ — $ — $ 23,533 $ 7,983 (1) Excludes properties disposed of prior to June 30, 2020. (2) The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the six months ended June 30, 2020 includes: (i) $6.1 million related to 30th Street Plaza; and (ii) $2.2 million related to Chamberlain Plaza. (3) The carrying value of properties remeasured to fair value based upon a discounted cash flow analysis during the six months ended June 30, 2020 includes $4.9 million related to Spring Mall. The capitalization rate of 8.0% and discount rate of 8.0% which were utilized in the discounted cash flow analysis were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the investment. (4) Excludes properties disposed of prior to December 31, 2019. (5) The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2019 includes: (i) $9.7 million related to Brice Park; (ii) $9.1 million related to Mohawk Acres Plaza; (iii) $3.4 million related to Lincoln Plaza; and (iv) $1.3 million related to a parcel at Lakes Crossing. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company engages in the ownership, management, leasing, acquisition, disposition and redevelopment of retail shopping centers. Revenue is primarily generated through lease agreements and classified as Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. These agreements include retail shopping center unit leases; ground leases; ancillary leases or agreements, such as agreements with tenants for cellular towers, ATMs, and short-term or seasonal retail (e.g. Halloween or Christmas-related retail); and reciprocal easement agreements. The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. These renewal options range from as little as one month to five or more years. The Company’s retail shopping center leases generally require tenants to pay their proportionate share of property operating expenses such as common area expenses, utilities, insurance and real estate taxes, and certain capital expenditures related to the maintenance of the Company’s properties. As of June 30, 2020, the fixed contractual lease payments to be received over the next five years pursuant to the terms of non-cancelable operating leases are included in the table below, assuming that no leases are renewed and no renewal options are exercised. The table does not include variable lease payments which may be received under certain leases for the reimbursement of property operating expenses or percentage rents. These variable lease payments are recognized in the period when the applicable expenditures are incurred or, in the case of percentage rents, when the sales data is made available. Year ending December 31, Operating Leases 2020 (remaining six months) $ 397,941 2021 741,749 2022 642,650 2023 546,987 2024 443,092 Thereafter 1,542,000 The Company recognized $1.1 million and $2.1 million of rental income based on percentage rents for the three months ended June 30, 2020 and 2019, respectively. The Company recognized $3.0 million and $4.9 million of rental income based on percentage rents for the six months ended June 30, 2020 and 2019, respectively. COVID-19 The global outbreak of the novel strain of coronavirus (“COVID-19”) and the public health measures that have been undertaken in response have had a significant adverse impact on the global economy, the Company’s tenants and the Company’s business. The effects of COVID-19, including related government restrictions, border closings, quarantines, “shelter-in-place” orders and “social distancing” guidelines, have forced many of the Company’s tenants to close stores, reduce hours or significantly limit service, and have resulted in a dramatic increase in national unemployment and an economic recession. Certain tenants experiencing economic difficulties during this pandemic have sought rent relief, which has been provided on a case-by-case basis primarily in the form of rent deferrals, and in limited cases in the form of rent abatements. Under ASC 842, changes to the amount or timing of lease payments subsequent to the original lease execution are generally accounted for as lease modifications. Due to the number of lease contracts that would require analysis to determine, on a lease by lease basis, whether such a concession is required to be accounted for as a lease modification, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842. The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for the rent concessions as lease modifications or to determine whether rent concessions were contractually obligated in each original lease. Rent abatements would be recognized as reductions to revenue during the period in which they were granted. Rent deferrals would result in an increase to “Receivables, net” during the deferral period with no impact on rental revenue recognition. Any rent concession that is either unrelated to COVID-19 or substantially increases the total consideration due under the lease does not qualify for consideration under the Q&A. The Company has evaluated the impact of the Q&A and has made the following policy elections: • The Company accounts for COVID-19 rent deferrals and abatements that significantly increase the consideration due under the lease as lease modifications in accordance with ASC 842. As a result, rental revenue recognition is reduced by the amount of the deferral or abatement in the period it was granted and straight-line rental income recognition is updated over the remaining lease term. • The Company does not account for COVID-19 rent deferrals that do not significantly increase the consideration due under the lease as lease modifications. As a result, rental revenue recognition does not change, and Receivables, net increases for the deferred amount. • The Company does not account for COVID-19 rent abatements that do not significantly increase the consideration due under the lease as lease modifications. As a result, rental revenue recognition is reduced by the amount of the abatement in the period it was granted. The following table presents the COVID-19 related deferrals and abatements granted for lease payments due during the three and six months ended June 30, 2020. Lease payments presented consist of fixed contractual base rent and may include the reimbursement of certain property operating expenses. Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Deferrals Abatements Deferrals Abatements Lease payments (lease modifications) $ 744 $ 207 $ 744 $ 207 Lease payments (not lease modifications) 14,165 36 14,165 36 $ 14,909 $ 243 $ 14,909 $ 243 The following table presents the deferrals that were not lease modifications and were included in Receivables, net on the Company's Unaudited Condensed Consolidated Balance Sheets: COVID-19 Deferred Receivable Beginning balance, March 31, 2020 $ — Deferred lease payments (not lease modifications) 14,165 Deferred lease payments deemed uncollectible (3,228) Deferred lease payments received (49) Ending balance, June 30, 2020 $ 10,888 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes a lease liability and a right-of-use (“ROU”) asset based on the present value of future lease payments over the noncancellable lease term. As of June 30, 2020 the Company is not including any renewal or termination options in its lease liabilities or ROU assets, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay its proportionate share of property operating expenses such as common area expenses, utilities, insurance and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases: Three Months Ended June 30, Six Months Ended June 30, Supplemental Statements of Operations Information 2020 2019 2020 2019 Operating lease costs $ 1,761 $ 1,705 $ 3,517 $ 3,416 Short-term lease costs 9 10 19 20 Variable lease costs 105 114 234 256 Total lease costs $ 1,875 $ 1,829 $ 3,770 $ 3,692 Six Months Ended June 30, Supplemental Statements of Cash Flows Information 2020 2019 Operating cash outflows from operating leases $ 3,527 $ 3,504 ROU assets obtained in exchange for operating lease liabilities $ — $ 44,354 ROU assets written off due to lease modifications $ (1,748) $ — Operating Lease Liabilities As of Future minimum operating lease payments: 2020 (remaining six months) $ 3,522 2021 6,257 2022 6,028 2023 5,339 2024 5,246 Thereafter 25,560 Total future minimum operating lease payments 51,952 Less: imputed interest (11,839) Operating lease liabilities $ 40,113 Supplemental Balance Sheets Information As of As of Operating lease liabilities (1)(2) $ 40,113 $ 44,707 ROU assets (1)(3) $ 35,513 $ 39,860 (1) As of June 30, 2020 and December 31, 2019, the weighted average remaining lease term was 11.1 years and 10.9 years, respectively, and the weighted average discount rate was 4.31% and 4.30%, respectively. (2) These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. (3) These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets. As of June 30, 2020, there were no material leases that have been executed but not yet commenced. |
Equity and Capital
