Brixmor Property Group Inc. (NYSE:BRX) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET

Company Participants

Stacy Slater – Senior Vice President-Investor Relations

Jim Taylor – Chief Executive Officer and President

Angela Aman – Executive Vice President and Chief Financial Officer

Mark Horgan – Executive Vice President and Chief Investment Officer

Brian Finnegan – Executive Vice President, Chief Revenue Officer

Conference Call Participants

Craig Schmidt – Bank of America

Alexander Goldfarb – Piper Sandler

Juan Sanabria – BMO

Todd Thomas – KeyBanc Capital Markets

Craig Mailman – Citi

Ki Bin Kim – Truist Securities

Greg McGinniss – Deutsche Bank

Haendel St. Juste – Mizuho

Anthony Powell – Barclays

Floris van Dijkum – Compass Point

Linda Tsai – Jefferies

Paulina Rojas Schmidt – Green Street

Mike Mueller – JPMorgan

Operator

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

It's now my pleasure to turn the call over to Stacy Slater. Please go ahead.

Stacy Slater

Thank you, operator, and thank you all for joining Brixmor's second 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. Given the number of participants on the call, we kindly ask that you limit your questions to one or two per person. If you have additional questions regarding the quarter, please requeue.

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

Jim Taylor

Thank you, Stacy, and thanks to each of you for joining our second quarter call. Our results this quarter once again underscore the transformative and accelerating impacts of our value-added plan as well as the outstanding execution of the Brixmor team. Our progress is evident in nearly every observable metric, including our robust leasing volumes and spreads. Under Brian and the leasing team's leadership, we executed nearly 2 million feet of new and renewal leases at a cash rent of $18.79 and a blended spread of 14.6%, including 870,000 square feet of new leases at a comparable spread of 34.3%.