Slide 1: Brixmor Property Group Investor Presentation
Brixmor Property Group Investor Presentation Quarter Ended June 30, 2024 BRX LISTED NYSE
Slide 2: Brixmor Overview: High Quality, Diversified, Open-Air Retail Portfolio
Brixmor Overview: High Quality, Diversified, Open-Air Retail Portfolio Portfolio Quick Facts • One of the largest open-air retail landlords in the US Number of shopping centers 360 – Nationally diversified portfolio of 360 shopping centers GLA 64M SF Average shopping center size 177K SF – Over 5,000
Slide 3: Value-Add Leader in the Open-Air Retail Space
Value-Add Leader in the Open-Air Retail Space Transformed portfolio Value creation Highly visible positioned for through accretive forward growth outperformance reinvestment Delivering sustainable Prudent capital Strong, flexible growth in a recycling balance sheet responsible manner Page 3
Slide 4: Transformed Portfolio Positioned For Outperformance
Transformed Portfolio Positioned For Outperformance
Slide 5: Transformed Portfolio: Substantial Enhancement
Transformed Portfolio Positioned For Outperformance: Substantial Enhancement Our focused plan has driven a 35% increase in in-place ABR PSF At 12/31/2015 At 6/30/2024 Change Capturing Market Share of Growing Retailers Properties 518 360 (158) GLA (SF) 87M 64M (26%) Number of CBSAs 173 105 (68) Perce
Slide 6: Transformed Portfolio: Cycle Tested
Transformed Portfolio Positioned For Outperformance: Cycle Tested Same Property NOI Growth 1 New Lease Spreads 1 In-Place ABR PSF Change 1 2019 – 2024E (mid-point) CAGR YE 2018 – 2Q24 Peer Average BRX 3.6% 22% 45% 16% 31% 1.9% 26% 17% Peer Average BRX 2019 - 2023 Average 2Q24 TTM Peer Average BRX No
Slide 7: 2Q24 Records Achieved
Transformed Portfolio Positioned For Outperformance: Continued Results 2Q24 Records Achieved 95.4% 97.5% 90.8% $17.26 Total leased Anchor leased Small shop In-place occupancy occupancy leased occupancy ABR PSF 28% 19% $21.94 $23.36 New and renewal Renewal Signed but not yet Net effective lease sprea
Slide 8: Highly Visible Forward Growth
Highly Visible Forward Growth
Slide 9: Highly Visible Forward Growth: Embedded Tailwinds
Highly Visible Forward Growth: Embedded Tailwinds Tailwinds From Executed Leasing Tailwinds From Contractual Rent Growth • Leased to billed occupancy spread of 400 basis points • Average in-place contractual rent growth of ~1.5% per year • $65M of ABR from 2.9M SF of signed but not yet commenced lea
Slide 10: Highly Visible Forward Growth: Continued Momentum
Highly Visible Forward Growth: Continued Momentum Mark-To-Market Opportunity Occupancy Opportunity • Attractive rent basis due to historic portfolio under-investment • Positioned for continued small shop occupancy growth – TTM new lease spreads of 45%, renewal spreads of 14%, and total lease – 140bp
Slide 11: Highly Visible Forward Growth: Low Risk Path Of Opportunity
Highly Visible Forward Growth: Low Risk Path Of Opportunity Long-Term Same Property NOI Growth Target* Delivering FFO Growth ~150bps ~125 – 150bps Contractual Rent Growth Mark-to-Market 2023 versus 2024E Nareit FFO Growth1 Reflects in-place annual Reflects new, renewal, and contractual rent growth o
Slide 12: Value Creation Through Accretive Reinvestment
Value Creation Through Accretive Reinvestment
Slide 13: Accretive Reinvestment: Continued Transformation
Value Creation Through Accretive Reinvestment: Continued Transformation • Brixmor’s reinvestment opportunity stands apart in terms of magnitude and velocity and is Number of Net Estimated Incremental NOI primarily funded with free cash flow Projects Costs 1 Yield 2 Stabilizations 276 $1.1B 10% YE 20
Slide 14: Granada Shoppes – Naples, FL
Value Creation Through Accretive Reinvestment: Granada Shoppes – Naples, FL • Acquired in December 2021 for $97M, with significant value add potential • Anchor space repositioning commenced in December 2022 and stabilized in June 2024 – Remerchandised a dark and paying Orchard Supply Hardware with H
Slide 15: Westridge Court / Block 59 – Chicago, IL
Value Creation Through Accretive Reinvestment: Westridge Court / Block 59 – Chicago, IL • Redevelopment commenced in June 2024 and is expected to stabilize in September 2026 Project Details Expected stabilization Sep-26 • The project will transform the highly visible corner of the property into a vi
