BRIXMOR PROPERTY GROUP INC. Administration report and evaluation of the monetary place and working outcomes (Kind 10-Q)

The next dialogue needs to be learn at the side of the unaudited
Condensed Consolidated Monetary Statements and the accompanying notes thereto.
Historic outcomes and proportion relationships set forth within the unaudited
Condensed Consolidated Monetary Statements and accompanying notes, together with
developments which could seem, shouldn't be taken as indicative of future
operations.

Govt Abstract
Our Firm
Brixmor Property Group Inc. and subsidiaries (collectively, "BPG") is an
internally-managed actual property funding belief ("REIT"). Brixmor Working
Partnership LP and subsidiaries (collectively, the "Working Partnership") is
the entity by way of which BPG conducts considerably all of its operations and
owns considerably all of its belongings. BPG owns 100% of the restricted legal responsibility
firm pursuits of BPG Subsidiary LLC ("BPG Sub"), which, in flip, is the only
member of Brixmor OP GP LLC (the "Basic Associate"), the only basic associate of
the Working Partnership. Except said in any other case or the context in any other case
requires, "we," "our," and "us" imply BPG and the Working Partnership,
collectively. We consider we personal and function one of many largest open-air retail
portfolios by gross leasable space ("GLA") in america ("U.S."),
comprised primarily of group and neighborhood procuring facilities. As of
September 30, 2021, our portfolio was comprised of 386 procuring facilities (the
"Portfolio") totaling roughly 68 million sq. ft of GLA. Our
high-quality nationwide Portfolio is primarily situated inside established commerce
areas within the high 50 Metropolitan Statistical Areas within the U.S., and our procuring
facilities are primarily anchored by non-discretionary and value-oriented
retailers, in addition to consumer-oriented service suppliers. As of September 30,
2021, our three largest tenants by annualized base hire ("ABR") have been The TJX
Firms, Inc. ("TJX"), The Kroger Co. ("Kroger"), and Burlington Shops, Inc.
BPG has been organized and operated in conformity with the necessities for
qualification and taxation as a REIT below the U.S. federal revenue tax legal guidelines,
commencing with our taxable yr ended December 31, 2011, has maintained such
necessities by way of our taxable yr ended December 31, 2020, and intends to
fulfill such necessities for subsequent taxable years.

Our main goal is to maximise whole returns to our stockholders by way of
constant, sustainable progress in money movement. Our key methods to attain this
goal embody proactively managing our Portfolio to drive inside progress,
pursuing value-enhancing reinvestment alternatives and prudently executing on
acquisition and disposition exercise, whereas additionally sustaining a versatile capital
construction positioned for progress. As well as, as we execute on our key
methods, we achieve this guided by a dedication to function in a socially accountable
method that permits us to comprehend our objective of proudly owning and managing properties
which can be the facilities of the communities we serve.

We consider that the next set of aggressive benefits allows us to efficiently execute our key methods:

•Expansive Retailer Relationships - We consider that the dimensions of our asset base
and our nationwide footprint characterize aggressive benefits in supporting the
progress aims of the nation's largest and most profitable retailers. We
consider that we're one of many largest landlords by GLA to TJX and Kroger, as
nicely as a key landlord to most main grocers and retail class leaders. We
consider that our robust relationships with main retailers afford us distinctive
perception into their methods and precedence entry to their growth plans.

•Absolutely-Built-in Working Platform - We handle a fully-integrated working
platform, leveraging our nationwide scope and demonstrating our dedication to
working with a robust regional and native presence. We offer our tenants with
devoted service by way of each our nationwide accounts leasing staff primarily based in New
York and our community of 4 regional places of work in Atlanta, Chicago, Philadelphia
and San Diego, in addition to our 13 leasing and property administration satellite tv for pc
places of work all through the nation. We consider that this construction allows us to
get hold of vital nationwide market intelligence, whereas additionally benefitting from the
regional and native experience of our leasing and operations groups.

•Skilled Administration - Senior members of our administration staff are seasoned
actual property operators with in depth public firm management expertise. Our
administration staff has deep business data and well-established relationships
with retailers, brokers and distributors by way of a few years of operational and
transactional expertise, in addition to vital capital markets capabilities
and experience in executing value-enhancing reinvestment alternatives.
                                       30
--------------------------------------------------------------------------------

Elements That Might Affect Our Future Outcomes
We derive our rental revenue primarily from base hire and expense reimbursements
paid by tenants to us below current leases at every of our properties. Expense
reimbursements primarily encompass funds made by tenants to us for his or her
proportionate share of property working bills, together with widespread space
bills, utilities, insurance coverage and actual property taxes, and sure capital
expenditures associated to the upkeep of our properties.

Our potential to keep up or improve rental revenue is primarily depending on our
potential to keep up or improve rental charges, renew expiring leases and/or lease
out there house. Will increase in our property working bills, together with repairs
and upkeep, landscaping, snow elimination, safety, floor hire associated to
properties for which we're the lessee, utilities, insurance coverage, actual property taxes
and numerous different prices, to the extent they aren't reimbursed by tenants or
offset by will increase in rental revenue, will adversely affect our total
efficiency.

See “Ahead-looking statements” included elsewhere on this Quarterly Report on Kind 10-Q for elements that might have an effect on our rental revenue and / or our actual property working bills. As famous under, the COVID-19 pandemic has had, and is predicted to proceed to have, a big affect on our enterprise.

