Brixmor Property Group Reports on Investment Activity for Q4 2024

Brixmor Property Group Inc. recently provided updates on its investment activities for the three and twelve months leading up to December 31, 2024. This report reflects the company’s ongoing strategy to concentrate its portfolio in desirable markets, where it can effectively utilize its resources to generate sustainable value and facilitate earnings growth.

Key Highlights

In a statement from Mark T. Horgan, the Executive Vice President and Chief Investment Officer, he expressed satisfaction with the company's external growth strategy. Specifically, he mentioned the integration of seven new assets that offer substantial opportunities for future expansion and value creation. He emphasized that these acquisitions also allow Brixmor to further cluster its investments in vibrant retail markets across the United States.

Investment Activity Overview

Acquisitions

During the last quarter of 2024 alone, Brixmor successfully acquired four shopping centers and one land parcel, with a total purchase cost of $211.8 million. Throughout the entire year, the company added seven shopping centers and two additional land parcels to its portfolio for a total of $293.0 million.

Among the standout acquisitions in December 2024 were:
1. The Plaza at Buckland Hills: This sizable 308,000 square-foot center located next to the Manchester Collection in Manchester, Connecticut, was purchased for $67.5 million. Notably, it is anchored by popular retailers like Trader Joe's and Marshalls, and it has potential for growth through existing below-market rents.
2. Britton Plaza: Situated in the affluent South Tampa, Florida market, this 466,000 square-foot shopping center was acquired for $60.5 million. It includes notable tenants like Publix and Marshalls, and it features substantial vacant space which presents immediate opportunities for tenant acquisition and redevelopment.
3. North Ridge Shopping Center: This community shopping center in Raleigh, North Carolina, spanning 171,000 square feet, cost $54.6 million. Its major tenant, Harris Teeter, spaces among existing vacancies offers potential for value enhancement through new leases at higher rates.
4. Huron Village: Acquiring this 118,000 square-foot neighborhood shopping center in Ann Arbor, Michigan, for $29.3 million, has strengthened Brixmor’s presence near the University of Michigan. It is anchored by Whole Foods Market, also presenting near-term merchandising possibilities.

Dispositions

In conjunction with acquisitions, Brixmor also adopted a selective approach towards dispositions. In the latter part of 2024, the company generated approximately $69.3 million through the sale of one shopping center along with two partial properties. Overall for the year, total proceeds from dispositions amounted to around $212.4 million from six shopping centers and eight partial properties.

Capital Structure Enhancements

Brixmor has been active on the capital front as well. They raised about $96.6 million during Q4 alone from the sale of around 3.4 million shares at an average price of $28.77 through their equity offering program. This brought their total fundraising within the year to approximately $116.6 million from the sale of about 4.1 million shares, averaging $28.62.

Connecting with Brixmor

Those interested in further insights about Brixmor’s activities can visit Brixmor's official website or follow them on social media platforms such as LinkedIn, Facebook, Instagram, and YouTube.

About Brixmor Property Group

Brixmor (NYSE: BRX) operates as a Real Estate Investment Trust (REIT) specializing in a national portfolio of high-quality open-air shopping centers. Their extensive portfolio boasts approximately 63 million square feet across 360 retail centers, positioned in key trade areas. Brixmor represents numerous national and regional retailers, underlying their commitment to fostering community-centric retail environments.