450 Lexington Avenue New York, NY 10017 800.468.7526 B R I X M O R - PDF document

450 Lexington Avenue ¦ New York, NY 10017 ¦ 800.468.7526 B R I X M O R P R O P E R T Y G R O U P I N V E S T O R D A Y 2 0 1 7 - F I N A L T R A N S C R I P T D E C E M B E R 2 0 1 7 C O R P O R A T E P A R T I C I P A N T S James Taylor, Chief Executive Officer & President Angela Aman, EVP, Chief Financial Officer & Treasurer Matt Berger, EVP – President, West Bill Brown, EVP, Development & Redevelopment Haig Buchakjian, EVP, Operations Vince Corno, EVP – President, Midwest Brian Finnegan, EVP, Leasing Mark Horgan, EVP & Chief Investment Officer Michael Moss, EVP, National Accounts Barry Rodenstein, EVP – President, South David Vender, EVP – President, North P R E S E N T A T I O N James Taylor Welcome everybody. Can you hear me okay? Wow, this is great. I can’t tell you how much we, as a Company, appreciate everybody coming today for our first Investor Day. I’m going to go through the agenda just briefly in a minute, but I hope what you come away with today is really a better view of three things; three things that you’ve heard me talk about, but hopefully today that we can really bring a little bit more life to, given the time that you’re spending with us. The first is the breadth of opportunity that exists in what we own and control. It really overwhelmed me when I came into the Company, when I saw this portfolio of older, well-located assets, the degree to which we could really create a tremendous amount of value making these assets better. Everything from how we are operating the assets to improving the tenancy to redeveloping some of those assets. Secondly, what I hope you take away is that it’s not just that that potential exists, which it does, and is far greater than we get credit for. It’s the fact that we are actually executing and delivering on that potential today, and we’ll talk a little bit about through guidance, through each of the sections how you can actually see that value being delivered now. I’m very proud of this team, which brings me to the last part. Believe it or not, you’re not going to hear a lot from me today, and that’s very intentional. The reason you’re not going to hear a lot from me today is because I want to give you an opportunity to see the quality of this team that we have assembled working on your behalf. I really couldn’t be prouder. Let’s turn to the agenda real quick. I’ll just go through what to expect for the day and then we’ll get started. We’re going to have Brian Finnegan, our Head of Leasing, talk about the overall leasing environment. We’re very excited to have three key tenants here with us today from Sprouts, Target and ULTA. These are tenants who are thriving, who understand how to be competitive and how to serve the customer in this environment, so I’m looking forward to hearing from them and also to giving you an opportunity to ask them questions. We’ll take a break, then we’re going to go into the redevelopment activity with our new Head of Redevelopment and each of the Regional Presidents, talking about the opportunities that are both delivering now as well as what’s in that shadow pipeline that you hear me speak of. We’ll talk about how we’re operating our assets better, fundamental blocking and tackling and how that’s helping us deliver better margins and better performance. You’ll also hear how we’re capital recycling and how we’re being good stewards of your capital. I think any great company understands that the decision to hold an asset is an investment decision, and so what does that mean for us, and how are we executing upon the plan of capital recycling, and what are the things that we’re seeing in the market today? Then, finally, we’re going to tie it all together for you. We’ve issued guidance for the next year. We’ve also issued NOI guidance, importantly not just for 2018 but also for 2019, and part of the reason we’re able to do that is the visibility that we have on all the things that we’re executing upon when they’re delivering. The leases that we’re signing today are actually delivering in 2019, as are many of our redevelopments, so we’ll give you a very granular sense of how that value is being delivered. As you can see, we’ll open it up for questions throughout the day, and I’m excited to make sure we’re answering those. Again, thank you for coming, I really appreciate everybody being here. And let’s get started. 1