Equity and Capital | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Equity and Capital | Equity and Capital ATM Program In January 2020, the Company established an at-the-market equity offering program (the “ATM Program”) through which the Company may sell from time to time up to an aggregate of $400.0 million of its common stock through sales agents over a three Share Repurchase Program In January 2020, the Company established a new share repurchase program (the “Program”) for up to $400.0 million of the Company’s common stock. The Program is scheduled to expire on January 9, 2023, unless suspended or extended by the Board of Directors. The Program replaced the Company’s prior share repurchase program (the “Prior Program”), which expired on December 5, 2019. During the six months ended June 30, 2020, the Company repurchased 1.7 million shares of common stock under the Program at an average price per share of $15.14 for a total of $25.0 million, excluding commissions. The Company incurred total commissions of less than $0.1 million in conjunction with the Program for the six months ended June 30, 2020. During the six months ended June 30, 2019, the Company repurchased 0.8 million shares of common stock under the Prior Program at an average price per share of $17.43 for a total of $14.6 million, excluding commissions. The Company incurred total commissions of less than $0.1 million in conjunction with the Prior Program for the six months ended June 30, 2019. As of June 30, 2020, the Program had $375.0 million of available repurchase capacity. Common Stock In connection with the vesting of restricted stock units (“RSUs”) under the Company’s equity-based compensation plan, the Company withholds shares to satisfy tax withholding obligations. During the six months ended June 30, 2020 and 2019, the Company withheld 0.2 million and 0.1 million shares, respectively. Dividends and Distributions During the three months ended June 30, 2020, the Company did not declare common stock dividends and OP Unit distributions. During the three months ended June 30, 2019, the Company declared common stock dividends and OP Unit distributions of $0.280 per share/unit. As of June 30, 2020 and December 31, 2019, the Company had declared but unpaid common stock dividends and OP Unit distributions of $1.8 million and $87.2 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation During the year ended December 31, 2013, the Board of Directors approved the 2013 Omnibus Incentive Plan (the “Plan”). The Plan provides for a maximum of 15.0 million shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock and RSUs, OP Units, performance awards and other stock-based awards. During the six months ended June 30, 2020 and the year ended December 31, 2019, the Company granted RSUs to certain employees. The RSUs are divided into multiple tranches, which are all subject to service-based vesting conditions. Certain tranches are also subject to performance-based or market-based criteria, which contain a threshold, target, above target, and maximum number of units which can be earned. The number of units actually earned for each tranche is determined based on performance during a specified performance period. Tranches that only have a service-based component can only earn a target number of units. The aggregate number of RSUs granted, assuming that the target level of performance is achieved, was 0.7 million and 0.8 million for the six months ended June 30, 2020 and the year ended December 31, 2019, respectively, with vesting periods ranging from one During the three months ended June 30, 2020 and 2019, the Company recognized $2.2 million and $3.4 million of equity compensation expense, respectively, of which $0.2 million and $0.2 million was capitalized, respectively. During the six months ended June 30, 2020 and 2019, the Company recognized $5.0 million and $6.0 million of equity compensation expense, respectively, of which $0.4 million and $0.4 million was capitalized, respectively. These amounts are included in General and administrative expense on the Company’s unaudited Condensed Consolidated Statements of Operations. As of June 30, 2020, the Company had $20.8 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.2 years. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. 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. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2020 and 2019 (dollars in thousands, except per share data): Three Months Six Months 2020 2019 2020 2019 Computation of Basic Earnings Per Share: Net income $ 9,044 $ 68,960 $ 68,825 $ 131,860 Non-forfeitable dividends on unvested restricted shares (27) (174) (232) (309) Net income attributable to the Company’s common stockholders for basic earnings per share $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average number shares outstanding – basic 296,546 298,140 297,194 298,372 Basic earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.03 $ 0.23 $ 0.23 $ 0.44 Computation of Diluted Earnings Per Share: Net income attributable to the Company’s common stockholders for diluted earnings per share $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average shares outstanding – basic 296,546 298,140 297,194 298,372 Effect of dilutive securities: Equity awards 227 753 291 523 Weighted average shares outstanding – diluted 296,773 298,893 297,485 298,895 Diluted earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.03 $ 0.23 $ 0.23 $ 0.44 |
Earnings per Unit
Earnings per Unit | 6 Months Ended |
Jun. 30, 2020 | |
Schedule of Earnings per Share [Line Items] | |
Earnings per Unit | Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. 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. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2020 and 2019 (dollars in thousands, except per share data): Three Months Six Months 2020 2019 2020 2019 Computation of Basic Earnings Per Share: Net income $ 9,044 $ 68,960 $ 68,825 $ 131,860 Non-forfeitable dividends on unvested restricted shares (27) (174) (232) (309) Net income attributable to the Company’s common stockholders for basic earnings per share $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average number shares outstanding – basic 296,546 298,140 297,194 298,372 Basic earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.03 $ 0.23 $ 0.23 $ 0.44 Computation of Diluted Earnings Per Share: Net income attributable to the Company’s common stockholders for diluted earnings per share $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average shares outstanding – basic 296,546 298,140 297,194 298,372 Effect of dilutive securities: Equity awards 227 753 291 523 Weighted average shares outstanding – diluted 296,773 298,893 297,485 298,895 Diluted earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.03 $ 0.23 $ 0.23 $ 0.44 |
Brixmor Operating Partnership LP | |
Schedule of Earnings per Share [Line Items] | |
Earnings per Unit | Earnings per Unit Basic earnings per unit is calculated by dividing net income attributable to the Operating Partnership’s common unitholders, including any participating securities, by the weighted average number of partnership common units outstanding for the period. Certain restricted units issued pursuant to the Company’s share-based compensation program are considered participating securities, as such unitholders have rights to receive non-forfeitable dividends. Fully-diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Operating Partnership’s common units. The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and six months ended June 30, 2020 and 2019 (dollars in thousands, except per unit data): Three Months Six Months 2020 2019 2020 2019 Computation of Basic Earnings Per Unit: Net income $ 9,044 $ 68,960 $ 68,825 $ 131,860 Non-forfeitable dividends on unvested restricted units (27) (174) (232) (309) Net income attributable to the Operating Partnership’s common units for basic earnings per unit $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average number common units outstanding – basic 296,546 298,140 297,194 298,372 Basic earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 0.03 $ 0.23 $ 0.23 $ 0.44 Computation of Diluted Earnings Per Unit: Net income attributable to the Operating Partnership’s common units for diluted earnings per unit $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average common units outstanding – basic 296,546 298,140 297,194 298,372 Effect of dilutive securities: Equity awards 227 753 291 523 Weighted average common units outstanding – diluted 296,773 298,893 297,485 298,895 Diluted earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 0.03 $ 0.23 $ 0.23 $ 0.44 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Matters Except as described below, the Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, taking into account existing reserves, will have a material impact on the Company’s financial condition, operating results or cash flows. As previously disclosed, on August 1, 2019, the Company finalized a settlement with the SEC with respect to matters initially disclosed on February 8, 2016 relating to a review conducted by the Audit Committee of the Company’s Board of Directors into certain accounting matters and the related conduct of certain former Company executives. The Company believes that no additional governmental proceedings relating to these matters will be brought against the Company. The Company understands that the SEC and the U.S. Attorney’s Office for the Southern District of New York are pursuing actions relating to these matters with respect to certain former employees. The Company remains obligated to indemnify these former officers for legal and other professional fees and these amounts will be in excess of the Company’s insurance coverage. Under certain circumstances, the former officers are contractually obligated to reimburse the Company for such amounts advanced. However, it is possible that the Company may not be able to recover any or all of these amounts. Environmental Matters Under various federal, state and local laws, ordinances and regulations, the Company may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in the Company’s property or disposed of by the Company or its 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). The Company does not believe that any resulting liability from such matters will have a material impact on the Company’s financial condition, operating results or cash flows. