Slide 1: Brixmor Property Group Investor Presentation
Brixmor Property Group Investor Presentation Quarter Ended December 31, 2023 Brea Gateway | Los Angeles, California
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 362 o Nationally diversified portfolio of 362 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 32% increase in in-place ABR PSF At At 12/31/2015 12/31/2023 Change Properties 518 362 (156) Rationalized Portf
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 YE 2018 – 2023 1 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 5-Year CAGR: 3.4% 5-Year CAGR: 1.8% 40.0% 19.7% 11.5%
Slide 7: 2023 Highlights
Transformed Portfolio Uniquely Positioned For Continued Outperformance Portfolio transformation continues to drive outperformance across every observable metric 2023 Highlights Total leased Small shop leased In-place Signed but not yet occupancy occupancy ABR PSF commenced 94.7% 90.3% $16.88 $64M Re
Slide 8: Mark-to-Market Opportunity and Tailwinds From Executed Leasing
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 occupancy opportunity
Transformed Portfolio Uniquely Positioned For Continued Outperformance Significant remaining occupancy opportunity ❭ Positioned to continue to grow occupancy and rent levels by capitalizing on robust, broad based leasing demand ❭ Value-enhancing reinvestment activity is improving anchor tenancy and
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: Retailer demand for physical stores in open-air formats remains elevated
Transformed Portfolio Uniquely Positioned For Continued Outperformance Retailer demand for physical stores in open-air retail formats remains elevated as brick-and-mortar locations have proven to be the most profitable channel “Take our stores which sit at the heart of our stores-as-hub strategy…and
Slide 12: Proactively releasing at-risk tenant space
Transformed Portfolio Uniquely Positioned For Continued Outperformance Proactively releasing at-risk tenant space Robust retailer demand for Portfolio transformation attracting physical locations outsized retailer market share Accretive releasing activity on spaces impacted by retailer disruption Re
Slide 13: Demonstrated Value Creation Through Accretive Reinvestment
Demonstrated Value Creation Through Accretive Reinvestment
Slide 14: 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 – 4Q23 creation potential •
Slide 15: 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 16: Shops at Palm Lakes | Miami, FL
Demonstrated Value Creation Through Accretive Reinvestment: Reinvestment Case Study Shops at Palm Lakes | Miami, FL AFTER ❯ Redevelopment commenced June 2021 and stabilized December 2023 o Redeveloped a former Kmart with LA Fitness and dd’s Discounts (Ross) o Construction of six multi-tenant outparc
Slide 17: Reinvestment expertise: 266 projects stabilized
Demonstrated Value Creation Through Accretive Reinvestment Reinvestment expertise: 266 projects stabilized Shops at Riverhead | New York, NY Beneva Village Shoppes | North Port, FL Seminole Plaza | Tampa, FL Tinley Park Plaza | Chicago, IL Roseville Center | Minneapolis, MN Capitol Shopping Center |
Slide 18: Prudent Capital Recycling Track Record
Prudent Capital Recycling Track Record
Slide 19: Acquisition Opportunities and Disposition Strategy
Prudent Capital Recycling Track Record Acquisition Opportunities Disposition Strategy ❯ Remaining disciplined as we navigate a dynamic macro-economic ❯ Rationalizing the portfolio and harvesting capital where value has been environment maximized Long-term strategy Since year-end 2015: ❯ Selectively
Slide 20: 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 Plymouth Square Denver, CO Minneapolis,
Slide 21: Strong, Flexible Balance Sheet
Strong, Flexible Balance Sheet
Slide 22: Strong, Flexible Balance Sheet
Strong, Flexible Balance Sheet Capitalization & Ratios (at 12/31/23) Balance sheet provides critical financial and operational flexibility Debt Statistics ❯ $1.2B of available liquidity and a fully unencumbered portfolio Weighted avg. stated interest rate 3.7% Weighted avg. maturity 4.1 years ❯ Rece
Slide 23: Delivering Sustainable Growth in a Responsible Manner
Delivering Sustainable Growth in a Responsible Manner
Slide 24: 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 25: Environmental: Sustainability Goals
Delivering Sustainable Growth in a Responsible Manner: Environmental Reducing 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 energy projects such
Slide 26: 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 27: 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 › Encouraging healthy lifestyles
Slide 28: 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 diverse directors Ranked third in REIT sector Received and maintained the for Corpor
Slide 29: Appendix
Appendix
Slide 30: Portfolio Composition
Portfolio Composition National / Regional and Local Tenants Top Merchandise Mix Categories (% of Portfolio ABR) Local 17% Local 20% Restaurants 16% Percent of Percent of Other Portfolio Portfolio 32% Leased GLA ABR Grocery / Pharmacy 15% National / National / Regional 83% Regional 80% Other Personal
Slide 31: Small Shop Leasing: Demand Remains High Across Categories
Small Shop Leasing: Demand Remains High Across Multiple Merchandise Categories Percent of Small Shop New Lease ABR by Merchandise Mix – 2023 Restaurants Other 15% Value Apparel, Shoes, Accessories 6% 41% 7% Fitness / Sports 7% Services 1 24% General Merchandise (department, gift, etc.) 1. Services i
Slide 32: Additional Information
Additional Information
Slide 33: 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 34: 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