Impacts on Enterprise from COVID-19
The worldwide outbreak of the novel pressure of coronavirus ("COVID-19") and the
public well being measures which were undertaken in response have had a
vital opposed affect on our enterprise, our tenants, the true property market,
the monetary markets and the worldwide financial system. The consequences of COVID-19, together with
associated authorities restrictions, border closings, quarantines,
"shelter-in-place" orders and "social distancing" pointers, pressured lots of our
tenants to quickly shut shops, scale back hours or considerably restrict
service, and resulted in a dramatic improve in nationwide unemployment and a
vital financial contraction in 2020. Since we can't estimate when the
COVID-19 pandemic and the responsive measures to fight it's going to finish and to what
extent sure restrictions, although presently lifted, might later be reinstated,
we can't estimate the final word operational and monetary affect of COVID-19 on
our enterprise. The diploma to which COVID-19 impacts our working leads to the
future will rely upon the elements mentioned in   "    Ahead-Trying
Statements    "   included elsewhere on this Quarterly Report on Kind 10-Q and
within the "Danger Elements" part of our Annual Report on Kind 10-Ok for the yr
ended December 31, 2020.

Roughly 70% of our procuring facilities are anchored by grocery shops.
Grocery shops and different important tenants remained open all through the pandemic
and lots of have skilled steady or elevated gross sales, which has helped and we
consider will proceed to assist to partially mitigate the opposed affect of
COVID-19 on our enterprise. As of October 26, 2021, now we have collected 94% of base
hire for the 9 months ended December 31, 2020, 96% of first quarter 2021 base
hire, 97% of second quarter 2021 base hire, and 97% of third quarter 2021 base
hire. Sure tenants experiencing financial difficulties in the course of the pandemic
have sought hire reduction from us, which has been supplied on a case-by-case foundation
primarily within the type of hire deferrals and, in additional restricted circumstances, within the kind
of hire abatements. Lease deferrals have considerably elevated our Receivables,
web. We're in ongoing discussions with our tenants relating to hire that has not
but been collected or addressed by way of executed deferral or abatement
agreements.

Leasing Highlights
As of September 30, 2021, billed and leased occupancy have been 88.2% and 91.5%,
respectively, as in comparison with 88.0% and 91.2%, respectively, as of September 30,
2020.













                                       31
--------------------------------------------------------------------------------

The next desk summarizes our rental exercise carried out for the three months ended. September 30, 2021 and 2020 ({dollars} in hundreds, excluding quantities per sq. foot (“PSF”)):

                                                           For the Three 

Ended months September 30, 2021

                                                                                         Tenant Enhancements        Third Occasion Leasing
                             Leases                GLA               New ABR PSF          and Allowances PSF          Commissions PSF             Lease Unfold(1)
New, renewal and choice
leases                         386              2,770,003          $      14.54          $            3.23          $           1.43                         10.7  %
New and renewal leases         332              1,719,493                 16.62                       5.20                      2.31                         12.3  %
New leases                     161                745,712                 17.43                       9.62                      5.28                         26.3  %
Renewal leases                 171                973,781                 15.99                       1.82                      0.04                          7.6  %
Choice leases                   54              1,050,510                 11.14                          -                         -                          7.6  %

                                                           For the Three

Ended months September 30, 2020

                                                                                         Tenant Enhancements        Third Occasion Leasing
                             Leases                GLA               New ABR PSF          and Allowances PSF          Commissions PSF             Lease Unfold(1)
New, renewal and choice
leases                         418              3,155,433          $      14.20          $            2.55          $           1.08                          6.1  %
New and renewal leases         368              2,152,872                 15.53                       3.71                      1.58                          5.7  %
New leases                     103                683,517                 16.22                      10.05                      4.94                         14.1  %
Renewal leases                 265              1,469,355                 15.21                       0.76                      0.01                          4.5  %
Choice leases                   50              1,002,561                 11.35                       0.07                         -                          7.1  %


(1)  Based mostly on comparable leases solely, which consist of latest leases signed on
items that have been occupied inside the prior 12 months and renewal or choice leases
signed with the identical tenant in all or a portion of the identical location or that
embody the growth into house that was occupied inside the prior 12 months.
Excludes leases executed for phrases of lower than one yr.
ABR PSF consists of the GLA of lessee-owned leasehold enhancements.

The next desk summarizes our rental exercise carried out for the 9 months ended. September 30, 2021 and 2020 (in hundreds of {dollars}, apart from quantities by PSF):

                                                            For the 9 

Ended months September 30, 2021

                                                                                          Tenant Enhancements        Third Occasion Leasing
                              Leases                GLA               New ABR PSF          and Allowances PSF          Commissions PSF             Lease Unfold(1)
New, renewal and choice
leases                        1,174              7,175,306          $      15.78          $            4.12          $           1.68                          9.1  %
New and renewal leases        1,048              4,695,124                 18.12                       6.29                      2.57                         10.1  %
New leases                      464              2,100,392                 18.00                      12.71                      5.63                         22.1  %
Renewal leases                  584              2,594,732                 18.22                       1.10                      0.09                          6.1  %
Choice leases                   126              2,480,182                 11.36                          -                         -                          7.1  %

                                                            For the 9

Ended months September 30, 2020

                                                                                          Tenant Enhancements        Third Occasion Leasing
                              Leases                GLA               New ABR PSF          and Allowances PSF          Commissions PSF             Lease Unfold(1)
New, renewal and choice
leases                        1,035              7,344,267          $      13.89          $            3.23          $           1.11                          7.2  %
New and renewal leases          886              4,839,357                 15.17                       4.87                      1.68                          7.1  %
New leases                      281              1,695,732                 15.47                      12.52                      4.73                         19.6  %
Renewal leases                  605              3,143,625                 15.01                       0.74                      0.04                          4.5  %
Choice leases                   149              2,504,910                 11.41                       0.07                         -                          7.4  %


(1)  Based mostly on comparable leases solely, which consist of latest leases signed on
items that have been occupied inside the prior 12 months and renewal or choice leases
signed with the identical tenant in all or a portion of the identical location or that
embody the growth into house that was occupied inside the prior 12 months.
Excludes leases executed for phrases of lower than one yr.
ABR PSF consists of the GLA of lessee-owned leasehold enhancements.
                                       32
--------------------------------------------------------------------------------


Acquisition Exercise
•Through the 9 months ended September 30, 2021, we acquired two procuring
facilities, one outparcel and two land parcels for an combination buy worth of
$66.7 million, together with transaction prices and shutting credit.

