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Brixmor Property sells $290M of assets in Q4'18

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Brixmor Property sells $290M of assets in Q4'18

Open-air shopping center landlord Brixmor Property Group Inc. closed approximately $1 billion of noncore asset sales in 2018, in keeping with its previous guidance.

During the 2018 fourth quarter, Brixmor sold 20 properties and a land parcel for gross proceeds of $290.2 million. For full year 2018, it sold 62 properties, two partial assets and a land parcel for $989.5 million in gross proceeds.

Also during the quarter, Brixmor acquired three buildings adjacent to existing centers and terminated a ground lease, acquiring the associated building, for a total of $8.2 million. For full year 2018, the company acquired five adjacencies at existing centers and acquired buildings while terminating their ground leases at existing centers for $17.0 million.

In the quarter, Brixmor repurchased 1.4 million shares of common stock at an average per-share price of $16.07, for a total of $22.7 million. Since instituting its buyback program in December 2017, the company has bought back 6.6 million shares at an average price of $16.63 per share, for a total of approximately $110.5 million.