Slide 16: Projects Stabilized
Value Creation Through Accretive Reinvestment: 276 Projects Stabilized Florence Plaza-Square Tinley Park Plaza Maple Village Village at Newtown Capitol Shopping Center Dalewood SC Cincinnati, OH Chicago, IL Ann Arbor, MI Philadelphia, PA Concord, NH Westchester, NY Gateway Plaza – Vallejo Stewart Pl
Slide 17: Prudent Capital Recycling
Prudent Capital Recycling
Slide 18: Prudent Capital Recycling: Rationalized Footprint
Prudent Capital Recycling: Rationalized Footprint Acquisition Strategy Disposition Strategy • Harvesting capital where value has been maximized • $1.0B of attractive acquisitions completed since year-end 2015 • Rationalizing the portfolio and elevating efficiency • Remaining disciplined, but encoura
Slide 19: Clustering Assets With Value-Add Acquisitions
Prudent Capital Recycling: Clustering Assets With Value-Add Acquisitions Centennial Center Ravinia Plaza North Riverside Plaza Elmhurst Crossing Arborland Center Plymouth Square West Center Denver, CO Chicago, IL Chicago, IL Chicago, IL Ann Arbor, MI Philadelphia, PA New York, NY Upland Town Square
Slide 20: Strong, Flexible Balance Sheet
Strong, Flexible Balance Sheet
Slide 21: Strong, Flexible Balance Sheet: Positioned To Fuel Growth
Strong, Flexible Balance Sheet: Positioned To Fuel Growth $1.7B 4.0% 4.8 years 100% 100% Available liquidity Weighted average Weighted average maturity Fixed rate debt Unencumbered ABR stated interest rate 5.8x 5.6x 4.1x Net principal debt to Net principal debt to adjusted EBITDA, Fixed charge cover
Slide 22: Delivering Sustainable Growth In A Responsible Manner
Delivering Sustainable Growth In A Responsible Manner
Slide 23: Delivering Sustainable Growth In A Responsible Manner
Delivering Sustainable Growth In A Responsible Manner Corporate Responsibility Recognition Board of Directors • Oversees Corporate Responsibility (“CR”) initiatives through the Nominating and Corporate Governance Committee (NCGC) to ensure that our actions demonstrate our Received overall score of
Slide 24: Corporate Governance
Delivering Sustainable Growth In A Responsible Manner: Corporate Governance Leading The Industry Experienced, diversified, and effective Board of Directors 8/9 3/9 2/9 Independent directors Female directors Racially and ethnically diverse directors Ranked first in REIT sector for Received and mainta
Slide 25: Environmental
Delivering Sustainable Growth in a Responsible Manner: Environmental Reducing utility-related operational expenses and adding ancillary income, while improving resiliency and environmental efficiency Sustainability Goals Target Status 1 • Energy usage reduction projects • Electric vehicle charging s
Slide 26: Community Connectivity
Delivering Sustainable Growth in a Responsible Manner: Community Connectivity • Thoughtfully merchandising our properties with non-discretionary and value-oriented retailers, as well as Center-Specific Art consumer-oriented service providers We offer exterior wall space at select centers as canvases
Slide 27: Human Capital
Delivering Sustainable Growth in a Responsible Manner: Human Capital Engagement Growth and Development Health and Well-being Inclusive Culture • Biennial employee surveys with track • Annual talent development process • Annual wellness spending accounts • Promote an inclusive work record of respondi
Slide 28: Appendix & Footnotes
Appendix & Footnotes
Slide 29: Portfolio Composition
Portfolio Composition National / Regional and Local Tenants Top Merchandise Mix Categories (% of Portfolio ABR) Other 18% Restaurants 17% Local 16% Local 20% Financial Services 3% Percent of Percent of Medical (Essential) 3% Portfolio Portfolio Pet 3% Grocery 14% Leased GLA ABR General Merchandise N
Slide 30: Footnotes & Sources
Footnotes & Sources Page 2 Brixmor Overview High Quality, Diversified, Open-air Retail Portfolio Page 11 Highly Visible Forward Growth 1. By ABR. Community Centers include properties with total GLA between 125K - 400K SF. Neighborhood Centers include properties Low Risk Path Of Opportunity with tota