Brixmor Property Group
| Company type | Public company |
|---|---|
| Industry | Real estate investment trust |
| Predecessor | Centro Properties Group US |
| Founded | 2003 |
| Headquarters | United States |
Area served | United States |
Key people | Jim Taylor (CEO and president) |
| Products | Shopping center properties |
| Parent | The Blackstone Group (former) |
Brixmor Property Group operates as a publicly listed real estate investment trust with a focus on shopping center properties. As reported on December 31, 2022, the company held ownership of 373 shopping centers, encompassing a total retail area of 66 million square feet. Its primary revenue sources stem from markets in Florida (accounting for 13.5%), California (11.4%), and Texas (11.2%). Key tenants within its portfolio include TJX Companies (3.4%), Kroger (2.4%), and Burlington (1.9%).
History
The origins trace back to 2003 when Australian entity Centro Properties Group partnered with Watt Commercial Realty to establish Centro Watt, acquiring 14 shopping centers across California for $488 million. In 2005, Centro expanded by purchasing Kramont Realty Trust for $1.2 billion. The following year, it further grew by acquiring seven centers from Sydney-based Westfield Group. By 2007, Centro bought out Watt’s interest, dissolving the joint venture and rebranding as Centro Properties Group US.
In 2011, ownership transferred to The Blackstone Group, which acquired Centro Properties Group US from Centro Retail Trust and renamed it Brixmor. The subsequent year, Brixmor engaged Madison Marquette to oversee management of seven shopping centers acquired from Westfield.
Brixmor launched its initial public offering in October 2013, raising $948.8 million. In April 2016, CEO Michael Carroll, CFO Michael Pappagallo, and chief accounting officer Steven Splain resigned amid an accounting controversy; Jim Taylor was appointed CEO and president thereafter.
By August 2016, The Blackstone Group had divested its remaining shares in Brixmor, marking its complete withdrawal from the company.