Brixmor Property Group Inc. · NYSE:BRX
Brixmor Property — Q1 2024 Earnings Presentation
33 slides from Brixmor Property's earnings presentation, Apr 30, 2024
Slide 1: Brixmor Property Group Investor Presentation, Quarter Ended March 31, 2024
Brixmor Property Group Investor Presentation ❙ Quarter Ended March 31, 2024 Venice Village | North Port, Florida
Slide 2: Brixmor Overview: High Quality, Diversified, Open-Air Retail Portfolio
Brixmor Overview: High Quality, Diversified, Open-Air Retail Portfolio ❯ One of the largest open-air retail landlords in the US Portfolio Quick Facts Number of shopping centers 359 o Nationally diversified portfolio of 359 shopping centers favored by growing retailers GLA 64M SF Average shopping cen
Slide 3: Value-Add Leader in the Open-Air Retail Space
Value-Add Leader in the Open-Air Retail Space Transformed portfolio Demonstrated value Prudent capital uniquely positioned creation through recycling track for continued accretive reinvestment record outperformance Delivering Strong, flexible sustainable growth in balance sheet a responsible manner
Slide 4: Transformed Portfolio Uniquely Positioned For Continued Outperformance
Transformed Portfolio Uniquely Positioned For Continued Outperformance
Slide 5: Transformed Portfolio Uniquely Positioned For Continued Outperformance
Transformed Portfolio Uniquely Positioned For Continued Outperformance Substantial portfolio enhancements through leasing, reinvestment, and capital recycling Our focused plan has driven a 34% increase in in-place ABR PSF At At 12/31/2015 3/31/2024 Change Properties 518 359 (159) Rationalized Portfo
Slide 6: Substantial outperformance since 2019
Transformed Portfolio Uniquely Positioned For Continued Outperformance Substantial outperformance since 2019 Same Property NOI Growth 1 New Lease Spreads 1 In-Place ABR PSF Change 1 2019 – 2024E (mid-point) CAGR YE 2018 – 1Q24 Peer Average BRX 3.5% 21% 39% 16% 31% 1.9% 28% 18% Peer Average BRX 2019
Slide 7: 1Q24 Highlights And Portfolio Records
Transformed Portfolio Uniquely Positioned For Continued Outperformance Portfolio transformation continues to drive outperformance across every observable metric 1Q24 Highlights And Portfolio Records Total leased Anchor leased Small shop leased Small shop new occupancy occupancy occupancy lease ABR P
Slide 8: Clear visibility on forward growth through mark-to-market and signed leases
Transformed Portfolio Uniquely Positioned For Continued Outperformance Clear visibility on forward growth through the mark-to-market of existing leases and a substantial signed but not yet commenced pool Mark-to-Market Opportunity Tailwinds From Executed Leasing ❯ Attractive rent basis due to histor
Slide 9: Significant remaining small shop occupancy opportunity
Transformed Portfolio Uniquely Positioned For Continued Outperformance Significant remaining small shop occupancy opportunity ❭ Positioned to continue to grow occupancy, especially for small shops, and rent levels by capitalizing on robust, broad based leasing demand ❭ Value-enhancing reinvestment a
Slide 10: Vibrant new retailers added over the last three years
Transformed Portfolio Uniquely Positioned For Continued Outperformance Vibrant new retailers added over the last three years Page 10
Slide 11: Demand for open-air retail formats remains elevated
Transformed Portfolio Uniquely Positioned For Continued Outperformance Demand for open-air retail formats remains elevated as brick-and-mortar locations have proven to be the most profitable channel “Thanks to the stores-as-hub model, we invented in the last decade, nearly all Target shopping, inclu
Slide 12: Demonstrated Value Creation Through Accretive Reinvestment
Demonstrated Value Creation Through Accretive Reinvestment
Slide 13: Creating value at lower risk
Demonstrated Value Creation Through Accretive Reinvestment Creating value at lower risk ❯ Brixmor’s reinvestment opportunity stands apart in terms of magnitude and velocity o Substantially funded with free cash flow Stabilizations Long-term value In process Year-end 2015 – 1Q24 creation potential •
Slide 14: Reinvestment is a value multiplier
Demonstrated Value Creation Through Accretive Reinvestment: Reinvestment is a value multiplier Maximum value creation Follow-on growth in Cap rate compression on Strong incremental returns occupancy and rate incremental and in-place NOI BRX Representative Representative Redevelopment vs. Redevelopme
Slide 15: Reinvestment Case Study: Marco Town Center, Naples, FL
