Brixmor Property Group Inc. (NYSE:BRX) Q4 2022 Earnings Conference Call February 14, 2023 9:30 AM ET

Company Participants

Stacy Slater - SVP-IR and Capital Markets

Jim Taylor - CEO and President

Angela Aman - EVP and CFO

Mark Horgan - EVP and CIO

Brian Finnegan - EVP and CRO

Conference Call Participants

Craig Schmidt - Bank of America

Todd Thomas - KeyBanc Capital

Juan Sanabria - BMO Capital

Ki Bin Kim - Truist

Greg McGinniss - Scotiabank

Anthony Powell - Barclays

Craig Mailman - Citi

Haendel St Juste - Mizuho

Alexander Goldfarb - Piper Sandler

Floris van Dijkum - Compass Point

Mike Mueller - JPMorgan

Tayo Okusanya - Credit Suisse

Linda Tsai - Jefferies

Operator

Greetings and welcome to Brixmor Property Group Incorporated Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference being recorded.

It is now my pleasure to introduce your host, Stacy Slater, Senior Vice President, Investor Relations and Capital Markets. Thank you, you may begin.

Stacy Slater

Thank you, operator and thank you all for joining Brixmor's fourth quarter conference call. With me on the call today are Jim Taylor, Chief Executive Officer and President; and Angela Aman, Executive Vice President and Chief Financial Officer; as well as Mark Horgan, Executive Vice President and Chief Investment Officer; and Brian Finnegan, Executive Vice President, Chief Revenue Officer, who will be available for Q&A.

Before we begin, let me remind everyone that some of our comments today may contain forward-looking statements that are based on certain assumptions and are subject to inherent risks and uncertainties, as described in our SEC filings and actual future results may differ materially. We assume no obligation to update any forward-looking statements. Also, we will refer today to certain non-GAAP financial measures. Further information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in the earnings release and supplemental disclosure on the Investor Relations portion of our website. [Operator Instructions]

At this time, it's my pleasure to introduce Jim Taylor.

Jim Taylor

Thanks, Stacy and good morning, everyone.

Our results this quarter once again demonstrate the strength of our value add plan. The quality of our team and portfolio and importantly the transformative impacts, our execution continues to deliver. Consider for example that during the quarter we signed another 954,000 square feet of new leases at an average cash spread of 44%. Bringing our total new ABR for the year to a record $62 million at an average spread of 37%, in a record new lease average rent per foot of $19.08.