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions In the ordinary course of conducting its business, the Company enters into agreements with its affiliates in relation to the leasing and management of its real estate assets. As of June 30, 2020 and December 31, 2019, there were no material receivables from or payables to related parties. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn preparing the unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after June 30, 2020 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from June 30, 2020 through the date the financial statements were issued. |
Nature of Business and Financ_2
Nature of Business and Financial Statement Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the unaudited Condensed Consolidated Financial Statements for the periods presented have been included. The operating results for the periods presented are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and accompanying notes included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 10, 2020. |
Principles of Consolidation | Principles of ConsolidationThe accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated. |
Revenue Recognition | The Company enters into agreements with tenants which convey the right to control the use of identified space at its shopping centers in exchange for rental revenue. These agreements meet the criteria for recognition as leases under Accounting Standards Codification (“ASC”) 842, Leases . Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized on the Company’s unaudited Condensed Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and included in Receivables, net on the accompanying unaudited Condensed Consolidated Balance Sheets. The Company commences recognizing rental revenue based on the date it makes the underlying asset available for use by the tenant. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance and real estate taxes by the lessee and are recognized in the period the applicable expenditures are incurred. |
Receivables | The Company periodically evaluates the collectability of its receivables related to rental revenue, straight-line rent, expense reimbursements and those attributable to other revenue generating activities. The Company analyzes individual tenant receivables and considers tenant credit-worthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability. Any receivables that are deemed to be uncollectible are recognized as a reduction to Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. |
Income Taxes | Income Taxes Brixmor Property Group Inc. has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Brixmor Property Group Inc. must meet several organizational and operational requirements, including a requirement that it currently distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to satisfy these requirements and maintain Brixmor Property Group Inc.’s REIT status. As a REIT, Brixmor Property Group Inc. generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. Brixmor Property Group Inc. conducts substantially all of its operations through the Operating Partnership which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company. If Brixmor Property Group Inc. fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if Brixmor Property Group Inc. qualifies for taxation as a REIT, Brixmor Property Group Inc. is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable. Brixmor Property Group Inc. has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a “TRS”), and Brixmor Property Group Inc. may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal and state income taxes at regular corporate rates. Income taxes related to Brixmor Property Group Inc.’s TRSs do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company. The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s unaudited Condensed Consolidated Financial Statements as of June 30, 2020 and December 31, 2019. Open tax years generally range from 2016 through 2019, but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s unaudited Condensed Consolidated Statements of Operations. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326). ASU 2016-13 was subsequently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2016-13 amends guidance to replace the prior “incurred loss” methodology of recognizing credit losses on financial instruments with a methodology that reflects expected credit losses and requires consideration of a broader range of information. Any unrealized loss on the Company’s financial instruments must be assessed to determine the portion, if any, that is attributable to credit loss and the portion that is due to other factors, such as changes in market interest rates. “Credit loss” refers to any portion of the carrying amount that the Company does not expect to collect over a financial instrument’s contractual life. The Company considers current market conditions and reasonable forecasts of future market conditions to estimate expected credit losses over the life of the financial instrument. Any portion of unrealized losses due to credit loss is recognized through net income and reported in equity as a component of distributions in excess of net income. The portion of unrealized losses due to other factors continues to be recognized through other comprehensive income and reported in accumulated other comprehensive income. In addition, ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of ASC 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. The standard became effective for the Company on January 1, 2020. The Company determined that these changes did not have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815). ASU 2018-16 was subsequently amended by ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2018-16 amends guidance to permit the use of the Overnight Index Swap (“OIS”) rate based on the Secured Overnight Financing Rate (“SOFR”) as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815, Derivatives and Hedging . The standard became effective for the Company on January 1, 2019 and a prospective transition approach was required. The Company determined that the adoption of ASU 2018-16 did not have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) . ASU 2018-13 amends certain disclosure requirements regarding the fair value hierarchy of investments in accordance with GAAP, particularly the significant unobservable inputs used to value investments within Level 3 of the fair value hierarchy. The standard became effective for the Company on January 1, 2020. The Company determined that these changes did not have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company. |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Real Estate [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | During the six months ended June 30, 2020, the Company acquired the following asset: Description (1) Location Month Acquired GLA Aggregate Purchase Price (2) Land adjacent to Shops at Palm Lakes Miami Gardens, FL Feb-20 N/A $ 2,020 N/A $ 2,020 (1) No debt was assumed related to the listed acquisition. (2) Aggregate purchase price includes less than $0.1 million of transaction costs. During the six months ended June 30, 2019, the Company acquired the following assets, in separate transactions: Description (1) Location Month Acquired GLA Aggregate Purchase Price (2) Land adjacent to Parmer Crossing Austin, TX Apr-19 N/A $ 2,197 Centennial Shopping Center Englewood, CO Apr-19 113,682 18,011 Plymouth Square Shopping Center (3) Conshohocken, PA May-19 235,728 56,909 Leases at Baytown Shopping Center Baytown, TX Jun-19 N/A 2,517 349,410 $ 79,634 (1) No debt was assumed related to any of the listed acquisitions. (2) Aggregate purchase price includes $1.2 million of transaction costs. (3) GLA excludes square footage related to the anticipated relocation of the Company's regional office. Total acquired GLA is 288,718 square feet. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The aggregate purchase price of the assets acquired during the six months ended June 30, 2020 and 2019, respectively, has been allocated as follows: Six Months Ended June 30, Assets 2020 2019 Land $ 2,020 $ 25,953 Buildings — 45,781 Building and tenant improvements — 5,832 Above-market leases (1) — 155 In-place leases (2) — 6,923 Total assets 2,020 84,644 Liabilities Below-market leases (3) — 5,010 Other liabilities — — Total liabilities — 5,010 Net assets acquired $ 2,020 $ 79,634 (1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the six months ended June 30, 2019 was 10.4 years. (2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the six months ended June 30, 2019 was 8.8 years. (3) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the six months ended June 30, 2019 was 24.3 years. |
