Finance

Earnings Buzz: Brixmor Property Group Inc (NYSE: BRX)

Oliver Rider 164 Views , 

Brixmor Property Group Inc (NYSE: BRX) stock price moved down at -2.26%. Its total market capitalization is $6442408730. Its day lowest price was $21.59 and its hit its day highest price at $22.18. The stock recent volume is 1820371 shares in comparison to its average trading volume of 3042216 shares. Looking at the stock’s price level on the past 52-week graph, BRX recorded a 52-week high of $22.5 and its 52-week low of $14.11.

Brixmor Property Group Inc. (BRX) reported recently its operating results for the three and nine months ended September 30, 2019.  For the three months ended September 30, 2019 and 2018, net income was $0.27 per diluted share and $0.49 per diluted share, respectively.

Key highlights for the three months ended September 30, 2019 include:

  • Executed 2.3M square feet of new and renewal leases, with rent spreads on comparable space of 13.3%, including 0.9M square feet of new leases, with rent spreads on comparable space of 30.5%
  • Executed 3.6M square feet of total leasing volume, including options, with rent spreads on comparable space of 11.1%
  • Grew total leased occupancy to 91.9% and anchor leased occupancy to 94.7%
  • Generated same property NOI growth of 4.4%, driven by a 290-basis point contribution from base rent, reflecting the impact of strong rent spreads and important lease commencements during the quarter
  • Grew the total in process reinvestment pipeline to $413.9M at an predictable average incremental NOI yield of 9%, while stabilizing $68.2M of projects during the quarter at an average incremental NOI yield of 11%
  • Completed $151.1M of dispositions comprised of 1.7M square feet
  • Issued $350.0M of Senior Notes due 2029 and repaid indebtedness under the Company’s unsecured credit facility; as a result, the Company now has no debt maturities until 2022 and no amounts outstanding under its Revolving Credit Facility
  • Increased quarterly dividend by 1.8% to $0.285 per ordinary share, which represents an annualized yield of ~5.4%
  • Increased before provided NAREIT FFO per diluted share and same property NOI growth expectations for 2019

Same Property NOI Growth

  • Same property NOI growth for the three months ended September 30, 2019 was 4.4% versus the comparable 2018 period.
  • Same property NOI growth for the nine months ended September 30, 2019 was 2.8% versus the comparable 2018 period.

Dividend

  • The Company’s Board of Directors reported a quarterly cash dividend of $0.285 per ordinary share (equivalent to $1.14 per annum) for the fourth quarter of 2019, which represents a 1.8% increase.
  • The dividend is payable on January 15, 2020 to stockholders of record on January 6, 2020, representing an ex-dividend date of January 3, 2020.

The stock was at 7.13% over one-month performance. BRX’s shares are at 12.89% for the quarter and driving a 35.87% return over the course of the past year and is now at 47.24% since this point in 2018.   The average volatility for the week at 1.67% and for month was at 1.62%. Right now, the stock beta is 0.7.