• Through the 9 months ended September 30, 2020, now we have acquired two plots of land for $ 3.4 million, together with transaction charges.

Disposition Exercise
•Through the 9 months ended September 30, 2021, we disposed of 9 procuring
facilities, 14 partial procuring facilities and one land parcel for combination web
proceeds of $124.4 million leading to combination achieve of $49.5 million and
combination impairment of $1.5 million. As well as, in the course of the 9 months ended
September 30, 2021, we acquired combination web proceeds of lower than $0.1 million
from beforehand disposed belongings leading to combination achieve of lower than
$0.1 million.

•Through the 9 months ended September 30, 2020, we disposed of eight procuring
facilities, three partial procuring facilities and one land parcel for combination web
proceeds of $81.9 million leading to combination achieve of $21.3 million and
combination impairment of $6.0 million. As well as, in the course of the 9 months ended
September 30, 2020, we acquired combination web proceeds of $1.0 million and
resolved contingencies of $0.5 million from beforehand disposed belongings ensuing
in combination achieve of $1.5 million.

Working outcomes The dialogue of working outcomes is mixed for BPG and the Working partnership as a result of there aren’t any vital variations within the working outcomes between the 2 reporting entities.

Comparability of the Three Months Ended September 30, 2021 to the Three Months
Ended September 30, 2020
Revenues (in hundreds)
                                  Three Months Ended September 30,
                                        2021                      2020         $ Change
         Revenues
         Rental revenue    $         290,013                    $ 253,799      $ 36,214
         Different revenues                 173                          136            37
         Whole revenues   $         290,186                    $ 253,935      $ 36,251



Rental revenue
The rise in rental revenue for the three months ended September 30, 2021 of
$36.2 million, as in comparison with the corresponding interval in 2020, was attributable to a
$38.6 million improve for belongings owned for the complete interval, partially offset by
a $2.4 million lower in rental revenue attributable to web disposition exercise. The
improve for belongings owned for the complete interval was attributable to (i) a $25.7 million
lower in revenues deemed uncollectible; (ii) a $7.8 million improve in
straight-line rental revenue, web; (iii) a $3.0 million improve in base hire;
(iv) a $1.5 million improve in expense reimbursements; (v) a $1.0 million
improve in ancillary and different rental revenue; (vi) a $0.6 million improve in
lease termination charges; and (vii) a $0.3 million improve in proportion rents;
partially offset by (viii) a $1.3 million lower in accretion of below-market
leases, web of amortization of above-market leases and tenant inducements. The
lower in revenues deemed uncollectible was primarily attributable to the
affect of COVID-19 reserves in 2020 and recoveries of beforehand reserved
quantities in 2021. The rise in straight-line rental revenue, web was primarily
attributable to the affect of COVID-19 reserves in 2020. The $3.0 million
improve in base hire for the remaining portfolio was primarily attributable to a
lower in COVID-19 hire deferrals accounted for as lease modifications and
hire abatements, along with contractual hire will increase and constructive hire
spreads for brand new and renewal leases and choice workouts of 9.1% in the course of the 9
months ended September 30, 2021 and seven.2% in the course of the yr ended December 31,
2020, partially offset by a lower in weighted common billed occupancy.




                                       33
--------------------------------------------------------------------------------

Different revenue Different revenue remained broadly steady for the closed quarter
September 30, 2021 in comparison with the corresponding interval in 2020.

Working bills (in hundreds)

                                                   Three Months Ended September 30,
                                                      2021                    2020                $ Change
Working bills
Working prices                               $          32,774          $     24,794          $      7,980
Actual property taxes                                        39,763                42,124                (2,361)
Depreciation and amortization                            81,724                87,488                (5,764)
Impairment of actual property belongings                              -                 5,746                (5,746)
Basic and administrative                               25,309                27,748                (2,439)
Whole working bills                      $         179,570          $    187,900          $     (8,330)



Working prices
The rise in working prices for the three months ended September 30, 2021 of
$8.0 million, as in comparison with the corresponding interval in 2020, was primarily due
to an $8.1 million improve for belongings owned for the complete interval primarily due
to a rise in restore and upkeep prices and a lower in favorable
insurance coverage captive changes, partially offset by a $0.1 million lower in
working prices attributable to web disposition exercise.

Actual property taxes
The lower in actual property taxes for the three months ended September 30, 2021
of $2.4 million, as in comparison with the corresponding interval in 2020, was primarily
attributable to a $1.8 million lower for belongings owned for the complete interval, primarily
attributable to a rise in favorable changes associated to prior yr assessments,
and a $0.6 million lower in actual property taxes attributable to web disposition
exercise.

Depreciation and amortization
The lower in depreciation and amortization for the three months ended
September 30, 2021 of $5.8 million, as in comparison with the corresponding interval in
2020, was primarily attributable to a $5.6 million lower for belongings owned for the complete
interval, primarily associated to a lower in accelerated depreciation and
amortization associated to tenant move-outs, and a $0.2 million lower in
depreciation and amortization attributable to web disposition exercise.

Impairment of actual property belongings
Through the three months ended September 30, 2020, combination impairment of $5.7
million was acknowledged on one procuring middle because of disposition
exercise and one working property. Impairments acknowledged have been attributable to adjustments
in anticipated maintain intervals primarily in reference to our capital recycling
program.

Basic and administrative
The lower typically and administrative prices for the three months ended
September 30, 2021 of $2.4 million, as in comparison with the corresponding interval in
2020, was primarily attributable to a lower in litigation and different non-routine authorized
bills, partially offset by a rise in web compensation prices.

Through the three months ended September 30, 2021 and 2020, development
compensation prices of $4.2 million and $3.8 million, respectively, have been
capitalized to constructing and enhancements and leasing authorized prices of $0.7 million
and $0.1 million, respectively and leasing fee prices of $2.0 million and
$1.4 million, respectively, have been capitalized to deferred costs and pay as you go
bills, web.







