Boston, MA 05/09/2014 (wallstreetpr) – Brixmor Property Group Inc (NYSE:BRX) reported its first quarter 2014 results on Wednesday. The shares of the company were nearly 1% higher on Thursday.
First Quarter In Glance
Brixmor Property Group Inc (NYSE:BRX)’s funds from operations (FFO) for the first quarter came in at $132.7 million, that is $0.44 per share, which trailed the analysts’ estimate of $0.45 per share. However, the same reflected an increase of 10% from its previous year’s record of $120.7 million or $0.40 per share funds from operations. FFO includes costs of aggregate $2.3 million of $(0.01) per share related to the early pre-payment of debt. For the period of three months ended on March 31, 2014, the net income to the common shareholders came in at $15.4 million or $0.07 per share. That compares to the net loss of $(1.7) million or $(0.01) per share in the first quarter of the year 2013. During this time, the revenue of the company grew 3.5% year-over-year to $307.7 million, exceeding the analysts’ forecast by $2.03 million.
In the first quarter, the same Property NOI grew 3.8% as against that of 2013 on account of improvement in rental income enhanced by improved leasing spreads and a 100 basis point y-o-y growth in billed occupancy. Alongside this, ABR per square foot for the company’s portfolio grew at a rapid pace to $12.01 as on March 31, 2014 from $11.93 and $11.79 in December and the previous year’s period.
Quarterly Cash Dividend
During the earnings call, the company also announced a quarterly cash dividend. As decided by its Board of Directors, the common shareholders of Brixmor Property Group Inc (NYSE:BRX), who appear on the records as on July 3, 2014, shall be eligible for a quarterly dividend of $0.20 per common share, which is equivalent to $0.80 on an annual basis for the second quarter of 2014. The dividend payout date is set as July 15, 2014, while the ex-dividend date is of July 1, 2014.
