NEW YORK, March 30, 2020 /PRNewswire/ -- Brixmor Property Group Inc. (BRX) - Get Report ("Brixmor" or the "Company") today provided an update related to COVID-19 and its impact on the Company's centers, as well as the Company's response and robust liquidity position and outlook.
"As always, the health and safety of our employees and other important stakeholders are our top priority during this challenging time," commented James Taylor, Chief Executive Officer and President. "In addition, substantially all of our properties provide necessity-based goods and services deemed to be essential during this crisis, consistent with our mission to be the center of the communities we serve. Essential retailers include tenants in categories such as grocery, pharmacy, medical services, office supply, pet supply, hardware, electronics, auto repair, dollar stores, banks and quick service restaurants. As these retailers work to serve their customers, we are providing additional storage and logistics capacity to help keep shelves full and kitchens stocked and accommodate touchless delivery and curbside pick-up convenience. We are grateful for their partnership and the efforts that these tenants continue to expend in response to the COVID-19 crisis."
The Company remains committed to supporting its communities and tenants during this time. The Company's "BrixAssist" program is focused on identifying ways to support local small shop businesses across the portfolio, many of which have had to temporarily close in response to this crisis, while also partnering with many of the Company's national and local tenants in their relief efforts. Examples include, but are not limited to, providing hot meals for hospital workers, adding farmers markets to provide incremental fresh food options, and donating perishable food to food banks. Brixmor is also utilizing social media channels to amplify communications from the Company's retailers on special initiatives such as early shopping hours for senior citizens, delivery, takeout and curbside pick-up options, and job opportunities.
Importantly, the Company's strong balance sheet and robust liquidity provide significant financial and operational flexibility through this crisis and beyond. As a result of draws on its Revolving Credit Facility since December 31, 2019, the Company has over $550 million in cash and over $600 million of remaining availability under the facility. "With modest capital commitments and no debt maturities until 2022, Brixmor has multiple years of financial capacity and is well positioned for a wide range of potential economic outcomes," commented Angela Aman, Executive Vice President and Chief Financial Officer.
The Company also announced today that, given uncertainty related to the ultimate economic impact of COVID-19, it is withdrawing its 2020 NAREIT FFO and same property NOI guidance provided on February 10, 2020. The Company expects to provide further commentary and updates during its first quarter 2020 conference call.
CONNECT WITH BRIXMOR
- For additional information, please visit www.brixmor.com;
- Follow Brixmor on:
- Twitter at https://twitter.com/Brixmor
- Facebook at https://www.facebook.com/Brixmor
- Instagram at https://www.instagram.com/brixmorpopupshop
- YouTube at https://www.youtube.com/user/Brixmor; and
- Find Brixmor on LinkedIn at www.linkedin.com/company/brixmor.
ABOUT BRIXMOR PROPERTY GROUPBrixmor (BRX) - Get Report is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 403 retail centers comprise approximately 71 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 approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness.
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 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 LANGUAGEThis 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 the Company's expectations regarding the performance of its business, its financial results, its 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," "approximately," "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, including those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
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SOURCE Brixmor Property Group Inc.