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Brixmor upgrades shopping center portfolio


New York -- Brixmor Property Group Inc. has provided an update on its ongoing program to maximize value in its shopping center portfolio. These initiatives involve upgrading its centers' merchandise mix with strong, best-in-class anchors to drive higher sales, traffic and small shop leasing, while elevating center appeal to improve rent levels and shopping center net operating income.

Since July 2011 and continuing through its initial public offering in late 2013 to today, Brixmor has intensified its focus on enhancing the quality of its assets and improving the customer experience through a unified organizational effort known as "Raising the Bar." During that time period, the Company executed 285 new anchor leases, which in turn accelerated follow-on small shop leasing at 179 of its properties. The results of the program to date have been reflected in strong rent levels for new lease signings at $20.35 per square foot as compared with in-place rents of $12.10 per square foot.

Brixmor estimates that capitalization rates have improved by as much as 250 basis points for these assets. An additional 160 shopping centers offering similar rent spread opportunities have been identified as candidates for the "Raising the Bar" initiative over the next five years.

"The continuous efforts of our ‘Raising the Bar’ campaign serve as the primary catalyst for transforming our asset base, increasing both operating cash flow and the value assigned to that cash flow though improvements in tenant and merchandise mix,” said Michael Carroll, CEO Brixmor. “We believe the significant embedded value creation opportunities in our portfolio position us well for further growth and value creation into the next decade."
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