Dispositions and Assets Held _2
Dispositions and Assets Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Reclassificationa of Disposal Groups, Including Discontinued Operations | The following table presents the assets and liabilities associated with the properties classified as held for sale: Assets June 30, 2020 December 31, 2019 Land $ 3,778 $ 3,356 Buildings and improvements 14,681 31,650 Accumulated depreciation and amortization (8,067) (13,044) Real estate, net 10,392 21,962 Other assets 122 209 Assets associated with real estate assets held for sale $ 10,514 $ 22,171 Liabilities Below-market leases $ 7 $ 415 Other liabilities 178 — Liabilities associated with real estate assets held for sale (1) $ 185 $ 415 (1) These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Real Estate [Abstract] | |
Schedule of real estate properties | The Company’s components of Real estate, net consisted of the following: June 30, 2020 December 31, 2019 Land $ 1,758,946 $ 1,767,029 Buildings and improvements: Buildings and tenant improvements (1) 7,823,236 7,741,607 Lease intangibles (2) 595,771 614,964 10,177,953 10,123,600 Accumulated depreciation and amortization (3) (2,581,127) (2,481,250) Total $ 7,596,826 $ 7,642,350 (1) As of June 30, 2020 and December 31, 2019, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $28.9 million and $46.9 million, respectively. (2) As of June 30, 2020 and December 31, 2019, Lease intangibles consisted of $537.2 million and $554.9 million, respectively, of in-place leases and $58.6 million and $60.1 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease. (3) As of June 30, 2020 and December 31, 2019, Accumulated depreciation and amortization included $525.8 million and $533.1 million, respectively, of accumulated amortization related to Lease intangibles. |
Schedule of expected net amortization expense associated with intangible assets and liabilities | The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows: Year ending December 31, Below-market lease accretion (income), net of above-market lease amortization expense In-place lease amortization expense 2020 (remaining six months) $ (6,506) $ 8,291 2021 (11,520) 13,202 2022 (9,541) 9,197 2023 (8,188) 6,675 2024 (7,651) 5,008 |
Impairments (Tables)
Impairments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Impairment of Real Estate [Abstract] | |
Schedule of Impairments | The Company recognized the following impairments during the three months ended June 30, 2020: Three Months Ended June 30, 2020 Property Name (1) Location GLA Impairment Charge 30th Street Plaza (2) Canton, OH 145,935 $ 4,449 Chamberlain Plaza (2) Meriden, CT 54,302 1,513 200,237 $ 5,962 (1) The Company recognized impairment charges based upon a change in the anticipated hold period of these properties and/or offers from third-party buyers in connection with the Company’s capital recycling program. (2) This property was classified as held for sale as of June 30, 2020. The Company recognized the following impairments during the six months ended June 30, 2020: Six Months Ended June 30, 2020 Property Name (1) Location GLA Impairment Charge Spring Mall Greenfield, WI 45,920 $ 4,584 30th Street Plaza (2) Canton, OH 145,935 4,449 Chamberlain Plaza (2) Meriden, CT 54,302 1,513 Parcel at Lakes Crossing (3)(4) Muskegon, MI 4,990 14 251,147 $ 10,560 (1) The Company recognized impairment charges based upon a change in the anticipated hold period of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program. (2) This property was classified as held for sale as of June 30, 2020. (3) The Company disposed of this property during the six months ended June 30, 2020. (4) This property was classified as held for sale as of December 31, 2019. The Company recognized the following impairment during the three months ended June 30, 2019: Three Months Ended June 30, 2019 Property Name (1) Location GLA Impairment Charge Westview Center (2) Hanover Park, IL 321,382 $ 6,186 321,382 $ 6,186 (1) The Company recognized an impairment charge based upon a change in the anticipated hold period of this property and/or offers from third-party buyers in connection with the Company’s capital recycling program. (2) The Company disposed of this property during the year ended December 31, 2019. The Company recognized the following impairments during the six months ended June 30, 2019: Six Months Ended June 30, 2019 Property Name (1) Location GLA Impairment Charge Westview Center (2) Hanover Park, IL 321,382 $ 6,186 Brice Park Reynoldsburg, OH 158,565 3,112 479,947 $ 9,298 (1) The Company recognized impairment charges based upon a change in the anticipated hold period of these properties and/or offers from third-party buyers in connection with the Company’s capital recycling program. (2) The Company disposed of this property during the year ended December 31, 2019. |
Financial Instruments - Deriv_2
Financial Instruments - Derivatives and Hedging (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate derivatives | Number of Instruments Notional Amount June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Interest Rate Swaps 7 7 $ 800,000 $ 800,000 |
Schedule of derivative instruments in Statement of Financial Position, fair value | Fair Value of Derivative Instruments Interest rate swaps classified as: June 30, 2020 December 31, 2019 Gross derivative assets $ — $ 3,795 Gross derivative liabilities (34,367) (13,449) Net derivative liabilities $ (34,367) $ (9,654) |
Schedule of Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Change in unrealized loss on interest rate swaps $ (3,180) $ (12,306) $ (27,011) $ (19,250) Amortization (accretion) of interest rate swaps to interest expense 2,345 (1,678) 2,298 (4,791) Change in unrealized loss on interest rate swaps, net $ (835) $ (13,984) $ (24,713) $ (24,041) |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt obligations under various arrangements with financial institutions | As of June 30, 2020 and December 31, 2019, the Company had the following indebtedness outstanding: Carrying Value as of June 30, December 31, Stated Interest Rate (1) Scheduled Secured loan Secured loan $ — $ 7,000 — — Net unamortized premium — 211 Net unamortized debt issuance costs — (37) Total secured loan, net $ — $ 7,174 Notes payable Unsecured notes (2)(3) $ 4,535,974 $ 4,218,453 1.74% – 7.97% 2022 – 2030 Net unamortized premium 10,240 11,078 Net unamortized debt issuance costs (25,520) (23,579) Total notes payable, net $ 4,520,694 $ 4,205,952 Unsecured Credit Facility and term loans Unsecured Credit Facility - Revolving Facility $ 145,500 $ 7,000 1.28% 2023 Unsecured $350 Million Term Loan (3) 350,000 350,000 1.42% 2023 Unsecured $300 Million Term Loan (4) 300,000 300,000 1.42% 2024 Net unamortized debt issuance costs (8,667) (8,941) Total Unsecured Credit Facility and term loans $ 786,833 $ 648,059 Total debt obligations, net $ 5,307,527 $ 4,861,185 (1) Stated interest rates as of June 30, 2020 do not include the impact of the Company’s interest rate swap agreements (described below). (2) The weighted average stated interest rate on the Company’s unsecured notes was 3.77% as of June 30, 2020. (3) Effective November 1, 2016, the Company has in place three interest rate swap agreements that convert the variable interest rate on $150.0 million of the Company’s $250.0 million Floating Rate Senior Notes due 2022, issued on August 31, 2018 to a fixed, combined interest rate of 1.11% (plus a spread of 105 basis points) and the Company’s $350.0 million term loan agreement, as amended April 29, 2020, (the “$350 Million Term Loan”) to a fixed, combined interest rate of 1.11% (plus a spread of 125 basis points) through July 30, 2021. (4) Effective January 2, 2019, the Company has in place four interest rate swap agreements that convert the variable interest rate on the Company’s $300 million term loan agreement, as amended April 29, 2020 (the “$300 Million Term Loan”) to a fixed, combined interest rate of 2.61% (plus a spread of 125 basis points) through July 26, 2024. |
Future expected/scheduled maturities of outstanding debt and capital lease obligations | As of June 30, 2020 and December 31, 2019, the Company had accrued interest of $36.0 million and $36.9 million outstanding, respectively. As of June 30 2020, scheduled maturities of the Company’s outstanding debt obligations were as follows: Year ending December 31, 2020 (remaining six months) $ — 2021 — 2022 567,521 2023 995,500 2024 800,000 Thereafter 2,968,453 Total debt maturities 5,331,474 Net unamortized premium 10,240 Net unamortized debt issuance costs (34,187) Total debt obligations, net $ 5,307,527 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Debt Obligation | All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below: June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Secured loan $ — $ — $ 7,174 $ 7,306 Notes payable 4,520,694 4,667,236 4,205,952 4,422,513 Unsecured Credit Facility and term loans 786,833 792,064 648,059 658,490 Total debt obligations, net $ 5,307,527 $ 5,459,300 $ 4,861,185 $ 5,088,309 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a recurring basis: Fair Value Measurements as of June 30, 2020 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets: Marketable securities (1) $ 20,765 $ 4,683 $ 16,082 $ — Liabilities: Interest rate derivatives $ (34,367) $ — $ (34,367) $ — Fair Value Measurements as of December 31, 2019 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets: Marketable securities (1) $ 18,054 $ 1,459 $ 16,595 $ — Interest rate derivatives $ 3,795 $ — $ 3,795 $ — Liabilities: Interest rate derivatives $ (13,449) $ — $ (13,449) $ — |