Demonstrated Value Creation Through Accretive Reinvestment: Reinvestment Case Study Marco Town Center | Naples, FL Project Costs 1,2 ❯ Redevelopment commenced March 2019 and stabilized December 2023 $12M 10% o Remerchandised existing small shop spaces with desirable uses including restaurants and se
Slide 16: Reinvestment expertise: 269 projects stabilized
Demonstrated Value Creation Through Accretive Reinvestment Reinvestment expertise: 269 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, N
Slide 17: Prudent Capital Recycling Track Record
Prudent Capital Recycling Track Record
Slide 18: Acquisition Opportunities and Disposition Strategy
Prudent Capital Recycling Track Record Acquisition Opportunities Disposition Strategy ❯ Remaining disciplined, but encouraged by overall transactions market ❯ Harvesting capital where value has been maximized Long-term strategy ❯ Rationalizing the portfolio and elevating efficiency ❯ Selectively acq
Slide 19: Value-add acquisitions in established markets
Prudent Capital Recycling Track Record Maximizing value through value-add acquisitions in established markets that leverage Brixmor’s proven platform Centennial Center Champlin Marketplace Ravinia Plaza North Riverside Plaza Elmhurst Crossing Arborland Center West Center Denver, CO Minneapolis, MN C
Slide 20: Strong, Flexible Balance Sheet
Strong, Flexible Balance Sheet
Slide 21: Balance sheet provides critical financial and operational flexibility
Strong, Flexible Balance Sheet Capitalization & Ratios (at 3/31/24) Balance sheet provides critical financial and operational flexibility Debt Statistics Weighted avg. stated interest rate 3.9% ❯ $1.7B of available liquidity and a fully unencumbered portfolio Weighted avg. maturity 4.3 years Fixed /
Slide 22: Delivering Sustainable Growth in a Responsible Manner
Delivering Sustainable Growth in a Responsible Manner
Slide 23: Corporate Responsibility Recognition
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 NCGC Received overall sco
Slide 24: Sustainability Goals
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 ❯ Energy usage reduction projects such as LED lighting ❯ On-site renewable ener
Slide 25: Community Connectivity
Delivering Sustainable Growth in a Responsible Manner: Community Connectivity ❯ Deliberately and thoughtfully merchandising our properties with a robust mix of relevant non- Center-Specific Art discretionary and value-oriented retailers, as well as consumer-oriented service providers We offer exteri
Slide 26: Human Capital
Delivering Sustainable Growth in a Responsible Manner: Human Capital Creating and sustaining a positive work environment Engagement Growth and Development Health and Well-being Inclusive Culture › Biennial employee surveys with › Annual talent development process to › Encourage healthy lifestyles ›
Slide 27: 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 third in REIT sector Received and maintained
Slide 28: Appendix
Appendix
Slide 29: Portfolio Composition
Portfolio Composition National / Regional and Local Tenants Top Merchandise Mix Categories (% of Portfolio ABR) Local 16% Local 20% Restaurants 17% Percent of Percent of Other Portfolio Portfolio 32% Leased GLA ABR Grocery / Pharmacy 15% National / National / Regional 84% Regional 80% Other Personal
Slide 30: Small Shop Leasing: Demand Remains High Across Multiple Merchandise Categories
Small Shop Leasing: Demand Remains High Across Multiple Merchandise Categories Percent of Small Shop New Lease ABR by Merchandise Mix – TTM 1Q24 Restaurants Other 16% Value Apparel, Shoes, Accessories 39% 6% 7% General Merchandise (department, gift, etc.) 7% Services 1 25% Fitness / Sports 1. Servic
Slide 31: Additional Information
Additional Information
Slide 32: REITs: General information and fundamentals
REITs General information and fundamentals What is a REIT? A REIT, or Real Estate Investment Trust, is a company that owns, operates or finances income-producing real estate. Modeled after mutual funds, REITs give all investors access to the benefits of real estate investment along with the advantag
Slide 33: Footnotes & Sources
Footnotes & Sources Page 2 Brixmor Overview High quality, diversified, open-air retail portfolio Page 9 Transformed Portfolio Uniquely Positioned For Continued Outperformance 1. By ABR. Community Centers include properties with total GLA between 125K - 400K SF. Neighborhood Centers include propertie
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