Brixmor Property Group

Brixmor Property Group Inc. is a publicly traded real estate investment trust that invests in shopping centers. It owns and operates a high-quality, national portfolio of 400+ open-air retail centers comprising approximately 73 million square feet of prime retail space in established trade areas. Brixmor is a real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness. It is organized in Maryland with its headquarters in New York City.

Brixmor Property Group Inc.
FormerlyCentro Watt (2003–2007)
Centro Properties Group US (2007–2011)
TypePublic company
NYSE: BRX
S&P 400 Component
Russell 1000 Index Component
IndustryReal estate investment trust
Founded2003 (as Centro Watt)
Headquarters450 Lexington Avenue
New York City
Key people
 James M. Taylor, CEO & President
John G. Schreiber, Chairman
Angela Aman, CFO
ProductsShopping centers
Revenue $1.168 billion (2019)
$274 million (2019)
Total assets $8.142 billion (2019)
Total equity $2.743 billion (2019)
Number of employees
477 (2019)
Websitewww.brixmor.com
Footnotes / references
[1]

Investments

As of December 31, 2019, the company owned interests in 403 shopping centers comprising 71 million square feet.[1]

Properties in Texas, Florida, and California each account for approximately 11% of the company's revenues.

The company's largest tenants are as follows:[1]

Rank Tenant % of 2019 Revenue
1 TJX Companies 3.4%
2 Kroger 2.8%
3 Dollar Tree 1.8%
4 Burlington 1.4%
5 Publix 1.4%
6 Ahold Delhaize 1.3%
7 Ross Stores 1.3%
8 LA Fitness 1.3%
9 Albertsons 1.2%
10 Bed Bath & Beyond 1.1%

History

Brixmor Property Group's history traces back in late 2003 when Centro Properties Group an Australian shopping mall firm, entered the United States market by the purchase of 14 neighborhood, community and power centers in California. As a result, Centro Properties Group made a joint venture with American-based Watt Commercial Realty to form Centro Watt, to handle their acquired properties. In 2005, Centro acquired Kramont Reality Trust in a $1.2 billion deal. More expansion happened when on May 9, 2006, Sydney-based Westfield Group announces the sale of seven shopping malls which Centro Watt acquired.[2] In 2007, Centro acquired Watt Companies ownership stake, ending the joint venture and renamed the company Centro Properties Group US.[3] Centro Properties Group US acquired more shopping malls and REIT companies as years goes on.[4]

In 2011, The Blackstone Group acquired Centro Properties Group US from Centro Retail Trust, and the resulting entity changed its name to Brixmor.[4][5][6]

In 2012, the company hired Madison Marquette to be the manager for 7 former Westfield Group malls.[7]

In October 2013, the company became a public company via initial public offering.[8][9]

In April 2016, president and CEO Michael Carroll, CFO Michael Pappagallo, and chief accounting officer Steven Splain resigned after an accounting scandal.[10][11] Jim Taylor was named CEO and president.[12]

In August 2016, The Blackstone Group reduced its stake in the company to 14%.[13]

References
  1. "Brixmor Property Group Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Centro Watt Enters Mall Business; US Platform Well-Positioned to Continue Growth" (Press release). Business Wire. May 11, 2016.
  3. "Watt Companies Announces Definitive Agreement with Centro Properties to Sell Stake in Centro Watt Joint Venture to Centro" (Press release). Business Wire. May 3, 2007.
  4. Kostelni, Natalie (December 4, 2014). "You've shopped at its centers. Now meet Brixmor". American City Business Journals.
  5. "Centro Properties Group US Changes Name to Brixmor Property Group" (Press release). PR Newswire. September 28, 2011.
  6. "Centro Changes Name to Brixmor Property Group". National Real Estate Investor. September 28, 2011.
  7. "Progress continues with Isle of Capri casino construction". Southeast Missourian. April 30, 2012.
  8. "Brixmor Property Group Completes $948.8 Million Initial Public Offering" (Press release). PR Newswire. November 4, 2013.
  9. ALDEN, WILLIAM (October 30, 2013). "Shares of Blackstone-Backed Real Estate Trust Rise in Debut". The New York Times.
  10. Kostelni, Natalie (February 10, 2016). "Brixmor Property Group sees CEO, others resign amid accounting scandal". American City Business Journals.
  11. Banerjee, Arunima (February 8, 2016). "Brixmor's top executives exit after accounting review, shares plunge". Reuters.
  12. Hufford, Austen (April 12, 2016). "Shopping-Center Owner Brixmor Names CEO After Accounting Scandal". The Wall Street Journal.
  13. "Brixmor Property Group Announces Secondary Offering Of 30,000,000 Shares Of Common Stock" (Press release). PR Newswire. August 1, 2016.
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