Brixmor Property Group Inc.

Overview

Brixmor Property Group Inc. and its operating partnership operate as an internally managed real estate investment trust (REIT).
The company owns and operates a portfolio of open-air retail shopping centers, primarily grocery-anchored community and neighborhood centers across the United States.
Management treats Brixmor and the operating partnership as a single business for operations and governance.

Portfolio size: 348 shopping centers totaling approximately 63 million square feet of gross leasable area (GLA). Precise GLA reported: 62,684,741 SF.
Geographic footprint: Concentrated in top U.S. markets, with ABR contributions across 20 of the top 25 states. States with the largest ABR and property counts include Florida, Texas, California, New York, Pennsylvania, and Illinois.
Major tenants by annualized base rent (ABR): The TJX Companies, Inc.; The Kroger Co.; Burlington Stores, Inc.
Tenant composition:
- Top 20 retailers by ABR: 691 owned or guaranteed locations, 19,101,081 SF leased, ABR of $250,908 thousand, ABR per SF of $13.14.
- Leased GLA: 95.1% of total GLA; billed GLA: 91.6% of total GLA.
- Approximately 81% of ABR is derived from properties anchored by grocery tenants.

New leases executed: 512 leases totaling about 3.0 million SF.
Total leases signed in 2025 (including renewals and options): 1,453 leases totaling about 9.5 million SF.
Rent spreads:
- New leases: 38.7% spread versus prior rents.
- New and renewal leases: 21.7% (excluding options) and 16.4% (including options).
Occupancy:
- Leased occupancy for spaces under 10,000 SF: 92.2%; total leased occupancy: 95.1%.
- GLA with signed but not commenced leases: 2.7 million SF, representing $62.3 million ABR.
- Difference between total leased occupancy and total billed occupancy: 350 basis points.

ABR across the portfolio: $1,049,958 thousand ($1.0499 billion); ABR per SF: $18.77.
Acquisitions and dispositions (2025):
- Acquisitions: $420.6 million (including transaction costs and closing credits).
- Dispositions: Net proceeds of $289.2 million.
Capital structure and liquidity:
- Aggregate indebtedness outstanding: approximately $5.5 billion.
- Available liquidity: $1.61 billion, including $1.25 billion under the Revolving Credit Facility and $361.5 million of cash and cash equivalents and restricted cash.
- Unsecured credit facilities: $1.25 billion revolver and $500 million term loan; maturities extended to April 2029 (revolver) and April 2030 (term loan).
- 2025 debt activity: Issued $400 million of 5.200% senior notes due 2032 and $400 million of 4.850% senior notes due 2033; repaid $632.3 million of 3.850% notes due 2025.
- 2026 debt maturities: $607.5 million.
Investment and reinvestment activity:
- In 2025, 27 anchor-space repositioning, outparcel development, and redevelopment projects were stabilized, with a weighted average incremental NOI yield of 10% and aggregate cost of $183.3 million.
- Projects in process as of 12/31/2025: 33 projects with an expected weighted average incremental NOI yield of 10% and an aggregate anticipated cost of $336.4 million.
- A pipeline of future reinvestment projects has been identified.

Employees: 464 total employees, including 462 full-time.
Corporate headquarters: 100 Park Avenue, New York, NY 10017.
Management: Governed by Brixmor’s board of directors (functioning as the operating partnership’s board), with executive officers serving as the operating partnership’s executives.
REIT status: Qualified as a REIT and intended to remain a REIT for U.S. federal income tax purposes; subject to REIT compliance tests and distribution requirements.
Insurance and captive program: Maintains comprehensive insurance and operates a wholly owned captive insurer, Incap, which underwrites the first layer of general liability insurance for the properties.

Property type: Open-air shopping centers anchored by non-discretionary and value-oriented retailers and consumer-oriented service providers, with about 81% of ABR from grocery-anchored properties.
Reinvestment and redevelopment risk: Ongoing reinvestment program may face delays, cost overruns, or fail to achieve expected occupancy or rent targets.
Leasing and market risks: Exposure to macroeconomic conditions, inflation, interest rates, competition from other retail formats, and the potential for vacant space or lower renewals.
Environmental, regulatory, and technology risks: Potential environmental liabilities, ADA compliance costs, climate-related impacts, cyber risk, and evolving technology considerations.

Corporate responsibility: Integrated into business strategy with governance oversight by the board and a dedicated internal steering committee; quarterly updates to the Board’s Nominating and Corporate Governance Committee.
Focus areas: Environmental responsibility, human capital development (engagement, growth, health and well-being, culture), sustainable operations, and vendor/tenant collaboration.