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Unless stated otherwise or the context otherwise requires, "we," "our," and "us" mean BPG and the Operating Partnership, collectively.
−Removed: We own and operate one of the largest publicly-traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of community and neighborhood shopping centers.
−Removed: As of December 31, 2023, our portfolio was comprised of 362 shopping centers (the "Portfolio") totaling approximately 64 million square feet of GLA.
+Added: We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of grocery-anchored community and neighborhood shopping centers.
+Added: As of December 31, 2024, our portfolio included 363 shopping centers (the "Portfolio") totaling approximately 64 million square feet of GLA.
Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas ("CBSAs") in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers.
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New, Renewal and Option Rent Spread (5)(6)
−Removed: Percent Grocery-Anchored Shopping Centers (7)
+Added: Percent of ABR Derived from Grocery-Anchored Shopping Centers 81%
Percent of ABR in Top 50 U.S.
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Leased GLA represents the aggregate GLA of all signed or commenced leases with an initial term of one year or greater, as of a specified date, excluding all signed leases on space that will be vacated by existing tenants in the near term.
−Removed: (4) ABR represents contractual monthly base rent as of a specified date under leases that have been signed or commenced as of the specified date, multiplied by 12.
−Removed: For purposes of calculating ABR, all signed or commenced leases with an initial term of one year or greater are included and all signed leases on space that will be vacated by existing tenants in the near term are excluded.
(4) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
+Added: For purposes of calculating ABR, all signed or commenced leases with an initial term of one year or greater are included and all signed leases on space that will be vacated by existing tenants in the near term are excluded.
+Added: ABR represents contractual monthly base rent as of a specified date, under leases that have been signed or commenced as of the specified date, multiplied by 12.
(5) During the year ended December 31, 2024.
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Renewals that include the expansion of an existing tenant into space that has been vacant for longer than 12 months and renewals that are ancillary in nature regardless of term are deemed non-comparable and excluded from rent spreads.
−Removed: (7) Based on number of shopping centers.
Business Objectives and Strategies
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Our key strategies to achieve this objective include proactively managing our Portfolio to drive internal growth, pursuing value-enhancing reinvestment opportunities, and prudently executing on acquisition and disposition activity, while also maintaining a flexible capital structure positioned for growth.
−Removed: In addition, as we execute on our key strategies, we do so guided by our purpose-driven Corporate Responsibility ("CR") strategy.
+Added: In addition, as we execute on our key strategies, we do so guided by our Corporate Responsibility ("CR") strategy.
Driving Internal Growth.
−Removed: Our primary drivers of internal growth include (i) embedded contractual rent escalations, (ii) below-market rents that may be reset to market as leases expire, (iii) occupancy growth, and (iv) prudent expense management, including proactively navigating inflationary pressure on operating costs and wages.
+Added: Our primary drivers of internal growth include (i) embedded contractual rent escalations, (ii) below-market rents that may be reset to market as leases expire, (iii) occupancy growth, and (iv) prudent expense management, including proactively navigating inflationary pressure.
Ongoing strong new leasing productivity, with a key focus on thoughtful merchandising and our rigorous underwriting processes, have also enabled us to consistently improve the credit of our tenancy and the vibrancy and relevancy of our Portfolio to retailers and consumers.
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Looking forward, the weighted average expiring ABR PSF of anchor lease expirations through 2027, assuming no remaining renewal options are exercised, is $10.92 compared to a weighted average ABR PSF of $15.29 for new anchor leases signed during 2024.
−Removed: Our high-quality, nationally diversified portfolio of community and neighborhood shopping centers continues to benefit from robust, broad based leasing demand for physical locations, driving record leased occupancy in 2023.
+Added: Our high-quality, nationally diversified Portfolio of community and neighborhood shopping centers continues to benefit from robust, broad-based leasing demand for physical locations, driving growth in leased occupancy in 2024.
We believe there is opportunity for further occupancy gains in our Portfolio, particularly for spaces less than 10,000 square feet, as such spaces will continue to benefit from our value-enhancing reinvestment initiatives.
−Removed: As of December 31, 2023, leased occupancy was a record 90.3% for spaces less than 10,000 square feet, while our total leased occupancy was a record 94.7%.
−Removed: The spread between our total leased occupancy and our total billed occupancy was 410 basis points and our total signed but not yet commenced lease population, which includes an additional 60 basis points of GLA related to space that will soon be vacated by existing tenants, represented 3.0 million square feet and $64.0 million of ABR, providing strong visibility on our future growth.
+Added: As of December 31, 2024, leased occupancy was 91.1% for spaces less than 10,000 square feet, while our total leased occupancy was 95.2%.
