Brixmor Property Group


Brixmor Property Group Inc. is a publicly traded real estate investment trust that invests in shopping centers. It is organized in Maryland with its headquarters in New York City.
Its CEO and CFO were the subject of an accounting scandal in 2016 and resigned.

Investments

As of December 31, 2019, the company owned interests in 403 shopping centers comprising 71 million square feet.
Properties in Texas, Florida, and California each account for approximately 11% of the company's revenues.
The company's largest tenants are as follows:
RankTenant% of 2019 Revenue
1TJX Companies3.4%
2Kroger2.8%
3Dollar Tree1.8%
4Burlington1.4%
5Publix1.4%
6Ahold Delhaize1.3%
7Ross Stores1.3%
8LA Fitness1.3%
9Albertsons1.2%
10Bed Bath & Beyond1.1%

History

Brixmor Property Group's history traces back in late 2003 when Centro Properties Group an Australian shopping mall firm, entered the United States market by the purchase of 14 neighborhood, community and power centers in California. As a result, Centro Properties Group made a joint venture with American-based Watt Commercial Realty to form Centro Watt, to handle their acquired properties. In 2005, Centro acquired Kramont Reality Trust in a $1.2 billion deal. More expansion happened when on May 9, 2006, Sydney-based Westfield Group announces the sale of seven shopping malls which Centro Watt acquired. In 2007, Centro acquired Watt Companies ownership stake, ending the joint venture and renamed the company Centro Properties Group US. Centro Properties Group US acquired more shopping malls and REIT companies as years goes on.
In 2011, The Blackstone Group acquired Centro Properties Group US from Centro Retail Trust, and the resulting entity changed its name to Brixmor.
In 2012, the company hired Madison Marquette to be the manager for 7 former Westfield Group malls.
In October 2013, the company became a public company via initial public offering.
In April 2016, president and CEO Michael Carroll, CFO Michael Pappagallo, and chief accounting officer Steven Splain resigned after an accounting scandal. Jim Taylor was named CEO and president.
In August 2016, The Blackstone Group reduced its stake in the company to 14%.