Fair Value Measurements, Nonrecurring | The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the six months ended June 30, 2020 and during the year ended December 31, 2019, excluding the properties sold prior to June 30, 2020 and December 31, 2019, respectively: Fair Value Measurements as of June 30, 2020 Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment of Real Estate Assets Assets: Properties (1)(2)(3) $ 13,155 $ — $ — $ 13,155 $ 10,546 Fair Value Measurements as of December 31, 2019 Balance Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment of Real Estate Assets Assets: Properties (4)(5) $ 23,533 $ — $ — $ 23,533 $ 7,983 (1) Excludes properties disposed of prior to June 30, 2020. (2) The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the six months ended June 30, 2020 includes: (i) $6.1 million related to 30th Street Plaza; and (ii) $2.2 million related to Chamberlain Plaza. (3) The carrying value of properties remeasured to fair value based upon a discounted cash flow analysis during the six months ended June 30, 2020 includes $4.9 million related to Spring Mall. The capitalization rate of 8.0% and discount rate of 8.0% which were utilized in the discounted cash flow analysis were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the investment. (4) Excludes properties disposed of prior to December 31, 2019. (5) The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2019 includes: (i) $9.7 million related to Brice Park; (ii) $9.1 million related to Mohawk Acres Plaza; (iii) $3.4 million related to Lincoln Plaza; and (iv) $1.3 million related to a parcel at Lakes Crossing. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | Year ending December 31, Operating Leases 2020 (remaining six months) $ 397,941 2021 741,749 2022 642,650 2023 546,987 2024 443,092 Thereafter 1,542,000 |
Schedule of COVID-19 Related Deferrals and Abatements Granted for Lease Payments | The following table presents the COVID-19 related deferrals and abatements granted for lease payments due during the three and six months ended June 30, 2020. Lease payments presented consist of fixed contractual base rent and may include the reimbursement of certain property operating expenses. Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Deferrals Abatements Deferrals Abatements Lease payments (lease modifications) $ 744 $ 207 $ 744 $ 207 Lease payments (not lease modifications) 14,165 36 14,165 36 $ 14,909 $ 243 $ 14,909 $ 243 |
Schedule of Deferrals, Without Lease Modifications | The following table presents the deferrals that were not lease modifications and were included in Receivables, net on the Company's Unaudited Condensed Consolidated Balance Sheets: COVID-19 Deferred Receivable Beginning balance, March 31, 2020 $ — Deferred lease payments (not lease modifications) 14,165 Deferred lease payments deemed uncollectible (3,228) Deferred lease payments received (49) Ending balance, June 30, 2020 $ 10,888 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Operating Leases | The following tables present additional information pertaining to the Company’s operating leases: Three Months Ended June 30, Six Months Ended June 30, Supplemental Statements of Operations Information 2020 2019 2020 2019 Operating lease costs $ 1,761 $ 1,705 $ 3,517 $ 3,416 Short-term lease costs 9 10 19 20 Variable lease costs 105 114 234 256 Total lease costs $ 1,875 $ 1,829 $ 3,770 $ 3,692 Six Months Ended June 30, Supplemental Statements of Cash Flows Information 2020 2019 Operating cash outflows from operating leases $ 3,527 $ 3,504 ROU assets obtained in exchange for operating lease liabilities $ — $ 44,354 ROU assets written off due to lease modifications $ (1,748) $ — Operating Lease Liabilities As of Future minimum operating lease payments: 2020 (remaining six months) $ 3,522 2021 6,257 2022 6,028 2023 5,339 2024 5,246 Thereafter 25,560 Total future minimum operating lease payments 51,952 Less: imputed interest (11,839) Operating lease liabilities $ 40,113 Supplemental Balance Sheets Information As of As of Operating lease liabilities (1)(2) $ 40,113 $ 44,707 ROU assets (1)(3) $ 35,513 $ 39,860 (1) As of June 30, 2020 and December 31, 2019, the weighted average remaining lease term was 11.1 years and 10.9 years, respectively, and the weighted average discount rate was 4.31% and 4.30%, respectively. (2) These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. (3) These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2020 and 2019 (dollars in thousands, except per share data): Three Months Six Months 2020 2019 2020 2019 Computation of Basic Earnings Per Share: Net income $ 9,044 $ 68,960 $ 68,825 $ 131,860 Non-forfeitable dividends on unvested restricted shares (27) (174) (232) (309) Net income attributable to the Company’s common stockholders for basic earnings per share $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average number shares outstanding – basic 296,546 298,140 297,194 298,372 Basic earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.03 $ 0.23 $ 0.23 $ 0.44 Computation of Diluted Earnings Per Share: Net income attributable to the Company’s common stockholders for diluted earnings per share $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average shares outstanding – basic 296,546 298,140 297,194 298,372 Effect of dilutive securities: Equity awards 227 753 291 523 Weighted average shares outstanding – diluted 296,773 298,893 297,485 298,895 Diluted earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.03 $ 0.23 $ 0.23 $ 0.44 |
Earnings per Unit (Tables)
Earnings per Unit (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Schedule of Earnings per Share [Line Items] | |
Schedule of earnings per unit, basic and diluted | The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2020 and 2019 (dollars in thousands, except per share data): Three Months Six Months 2020 2019 2020 2019 Computation of Basic Earnings Per Share: Net income $ 9,044 $ 68,960 $ 68,825 $ 131,860 Non-forfeitable dividends on unvested restricted shares (27) (174) (232) (309) Net income attributable to the Company’s common stockholders for basic earnings per share $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average number shares outstanding – basic 296,546 298,140 297,194 298,372 Basic earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.03 $ 0.23 $ 0.23 $ 0.44 Computation of Diluted Earnings Per Share: Net income attributable to the Company’s common stockholders for diluted earnings per share $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average shares outstanding – basic 296,546 298,140 297,194 298,372 Effect of dilutive securities: Equity awards 227 753 291 523 Weighted average shares outstanding – diluted 296,773 298,893 297,485 298,895 Diluted earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.03 $ 0.23 $ 0.23 $ 0.44 |
Brixmor Operating Partnership LP | |
Schedule of Earnings per Share [Line Items] | |
Schedule of earnings per unit, basic and diluted | The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and six months ended June 30, 2020 and 2019 (dollars in thousands, except per unit data): Three Months Six Months 2020 2019 2020 2019 Computation of Basic Earnings Per Unit: Net income $ 9,044 $ 68,960 $ 68,825 $ 131,860 Non-forfeitable dividends on unvested restricted units (27) (174) (232) (309) Net income attributable to the Operating Partnership’s common units for basic earnings per unit $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average number common units outstanding – basic 296,546 298,140 297,194 298,372 Basic earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 0.03 $ 0.23 $ 0.23 $ 0.44 Computation of Diluted Earnings Per Unit: Net income attributable to the Operating Partnership’s common units for diluted earnings per unit $ 9,017 $ 68,786 $ 68,593 $ 131,551 Weighted average common units outstanding – basic 296,546 298,140 297,194 298,372 Effect of dilutive securities: Equity awards 227 753 291 523 Weighted average common units outstanding – diluted 296,773 298,893 297,485 298,895 Diluted earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 0.03 $ 0.23 $ 0.23 $ 0.44 |
Nature of Business and Financ_3
Nature of Business and Financial Statement Presentation (Details) | Jun. 30, 2020ft²Property | Jun. 30, 2019ft² |
Nture of Oerations and Financial Statements Presentation [Line Items] | ||
GLA | 349,410 | |
Shopping Center | ||
Nture of Oerations and Financial Statements Presentation [Line Items] | ||
Number of real estate properties | Property | 398 | |
GLA | 70,000,000 | |
Parent Company | BPG Sub | ||
Nture of Oerations and Financial Statements Presentation [Line Items] | ||