+Added: The spread between our total leased occupancy and our total billed occupancy was 380 basis points and our total signed but not yet commenced lease population, which includes 70 basis points of GLA related to space that will be vacated by existing tenants in the near term, represented 2.9 million square feet and $60.7 million of ABR, providing strong visibility on our future growth.
Pursuing value-enhancing reinvestment opportunities.
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As of December 31, 2024, we had 36 projects in process with an expected weighted average incremental NOI yield of 10% and an aggregate anticipated cost of $389.6 million.
−Removed: In addition, we have identified a pipeline of future reinvestment projects aggregating approximately $900 million of potential capital investment, which we expect to execute over the next several years at NOI yields that are generally consistent with those that we have recently realized.
+Added: In addition, we have identified a pipeline of future reinvestment projects, which we expect to execute over the next several years at NOI yields that are generally consistent with those that we have recently realized.
Prudently executing on acquisition and disposition activity.
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During 2024, we acquired $293.8 million of assets, including transaction costs and closing credits, and generated aggregate net proceeds of $210.1 million from property dispositions.
−Removed: Proceeds from dispositions were used to repay $106.5 million, net of borrowings, under our $1.25 billion revolving credit facility (the "Revolving Facility"), and to fund value-enhancing reinvestment opportunities.
−Removed: Acquisitions during 2023 were limited as we remained disciplined in navigating a dynamic capital markets environment.
+Added: Acquisitions were funded through a combination of net proceeds from property dispositions, available cash, and $116.6 million of gross capital generated through our at-the-market equity offering program ("ATM Program"), excluding commissions and fees of $2.0 million.
+Added: Proceeds from dispositions and offerings were used primarily to fund acquisitions and our value-enhancing reinvestment opportunities and other corporate purposes.
Maintaining a Flexible Capital Structure Positioned for Growth.
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We have access to multiple forms of capital, including secured property level debt, unsecured corporate level debt, preferred equity, and common equity, which will allow us to efficiently execute on our strategic and operational objectives.
−Removed: We have investment grade credit ratings from all three major credit rating agencies and during 2023, we received a credit rating upgrade from S&P Global Ratings.
−Removed: We have an unsecured credit facility, as amended and restated on April 28, 2022 (the "Unsecured Credit Facility"), which is comprised of the $1.25 billion Revolving Facility and a $300.0 million term loan, in addition to a $200.0 million delayed draw term loan, which was drawn on April 24, 2023 (together, the "Term Loan Facility").
+Added: We have investment grade credit ratings from all three major credit rating agencies and during 2024, we received a credit rating upgrade from Moody's Investors Service.
+Added: We have an unsecured credit facility, as amended and restated on April 28, 2022 (the "Unsecured Credit Facility"), which is comprised of the $1.25 billion revolving credit facility (the "Revolving Facility") and a $500.0 million term loan (the "Term Loan Facility").
The Revolving Facility and Term Loan Facility mature in June 2026 and July 2027, respectively.
−Removed: We also have a $400 million share repurchase program and a $400 million at-the-market equity offering program ("ATM"), which together provide us with maximum flexibility to capitalize on a wide range of potential capital markets environments and support the long-term execution of our balanced business plan.
−Removed: During 2023, we repurchased $199.6 million of our 3.650% Senior Notes due 2024 (the "2024 Notes") pursuant to a cash tender offer (the "Tender Offer"), with $300.4 million aggregate principal amount of the 2024 Notes remaining outstanding.
−Removed: We funded the Tender Offer with proceeds from our $200.0 million delayed draw term loan.
−Removed: As of December 31, 2023, we had $1.25 billion of available liquidity, including $1.23 billion under our Revolving Facility
−Removed: and $18.9 million of cash and cash equivalents and restricted cash.
−Removed: We have $300.4 million of debt maturities in 2024 and have $700.0 million of debt maturities in February 2025.
+Added: We also have a $400 million share repurchase program and a $400 million ATM Program, which together provide us with maximum flexibility to capitalize on a wide range of potential capital markets environments and support the long-term execution of our balanced business plan.
+Added: During 2024, we issued $400.0 million aggregate principal amount of 5.500% Senior Notes due 2034 (the "2034 Notes") and $400.0 million aggregate principal amount of 5.750% Senior Notes due 2035 (the "2035 Notes").
+Added: We have or intend to use the remaining net proceeds for general corporate purposes, including the repayment of indebtedness.
+Added: Also during 2024, we repaid $300.4 million principal amount of our outstanding 3.650% Senior Notes due 2024 (the "2024 Notes"), representing all of the outstanding 2024 Notes, and $67.7 million principal amount of our outstanding 3.850% Senior Notes due 2025 (the "2025 Notes").
+Added: We funded the 2024 Notes and 2025 Notes
+Added: repayments with proceeds from the issuance of the 2034 Notes and 2035 Notes and dispositions.