                                       34
--------------------------------------------------------------------------------

Different revenue and bills (in hundreds)

                                                    Three Months Ended 

September 30,

                                                       2021                    2020                $ Change
Different revenue (expense)
Dividends and curiosity                         $              51          $        109          $        (58)
Curiosity expense                                         (48,918)              (50,991)                2,073
Acquire on sale of actual property belongings                        11,122                13,621                (2,499)
Loss on extinguishment of debt, web                      (27,116)                  (50)              (27,066)
Different                                                        390                  (780)                1,170
Whole different expense                            $         (64,471)         $    (38,091)         $    (26,380)



Dividends and curiosity
Dividends and curiosity remained typically constant for the three months ended
September 30, 2021 as in comparison with the corresponding interval in 2020.

Curiosity expense
The lower in curiosity expense for the three months ended September 30, 2021
of $2.1 million, as in comparison with the corresponding interval in 2020, was primarily
attributable to decrease total debt obligations.

Acquire on sale of actual property belongings
Through the three months ended September 30, 2021, three procuring facilities, 5
partial procuring facilities and one land parcel have been disposed of leading to
combination achieve of $11.1 million. Through the three months ended September 30,
2020, two procuring facilities, one partial procuring middle and one land parcel have been
disposed of leading to combination achieve of $13.1 million. As well as, throughout
the three months ended September 30, 2020, we acquired combination web proceeds of
lower than $0.1 million and resolved contingencies of $0.1 million from
beforehand disposed belongings leading to combination achieve of $0.1 million, and we
acquired last insurance coverage proceeds associated to 2 procuring facilities that have been
broken by Hurricane Michael leading to combination achieve of $0.4 million.

Loss on extinguishment of debt, web
Through the three months ended September 30, 2021, we redeemed all $500.0 million
of our 3.250% Senior Notes due 2023, leading to a $27.1 million loss on
extinguishment of debt. Loss on extinguishment of debt consists of $25.5 million of
prepayment charges and $1.6 million of accelerated unamortized debt issuance prices
and debt reductions. Through the three months ended September 30, 2020, we
repurchased $0.7 million of our 3.875% Senior Notes due 2022 by way of a young
provide, leading to a $0.1 million loss on extinguishment of debt. Loss on
extinguishment of debt consists of lower than $0.1 million of prepayment charges and
lower than $0.1 million of accelerated unamortized debt issuance prices and debt
reductions.

Different

The rise in different revenue for the three months ended September 30, 2021 of
$1.2 million, as in comparison with the corresponding interval in 2020, was primarily due
to favorable tax changes within the present yr.

Comparability of the 9 Months Ended September 30, 2021 to the 9 Months Ended
September 30, 2020
Revenues (in hundreds)
                                  9 Months Ended September 30,
                                        2021                     2020         $ Change
          Revenues
          Rental revenue    $        853,407                   $ 781,635      $ 71,772
          Different revenues              3,549                       2,221         1,328
          Whole revenues   $        856,956                   $ 783,856      $ 73,100



Rental revenue
The rise in rental revenue for the 9 months ended September 30, 2021 of
$71.8 million, as in comparison with the corresponding interval in 2020, was attributable to an
$80.1 million improve for belongings owned for the complete interval, partially
                                       35
--------------------------------------------------------------------------------

offset by an $8.3 million lower in rental revenue attributable to web disposition
exercise. The rise for belongings owned for the complete interval was attributable to (i) a
$56.6 million lower in revenues deemed uncollectible; (ii) a $21.9 million
improve in straight-line rental revenue, web; (iii) a $2.8 million improve in
lease termination charges; (iv) a $2.2 million improve in ancillary and different
rental revenue; (v) a $2.2 million improve in expense reimbursements; and (vi) a
$1.1 million improve in proportion rents; partially offset by (vii) a $3.4
million lower in base hire; and (viii) a $3.3 million lower in accretion
of below-market leases, web of amortization of above-market leases and tenant
inducements. The lower in revenues deemed uncollectible was primarily
attributable to the affect of COVID-19 reserves in 2020 and recoveries of
beforehand reserved quantities in 2021. The rise in straight-line rental
revenue, web was primarily attributable to the affect of COVID-19 reserves in
2020. The $3.4 million lower in base hire for the remaining portfolio was
primarily attributable to a lower in weighted common billed occupancy, partially
offset by a lower in COVID-19 hire deferrals accounted for as lease
modifications and hire abatements, along with contractual hire will increase and
constructive hire spreads for brand new and renewal leases and choice workouts of 9.1%
in the course of the 9 months ended September 30, 2021 and seven.2% in the course of the yr ended
December 31, 2020.

Different revenues
The rise in different revenues for the 9 months ended September 30, 2021 of
$1.3 million, as in comparison with the corresponding interval in 2020, was primarily due
to a rise in tax increment financing revenue.

Working bills (in hundreds)

                                           9 Months Ended September 30,
                                                 2021                     2020         $ Change
 Working bills
 Working prices                    $         92,914                   $  80,286      $ 12,628
 Actual property taxes                           124,908                     126,796        (1,888)
 Depreciation and amortization               246,356                     

251,334 (4,978)

 Impairment of actual property belongings              1,898                      16,306       (14,408)
 Basic and administrative                   76,415                      74,781         1,634
 Whole working bills           $        542,491                   $ 549,503      $ (7,012)



Working prices
The rise in working prices for the 9 months ended September 30, 2021 of
$12.6 million, as in comparison with the corresponding interval in 2020, was primarily
attributable to a $13.3 million improve for belongings owned for the complete interval, primarily
attributable to a rise in restore and upkeep, insurance coverage and utility prices and a
lower in favorable insurance coverage captive changes, partially offset by a $0.7
million lower in working prices attributable to web disposition exercise.

