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Brixmor's new CEO talks up noncore market strategy

'snew CEO talkedup the company's in-place strategy, leadership talent and commitment to noncoremarkets on a July 26 earnings call — his first since taking the reins in May.

"I'mvery excited to have a business plan that stands apart from all those that arechasing the same 10 or so markets," President and CEO Jim Taylor Jr.said.

He saidhe is very pleased with the company's talent base after making the rounds atregional offices, though he fully expects to invest in additional personnel incertain areas, "while also re-allocating resources away from others."

"It'spremature for me to comment much more on that at this point, but I would expectthat such decisions would be neutral to our run-rate G&A — although theymight incur transition costs," he said.

Taylorframed the Sports Authority bankruptcyas an opportunity. The company has five Sports Authority locations, comprisingroughly 200,000 square feet, of which it has or will regain control.

"Whilewe expect a short-term occupancy drag of 25 basis points, these SportsAuthority boxes are in strong, desirable markets with a long-term opportunityto drive higher rents with more productive retailers," the executive said.

Tayloralso touted the acquisition opportunities he sees given Brixmor's geographicreach, despite the historically tight overall market conditions.

"Ithink there's a lot of opportunity for us to execute out there and not have tonecessarily chase the crowd, if you will, trying to improve metrics … butrather prudently deploying capital to maximize returns," he said.