Brixmor Property Group
Brixmor Property Group Inc. is a publicly traded real estate investment trust that invests in shopping centers. It owns and operates a high-quality, national portfolio of 400+ open-air retail centers comprising approximately 73 million square feet of prime retail space in established trade areas. Brixmor is a real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness. It is organized in Maryland with its headquarters in New York City. Investments. As of December 31, 2019, the company owned interests in  403 shopping centers comprising 71 million square feet. Properties in Texas, Florida, and California each account for approximately 11% of the company's revenues. The company's largest tenants are as follows: History. Brixmor Property Group's history traces back in late 2003 when Centro Properties Group an Australian shopping mall firm, entered the United States market by the purchase of 14 neighborhood, community and power centers in California. As a result, Centro Properties Group made a joint venture with American-based Watt Commercial Realty to form Centro Watt, to handle their acquired properties. In 2005, Centro acquired Kramont Reality  Trust in a $1.2 billion deal. More expansion happened when on May 9, 2006, Sydney-based Westfield Group announces the sale of seven shopping malls which Centro Watt acquired. In 2007, Centro acquired Watt Companies ownership stake, ending the joint venture and renamed the company Centro Properties Group US. Centro Properties Group US acquired more shopping malls and REIT companies as years goes on. In 2011, The Blackstone Group acquired Centro Properties Group US from Centro Retail Trust, and the resulting entity changed its name to Brixmor. In 2012, the company hired Madison Marquette to be the manager for  7 former Westfield Group malls. In October 2013, the company became a public company via initial public offering. In April 2016, president and CEO Michael Carroll, CFO Michael Pappagallo, and chief accounting officer Steven Splain resigned after an accounting scandal. Jim Taylor was named CEO and president. In August 2016, The Blackstone Group reduced its stake in the company to 14%.