BPG(US:BRX)2023-10-29 16:00Financial Performance - Net income for the three months ended September 30, 2023, was $63.736 million, a decrease from $79.741 million in the same period of 2022, representing a decline of approximately 20%[41] - Comprehensive income for the nine months ended September 30, 2023, was $235.731 million, down from $267.740 million in the same period of 2022, reflecting a decrease of about 12%[41] - Total revenues for the three months ended September 30, 2023, were $307,314, an increase of 0.2% compared to $304,745 for the same period in 2022[48] - Net income for the nine months ended September 30, 2023, was $232,390, a decrease of 5.9% from $247,038 in the same period of 2022[60] - Total revenues for the nine months ended September 30, 2023, were $928,551, up 2.0% from $909,505 in the prior year[48] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2023, was $453.512 million, compared to $441.160 million for the same period in 2022, indicating an increase of approximately 3%[45] - The company reported a net cash used in investing activities of $93.022 million for the nine months ended September 30, 2023, compared to $474.479 million in the same period of 2022, indicating a significant reduction in cash outflow[45] - Improvements to and investments in real estate assets amounted to $254.426 million for the nine months ended September 30, 2023, compared to $233.127 million in the same period of 2022, showing an increase of about 9%[45] - The company reported a gain on the sale of real estate assets of $59,037 for the nine months ended September 30, 2023, compared to $60,667 in the prior year[48] Operating Expenses - Operating expenses for the three months ended September 30, 2023, totaled $202,650, an increase of 5.9% from $191,345 in the same period last year[48] - The company incurred total operating expenses of $614,725 for the nine months ended September 30, 2023, an increase of 6.7% from $576,240 in 2022[48] - Total operating expenses increased to $202.650 million in Q3 2023 from $191.345 million in Q3 2022, marking an increase of 5.8%[53] Real Estate and Assets - Total assets as of September 30, 2023, were $8,335,890, down from $8,435,003 as of December 31, 2022, representing a decrease of 1.2%[47] - The company's total real estate assets, net, as of September 30, 2023, were $7.793 billion, a decrease from $7.902 billion as of December 31, 2022[83] - The company disposed of nine shopping centers and eight partial shopping centers for aggregate net proceeds of $161.9 million during the nine months ended September 30, 2023, resulting in an aggregate gain of $58.9 million[79] Debt and Interest - The company repaid $480 million under its unsecured revolving credit facility during the nine months ended September 30, 2023, compared to $465 million in the same period of 2022[45] - As of September 30, 2023, total debt obligations net amounted to $4,919.2 million, a decrease from $5,035.5 million as of December 31, 2022[103] - The Company has scheduled debt maturities totaling $4,923.8 million, with $300.4 million due in 2024 and $900 million due in 2027[108] Impairments and Gains - The company reported an impairment of real estate assets of $17.836 million for the nine months ended September 30, 2023, compared to $4.597 million for the same period in 2022[53] - The company recognized impairment charges totaling $17.836 million during the nine months ended September 30, 2023, based on changes in anticipated hold periods of certain properties[88] - The company reported a gain on the sale of real estate assets of $6,712 for the three months ended September 30, 2023, compared to $15,768 in the same period last year[48] Shareholder Distributions - The Company declared common stock dividends and OP Unit distributions of $0.26 per share/unit for the three months ended September 30, 2023, compared to $0.24 per share/unit for the same period in 2022[128] - Total distributions to partners for the nine months ended September 30, 2023, amounted to $247,185,000, compared to $213,645,000 in the same period of 2022, representing an increase of approximately 15.7%[60] Economic Outlook - The company anticipates continued challenges due to economic factors such as rising interest rates and inflation, which may impact future performance[37] - The company has noted an increase in property operating expenses, which are relatively inflexible and do not decrease if revenue or occupancy declines[37]