+Added: As of December 31, 2024, we had $1.63 billion of available liquidity, including $1.25 billion under our Revolving Facility and $378.7 million of cash and cash equivalents and restricted cash.
+Added: The remaining $632.3 million aggregate principal amount of the 2025 Notes mature in February 2025 and we have $607.5 million of additional debt maturities in 2026.
Operating in a Socially Responsible Manner.
−Removed: We believe that prioritizing CR is critical to delivering consistent, sustainable growth.
−Removed: Our CR strategy is integrated throughout our organization and is focused on creating partnerships that improve the social, economic, and environmental well-being of all our stakeholders including our communities, employees, tenants, suppliers and vendors, and investors.
+Added: We believe that operating in a socially responsible manner is critical to delivering consistent, sustainable growth.
+Added: As such, our CR strategy is integrated throughout our organization and is focused on creating partnerships that improve the social, economic, and environmental well-being of all our stakeholders including our communities, employees, tenants, suppliers and vendors, and investors.
Our strong commitment to CR directly aligns with our core values and our vision to be the center of the communities we serve.
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Our internal steering committee, which is comprised of executive and senior leadership from a variety of functional areas, meets quarterly to set, implement, monitor, and communicate our CR strategy and related initiatives.
−Removed: CR objectives are included as part of our executive officers' goals and the achievement of such goals impacts the individual performance portion of their compensation.
+Added: CR objectives are included as part of our executive officers' goals and the progress toward achievement of such goals is a component of the individual performance portion of their compensation.
We provide comprehensive CR disclosures, prepared in alignment with standards from the Sustainability Accounting Standards Board and the Task Force on Climate-related Financial Disclosures and with reference to the Global Reporting Initiative's Sustainability Reporting Standard, and we are a GRESB participant.
• Environmental Responsibility:
+Added: We continue to make meaningful progress towards achieving our long-term sustainability goals related to reductions in energy usage, on-site renewable energy, water conservation, and electric vehicle charging stations.
+Added: We also execute our reinvestment projects with a focus on resource efficiency and resiliency.
+Added: Integrating sustainable practices and initiatives into our business operations has reduced utility-related operational expenses and added ancillary income to our properties.
We recognize that climate change could have an impact on our Portfolio and the communities we serve.
We released our Climate Change Policy in 2021 and committed to achieving net zero carbon emissions by 2045 for areas under our operational control.
−Removed: As a signatory of the Science Based Targets initiative ("SBTi"), aligned with the 1.5 degree Celsius pathway, we are also committed to reducing our Scope 1 and 2 emissions by 50% by 2030, as compared to a 2018 baseline, for areas under our operational control.
−Removed: As of December 31, 2022, improvements in energy efficiency and the addition of renewable energy sources to our properties have resulted in an approximately 40% reduction against this interim SBTi goal.
−Removed: In addition, we continue to make meaningful progress towards achieving our long-term sustainability goals related to energy efficiency projects such as LED lighting conversions and equipment upgrades, on-site renewable energy projects such as solar panel installations, and water conservation projects such as smart irrigation and xeriscaping.
+Added: As a signatory of the Science Based Targets initiative ("SBTi"), aligned with the 1.5 degree Celsius pathway, we have committed to reducing our Scope 1 and 2 greenhouse gas ("GHG") emissions by 50% by 2030, as compared to a 2018 baseline.
+Added: Our Scope 1 and 2 GHG emissions primarily consist of electricity usage in our common areas and vacant tenant spaces.
+Added: As of year-end 2023, improvements in energy efficiency and the addition of renewable energy sources to our properties have resulted in a 50% reduction in GHG emissions, satisfying our interim SBTi goal.
• Human Capital:
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Our talented and dedicated employees are the foundation of our success.
−Removed: Together, we strive to promote a culture that is supportive, collaborative, and inclusive, and that provides opportunities for both personal and professional growth.
+Added: Together, we strive to promote a culture that is supportive and inclusive and that provides opportunities for both personal and professional growth.
We empower our employees to think and act like owners in order to create value for all stakeholders.
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We believe that employees that are personally engaged in our vision to be the center of the communities we serve and are connected with similarly engaged colleagues will be more effective in their roles.
−Removed: We measure employee engagement through biennial employee engagement surveys and utilize the results from such surveys to continually improve our organization, enhancing benefits and various other forms of support based on employee feedback.
−Removed: Our engagement and connectivity initiatives have contributed to our 99% employee satisfaction score and 100% participation in annual performance reviews and talent development discussions.
+Added: We measure employee engagement through employee surveys and utilize the results from such surveys to continually improve our organization.
• Growth and Development :
−Removed: We encourage our employees to grow and develop their interests, skills, and passions by providing a variety of professional and personal training opportunities.
−Removed: Our annual talent development process is intended to provide a well-rounded perspective on individual performance by recognizing employee strengths, identifying opportunities for growth, and developing actionable plans for professional development.
