Brixmor Property Group is a publicly traded

Real Estate Investment Trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

that primarily invests in

shopping malls A shopping mall (or simply mall) is a North American term for a large indoor shopping center, usually anchored by department stores. The term "mall" originally meant a pedestrian promenade with shops along it (that is, the term was used to refe ...

. They own and operate over 400 open-air shopping centers totaling over 73 million square feet of retail space. Brixmor Property Group is the real estate broker to over 5000 companies in the United States including: the

TJX Companies The TJX Companies, Inc. (abbreviated TJX) is an American Multinational corporation, multinational Discount store, off-price department store corporation, headquartered in Framingham, Massachusetts. It was formed as a subsidiary of Zayre, Zayre ...

Kroger The Kroger Company, or simply Kroger, is an American retail company that operates (either directly or through its subsidiaries) supermarkets and multi-department stores throughout the United States. Founded by Bernard Kroger in 1883 in Cincin ...

Publix Super Markets Publix Super Markets, Inc., commonly known as Publix, is an employee-owned American supermarket chain headquartered in Lakeland, Florida. Founded in 1930 by George W. Jenkins, Publix is a private corporation that is wholly owned by present and ...

Walmart Walmart Inc. (; formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores from the United States, headquarter ...

Ross Stores Ross Stores, Inc., operating under the brand name Ross Dress for Less, is an American chain of discount department stores headquartered in Dublin, California. It is the largest off-price retailer in the U.S.; as of 2018, Ross operates 1,483 stor ...

, and

LA Fitness LA Fitness (doing business as LA Fitness International LLC) is an American gym chain with more than 700 clubs across the United States and Canada. The company was formed in 1984 and is based in Irvine, California. History LA Fitness was founde ...

. Brixmor was started in

Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...

and is now headquartered in

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Investments

As of December 31, 2019, the company owned interests in 403 shopping centers comprising 71 million square feet. Brixmors properties in

Texas Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

, and

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

each account for approximately 11% of the company's revenues. The company's largest tenants are as follows:

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 Westfield Group was an Australian shopping centre company that existed from 1960 to 2014, when it split into two independent companies: Scentre Group, which owns and operates the Australian and New Zealand Westfield shopping centre portfolio; ...

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 the years went on. In 2011,

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate bu ...

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 Madison Marquette Real Estate Services is a Washington D.C.-based investor, developer and operator of mixed-use real estate. Madison Marquette provides investment management, development, leasing and property services to a diverse portfolio of 33 ...

to be the manager for 7 former

malls. In October 2013, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. In April 2016, president and CEO Michael Carroll, CFO Michael Pappagallo, and chief accounting officer Steven Splain resigned after an

accounting scandal Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language ...

. Jim Taylor was named CEO and president. In August 2016, The Blackstone Group reduced its stake in the company to 14%.

References

External links

{{Finance links , name = Brixmor Property Group Inc. , google = BRX , yahoo = BRX , bloomberg = BRX:US , symbol = BRX , sec_cik = BRX Financial services companies based in New York City Real estate investment trusts of the United States