Brixmor Property Group Inc. · NYSE:BRX
Brixmor Property — FY2025 Earnings Presentation
25 slides from Brixmor Property's earnings presentation, Dec 31, 2025
Slide 1: Brixmor Property Group Investor Presentation
Brixmor Property Group Investor Presentation Quarter Ended December 31, 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 348 shopping centers • As the value-add leader in the open-air retail space, we strive to create and own properties that are the “centers of the communities we serve” –81% of
Slide 3: Overview: Diversified Portfolio
Overview: Diversified Portfolio Portfolio Quick Facts Leading Landlord To Vibrant Retailers Number of shopping centers 348 % of % of Credit Ratings Top Retailers by ABR Stores ABR GLA (S&P / Moody’s) Gross leasable Area (“GLA”) 63M SF 90 3.2% 4.1% A / A2 Average shopping center size 180K SF 44 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 Prudent capital Strong, flexible recycling balance sheet Page 4
Slide 5: Transformed Portfolio Driving Outperformance
Transformed Portfolio Driving Outperformance
Slide 6: Transformed Portfolio Driving Outperformance: 2025 Highlights
Transformed Portfolio Driving Outperformance: 2025 Highlights 95.1% $18.77 $23.32 39% Total leased In-place New lease New Lease occupancy ABR PSF ABR PSF spread Record high Record high 92.2% $29.79 $70M $62M Small shop leased Small shop in-place ABR Signed but not yet occupancy ABR PSF commenced com
Slide 7: Transformed Portfolio Driving Outperformance: Substantial Enhancement
Transformed Portfolio Driving Outperformance: Substantial Enhancement Our focused plan has driven a 47% increase in in-place ABR PSF At 12/31/2015 At 12/31/2025 Change Increasing ABR Exposure With Thriving Retailers Properties 518 348 (170) GLA (SF) 87M 63M (24M) Number of CBSAs 173 97 (76) Percent
Slide 8: Highly Visible Forward Growth
Highly Visible Forward Growth
Slide 9: Highly Visible Forward Growth: Delivering Value And Accelerating Growth
Highly Visible Forward Growth: Delivering Value And Accelerating Growth Positioned to drive consistent durable growth Same Property NOI Growth FFO Per Share Annual Dividend Growth Y/Y Growth FFO Per Share Y/Y Growth Annual Dividend $2.35 $1.40 $1.23 $2.25 $1.09 $1.15 14.0% $1.04 $2.40 14.0% $2.13 $1
Slide 10: Highly Visible Forward Growth: Embedded Tailwinds
Highly Visible Forward Growth: Embedded Tailwinds Tailwinds From Executed Leasing • Commenced a record $70M of ABR in 2025 • $62M of ABR from 2.7M SF of signed but not yet commenced leases (SNC) at $23.03 PSF, 23% above portfolio average 1 Expected Timing of Leases SNC ($M) 1 2025 Leases SNC As a Pe
Slide 11: 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 occupancy growth – TTM new lease spreads of 39%, renewal spreads of 15%, and total • Reinvestment activity
Slide 12: 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* 2026E Same Property NOI Growth (mid-point) 1 ~150bps ~125 – 150bps Contractual Rent Growth Mark-to-Market Reflects in-place annual Reflects new, renewal, and 5.0% contractual rent growth option lea
Slide 13: Value Creation Through Accretive Reinvestment
Value Creation Through Accretive Reinvestment
Slide 14: Value Creation Through Accretive Reinvestment: 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 321 $1.4B 10% YE 20
Slide 15: Value Creation Through Accretive Reinvestment: Disciplined Capital Allocation
Value Creation Through Accretive Reinvestment: Disciplined Capital Allocation Accretive Reinvestment Spend Declining Maintenance Capital Expenditures • Robust reinvestment capabilities are driving accretive cash flow growth by • Reducing maintenance capex, while enhancing the overall quality and inv
Slide 16: The Davis Collection – Davis, CA
Value Creation Through Accretive Reinvestment: The Davis Collection – Davis, CA • Redeveloped, reconfigured, and rebranded center for Nordstrom Rack, PetSmart, Ulta, and additional retailers surrounding an outdoor community courtyard • Constructed two multi-tenant outparcels including Mendocino Farm
Slide 17: Rockland Plaza – New York, NY
Value Creation Through Accretive Reinvestment: Rockland Plaza – New York, NY • Extensive reconfiguration of center including redevelopment of former Barnes & Noble and Petco with an Ann Taylor Factory Store, Project Details Motion PT, Nordstrom Rack, and additional retailers Net project costs 1 $29M
Slide 18: Projects Stabilized
Value Creation Through Accretive Reinvestment: 321 Projects Stabilized Florence Plaza-Square Middletown Plaza Beneva Village Shoppes Roosevelt Mall The Davis Collection Dalewood SC Cincinnati, OH New York, NY Sarasota, FL Philadelphia, PA Davis, CA Westchester, NY Barn Plaza Lompoc Center Collegetow
Slide 19: Prudent Capital Recycling
Prudent Capital Recycling
Slide 20: Prudent Capital Recycling: Rationalized Footprint
Prudent Capital Recycling: Rationalized Footprint Acquisition Strategy Disposition Strategy • $1.7B of attractive acquisitions completed since year-end 2015 • $3.1B of dispositions completed • Value-add transactions that leverage our platform to drive growth and long-term value – 38% of 2015 portfol
Slide 21: Prudent Capital Recycling: Recent Acquisitions
Prudent Capital Recycling: Recent Acquisitions Chino Spectrum Towne Center Los Angeles, CA Broomfield Town Centre Denver, CO • Acquired in December 2025 for $138M • Acquired in December 2025 for $51M • 461K SF grocery-anchored regional center with 14M+ visits per year • 175K SF grocery-anchored comm
Slide 22: Clustering Assets With Value-Add Acquisitions
Prudent Capital Recycling: Clustering Assets With Value-Add Acquisitions Chino Spectrum Towne Center Ravinia Plaza North Riverside Plaza Elmhurst Crossing Huron Village West Center Acton Plaza Los Angeles, CA Chicago, IL Chicago, IL Chicago, IL Ann Arbor, MI New York, NY Boston, MA Broomfield Town C
Slide 23: Strong, Flexible Balance Sheet
Strong, Flexible Balance Sheet
Slide 24: Strong, Flexible Balance Sheet: Positioned To Fuel Growth
Strong, Flexible Balance Sheet: Positioned To Fuel Growth $1.6B 4.3% 4.5 years 100% 100% Available liquidity Weighted average Weighted average Fixed rate debt Unencumbered ABR stated interest rate maturity 5.4x 4.0x BBB / Stable Baa2 / Stable BBB / Stable Net principal debt to adjusted Fixed charge
Slide 25: Footnotes & Sources
Footnotes & Sources Page 2 Overview: High Quality, Diversified, Open-Air Retail Portfolio Page 12 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
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