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Brixmor board OKs $400M share repurchase program

Brixmor Property Group Inc. received board authorization for a new three-year $400 million stock buyback program.

The shopping center real estate investment trust said it repurchased 7.5 million common shares at an average price of $16.72 per share for a total of roughly $125.0 million, excluding commissions, under its previous program that expired Dec. 5, 2019.

The REIT also entered into equity distribution agreements whereby it may sell up to $400 million of its common shares in at-the-market offerings from time to time. It will use any net proceeds for general corporate purposes.

Barclays Capital Inc., BMO Capital Markets Corp., BNY Mellon Capital Markets LLC, BTIG LLC, Citigroup Global Markets Inc., Jefferies LLC, Mizuho Securities USA LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are the sales agents, principals and/or forward sellers under the equity deals. It also entered into agreements with Barclays Bank PLC, Bank of Montreal, The Bank of New York Mellon, Citibank NA, Jefferies LLC, Royal Bank of Canada and The Bank of Nova Scotia as forward purchasers.