Ownership percentage | 100.00% |
Acquisition of Real Estate (Pro
Acquisition of Real Estate (Properties Acquired) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($)ft² | |
Business Acquisition [Line Items] | ||
GLA | ft² | 349,410 | |
Aggregate Purchase Price | $ 2,020 | $ 79,634 |
Transaction costs | 100 | 1,200 |
Land adjacent to Shops at Palm Lakes | ||
Business Acquisition [Line Items] | ||
Aggregate Purchase Price | $ 2,020 | |
Land adjacent to Parmer Crossing | ||
Business Acquisition [Line Items] | ||
Aggregate Purchase Price | $ 2,197 | |
Centennial Shopping Center | ||
Business Acquisition [Line Items] | ||
GLA | ft² | 113,682 | |
Aggregate Purchase Price | $ 18,011 | |
Plymouth Square Shopping Center | ||
Business Acquisition [Line Items] | ||
GLA | ft² | 235,728 | |
Aggregate Purchase Price | $ 56,909 | |
Acquired Gross Leasable Area | ft² | 288,718 | |
Leases at Baytown Shopping Center | ||
Business Acquisition [Line Items] | ||
Aggregate Purchase Price | $ 2,517 |
Acquisition of Real Estate (Pur
Acquisition of Real Estate (Purchase Price) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | |
Above market leases | ||
Liabilities | ||
Amortization period | 10 years 4 months 24 days | |
Leases, acquired-in-place | ||
Liabilities | ||
Amortization period | 8 years 9 months 18 days | |
Below market leases | ||
Liabilities | ||
Amortization period | 24 years 3 months 18 days | |
Acquired Properties | ||
Assets | ||
Land | $ 25,953 | $ 2,020 |
Buildings | 45,781 | 0 |
Building and tenant improvements | 5,832 | 0 |
Above-market rents | 155 | 0 |
In-place leases | 6,923 | 0 |
Total assets | 84,644 | 2,020 |
Liabilities | ||
Below-market leases | 5,010 | 0 |
Other liabilities | 0 | 0 |
Total liabilities | 5,010 | 0 |
Net assets acquired | $ 79,634 | $ 2,020 |
Dispositions and Assets Held _3
Dispositions and Assets Held for Sale (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)propertyshopping_center | Jun. 30, 2019USD ($)shopping_center | Jun. 30, 2020USD ($)shopping_centerproperty | Jun. 30, 2019USD ($)shopping_center | Dec. 31, 2019property | |
Schedule of Acquisitions and Dispositions [Line Items] | |||||
Gain on sale | $ 9,597 | $ 20,645 | |||
Disposed of by Sale | |||||
Schedule of Acquisitions and Dispositions [Line Items] | |||||
Number of shopping centers sold | shopping_center | 2 | 3 | 5 | 6 | |
Number of partial shopping centers sold | shopping_center | 3 | 2 | 3 | ||
Proceeds from sale of property | $ 5,200 | $ 50,000 | $ 45,700 | $ 94,800 | |
Gain on sale | $ 700 | $ 13,200 | 8,200 | 20,500 | |
Provisions of impairment | 100 | ||||
Disposed of by Sale | Previously Disposed Assets | |||||
Schedule of Acquisitions and Dispositions [Line Items] | |||||
Proceeds from sale of property | 900 | 300 | |||
Gain on sale | 1,400 | $ 100 | |||
Contingencies received | $ 500 | ||||
Held-for-sale | |||||
Schedule of Acquisitions and Dispositions [Line Items] | |||||
Number of real estate properties | property | 2 | 2 | 2 | ||
Held-for-sale | Partial Properties | |||||
Schedule of Acquisitions and Dispositions [Line Items] | |||||
Number of real estate properties | property | 1 | 1 | 2 |
Dispositions and Assets Held _4
Dispositions and Assets Held for Sale (Held for Sale) (Details) $ in Thousands | Jun. 30, 2020USD ($)property | Dec. 31, 2019USD ($)property |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets associated with real estate assets held for sale | $ 10,514 | $ 22,171 |
Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of real estate properties | property | 2 | 2 |
Land | $ 3,778 | $ 3,356 |
Buildings and improvements | 14,681 | 31,650 |
Accumulated depreciation and amortization | (8,067) | (13,044) |
Real estate, net | 10,392 | 21,962 |
Other assets | 122 | 209 |
Assets associated with real estate assets held for sale | 10,514 | 22,171 |
Below-market leases | 7 | 415 |
Other liabilities | 178 | 0 |
Liabilities associated with real estate assets held for sale | $ 185 | $ 415 |
Real Estate (Details)
Real Estate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||||||
Land | $ 1,758,946 | $ 1,758,946 | $ 1,767,029 | |||
Building and tenant improvements | 7,823,236 | 7,823,236 | 7,741,607 | |||
Lease intangibles | 595,771 | 595,771 | 614,964 | |||
Real estate, gross | 10,177,953 | 10,177,953 | 10,123,600 | |||
Accumulated depreciation and amortization | (2,581,127) | (2,581,127) | (2,481,250) | |||
Total | 7,596,826 | 7,596,826 | 7,642,350 | |||
Accrued capital expenditures and tenant improvements | 28,900 | $ 46,900 | ||||
Accumulated amortization | 525,800 | 525,800 | 533,100 | |||
Intangible liabilities relating to below-market leases | 362,300 | 362,300 | 372,100 | |||
Accumulated amortization on below-market leases | 266,700 | 266,700 | 267,100 | |||
Below-market lease intangible amortization | 4,000 | $ 4,700 | 8,200 | $ 9,600 | ||
Amortization of intangible assets | 4,900 | $ 6,300 | 10,400 | $ 12,800 | ||
Leases, acquired-in-place | ||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||||||
In-place lease value | 537,200 | 537,200 | 554,900 | |||
In-place lease amortization expense | ||||||
2020 (remaining six months) | 8,291 | 8,291 | ||||
2021 | 13,202 | 13,202 | ||||
2022 | 9,197 | 9,197 | ||||
2023 | 6,675 | 6,675 | ||||
2024 | 5,008 | 5,008 | ||||
Above market leases | ||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||||||
Above market leases | 58,600 | 58,600 | $ 60,100 | |||
Below-market lease accretion (income), net of above-market lease amortization expense | ||||||
Below-market lease accretion (income), net of above-market lease amortization expense | ||||||
2020 (remaining six months) | (6,506) | (6,506) | ||||
2021 | (11,520) | (11,520) | ||||
2022 | (9,541) | (9,541) | ||||
2023 | (8,188) | (8,188) | ||||
2024 | $ (7,651) | $ (7,651) |
Impairments (Details)
Impairments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)ft² | Jun. 30, 2019USD ($)ft² | Jun. 30, 2020USD ($)ft² | Jun. 30, 2019USD ($)ft² | |
Real Estate Properties [Line Items] | ||||
GLA | ft² | 200,237 | 321,382 | 251,147 | 479,947 |
Impairment Charge | $ | $ 5,962 | $ 6,186 | $ 10,560 | $ 9,298 |
30th Street Plaza | ||||
Real Estate Properties [Line Items] | ||||
GLA | ft² | 145,935 | 145,935 | ||
Impairment Charge | $ | $ 4,449 | $ 4,449 | ||
Chamberlain Plaza | ||||
Real Estate Properties [Line Items] | ||||
GLA | ft² | 54,302 | 54,302 | ||
Impairment Charge | $ | $ 1,513 | $ 1,513 | ||
Spring Mall | ||||
Real Estate Properties [Line Items] | ||||
GLA | ft² | 45,920 | |||
Impairment Charge | $ | $ 4,584 | |||
Parcel at Lakes Crossing | ||||
Real Estate Properties [Line Items] | ||||
GLA | ft² | 4,990 | |||
Impairment Charge | $ | $ 14 | |||
Westview Center | ||||
Real Estate Properties [Line Items] | ||||
GLA | ft² | 321,382 | 321,382 | ||
Impairment Charge | $ | $ 6,186 | $ 6,186 | ||
Brice Park | ||||
Real Estate Properties [Line Items] | ||||
GLA | ft² | 158,565 | |||
Impairment Charge | $ | $ 3,112 |
Financial Instruments - Deriv_3
Financial Instruments - Derivatives and Hedging (Notional Amount) (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)derivative_instrument | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)derivative_instrument | |
Maximum | |||
Derivative [Line Items] | |||
Amount expected to be reclassified from accumulated other comprehensive loss in the next twelve months | $ 12,100,000 | ||
Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Number of instruments entered | derivative_instrument | 0 | 0 | |
Number of Instruments | derivative_instrument | 7 | 7 | |
Notional Amount | $ 800,000,000 | $ 800,000,000 | |
Gain (loss) on derivative | $ 0 | $ 0 |
Financial Instruments - Deriv_4
Financial Instruments - Derivatives and Hedging (Fair Value) (Details) - Interest Rate Swap - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative assets | $ 0 | $ 3,795 |
Gross derivative liabilities | (34,367) | (13,449) |
Net derivative liabilities | $ (34,367) | $ (9,654) |
Financial Instruments - Deriv_5
Financial Instruments - Derivatives and Hedging (Cash Flow Hedging Relationship) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Change in unrealized loss on interest rate swaps | $ (3,180) | $ (12,306) | $ (27,011) | $ (19,250) |
Amortization (accretion) of interest rate swaps to interest expense | 2,345 | (1,678) | 2,298 | (4,791) |
Change in unrealized loss on interest rate swaps, net | $ (835) | $ (13,984) | $ (24,713) | $ (24,041) |
Debt Obligations (Shedule of De
Debt Obligations (Shedule of Debt) (Details) | 1 Months Ended | 6 Months Ended | |||
Aug. 31, 2018USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 12, 2018USD ($)derivative_instrument | Nov. 01, 2016USD ($)derivative_instrument | |
Debt obligations under various arrangements with financial institutions | |||||
Long-term debt | $ 5,331,474,000 | ||||
Net unamortized debt issuance costs | (34,187,000) | ||||
Total debt obligations | 5,307,527,000 | $ 4,861,185,000 | |||
Floating Rate Senior Notes due 2022 | Brixmor Operating Partnership LP | |||||
Debt obligations under various arrangements with financial institutions | |||||
Stated spread rate | 1.05% | ||||
Term loan face amount | $ 250,000,000 | ||||
Effective percentage | 1.11% | ||||
Term Loan | Unsecured $500 Million Term Loan | Interest Rate Swap | |||||
