James Taylor, president and CEO of Brixmor Property Group Inc. (NYSE: BRX), participated in a video interview in conjunction with Nareit’s REITworld: 2021 Annual Conference.
Taylor noted that Brixmor has raised its earnings forecast for 2021 based on an improvement in collections and strong leasing. That reflects a strategy of reinvesting in its shopping centers and great demand from tenants, he said.
Strong indicators of forward growth for Brixmor include about $44 million in signed leases that haven’t commenced paying rent yet, $50 million-plus of leases in negotiation, and $400 million of pre-leased reinvestment, Taylor said.
“We really like that balance of reinvestments in the existing portfolio, supplemented by acquisitions that will be future fuel for our reinvestment pipeline,” Taylor said.
Meanwhile, Taylor said Brixmor is “very encouraged” by what the pandemic has revealed about the importance for retailers to maintain a physical store.
“The pandemic really reinforced the central role that the store plays in the retailer’s go-to-market strategy and we’re seeing the benefits of that in our leasing pipeline. We’re seeing substantial demand for the vacancies that we have in our portfolio and for the boxes as they become available,” Taylor said.