Actual property taxes
The lower in actual property taxes for the 9 months ended September 30, 2021
of $1.9 million, as in comparison with the corresponding interval in 2020, was primarily
attributable to a $2.1 million lower in actual property taxes attributable to web disposition
exercise, partially offset by a $0.2 million improve for belongings owned for the
full interval.

Depreciation and amortization
The lower in depreciation and amortization for the 9 months ended
September 30, 2021 of $5.0 million, as in comparison with the corresponding interval in
2020, was primarily attributable to a $2.0 million lower in depreciation and
amortization attributable to web disposition exercise and a $3.0 million lower for
belongings owned for the complete interval, primarily associated to a lower in
amortization of acquired in-place lease intangibles and accelerated depreciation
and amortization associated to tenant move-outs, partially offset by a rise in
depreciation and amortization associated to value-enhancing reinvestment capital
expenditures.

Impairment of actual property belongings
Through the 9 months ended September 30, 2021, combination impairment of $1.9
million was acknowledged on one procuring middle because of disposition
exercise and one working property. Through the 9 months ended September 30,
2020, combination impairment of $16.3 million was acknowledged on two procuring
facilities and one partial procuring middle because of disposition exercise and
two working properties. Impairments acknowledged have been attributable to adjustments in
anticipated maintain intervals primarily in reference to our capital recycling
program.
                                       36
--------------------------------------------------------------------------------


Basic and administrative
The rise typically and administrative prices for the 9 months ended
September 30, 2021 of $1.6 million, as in comparison with the corresponding interval in
2020, was primarily attributable to a rise in web compensation prices and routine
authorized bills, partially offset by a lower in litigation and different
non-routine authorized bills.

Through the 9 months ended September 30, 2021 and 2020, development
compensation prices of $12.1 million and $10.9 million, respectively, have been
capitalized to constructing and enhancements and leasing authorized prices of $1.5 million
and $0.2 million, respectively and leasing fee prices of $4.8 million and
$4.0 million, respectively, have been capitalized to deferred costs and pay as you go
bills, web.

Different revenue and bills (in hundreds)

                                                    9 Months Ended 

September 30,

                                                      2021                    2020                $ Change
Different revenue (expense)
Dividends and curiosity                         $            242          $        335          $        (93)
Curiosity expense                                       (147,601)             (148,197)                  596
Acquire on sale of actual property belongings                       49,489                23,218                26,271
Loss on extinguishment of debt, web                     (28,345)              (10,441)              (17,904)
Different                                                       694                (2,499)                3,193
Whole different expense                            $       (125,521)         $   (137,584)         $     12,063



Dividends and curiosity
Dividends and curiosity remained typically constant for the 9 months ended
September 30, 2021 as in comparison with the corresponding interval in 2020.

Curiosity expense
The lower in curiosity expense for the 9 months ended September 30, 2021 of
$0.6 million, as in comparison with the corresponding interval in 2020, was primarily due
to decrease total debt obligations.

Acquire on sale of actual property belongings
Through the 9 months ended September 30, 2021, eight procuring facilities, 14
partial procuring facilities and one land parcel have been disposed of leading to
combination achieve of $49.5 million. As well as, in the course of the 9 months ended
September 30, 2021, we acquired combination web proceeds of lower than $0.1 million
from beforehand disposed belongings leading to combination achieve of lower than
$0.1 million. Through the 9 months ended September 30, 2020, six procuring
facilities, two partial procuring facilities and one land parcel have been disposed of
leading to combination achieve of $21.3 million. As well as, in the course of the 9
months ended September 30, 2020, we acquired combination web proceeds of $1.0
million and resolved contingencies of $0.5 million from beforehand disposed
belongings leading to combination achieve of $1.5 million, and we acquired last
insurance coverage proceeds associated to 2 procuring facilities that have been broken by
Hurricane Michael leading to combination achieve of $0.4 million.

Loss on extinguishment of debt, web
Through the 9 months ended September 30, 2021, we redeemed all $500.0 million
of our 3.250% Senior Notes due 2023 and repaid $350.0 million of an unsecured
time period mortgage below our senior unsecured credit score facility settlement, as amended April
29, 2020 (the "Unsecured Credit score Facility"), leading to a $28.3 million loss on
extinguishment of debt. Loss on extinguishment of debt consists of $25.5 million of
prepayment charges and $2.8 million of accelerated unamortized debt issuance prices
and debt reductions. Through the 9 months ended September 30, 2020, we
repurchased $183.2 million of our 3.875% Senior Notes due 2022 by way of a young
provide and repaid our $7.0 million secured mortgage, leading to a $10.4 million
loss on extinguishment of debt, web. Loss on extinguishment of debt, web
consists of $9.7 million of prepayment charges and $0.7 million of accelerated
unamortized debt issuance prices and debt reductions, web of premiums.



                                       37
--------------------------------------------------------------------------------

Different

The rise in different revenue for the 9 months ended September 30, 2021 of
$3.2 million, as in comparison with the corresponding interval in 2020, was primarily due
to favorable tax changes and authorized settlements within the present yr.

Liquidity and Capital Assets
We anticipate that our money flows from the sources listed under will present
sufficient capital for the subsequent 12 months and past for all anticipated makes use of,
together with all scheduled funds on our excellent debt, present and
anticipated tenant and different capital enhancements, stockholder distributions to
preserve our qualification as a REIT and different obligations related to
conducting our enterprise.

Our main anticipated sources and makes use of of capital are as follows:
Sources
•money and money equal balances;
•working money movement;
•out there borrowings below the Unsecured Credit score Facility;
•tendencies;
•issuance of long-term debt; and
•issuance of fairness securities.

Makes use of

•upkeep capital expenditures;
•leasing capital expenditures;
•debt repayments;
•dividend/distribution funds;
•value-enhancing reinvestment capital expenditures;
•acquisitions; and
•repurchases of fairness securities.

