Brixmor Property Group Inc. · NYSE:BRX
Brixmor Property — Q2 2025 Earnings Presentation
31 slides from Brixmor Property's earnings presentation, Jun 30, 2025
Slide 1: Brixmor Property Group Investor Presentation
Brixmor Property Group Investor Presentation Quarter Ended June 30, 2025 BRX LISTED NYSE
Slide 2: Overview: High Quality, Diversified, Open-Air Retail Portfolio
Overview: High Quality, Diversified, Open-Air Retail Portfolio • One of the largest open-air retail landlords in the US with 360 shopping centers Annual Dividend Growth $1.15 $1.09 • As the value-add leader in the open-air retail space, we strive to create and own $1.04 $0.96 properties that are the
Slide 3: Overview: Diversified Portfolio
Overview: Diversified Portfolio Portfolio Quick Facts Leading Landlord To Vibrant Retailers Number of shopping centers 360 % of % of Credit Ratings Top Retailers by ABR Stores ABR GLA (S&P / Moody’s) Gross leasable Area (“GLA”) 64M SF 89 3.2% 4.0% A / A2 Average shopping center size 177K SF 45 2.3%
Slide 4: Value-Add Leader in the Open-Air Retail Space
Value-Add Leader in the Open-Air Retail Space Transformed portfolio Value creation Highly visible driving through accretive forward growth outperformance reinvestment Delivering sustainable Prudent capital Strong, flexible growth in a recycling balance sheet responsible manner Page 4
Slide 5: Transformed Portfolio Driving Outperformance
Transformed Portfolio Driving Outperformance
Slide 6: 2Q25 Highlights
Transformed Portfolio Driving Outperformance: 2Q25 Highlights 94.2% $18.07 $23.80 44% Total leased In-place New & Renewal New lease occupancy ABR PSF ABR PSF spread Record high Record high 91.2% $28.67 $20M $67M Small shop leased Small shop in-place New Lease ABR Signed but not yet occupancy ABR PSF
Slide 7: Substantial Enhancement
Transformed Portfolio Driving Outperformance: Substantial Enhancement Our focused plan has driven a 42% increase in in-place ABR PSF At 12/31/2015 At 6/30/2025 Change Capturing Market Share of Growing Retailers Properties 518 360 (158) GLA (SF) 87M 64M (-23M) Number of CBSAs 173 103 (70) Percent lea
Slide 8: Highly Visible Forward Growth
Highly Visible Forward Growth
Slide 9: Embedded Tailwinds
Highly Visible Forward Growth: Embedded Tailwinds Tailwinds From Executed Leasing • Commenced $62M of ABR in TTM • $67M of ABR from 3.2M SF of signed but not yet commenced leases (SNC) at $21.05 PSF, 16% above portfolio average 1 Expected Timing of Leases SNC ($M) 1 Leases SNC As a Percent of Total
Slide 10: 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 occupancy growth – TTM new lease spreads of 39%, renewal spreads of 15%, and total • Reinvestment activity
Slide 11: Low Risk Path Of Opportunity
Highly Visible Forward Growth: Low Risk Path Of Opportunity Long-Term Same Property NOI Growth Target* 2025E Same Property NOI Growth 1 ~150bps ~125 – 150bps Contractual Rent Growth Mark-to-Market Reflects in-place annual Reflects new, renewal, and contractual rent growth option lease spreads 4.1% +
Slide 12: Proactively Re-Leasing At Risk Tenant Space
Highly Visible Forward Growth: Proactively Re-Leasing At Risk Tenant Space • In the current supply constrained environment, retailer disruption creates a significant opportunity • Achieving outsized re-leasing spreads • Brixmor’s portfolio transformation, national tenant partnerships and proven abil
Slide 13: Value Creation Through Accretive Reinvestment
Value Creation Through Accretive Reinvestment
Slide 14: Continued Transformation
Value Creation Through Accretive Reinvestment: Continued Transformation • Brixmor’s reinvestment opportunity stands apart in terms of magnitude and velocity Number of Net Estimated Incremental NOI Projects Costs 1 Yield 2 and is primarily funded with free cash flow Stabilizations 304 $1.3B 10% YE 20
Slide 15: Disciplined Capital Allocation
Value Creation Through Accretive Reinvestment: Disciplined Capital Allocation Accretive Reinvestment Spend Declining Maintenance Capital • Robust reinvestment capabilities are driving accretive cash flow growth by • Expected reduction in ongoing maintenance spend given portfolio investing in existin
Slide 16: Puente Hills Town Center – Los Angeles, CA
