NEW
YORK, Nov. 6, 2023 /PRNewswire/ -- Brixmor
Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company")
announced today that S&P Global Ratings ("S&P") raised its
issuer credit ratings on Brixmor Property Group Inc. and the
Company's operating partnership, Brixmor Operating Partnership LP,
to 'BBB' from 'BBB-', with a stable outlook.
S&P indicated in their announcement that this upgrade
reflects the Company's improved portfolio quality and credit
protection measures from redevelopment and leasing efforts, which
have resulted in steadily improving occupancy, rents, and EBITDA
generation. S&P also highlighted the significant improvements
the current management team has made to the market value of its
rents by recycling assets, reinvesting in the portfolio, and
improving asset quality.
"The ongoing transformation of our portfolio, driven by our
highly successful reinvestment and capital recycling efforts, has
continued to result in strong operating fundamentals and
substantial value creation. When coupled with the significant
improvements to our balance sheet since 2016, we are confident we
are well positioned for continued growth and outperformance,"
commented James Taylor, CEO.
ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) is a
real estate investment trust (REIT) that owns and operates a
high-quality, national portfolio of open-air shopping centers. Its
364 retail centers comprise approximately 65 million square feet of
prime retail space in established trade areas. The Company
strives to own and operate shopping centers that reflect Brixmor's
vision "to be the center of the communities we serve" and are home
to a diverse mix of thriving national, regional and local
retailers. Brixmor is a proud real estate partner to over
5,000 retailers including The TJX Companies, The Kroger Co., Publix
Super Markets and Ross Stores.
Brixmor announces material information to its investors in SEC
filings and press releases and on public conference calls, webcasts
and the "Investors" page of its website at https://www.brixmor.com.
The Company also uses social media to communicate with its
investors and the public, and the information Brixmor posts on
social media may be deemed material information. Therefore, Brixmor
encourages investors and others interested in the Company to review
the information that it posts on its website and on its social
media channels.
SAFE HARBOR LANGUAGE
This press release may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These statements include, but are not limited to,
statements related to our expectations regarding the performance of
our business, our financial results, our liquidity and capital
resources, and other non-historical statements. You can identify
these forward-looking statements by the use of words such as
"outlook," "believes," "expects," "potential," "continues," "may,"
"will," "should," "seeks," "projects," "predicts," "intends,"
"plans," "estimates," "anticipates," or the negative version of
these words or other comparable words. Such forward-looking
statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. We believe these factors include but
are not limited to those described under the section entitled "Risk
Factors" in our Form 10-K for the year ended December 31, 2022 and in this report, as such
factors may be updated from time to time in our periodic filings
with the Securities and Exchange Commission (the "SEC"), which are
accessible on the SEC's website at https://www.sec.gov. These
factors include (1) changes in national, regional, and local
economies, due to global events such as international military
conflicts, international trade disputes, a foreign debt crisis,
foreign currency volatility, or due to domestic issues, such as
government policies and regulations, tariffs, energy prices, market
dynamics, general economic contractions, rising interest rates,
inflation, unemployment, or limited growth in consumer income or
spending; (2) local real estate market conditions, including an
oversupply of space in, or a reduction in demand for, properties
similar to those in our Portfolio (defined hereafter); (3)
competition from other available properties and e-commerce; (4)
disruption and/or consolidation in the retail sector, the financial
stability of our tenants, and the overall financial condition of
large retailing companies, including their ability to pay rent
and/or expense reimbursements that are due to us; (5) in the case
of percentage rents, the sales volumes of our tenants; (6)
increases in property operating expenses, including common area
expenses, utilities, insurance, and real estate taxes, which are
relatively inflexible and generally do not decrease if revenue or
occupancy decrease; (7) increases in the costs to repair, renovate,
and re-lease space; (8) earthquakes, wildfires, tornadoes,
hurricanes, damage from rising sea levels due to climate change,
other natural disasters, epidemics and/or pandemics, civil unrest,
terrorist acts, or acts of war, any of which may result in
uninsured or underinsured losses; and (9) changes in laws and
governmental regulations, including those governing usage, zoning,
the environment, and taxes. These factors should not be construed
as exhaustive and should be read in conjunction with the other
cautionary statements that are included in this report and in our
other periodic filings. The forward-looking statements speak only
as of the date of this report, and we expressly disclaim any
obligation or undertaking to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments, or otherwise, except to the extent otherwise
required by law.
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SOURCE Brixmor Property Group Inc.