CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
|
|
|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
| Operating activities: |
|
|
|
|
|
|
| Net income |
$ 61,022
|
$ 71,655
|
|
|
|
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
| Depreciation and amortization |
90,383
|
93,931
|
|
|
|
|
| Debt premium and discount amortization |
(952)
|
(1,684)
|
|
|
|
|
| Deferred financing cost amortization |
1,682
|
1,800
|
|
|
|
|
| Above- and below-market lease intangible amortization |
(6,824)
|
(7,796)
|
|
|
|
|
| Provisions for impairment |
15,902
|
5,686
|
|
|
|
|
| Gain on disposition of operating properties |
(11,448)
|
(8,805)
|
|
|
|
|
| Equity based compensation |
2,484
|
2,126
|
|
|
|
|
| Other |
824
|
344
|
|
|
|
|
| Loss on extinguishment of debt |
132
|
1,262
|
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
| Receivables |
12,171
|
(3,593)
|
|
|
|
|
| Deferred charges and prepaid expenses |
(5,309)
|
(12,321)
|
|
|
|
|
| Other assets |
40
|
(274)
|
|
|
|
|
| Accounts payable, accrued expenses and other liabilities |
(35,657)
|
(34,181)
|
|
|
|
|
| Net cash provided by operating activities |
124,450
|
108,150
|
|
|
|
|
| Investing activities: |
|
|
|
|
|
|
| Improvements to and investments in real estate assets |
(76,803)
|
(39,260)
|
|
|
|
|
| Acquisitions of real estate assets |
0
|
(104,811)
|
|
|
|
|
| Proceeds from sales of real estate assets |
104,198
|
34,091
|
|
|
|
|
| Purchase of marketable securities |
(3,655)
|
(7,502)
|
|
|
|
|
| Proceeds from sale of marketable securities |
4,496
|
8,335
|
|
|
|
|
| Net cash provided by (used in) investing activities |
28,236
|
(109,147)
|
|
|
|
|
| Financing activities: |
|
|
|
|
|
|
| Repayment of secured debt obligations |
(4,858)
|
(5,961)
|
|
|
|
|
| Repayment of borrowings under unsecured revolving credit facility |
0
|
(57,000)
|
|
|
|
|
| Proceeds from borrowings under unsecured revolving credit facility |
0
|
145,000
|
|
|
|
|
| Proceeds from unsecured notes |
0
|
396,036
|
|
|
|
|
| Repayment of borrowings under unsecured term loan |
(50,000)
|
(390,000)
|
|
|
|
|
| Deferred financing costs |
(184)
|
(3,508)
|
|
|
|
|
| Distributions to common stockholders |
(84,165)
|
(79,493)
|
|
|
|
|
| Distributions to non-controlling interests |
0
|
(101)
|
|
|
|
|
| Repurchases of common shares |
(29,765)
|
0
|
|
|
|
|
| Repurchases of common shares in conjunction with equity award plans |
(1,722)
|
(2,463)
|
|
|
|
|
| Net cash provided by (used in) financing activities |
(170,694)
|
2,510
|
|
|
|
|
| Net change in cash, cash equivalents and restricted cash |
(18,008)
|
1,513
|
|
|
|
|
| Cash, cash equivalents and restricted cash at beginning of period |
110,777
|
102,869
|
$ 102,869
|
|
|
|
| Cash, cash equivalents and restricted cash at end of period |
92,769
|
104,382
|
110,777
|
|
|
|
| Reconciliation to consolidated balance sheets |
|
|
|
|
|
|
| Cash and cash equivalents |
27,332
|
59,883
|
56,938
|
|
|
|
| Restricted cash |
|
|
|
$ 65,437
|
$ 53,839
|
$ 44,499
|
| Cash, cash equivalents and restricted cash at end of period |
110,777
|
102,869
|
102,869
|
92,769
|
110,777
|
104,382
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
| Cash paid for interest, net of amount capitalized of $654 and $946 |
63,646
|
66,815
|
|
|
|
|
| Brixmor Operating Partnership LP |
|
|
|
|
|
|
| Operating activities: |
|
|
|
|
|
|
| Net income |
61,022
|
71,655
|
|
|
|
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
| Depreciation and amortization |
90,383
|
93,931
|
|
|
|
|
| Debt premium and discount amortization |
(952)
|
(1,684)
|
|
|
|
|
| Deferred financing cost amortization |
1,682
|
1,800
|
|
|
|
|
| Above- and below-market lease intangible amortization |
(6,824)
|
(7,796)
|
|
|
|
|
| Provisions for impairment |
15,902
|
5,686
|
|
|
|
|
| Gain on disposition of operating properties |
(11,448)
|
(8,805)
|
|
|
|
|
| Equity based compensation |
2,484
|
2,126
|
|
|
|
|
| Other |
824
|
344
|
|
|
|
|
| Loss on extinguishment of debt |
132
|
1,262
|
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
| Receivables |
12,171
|
(3,593)
|
|
|
|
|
| Deferred charges and prepaid expenses |
(5,309)
|
(12,321)
|
|
|
|
|
| Other assets |
40
|
(274)
|
|
|
|
|
| Accounts payable, accrued expenses and other liabilities |
(35,657)
|
(34,181)
|
|
|
|
|
| Net cash provided by operating activities |
124,450
|
108,150
|
|
|
|
|
| Investing activities: |
|
|
|
|
|
|
| Improvements to and investments in real estate assets |
(76,803)
|
(39,260)
|
|
|
|
|
| Acquisitions of real estate assets |
0
|
(104,811)
|
|
|
|
|
| Proceeds from sales of real estate assets |
104,198
|
34,091
|
|
|
|
|
| Purchase of marketable securities |
(3,654)
|
(7,502)
|
|
|
|
|
| Proceeds from sale of marketable securities |
4,496
|
8,335
|
|
|
|
|
| Net cash provided by (used in) investing activities |
28,237
|
(109,147)
|
|
|
|
|
| Financing activities: |
|
|
|
|
|
|
| Repayment of secured debt obligations |
(4,858)
|
(5,961)
|
|
|
|
|
| Repayment of borrowings under unsecured revolving credit facility |
0
|
(57,000)
|
|
|
|
|
| Proceeds from borrowings under unsecured revolving credit facility |
0
|
145,000
|
|
|
|
|
| Proceeds from unsecured notes |
0
|
396,036
|
|
|
|
|
| Repayment of borrowings under unsecured term loan |
(50,000)
|
(390,000)
|
|
|
|
|
| Deferred financing costs |
(184)
|
(3,508)
|
|
|
|
|
| Partner distributions |
(115,652)
|
(82,054)
|
|
|
|
|
| Net cash provided by (used in) financing activities |
(170,694)
|
2,513
|
|
|
|
|
| Net change in cash, cash equivalents and restricted cash |
(18,007)
|
1,516
|
|
|
|
|
| Cash, cash equivalents and restricted cash at beginning of period |
110,747
|
102,834
|
102,834
|
|
|
|
| Cash, cash equivalents and restricted cash at end of period |
92,740
|
104,350
|
110,747
|
|
|
|
| Reconciliation to consolidated balance sheets |
|
|
|
|
|
|
| Cash and cash equivalents |
27,303
|
59,851
|
56,908
|
|
|
|
| Restricted cash |
|
|
|
65,437
|
53,839
|
44,499
|
| Cash, cash equivalents and restricted cash at end of period |
$ 110,747
|
102,834
|
$ 102,834
|
$ 92,740
|
$ 110,747
|
$ 104,350
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
| Cash paid for interest, net of amount capitalized of $654 and $946 |
|
$ 66,815
|
|
|
|
|