Value Creation Through Accretive Reinvestment: Puente Hills Town Center – Los Angeles, CA • Redevelopment and expansion of several in-line retail spaces to accommodate ALDI, adding a desirable grocer to the center Project Details Expected stabilization Sep-25 – Remerchandising adjacent small shop sp
Slide 17: Vail Ranch Center – Riverside, CA
Value Creation Through Accretive Reinvestment: Vail Ranch Center – Riverside, CA • Redeveloped former Stein Mart with Burlington Stores and Five Below Project Details Net project costs 1 $11M • Relocated and expanded existing Kahoots and redeveloped the former Kahoots NOI yield 2 9% outparcel with C
Slide 18: Venice Village – North Port, FL
Value Creation Through Accretive Reinvestment: Venice Village – North Port, FL • Brixmor acquired the center in November 2017 for $33M Project Details Net project costs 1 $9M • Demolished and rebuilt a 30-year old Publix and right-size small shop spaces NOI yield 2 11% • Follow-on leasing included r
Slide 19: 304 Projects Stabilized
Value Creation Through Accretive Reinvestment: 304 Projects Stabilized Florence Plaza-Square Middletown Plaza Beneva Village Shoppes Roosevelt Mall Capitol Shopping Center Dalewood SC Cincinnati, OH New York, NY North Port, FL Philadelphia, PA Concord, NH Westchester, NY Laurel Square Lompoc Center
Slide 20: Prudent Capital Recycling
Prudent Capital Recycling
Slide 21: Rationalized Footprint
Prudent Capital Recycling: Rationalized Footprint Acquisition Strategy Clustering Strategy • $1.3B of attractive acquisitions completed since year-end 2015 Builds critical mass and further densifies the portfolio in attractive markets • Focusing on value-add transactions that leverage our platform
Slide 22: LaCenterra At Cinco Ranch – Houston, TX
Prudent Capital Recycling: LaCenterra At Cinco Ranch – Houston, TX • Acquired in July 2025 for $223M • ~409K SF grocery-anchored lifestyle center strategically located in an affluent master planned community in the western Houston, TX suburbs • The highly trafficked center with over 5M visits per ye
Slide 23: Acquisition Case Study
Prudent Capital Recycling: Acquisition Case Study Brea Gateway Los Angeles, CA • Acquired in January 2022 for $86M • Ideally situated in the area’s major retail node and adjacent to the downtown Brea entertainment district • 16 small shop leases executed since acquisition at average rents of $49 PSF
Slide 24: Clustering Assets With Value-Add Acquisitions
Prudent Capital Recycling: Clustering Assets With Value-Add Acquisitions Ravinia Plaza North Riverside Plaza Elmhurst Crossing Huron Village West Center Plymouth Square Acton Plaza Chicago, IL Chicago, IL Chicago, IL Ann Arbor, MI New York, NY Philadelphia, PA Boston, MA Brea Gateway Centennial Cent
Slide 25: Strong, Flexible Balance Sheet
Strong, Flexible Balance Sheet
Slide 26: Positioned To Fuel Growth
Strong, Flexible Balance Sheet: Positioned To Fuel Growth $1.4B 4.2% 4.8 years 100% 100% Available liquidity Weighted average Weighted average maturity Fixed rate debt Unencumbered ABR stated interest rate 5.5x 4.2x BBB / Stable Baa2 / Stable BBB / Stable Net principal debt to adjusted Fixed charge
Slide 27: Delivering Sustainable Growth In A Responsible Manner
Delivering Sustainable Growth In A Responsible Manner
Slide 28: Delivering Sustainable Growth In A Responsible Manner
Delivering Sustainable Growth In A Responsible Manner Experienced and effective Board of Directors Corporate Responsibility Recognition Received overall score of 73 (October 2024) 8/9 3/9 2/9 Green Star Recipient (October 2024) Independent directors Female directors Members of an “A” rating fo
Slide 29: Environmental
Delivering Sustainable Growth in a Responsible Manner: Environmental Reducing utility-related operational expenses and adding ancillary income, Sustainability Goals while improving resource resiliency and environmental efficiency Target Status 1 • Energy usage reduction projects • Water conservation
Slide 30: 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 31: Footnotes & Sources
Footnotes & Sources Page 2 Overview: High Quality, Diversified, Open-Air Retail Portfolio Page 11 Highly Visible Forward Growth: Low Risk Path Of Opportunity 1. Based on most recent tenant reported information. 1. Peer average includes IVT, KIM, KRG, PECO, and REG (excluding termination fees). Page
Brixmor Property Group — Q2 2025 Earnings Presentation on 6ix