We consider our capital construction supplies us with the monetary flexibility and
capability to fund our present capital wants in addition to future progress
alternatives. Now we have entry to a number of types of capital, together with secured
property stage debt, unsecured company stage debt, most popular fairness, and
widespread fairness, which can permit us to effectively execute on our strategic and
operational aims. We presently have funding grade credit score scores from
all three main credit standing businesses. As of September 30, 2021, we had $1.2
billion of accessible liquidity below the Revolving Facility and $404.4 million
in money and money equivalents and restricted money. We intend to proceed to
improve our monetary and operational flexibility by way of the extra
extension of the period of our debt.

As of September 30, 2021, our contractually scheduled debt maturities (excluding
extension choices) and curiosity fee obligations (excluding debt premiums and
reductions and deferred financing prices) quantity to $250.0 million and
$182.4 million, respectively, over the subsequent 12 months and $4.9 billion and
$938.0 million, respectively, thereafter. As of September 30, 2021, the weighted
common time to maturity is 5.7 years with respect to our scheduled debt
maturities. These quantities don't assume the issuance of latest debt upon maturity
of current debt. Scheduled curiosity funds included in these quantities for
variable price loans are introduced utilizing charges (together with the affect of curiosity
price swaps) as of September 30, 2021. See Merchandise 7A. "Quantitative and Qualitative
Disclosures" in our Annual Report on Kind 10-Ok for the yr ended December 31,
2020 for an additional dialogue of those and different elements that might affect
curiosity funds.

As beforehand mentioned below the header "Impacts on Enterprise from COVID-19",
the COVID-19 pandemic has had, and will proceed to have, an opposed affect on
our liquidity and capital sources. Future decreases in money movement from
operations ensuing from hire deferrals or abatements, tenant defaults, or
decreases in rental charges or occupancy, would lower the money out there for
the capital makes use of described above, together with the fee of
                                       38
--------------------------------------------------------------------------------

dividends. Since we have no idea the final word severity, scope or period of the
pandemic and the response thereto, and thus can't predict the affect it's going to
finally have on our tenants and on the debt and fairness capital markets, we
can't estimate the affect it's going to have on our liquidity and capital sources.

With a purpose to proceed to qualify as a REIT for federal revenue tax functions, we
should distribute no less than 90% of our REIT taxable revenue, decided earlier than the
deduction for dividends paid and excluding web capital positive factors, to our
stockholders on an annual foundation. We intend to proceed to fulfill this
requirement and preserve our REIT standing. Money dividends paid to widespread
stockholders for the 9 months ended September 30, 2021 and 2020 have been $193.2
million and $170.4 million, respectively. In response to COVID-19, our Board of
Administrators suspended the dividend within the second and third quarters of 2020. In
the fourth quarter of 2020, our Board of Administrators resumed the dividend at a
price of $0.215 per widespread share. In July 2021, our Board of Administrators declared a
quarterly money dividend of $0.215 per widespread share for the third quarter of
2021. The dividend was paid on October 15, 2021 to shareholders of file on
October 5, 2021. In October 2021, our Board of Administrators declared a quarterly
money dividend of $0.240 per widespread share for the fourth quarter of 2021. The
dividend is payable on January 18, 2022 to shareholders of file on January 5,
2022. Our Board of Administrators will consider the dividend on a quarterly foundation,
taking into consideration a wide range of related elements, together with REIT taxable
revenue.

Our treasury actions are summarized as follows (in hundreds of {dollars}):
Brixmor Actual Property Group Inc.

                                                               9 Months 

Ended September 30,

                                                                2021                     2020
Web money supplied by working actions                $        424,880          $      323,632
Web money utilized in investing actions                            (156,113)               (140,254)
Web money supplied by (utilized in) financing actions              (234,490)                406,319



Working firm Brixmor SEC

                                                               9 Months 

Ended September 30,

                                                                2021                     2020
Web money supplied by working actions                $        424,880          $      323,632
Web money utilized in investing actions                            (156,113)               (140,254)
Web money supplied by (utilized in) financing actions              (234,489)                396,321



Money and money equivalents and restricted money for BPG have been $404.4 million and
$611.2 million as of September 30, 2021 and 2020, respectively. Money and money
equivalents and restricted money for the Working Partnership have been $394.4
million and $601.2 million as of September 30, 2021 and 2020, respectively.

Working Actions
Web money supplied by working actions primarily consists of money inflows
from tenant rental funds and expense reimbursements and money outflows for
property working bills, basic and administrative bills and curiosity
expense.

Through the 9 months ended September 30, 2021, our web money supplied by
working actions elevated $101.2 million as in comparison with the corresponding
interval in 2020. The rise was primarily attributable to (i) a rise from web
working capital; (ii) a rise in identical property web working revenue; and
(iii) a rise in lease termination charges; partially offset by (iv) a lower
in web working revenue attributable to web disposition exercise; (v) a rise in money
outflows for curiosity expense; and (vi) a rise in money outflows for basic
and administrative expense.

Investing Actions
Web money utilized in investing actions is impacted by the character, timing and
magnitude of acquisition and disposition exercise and enhancements to and
investments in our procuring facilities, together with capital expenditures related
with our value-enhancing reinvestment efforts.

Through the 9 months ended September 30, 2021, our web money utilized in investing
actions elevated $15.9 million as in comparison with the corresponding interval in
2020. The rise was primarily attributable to (i) a rise of $63.3 million
                                       39
--------------------------------------------------------------------------------

in acquisitions of actual property belongings; partially offset by (ii) a rise of
$41.5 million in web proceeds from gross sales of actual property belongings; (iii) a lower
of $5.6 million in enhancements to and investments in actual property belongings; and
(iv) a $0.3 million lower in purchases of marketable securities, web of
proceeds from gross sales.

Enhancements to and investments in actual property belongings
Through the 9 months ended September 30, 2021 and 2020, we expended $212.4
million and $217.9 million, respectively, on enhancements to and investments in
actual property belongings. As well as, in the course of the 9 months ended September 30, 2021
and 2020, insurance coverage proceeds of $2.9 million and $7.3 million, respectively,
have been acquired and included in enhancements to and investments in actual property
belongings.