Debt obligations under various arrangements with financial institutions | |||||
Number of Instruments | derivative_instrument | 3 | ||||
Secured Debt | |||||
Debt obligations under various arrangements with financial institutions | |||||
Long-term debt | 0 | 7,000,000 | |||
Net unamortized premium | 0 | 211,000 | |||
Net unamortized debt issuance costs | 0 | (37,000) | |||
Long-term debt | $ 0 | 7,174,000 | |||
Stated percentage | 0.00% | ||||
Unsecured Debt | |||||
Debt obligations under various arrangements with financial institutions | |||||
Long-term debt | $ 4,535,974,000 | 4,218,453,000 | |||
Net unamortized premium | 10,240,000 | 11,078,000 | |||
Net unamortized debt issuance costs | (25,520,000) | (23,579,000) | |||
Long-term debt | $ 4,520,694,000 | 4,205,952,000 | |||
Weighted average fixed interest rate | 3.77% | ||||
Unsecured Debt | Minimum | |||||
Debt obligations under various arrangements with financial institutions | |||||
Stated percentage | 1.74% | ||||
Unsecured Debt | Maximum | |||||
Debt obligations under various arrangements with financial institutions | |||||
Stated percentage | 7.97% | ||||
Unsecured Debt | Term Loan | Unsecured $350 Million Term Loan | |||||
Debt obligations under various arrangements with financial institutions | |||||
Long-term debt | $ 350,000,000 | 350,000,000 | |||
Stated percentage | 1.42% | ||||
Term loan face amount | $ 350,000,000 | ||||
Unsecured Debt | Term Loan | Unsecured $300 Million Term Loan | |||||
Debt obligations under various arrangements with financial institutions | |||||
Long-term debt | $ 300,000,000 | 300,000,000 | |||
Stated percentage | 1.42% | ||||
Term loan face amount | $ 300,000,000 | ||||
Effective percentage | 2.61% | ||||
Unsecured Debt | Term Loan | Unsecured $300 Million Term Loan | Through July 26, 2024 | |||||
Debt obligations under various arrangements with financial institutions | |||||
Stated spread rate | 1.25% | ||||
Unsecured Debt | Term Loan | Unsecured $300 Million Term Loan | Interest Rate Swap | |||||
Debt obligations under various arrangements with financial institutions | |||||
Number of Instruments | derivative_instrument | 4 | ||||
Unsecured Debt | Term Loan | Unsecured $500 Million Term Loan | |||||
Debt obligations under various arrangements with financial institutions | |||||
Effective percentage | 1.11% | ||||
Unsecured Debt | Term Loan | Unsecured $500 Million Term Loan | Through July 30, 2021 | |||||
Debt obligations under various arrangements with financial institutions | |||||
Stated spread rate | 1.25% | ||||
Unsecured Debt | Term Loan | Unsecured $500 Million Term Loan | Interest Rate Swap | |||||
Debt obligations under various arrangements with financial institutions | |||||
Term loan face amount | $ 150,000,000 | ||||
Unsecured Debt | Unsecured Credit Facility | |||||
Debt obligations under various arrangements with financial institutions | |||||
Long-term debt | $ 145,500,000 | 7,000,000 | |||
Stated percentage | 1.28% | ||||
Term loan face amount | $ 1,250,000,000 | ||||
Unsecured Debt | Unsecured Credit Facility and Term Loan | |||||
Debt obligations under various arrangements with financial institutions | |||||
Net unamortized debt issuance costs | $ (8,667,000) | (8,941,000) | |||
Long-term debt | $ 786,833,000 | $ 648,059,000 |
Debt Obligations (Narrative) (D
Debt Obligations (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 01, 2020 | Jun. 29, 2020 | Dec. 31, 2019 | Dec. 12, 2018 | Aug. 31, 2018 | |
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 5,331,474,000 | $ 5,331,474,000 | $ 5,331,474,000 | |||||||
Loss on extinguishment of debt, net | (10,386,000) | $ (707,000) | (10,391,000) | $ (677,000) | ||||||
Accelerated unamortized debt issuance costs | 9,700,000 | 9,700,000 | 9,700,000 | |||||||
Accelerated unamortized debt premium | 700,000 | 700,000 | 700,000 | |||||||
Brixmor Operating Partnership LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt, net | (10,386,000) | $ (707,000) | (10,391,000) | $ (677,000) | ||||||
Floating Rate Senior Notes due 2022 | Brixmor Operating Partnership LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | $ 250,000,000 | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt repaid | 138,500,000 | |||||||||
Senior Notes | 4.05% Senior Notes due 2030 | Brixmor Operating Partnership LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||||
Stated percentage | 4.05% | 4.05% | 4.05% | |||||||
Redemption price, percentage | 99.776% | |||||||||
Senior Notes | 4.05% Senior Notes due 2030 | Redeemed on or after April 1, 2030 | Brixmor Operating Partnership LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price, percentage | 100.00% | |||||||||
Senior Notes | Floating Rate Senior Notes due 2022 | Brixmor Operating Partnership LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated percentage | 3.875% | 3.875% | 3.875% | |||||||
Repurchased face amount | $ 182,500,000 | |||||||||
Senior Notes | Floating Rate Senior Notes due 2022 | Brixmor Operating Partnership LP | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repurchased face amount | $ 700,000 | |||||||||
Long-term debt | $ 316,800,000 | |||||||||
Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 4,535,974,000 | $ 4,535,974,000 | $ 4,535,974,000 | $ 4,218,453,000 | ||||||
Unsecured Debt | Unsecured Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | $ 1,250,000,000 | |||||||||
Stated percentage | 1.28% | 1.28% | 1.28% | |||||||
Long-term debt | $ 145,500,000 | $ 145,500,000 | $ 145,500,000 | 7,000,000 | ||||||
Loss on extinguishment of debt, net | $ (10,400,000) | |||||||||
Unsecured Debt | Term Loan | Unsecured $350 Million Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | 350,000,000 | |||||||||
Stated percentage | 1.42% | 1.42% | 1.42% | |||||||
Long-term debt | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | 350,000,000 | ||||||
Unsecured Debt | Term Loan | Unsecured $300 Million Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | $ 300,000,000 | |||||||||
Stated percentage | 1.42% | 1.42% | 1.42% | |||||||
Long-term debt | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | 300,000,000 | ||||||
Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt repaid | $ 7,000,000 | |||||||||
Stated percentage | 0.00% | 0.00% | 0.00% | |||||||
Long-term debt | $ 0 | $ 0 | $ 0 | $ 7,000,000 |
Debt Obligations (Maturities) (
Debt Obligations (Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Interest payable | $ 36,000 | $ 36,900 |
Future expected/scheduled maturities of outstanding debt and capital lease | ||
2020 (remaining six months) | 0 | |
2021 | 0 | |
2022 | 567,521 | |
2023 | 995,500 | |
2024 | 800,000 | |
Thereafter | 2,968,453 | |
Total debt maturities | 5,331,474 | |
Net unamortized premium | 10,240 | |
Net unamortized debt issuance costs | (34,187) | |
Total debt obligations, net | $ 5,307,527 | $ 4,861,185 |
Fair Value Disclosures (Debt Ob
Fair Value Disclosures (Debt Obligations) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ||
Mortgages and secured loans payable | $ 5,307,527 | $ 4,861,185 |
Total debt obligations, net | 5,307,527 | 4,861,185 |
Carrying Amount | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ||
Mortgages and secured loans payable | 0 | 7,174 |
Notes payable | 4,520,694 | 4,205,952 |
Unsecured credit facility and term loan | 786,833 | 648,059 |
Total debt obligations, net | 5,307,527 | 4,861,185 |
Fair Value | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ||
Mortgages and secured loans payable | 0 | 7,306 |
Notes payable | 4,667,236 | 4,422,513 |
Unsecured credit facility and term loan | 792,064 | 658,490 |
Total debt obligations | $ 5,459,300 | $ 5,088,309 |
Fair Value Disclosures (Measure
Fair Value Disclosures (Measurements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Marketable securities, unrealized gain | $ (300) | $ 100 | ||||
Impairment of real estate | $ 5,962 | $ 6,186 | 10,560 | $ 9,298 | ||
Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Terminal capitalization rates | 8.00% | |||||
Minimum | Discount Rate | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Measurement input | 8.00% | |||||
30th Street Plaza | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Real estate investment, fair value | $ 6,100 | 6,100 | ||||
Chamberlain Plaza | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Real estate investment, fair value | 2,200 | 2,200 | ||||
Spring Mall | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Real estate investment, fair value | 4,900 | 4,900 | ||||
Brice Park | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Real estate investment, fair value | 9,700 | |||||
Mohawk Acres Plaza | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Real estate investment, fair value | 9,100 | |||||
Lincoln Plaza | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Real estate investment, fair value | 3,400 | |||||
Lakes Crossing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Real estate investment, fair value | 1,300 | |||||
Fair Value, Measurements, Recurring | Marketable Securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 20,765 | 20,765 | 18,054 | |||
Fair Value, Measurements, Recurring | Interest Rate Derivatives | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 3,795 | |||||
