Wikipedia

Brixmor Property Group

Brixmor Property Group is a publicly traded real estate investment trust that invests in shopping centers.

Brixmor Property Group Inc.
FormerlyCentro Watt (2003–2007)
Centro Properties Group US (2007–2011)
Company type
Public company
NYSE: BRX
S&P 400 Component
Russell 1000 Index Component
IndustryReal estate investment trust
Founded2003; 23 years ago (2003) (as Centro Watt)
Headquarters450 Lexington Avenue
New York City
Key people
 James M. Taylor, CEO & President
Sheryl M. Crosland, Chairman
Steven T. Gallagher, CFO
ProductsShopping centers
RevenueIncrease $1.285 billion (2024)
Increase $339 million (2024)
Total assetsIncrease $8.908 billion (2024)
Total equityIncrease $2.983 billion (2024)
Number of employees
454 (2024)
Websitewww.brixmor.com
Footnotes / references
[1]

As of December 31, 2024, the company owned 363 shopping centers containing 64 million square feet of retail space. The company's largest markets are Florida (14.0% of revenues), Texas (11.9% of revenues), and California (11.7% of revenues). The company's largest tenants are TJX Companies (3.3% of revenues), Kroger (2.3% of revenues), and Burlington (2.1% of revenues).[1]

History

edit

In late 2003, Centro Properties Group, an Australian shopping center firm, and American-based Watt Commercial Realty formed Centro Watt, a joint venture, and acquired 14 shopping centers in California for $488 million.[2] In 2005, Centro acquired Kramont Reality Trust for $1.2 billion.[3] In May 2006, Sydney-based Westfield Group sold seven shopping centers to Centro Watt.[4] In 2007, Centro acquired Watt Companies' ownership stake, ending the joint venture, and renamed the company Centro Properties Group US.[5]

In 2011, The Blackstone Group acquired Centro Properties Group US from Centro Retail Trust, and the entity changed its name to Brixmor.[6][7][8]

In 2012, the company hired Madison Marquette to manage 7 centers that were acquired from Westfield Group.[9]

In October 2013, the company became a public company via initial public offering.[10][11]

In April 2016, president and CEO Michael Carroll, CFO Michael Pappagallo, and chief accounting officer Steven Splain resigned after an accounting scandal.[12][13] Jim Taylor was named CEO and president.[14]

In August 2016, The Blackstone Group sold its stake in the company.[15]

References

edit
  1. 1 2 "Brixmor Property Group Inc. 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 10, 2025.
  2. ↑ Pristin, Terry (January 28, 2004). "COMMERCIAL REAL ESTATE; Australians Quickly Become Big Investors in U.S.". The New York Times.
  3. ↑ VINCENT, ROGER (May 12, 2005). "Centro Watt Completes Purchase of Kramont". Los Angeles Times.
  4. ↑ Cummins, Carolyn (May 10, 2006). "Westfield sells small US centres". The Sydney Morning Herald.
  5. ↑ VINCENT, ROGER (May 3, 2007). "Watt to sell stake in joint venture". Los Angeles Times.
  6. ↑ Kostelni, Natalie (December 4, 2014). "You've shopped at its centers. Now meet Brixmor". American City Business Journals.
  7. ↑ "Centro Properties Group US Changes Name to Brixmor Property Group" (Press release). PR Newswire. September 28, 2011.
  8. ↑ "Centro Changes Name to Brixmor Property Group". National Real Estate Investor. September 28, 2011.
  9. ↑ "Progress continues with Isle of Capri casino construction". Southeast Missourian. April 30, 2012.
  10. ↑ "Brixmor Property Group Completes $948.8 Million Initial Public Offering" (Press release). PR Newswire. November 4, 2013.
  11. ↑ ALDEN, WILLIAM (October 30, 2013). "Shares of Blackstone-Backed Real Estate Trust Rise in Debut". The New York Times.
  12. ↑ Kostelni, Natalie (February 10, 2016). "Brixmor Property Group sees CEO, others resign amid accounting scandal". American City Business Journals.
  13. ↑ Banerjee, Arunima (February 8, 2016). "Brixmor's top executives exit after accounting review, shares plunge". Reuters.
  14. ↑ Hufford, Austen (April 12, 2016). "Shopping-Center Owner Brixmor Names CEO After Accounting Scandal". The Wall Street Journal.
  15. ↑ Yu, Hui-yong (August 10, 2016). "Blackstone Sells Rest of Stake in Shopping-Center REIT Brixmor". Bloomberg News.
edit
Retrieved from "https://en.wikipedia.org/w/index.php?title=Brixmor_Property_Group&oldid=1308765090"