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SOURCE Brixmor Property Group Inc.
NEW YORK, May 14, 2014 Brixmor Property Group Inc. (NYSE: BRX) announced today that Moody's Investors Service has assigned a Baa3 issuer rating with a stable outlook to the Company's operating partnership, Brixmor Operating Partnership, L.P.
Moody's indicated in their announcement that the Baa3 issuer rating reflects the portfolio's consistently stronger operating performance; its focus on grocery anchored shopping centers which enhances cash flow stability; its seasoned executive and regional management and well-established national platform; the diversification of its geography and tenancy; its minimal exposure to development and joint ventures; and its solid fixed charge coverage.
"The achievement of an investment grade rating from Moody's reflects the significant evolution of our balance sheet over the past two years, including our October initial public offering and the completion of unsecured credit facilities aggregating $3.4 billion. The rating underscores the important steps we have taken to reduce leverage, extend debt maturities and increase our unencumbered asset pool," stated Michael Pappagallo, President and Chief Financial Officer. "We believe this rating will position us to tap additional sources of capital in the unsecured credit markets. We look forward to the next steps in further enhancing our capital structure."
More information regarding Brixmor's rating assignment can be found on Moody's website at www.moodys.com.
About Brixmor Property Group
Brixmor owns and operates the nation's largest wholly owned portfolio of grocery-anchored community and neighborhood shopping centers, with 522 properties aggregating approximately 87 million square feet of gross leasable area located primarily across the top 50 U.S. metro markets. Brixmor leverages its national footprint, local market knowledge and operational expertise to support the growth of its retail tenants. The Company is focused on maximizing the value of its portfolio through its extensive leasing capabilities and anchor space repositioning / redevelopment platform. Headquartered in New York City, the Company is the largest landlord to The TJX Companies and The Kroger Company. For additional information, please visit www.brixmor.com.
Safe Harbor Language
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company's expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 12, 2014, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
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