Derivative liability | (34,367) | (34,367) | (13,449) | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable Securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 4,683 | 4,683 | 1,459 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest Rate Derivatives | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 0 | |||||
Derivative liability | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Marketable Securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 16,082 | 16,082 | 16,595 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Derivatives | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 3,795 | |||||
Derivative liability | 34,367 | 34,367 | (13,449) | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Marketable Securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Derivatives | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 0 | |||||
Derivative liability | 0 | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring | Properties | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 13,155 | 13,155 | 23,533 | |||
Impairment of real estate | 10,546 | $ 7,983 | ||||
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Properties | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 0 | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Properties | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | 0 | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Properties | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset | $ 13,155 | $ 13,155 | $ 23,533 |
Revenue Recognition - Recogniti
Revenue Recognition - Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Performance obligation, description of timing | The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. These renewal options range from as little as one month to five or more years. | |||
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||||
2020 (remaining six months) | $ 397,941 | $ 397,941 | ||
2021 | 741,749 | 741,749 | ||
2022 | 642,650 | 642,650 | ||
2023 | 546,987 | 546,987 | ||
2024 | 443,092 | 443,092 | ||
Thereafter | 1,542,000 | 1,542,000 | ||
Rental income based on percentage rents | $ 1,100 | $ 2,100 | $ 3,000 | $ 4,900 |
Revenue Recognition - COVID-19
Revenue Recognition - COVID-19 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Receivables | ||
Deferred Lease Payments , Not Lease Modifications | ||
Beginning balance, March 31, 2020 | $ 0 | |
Deferred lease payments (not lease modifications) | 14,165 | |
Deferred lease payments deemed uncollectible | (3,228) | |
Deferred lease payments received | (49) | |
Ending balance, June 30, 2020 | 10,888 | $ 10,888 |
Deferrals | ||
Deferrals and Abatements | ||
Lease payments (lease modifications) | 744 | 744 |
Lease payments (not lease modifications) | 14,165 | 14,165 |
Lease payments | 14,909 | 14,909 |
Abatements | ||
Deferrals and Abatements | ||
Lease payments (lease modifications) | 207 | 207 |
Lease payments (not lease modifications) | 36 | 36 |
Lease payments | $ 243 | $ 243 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||||
Additional term of contract | 100 years | ||||
Supplemental Statements of Operations Information | |||||
Operating lease costs | $ 1,761 | $ 1,705 | $ 3,517 | $ 3,416 | |
Short-term lease costs | 9 | 10 | 19 | 20 | |
Variable lease costs | 105 | 114 | 234 | 256 | |
Total lease costs | 1,875 | 1,829 | 3,770 | 3,692 | |
Operating cash outflows from operating leases | 3,504 | 3,527 | |||
ROU assets obtained in exchange for operating lease liabilities | $ 44,354 | 0 | |||
ROU assets written off due to lease modifications | (1,748) | $ 0 | |||
Operating Lease Liabilities | |||||
2020 (remaining six months) | 3,522 | 3,522 | |||
2021 | 6,257 | 6,257 | |||
2022 | 6,028 | 6,028 | |||
2023 | 5,339 | 5,339 | |||
2024 | 5,246 | 5,246 | |||
Thereafter | 25,560 | 25,560 | |||
Total future minimum operating lease payments | 51,952 | 51,952 | |||
Less: imputed interest | (11,839) | (11,839) | |||
Operating lease liabilities | 40,113 | 40,113 | $ 44,707 | ||
ROU asset | $ 35,513 | $ 35,513 | $ 39,860 | ||
Weighted average remaining lease term | 11 years 1 month 6 days | 11 years 1 month 6 days | 10 years 10 months 24 days | ||
Weighted average discount rate | 4.31% | 4.31% | 4.30% | ||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of contract | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of contract | 50 years | 50 years |
Equity and Capital (Details)
Equity and Capital (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 31, 2020 | Dec. 31, 2019 | |
Schedule of Shareholders' Equity [Line Items] | ||||||||
Compensation cost | $ 100,000 | $ 100,000 | ||||||
Available repurchase amount | $ 375,000,000 | 375,000,000 | ||||||
Dividends, per common share | $ 0 | $ 0.285 | $ 0.280 | $ 0.28 | ||||
Accounts Payable and Accrued Liabilities | ||||||||
Schedule of Shareholders' Equity [Line Items] | ||||||||
Dividends payable | $ 1,800,000 | $ 1,800,000 | $ 87,200,000 | |||||
Common Stock | ||||||||
Schedule of Shareholders' Equity [Line Items] | ||||||||
At-the-market equity offering program | $ 400,000,000 | |||||||
At-the-market equity offering program, period | 3 years | |||||||
At-the-market equity offering program, shares issued (in shares) | 0 | 0 | ||||||
At-the-market equity offering program, stock available for future issuance | $ 400,000,000 | |||||||
Share repurchase program, number of shares authorized (in shares) | 1,700,000 | 800,000 | 1,700,000 | 800,000 | ||||
Share repurchase program, average cost per share | $ 15.14 | $ 17.43 | ||||||
Share repurchase program, value | $ 25,000,000 | $ 14,600,000 | ||||||
Stock repurchased during period (in shares) | 1,650,000 | 175,000 | 660,000 | |||||
Common Stock | RSUs | ||||||||
Schedule of Shareholders' Equity [Line Items] | ||||||||
Stock repurchased during period (in shares) | 200,000 | 100,000 | ||||||
Common Stock | Maximum | ||||||||
Schedule of Shareholders' Equity [Line Items] | ||||||||
Share repurchase program, authorized amount | $ 400,000,000 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 15 | 15 | ||
Grants in period | 0.7 | 0.8 | ||
Risk free interest rate | 2.55% | |||
Expected dividend rate | 5.60% | |||
Equity based compensation, net | $ 2.2 | $ 3.4 | $ 5 | $ 6 |
Amount capitalized | (0.2) | $ (0.2) | (0.4) | $ (0.4) |
Compensation cost not yet recognized | $ 20.8 | $ 20.8 | ||
Weighted average remaining contractual term | 2 years 2 months 12 days | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Service period | 1 year | |||
Expected volatility rate | 20.00% | 20.00% | ||
Risk free interest rate | 1.20% | |||
Expected dividend rate | 5.90% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Service period | 5 years | |||
Expected volatility rate | 23.00% | 21.00% | ||
Risk free interest rate | 1.30% | |||
Expected dividend rate | 6.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share, Basic [Abstract] | ||||
Net income | $ 9,044 | $ 68,960 | $ 68,825 | $ 131,860 |
Non-forfeitable dividends on unvested restricted shares | (27) | (174) | (232) | (309) |
Net income attributable to the Company’s common stockholders for basic earnings per share | $ 9,017 | $ 68,786 | $ 68,593 | $ 131,551 |
Weighted average number shares outstanding – basic | 296,546 | 298,140 | 297,194 | 298,372 |
Net income per share (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |
Computation of Diluted Earnings Per Share: | ||||
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ 9,017 | $ 68,786 | $ 68,593 | $ 131,551 |
Equity awards (in shares) | 227 | 753 | 291 | 523 |
Weighted average shares outstanding - diluted (in shares) | 296,773 | 298,893 | 297,485 | 298,895 |
Net income per share (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |
Earnings per Unit (Details)
Earnings per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Earnings per Share [Line Items] | ||||
Net income | $ 9,044 | $ 68,960 | $ 68,825 | $ 131,860 |
Non-forfeitable dividends on unvested restricted shares | (27) | (174) | (232) | (309) |
Net income attributable to the Company’s common stockholders for basic earnings per share | $ 9,017 | $ 68,786 | $ 68,593 | $ 131,551 |
Weighted average number shares outstanding – basic | 296,546 | 298,140 | 297,194 | 298,372 |
Net income per share (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ 9,017 | $ 68,786 | $ 68,593 | $ 131,551 |
Equity awards (in shares) | 227 | 753 | 291 | 523 |
Weighted average shares outstanding - diluted (in shares) | 296,773 | 298,893 | 297,485 | 298,895 |
Net income per share (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |
Brixmor Operating Partnership LP | ||||
Schedule of Earnings per Share [Line Items] | ||||
Net income | $ 9,044 | $ 68,960 | $ 68,825 | $ 131,860 |
Non-forfeitable dividends on unvested restricted shares | (27) | (174) | (232) | (309) |
Net income attributable to the Company’s common stockholders for basic earnings per share | $ 9,017 | $ 68,786 | $ 68,593 | $ 131,551 |
Weighted average number shares outstanding – basic | 296,546 | 298,140 | 297,194 | 298,372 |
Net income per share (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ 9,017 | $ 68,786 | $ 68,593 | $ 131,551 |
Equity awards (in shares) | 227 | 753 | 291 | 523 |
Weighted average shares outstanding - diluted (in shares) | 296,773 | 298,893 | 297,485 | 298,895 |
Net income per share (usd per share) | $ 0.03 | $ 0.23 | $ 0.23 | $ 0.44 |