Brixmor Property Group Posts Q3 Profit

(RTTNews) - Brixmor Property Group Inc. (BRX) net income for the third quarter of $27.0 million or $0.11 per share, compared to a net loss of $18.8 million or $0.10 per share for the year-ago quarter. On a pro forma basis, earnings for the quarter were $0.11, compared to $0.04 per share in the prior-year period.

The company reported third quarter FFO of $144.2 million or $0.47 per share, compared to $86.9 million or $0.36 per share in the prior year quarter.

Total revenue for the third quarter rose to $306.59 million from $286.09 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.10 per share on revenue of $308.44 million for the third quarter.

Due to the costs associated with the company's previously announced tender offers by Brixmor LLC, an indirect subsidiary of Brixmor Property Group Inc., to purchase for cash any and all of certain of its outstanding notes, the company revised its FFO guidance for 2014 to $1.80 - $1.82 per share. The range reflects about $0.05 per share of charges that have been incurred related to debt extinguishments.

The company declared and increased 12.5% its quarterly cash dividend to $0.225 per share for the fourth quarter, payable on January 15, 2015 to stockholders of record on January 6, 2015.