Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/654213
T H E C O M M O N A R E A Brixmor Property bounces back Brixmor Property Group is returning to an even keel under Daniel B. Hurwitz and its board of directors. Hurwitz, who is the former chief executive of DDR and who also heads his own con- sulting firm, Raider Hill Ad- visors, has been running the REIT since February, when four executives resigned af- ter an internal review of the firm's fourth-quarter 2015 earnings statement. Brixmor has finished the review and is addressing internal controls, accord- ing to interim CFO Barry Lefkowitz. The only result- ing change to the firm's ac- counting system is the shift of percentage rent calcula- tions from an accrual model to a cash basis, Lefkowitz says. The firm's funds from operations rose to $155.8 million in the fourth quar- ter, up from $131.5 million a year ago. Same-property net operating income, mean- while, grew by 3.2 percent. Now the firm is focusing on a CEO search and on leasing, driving rents, reposi- tioning anchors, refinancing debt and incentivizing its people, Hurwitz says. "The applicant pool out there has been impressive so far," Hur- witz said on an earnings call. A CEO is likely to be named within six months, he says. Brixmor's banks, lenders and bondholders are offer- ing their support as the com- pany overcomes the tempo- rary setback, Hurwitz says. "It's been quite gratifying how many have come to the table and said, 'We under- stand that this is behind you, and we are with you, and we are looking forward to help- ing you in any way we can,'" he said. "So we expect that we will have full cooperation from those constituents." Going to the dogs The American Kennel Club (AKC) will open its first storefront in its 132- year history this fall with a 4,000-square-foot facility at the base of a luxury residen- tial tower in New York City. The world's largest dog reg- istry and leading industry authority and advocacy for dogs, signed a muilti-year lease with landlord The Durst Organization. The facility will offer a one-stop pet care facility including daycare, boarding, training, grooming, and walking ser- vices. "The pet care segment is a very exciting growth segment and it's a great op- portunity for AKC to lever- age its credibility, expertise and history in dog care," said Alexandra Aleskovsky, executive vice president and chief growth officer of the AKC. "We are looking forward to expanding to ad- ditional centers around the country." 18 S C T / A P R I L 2 0 1 6 A giant slide made of stainless steel, extends down from the fifth story at Shanghai's Printemps Mall. It only takes sliders 16 seconds to reach the ground floor. Sales slide