Upkeep capital expenditures characterize prices to fund main replacements and
betterments to our properties. Leasing associated capital expenditures characterize
tenant particular prices incurred to lease house, together with tenant enhancements and
tenant allowances. As well as, we consider our Portfolio on an ongoing foundation to
determine value-enhancing reinvestment alternatives. Such initiatives are tenant
pushed and deal with upgrading our facilities with robust, best-in-class retailers
and enhancing the general merchandise combine and tenant high quality of our Portfolio.
As of September 30, 2021, we had 49 in-process anchor house repositioning,
redevelopment and outparcel improvement initiatives with an combination anticipated
value of $396.3 million, of which $245.0 million had been incurred as of
September 30, 2021. As well as, now we have recognized a pipeline of future
reinvestment initiatives aggregating roughly $900.0 million of potential
capital funding, which we anticipate to execute over the subsequent a number of years. We
anticipate to fund these initiatives with money and money equivalents, web money supplied
by working actions, proceeds from gross sales of actual property belongings, and/or
out there liquidity below the Revolving Facility.

Acquisitions of and proceeds from gross sales of actual property belongings
We proceed to judge the marketplace for acquisition alternatives and we might
purchase procuring facilities once we consider strategic alternatives exist,
significantly the place we will additional focus our Portfolio in engaging retail
submarkets and optimize the standard and long-term progress price of our asset base.
Through the 9 months ended September 30, 2021, we acquired two procuring
facilities, one outparcel and two land parcels for an combination buy worth of
$66.7 million, together with transaction prices and shutting credit. Through the 9
months ended September 30, 2020, we acquired two land parcels for $3.4 million,
together with transaction prices.

We might also get rid of properties once we consider worth has been maximized,
the place there may be draw back threat, or the place now we have restricted potential or need to
construct vital mass in a specific submarket. Through the 9 months ended
September 30, 2021, we disposed of 9 procuring facilities, 14 partial procuring
facilities and one land parcel for combination web proceeds of $124.4 million. In
addition, in the course of the 9 months ended September 30, 2021, we acquired combination
web proceeds of lower than $0.1 million from beforehand disposed belongings. Throughout
the 9 months ended September 30, 2020, we disposed of eight procuring facilities,
three partial procuring facilities and one land parcel for combination web proceeds of
$81.9 million. As well as, in the course of the 9 months ended September 30, 2020, we
acquired combination web proceeds of $1.0 million from beforehand disposed belongings.

Financing Actions
Web money supplied by (utilized in) financing actions is impacted by the character,
timing and magnitude of issuances and repurchases of debt and fairness securities,
in addition to principal funds related to our excellent indebtedness and
distributions made to our widespread stockholders.

Through the 9 months ended September 30, 2021, our web money supplied by (used
in) financing actions decreased $640.8 million as in comparison with the
corresponding interval in 2020. The lower was primarily attributable to (i) a $625.5
million lower in debt borrowings, web of repayments; (ii) a $22.8 million
improve in distributions to our widespread stockholders; and (iii) a $15.6 million
improve in deferred financing and debt extinguishment prices; partially offset
by (iv) a $23.1 million lower in repurchases of widespread inventory. The lower in
debt borrowings is primarily associated to quantities drawn on the Revolving Facility
within the corresponding interval in 2020 in an effort to bolster liquidity in response to
COVID-19.

Non-GAAP Efficiency Measures
We current the non-GAAP efficiency measures set forth under. These measures
shouldn't be thought-about as options to, or extra significant than, web revenue
(calculated in accordance with GAAP) or different GAAP monetary measures, as an
indicator of monetary efficiency and will not be options to, or extra
significant than, money movement
                                       40
--------------------------------------------------------------------------------

from working actions (calculated in accordance with GAAP) as a measure of
liquidity. Non-GAAP efficiency measures have limitations as they don't embody
all gadgets of revenue and expense that have an effect on operations, and accordingly, ought to
at all times be thought-about as supplemental monetary outcomes to these calculated in
accordance with GAAP. Our computation of those non-GAAP efficiency measures might
differ in sure respects from the methodology utilized by different REITs and,
due to this fact, will not be corresponding to equally titled measures introduced by such
different REITs. Buyers are cautioned that gadgets excluded from these non-GAAP
efficiency measures are related to understanding and addressing monetary
efficiency.

Funds From Operations
NAREIT FFO (outlined hereafter) is a supplemental, non-GAAP efficiency measure
utilized to judge the working and monetary efficiency of actual property
corporations. The Nationwide Affiliation of Actual Property Funding Trusts ("NAREIT")
defines funds from operations ("FFO") as web revenue (loss), calculated in
accordance with GAAP, excluding (i) depreciation and amortization associated to
actual property, (ii) positive factors and losses from the sale of sure actual property belongings,
(iii) positive factors and losses from change in management, (iv) impairment write-downs of
sure actual property belongings and investments in entities when the impairment is
straight attributable to decreases within the worth of depreciable actual property held
by the entity and (v) after changes for unconsolidated joint ventures
calculated to mirror FFO on the identical foundation.

Contemplating the character of our enterprise as an actual property proprietor and operator, we
consider that NAREIT FFO is beneficial to buyers in measuring our working and
monetary efficiency as a result of the definition excludes gadgets included in web
revenue that don't relate to or will not be indicative of our working and
monetary efficiency, similar to depreciation and amortization associated to actual
property, and gadgets which may make periodic and peer analyses of working and
monetary efficiency tougher, similar to positive factors and losses from the sale of
sure actual property belongings and impairment write-downs of sure actual property
belongings.