−Removed: We foster employee growth by providing:
−Removed: comprehensive training programs;
−Removed: innovative development programs, such as two-year intensive apprenticeship programs for entry level employees in leasing, property management, and construction;
−Removed: mentorship programs for early career professionals;
−Removed: Predictive Index Behavioral Assessments to
−Removed: enhance self-awareness and effective collaboration;
−Removed: educational assistance for tuition and professional licensure;
−Removed: and personal development accounts, which provide time off and expense reimbursement for a personal or professional development activity chosen by the employee.
+Added: We encourage our employees to grow and develop their interests, skills, and passions by providing a variety of professional and personal training opportunities, including our annual talent development process in conjunction with professional development plans, innovative development programs, mentorship programs, Predictive Index Behavioral Assessments to enhance self-awareness and effective collaboration, educational assistance, and personal development accounts.
• Health and Well-being :
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We provide a wide-range of employee benefits and encourage healthy lifestyles through initiatives such as annual wellness spending accounts;
−Removed: free access to online wellness applications;
live wellness events;
−Removed: health-oriented employee competitions;
−Removed: free access to licensed counselors, financial advisors, legal specialists, and other professionals;
+Added: free access to online wellness applications, licensed counselors, financial advisors, legal specialists, and other professionals;
and hybrid work schedules to maximize engagement, collaboration, and efficiency, while supporting a healthy work-life balance.
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Information on our website is not incorporated by reference herein and is not a part of this Annual Report on Form 10-K.
−Removed: Our national portfolio is thoughtfully merchandised with non-discretionary and value-oriented retailers, as well as consumer-oriented service providers, and is home to a broad mix of national and regional tenants and local entrepreneurs.
−Removed: As of December 31, 2023, we had over 5,000 diverse tenants in our portfolio, including many vibrant new retailers added over the past several years, and approximately 75% of our properties were anchored by a grocer.
−Removed: See “ Item 2.
+Added: Our Portfolio is thoughtfully merchandised with non-discretionary and value-oriented retailers, as well as consumer-oriented service providers, and is home to a broad mix of national and regional tenants and local entrepreneurs.
+Added: As of December 31, 2024, we had over 5,000 diverse tenants in our Portfolio, including many vibrant new retailers added over the past several years, and approximately 81% of our ABR is derived from properties anchored by a grocer.
"Properties" for further information on our 20 largest tenants.
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However, it is possible that we are not aware of, or may become subject to, potential environmental liabilities or material costs of complying with government regulations that could be material.
−Removed: See “Environmental conditions that exist at some of the properties in our Portfolio could result in significant unexpected costs” and “Compliance with the Americans with Disabilities Act, environmental laws, and fire, safety and other regulations may require us to make expenditures that would adversely affect our financial condition, operating results, and cash flows” in Item 1A.
+Added: See "Environmental conditions that exist at some of the properties in our Portfolio could result in significant unexpected costs" and "Compliance with the Americans with Disabilities Act, fire, safety, environmental, and other regulations may require us to make expenditures that would adversely affect our financial condition, operating results, and cash flows" in Item 1A.
"Risk Factors" for further information regarding our risks related to government regulations.
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Name Position Year Joined (1)
−Removed: Taylor Chief Executive Officer ("CEO") and President 2016 57
−Removed: Gallagher Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer ("CFO") and Treasurer 2017 42
−Removed: Finnegan Senior Executive Vice President, Chief Operating Officer 2004 43
+Added: Taylor Chief Executive Officer ("CEO") 2016 58
+Added: Gallagher Executive Vice President, Chief Financial Officer ("CFO") and Treasurer 2017 43
+Added: Finnegan President, Chief Operating Officer 2004 44
Horgan Executive Vice President, Chief Investment Officer 2016 49
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The Operating Partnership, a Delaware limited partnership, was formed in 2011.
−Removed: Our principal executive offices are located at 450 Lexington Avenue, New York, New York 10017, and our telephone number is (212) 869-3000.
+Added: Our principal executive offices are located at 100 Park Avenue, New York, New York 10017, and our telephone number is (212) 869-3000.
Our website address is https://www.brixmor.com.
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Our registrar and stock transfer agent is Computershare Trust Company, N.A.
−Removed: We offer a Dividend Reinvestment and Direct Stock Purchase Plan, providing shareholders and new investors with a simple and convenient method of investing in additional shares of common stock without payment of transaction or processing fees, service charges, or other expenses.
+Added: We offer a Dividend Reinvestment and Direct Stock Purchase Plan, providing stockholders and new investors with a simple and convenient method of investing in additional shares of common stock without payment of transaction or processing fees, service charges, or other expenses.
Plan inquiries may be directed to (877) 373-6374, or (781) 575-2879 if located outside the U.S.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.