Brixmor Property Group Inc.

Company and structure

• Brixmor Property Group Inc. and its subsidiaries (collectively, “BPG”) is an internally managed real estate investment trust (REIT).
• The Operating Partnership (Brixmor Operating Partnership LP and subsidiaries) conducts most operations and holds most assets.
• BPG owns 100% of the limited liability company interests of BPG Sub, the sole member of the General Partner of the Operating Partnership.
• Publicly traded on the NYSE under the ticker BRX.

Core business

• Owns and operates open-air, grocery-anchored shopping centers across the United States.
• Manages the portfolio as one integrated business with a focus on stabilizing cash flow and growing distributions to stockholders.

Portfolio scale and characteristics (as of December 31, 2025)

• Number of shopping centers: 348
• Total gross leasable area (GLA): approximately 62.7 million square feet (62,684,741 GLA)
• Geographic focus: top 50 Core-Based Statistical Areas (CBSAs) in the U.S.; high concentration in Florida, Texas, California, New York, and Pennsylvania
• Anchor composition: primarily non-discretionary and value-oriented retailers
• Grocery anchorage: 81% of annualized base rent (ABR) derived from grocery-anchored properties; 72% of ABR in the Top 50 U.S. CBSAs

Key tenants (by ABR)

• Top three tenants by ABR as of December 31, 2025:
  • The TJX Companies, Inc.
  • The Kroger Co.
  • Burlington Stores, Inc.
• The Top 20 retailers accounted for $250.9 million of ABR (about 24% of total ABR)

Leasing activity and occupancy

• Leased occupancy: 95.1% of total GLA
• Total occupancy (leased GLA for spaces under 10,000 SF): 92.2%
• Billed occupancy: 91.6% of total GLA
• ABR per square foot (weighted): $18.77
• New leasing activity in 2025: 512 new leases totaling ~3.0 million SF
• Total 2025 leasing activity (new leases, renewals, and options): 1,453 leases totaling ~9.5 million SF
• Rent spreads:
  • New leases: 38.7% (annualized ABR PSF change in first year)
  • New and renewal leases (excluding options): 21.7%
  • New, renewal, and option leases: 16.4%
• Expiring anchor and overall lease profile provide visibility into future NOI and cash flow

Financial highlights and capital structure (as of December 31, 2025)

• Total indebtedness outstanding: approximately $5.5 billion
• Available liquidity: $1.61 billion
  • Revolving facility: $1.25 billion
  • Cash and restricted cash: $361.5 million
• Debt maturities in 2026: $607.5 million
• Recent debt transactions (2025):
  • Issued $400 million of 5.200% Senior Notes due 2032
  • Issued $400 million of 4.850% Senior Notes due 2033
  • Repayment of $632.3 million principal of outstanding 3.850% Senior Notes due 2025
• Unsecured credit facility: amended/extended (maturities moved to April 2029 for the Revolving Facility and April 2030 for the Term Loan)
• Capital programs:
  • $400 million share repurchase program
  • $400 million at-the-market (ATM) equity program
• Property transactions in 2025:
  • Acquisitions: approximately $420.6 million (including transaction costs and closing credits)
  • Dispositions: aggregate net proceeds of approximately $289.2 million
• NOI/reinvestment pipeline:
  • 33 reinvestment projects in process with an expected weighted average incremental NOI yield of about 10% and aggregate anticipated cost of roughly $336.4 million
  • 27 anchor space repositioning, outparcel development, and redevelopment projects stabilized in 2025

REIT and ownership considerations

• Qualified as a REIT since 2011 and intends to continue meeting REIT requirements
• Charter includes ownership limits to protect REIT status; constructive ownership rules can affect single shareholders and ownership concentration
• Required to distribute at least 90% of REIT taxable income; may issue distributions in stock under certain conditions
• Corporate structure and policies are designed to maintain REIT status and provide financial flexibility

Employees and corporate information

• Employees: 464 total (462 full-time) as of December 31, 2025
• Corporate headquarters: 100 Park Avenue, New York, NY 10017
• Contact and investor information are available in the company’s investor materials and on its website

Corporate capabilities

• In-house management of assets through the Operating Partnership; no external management company implied
• Captive insurance program: Incap underwrites the first layer of general liability insurance for properties
• Cybersecurity and risk management: formal program with governance and incident response planning described in the Form 10-K

What the company does

• Owns, develops, repositions, and operates a large portfolio of open-air shopping centers across the U.S., with a focus on grocery-anchored centers
• Manages internal growth through leasing, rent escalations, and occupancy gains; pursues value-enhancing reinvestment and redevelopment opportunities
• Pursues acquisitions and dispositions to optimize the portfolio in targeted submarkets
• Maintains a flexible capital structure with a sizable unsecured facility, term debt, and access to equity programs to support growth and liquidity
• Delivers ongoing cash flow to stockholders in the form of dividends, supported by REIT requirements and a diversified tenant base

Notes

• All figures reflect data as of December 31, 2025 and are taken from the company’s Form 10-K disclosures.