Our reconciliation of web revenue to NAREIT FFO for the three and 9 months
ended September 30, 2021 and 2020 is as follows (in hundreds, besides per share
quantities):
                                               Three Months Ended September 

30, 9 months accomplished September 30,

                                                   2021                2020               2021                2020
Web revenue                                     $   46,145          $  27,944          $  188,944          $  96,769
Depreciation and amortization associated to actual
property                                             80,778             86,486             243,601            248,274
Acquire on sale of actual property belongings                (11,122)           (13,621)            (49,489)           (23,218)
Impairment of actual property belongings                        -              5,746               1,898             16,306
NAREIT FFO                                     $  115,801          $ 106,555          $  384,954          $ 338,131
NAREIT FFO per diluted share                   $     0.39          $    0.36          $     1.29          $    1.14
Weighted common diluted shares excellent       298,269            296,862             298,209            297,317



Similar Property Web Working Revenue
Similar property web working revenue ("NOI") is a supplemental, non-GAAP
efficiency measure utilized to judge the working efficiency of actual
property corporations. Similar property NOI is calculated (utilizing properties owned for
the whole thing of each intervals and excluding properties below improvement and
accomplished new improvement properties which have been stabilized for lower than
one yr) as whole property revenues (base hire, expense reimbursements,
changes for revenues deemed uncollectible, ancillary and different rental
revenue, proportion rents and different revenues) much less direct property working
bills (working prices and actual property taxes). Similar property NOI excludes (i)
company stage bills (together with basic and administrative), (ii) lease
termination charges, (iii) straight-line rental revenue, web, (iv) accretion of
below-market leases, web of amortization of above-market leases and tenant
inducements, (v) straight-line floor hire expense, and (vi) revenue (expense)
related to our captive insurance coverage firm.

Contemplating the character of our enterprise as an actual property proprietor and operator, we
consider that very same property NOI is beneficial to buyers in measuring the working
efficiency of our property portfolio as a result of the definition excludes numerous
gadgets included in web revenue that don't relate to, or will not be indicative of,
the working efficiency of our properties, similar to depreciation and
amortization and company stage bills (together with basic and
administrative), and since it eliminates disparities in NOI because of the
acquisition or disposition of properties or the stabilization of accomplished new
improvement properties in the course of the interval introduced and due to this fact supplies a extra
constant metric for evaluating the working efficiency of our actual property
between intervals.
                                       41
--------------------------------------------------------------------------------

Comparability of the three and 9 months accomplished September 30, 2021 on the finish of the three and 9 months September 30, 2020

                                  Three Months Ended September 30,                               9 Months Ended September 30,
                                      2021                   2020             Change                 2021                   2020             Change
Variety of properties                       373                 373                 -                      371                 371                 -
% billed                            88.1  %             88.1  %              -  %                  88.2  %             88.2  %              -  %
% leased                            91.5  %             91.3  %            0.2  %                  91.6  %             91.5  %            0.1  %

Revenues
Rental revenue                  $       273,234           $ 242,330          $ 30,904          $       797,710           $ 740,071          $ 57,639
Different revenues                             173                 136                37                    3,549               2,198             1,351
                                       273,407             242,466            30,941                  801,259             742,269            58,990
Working bills
Working prices                        (31,907)            (25,027)           (6,880)                 (88,922)            (76,979)          (11,943)
Actual property taxes                      (38,747)            (40,427)            1,680                 (120,160)           (119,783)             (377)
                                       (70,654)            (65,454)           (5,200)                (209,082)           (196,762)          (12,320)
Similar property NOI              $       202,753           $ 177,012          $ 25,741          $       592,177           $ 545,507          $ 46,670


The next desk presents a reconciliation of the online revenue and the BEN of the identical belongings for the intervals introduced (in hundreds):

                                              Three Months Ended September 

30, 9 months accomplished September 30,

                                                  2021                2020               2021                2020
Web revenue                                    $   46,145          $  27,944          $  188,944          $  96,769
Changes:
Non-same property NOI                             (6,004)            (8,339)            (22,668)           (28,575)
Lease termination charges                            (1,999)            (1,394)             (7,456)            (4,528)
Straight-line rental revenue, web                  (4,951)             2,974             (10,627)            11,533
Accretion of below-market leases, web of
amortization of above-market leases and
tenant inducements                                (1,974)            (3,281)             (6,326)            (9,802)
Straight-line floor hire expense                     32                 35                 120                105
Depreciation and amortization                     81,724             87,488             246,356            251,334
Impairment of actual property belongings                       -              5,746               1,898             16,306
Basic and administrative                        25,309             27,748              76,415             74,781
Whole different expense                               64,471             38,091             125,521            137,584
Similar property NOI                             $  202,753          $ 177,012          $  592,177          $ 545,507



Inflation
Previous to 2021, inflation had been low and had a minimal affect on the working
efficiency of our procuring facilities; nevertheless, inflation has elevated in 2021
and will proceed to be elevated sooner or later. Most of our long-term leases
include provisions designed to mitigate the opposed affect of inflation,
together with contractual hire escalations and necessities for tenants to pay their
proportionate share of property working bills, together with widespread space
bills, utilities, insurance coverage and actual property taxes, and sure capital
expenditures associated to the upkeep of our properties, thereby lowering our
publicity to will increase in property working bills ensuing from inflation;
nevertheless, now we have publicity to will increase in non-reimbursable property working
bills, together with bills incurred on vacant items. As well as, we consider
that lots of our current rental charges are under present market charges for
comparable house and that upon renewal or re-leasing, such charges could also be
elevated to be according to, or nearer to, present market charges. With
respect to our excellent indebtedness, we periodically consider our publicity
to rate of interest fluctuations, and will proceed to enter into rate of interest
safety agreements which mitigate, however don't get rid of, the affect of
adjustments in rates of interest on our variable price loans.
                                       42

————————————————– ——————————-

© Edgar on-line, supply Previews

About Edith J.

Check Also

Rising Expense Monitoring Software program Market Demand and Dynamic Development with Forecast 2029

The International “Expense Monitoring Software program Market” The 2022 market analysis report gives an in …